计算机行业跟踪报告：“Token”中文名确定为“词元”，关注“词元经济”和AI大模型的商业化路径

Investment Rating - The report maintains a "Market Perform" rating for the computer industry, indicating that the industry index is expected to fluctuate within a range of -10% to +10% relative to the broader market over the next six months [25]. Core Insights - The report highlights the significant growth in the daily average usage of "Token" (词元), projected to reach 100 billion by early 2024 and 100 trillion by the end of 2025, with a remarkable increase to 140 trillion in March 2026, reflecting a growth of over 1000 times in two years [2][10]. - The surge in Token usage is attributed to the rapid commercialization of various AI applications, establishing Token as a key unit for quantifying and monetizing AI services [2][10]. - OpenAI's decision to cease its Sora AI video generation service is noted as a strategic move to streamline its product line ahead of an anticipated IPO, focusing on enterprise-level products [3][20]. - The report emphasizes the importance of AI companies' ecosystem development around Token and suggests monitoring firms with superior commercialization paths for AI models [2][11]. Summary by Sections Industry Dynamics - The report discusses the establishment of "Token" as a critical value anchor in the smart era, facilitating the connection between technology supply and commercial demand [3][17]. - OpenAI's recent actions, including the discontinuation of the Sora service and the launch of a successful advertising pilot for ChatGPT, demonstrate the evolving landscape of AI commercialization [3][21]. - The first industry standard for embodied intelligence was released, marking a significant step in establishing a unified testing framework for the sector, effective from June 1, 2026 [3][22]. Market Performance Review - The computer industry index underperformed compared to the CSI 300 and ChiNext indices, with a decline of 3.44% last week, ranking 30th among 31 sectors [12][13]. - Year-to-date, the computer industry index has decreased by 6.25%, also underperforming relative to the broader market indices [13]. Valuation Insights - As of March 27, 2026, the PE-TTM for the computer industry stands at 179.70 times, significantly above the historical average of 158.11 times for 2023-2025, indicating a high valuation level [7][16].