瑞银：中国互联网数据中心行业_豆包 token 使用量增长_曲线愈发陡峭

Investment Rating - The report assigns a "Buy" rating to GDS, Guangdong Aofei Data Technology, and VNET, indicating a positive outlook for these companies [22]. Core Insights - The Doubao token usage has seen significant growth, reaching 16.4 trillion tokens daily by the end of May 2025, which is 137 times the level in May 2024. This growth is attributed to Doubao 1.6, which supports a 256k context window and offers competitive pricing compared to its predecessor [2][3]. - The report suggests that breakthroughs in AI applications are expected to drive the next wave of capital expenditures (capex) and stock re-rating in the AI sector. The report highlights that improving model intelligence and declining prices will create an ecosystem conducive to these breakthroughs [3]. Summary by Sections Doubao Token Usage - Doubao's daily token usage reached 16.4 trillion by the end of May 2025, marking a 137x increase from May 2024. The pricing for Doubao 1.6 tokens is significantly lower than that of Doubao 1.5, making it more attractive for enterprise use [2][3]. AI Applications and Investment Opportunities - The report emphasizes that the inflection point in AI applications will be crucial for triggering further AI capex and re-rating of AI stocks. Key investment picks include GDS, driven by AI inference demand and overseas expansion, VNET, benefiting from AI training demand and retail business growth, and Aofei, which is expanding into Northern China [3].