2026 China Computing Power Conference Set to Open, Computing Power Leasing Market Expected to Exceed 260 Billion Yuan
nashnova research
China's Computing Power Conference opens September 11; the leasing market is projected to exceed RMB 260 billion this year. Daily token calls surged over 1,000× in two years, with both supply and demand accelerating into a concentrated catalyst window.
How fast is demand actually growing?
China's average daily token volume jumped from roughly 100 billion in early 2024 to about 14 quadrillion by March 2026 — a 1,000× increase in two years.
Tokens — the smallest units a large language model processes, like word fragments — are the core gauge of real-world AI usage.
This means → Large models have moved from the lab into daily commercial calls. A genuine "token economy" is forming.
Who is spending on the supply side?
Nvidia posted quarterly revenue of $96.2 billion, up 106% year-on-year; data-center revenue hit $89 billion, up 117%.
CEO Jensen Huang guided for roughly 70% revenue growth in FY2028 — his first medium-term outlook — and noted cloud-industry backlog exceeding $2 trillion.
TrendForce estimates the top nine global cloud providers will lift capex by about 90% in 2026, with a further ~50% rise expected in 2027.
In plain terms = From the chip giant to the cloud operators, everyone is racing to expand capacity — and the build-out has at least two more years to run.
Why has computing-power leasing become a trillion-yuan track?
CITIC Securities notes AI computing has entered a "inference-led" cycle — high-end capacity stays scarce while mid-to-low-end drifts toward structural oversupply.
This means → Not all computing power commands a premium. Only the high end remains undersupplied, with geopolitical controls and rising costs lifting the bar further.
The business model is shifting from bare-metal leasing — renting out whole servers — toward token-sharing and integrated "token factory" services.
Bohai Securities adds: Nvidia GPU lease prices have mostly risen recently, validating the supply-demand squeeze from the pricing side.
What is policy pushing?
Seven central agencies jointly issued the *Digital-Green Transition Implementation Plan (2026-2030)*.
It explicitly supports liquid cooling, waste-heat recovery, and low-power chips, and explores 800 V high-voltage DC power for computing facilities.
This reflects a policy pivot from "build more data centers" to "build greener and denser" — deploying single racks above 100 kW is the target.
How are the Hong Kong-listed names performing?
GBA Smart Computing (01396) reported H1 revenue of roughly RMB 2.56 billion, up about 1,020.9% YoY; net profit hit RMB 281 million, roughly 5× last year's full-year figure; FP16 dense computing capacity — a measure of AI training capability — topped 50,000 PFLOPS.
Iluvatar CoreX (09903) saw Zhikai-series H1 revenue of about RMB 654 million, up 651.8%, with gross margin at 35.6%.
Zhipu AI (02513) reached $1.6 billion in annualized recurring revenue on its open platform by August; management guides for $2.4 billion by year-end. CMBI raised its 2025-2028 revenue CAGR forecast from 199% to 275%, lifted its target price to HK$1,985, and maintained a "Buy" rating.
What comes next?
The Computing Power Conference runs September 11-13 in Langfang, Hebei, themed "Weaving a Computing Network, Igniting a Smart Future."
This means → Whether the conference catalyzes further policy implementation and contract signings is the key checkpoint for gauging this rally's staying power.
In plain terms = The data and the earnings are already in place. The market is now waiting for the policy-and-order "final kick."
市场有风险，内容仅供研究参考，不构成投资建议。