From January to March, China's average daily Token usage exceeded 140 trillion, and the ChiNext Artificial Intelligence ETF (159243) surged nearly 5%.

On March 25, all three major indices opened higher collectively. In the A-share market, the AI industry chain saw a rebound in volatility. Sub-sectors such as computing power, optical communications, and AI applications rose steadily. The Shenzhen Stock Exchange’s ChiNext AI ETF managed by China Merchants (159243) opened higher and surged by nearly 5% intraday. Among its constituent stocks, Huanhuan New Network gained the 20CM limit-up, while 东方国信 (Oriental Guoxin) and 网宿科技 (Wangsu Technology) rose by more than 11%. As of the time of this report, all constituent stocks were trading in the green!

As AI applications evolve from Chat to Agent, the tasks handled by large models are becoming increasingly complex. The required inference depth and the length of the call chains continue to grow, and consumption of underlying Tokens has also shown a leap in scale.

On the news front, ByteDance’s Volcano Engine has performed impressively. Since this year’s Spring Festival, its average daily cloud large-model Token (word) call volume has already exceeded 100 trillion. Within less than two months, the increase has been over 60%. Token consumption on individual users’ end has also shown a clear growth trend. Currently, globally, only OpenAI, Google, and ByteDance have crossed the trillion-Tokens-per-period threshold in consumption. ByteDance’s related consumption is mainly driven by the domestic market; the overseas market is in a phase of rapid expansion. In addition, its video generation model Seedance 2.0 API has not yet been officially launched overseas, so further growth potential is worth期待.

In addition, on the 24th, the head of the National Data Bureau said that as of this March, China’s average daily Token call volume had already exceeded 140 trillion. Compared with the 100 billion at the beginning of 2024, this represents growth of over 1,000 times. Compared with 100 trillion at the end of 2025, it also rose by more than 40% within just three months. Analysts point out that the sharp increase in average daily Token call volume fully indicates that China’s AI development has entered a phase of rapid growth. Application scenarios are becoming increasingly deep, the industry’s competitiveness has been significantly strengthened, and this also means that data set supply is increasing substantially and the value of data elements is being released continuously. The ability of data elements to empower innovative AI development is expected to enter a virtuous cycle of mutual reinforcement.

Guoxin Securities believes that in short-term market volatility, market style may rebalance again, and some “old guard assets” with relatively low valuations may enjoy phase-by-phase outperformance. From the mid-term main theme, however, areas representing economic transformation, upgrading, and security—such as artificial intelligence (AI) and advanced manufacturing—may still be core allocation directions. These areas have real industrial policy and fundamental support, and after adjustments they are more likely to lead the market out of a new round of行情.

Data shows that in the ChiNext AI index, the “optical modules” segment accounts for about 45%. It has positions in leading companies such as 新易盛 (Eoptolink), 中际旭创 (Gplus?), and 天孚通信 (TFC). In addition, compared with similar indices, it shows stronger earnings leverage. In full-year 2025, this index gained 106.35%, significantly outperforming similar indices such as the 科创AI and CS Artificial Intelligence. Meanwhile, the forecast growth rate of attributable net profit for 2025 is as high as 127.36%, far above the overall level of the ChiNext Index. Sentiment and growth potential are expected to create a double resonance.

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