扯蛋_老虎社区_美港股上老虎

扯蛋

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":565428863280448,"tweetId":"565428863280448","gmtCreate":1779078487273,"gmtModify":1779078724483,"author":{"id":4124533424628162,"idStr":"4124533424628162","authorId":4124533424628162,"authorIdStr":"4124533424628162","name":"伯格baba","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>扯 蛋</p></body></html>","htmlText":"<html><head></head><body><p>扯 蛋</p></body></html>","text":"扯 蛋","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/565428863280448","repostId":2636301414,"repostType":2,"repost":{"id":"2636301414","kind":"news","pubTimestamp":1779070162,"share":"https://www.laohu8.com/m/news/2636301414?lang=zh_CN&edition=full","pubTime":"2026-05-18 10:09","market":"hk","language":"zh","title":"电信运营商开始卖Token  估值体系或重构（附港股概念股）","url":"https://stock-news.laohu8.com/highlight/detail?id=2636301414","media":"智通财经","summary":"2026年5月17日，中国电信正式推出了全国层面的试商用Token套餐，这标志着运营商的计费模式正从传统的“流量GB时代”向人工智能时代的“Token计价时代”转型。中国电信将Token封装成标准化的产品，个人、家庭及企业用户可以直接购买Token额度，用于调用各类AI大模型服务。同日，中国移动也开始经营Token业务。这一战略转变正在深刻重构两家运营商的底层商业逻辑，其估值体系也随之发生根本性的重估。","content":"<html><head></head><body><p>2026年5月17日，<a href=\"https://laohu8.com/S/601728\">中国电信</a>正式推出了全国层面的试商用Token套餐，这标志着运营商的计费模式正从传统的“流量GB时代”向人工智能时代的“Token计价时代”转型。</p><p>这里的“Token”是人工智能大模型处理信息的基本计量单位（通常1000个Token约等于750个英文单词或500-750个汉字）。</p><p><a href=\"https://laohu8.com/S/00728\">中国电信</a>将Token封装成标准化的产品，个人、家庭及企业用户可以直接购买Token额度，用于调用各类AI大模型服务。</p><p>同日，<a href=\"https://laohu8.com/S/CHL\">中国移动</a>（00941.HK）也开始经营Token业务。面向大众与办公场景，上海移动推出Token通用服务，实现 “一号通用、跨平台使用、话费支付”，并联合<a href=\"https://laohu8.com/S/00700\">腾讯</a>推出AI原生工作台，以低成本、便捷化方式让市民与小微企业轻松用AI能力，1元40万Tokens，实现 “一个额度、一个价格、任选模型”，还可支持话费账单支付。</p><p>中国电信和<a href=\"https://laohu8.com/S/600941\">中国移动</a>从传统的“流量经营”向“Token经营”转型，本质上是一场从“比特经济”到“智能经济”的范式跃迁。</p><p>这一战略转变正在深刻重构两家运营商的底层商业逻辑，其估值体系也随之发生根本性的重估。</p><p>随着AI大模型和智能体应用的爆发，Token（词元）成为人工智能时代可定价、可交易的最小计量单位，相当于AI时代的“新货币”。国家数据局数据显示，我国日均Token调用量已从2024年初的1000亿飙升至2026年3月的140万亿，两年增长超千倍。</p><p>在Token经营模式下，运营商的收入增长与模型调用次数直接挂钩。</p><p>随着垂直场景的精准推理和复杂智能体调用的普及，高价值Token的单位价值具有极大的溢价空间，且消耗规模呈指数级增长。</p><p>相较于<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>的“高成长高估值”和云厂商的“生态稳健估值”，运营商目前处于“低估值+高转型预期”的左侧布局区间。其估值重估的兑现，不取决于单纯的算力堆砌，而取决于Token套餐的实际渗透率与单用户ARPU值（每用户平均收入）的提升斜率。</p><p>这种极具弹性的收入特征，使得市场的估值体系开始从传统的PE向市销率（PS）转化。这意味着，同样一块AI数据中心（AIDC）资产，在Token工厂模式下能够获得更高的价值重估。</p><p><strong>token交易涉及相关港股：</strong></p><p><strong>三大运营商：</strong><a href=\"https://laohu8.com/S/00941\">中国移动</a>（00941）、中国电信（00728）、<a href=\"https://laohu8.com/S/600050\">中国联通</a>（00762）</p><p><strong>云厂商+算力租赁：</strong><a href=\"https://laohu8.com/S/09988\">阿里巴巴-W</a>（09988）、<a href=\"https://laohu8.com/S/01396\">粤港湾控股</a>(01396)、<a href=\"https://laohu8.com/S/09698\">万国数据-SW</a> (09698)、<a href=\"https://laohu8.com/S/01686\">新意网集团</a> (01686)、<a href=\"https://laohu8.com/S/KC\">金山云</a>(03896)等。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>电信运营商开始卖Token  估值体系或重构（附港股概念股）</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n电信运营商开始卖Token  估值体系或重构（附港股概念股）\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-18 10:09 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1442663.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2026年5月17日，中国电信正式推出了全国层面的试商用Token套餐，这标志着运营商的计费模式正从传统的“流量GB时代”向人工智能时代的“Token计价时代”转型。这里的“Token”是人工智能大模型处理信息的基本计量单位（通常1000个Token约等于750个英文单词或500-750个汉字）。中国电信将Token封装成标准化的产品，个人、家庭及企业用户可以直接购买Token额度，用于调用各类...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1442663.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d9f7e6d7aca698ffc9150d5e22e6bec0","relate_stocks":{"HK0000252152.HKD":"易方达 (香港) 中国股票股息基金A 类 (累积) 港元","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU1522347837.USD":"EASTSPRING INV ASIAN LOW VOLATILITY EQUITY FUND \"A\" (USD) ACC A","BK1521":"挪威政府全球养老基金持仓","00941":"中国移动","HK0000252160.HKD":"易方达 (香港) 中国股票股息基金A 类 (分派) 港元","01396":"粤港湾智算","09988":"阿里巴巴-W","01686":"新意网集团","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","HK0000500386.USD":"易方达 (香港) 中国股票股息基金A 类 (累积) 美元","BK1133":"综合电信业务","LU1497734951.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund ASDM SGD-H","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","BK1536":"电信股","BK1589":"北水核心资产","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU1226288170.HKD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P6%\"(HK D) INC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1497733557.USD":"EASTSPRING INV ASIAN LOW VOLATILITY EQUITY FUND \"A\" (USD) INC A","BK4588":"碎股","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","HK0000288743.USD":"VALUE PARTNERS HIGH-DIVIDEND STOCKS \"A2\" (USDHDG) INC","LU1634259391.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund AS SGD","LU1226287875.USD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"PM\" (USD) INC","BK1506":"5G概念","HK0000288784.HKD":"VALUE PARTNERS HIGH-DIVIDEND STOCKS \"A2\" (HKDHDG) INC","03896":"金山云","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","HK0000352291.HKD":"VALUE PARTNERS ASIAN INCOME \"A\" (HKD) INC","HK0000165453.HKD":"华夏精选大中华科技基金 A类港币","HK0000286598.CNH":"中银保诚中国价值基金 A","BK1610":"ETF&股票定投概念","HK0000352382.USD":"VALUE PARTNERS ASIAN INCOME \"A\" (USD) INC","00728":"中国电信","09698":"万国数据-SW","LU1951186391.HKD":"UBS (LUX) KEY SEL CHINA ALLOCATION OPPORTUNITY (US \"P\" (HKD) INC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","VXUS":"国际股票ETF-Vanguard","LU1497733631.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund ASDM SGD","00762":"中国联通","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU1226287792.SGD":"UBS (LUX) KEY SEL S-CHINA ALLOCATION OPP \"P\" (SGDHDG) INC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","BK1152":"无线电信业务","BK4585":"ETF&股票定投概念","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU1634259557.SGD":"Eastspring Investments - Asian Low Volatility Equity Fund AS SGD-H","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC"},"source_url":"http://www.zhitongcaijing.com/content/detail/1442663.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2636301414","content_text":"2026年5月17日，中国电信正式推出了全国层面的试商用Token套餐，这标志着运营商的计费模式正从传统的“流量GB时代”向人工智能时代的“Token计价时代”转型。这里的“Token”是人工智能大模型处理信息的基本计量单位（通常1000个Token约等于750个英文单词或500-750个汉字）。中国电信将Token封装成标准化的产品，个人、家庭及企业用户可以直接购买Token额度，用于调用各类AI大模型服务。同日，中国移动（00941.HK）也开始经营Token业务。面向大众与办公场景，上海移动推出Token通用服务，实现 “一号通用、跨平台使用、话费支付”，并联合腾讯推出AI原生工作台，以低成本、便捷化方式让市民与小微企业轻松用AI能力，1元40万Tokens，实现 “一个额度、一个价格、任选模型”，还可支持话费账单支付。中国电信和中国移动从传统的“流量经营”向“Token经营”转型，本质上是一场从“比特经济”到“智能经济”的范式跃迁。这一战略转变正在深刻重构两家运营商的底层商业逻辑，其估值体系也随之发生根本性的重估。随着AI大模型和智能体应用的爆发，Token（词元）成为人工智能时代可定价、可交易的最小计量单位，相当于AI时代的“新货币”。国家数据局数据显示，我国日均Token调用量已从2024年初的1000亿飙升至2026年3月的140万亿，两年增长超千倍。在Token经营模式下，运营商的收入增长与模型调用次数直接挂钩。随着垂直场景的精准推理和复杂智能体调用的普及，高价值Token的单位价值具有极大的溢价空间，且消耗规模呈指数级增长。相较于英伟达的“高成长高估值”和云厂商的“生态稳健估值”，运营商目前处于“低估值+高转型预期”的左侧布局区间。其估值重估的兑现，不取决于单纯的算力堆砌，而取决于Token套餐的实际渗透率与单用户ARPU值（每用户平均收入）的提升斜率。这种极具弹性的收入特征，使得市场的估值体系开始从传统的PE向市销率（PS）转化。这意味着，同样一块AI数据中心（AIDC）资产，在Token工厂模式下能够获得更高的价值重估。token交易涉及相关港股：三大运营商：中国移动（00941）、中国电信（00728）、中国联通（00762）云厂商+算力租赁：阿里巴巴-W（09988）、粤港湾控股(01396)、万国数据-SW (09698)、新意网集团 (01686)、金山云(03896)等。","news_type":1,"symbols_score_info":{"01396":2,"01686":2,"00762":2,"00728":2,"03896":2,"VXUS":1.5,"09698":2,"09988":2,"00941":2}},"isVote":1,"tweetType":1,"viewCount":65,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/565428863280448"}