<blockquote>
<p>分析三大电信运营商如何从销售数据流量转向销售计算能力，在人工智能时代争夺新的基础设施切入点，背景是它们的 Token 套餐。</p>
</blockquote>
<p>作者：李海伦，腾讯科技</p>
<p>电信运营商正在进入 Token 业务。但 Token 并不是数据流量，而且目前还不容易销售。</p>
<p>最近，中国三大电信运营商相继推出了 Token 套餐。中国电信、中国移动和中国联通相继推出 Token 套餐和相关的 AI 服务，向个人、家庭、开发者和中小企业销售大规模模型调用。</p>
<p>尽管这些套餐仍处于早期推广阶段，但它们迅速成为资本市场关注的新叙事。</p>
<p>5 月 18 日，三大电信运营商的股价均上涨，中国电信领涨，短暂触及涨停，最终收盘上涨 7.74%。三大运营商集中推出基于 Token 的产品，反映了它们身份的转变，而 Token 套餐只是这一转变在用户端的一个方面。在过去几十年中，运营商业务的每一次变化往往伴随着计费单位的变化。普通人对通信服务的理解经历了几次微妙的单位和角色重叠的变化。最初是按分钟计费，用户清楚地知道一次通话的费用。后来，计费转向基于数据的定价。观看视频、浏览网站和发送微信消息消耗了无数的千兆字节数据。长时间以来，运营商的业务围绕语音通话、短信和数据展开。然后，运营商的套餐中开始增加一个新的计费单位：Token。每次计费单位的变化往往对应着基础设施角色的变化。在按分钟计费的时代，运营商是通信网络的提供者；在按数据计费的时代，运营商是移动互联网网关的承载者。现在 Token 进入套餐，运营商试图将其角色从 “连接服务提供商” 转变为 “AI 计算能力网关”。就像电网将电力从发电厂输送到家庭一样，电信运营商试图将其智能计算中心的计算能力转变为一种公共资源，像水和电一样，可以通过订阅套餐和计费系统按月购买和使用。然而，要理解这一轮运营商销售 Token，除了关注套餐价格本身外，关注其背后的基础设施逻辑以及市场是否能够真正理解和接受这一点至关重要。</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7473941_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="335" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7473941_image3.png"/></p>
<h2>Token 套餐推出后的真正挑战开始</h2>
<p>目前，运营商提供的 Token 套餐没有模型供应商 API 那样复杂的定价，后者会细分输入、输出和缓存命中。相反，它们被打包成一个单一的月度配额，分类简单明了：每月多少钱，包括多少个 Token，支持哪些模型。</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7473941_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="335" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7473941_image3.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7473942_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="1126" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7473942_image3.png"/></p>
<p>当计算能力真正从后端资源转变为前端商品时，主要运营商面临一个共同的问题：用户能否像理解数据流量一样真正理解 Token 计划？其中涉及许多障碍。</p>
<p>“Token 计划现在看起来令人眼花缭乱，但我实际上对如何使用 Token 没有概念，” 一位用户说。</p>

中国联通

中国移动

中国电信

<p>中国三大电信运营商正在从数据流量销售转型为提供代币套餐和人工智能服务，旨在成为人工智能计算能力的门户。尽管在推出后股价有所上涨，但市场对这些代币计划的接受度仍然不确定，因为用户难以理解其相较于传统数据服务的价值</p>

<blockquote>
<p>Analyzing how the three major telecom operators are shifting from selling data traffic to selling computing power, vying for new infrastructure entry points in the AI ​​era, against the backdrop of their Token packages.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>分析三大电信运营商如何从销售数据流量转向销售计算能力，在人工智能时代争夺新的基础设施切入点，背景是它们的 Token 套餐。</p>
</blockquote>
</div><p>Author: Li Hailun, Tencent Technology</p>
<div class="lb-trans"><p>作者：李海伦，腾讯科技</p>
</div><p>Telecom operators are getting into the Token business. But Tokens are not data traffic, and they're not so easy to sell yet.</p>
<div class="lb-trans"><p>电信运营商正在进入 Token 业务。但 Token 并不是数据流量，而且目前还不容易销售。</p>
</div><p>Recently, China's three major telecom operators have successively launched Token packages. China Telecom, China Mobile, and China Unicom have successively launched Token packages and related AI services, selling large-scale model calls to individuals, families, developers, and SMEs.</p>
<div class="lb-trans"><p>最近，中国三大电信运营商相继推出了 Token 套餐。中国电信、中国移动和中国联通相继推出 Token 套餐和相关的 AI 服务，向个人、家庭、开发者和中小企业销售大规模模型调用。</p>
</div><p>Although these packages are still in the early promotion stage, they have quickly become a new narrative attracting attention in the capital market.</p>
<div class="lb-trans"><p>尽管这些套餐仍处于早期推广阶段，但它们迅速成为资本市场关注的新叙事。</p>
</div><p>On May 18th, the stock prices of the three major telecom operators all rose, with China Telecom leading the gains, briefly hitting the daily limit before closing up 7.74%. The three major operators' concentrated launch of token-based products reflects a shift in their identity, and token packages are just one aspect of this transformation on the user side. Over the past few decades, every change in the operators' business has often been accompanied by a change in billing units. The way ordinary people understand communication services has undergone several subtle shifts in units and overlapping roles. First, there was billing by the minute. Users knew exactly how much a call would cost. Later, billing shifted to data-based pricing. Watching videos, browsing websites, and sending WeChat messages consumed countless gigabytes of data. For a long time, operators' business revolved around voice calls, SMS messages, and data. Then, a new billing unit began to be added to operators' plans: Tokens. Each change in billing units often corresponds to a change in the role of infrastructure. In the era of minute-based billing, operators were providers of communication networks; in the era of data-based billing, operators were carriers of mobile internet gateways. Now that Tokens are entering the plans, operators are attempting to shift their role from &#34;connectivity service provider&#34; to &#34;AI computing power gateway.&#34; Just as the power grid delivered electricity from power plants to homes, telecom operators are attempting to transform the computing power in their smart computing centers into a public resource, like water and electricity, that can be purchased monthly and consumed according to usage, through subscription packages and billing systems. However, to understand this round of operators selling tokens, besides looking at the package prices themselves, it's crucial to pay attention to the underlying infrastructure logic and whether it can truly be understood and accepted by the market.</p>
<div class="lb-trans"><p>5 月 18 日，三大电信运营商的股价均上涨，中国电信领涨，短暂触及涨停，最终收盘上涨 7.74%。三大运营商集中推出基于 Token 的产品，反映了它们身份的转变，而 Token 套餐只是这一转变在用户端的一个方面。在过去几十年中，运营商业务的每一次变化往往伴随着计费单位的变化。普通人对通信服务的理解经历了几次微妙的单位和角色重叠的变化。最初是按分钟计费，用户清楚地知道一次通话的费用。后来，计费转向基于数据的定价。观看视频、浏览网站和发送微信消息消耗了无数的千兆字节数据。长时间以来，运营商的业务围绕语音通话、短信和数据展开。然后，运营商的套餐中开始增加一个新的计费单位：Token。每次计费单位的变化往往对应着基础设施角色的变化。在按分钟计费的时代，运营商是通信网络的提供者；在按数据计费的时代，运营商是移动互联网网关的承载者。现在 Token 进入套餐，运营商试图将其角色从 “连接服务提供商” 转变为 “AI 计算能力网关”。就像电网将电力从发电厂输送到家庭一样，电信运营商试图将其智能计算中心的计算能力转变为一种公共资源，像水和电一样，可以通过订阅套餐和计费系统按月购买和使用。然而，要理解这一轮运营商销售 Token，除了关注套餐价格本身外，关注其背后的基础设施逻辑以及市场是否能够真正理解和接受这一点至关重要。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7473941_image3.png" alt="" original-src="https://img.jinse.com.cn/7473941_image3.png"/></p>
<h2>The real challenges begin after the Token packages are launched</h2>
<div class="lb-trans"><h2>Token 套餐推出后的真正挑战开始</h2>
</div><p>Currently, the Token packages offered by operators do not have the complex pricing of model vendor APIs, which break down inputs, outputs, and cache hits. Instead, they are packaged into a single monthly allowance, with simple and clear classifications: how much it costs per month, how many Tokens it includes, and which models it supports.</p>
<div class="lb-trans"><p>目前，运营商提供的 Token 套餐没有模型供应商 API 那样复杂的定价，后者会细分输入、输出和缓存命中。相反，它们被打包成一个单一的月度配额，分类简单明了：每月多少钱，包括多少个 Token，支持哪些模型。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7473941_image3.png" alt="" original-src="https://img.jinse.com.cn/7473941_image3.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7473942_image3.png" alt="" original-src="https://img.jinse.com.cn/7473942_image3.png"/></p>
<p>When computing power truly transforms from a backend resource into a frontend commodity, major operators face a common question: Can users truly understand Token plans in the same way they understand data traffic? There are many hurdles involved.</p>
<div class="lb-trans"><p>当计算能力真正从后端资源转变为前端商品时，主要运营商面临一个共同的问题：用户能否像理解数据流量一样真正理解 Token 计划？其中涉及许多障碍。</p>
</div><p>“The Token plans seem dazzling now, but I actually have no concept of how to use Tokens,” one user said.</p>
<div class="lb-trans"><p>“Token 计划现在看起来令人眼花缭乱，但我实际上对如何使用 Token 没有概念，” 一位用户说。</p>
</div>

三大电信运营商找到了新的叙述，但代币的销售情况并不理想