Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.15%, Green Power Environmental (01330) at 69.21%, and China Shenhua (01088) at 67.95% [1] - Alibaba-W (09988), Horizon Robotics-W (09660), and Meituan-W (03690) saw the largest increases in holding amounts over the last five trading days, with increases of +8.316 billion, +3.294 billion, and +2.859 billion respectively [1] - The largest decreases in holding amounts over the last five trading days were recorded by the Tracker Fund of Hong Kong (02800) at -1.974 billion, Kuaishou-W (01024) at -1.353 billion, and China Telecom (00728) at -1.284 billion [3] Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 10.014 billion shares, representing 72.15% [1] - Green Power Environmental (01330) has a holding of 0.280 billion shares, representing 69.21% [1] - China Shenhua (01088) has a holding of 2.295 billion shares, representing 67.95% [1] Recent Increases in Holdings - Alibaba-W (09988) increased by +8.316 billion, with a change of +58.233 million shares [1] - Horizon Robotics-W (09660) increased by +3.294 billion, with a change of +32.610 million shares [1] - Meituan-W (03690) increased by +2.859 billion, with a change of +28.108 million shares [1] Recent Decreases in Holdings - Tracker Fund of Hong Kong (02800) decreased by -1.974 billion, with a change of -73.655 million shares [3] - Kuaishou-W (01024) decreased by -1.353 billion, with a change of -18.241 million shares [3] - China Telecom (00728) decreased by -1.284 billion, with a change of -21.994 million shares [3]

Group 1 - The 2025 Service Trade Fair will be held from September 10 to 14 at Shougang Park in Beijing, featuring a "5G Smart Connection Global · Beijing Colorful Service" information and communication theme exhibition [1] - The exhibition showcases significant achievements in 5G network construction, technological innovation, and integrated application services since the commercial launch of 5G in China, with participation from major global companies like China Telecom, China Mobile, China Unicom, and China Tower [1] - The theme exhibition includes ten experiential scenarios such as smart customs clearance, communication services, smart travel, and intelligent accommodation, highlighting the international facilitation level of communication service trade [1] Group 2 - The exhibition features a unique dual narrative: a 30-year 'time comparison' showcasing the evolution of information and communication technology, and an 'insider perspective' from international guests sharing their experiences in China [2] - Interactive experiences are central to the exhibition, with a full-chain scenario covering entry and exit services, transportation, work, and home life, enhanced by a task-based engagement model and AI-guided robot tours [2]

Group 1 - The Ministry of Industry and Information Technology, the Ministry of Finance, and the Financial Regulatory Bureau have announced the implementation of the 2025 major technical equipment insurance compensation policy [1] - The policy will support whole equipment based on the number of units and core systems or key components based on batch numbers [1] - High-end industrial mother machines, electronic special equipment, and precision instruments will be supported based on the number of units, while high-value core systems like aircraft engines will be supported based on the number of units [1] Group 2 - The Ministry of Finance reported that fiscal policy has become more proactive this year, with overall budget execution remaining stable [2] - Key fiscal work will focus on supporting employment and foreign trade, fostering new growth drivers, and improving people's livelihoods [2] - The report emphasizes the need to prevent and mitigate risks in key areas while adhering to strict budgetary discipline [2] Group 3 - The National Development and Reform Commission reported positive execution of economic and social development plans, with domestic demand continuing to expand [3] - There is a focus on integrating technological and industrial innovation, promoting green and low-carbon development, and enhancing public service capabilities [3] - The report highlights the importance of regional coordination and urban-rural integration in economic development [3] Group 4 - The Ministry of Industry and Information Technology emphasized the need to expand "Artificial Intelligence +" application scenarios and accelerate the large-scale implementation of new technologies [4] - Companies are encouraged to increase investment in technological innovation and form innovation alliances to tackle national technological challenges [4] - The focus is on digital and green transformation, as well as deepening the application of industrial internet [4] Group 5 - Goldman Sachs reported that global hedge funds' net purchases of Chinese stocks reached a new high since September 2024, indicating strong risk appetite [5] - The total positions of hedge funds in Chinese stocks have also reached a two-year high, with a 76 basis point increase in August [5] - This trend reflects a growing confidence in the Chinese stock market among global investors [5] Group 6 - China Telecom announced that it is fully prepared to launch eSIM services for users, following the release of eSIM-only iPhone models by Apple [6][7] - The service is expected to be available soon after receiving official approval from the Ministry of Industry and Information Technology [7] Group 7 - The State Council has approved the "Strengthening Basic Medical and Health Services Implementation Plan," aiming to improve the accessibility and quality of healthcare services by 2027 [8] - The plan includes enhancing the infrastructure of grassroots medical institutions and ensuring that residents can access medical services within 15 minutes [8] Group 8 - China's short drama products have reached over 200 countries and regions, becoming a new growth point in the global digital content sector [9] - The city of Xi'an has over 600 short drama production companies, leading in both production volume and hit shows [9] - Two main methods for exporting short dramas include direct translation for overseas platforms and localized adaptations produced in China [9] Group 9 - The Ministry of Industry and Information Technology and five other departments have launched a three-month special action to address online irregularities in the automotive industry [10] - The initiative aims to combat illegal profit-making, exaggerated advertising, and malicious attacks, enhancing the quality of network disorder management in the automotive sector [10] - The goal is to create a favorable public opinion environment to support the high-quality development of the automotive industry [10]

Core Viewpoint - The launch of the iPhone Air, featuring eSIM technology, is expected to stimulate demand for new mobile devices and potentially trigger a wave of upgrades in the smartphone market [4][6]. Group 1: eSIM Technology Overview - eSIM, or embedded SIM, is a new generation SIM card standard that allows for remote configuration and management of mobile networks without the need for a physical SIM card slot [4]. - The introduction of eSIM in the iPhone Air is seen as a significant move that could lead to increased adoption of eSIM technology across the industry [4][5]. Group 2: Market Impact and Industry Response - The iPhone Air's adoption of eSIM technology is anticipated to drive domestic smartphone manufacturers to follow suit, potentially leading to a new wave of smartphone upgrades [4]. - Industry experts express caution, noting that the complexity of eSIM activation compared to traditional SIM cards may affect user acceptance [4][5]. Group 3: Current State of eSIM in China - Currently, China Unicom is the only supported operator for iPhone eSIM in mainland China, while China Mobile and China Telecom are preparing to launch their eSIM services [2][3]. - The domestic eSIM ecosystem has developed a complete supply chain, covering chips, modules, platforms, and operators, and is applicable in various sectors including consumer electronics and IoT [4][5]. Group 4: Company Developments in eSIM - Unisoc Microelectronics is a leading player in the domestic eSIM market, with solutions already in commercial use across multiple countries and supporting over 400 operators [6]. - Hengbao Co., Ltd. has reported that its eSIM technology covers consumer electronics and IoT devices, aligning with global eSIM standards [6]. - Chutianlong Co., Ltd. is enhancing its eSIM product line and service capabilities to expand its domestic and international business [7].

9月10日，苹果年度重磅发布会如期举行。其中，此次苹果新推出的iPhone Air内置eSIM引发广泛关注。 据苹果官网显示，iPhone Air仅支持通过eSIM激活，不兼容实体SIM卡。这意味着，用户使用iPhone Air需满足两 个前提：一是选择提供eSIM服务的运营商，二是办理对应的移动通信服务套餐。 需要注意的是，目前国内并非所有运营商都支持eSIM功能，苹果官方明确指出，在中国大陆地区，当前仅有中国 联通可为iPhone Air提供eSIM支持。不过南都湾财社记者采访获悉，中国移动、中国电信都表示，已准备好相关 业务，并向工信部提交eSIM卡许可申请。 没有"实体"的电话卡 eSIM（嵌入式SIM卡）技术作为一种新型的SIM卡形式，具有无需插拔实体卡、支持远程配置多个运营商Profile、 节省设备内部空间等优势，广泛应用于智能手表、平板电脑以及高端智能手机等领域。相较于传统SIM卡，eSIM 可远程配置、灵活切换运营商，有助于运营商更好地管理用户连接，提升服务效率，巩固市场地位。当前，传统 SIM卡业务的增长已逐渐见顶，发展eSIM成为国内运营商拓展业务边界、寻求新增长点的重要选择。 一直以来 ...

格隆汇9月10日丨中国电信(601728.SH)在互动平台表示，中国电信作为最早持有卫星移动通信业务许可 的通信运营商，在我国卫星通信领域发展中扮演了重要角色。通过多年的技术积累和市场探索，公司已 建立起覆盖全国的卫星移动通信网络，为各类用户提供稳定、高效的卫星移动通信服务，同时积极探 索"手机直连卫星"等新型业务模式，致力于打造天地一体化的信息服务网络，公司于2023年9月全球首 发手机直连卫星服务，2024年4月全球首创汽车直连卫星服务。 未来，中国电信将加快卫星网络能力建 设，持续扩大天通系统优势，不断提升系统容量和网络性能，进一步推动手机直连卫星能力开放，积极 服务全网用户，推动卫星通信由专业领域向大众领域快速普及延伸，构建空天地一体化的通信网络新格 局，助力我国在全球卫星通信领域的核心竞争力不断提升。 ...

截至2025年9月10日 14:07，中证电信主题指数(931235)强势上涨4.13%，成分股东方通信(600776)上涨9.98%，海格通信(002465)上涨8.72%，中际旭创 (300308)上涨8.21%，新易盛(300502)，数据港(603881)等个股跟涨。电信50ETF(560300)上涨3.52%，最新价报1.85元。拉长时间看，截至2025年9月9日，电 信50ETF近1月累计上涨16.93%，涨幅排名可比基金1/3。 据报道，随着中国移动、中国联通陆续启动算力服务器集中采购，三大运营商打响了在算力领域的卡位战。数据显示，三大运营商现有智算规模合计已经超 过100EFLOPS（每秒百亿亿次浮点运算），覆盖国内多个关键节点城市。目前，三大运营商正加快AI在多领域的应用，通过部署大模型、推出AI智能体等 推动业务转型及增收。 东莞证券指出，通信行业上半年业绩延续正向增长，营收与利润同比增速均实现回升。细分来看，光器件及模块上半年业绩表现突出，物联网板块实现出货 量增长并延续业绩向上趋势，运营商板块在第二季度业绩已呈现改善的迹象，通信工程及服务与通信元器件及设备板块经营业绩总体平稳运行。后续 ...

Core Viewpoint - The highlight of Apple's September 10th event was the launch of the iPhone Air, which is the lightest and thinnest iPhone ever made, featuring a dual eSIM card design [1] Group 1: Product Launch - The iPhone Air is exclusively available with eSIM options in China, as emphasized on Apple's official website [1] - China Unicom will leverage the iPhone Air to launch its eSIM card services [1] Group 2: Industry Impact - China Telecom is fully prepared to offer eSIM mobile services, with relevant procedures submitted to the Ministry of Industry and Information Technology (MIIT) [1] - China Telecom expects to receive formal approval from MIIT for commercial trials soon, allowing them to provide eSIM services for devices including the iPhone 17 [1]

9月10日凌晨，苹果正式发布仅支持eSIM的iPhoneAir。据苹果官网，eSIM是一种符合业界标准的数字 SIM卡，内置于iPhone中，让用户不再需要实体SIM卡。中国电信回应表示，中国电信eSIM手机业务已 全面准备就绪，预计近期获得工业和信息化部商用试验正式批复后，将很快向用户开放包括iPhone17在 内的eSIM手机业务办理服务，具体开放时间敬请关注。（上证报） ...

Core Viewpoint - Apple has officially launched the iPhone Air, which exclusively supports eSIM technology, enhancing user flexibility, convenience, and security while providing seamless connectivity, especially beneficial for global travel [1] Group 1: Product Launch - Apple has introduced the iPhone Air, which utilizes eSIM technology, eliminating the need for physical SIM cards [1] - eSIM is described as a digital SIM card that is built into the iPhone, allowing for easier and more secure connectivity [1] Group 2: Industry Response - China Telecom has announced that it is fully prepared for eSIM mobile services and is awaiting official approval from the Ministry of Industry and Information Technology to launch services for eSIM-enabled devices, including the iPhone 17 [1] - The specific timeline for the rollout of eSIM services to users will be announced soon [1]