[CITIC Securities: Token Factories and Token Operators Drive Revaluation of the Industry Chain] CITIC Securities' research report states that Token factories are being established one after another, and Token services are moving toward standardization. The three major operators have launched Token packages, bringing standardized Token operations to thousands of households. Token factories and Token operators are driving the revaluation of the industry chain, shifting computing power leasing from the current fixed monthly rental model based on 'bare metal' server rental duration to a usage-based billing model determined by actual Token consumption. Leading computing power leasing companies have a prominent competitive edge. It is recommended to pay attention to Token factories and computing power leasing-related targets.