China Merchants Securities released a research report saying that in the multi-model era, token operation is expected to become an important infrastructure connecting model supply and AI applications. As the number of basic models continues to increase and different models continue to differentiate in terms of capacity, cost, speed, and stability, it is gradually becoming the norm for downstream developers to call multiple models and multiple providers at the same time. The token operation platform integrates models through a unified API and further provides services such as model selection, intelligent routing, token measurement, unified settlement, and corporate governance. Its role is evolving from simple model access tools to AI traffic distribution and enterprise call control layers. The bank believes that as the scale of token calls and usage scenarios continue to expand, the operating value of tokens is expected to increase further.

China Merchants Securities released a research report saying that in the multi-model era, token operation is expected to become an important infrastructure connecting model supply and AI applications. As the number of basic models continues to increase and different models continue to differentiate in terms of capacity, cost, speed, and stability, it is gradually becoming the norm for downstream developers to call multiple models and multiple providers at the same time. The token operation platform integrates models through a unified API and further provides services such as model selection, intelligent routing, token measurement, unified settlement, and corporate governance. Its role is evolving from simple model access tools to AI traffic distribution and enterprise call control layers. The bank believes that as the scale of token calls and usage scenarios continue to expand, the operating value of tokens is expected to increase further.