数字经济周报（2026年第8期）：Token成为智能时代的价值锚点-20260330

Core Insights - Tokens are evolving from a technical measurement unit in large models to a fundamental value scale and settlement tool in the smart economy, becoming a value anchor in the intelligent era [1][3][4] - The AI industry is accelerating towards a "commercial closed loop + Agent landing" evolution, with application-driven development becoming a core variable [1][3] - In China, the development of AI is entering a phase of systematic constraints with dual advancements in security governance and data regulations [1][3] - Globally, AI competition is entering a phase of governance and resource constraints, with a focus on mobilization and resource allocation [1][3] - The integration of computing power architecture, intelligent agents, and physical systems is advancing, accelerating the embedding of AI into critical infrastructure [1][3] AI Industry and Representative Company Dynamics - The global AI large model token call volume reached a new high of 20.4 trillion times, indicating continued growth in demand [22] - The competition in AI computing power is intensifying, particularly between the US and China, with a shift towards commercial applications and agent deployment [22] - Major AI companies are experiencing significant developments, including accelerated IPO processes and increased commercialization of applications, while facing ongoing pressure in the supply chain [22][24] China Dynamics - The Chinese AI development landscape is characterized by rapid upgrades in security and governance systems, reflecting a more structured approach to AI regulation [1][3] - The dual focus on safety governance and data systems is indicative of a broader strategy to manage AI growth within a regulatory framework [1][3] Overseas Dynamics - The global AI competition is marked by a dual approach of governance and resource constraints, highlighting the strategic maneuvers of nations in the AI sector [1][3] Technological Frontiers - The integration of computing power architecture and intelligent agents is progressing, with AI increasingly embedded in essential infrastructure [1][3] Think Tank Perspectives - The rise of smart glasses is noted, with AI terminal forms shifting from immersive devices to lightweight interfaces, indicating a trend towards more accessible AI technology [1][3]