Core Viewpoint - The article emphasizes that the rapid growth of AI data and usage in China signifies a shift from a technology validation phase to a large-scale application phase, suggesting that the market's current valuation of Chinese AI assets is misaligned with this reality [1][2]. Group 1: AI Growth Metrics - As of March 2026, China's daily Token usage has surpassed 140 trillion, with a quarterly growth rate exceeding 40%, indicating a significant shift in AI application [2][4]. - The total number of high-quality datasets in China has reached over 100,000, amounting to nearly 890PB, which supports the ongoing training and optimization of AI models [2][5]. Group 2: Industrialization of AI - The surge in Token usage reflects that AI has transitioned from experimental phases to industrial-scale operations, with real users engaging in high-frequency consumption of computational power across various business scenarios [4][5]. - The cost of a single Token call has decreased by nearly 70% over the past year due to the adaptation of domestic chips and optimization of model architectures, making previously unprofitable AI applications economically viable [5][6]. Group 3: Investment Opportunities - Chinese internet giants like Alibaba and Tencent are leveraging their existing business ecosystems to integrate AI, which enhances user experience and conversion rates without users being aware of AI's presence [7][8]. - The current market narrative in the U.S. focuses on standalone AI models, neglecting the embedded AI applications in Chinese companies, leading to a significant undervaluation of Chinese AI assets [8][9]. Group 4: Market Dynamics and Future Outlook - The disparity in valuation between U.S. AI assets and Chinese AI stocks is driven by macroeconomic factors and market sentiment rather than fundamental performance, creating a potential for revaluation as data and case studies validate the strength of Chinese AI applications [9][10]. - The article suggests that the real investment opportunities lie in the period before the market fully recognizes the value of Chinese AI, as evidenced by the rapid growth in Token usage and application [10][12].