Guolian Minsheng Securities: Token demand in "inflation", short-term observation of the marginal improvement brought by the price increase and demand of large model manufacturers.

Guolian Minsheng Securities released a research report stating that cloud computing is gradually becoming "selling resources", while large model vendors are transforming into "selling Token fuel + selling results". The price increase of the Smart Atlas GLM Coding Plan reflects a change in industry pricing logic: when reasoning consumption becomes production materials, model vendors have the opportunity to convert "scarce computing power" into gross profit and cash flow through tiered pricing and subscription products. Short-term observations show marginal improvements from price increases and demand, while medium-term tracking focuses on renewals and expansions brought by corporate positions and subscription retention. In the long term, it is optimistic about the "AI firewall" new market brought by the popularity of governance tools.