Citibank: Chinese telecommunications operators launch AI Token packages to bring new revenue growth engines.

According to reports, China's three major telecommunications operators have launched Token package products for C-end users. Citigroup said that this shift brings potential valuation reassessment, that is, in the context of slowing growth in traditional businesses, AI Token brings a new revenue growth engine, helping operators to reposition themselves from traditional telecommunications service providers to basic AI infrastructure providers. Analyst Kyna Wong stated in the report that operators can use their nationwide networks to extend AI applications beyond large-scale cloud providers, directly reaching small and medium enterprises and retail consumers. Operators have cost advantages and profit margin improvement potential; with large in-house data centers and computing resources, this reduces their marginal costs for deploying AI. If their developed large language models can maintain competitiveness with top domestic models, they can capture the value of the entire AI technology stack, significantly increasing profit margins, rather than just being a distribution channel.