Data from Citibank shows that Token prices in Europe, the US, and China are converging. The reason is that high prices in Europe and the US are being driven down by competition, while low-price strategies in China are beginning to stabilize. The benefits include reduced AI application costs, enhanced corporate bargaining power, and accelerated commoditization of model APIs. For Chinese model manufacturers, this helps improve revenue quality and gross profit margins. However, for companies solely selling APIs or inference services, pricing power will continue to face challenges. Ultimately, the market will shift from 'who has the strongest model' to 'who can turn AI into stable cash flow at a lower cost.'