Looking ahead to the second half of the year, the Beijing Municipal Commission of Economy and Information Technology will focus on key annual tasks for building a benchmark city for the digital economy. It will thoroughly implement the "AI+" action plan to fully unleash new momentum for the intelligent economy.

Recently, Kaiyuan Securities outlined the potential beneficiaries of the "Beijing Token Factory" initiative. According to disclosures from the Beijing Municipal Commission of Economy and Information Technology, in the first half of 2026, the added value of Beijing's digital economy grew by 7.8%, with the core industries of the digital economy seeing a growth rate of 9.8%, significantly contributing to the city's GDP growth. On the infrastructure side, the first half of 2026 saw the addition of 22,000 Petaflops of intelligent computing power, bringing the total supply scale to 82,000 Petaflops. Simultaneously, over 20 data centers completed green and low-carbon transformations, with green electricity consumption exceeding 1.7 billion kilowatt-hours.

Looking forward to the second half of the year, the Beijing Municipal Commission of Economy and Information Technology will focus on key annual tasks for building a benchmark city for the digital economy. It will thoroughly implement the "AI+" action plan to comprehensively unleash new momentum for the intelligent economy. The key initiatives include: (1) Creating new forms of the intelligent economy by formulating policies for the Token economy and establishing Token factories and distribution platforms; (2) Further advancing computing power supply, aiming to add 50,000 Petaflops of intelligent computing power in the second half of the year, bringing the total annual scale to over 130,000 Petaflops, and achieving annual green electricity consumption in data centers exceeding 3 billion kilowatt-hours; (3) Promoting the "AI+" initiative to empower all sectors, with a focus on implementing scenarios such as new industrialization, embodied intelligence, healthcare, and cultural tourism consumption; (4) Developing over 100 high-quality datasets to empower industry models and enable large-scale deployment of intelligent agents.

Favorable Supply-Demand Dynamics for AIDC Reinforce Optimism for AI Computing Chain

We believe that the logic of "Token = Computing Power = Revenue" is now fully validated at the current juncture. Demand for computing power remains robust, while supply-side domestic substitution is addressing the bottleneck of computing chips, with clear prospects from policy planning. For AIDC companies, the implementation of Token factories/distribution platforms implies improved computing power utilization and billing efficiency. This benefits third-party IDC and intelligent computing center operators with core city indicators, green power support, and rising rack utilization rates. Their business models are expected to upgrade towards "computing power operations + Token monetization," allowing these companies to continue benefiting from the AI industry wave.

Stocks Related to "Beijing Token Factory":

Beijing AI Computing Power Stocks: Unisplendour Corporation Limited (000938.SZ), Ruijie Networks Co., Ltd. (301165.SZ), Cambricon Technologies Corporation Limited (688256.SH), Hygon Information Technology Co., Ltd. (688041.SH).

Beijing AIDC Stocks: Sinnet Technology Co., Ltd. (300383.SZ), Dawning Information Industry Co., Ltd. (600589.SH), Runze Tech Co., Ltd. (300442.SZ).

Beijing Computing Power Leasing Stocks: Capital Online Data Service Co., Ltd. (300846.SZ).