行业点评报告：主权AI及token消耗强化中长期算力需求的持续性，传统AI标的亦有望受益

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes that concerns regarding AI capital expenditure are diminishing, with sovereign AI opening up long-term demand potential. Major AI firms are expected to benefit from sustained token consumption, indicating a robust demand for computing power [4][5] - The report highlights significant growth in token consumption by leading internet applications, with a notable increase in daily token calls for major models, suggesting a strong underlying demand for AI capabilities [6] - Traditional AI sectors are expected to complement generative AI, particularly in scenarios requiring high accuracy and repeatability, indicating a favorable industry outlook [7] Summary by Sections Industry Overview - The report discusses the ongoing transformation in the AI sector, with a focus on sovereign AI and its implications for computing power demand [4][5] Market Trends - The report notes that as of June 11, 2025, Nvidia announced plans to build 20 AI factories in Europe, indicating a strong commitment to expanding AI infrastructure [5] - Token consumption data shows that major models like Doubao and Google have experienced exponential growth, with Doubao's daily token calls reaching 16.4 trillion, a 137-fold increase year-on-year [6] Investment Opportunities - The report identifies specific companies that are likely to benefit from the trends in AI, including Fourth Paradigm, which focuses on decision-making AI, and BaiRong Cloud-W, which targets the financial sector [4][7]