Guojin Securities, in its latest industry research report, points out that with the national integrated computing power network being elevated to a national-level infrastructure, China's computing power industry is undergoing a profound redistribution of profits. The profit center of the industry value chain is rapidly shifting from upstream hardware manufacturers to midstream scheduling operators and downstream application service providers. The traditional competitive logic, centered on cabinet scale and GPU inventory, is becoming obsolete. The report suggests that the valuation anchor is undergoing a paradigm shift, and investors should shift their focus from cabinet scale and GPU inventory to computing power utilization, token output capability, scheduling technology, and compliance qualifications. Small and medium-sized service providers lacking these capabilities will face increasing operational pressure.