银河证券：算力租赁或转向“token工厂”
2026-07-08 00:24:10
据界面新闻报道，银河证券指出，伴随AI推理算力需求爆发，“token工厂”商业模式提速；其定价或从“算力资源与时长”转向“token产出和单位成本”，并更强调与下游大模型推理需求绑定。银河证券认为，算力租赁厂商正与大模型厂商探索“token工厂”合作，未来或从“卖资源”向“卖产出”演变，提供MaaS服务并采用token分成模式，有望提升利润率并抬升估值中枢。
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