在传统通信业务增长乏力的背景下，中国移动、中国电信和中国联通于2026年5月起陆续推出Token套餐，试图实现从"卖管道"向"卖算力、卖模型、卖服务"的转变1。中国电信的Token套餐定价从9.9元/月（对应1000万Tokens）到299.9元/月（对应1.5亿Tokens）1。三家运营商同时调整资本开支结构，向算力投资大幅倾斜，中国移动算力网资本开支同比增长71%，占总资本开支的26%；中国电信和中国联通的算力投资同比增速分别达97%和80%1。
从财务表现看，运营商的算力服务收入实现了显著增长。2026年上半年，中国移动算力服务收入529亿元，同比增长14.0%，其中智算服务收入同比增长130.1%至53亿元，AIDC收入实现了486.1%的同比增幅1。中国电信智能收入同比增长7.1%至311亿元，中国联通算力业务同比增长13%至419亿元1。然而，传统通信业务面临严峻压力，中国移动通信服务收入同比下滑5.7%至3504亿元1。税率调整进一步加重了运营商负担，自2026年1月1日起，手机流量、短信彩信和互联网宽带接入等服务的税率由6%上调至9%1。
整体上，三大运营商面临利润下行压力。2026年上半年，中国移动、中国电信和中国联通的净利润同比分别下滑6.2%、15.4%和34.6%1。尽管算力服务成为新的增长点，但运营商的总资本开支仍在继续收缩，2026年计划合计约2596亿元，这已是连续三年下降1。
China's three largest telecommunications carriers—China Mobile, China Telecom, and China Unicom—launched Token subscription packages starting in May 2026, marking a strategic shift from traditional connectivity services toward artificial intelligence computing infrastructure and services 1. The move reflects intensifying pressure on carriers to diversify revenue streams as their core communication businesses face headwinds.
China Telecom's Token packages range from 9.9 yuan per month for 10 million tokens to 299.9 yuan monthly for 150 million tokens 1. During the first half of 2026, China Mobile reported computing service revenue of 52.9 billion yuan, growing 14.0 percent year-over-year, with AI data center revenues surging 486.1 percent and intelligent computing services jumping 130.1 percent to 53 billion yuan 1. China Telecom's intelligent business revenue increased 7.1 percent to 31.1 billion yuan, while China Unicom's computing operations grew 13 percent to 41.9 billion yuan 1.
However, the carriers face mounting headwinds. Traditional telecommunications services contracted sharply, with China Mobile's communication service revenue declining 5.7 percent to 350.4 billion yuan in the first half of 2026, while the three carriers' net profits fell 6.2 percent, 15.4 percent, and 34.6 percent respectively 1. A tax increase effective January 1, 2026, raised the rate on mobile data, messaging, and broadband services from 6 percent to 9 percent 1.
To capitalize on the AI computing opportunity, the carriers are heavily redirecting capital expenditures toward infrastructure. China Mobile's computing network capital spending surged 71 percent year-over-year to comprise 26 percent of total capex, while China Telecom and China Unicom increased their computing investments 97 percent and 80 percent respectively 1. Combined capital expenditure across the three operators totaled approximately 259.6 billion yuan in 2026, marking the third consecutive year of contraction 1.
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