The computing power industry is once again benefiting from favorable policies! Several concept stocks have recently attracted funding attention.

The Ministry of Industry and Information Technology (MIIT) announced the launch of a “Inclusive Computing Power Empowerment Action,” and for the first time clearly proposed exploring innovative business models such as computing power banks and computing power marketplaces.

Analysts noted that the “rising volume and rising prices at the same time” phenomenon has become a prominent feature of the Token markets of large-model vendors, and underlying support systems such as computing power, networks, and data orchestration are expected to continue to benefit.

MIIT First Mentions Computing Power Banks and Computing Power Marketplaces

On April 2, the General Office of the MIIT released a notice titled “Notice on Carrying Out a Special Action to Empower the Development of SMEs with Inclusive Computing Power.” It proposed that by the end of 2028, a service system for inclusive computing power will basically be built, further strengthening public-service support for SMEs’ use of computing power, and significantly lowering the barriers for SMEs to obtain and use computing power.

Specifically, the Notice lays out five special action items, including improving the allocation of computing power resources, providing inclusive supply of computing power services, and empowering enterprises in key industries. It also includes encouraging the establishment of dedicated computing power pools for SMEs, launching customized compute-network integration packages, and carrying out in-depth special actions for “millisecond-level computing use” in metropolitan areas.

Among them, for the first time, the MIIT explicitly proposed exploring innovative businesses such as computing power banks and computing power marketplaces, supporting SMEs in depositing idle computing power resources and enabling flexible access through cross-regional and cross-cycle orchestration.

The Notice also encourages local relevant departments to issue computing-power vouchers, storage-power vouchers, and transportation-power vouchers to SMEs that align with industrial orientations through dedicated sections on SME platforms; it will drive precise matching between SMEs’ demand and the supply of computing power resources, and promote flexible payment models such as payment by card time, by compute time, and by Token.

“Computing power banks and computing power marketplaces are actually a variant of cloud computing—turning computing power into a tradable commodity and factor, and then using computing power banks and marketplaces to orchestrate computing power resources. On that basis, it further introduces commercial and financial concepts.” Pan Helin, a member of the expert committee on information and communications economics under the MIIT, explained.

He further gave examples. For instance, a computing power marketplace allows SMEs to purchase computing power products, enabling both sides of compute supply and demand to trade on the platform; similarly, a computing power bank allows SMEs certain compute quotas, so they can use first and pay later, or it may allow compute suppliers to obtain financing loans from the computing power bank by pledging computing power.

Token Call Volume Set for Explosive Growth

Recently, as a core lever and pricing indicator for the commercialization of the large-model industry, the market sentiment of Token (tokens) is continuing to improve with the arrival of the AI Agent era.

On April 2, Volcano Engine’s CEO Tan Daiwei said that the daily average Token usage of the Doubao large model has already exceeded 120 trillion, doubling within three months. Compared with data from two years ago, it represents rapid growth of 1,000 times, indicating the acceleration of the entire AI industry.

In addition, global large-model aggregation platform OpenRouter’s latest data shows that last week (from March 23 to 29), the total number of calls of global AI large models was 22.7 trillion Tokens. Among them, China’s large-model weekly call volume was 9.857 trillion Tokens, up 33.94% month over month, far exceeding the U.S. large-model call volume of 3.007 trillion and its 1.79% month-over-month increase.

Notably, this is already the fourth consecutive week that domestically developed large models have surpassed the U.S. market.

The Computing Power Gap Is Accelerating Its Release

In the view of Guojin Securities, the acceleration of domestic computing power across the full chain is expected to bring “rising volume and rising prices.” Under strong logical pressure from both supply and demand sides, it is expected that in 2026 the computing power industry chain will enter a “full-chain inflation” cycle. Industry momentum is expected to spill over comprehensively—from core chips to areas such as AIDC, cloud and computing power services, and supporting power equipment and servers.

CITIC Securities said, “‘Training + inference’ is driven by a dual-engine,” and the demand for computing power maintains high levels of optimism. With AI applications accelerating their scale-based deployment, it is expected that in the first half of 2026 the growth in Token call volume will significantly exceed expectations. And as Coding and Agent scenario demand for Zhipu GLM5 exploded, the company raised its package prices by more than 30%, and the products quickly sold out after the price adjustment, further validating that the current supply-demand landscape for computing power is relatively tight.

Postal Securities believes that the growth of the Token call volume on an exponential basis indicates that data elements achieve a closed loop from supply to value through a countable and priced model. Competition among large models is shifting from competing on capabilities to competing on usage. And since AI infrastructure is the core enabling component supporting the expansion of call volume, it means that underlying support systems such as computing power, networks, and data orchestration must expand in sync—or even ahead of time—and will fully benefit from the sustained rise in Token demand.

Multiple Concept Stocks Attract Capital Attention

According to Eastmoney’s “Hot Topics & Themes” roundup, there are currently nearly 30 stocks on the A-share market related to computing power leasing concepts, with a combined total market capitalization exceeding 300 billion yuan. Chuangxin Data, with a market cap of 72.1 billion yuan, ranks first. Another 9 stocks—including Donghua Software, Eastmoney Guoxin, Litong Electronics, and Meili Cloud—each have market caps exceeding 1.2M yuan.

Since this year began, the price performance of computing power leasing concept stocks has diverged. More than half of the concept stocks have recorded share-price gains, with an average increase of more than 12%. Among them, Litong Electronics’ share price surged by 1.26 times, and Electro-Optic Technology rose by more than 96% to take second place. Meili Cloud rose by more than 70%, while Weida Technology and Eastmoney Guoxin and Aikulan all rose by more than 30%.

On the capital side, data from Eastmoney Choice shows that over the past month, six computing power leasing concept stocks received net financing purchases. Among them, Chuangxin Data and Eastmoney Guoxin respectively saw leverage-driven capital increases of 257 million yuan and 243 million yuan; Hongxin Electronics saw financing investors aggressively buy with 111 million yuan; and Hongbo Shares’ net financing purchase amount was about 25.48 million yuan.

（Source: Eastmoney Research Center）