Core Viewpoint - Apple's first pure eSIM model, iPhone Air, officially launched in China, marking a significant step towards the widespread adoption of eSIM technology in the smartphone market [1] Group 1: Company Developments - China Unicom, China Mobile, and China Telecom have all announced their approval to conduct commercial trials for eSIM mobile phones [1] - Apple is positioned as a key driver in promoting eSIM technology within the Chinese market [1] Group 2: Industry Trends - The introduction of eSIM technology is accelerating the transition to a "cardless era" in the global smartphone market [1]

Core Insights - The launch of the iPhone Air in China has been underwhelming, failing to replicate the previous excitement seen with other iPhone releases [1][4] - Many customers are showing interest in the iPhone Air's design but are primarily engaging in trial rather than making purchases [6][7] Sales Performance - On the launch day, there were no long queues at major Apple retail stores in Beijing and Shanghai, indicating a lack of strong demand [2][5] - Despite some color options selling out, the overall customer traffic did not translate into robust sales [5][6] Consumer Feedback - Consumers find the iPhone Air's lightweight design and new colors appealing, but most are opting to try the device rather than buy it [7][8] - The pricing strategy, with a starting price of 7999 yuan, is perceived as high compared to competitive Android flagship models [8][12] Production Status - Reports suggest that iPhone Air production has been paused due to disappointing sales both domestically and internationally, with plans to cut production by one million units by the end of 2025 [14] - Current inventory is deemed sufficient, leading to a temporary halt in production until further orders are accumulated [14] Competitive Landscape - Apple is facing intense competition in the Chinese market from local brands like Huawei, Xiaomi, and Oppo, which offer more competitively priced products [18][20] - Recent launches of flagship models by local competitors further intensify the competitive environment [19] Overall Market Demand - Despite the lackluster performance of the iPhone Air, the overall demand for the iPhone 17 series remains strong, with a 14% increase in sales compared to the previous generation during the first ten days post-launch [21][22] - The success of the iPhone 17 series is attributed to its redesign and enhancements, showcasing Apple's brand strength and ecosystem loyalty [23]

"手机无卡时代"仿佛到来了，但又和所有人想象的不太一样。 上周，苹果CEO库克在直播间里正式宣布纯eSIM手机iPhone Air将于10月22日正式在国内发售。有人兴奋预测，"插卡打电话"这件事再过十几年就会成为 这一代人的历史记忆。就像被15后问到：为什么说到"打电话"时用的手势是比一个"6"在耳边，而你只能感叹时光飞逝。几年后的孩子也会问，为什么家 里的旧手机侧边有个带圆孔的小槽？ 按理说eSIM的出现大大省去了你办卡的麻烦：未来买手机，开机后在屏幕上点两下，扫码激活eSIM卡，就能联网、打电话；去到另一个国家也不需要再 线上办实体卡。 但当三大运营商接连宣布启动eSIM办理，兴致勃勃预定了iPhone Air的打工人才傻了眼：一个手机最多绑定两个eSIM号码；办理eSIM必须去线下营业 厅，还得是手机号归属地。 "明天你买的iPhone Air就到了，结果eSIM要回老家办。" 不插手机卡的手机终于要来了 但这部"史上最薄iPhone"其实相当奢侈：256g的价格7999元，比普通版iPhone 17贵了2000元。只有一个主摄镜头，拍照变焦2倍。为了节省内部空间，原 来分别位于机身顶部和底部的扬声器 ...

10月13日，中国移动、中国联通、中国电信三大运营商"全线开闸"，正式获批开展eSIM手机商用试 验，试点范围覆盖全国31个省（自治区、直辖市），用户无需实体SIM卡即可完成网络注册。 此前，苹果公司宣布iPhone Air国行版将于10月22日正式发售，该机型为国内首款仅支持eSIM的智能手 机。京东10月17日数据显示，iPhone Air在预售阶段创下1秒成交额破亿元的纪录。在此带动下，华 为、OPPO等国内厂商称将陆续推出eSIM手机。 eSIM手机大规模商用箭在弦上。从设计、制造到封装、测试，如何实现国产供应仍"等米下锅"。记者 近日联系多家封测厂商了解到，他们并不直接面对终端厂商，国产eSIM芯片如何供应，要向紫光国微 （002049.SZ）、通富微电（002156.SZ）等了解。 国内eSIM应用于智能手机处于起步阶段。过去十多年，国内相关政策曾积极推动eSIM技术落地，并经 历了探索、试点、暂停、重启四个阶段。 2015年起，中国联通率先启动eSIM技术研发。2017年，中国移动推出了全球尺寸最小的eSIM NB-IoT通 信模组。随后，国内eSIM应用从可穿戴设备扩展至物联网领域。不过，20 ...

Core Points - The iPhone Air is officially launched on October 22, priced between 7999 to 11999 yuan, marking a new chapter in the industry with the introduction of eSIM mobile services in China [1] - China Unicom is the first operator to obtain a trial operation license for eSIM mobile services, offering a unified pricing and after-sales service for the iPhone Air, with subsidies ranging from 2000 to over 5000 yuan [3] Group 1: eSIM Mobile Services - eSIM mobile services are now available nationwide in China (excluding Hong Kong, Macau, and Taiwan), allowing users to activate eSIM services at designated China Unicom stores with valid identification [7] - Each eSIM device can support up to 2 domestic phone numbers, and users can switch between eSIM and physical SIM cards easily [17] - eSIM technology is already in use in over 100 countries and by more than 400 operators globally, providing a more secure and flexible communication option [18] Group 2: Purchase and Activation Process - Users can purchase the iPhone Air directly from China Unicom stores, which also provide a one-stop service for device purchase, subsidies, and eSIM activation [3][5] - Users can also buy the device from other channels and activate the eSIM at China Unicom stores [5] - To activate eSIM services, users must visit a China Unicom store with their eSIM device and identification, and the activation process must be completed in-store [19] Group 3: Additional Information - The eSIM service supports voice calls, SMS, data services, and international roaming, and users can convert existing SIM cards to eSIM [19] - Users are advised to complete device activation and data migration before visiting the store for eSIM activation to ensure a smooth experience [19] - China Unicom provides a list of authorized stores for purchasing Apple devices and activating eSIM services, with specific contact information available for customer inquiries [18]

Core Viewpoint - The approval of eSIM mobile phone commercial trials by China's three major telecom operators marks a significant step towards the widespread adoption of eSIM technology in the country, with the iPhone Air set to lead the market [1][2][3]. Group 1: eSIM Technology Launch - China Mobile, China Unicom, and China Telecom have received approval to conduct eSIM mobile phone commercial trials across all 31 provinces in China [1]. - The iPhone Air, launching on October 22, is the first smartphone in China to support only eSIM, achieving over 100 million yuan in sales within one second during pre-sales [1]. - Domestic manufacturers like Huawei and OPPO are expected to follow suit by launching their own eSIM phones [1]. Group 2: Supply Chain and Manufacturing - The supply of domestic eSIM chips is still in the early stages, with companies like Unisoc and Tongfu Microelectronics being key players in the supply chain [1][3]. - Unisoc has confirmed that its eSIM chip technology is mature and compatible with over 400 global operators, but the final selection of domestic operators remains unclear [1][5]. - Companies such as Jiangsu Changjiang Electronics Technology and New Henghui are actively developing new technologies and expanding their market share in the eSIM sector [4][6]. Group 3: Industry Development and Challenges - The eSIM market in China has experienced a halt due to the suspension of certain services by the three major operators in 2023, impacting the entire eSIM industry chain [3]. - The collaboration model between chip manufacturers, telecom operators, and smartphone manufacturers is still undefined, with the need for regulatory clarity from the Ministry of Industry and Information Technology [5]. - China Unicom and China Telecom are committed to building an open and collaborative eSIM ecosystem, aiming to innovate and enhance service models in the telecommunications industry [6].

Core Insights - The three major telecom operators in China, China Mobile, China Unicom, and China Telecom, have been approved to conduct commercial trials of eSIM technology nationwide, allowing users to register without a physical SIM card [1][2][3] - The iPhone Air, set to launch on October 22, is the first smartphone in China to support only eSIM, achieving over 100 million yuan in sales within one second during pre-sales [1][2] - Domestic manufacturers like Huawei and OPPO are expected to release eSIM-enabled smartphones soon, indicating a significant shift towards eSIM technology in the market [1][3] Industry Developments - The eSIM technology in China has evolved through various stages, including exploration, trials, and pauses, with significant contributions from China Unicom since 2015 and China Mobile's introduction of the smallest eSIM module in 2017 [3][5] - The eSIM market faced a setback in 2023 when the three major operators paused the one-number dual-terminal service and independent eSIM card applications, leading to stagnation in the eSIM market [3][5] - Unisoc is the first domestic company to achieve global commercial use of eSIM chips, with products compliant with GSMA standards [3][5] Supply Chain and Collaboration - The supply of domestic eSIM chips is currently dependent on establishing new business models and protocols for integration into smartphones, with uncertainty regarding the final partners involved [5][6] - Companies like Unisoc and Changdian Technology are actively developing technologies and expanding their market presence in the eSIM sector, indicating a positive outlook for future opportunities [4][5] - The telecom operators are pursuing different strategies for eSIM technology, with China Mobile focusing on domestic chip and OS development, while China Unicom emphasizes innovation and collaboration within the industry [5][6] Future Prospects - Apple plans to introduce an eSIM Quick Transfer feature in the Chinese market, highlighting the growing importance of eSIM technology in the telecommunications landscape [7] - The readiness of domestic chip manufacturers to meet market demand will be crucial for the success of the eSIM transition in China [7]

Core Viewpoint - The strong performance of Apple's stock and its supply chain is driven by the impressive sales of the newly launched iPhone 17 series, which has seen a significant increase in demand compared to its predecessor [1][4]. Group 1: Stock Performance - Apple's stock price rose nearly 4%, reaching a new historical high, which positively impacted the Apple-related stocks in both Hong Kong and A-share markets on October 21 [1]. - In the A-share market, companies like Huanxu Electronics and Tonglian Precision saw their stock prices hit the daily limit, with increases exceeding 8% for several other firms [1][2]. - In the Hong Kong market, stocks such as Gaowei Electronics and Lens Technology also experienced strong gains, with increases over 7% [1][3]. Group 2: iPhone 17 Sales Performance - The iPhone 17 series recorded a 14% higher sales volume in the first ten days post-launch in the U.S. and China compared to the iPhone 16 series [4]. - The base model of the iPhone 17 achieved nearly double the sales of its predecessor in the Chinese market, indicating strong consumer acceptance [4]. Group 3: eSIM Technology and Market Trends - The upcoming release of the iPhone Air, Apple's first model without a physical SIM card slot, is expected to further drive interest in eSIM technology, with initial sales showing strong demand [5][6]. - The global eSIM smartphone connections are projected to reach 1 billion by the end of 2025 and 6.9 billion by 2030, representing 76% of total smartphone connections, indicating a significant growth opportunity for the industry [6][7]. Group 4: Financial Performance of Supply Chain Companies - Companies in the Apple supply chain have demonstrated strong profitability, with Industrial Fulian reporting a net profit of approximately 12.11 billion yuan, a year-on-year increase of 38.61% [7]. - Other companies like GoerTek and Lens Technology also reported significant profit growth, with net profits increasing by 15.65% and 32.68% respectively [7]. - Luxshare Precision anticipates a net profit of 10.89 billion to 11.34 billion yuan for the first three quarters, reflecting a year-on-year growth of 20% to 25% [8]. Group 5: Market Outlook and Investment Recommendations - Analysts are optimistic about the continued opportunities within the Apple supply chain, with expectations of higher-than-expected sales for the iPhone 17 series driven by its performance and features [8]. - Investment firms suggest focusing on undervalued companies within the Apple supply chain, as the new iPhone models are expected to exceed sales expectations [8].

Core Insights - The iPhone Air's domestic version has begun pre-sales on October 17 and will be fully launched on October 22, with most smartphone brands expected to adopt eSIM technology by early next year [1][4] - The three major telecom operators in China have announced that eSIM services are currently in the commercial trial phase, only supporting offline activation at service centers [1][4] - eSIM technology integrates SIM card functions into the phone's internal chip, enhancing convenience and allowing for more flexible internal layouts, particularly beneficial for high-end devices [3][6] Industry Developments - eSIM services are currently limited to the iPhone Air (model A3518), with plans for more models to be supported in the future [1][4] - China Mobile plans to introduce more devices that support both traditional SIM cards and eSIM, focusing on domestic technology development for eSIM chips and operating systems [1][3] - Over 170,000 users have already pre-ordered eSIM-enabled devices, indicating strong market interest [4] Competitive Landscape - The introduction of eSIM may increase competition among telecom operators, as it lowers the barriers for consumers to switch providers, potentially impacting revenue from traditional services [3][4] - China Unicom is leveraging partnerships with smart hardware manufacturers to advance eSIM technology and differentiate its offerings [3][4] - OPPO has launched its Find X9 series, with the Pro version set to support eSIM and satellite communication, highlighting the trend towards integrating advanced technologies in smartphones [6][7] Market Projections - Global eSIM smartphone connections are projected to reach 1 billion by the end of 2025 and 6.9 billion by 2030, representing 76% of total smartphone connections [7][8]

Group 1 - Apple CEO Tim Cook announced that the iPhone Air will officially launch in China on October 22, marking the first smartphone in the country to completely eliminate the physical SIM card slot and adopt eSIM technology [1] Group 2 - Minsheng Securities highlights that eSIM technology is leading the transition to a "cardless era" in smartphones, integrating communication functions into device chips for remote operator configuration, offering flexibility, security, and space-saving advantages [2] - The commercial acceleration of eSIM is creating opportunities within the industry chain, with global eSIM applications entering a scaling phase, particularly in the US, Europe, Japan, and South Korea [2] - GSMA Intelligence predicts that by the end of 2025, the number of global eSIM smartphone connections will reach 1 billion, and by 2030, this number will significantly increase to 6.9 billion, with eSIM accounting for 76% of total smartphone connections [2] - Currently, eSIM penetration in China is low, and the industry ecosystem is not well developed, with policies and regulations still needing improvement [2] - The development of IoT terminals indicates that eSIM is an inevitable trend [2]