"Token Economy" Explodes in Popularity, One Chart to Quickly Understand Six Major Beneficiary Trends

Ask AI · How Will the Morpheme Economy Reshape the Global AI Industry Chain Competition Pattern?

On March 25, the three major A-share stock indices all rose sharply, with the Shanghai Composite Index climbing over 1% to return to 3,900 points. Over 4,800 stocks in the market rose. The computing power leasing concept strengthened, with stocks like Litong Electronics, Dawi Technology, Kangsheng Shares, and Sarenxing hitting the daily limit.

According to the latest data from the National Bureau of Statistics, China’s daily token (morpheme) call volume has exceeded 140 trillion, a more than thousandfold increase in two years. The official clarifies that “morpheme” is the “settlement unit” and value anchor in the intelligent era, marking AI’s accelerating transformation into a fundamental resource like water and electricity. As domestic large models’ call volume surpasses the US for the first time, the entire industry chain—from computing chips to data centers and end-user applications—is reconstructing value around morpheme consumption, ushering in systemic opportunities.

According to CCTV Finance, the latest data from OpenRouter, the world’s largest AI model API aggregation platform, shows that as of March 15, China’s weekly AI large model call volume reached 4.69 trillion tokens, surpassing the US for the second consecutive week. China dominates the top three global call volume rankings. JPMorgan predicts that China’s AI inference token consumption will grow from about 10 quintillion in 2025 to approximately 3,900 quintillion in 2030, a roughly 370-fold increase over five years.

Since 2026, the surge in morpheme demand has directly driven up computing power costs. Major domestic cloud providers have recently initiated price adjustments, entering a cycle of rising leasing prices. Recently, OpenSource Securities pointed out that this round of computing power leasing price increases is essentially a “volume-price resonance” caused by AI demand explosion and supply bottlenecks. The proliferation of AI applications and the OpenClaw framework have triggered inference demand, combined with Nvidia’s limited capacity, rising hardware costs, and gaps in domestic substitution, driving the market into a “seller’s market.”

Jin Kuai News has summarized six main sectors and related stocks of the “Morpheme Economy,” including AI chips, advanced packaging, liquid cooling, AIDC data centers, optical fiber cables, and AI applications.

(Disclaimer: The content of this article is for reference only and does not constitute investment advice. Investors operate at their own risk.)

Author | Li Yiwen, Bi Fengzhi

Editors | Ye Yingcheng, Li Yutong, Intern Editor Lin Qianwei