Core Points - Beijing Telecom announced the launch of eSIM services, coinciding with the release of the iPhone Air on September 19, ensuring that existing package rates and user rights remain unchanged [1][3] - The company will provide in-store assistance for users to activate eSIM services, with all offline stores now open for eSIM processing, while online activation is not yet available [3] - Users who activate eSIM can request a return to a physical SIM card if they switch to a non-eSIM device, enhancing user flexibility [3] - China Telecom has completed preparations for eSIM services and is awaiting official approval from the Ministry of Industry and Information Technology to launch eSIM for devices like the iPhone 17 [3] - China Mobile has also confirmed its capability to support eSIM services and will announce specific arrangements through official channels [4]

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].

Core Viewpoint - Apple's annual event on September 10 introduced the iPhone Air, which exclusively supports eSIM technology, raising significant attention in the market [2][4]. Group 1: eSIM Technology Overview - The iPhone Air can only be activated through eSIM, making it incompatible with physical SIM cards. Users must choose a carrier that offers eSIM services and obtain a corresponding mobile service plan [4]. - eSIM technology allows for remote configuration of multiple carrier profiles, saving internal device space and enhancing user connectivity management. This technology is increasingly important as traditional SIM card growth plateaus [7][10]. Group 2: Current Market and Regulatory Landscape - In China, only China Unicom currently supports eSIM for the iPhone Air, while China Mobile and China Telecom are preparing to offer eSIM services and have submitted applications to the Ministry of Industry and Information Technology [6][18]. - China Unicom has been a leader in promoting eSIM, having launched eSIM services in 25 provinces and cities, and has previously collaborated with Huawei and Apple for eSIM-enabled devices [11]. Group 3: Future Prospects and Challenges - Despite the push for eSIM, its adoption has been slow, with applications primarily in wearables rather than smartphones. The industry aims to eliminate physical SIM slots to enhance device design and performance [10]. - Regulatory bodies have paused eSIM services due to security concerns, but there are indications that the three major Chinese telecom operators plan to fully restart eSIM services by the end of the year [15][18].

Core Viewpoint - China Telecom has played a significant role in the development of satellite communication in China, being one of the first operators to hold a satellite mobile communication business license [1] Group 1: Company Developments - The company has established a nationwide satellite mobile communication network, providing stable and efficient services to various users [1] - In September 2023, China Telecom launched the world's first mobile direct satellite service [1] - The company plans to introduce the world's first automotive direct satellite service in April 2024 [1] Group 2: Future Plans - China Telecom aims to accelerate the construction of satellite network capabilities and expand the advantages of the Tiantong system [1] - The company intends to enhance system capacity and network performance while promoting the opening of mobile direct satellite capabilities to serve all network users [1] - The goal is to facilitate the rapid popularization of satellite communication from specialized fields to the general public, creating a new communication network integrating space and ground [1]

Group 1: Telecom Industry Performance - The China Telecom Theme Index (931235) has seen a strong increase of 4.13%, with key stocks such as Dongfang Communication (600776) rising by 9.98% and Haige Communication (002465) by 8.72% [1] - The Telecom 50 ETF (560300) has increased by 3.52%, with a recent price of 1.85 yuan, and has shown a cumulative increase of 16.93% over the past month, ranking in the top third among comparable funds [1] - The Telecom 50 ETF has experienced a significant increase in trading volume, with a turnover rate of 13.96% and a transaction value of 9.1611 million yuan, indicating active market participation [1] Group 2: Cloud Computing and AI Growth - Oracle Corporation reported a first-quarter adjusted revenue of $14.93 billion and an operating profit of $6.24 billion, with a strong outlook for its AI business and cloud infrastructure [3] - The company anticipates its cloud infrastructure revenue to reach $18 billion in fiscal 2026, a nearly 77% increase from $10.3 billion in fiscal 2025, leading to a 28% surge in its stock price [3] Group 3: Satellite Communication Developments - The Ministry of Industry and Information Technology of China has granted China Unicom a license for satellite mobile communication services, allowing it to conduct direct satellite connections for mobile phones [3] - China Mobile is currently applying for a similar license, while China Telecom has already launched satellite communication services, indicating a competitive landscape among the three major operators [4] Group 4: Telecom Operators' Strategic Moves - The three major telecom operators are intensifying their competition in the computing power sector, with a combined intelligent computing scale exceeding 100 EFLOPS [4] - The telecom industry has shown positive growth in the first half of the year, with revenue and profit growth, particularly in the optical devices and IoT sectors [4] Group 5: Future Outlook for the Telecom Sector - The telecom industry is expected to benefit from technological advancements and policy incentives, with growth potential in AI, quantum communication, and low-altitude economy sectors [5] - The Telecom 50 ETF tracks the China Telecom Index, which includes major telecom operators and companies in related sectors, reflecting the overall performance of telecom-related stocks [5][6]

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） ...