Core Insights - The introduction of eSIM technology in China marks a significant shift in the telecommunications industry, allowing for a "slot-free" mobile experience that has been long awaited [1][4][5] - The delay in eSIM adoption was primarily due to security concerns related to telecom fraud, which have now been addressed through advancements in identity verification technology [5][8] - The market demand for eSIM-compatible devices, such as the new iPhone Air, has pressured telecom operators to expedite the rollout of eSIM services [8] Industry Overview - eSIM, or embedded SIM, integrates the SIM card directly into the device, eliminating the need for a physical card slot [4] - The technology has been available in devices like smartwatches and tablets for years, but its implementation in smartphones has faced regulatory delays [4][5] - The recent approval from the Ministry of Industry and Information Technology (MIIT) allows major telecom operators in China to begin commercial trials of eSIM [1] Operator Experience - The user experience for eSIM activation varies significantly among the three major telecom operators: China Mobile, China Unicom, and China Telecom [9][12] - China Mobile's app is less user-friendly, requiring mandatory login and making it difficult for new users to access eSIM services [13][15] - In contrast, China Unicom offers a more accessible app experience, allowing users to find nearby service points without logging in [16][18] - China Telecom's app is somewhat balanced, providing visibility for eSIM services but still requiring login for full access [20][22] Activation Process - The eSIM activation process involves several steps, including scanning the device's IMEI code and downloading configuration files via Wi-Fi [29] - The overall time taken for activation ranges from 15 to 20 minutes, depending on the operator and the staff's familiarity with the eSIM process [31] - Users must visit physical stores to activate eSIM, which contradicts the technology's digital nature and highlights the current limitations in service delivery [45][50] Future Outlook - eSIM technology is expected to enhance device design by saving space, allowing for larger batteries or improved cooling systems in smartphones [46] - However, the current eSIM experience in China is still evolving, with significant room for improvement in terms of convenience and efficiency [48][50] - As technology and policies continue to develop, a more streamlined eSIM activation process is anticipated, aligning with global standards [51]

12月5日，中国电信2025 数智科技生态大会在美丽的羊城盛大举行。中国电信董事长柯瑞文出席大会并发表主旨演讲，深入阐述中国电信在人工智能领域 的战略布局、发展成果与未来展望，为推动人工智能与经济社会深度融合指明方向。 二是推动人工智能创新发展，急需构建高水平开放合作体系。人工智能发展是技术、算力、数据及场景深度融合的系统工程，需研发机构、企业、客户、 产业链各方协同攻关。针对算力有效供给不足、高质量数据缺乏等问题，需统筹资源、打破数据壁垒，实现数据可信流通，为 AI 模型迭代提供基础。 三是人工智能发展必须守住安全底线，构建全方位安全治理能力。人工智能深度应用带来新安全风险，安全成为发展基石。需构建覆盖云网数据模型应用 的动态防护体系，防范深度伪造、算法攻击等风险，同时重视 AI 带来的伦理挑战，加强治理，推动人工智能健康有序发展。 国家对数字中国建设作出部署，提出加快人工智能等数字技术创新。中国电信坚决贯彻落实党中央决策部署，主动融入国家人工智能发展战略，发挥国家 队和主力军作用，加快建设五位一体的智能服务体系，携手合作伙伴打造国家战略基础设施，提供数智化产品和服务。 一是加快建设新型数字信息基础设施，筑 ...

Market Overview - The Shanghai Composite Index rose by 0.70% on December 5, with 29 out of the 31 sectors in the Shenwan classification experiencing gains, led by non-bank financials and non-ferrous metals, which increased by 3.50% and 2.84% respectively [1] - The communication sector also saw an increase of 1.23% [1] - The banking sector was the only one to decline, with a drop of 0.58% [1] Capital Flow - The net inflow of capital in the two markets reached 16.316 billion yuan, with 20 sectors experiencing net inflows [1] - The non-bank financial sector had the highest net inflow of 4.487 billion yuan, followed by the non-ferrous metals sector with a net inflow of 3.781 billion yuan [1] - Conversely, 11 sectors experienced net outflows, with the household appliances sector leading with a net outflow of 1.202 billion yuan, followed by the media sector with a net outflow of 1.04 billion yuan [1] Communication Sector Performance - The communication sector had a net inflow of 2.729 billion yuan, with 106 out of 124 stocks in the sector rising, including 3 stocks hitting the daily limit [2] - The top three stocks with the highest net inflow were Shida Group (1.135 billion yuan), Yongding Co. (962 million yuan), and Taicheng Light (553 million yuan) [2] - Eight stocks in the communication sector experienced net outflows exceeding 100 million yuan, with ZTE Corporation leading at 955 million yuan [3] Communication Sector Capital Inflow - The top stocks in the communication sector by capital inflow included: - Shida Group: +9.93%, turnover rate 36.14%, inflow 1.134 billion yuan - Yongding Co.: +10.03%, turnover rate 13.55%, inflow 962 million yuan - Taicheng Light: +9.25%, turnover rate 21.27%, inflow 553 million yuan [2] Communication Sector Capital Outflow - The top stocks in the communication sector by capital outflow included: - ZTE Corporation: -2.26%, turnover rate 4.12%, outflow 954.91 million yuan - Zhongji Xuchuang: +0.29%, turnover rate 2.56%, outflow 567.94 million yuan - Xinyi Sheng: +0.87%, turnover rate 4.00%, outflow 407.15 million yuan [3]

Core Viewpoint - China Telecom is enhancing its industrial chain through the establishment of two new alliances aimed at driving digital consumption and data operations, marking a shift towards a more intelligent and collaborative development phase in the industry [1] Group 1: Digital Consumption Rights Ecosystem Alliance - The Digital Consumption Rights Ecosystem Alliance focuses on resource integration and consumer activation, aiming to support public services and industrial growth through platform empowerment [1] - This alliance is designed to facilitate the transition towards a more digital and consumer-oriented economy [1] Group 2: Penetrative Regulatory Ecosystem Alliance - The Penetrative Regulatory Ecosystem Alliance utilizes China Telecom's self-developed intelligent regulatory platform, "Yufeng," to strengthen enterprise risk control measures [1] - This initiative aims to create a robust risk management framework for businesses, ensuring compliance and security within the industry [1] Group 3: Synergy and Innovation - Both alliances are complementary, working together to build an open, intelligent, and secure industrial ecosystem [1] - The collaboration is expected to inject innovative momentum into the high-quality development of the industrial chain [1]

在2025数智科技生态大会期间，中国电信发布AI+"1+1+4+N"低空经济能力体系，推出天翼星盾低空侦 测反制平台、天翼星瞰低空政务一网统飞平台及天擎5G-A低空模组，并升级天翼星云低空飞行作业平 台至5.0版本。中国电信称，加快培育开放低空经济场景，深耕一网统飞、乡村治理、公安警务、民生 救援等场景需求，组建低空应急救援协同力量，进一步推进网联无人机应用规模化发展，已在全国30省 落地超500个项目。（科创板日报） ...

12月5日，由中国电信主办的2025数智科技生态大会主论坛在广州召开。本届大会以"智能领航 智惠共生"为主题，汇聚政府部门、行业机构、科研院所及企 业代表，共同探讨人工智能、卫星通信、低空经济等前沿领域的发展趋势，展望数智科技生态的协同创新与产业未来。 从高通公司的角度来看，要让AI真正能在终端普惠落地，离不开"云-网-端"协同发展。要推动AI的规模化发展，既离不开像中国电信这样的网络运营商，也 离不开云服务商和终端厂商。终端侧AI、边缘智能与云之间的协同发展，正成为推动AI发展的重要趋势。 要释放AI的全部潜能，AI处理的重心需要向边缘侧、终端侧转移。与仅在云端处理AI工作负载不同，终端侧AI具备隐私、安全、性能、时延等多项优势。 我们认为，AI要真正普惠大众，不能只依靠数据中心，而是要在最贴近用户的终端上跑起来。这也特别契合今天大会的主题"智能领航 智惠共生"，也就是 让AI真正能在终端落地，让大家都能享受到AI服务。 要实现AI普惠这个目标，我认为还是要通过云、网、端的协同发展：云一定要强，比如像中国电信推出的星辰大模型这样能力非常强的云服务，这一点很 重要；网一定要稳，这样网络覆盖和连接表现才能更出色 ...

运营商财经网讯 12月4日下午，2025数智科技生态大会AI+视联网生态合作论坛，暨中国通信企业协会视联网专委会高 峰论坛，在广州琶洲广交会展馆正式举办。会上，天翼视联董事长胡伟良围绕"能力"这一主题，对视联 网发展的新路径进行分享。 胡伟良从产业趋势、战略落地、核心能力、生态合作四个维度，分享了天翼视联在视联网发展中的思考 与实践。 产业趋势方面，胡伟良认为有以下三个方面。一是国家政策意见的发布实施，明确了"AI+安防"作为重 点融合应用方向，同时推动了产业向前端智能化、边缘计算部署以及平台融合发展。 二在市场维度方面，"AI+安防"处于快速扩张期，市场面临需求迭代，大模型和多模态技术的崛起，让 AI算法发话能力增强。 运营商财经（官方微信公众号yyscjrd）—— 主流财经网站，一家全面覆盖科技、金融、证券、汽车、 房产、食品、医药、日化、酒业及其他各种消费品网站。 面对如何应对这样的时代浪潮，胡伟良表示公司实现"1233战略"，夯实国家级视频基础设施定位。特别 是在两个动力方面，胡伟良强调科技创新和开放合作是核心竞争力，尤其在AI与终端突破重，开放合 作是发展必由之路，二者相辅相成。 接着，胡伟良从以下 ...

今年作为人工智能规模应用的元年，中国电信的企业战略也由"云改数转"向"云改数转智惠"升级，宣告着中国电信准确把握新一轮科技革命和产业变革发 展趋势，全面拥抱人工智能。 在这一战略指引下，中国电信正系统性地构筑其AI能力。数据作为AI训练的"粮食"，是能力基石。中国电信打造的"星海"数据智能中台，已汇聚了超过10 万亿token的通用大模型语料和14个行业数据集，总量超350TB，为模型训练与应用创新提供了丰富的"数据燃料"。 在模型层面，中国电信采取了"自主+生态"的双轨策略。一方面推出全模态、全尺寸、全国产的星辰大模型；另一方面引入第三方基础大模型和各类行业 大模型，满足多样化需求。这种开放包容的态度，使得天翼AI生态更加丰富多元。目前，中国电信已经推出了80多个行业大模型和30多个智能体应用， 服务行业客户超2万家。 AI 赋能，创新消费产品与体验 在"2024数字科技生态大会"期间举办的"2024中国电信数智渠道终端生态合作暨中国电信终端产业联盟第十五次会员大会"上，中国电信集团市场部副总经 理邵琰涛表示，与合作伙伴持续深化渠道合作，不断提升5G的连接体验，拓展可穿戴AI终端的品类。智能家庭终端方面，继 ...

Core Insights - The report highlights a shift in capital expenditure by telecom operators towards computing infrastructure, driven by a reduction in traditional telecom network spending and an increasing demand for AI capabilities [3][4]. Capital Expenditure Trends - In 2024 and the first half of 2025, capital expenditure by Chinese telecom operators is expected to decline, primarily due to reduced spending on traditional telecom networks like 5G. However, there is a notable increase in investments in AI and computing infrastructure to meet growing market demands [4][8]. - Goldman Sachs projects that despite a further decrease in telecom network spending in 2025, the growth in capital expenditure related to intelligent computing capabilities will partially offset this decline, leading to an overall decrease in annual capital expenditure [8]. Specific Operator Projections - China Telecom is expected to have a capital expenditure of 84 billion RMB in 2025, down from 94 billion RMB in 2024, with an increase in investments related to computing platforms [8]. - China Unicom's capital expenditure is projected to be 55 billion RMB in 2025, down from 61 billion RMB in 2024, primarily due to reduced 5G-related capital expenditure, but with a simultaneous increase in AI infrastructure investments [8]. Competitive Advantage - Telecom operators possess their own Internet Data Center (IDC) resources, which reduces reliance on external IDC suppliers and helps lower overall operational costs [7].

今天A股继续缩量，成交额跌破1.6万亿，呈现结构性上涨的状态，而港股则反弹的相对干脆一点。 全天股市相关的 小作文非常多 ，包括但不限于机器人、国产芯片、老美的贸易政策变化，等等，不过短期来看，市场保持小幅震荡的可能性仍然是最大 的，对各种小作文还是要警惕一些（其中，寒王刚刚已经发布声明辟谣）。 债市今天波动极大，债狗们全天可能都处于缺氧窒息的状态，因此，咱们开篇，闲聊一个和股市、债市都有关的机构—— 「保险」相关的大新闻 。 我相信，这个选题大家应该都会感兴趣，但却也是全市场极少有人深究过的。 国信证券的金工团队，每个季度，会整理百亿私募基金，进入上市公司前十大股东的明细，我个人觉得， 当下，最需要关注的一家私募 ，是： " 国丰兴华 " 大家对这个名字，可能既熟悉，又陌生。 一方面，这不是一家传统意义上的私募管理人，它不对外销售产品； 另一方面，经常读咱们文章的朋友，应该都记得， 这就是 国寿和新华保险 ，联合出资成立的，全市场首只保险的体外私募大基金 ，如果对这块逻辑不熟 的，可以参考咱们1月初的文章，《 超级利好来了？ 》，也即对 《推动中长期资金入市工作的实施方案》的解读 。 国寿和新华一起出资的这 ...