[Galaxy Securities: Token Consumption Expected to See Significant Growth, Accelerating Benefits in Four Key Areas] Galaxy Securities' research report believes that with the increasing demand for inference, token consumption is expected to see significant growth, driving the industry chain into another phase of acceleration, primarily reflected in four key areas. **AIDC (Artificial Intelligence Data Center):** The core driving force lies in the intensive iteration of global large-scale model technologies and the explosive surge in token invocation volumes. The AIDC industry is undergoing systematic restructuring around high-density GPU computing clusters. AIDC, through its high-density and green new form, is becoming the core physical foundation supporting the AI era. **Telecom Operators:** Operators, leveraging their nationwide backbone network resources, extensive computing node layouts, and "cloud-network integration" capabilities, are playing a critical role in connecting distributed computing power and breaking regional barriers. **Optical Fiber and Cable Industry:** The large-scale AIDC construction driven by tokens is upgrading optical fibers from ordinary connection consumables to the core foundation of the computing power network. Constrained by the rigid expansion cycle of upstream optical preform production, the optical fiber industry is entering a high-growth cycle with simultaneous increases in volume and price. **Optical Modules:** As GPU computing power experiences exponential growth, data transmission rates have become the biggest bottleneck determining the efficiency of computing clusters. As a core component ensuring the linear acceleration ratio of computing clusters, high-speed optical modules are entering a period of technological generational transition and demand explosion, resonating with the development cycle.