金吾财讯 | 中国银河证券研究称，词元消耗量持续上行，对应全社会AI推理需求规模化放量，对阿里云为代表的云服务商构成确定性利好。伴随词元成为智能时代统一价值结算单位，云计算商业模式正发生根本性重构，行业逐步脱离传统服务器租赁、时长计费的IaaS模式，全面转向以词元消耗为核心的MaaS智能服务按量计费体系。推动云厂商高毛利AI服务收入扩容，优化整体盈利结构，行业进入需求放量、量价共振的上行周期。
金吾财讯 | 中国银河证券研究称，词元消耗量持续上行，对应全社会AI推理需求规模化放量，对阿里云为代表的云服务商构成确定性利好。伴随词元成为智能时代统一价值结算单位，云计算商业模式正发生根本性重构，行业逐步脱离传统服务器租赁、时长计费的IaaS模式，全面转向以词元消耗为核心的MaaS智能服务按量计费体系。推动云厂商高毛利AI服务收入扩容，优化整体盈利结构，行业进入需求放量、量价共振的上行周期。
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