As the core element of the development of intelligent economy, Token is breaking through the pure technical measurement attribute and accelerating its evolution into a new production factor that is inclusive and standardized in the era of intelligent economy. As of March 2026, China's daily Token call volume has exceeded 140 trillion, achieving a thousandfold increase in two years. Token has gradually become the "digital power" and "basic water" to drive the operation of the intelligent economy. With the rise of Token economy, issues such as how to measure the value of Token and how to scientifically price Token have also received attention from all walks of life. Recently, the China Industrial Internet Research Institute, together with the National Information Center and nearly 100 authoritative institutions and industry leading enterprises, released the "Token Driven Intelligent Economy Research Report (2026)" (hereinafter referred to as "Report"). The Report innovatively constructs a Token value measurement system covering five dimensions, including production cost, production efficiency, accuracy, ecological value and safety. It points out that token pricing is evolving from a single basic accounting to a compound pricing model of "cost constraint + smart premium + structural difference + value elasticity + competitive floating." From the "technical symbol" of the early era of natural language processing to the "computing cornerstone" driven by multimodal technology, it eventually transitioned to a standardized product of "energy + chip + data set + large model." Token has gradually become a new production factor of value measurement, cost accounting, resource scheduling and ecological coordination in the era of smart economy, becoming the core vehicle and value metric that supports the orderly operation of smart economics. The "Report" pointed out that Token is leading the new form of smart economy and deeply restructuring the properties of infrastructure and industrial organization. The "Report" innovatively proposes to build a TDN (Token Distribution Network), relying on TDN, Token is gradually incorporated into the new infrastructure coordination and public service supply system. The system constructs a three-tier industrial synergy paradigm of "production supply - dispatching distribution - terminal consumption" centered on the flow of token elements: the "token factory" at the bottom realizes large-scale production of high-quality tokens; The middle "dispatch and distribution layer" takes care of intelligent routing, deal-making, and compliance delivery; The top "consumption layer" supports the on-demand call of multiple agents, forming a network of coordinated interconnected ecology. The report paints six new scenarios for the development of token-driven smart economy: First, accelerating the standardization of supply and transactions, unifying interfaces and measurement parameters, and building common interfaces and value scales for smart economy. Second, establish a coordinated system of "production, supply, scheduling, distribution, and end consumption" to realize network coordination and coordination across the whole region. Third, regional cooperation in computing power is deepened, relying on the national integrated computing power network, and promoting a new regional division of labor based on complementary advantages and functional synergies between the east and the west, with "production in the west, national dispatch, and application in the east." Fourth, the exploration of capitalization and financial empowerment, the Token consumption record gradually precipitated into the value certificate that can be verified and audited, reshaping the logic of capital allocation of production and industry; Fifth, the development of smart economy business forms accelerates, and the full popularity of smart devices drives the change of business model from "pay on quantity" to "sum on efficiency"; Sixth, the global industrial competition pattern is reshaped, and the systematic game around "energy + chip + data set + big model" is intensified, and Token compliance to sea has become a new track of national competition. The report proposes systemic industrial governance in seven dimensions to help China build a new national competitive advantage: first, to improve technology and strengthen the basic supply capacity of independent and controllable energy, chips, data sets and large models. The second is to lead the standard to build a global collaborative measurement interaction specification and "green token" certification system; Third, hub planning, to create a unified Token scheduling and distribution collaborative architecture; Fourth, GSP infrastructure, accelerate the layout of the national unified Token factory system; Fifth, ecological cultivation, cultivating an open and inclusive OPC (one-person company) innovation and entrepreneurship ecosystem; The sixth is to build a value foundation, to build a comprehensive index system such as national token compliance value evaluation and price index, quality index, and industrial empowerment index; Seventh, talent governance, and the construction of a "knowledge-driven" talent development system appropriate to the intelligent economy. (Looking ahead to a new era)