[Explosive Growth in Token Demand in China, Projected Consumption to Reach 1 Quintillion by 2026] According to a report by CCTV on September 12, the China Telecom Research Institute released the *Research Report on AI Infrastructure Development in the Era of Intelligent Agents (2026)*. The report indicates that as the focus of the artificial intelligence industry shifts from competition in large models and computing power to the large-scale implementation of intelligent agents and monetization of applications, China's demand for tokens (Token) is experiencing explosive growth. 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 (Token) consumption will reach 1 quintillion, and by 2030, it will exceed 350 quintillion, with a compound annual growth rate approaching 12 times.