Telecom stocks are collectively rising in Hong Kong trading. CHINA TELECOM (00728) is up 3.96% to HKD 4.72, CHINA UNICOM (00762) has gained 1.6% to HKD 6.365, and CHINA MOBILE (00941) is 1.17% higher at HKD 82.15.

The three major telecom operators are transitioning from traffic-based revenue models to Token-based operations. CHINA TELECOM has rolled out a unified Token service product at the group level, targeting developers, small and medium-sized enterprises, as well as individual and household users. CHINA UNICOM has introduced standardized Token packages on its China Unicom Cloud website. CHINA MOBILE has launched Token package trials in multiple provinces ahead of a broader rollout.

Moving from provincial pilot programs to group-level coordination, and from single-service billing to ecosystem-wide adaptation, the Token business model is becoming an industry consensus among operators. Analysts note that the three major telecom operators, leveraging their nationwide cloud and network resources, enterprise sales channels, and massive user bases, are comprehensively implementing standardized Token services.

The entry of telecom operators is reshaping the industry's service landscape. Computing power is no longer a specialized underlying resource solely for leading technology companies, but is being transformed into an accessible basic service for small and medium-sized enterprises and individual developers. This lowers the barrier to entry for customers and is expected to drive a further increase in overall Token consumption.