[Explosive Growth in Token Demand in China, Consumption Expected to Reach 1 Quintillion by 2026] Jinshi Data, September 12 – The China Telecom Research Institute released the 'Research Report on AI Infrastructure Development in the Era of Intelligent Agents (2026),' which indicates that as the focus of the artificial intelligence industry shifts from large models and computing power competition to the large-scale implementation and monetization of intelligent agents, China's token demand is experiencing explosive growth. The report shows that artificial intelligence is currently entering a new development phase centered around intelligent agents. Intelligent agents make complex AI technologies invisible and accessible, enabling both individuals and businesses to complete full-process complex tasks without mastering specialized technical skills. Rao Shaoyang, Director of the Industry and Enterprise Strategy Research Institute at the China Telecom Research Institute, stated: It is estimated that by 2026, China's annual token consumption will reach 1 quintillion, and by 2030, it will exceed 3.5 quintillion, with a compound annual growth rate approaching 12-fold.