鄭哥，90年代大學畢業，26年橫跨電子，家電、服裝、珠寶、教育、AI算力多個行業。做過中學教師、翻譯、外贸，現在搞七善門科技和星辰算力。口頭禪：「點解唔得？」Hany, university grad from the 90s, 26 years across electronics, appliances, fashion, jewelry, education, and AI compute. Former teacher, translator, trader. Now running Qishanmen Tech and Star Compute. Catchphrase: "Why not?"
After 26 years in business, I've seen countless "telecom operator transformations."
In the 2000s, they made money from voice calls; in the 2010s, from data; in the 2020s, from broadband.
Every time, people said: "Operators are just pipes, they'll be disrupted soon."
Every time, operators found a new billing unit and survived.
This time, they chose Token.
Act 1: $3B Token Loans in 2 Months — How the Wind Started Blowing
Scene 1: Three major operators launching Token packages Image by AI (Z-Image-Turbo)
May 16-17, 2026, the three major operators launched Token packages:
China Telecom: 9.9 yuan/month per 10M Tokens, 29.9 yuan/40M, 49.9 yuan/80M
China Mobile: Shanghai 1 yuan for 400K Tokens, Beijing 5.99 yuan compute add-on + 24.99 yuan monthly
China Unicom: Shanghai giving away 30M Tokens free for testing, Hubei with multiple Token plans
Operators have entered the game, no longer just concept stage.
Act 2: What is Token — Explained in Our Trade Language
Scene 2: Token as the basic unit of AI era measurement Image by AI (Z-Image-Turbo)
Token is the basic unit of measurement for AI-era information processing.
Essentially the same — packaging scarce digital capability into standardized service and selling to users.
The National Data Bureau officially designated Token as the "value anchor of the intelligent era" in March 2026.
Act 3: Operators' Moat — What Cloud Vendors Don't Have
Scene 3: Operators network advantages vs cloud vendors Image by AI (Z-Image-Turbo)
First: Network-level deterministic service. When models deploy in operators' own data centers, end-to-end optimization at the network level is possible.
Second: 1.8B individual users + 73M enterprise clients. Their stores, apps, and customer service already cover every corner of China.
Third: Decades of package operation experience.
Act 4: The Biggest Problem — The Most Valuable Module Hasn't Been Built
Scene 4: DeepSeek and model vendors price advantage diagram Image by AI (Z-Image-Turbo)
These $3B Tokens, operators only earned "hard work money" — selling homogeneous Token products, not differentiated value.
Current operator Token prices are 50x higher than buying directly from DeepSeek:
Operators' real value is in building an integrated "network + compute + application" closed ecosystem.
Act 5: Telecom Transformation Lessons — From "Pipes" to "Ecosystem"
Scene 5: Transformation from pipes to ecosystem Image by AI (Z-Image-Turbo)
China Telecom Chairman Ke Ruiwen: "Token operation's essence is providing AI services to users, building five-layer integrated full-stack closed-loop capability."
The problem isn't technology — it's organizational gene restructuring.
Zheng Ge's Three Points
Point 1: Operators selling Token, direction correct, but execution is a major test.
Point 2: Selling Token alone is hard work money, ecosystem is core value.
Point 3: How can traders leverage this trend? Operators' channel capability is our tool for going overseas.
$3B Token loans in 2 months shows operators have officially entered the AI monetization era. But these $3B are just "hard work money" — the most valuable module, nobody built it yet.
關於作者About the Author
鄭哥，90年代大學畢業，26年橫跨電子，家電、服裝、珠寶、教育、AI算力多個行業。做過中學教師、翻譯、外贸，現在搞七善門科技和星辰算力。口頭禪：「點解唔得？」Hany, university grad from the 90s, 26 years across electronics, appliances, fashion, jewelry, education, and AI compute. Former teacher, translator, trader. Now running Qishanmen Tech and Star Compute.
