On September 14, the China Telecom Research Institute unveiled its latest report. The report highlights a pivotal shift in China’s AI industry, transitioning from a phase of ‘competition centered on large models and computing power’ to a new era focused on the ‘large-scale deployment and application monetization of intelligent agents.’ According to the report’s projections, China’s annual consumption of Tokens (word elements) is expected to soar to 1 quadrillion by 2026, surpassing 35 quadrillion by 2030. This represents a staggering 350-fold increase between 2026 and 2030, with a compound annual growth rate (CAGR) of approximately 333%. The burgeoning adoption of intelligent agents is anticipated to fuel a sustained and rapid surge in computing power demand across China, with an average annual growth rate nearing tenfold expected over the next 2 to 3 years. In terms of demand structure, the need for inference computing power is projected to far outstrip that for training computing power, with the inference computing power market expected to dominate, accounting for 80% of the total by 2029.