<blockquote>
<p>分析三大電信運營商如何從銷售數據流量轉向銷售計算能力，在人工智能時代爭奪新的基礎設施切入點，背景是它們的 Token 套餐。</p>
</blockquote>
<p>作者：李海倫，騰訊科技</p>
<p>電信運營商正在進入 Token 業務。但 Token 並不是數據流量，而且目前還不容易銷售。</p>
<p>最近，中國三大電信運營商相繼推出了 Token 套餐。中國電信、中國移動和中國聯通相繼推出 Token 套餐和相關的 AI 服務，向個人、家庭、開發者和中小企業銷售大規模模型調用。</p>
<p>儘管這些套餐仍處於早期推廣階段，但它們迅速成為資本市場關注的新敍事。</p>
<p>5 月 18 日，三大電信運營商的股價均上漲，中國電信領漲，短暫觸及漲停，最終收盤上漲 7.74%。三大運營商集中推出基於 Token 的產品，反映了它們身份的轉變，而 Token 套餐只是這一轉變在用户端的一個方面。在過去幾十年中，運營商業務的每一次變化往往伴隨着計費單位的變化。普通人對通信服務的理解經歷了幾次微妙的單位和角色重疊的變化。最初是按分鐘計費，用户清楚地知道一次通話的費用。後來，計費轉向基於數據的定價。觀看視頻、瀏覽網站和發送微信消息消耗了無數的千兆字節數據。長時間以來，運營商的業務圍繞語音通話、短信和數據展開。然後，運營商的套餐中開始增加一個新的計費單位：Token。每次計費單位的變化往往對應着基礎設施角色的變化。在按分鐘計費的時代，運營商是通信網絡的提供者；在按數據計費的時代，運營商是移動互聯網網關的承載者。現在 Token 進入套餐，運營商試圖將其角色從 “連接服務提供商” 轉變為 “AI 計算能力網關”。就像電網將電力從發電廠輸送到家庭一樣，電信運營商試圖將其智能計算中心的計算能力轉變為一種公共資源，像水和電一樣，可以通過訂閲套餐和計費系統按月購買和使用。然而，要理解這一輪運營商銷售 Token，除了關注套餐價格本身外，關注其背後的基礎設施邏輯以及市場是否能夠真正理解和接受這一點至關重要。</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 套餐推出後的真正挑戰開始</h2>
<p>目前，運營商提供的 Token 套餐沒有模型供應商 API 那樣複雜的定價，後者會細分輸入、輸出和緩存命中。相反，它們被打包成一個單一的月度配額，分類簡單明瞭：每月多少錢，包括多少個 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>當計算能力真正從後端資源轉變為前端商品時，主要運營商面臨一個共同的問題：用户能否像理解數據流量一樣真正理解 Token 計劃？其中涉及許多障礙。</p>
<p>“Token 計劃現在看起來令人眼花繚亂，但我實際上對如何使用 Token 沒有概念，” 一位用户説。</p>

中國聯通

中國移動

中國電信

<p>中國三大電信運營商正在從數據流量銷售轉型為提供代幣套餐和人工智能服務，旨在成為人工智能計算能力的門户。儘管在推出後股價有所上漲，但市場對這些代幣計劃的接受度仍然不確定，因為用户難以理解其相較於傳統數據服務的價值</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>分析三大電信運營商如何從銷售數據流量轉向銷售計算能力，在人工智能時代爭奪新的基礎設施切入點，背景是它們的 Token 套餐。</p>
</blockquote>
</div><p>Author: Li Hailun, Tencent Technology</p>
<div class="lb-trans"><p>作者：李海倫，騰訊科技</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>電信運營商正在進入 Token 業務。但 Token 並不是數據流量，而且目前還不容易銷售。</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，中國三大電信運營商相繼推出了 Token 套餐。中國電信、中國移動和中國聯通相繼推出 Token 套餐和相關的 AI 服務，向個人、家庭、開發者和中小企業銷售大規模模型調用。</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>儘管這些套餐仍處於早期推廣階段，但它們迅速成為資本市場關注的新敍事。</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，三大電信運營商的股價均上漲，中國電信領漲，短暫觸及漲停，最終收盤上漲 7.74%。三大運營商集中推出基於 Token 的產品，反映了它們身份的轉變，而 Token 套餐只是這一轉變在用户端的一個方面。在過去幾十年中，運營商業務的每一次變化往往伴隨着計費單位的變化。普通人對通信服務的理解經歷了幾次微妙的單位和角色重疊的變化。最初是按分鐘計費，用户清楚地知道一次通話的費用。後來，計費轉向基於數據的定價。觀看視頻、瀏覽網站和發送微信消息消耗了無數的千兆字節數據。長時間以來，運營商的業務圍繞語音通話、短信和數據展開。然後，運營商的套餐中開始增加一個新的計費單位：Token。每次計費單位的變化往往對應着基礎設施角色的變化。在按分鐘計費的時代，運營商是通信網絡的提供者；在按數據計費的時代，運營商是移動互聯網網關的承載者。現在 Token 進入套餐，運營商試圖將其角色從 “連接服務提供商” 轉變為 “AI 計算能力網關”。就像電網將電力從發電廠輸送到家庭一樣，電信運營商試圖將其智能計算中心的計算能力轉變為一種公共資源，像水和電一樣，可以通過訂閲套餐和計費系統按月購買和使用。然而，要理解這一輪運營商銷售 Token，除了關注套餐價格本身外，關注其背後的基礎設施邏輯以及市場是否能夠真正理解和接受這一點至關重要。</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 套餐推出後的真正挑戰開始</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，運營商提供的 Token 套餐沒有模型供應商 API 那樣複雜的定價，後者會細分輸入、輸出和緩存命中。相反，它們被打包成一個單一的月度配額，分類簡單明瞭：每月多少錢，包括多少個 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>當計算能力真正從後端資源轉變為前端商品時，主要運營商面臨一個共同的問題：用户能否像理解數據流量一樣真正理解 Token 計劃？其中涉及許多障礙。</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 計劃現在看起來令人眼花繚亂，但我實際上對如何使用 Token 沒有概念，” 一位用户説。</p>
</div>

三大電信運營商找到了新的敍述，但代幣的銷售情況並不理想