Core Viewpoint - The eSIM business in China is being revived after a two-year hiatus, primarily focusing on IoT and smart wearable devices, while mobile eSIM services are not yet being pursued [2][3][4] Group 1: eSIM Business Resumption - China Unicom has launched a cloud computer PAD product based on eSIM technology, indicating the resumption of eSIM services [3] - The three major operators, China Mobile, China Telecom, and China Unicom, are upgrading their systems, with China Unicom leading the way by restoring eSIM services in 25 regions [3][4] - The resumption of eSIM services is seen as beneficial for operators, especially in the context of the growing IoT market [3][8] Group 2: Historical Context and Development - eSIM technology, which allows for embedded SIM cards, was first patented by Apple in 2011 and has since gained traction globally [4] - China Unicom was the first operator in China to engage in eSIM services, launching its platform in early 2017 and becoming a leader in the field [5] - In 2020, China Mobile and China Telecom also received approval to implement eSIM technology across various sectors [5] Group 3: Challenges and Security Concerns - The cautious promotion of eSIM for consumer devices is attributed to security concerns, as the remote writing mechanism poses risks for fraud and spam [6][7] - The increase in eSIM-related fraud cases by 37% in 2024 highlights the need for enhanced security measures [6] - Operators are also concerned about the potential loss of customers due to the ease of switching providers with eSIM technology [7] Group 4: Future Prospects - The global eSIM market is expected to grow significantly, with projections of 1 billion eSIM smartphone connections by the end of 2025 and 6.9 billion by 2030 [9] - The domestic eSIM industry is developing a complete supply chain, including chip design, module development, and telecom services [9][10] - Major Chinese smartphone manufacturers are poised to launch eSIM-enabled devices once policies are relaxed, indicating a strong potential for growth in the market [10][11]

Core Viewpoint - In the digital economy era, data is transforming from an intangible resource into a measurable, tradable, and manageable asset, becoming a new member of corporate balance sheets [1] Group 1: Data Asset Integration - Over 90 listed companies have integrated data assets into their 2024 annual reports, with a total scale of 2.495 billion yuan, compared to only 0.079 billion yuan from 17 companies in the first quarter of 2024 [1] - The integration of data assets into financial statements is reshaping the balance sheets of listed companies, with significant representation from the industrial and information technology sectors [2] - The first companies to integrate data assets include major telecom operators like China Mobile, China Telecom, and China Unicom, along with industrial firms such as Xiaoshangpin City, YTO Express, and Yunda Holdings [3] Group 2: Steps for Data Asset Integration - The process for a company to integrate data assets into its financial statements typically involves four steps: inventory of data assets, governance of data for integration, confirmation of data ownership, and measurement for accounting [4][5] - Companies must meet specific conditions for data asset integration, including legal control, predictable economic benefits exceeding 50%, and measurable costs [5][6] Group 3: Challenges and Considerations - Not all companies can smoothly integrate data assets due to policy restrictions, corporate concerns, and the current lack of a valuation system [1][10] - Common challenges include legal risks in data ownership, unclear data management processes, and discrepancies between expected and actual valuations [10][11] - The integration of data assets is not the end point but a starting point for value reconstruction, requiring clear data ownership and valuation systems to gain recognition from financial institutions [14] Group 4: Financial Implications - Integrating data assets can enhance a company's financial statements by capitalizing expenses, which may lead to increased short-term profits but could result in profit fluctuations in the long term due to amortization [12][13] - The potential for data asset depreciation and the subjective nature of data valuation can introduce uncertainties in financial reporting [17][18]

Market Overview - The FTSE China A50 Index components showed a mixed performance with banking, liquor, semiconductor, and logistics sectors rising, while non-ferrous metals and chemical pharmaceuticals sectors weakened [1] - BYD's stock price fell over 1% [1] Sector Performance Banking Sector - Major banks like China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 382.98 billion, 357.30 billion, and 1,030.15 billion respectively, with trading volumes of 9.81 million, 36.96 million, and 7.85 million [3] Liquor Industry - Key players such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,786.59 billion, 214.35 billion, and 467.31 billion respectively, with trading volumes of 40.87 million, 10.51 million, and 20.49 million [3] Semiconductor Sector - Companies like Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 241.84 billion, 229.03 billion, and 315.09 billion respectively, with trading volumes of 24.36 million, 31.12 million, and 15.15 million [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,818.73 billion, 186.84 billion, and 278.88 billion respectively, with trading volumes of 34.54 million, 4.39 million, and 5.94 million [3] Oil Industry - China Petroleum, Sinopec, and COSCO Shipping had market capitalizations of 239.78 billion, 688.67 billion, and 1,573.98 billion respectively, with trading volumes of 8.63 million, 6.43 million, and 7.64 million [3] Coal Industry - Major companies like China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 187.79 billion and 815.60 billion respectively, with trading volumes of 12.39 million and 6.45 million [3] Power Industry - Key players such as Yangtze Power and China Nuclear Power had market capitalizations of 360.33 billion and 737.96 billion respectively, with trading volumes of 20.49 million and 8.29 million [4] Food and Beverage Sector - Companies like Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 409.94 billion, 340.96 billion, and 226.93 billion respectively, with trading volumes of 28.30 million, 3.94 million, and 16.84 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Gree Electric Appliances had market capitalizations of 472.85 billion, 255.90 billion, and 242.55 billion respectively, with trading volumes of 30.57 million, 77.50 million, and 25.48 million [4] Chemical Products - Companies like Wanhua Chemical and SF Holding had market capitalizations of 239.20 billion and 271.34 billion respectively, with trading volumes of 12.28 million and 8.32 million [4] Construction and Engineering - China State Construction and Zijin Mining had market capitalizations of 532.88 billion and 166.95 billion respectively, with trading volumes of 27.26 million and 8.53 million [4]

沪指7月3日上涨0.18%，申万所属行业中，今日上涨的有24个，涨幅居前的行业为电子、电力设备，涨 幅分别为1.69%、1.38%。通信行业今日上涨1.32%。跌幅居前的行业为煤炭、交通运输，跌幅分别为 1.16%、0.28%。 资金面上看，两市主力资金全天净流出45.11亿元，今日有9个行业主力资金净流入，电子行业主力资金 净流入规模居首，该行业今日上涨1.69%，全天净流入资金78.20亿元，其次是医药生物行业，日涨幅为 1.35%，净流入资金为13.82亿元。 通信行业今日上涨1.32%，全天主力资金净流入13.04亿元，该行业所属的个股共126只，今日上涨的有 97只，涨停的有2只；下跌的有25只。以资金流向数据进行统计，该行业资金净流入的个股有55只，其 中，净流入资金超亿元的有7只，净流入资金居首的是新易盛，今日净流入资金3.05亿元，紧随其后的 是中兴通讯、中际旭创，净流入资金分别为2.56亿元、2.43亿元。通信行业资金净流出个股中，资金净 流出超3000万元的有7只，净流出资金居前的有中国移动、中国联通、ST特信，净流出资金分别为1.52 亿元、8404.83万元、7204.85万元。（数据 ...

富时中国A50指数连续 金十图示：2025年07月03日（周四）富时中国A50指数成分股今日收盘行情一览：证券、消费电子、家电等板块收高，石油、煤 炭等板块收低，银行、保险等板块涨跌不一 -0.01(-0.18%) +0.06(+0.71%) +0.03(+0.71%) 保险 中国太保 中国平安 12,000 中国人保 电机 3825.38亿市值 3573.96亿市值 10161.31亿市值 5.06亿成交额 18.17亿成交额 6.14亿成交额 55.80 37.15 8.65 +0.03(+0.08%) -0.01(-0.02%) -0.04(-0.46%) 酸酒行业 贵州茅台 五粮液 山内对酒 17782.74亿市值 2142.50亿市值 4643.18亿市值 34.57亿成交额 10.02亿成交额 14.64亿成交额 1415.60 175.62 119.62 +6.00(+0.43%) 0.00(0.00%) +0.44(+0.37%) 术学体 北方华创 寒武纪-U 海光信息 HYGON 2368.09亿市值 2289.63亿市值 3146.22亿市值 13.25亿成交额 21.74亿成交额 12. ...

Core Insights - The integration of artificial intelligence (AI) with mobile communication is expanding the boundaries of the information and communication industry, leading to new growth opportunities [1][2][3] - The development of AI technologies and their applications in various sectors, including telecommunications, is rapidly evolving, with significant advancements in smart devices and services [2][3][4] Industry Developments - In the first five months of this year, telecommunications revenue in China reached 748.8 billion yuan, marking a 1.4% year-on-year increase, driven by the growth of 5G and gigabit optical networks [1] - The number of 5G base stations in China reached 4.486 million by the end of May, accounting for 35.3% of all mobile base stations, with 5G mobile phone users totaling 1.098 billion, representing 60.8% of mobile phone users [7][8] Technological Innovations - The Shanghai World Mobile Communication Conference showcased various AI-driven technologies, including humanoid robots, electronic guide dogs, and smart connected vehicles, highlighting the transformative impact of AI on daily life [2][5][6] - China has developed 433 large models for AI applications, emphasizing the country's advancements in open-source, low-cost, and high-efficiency AI solutions [3] Future Trends - The concept of "carbon-silicon fusion" is emerging, where AI technologies are expected to enhance the integration of energy and information, leading to new forms of intelligent life and societal roles [4][6] - The telecommunications industry is transitioning towards a more integrated network that combines satellite and ground networks, enhancing overall connectivity and enabling advanced applications such as immersive XR and industrial automation [8]

Core Viewpoint - The establishment of the "eSIM Security Joint Research Center" by China Unicom and Huada Electronics marks a new phase in their strategic cooperation in the field of eSIM technology security, aiming to enhance technological innovation and industry standardization for high-quality development of the eSIM industry [1][2]. Group 1: Strategic Cooperation - The center aims to build a new pattern of collaborative development between eSIM chips and digital communication security through technological breakthroughs and industry collaboration [1]. - The partnership will leverage Huada Electronics' long-term expertise in eSIM chips and embedded security technology, combined with China Unicom's advantages in platforms, networks, and standards [2]. Group 2: Security and Innovation - Focus will be on the security adaptation between eSIM chips, operating systems, platform systems, and terminal devices, establishing an end-to-end connection system and formulating comprehensive risk control strategies [2]. - The initiative will explore high-security writing mechanisms during the personalization process of eSIMs, aiming to overcome traditional security mechanism bottlenecks [2]. Group 3: Industry Applications - The collaboration will provide high-security, reliable chip products and one-stop solutions for consumer electronics, vehicle networking, and industrial internet sectors [2]. - The center will work closely with upstream and downstream enterprises in the industry chain to assess eSIM technology trends and incubate innovative application scenarios [2]. Group 4: Future Directions - The establishment of the research center signifies a new starting point for China Unicom to deepen its "AI + 5G + eSIM" industry cooperation and explore innovative paths for the integration of eSIM with multiple technologies [2]. - The goal is to promote the application of eSIM technology in various industries in a safer and more efficient manner through a collaborative research system [2].

金十图示：2025年07月02日（周三）富时中国A50指数成分股今日收盘行情一览：家电、白酒、有色金属等板块收高，证券、消 费电子、物流等板块收低 富时中国A50指数连续 0.00(0.00%) -0.09(-1.05%) +0.02(+0.48%) 保险 中国太保 12.00 中国人保 中国平安 电机 3843.06亿市值 3571.07亿市值 10163.13亿市值 5.73亿成交额 22.04亿成交额 4.55亿成交额 55.81 37.12 8.69 -0.29(-0.78%) +0.11(+0.20%) -0.02(-0.23%) 酸酒行业 贵州茅台 五粮液 山内对酒 17707.36亿市值 2142.50亿市值 4626.10亿市值 36.89亿成交额 11.55亿成交额 18.41亿成交额 119.18 175.62 1409.60 +4.50(+0.32%) +1.20(+0.69%) +0.55(+0.46%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2280.43亿市值 2336.50亿市值 3150.87亿市值 13.00亿成交额 35.10亿成交额 13.95亿成交额 13 ...

检察机关在审查起诉阶段，依法告知了被告人曹兴信享有的诉讼权利，并讯问了被告人，听取了辩护人 的意见。检察机关起诉指控：曹兴信利用担任中组部干部四局副巡视员、副局长，公务员管理办公室副 主任、巡视员，公务员三局巡视员、副局长，中国联合网络通信集团有限公司党组成员、副总经理等职 务上的便利以及职权、地位形成的便利条件，通过其他国家工作人员职务上的行为，为他人谋取利益， 非法收受他人给予的财物，数额特别巨大，依法应当以受贿罪追究其刑事责任。 (央视新闻) 受贿数额特别巨大 中国联通原副总经理曹兴信被提起公诉 智通财经7月2日电，记者今天（2日）从最高人民检察院获悉，中国联合网络通信集团有限公司原党组 成员、副总经理曹兴信涉嫌受贿一案，由国家监察委员会调查终结，经最高人民检察院依法指定，由山 东省滨州市人民检察院审查起诉。近日，滨州市人民检察院已向滨州市中级人民法院提起公诉。 ...

+0.05(+0.91%) +0.10(+1.18%) +0.05(+1.20%) 保险 中国太保 中国平安 中国人保 01 3851.91亿市值 3598.97亿市值 10143.10亿市值 5.37亿成交额 19.62亿成交额 6.12亿成交额 55.70 8.71 37.41 -0.10(-0.27%) +0.22(+0.40%) 0.00(0.00%) 酸酒行业 贵州茅台 山西汾酒 五粮液 17650.84亿市值 2127.86亿市值 4604.75亿市值 27.94亿成交额 9.82亿成交额 14.49亿成交额 174.42 118.63 1405.10 -0.27(-0.23%) -4.42(-0.31%) -1.97(-1.12%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2369.53亿市值 3172.72亿市值 2355.31亿市值 11.51亿成交额 59.25亿成交额 26.84亿成交额 443.30 136.50 563.00 +1.09(+0.25%) -38.50(-6.40%) -4.79(-3.39%) 汽车整车 铁路公路 长城汽车 比亚迪 京沪高铁 2803.44 ...