Bank of China Securities·2025-10-20 05:11Investment Rating - The industry investment rating is "Outperform the Market" [39] Core Views - The report highlights the acceleration of smart driving and the emergence of eSIM technology as key trends in the computer industry, indicating a shift towards a "cardless era" and the integration of smart terminals with communication ecosystems [4][11][14] - The report emphasizes the continuous order growth for humanoid robots from UBTECH, marking a significant advancement in the humanoid robotics industry [17][19] - Google's launch of the Veo 3.1 AI video generation model signifies a move towards "audio-visual integration," enhancing the capabilities of video content creation [21][23] - The policy push for vehicle-road collaboration is expected to facilitate the systematic development of smart driving infrastructure [14][16] Summary by Sections eSIM Technology - The three major telecom operators in China have received approval to conduct eSIM mobile service trials, which will enhance the convenience of mobile communication and drive upgrades across the entire industry chain [11][12] - eSIM technology allows for the integration of SIM card functions into the device, leading to lighter and more robust designs, and simplifying user operations such as activation and number changes [11][13] Humanoid Robotics - UBTECH has secured a procurement contract worth over 32 million yuan for its Walker S2 humanoid robots, following a record-breaking order in September [17][19] - The total contracts for the Walker series have approached 500 million yuan, indicating a strong demand and the company's commitment to increasing production capacity [17][19] AI Video Generation - Google's Veo 3.1 model introduces enhanced audio and narrative control, allowing for more realistic video generation and editing capabilities [21][22] - The model supports native audio generation, enabling users to control the emotional and narrative aspects of their videos during the creation process [21][23] Smart Driving Infrastructure - The Ministry of Housing and Urban-Rural Development has initiated a plan to promote the integration of smart city infrastructure with intelligent connected vehicles, focusing on enhancing urban logistics and emergency response capabilities [14][15] - The policy aims to improve the safety and reliability of smart driving through better infrastructure and technology integration [14][16]