China's AI call volume surpasses the United States for the first time, with the computing power leasing sector continuing to rise. Litong Electronics and YunTianLiFe both hit the daily limit.

On February 27, the computing power leasing sector continued to rise, with Litong Electronics (603629.SH) and Yuntian Lifei-U (688343.SH) hitting the daily limit. Shunwang Technology (300113.SZ) and Capital Online (300846.SZ) rose more than 10%, while Chengdi Xiangjiang (603887.SH), Wangsu Science & Technology (300017.SZ), and Hongjing Technology (301396.SZ) also followed the upward trend.

In terms of news, China’s AI call volume has surpassed the United States for the first time, with four large models ranking in the top five globally. According to the latest data from OpenRouter, the world’s largest AI model API aggregation platform, from February 9 to 15, China’s models had a call volume of 4.12 trillion tokens, surpassing the U.S. models’ 2.94 trillion tokens for the first time during the same period. From February 16 to 22, China’s weekly call volume further surged to 5.16 trillion tokens, a 127% increase over three weeks, while U.S. models’ call volume dropped to 2.7 trillion tokens. Among the top five models by platform call volume, four are from Chinese companies: MiniMax’s M2.5, Kimi K2.5 from Yue Zhi An Mian, GLM-5 from Zhipu, and V3.2 from DeepSeek. These four models account for 85.7% of the total call volume of the Top 5.

ShenGang Securities believes that the increase in domestic AI large model call volume and the expected improvement in model monetization capabilities may accelerate data call growth and model performance enhancement. The domestic computing power industry chain is expected to benefit.

Additionally, the focus on AI during the holiday period has attracted attention. Domestic models have rapidly risen, with multimodal and Agent models迎来商业化拐点. During the Spring Festival, ByteDance’s Seedance video large model made a stunning debut on the Spring Festival Gala, and Doubao’s holiday interaction volume exceeded 1.9 billion. Moreover, “Token” became a key word during the holiday fermentation. With the newly released GLM-5, leading companies like Zhipu (02513.HK) saw API call volumes and Coding Plan sales surge. The official interface even experienced a shortage of computing power, with MiniMax M2.5 reaching 2.45 trillion tokens to top the list. According to the latest weekly data from OpenRouter, the total token volume of the top ten models on the platform is about 8.7 trillion, with Chinese models dominating at 5.3 trillion, accounting for 61%. In fact, the evolution of large models and Agents continues to catalyze sustained demand for underlying computing power, making leasing and cloud services sectors likely to remain active.

CITIC Construction Investment Securities states that AI development is progressing rapidly, with large models continuously iterating and upgrading, leading to very strong demand for computing power. For example, Zhipu’s new models have significantly improved programming capabilities, triggering a surge in demand for computing power. Seedance’s video capabilities have been very impressive, attracting attention from industry leaders. CITIC Construction Investment believes that the commercial monetization path for large models is clear, moving from the “low-cost/free land grabbing” stage to the “pay for high quality” stage, with strong demand for computing power driving this trend.