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] - The launch of the iPhone Air, which exclusively supports eSIM, has generated significant market interest, with pre-sales reaching over 100 million yuan in just one second [1][3] - Domestic eSIM chip suppliers are currently in a preparatory phase, with companies like Unisoc and Tongfu Microelectronics indicating readiness but awaiting clarity on commercial partnerships and operational models [1][5] Telecom Operators' Initiatives - China Unicom has been a pioneer in eSIM technology since 2015, adapting 75 terminal types and serving millions of users in various applications [6] - China Mobile is focusing on domestic eSIM chip and operating system localization, aiming to develop more secure and functional eSIM terminals [5][6] - China Telecom is collaborating with industry partners to build an open and cooperative eSIM ecosystem, promoting innovation in terminal forms and service models [6] Chip Suppliers and Market Readiness - Unisoc has developed eSIM chip technology compatible with over 400 global operators, but the final selection of domestic partners remains uncertain [1][5] - Companies like Jiangsu Changjiang Electronics Technology and New Henghui are actively exploring eSIM market opportunities and enhancing their technological capabilities [4][5] - The eSIM market in China is still in its infancy, with previous policy support leading to a series of exploratory phases, but recent developments indicate a potential resurgence [2][3]

Core Insights - The three major telecom operators in China have officially launched eSIM mobile services, marking a significant advancement in the eSIM technology for smartphones and creating new growth opportunities for the eSIM industry chain [1] Industry Overview - The global eSIM chip shipment reached 446 million in 2023, covering various products including smartphones and automotive devices. By the end of 2025, the number of global eSIM smartphone connections is expected to reach 1 billion, increasing to 6.9 billion by 2030, which will account for three-quarters of total smartphone connections [1][6] - The eSIM technology is centered around the embedded Universal Integrated Circuit Card (eUICC) chip, which allows for remote SIM configuration and management, enhancing user experience and security [2] Market Dynamics - The demand for eUICC chips is anticipated to grow significantly due to the commercial launch of eSIM services by the three major telecom operators, with the number of domestic eSIM users reaching 3.62 million in 2023, 90% of which are smartwatch users [3] - Domestic companies like Unisoc and Huada Semiconductor are emerging in the eSIM chip design sector, with products widely used in global consumer electronics and IoT devices [2] Supply Chain Opportunities - The etching lead frame, a key material for eSIM chip packaging, has substantial potential for domestic substitution, with the demand for this material expected to rise as eSIM applications accelerate [4] - The WLCSP (Wafer-Level Chip Scale Package) technology is crucial for miniaturizing eSIM chips and is already adopted by major international manufacturers like Apple and Samsung [5] Strategic Positioning - Companies that proactively invest in technology development and establish strong ties with terminal manufacturers and telecom operators are likely to gain competitive advantages in the evolving eSIM industry [6]

以下文章来源于金错刀 ，作者祥燎 金错刀 . 科技商业观察家。爆品战略提出者。 eSIM的出现，给了手机厂商新的希望。 文 ｜ 祥燎 来源｜ 金错刀（ID：ijincuodao） 封面来源 ｜ Apple官网 挤牙膏和砍一刀，堪称苹果近些年的两大技能。 挤牙膏的意思众所周知，而砍一刀也不难理解。从电池不可拆卸，到取消 3.5毫米耳机孔，再到取消标配充电器，苹果打着一体化、环保等名义挥起精准刀 法，不仅自己因此获利，还"带坏"了许多同行。 比起过去， 苹果今年砍掉 SIM卡这一刀，总算是有点要开个好头的样子了。 10月17日， " 史上 最薄 iPhone"iPhone Air 开启预购， 官网 五分钟售罄，多个线下店也均显示 "无货"。之所以疯抢，有个重要原因是：它是 国内首款支持 eSIM的智能手机 。 为了推广 eSIM，库克首次 在中国直播带货 ， 好好吹捧了一番 iPhone Air；各大官媒集体下场宣传；国内手机厂商也一如既往地紧跟苹果脚步，最近刚发 布新机的OPPO就成为了最早支持eSIM的国产手机品牌。 eSIM ，全称为Embedded-SIM （ 嵌入式 SIM卡 ） 。 和常见的 SIM卡 ...

Core Insights - eSIM technology is entering a new commercial phase in China, with major telecom operators officially launching eSIM services for mobile phones, marking a significant shift in the industry [2][3] - The adoption of eSIM is expected to expand beyond mobile phones into various sectors, including consumer electronics and the Internet of Things (IoT), driven by technological advancements and policy support [3][4] Industry Developments - Apple has announced the launch of the iPhone Air, the first eSIM-only phone in China, set to be released on October 22 [2] - Domestic brands like OPPO and vivo are quickly following suit, with OPPO already launching an eSIM-compatible model and others expected to release their versions soon [2][3] - eSIM technology is anticipated to enhance device capabilities, such as waterproofing and shock resistance, while also allowing for multiple SIM profiles [3] Market Performance - eSIM concept stocks have shown strong performance, with an average increase of 42.42% year-to-date, significantly outperforming the Shanghai Composite Index [5] - Six stocks in the eSIM sector have seen gains exceeding 50%, including Hengbao Co., Dongxin Peace, and Meige Intelligent [5] - Despite the overall positive trend, some stocks have experienced significant pullbacks, with several dropping over 30% from their year-to-date highs [8] Company Strategies - Several A-share companies are actively investing in eSIM technology, including Unisoc, which has launched multiple eSIM products, and Eastcompeace, which has developed an embedded operating system for eSIM management [4] - Megmeet has established a mature eSIM solution and is producing large volumes of 4G/5G chips, while Chutianlong has received product approval from China Unicom for its eSIM offerings [4] Future Projections - GSMA Intelligence forecasts that by the end of 2025, global eSIM smartphone connections will reach 1 billion, and by 2030, this number is expected to rise to 6.9 billion, representing 76% of total smartphone connections [3]

除手机外，蜂窝物联网也是eSIM应用的另一个主战场，而且是发展更为迅速的一个领域。目前，eSIM已广泛应用于 智能穿戴、智能表计、车联网、工业互联网等领域，为物联网各类场景网络接入提供便捷手段。从用户视角看，物联 网eSIM需求更强烈，对场景的支持更加明显。本次在对手机eSIM启动全面商用，支持eSIM整个产业链加速完善，客 观上也推动物联网eSIM进一步发展。 物联网eSIM对用户的价值明显 近期，针对eSIM的宣传较多，对于eSIM基本概念已有大量普及。eSIM作为蜂窝通信设备用户身份识别模块新的形 态，相对于实体Sim卡有多重显著优势，一个看得见的优势是支持取消卡槽，为各类终端节省出一定空间，为设备的 小型化设计、散热等带来实实在在的好处；另外，传统Sim卡依赖金属触点，在频繁震动、高温高湿、盐雾等恶劣场 景下，容易造成Sim卡接触不良或氧化，从而导致通信中断，而eSIM作为嵌入式的模组，在这方面可靠性大大提升。 除了这些显而易见的好处外，eSIM还有诸多隐形优势，节约供应链物流成本较为典型，因为无需实体Sim卡，可以大 大简化卡片的制作、包装、物流、库存等环节，节约相关厂商成本。用户也可以获得"无感" ...

Core Viewpoint - The company is actively involved in the formulation of eSIM standards and the verification of technical prototypes, focusing on enhancing its full-chain service capabilities in eSIM products, remote configuration platforms, and security certification [1] Group 1 - The company is participating in the eSIM standard-setting led by major operators [1] - The company is working on the domestic and international implementation of related businesses, with all tasks progressing smoothly [1] - The company aims to strengthen its service capabilities across the entire eSIM product chain [1]

Group 1: Capital Market and Financing - The total financing in the exchange market for stocks and bonds reached 57.5 trillion yuan over the past five years, with the proportion of direct financing steadily increasing by 2.8 percentage points to 31.6% by the end of the "13th Five-Year Plan" [1] - During the "14th Five-Year Plan" period, the cumulative issuance of various bonds in the exchange bond market exceeded 52.4 trillion yuan, with technology innovation corporate bonds accounting for 1.77 trillion yuan, supporting the strategy of building a strong technology nation [1] - By the end of Q2, private equity and venture capital funds participated in 90% of companies listed on the Sci-Tech Innovation Board and the Beijing Stock Exchange, and over half of the companies listed on the Growth Enterprise Market [1] Group 2: Technology and Innovation - Analysts believe that policies are expected to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market during the "15th Five-Year Plan," aiming to create a product and service ecosystem covering the entire lifecycle of technology enterprises [1] - The Shanghai Stock Exchange aims to enhance the quality of listed companies and create a favorable environment for long-term capital inflow, focusing on high-quality development and supporting technological innovation [4] Group 3: Fund Management Trends - Recently, fund managers are increasingly adopting a trend of setting relatively low initial fundraising caps for new public funds, allowing managers to refine investment strategies without the interference of large scales [3] - The number of newly established funds has reached 1,163 this year, surpassing the total for the entire previous year, indicating a strong recovery in the fund market [6] Group 4: Market Dynamics and Investment Strategies - The A-share market has shown a strong upward trend, with stock funds becoming a significant channel for capital inflow, reflecting investor confidence in economic transformation [6] - The recent rise in international gold prices has led to an increase in the management scale of gold ETFs, driven by geopolitical risks and liquidity factors [7] - The People's Bank of China has introduced two monetary policy tools to support the capital market, injecting thousands of billions of yuan into the market and enhancing its stability [8]

Core Insights - Apple CEO Tim Cook announced the official launch of the iPhone Air in China on October 22, following the approval of eSIM services by major telecom operators in China [1][2] - eSIM technology is seen as a key infrastructure for transforming the communication industry, enhancing user experience, and driving digital economic growth in China [1][3] eSIM Technology Adoption - eSIM is predicted to be a significant trend, with GSMA forecasting that global eSIM smartphone connections will reach 1 billion by 2025 and 6.9 billion by 2030, accounting for 76% of total smartphone connections [2] - The iPhone Air, being the thinnest iPhone at 5.6 mm and weighing 165 grams, benefits from the removal of the physical SIM card, allowing for a larger battery and increased battery life by approximately 2 hours [2] User Experience and Convenience - eSIM simplifies the process of writing user identities, making it easier for travelers to manage communication needs abroad without needing physical SIM cards [3] - Over 400 global operators are expected to provide eSIM services by July 2025, with a 29% adoption rate among 5G users [3] Industry Impact and Future Applications - The introduction of eSIM is anticipated to drive significant investment across the entire industry chain, including wearables, IoT devices, tablets, and laptops, as the Chinese market sees annual mobile phone sales of 300 million units [4] - eSIM is expected to play a crucial role in the IoT sector, with GSMA predicting that over 50% of IoT applications will utilize eSIM by 2030 [4] Challenges for Telecom Operators - The remote number-switching capability of eSIM may increase user autonomy in changing service providers, posing challenges for telecom operators in terms of revenue stability and necessitating enhancements in marketing strategies and service offerings [4][6] - Telecom companies are focusing on optimizing eSIM services to meet diverse user needs and improve overall user experience [5][6]

Group 1 - Cao Dewang, known as the "Glass King," has announced his early resignation as chairman of Fuyao Glass, with his son, Cao Hui, set to take over the role, marking a new era for the company that holds a one-third share of the global automotive glass market [5] - He Xiaopeng, CEO of Xpeng Motors, stated at the 2025 Sustainable Global Leaders Conference that the market share of flying cars is expected to surpass that of traditional cars, with plans for mass production of flying cars next year [5] Group 2 - Vanke announced the resignation of Xin Jie as non-executive director and chairman, with Huang Liping elected as the new chairman, ensuring the board's normal operation will not be affected [6] - The three major telecom operators in China have officially launched eSIM mobile services, with over 70,000 online reservations reported for China Unicom's eSIM service [7] Group 3 - Qian Wenhai is proposed to be appointed as the chairman of Zheshang Securities, with the company set to follow legal procedures for the election [8] - Li Qian has resigned from his position as deputy general manager of GF Securities due to personal work changes, and will no longer hold any positions within the company [9] Group 4 - Haier Consumer Finance has appointed Zhou Wenlong as the new general manager, following a year-long vacancy, amidst a wave of personnel changes in the consumer finance industry [10] - Bosera Funds announced the appointment of Zhang Dong as chairman, who will also serve as the acting general manager, focusing on high-quality development and investor services [11]

Core Insights - Apple has been implementing strategies like "squeezing toothpaste" and "cutting a knife" to enhance its product offerings while maximizing profits, such as eliminating the headphone jack and standard chargers, and now removing the SIM card slot for the iPhone Air [2][6] - The launch of the iPhone Air, which supports eSIM technology, has generated significant consumer interest, selling out within five minutes of pre-order [2][3] Group 1: eSIM Technology - eSIM, or Embedded-SIM, is a small chip embedded in devices, eliminating the need for a physical SIM card [3] - Apple has been a pioneer in promoting eSIM, starting with the iPhone XS and fully adopting it in the iPhone 14 series in the U.S. [16][20] - The global eSIM market is expanding, with North America holding a 43% market share as of last year, largely driven by Apple [18] Group 2: Market Dynamics - The introduction of eSIM is seen as a response to the growing demand for more integrated and compact devices, allowing for better battery life and advanced features [20][24] - Despite the advantages of eSIM, there are concerns regarding its implementation in China, where operators have been slow to adapt, requiring users to visit physical stores for eSIM activation [25][28] - The convenience of eSIM, such as the ability to store multiple carrier profiles, is countered by the current limitations imposed by Chinese telecom operators [22][30] Group 3: Industry Implications - The shift to eSIM technology may disrupt traditional telecom business models, as it allows users to switch carriers more easily, potentially leading to increased competition [14][30] - The necessity for telecom operators to embrace eSIM is underscored by the growing importance of connectivity in the era of IoT and AI [30][32] - The initial resistance from operators may hinder the full realization of eSIM's potential benefits for consumers [28][30]