Group 1 - Apple announced the launch of the new iPhone Air, which features an ultra-thin design and improved durability compared to previous models [2] - The iPhone 17 series, including iPhone 17, iPhone 17 Pro, and iPhone 17 Pro Max, is available for pre-order starting at 8 PM Beijing time on September 12 [2] - The iPhone Air will only support eSIM and will not have a physical SIM card slot, which has delayed its release in China [3][5] Group 2 - The iPhone Air is the thinnest iPhone ever, measuring 5.6 mm in thickness and weighing 165 grams, with a 6.5-inch screen and powered by the A19 Pro processor [2] - Apple has made compromises in battery life and camera performance due to the device's thin design [3] - eSIM technology, which allows for embedded SIM cards, offers advantages in flexibility, security, and user experience compared to traditional SIM cards [3] Group 3 - Chinese telecom operators, including China Mobile, China Telecom, and China Unicom, are preparing to support eSIM services for the iPhone 17 series, pending regulatory approval [5] - eSIM technology has been widely adopted in non-smartphone devices, such as smart bands, indicating a growing trend in the industry [6] - eSIM-related stocks, such as Unisoc and Xin Henghui, have shown mixed performance in the market [7]

Core Points - Apple has announced the launch of the new iPhone Air, which features an ultra-thin design and improved durability compared to previous models, and is currently working with regulatory bodies to expedite its release in China [1] - The iPhone 17 series, including iPhone 17, iPhone 17 Pro, and iPhone 17 Pro Max, is available for pre-order starting at 8 PM Beijing time, with the iPhone Air's release contingent on regulatory approval [1] - The iPhone Air is the thinnest iPhone ever at 5.6 mm thick and weighs 165 grams, featuring a 6.5-inch screen and powered by the A19 Pro processor, which Apple CEO Tim Cook describes as a "disruptive innovation" [1] eSIM Technology - The iPhone Air will only support eSIM technology, eliminating the need for a physical SIM card slot, which has delayed its simultaneous release with the other iPhone models in China [2][5] - eSIM (Embedded Subscriber Identity Module) is a new standard that allows users to activate mobile services without a physical SIM card, offering advantages in flexibility, security, and user experience [4] - Major Chinese telecom operators, including China Mobile, China Telecom, and China Unicom, are preparing to support eSIM services for the iPhone Air, pending regulatory approval [5] Market Response - The stock prices of eSIM-related companies have shown mixed performance, with companies like Unisoc and New Henghui seeing gains, while Tianyu Information experienced a decline [6]

Core Viewpoint - The recent visit by the Vice President and Chief Scientist of China Unicom Group to Zhenyou Technology highlights potential collaboration opportunities in advanced technologies and application scenarios, particularly in satellite communication, optical networks, low-altitude economy, and cybersecurity [1] Group 1 - The meeting focused on key areas such as satellite communication and optical networks [1] - Discussions also included the low-altitude economy and cybersecurity, indicating a broad interest in emerging technologies [1] - The research visit is seen as a valuable opportunity for both parties to explore cooperation in cutting-edge technology [1]

Core Viewpoint - Apple has updated the release information for the iPhone Air, indicating that all models will be released after receiving necessary approvals [1]. Group 1 - The iPhone Air will utilize eSIM technology for network activation and will not support physical SIM cards [2]. - Users must select a carrier that supports eSIM and choose an appropriate mobile service plan [2]. - Major Chinese carriers, including China Mobile, China Telecom, and China Unicom, will provide eSIM support for the iPhone Air, subject to regulatory approval [2].

Core Insights - Apple has updated its official website to indicate that the release date for the iPhone Air will be provided later, stating that "all models will be released after obtaining approval" [1] - The iPhone Air will utilize eSIM technology for activating carrier networks and will not support physical SIM cards [1] - eSIM activation requires users to select a carrier that supports eSIM and a corresponding mobile service plan, with China Mobile, China Telecom, and China Unicom providing eSIM support, subject to regulatory approval [1]

Group 1 - The core viewpoint of the article highlights the rapid growth of the SASE (Secure Access Service Edge) market in China, driven by the increasing complexity of cross-cloud access and management due to digital transformation and remote work trends [1][7][10] - The SASE market in China is projected to reach approximately 1.14 billion yuan in 2024, with a year-on-year growth of 37.8%, and is expected to expand to 1.4 billion yuan by 2025 [1][10][11] - SASE solutions are primarily deployed on-premises, accounting for over 65% of the market, but a shift towards SaaS deployment is anticipated by 2029 [12][13] Group 2 - The competitive landscape of the SASE market includes three main groups: network/cloud service providers (e.g., Alibaba Cloud, Tencent Cloud Security), security vendors (e.g., Sangfor, Qi An Xin), and SASE startups [2][12][13] - The top five companies in the SASE market hold a combined market share of 50.6%, with Sangfor, Volcano Engine, and Huawei leading the first tier, each with over 10% market share [1][13] - The SASE user base spans various industries, including manufacturing, government, telecommunications, and finance, with primary demands focused on network attack protection, resource elasticity, and compliance assurance [10][12] Group 3 - The SASE architecture is designed to meet modern network and security needs, featuring identity-driven access, cloud-native capabilities, and global distribution for low-latency services [3][4][5] - SASE's application scenarios include connecting headquarters and branch offices to data centers or private clouds, and managing diverse user identities accessing internal applications [5][6] - The future of SASE is expected to emphasize unified, diversified, and AI-driven development paths, enhancing service capabilities and operational efficiency [14][19]

Group 1 - The Sichuan Provincial Government and China Unicom Group signed a strategic cooperation agreement in Chengdu on September 11 [1] - The agreement focuses on deep cooperation in areas such as digital information infrastructure, artificial intelligence, data elements, and cybersecurity [1] - The collaboration aims to enhance the transformation of technological innovation achievements and promote the construction of digital government and smart cities to better serve the high-quality economic and social development of the province [1] Group 2 - The governments of Chengdu and Mianyang also signed strategic cooperation agreements with China Unicom Group [1] - Key officials from the provincial government and China Unicom Group were present at the signing ceremony, indicating high-level support for the initiative [1]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [12] Core Insights - The communication industry continues to show high prosperity in H1 2025, driven by the computing power industry chain. Operators are shifting capital expenditures towards intelligent computing, leading to increased profitability and market share for leading companies [2][8] - The overall revenue of the communication industry (excluding the three major operators) reached CNY 434.35 billion in H1 2025, a year-on-year increase of 15.94%, with net profit attributable to shareholders at CNY 33.55 billion, up 15.67% [8][21] - The AI and computing power infrastructure construction, AI application terminal modules, and satellite internet are advancing, resulting in accelerated revenue and performance growth for the industry [21] Summary by Sections Industry Overview - The communication industry achieved a revenue of CNY 4,343.53 billion in H1 2025, a 15.94% increase year-on-year, and a net profit of CNY 335.48 billion, up 15.67% [21] - In Q2 2025, the industry generated CNY 2,426.68 billion in revenue, reflecting a 19.36% year-on-year growth, with net profit reaching CNY 191.65 billion, a 15.16% increase [21] Computing Power Industry Chain - Operators are becoming key players in the new round of computing power construction, with capital expenditures shifting from traditional networks to intelligent computing infrastructure [9] - The demand for 800G optical modules is rapidly increasing, and the industry maintains a high prosperity level, with core manufacturers increasing their market share [9] IoT and Satellite Communication - The IoT sector is experiencing steady revenue growth driven by emerging applications such as AI and robotics, despite profit growth being relatively weak due to cost inputs and international trade conditions [10] - The Beidou navigation and satellite communication sectors are seeing accelerated penetration into civilian markets, with significant growth potential in high-precision applications [10] Investment Recommendations - The report recommends focusing on key companies within the sector, including China Mobile, China Telecom, and China Unicom for operators; Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication for optical modules; and various companies in the AI application and satellite sectors [11]

Group 1 - China Unicom executed a block trade on September 11, with a transaction volume of 982,400 shares and a transaction amount of 5.6684 million yuan, at a price of 5.77 yuan per share [2] - The buyer was Huatai Securities Co., Ltd. Beijing Yonghe Palace Securities Branch, while the seller was Guotai Junan Securities Co., Ltd. headquarters [2] - In the past three months, China Unicom has had a total of 7 block trades, with a cumulative transaction amount of 49.5057 million yuan [2] Group 2 - On the same day, China Unicom's closing price was 5.77 yuan, reflecting an increase of 0.17%, with a turnover rate of 3.31% and a total transaction amount of 5.804 billion yuan [2] - The net outflow of main funds for the day was 712 million yuan, while the stock has increased by 7.05% over the past five days, with a total net inflow of 442 million yuan [2] - The latest margin financing balance for China Unicom is 4.938 billion yuan, which has increased by 773 million yuan in the past five days, representing an increase of 18.57% [2]

Market Overview - The Shanghai Composite Index rose by 1.65% on September 11, with 31 out of 41 sectors experiencing gains, led by the communication and electronics sectors, which increased by 7.39% and 5.96% respectively [1] - The net inflow of capital in the two markets reached 34.518 billion yuan, with 11 sectors seeing net inflows, particularly the electronics sector, which attracted 21.723 billion yuan [1] Communication Sector - The communication sector saw a significant increase of 7.39%, with a total net capital inflow of 7.222 billion yuan, and 113 out of 125 stocks in this sector rose, including 5 stocks that hit the daily limit [2] - The top three stocks in terms of net capital inflow were NewEase (19.82 billion yuan), Zhongji Xuchuang (17.34 billion yuan), and Tianfu Communication (12.14 billion yuan) [2] - The sector also had 6 stocks with net outflows exceeding 50 million yuan, with the largest outflows from Erli San (7.25 billion yuan), China Unicom (7.12 billion yuan), and Sanwei Communication (6.38 billion yuan) [2] Capital Flow in Communication Sector - The top gainers in the communication sector included: - NewEase: +13.42% with a turnover rate of 8.60% and a capital flow of 1982.36 million yuan - Zhongji Xuchuang: +14.28% with a turnover rate of 5.94% and a capital flow of 1738.86 million yuan - Tianfu Communication: +13.54% with a turnover rate of 8.07% and a capital flow of 1214.21 million yuan [2] - The top losers in terms of capital outflow included: - Erli San: +3.96% with a turnover rate of 37.46% and a capital outflow of -7249.65 million yuan - China Unicom: +0.17% with a turnover rate of 3.31% and a capital outflow of -7116.28 million yuan - Sanwei Communication: +2.82% with a turnover rate of 53.05% and a capital outflow of -6379.34 million yuan [3]