[Increased Computing Power Revenue for the Three Major Telecom Operators, Fully Shifting to Token-Based Services as the Main Business Focus] Recently, the 2025 annual reports of the three major telecom operators have been released one after another. Overall, the main performance indicators of the operators remain at high levels, but in terms of total volume, the lack of growth momentum has not been significantly improved. Structural revenue growth in computing power services, innovative businesses, and international operations continues to be the main highlight. In 2025, the focus of basic resource investment by the three major operators continues to tilt toward computing power. According to the announced capital expenditure plans, investments related to computing power remain a key focus for the operators this year. Of course, the ultimate goal of intelligent computing infrastructure still revolves around monetization. Judging from the statements of the three operators, Token-based operations are gradually becoming the main business focus. (Securities Times)