Core Viewpoint - Nubia's president, Ni Fei, emphasizes that while eSIM technology has clear advantages, it is premature to discuss its replacement of physical SIM cards. The company will focus on enhancing user experience with existing technology for now [1][2]. Group 1: eSIM Technology Insights - eSIM technology offers significant benefits, such as freeing up space in devices by eliminating the physical SIM card slot, which can enhance flagship device experiences [1]. - Current challenges for eSIM adoption include incomplete online activation processes, inadequate network coverage in remote areas, high costs, and user unfamiliarity with switching eSIM numbers [1][2]. - The maturity of the eSIM ecosystem is not yet sufficient for widespread adoption, influenced by users' long-standing habits with physical SIM cards [1]. Group 2: Nubia's Strategic Focus - Nubia's latest flagship model, the Nubia Z80 Ultra, does not prioritize eSIM technology but instead focuses on improving the physical SIM card experience [1]. - The company is concentrating its development efforts on features that users can immediately appreciate, such as a true full-screen display, optimized 35mm main camera for street photography, and enhanced gaming experiences [1]. - Nubia acknowledges the importance of addressing current user pain points before fully embracing future trends like eSIM, indicating a balanced approach between technological advancement and actual user needs [2].

本报讯 （记者李春莲）10月22日，随着iPhone Air正式发售并全面取消传统SIM卡槽、采用eSIM方案， 无卡化时代的序幕正式拉开。业内普遍认为，eSIM的商用加速，不仅将改变用户的设备连接方式，更 将推动通信行业向智能化、云端化迈进。 在这一节点上，中国移动通信集团有限公司（以下简称"中国移动"）率先完成了eSIM系统的全面改造 与服务部署。相关系统平台、客服流程及省级营业厅均已具备eSIM业务承载能力。目前，用户可凭有 效身份证件与支持eSIM的手机，在中国移动营业厅即可办理eSIM业务；有意入手iPhone Air的用户，可 通过中国移动App"移动爱购"商城购买机型，并可使用AI豆抵扣部分金额优惠购买iPhone Air现货产 品。 为确保技术升级与用户体验的平衡，中国移动提出"P+E并行策略"——倡议终端伙伴在新一代eSIM终端 设计中保留可插拔的实体SIM卡槽，实现eSIM与实体卡的双重支持。这一策略并非保守，而是一种以用 户体验为中心的务实创新：给予用户充分的选择权与过渡期，让新技术普及更平滑、更可持续。 在技术创新方面，中国移动针对eSIM芯片内核及卡操作系统等核心技术，已持续开展三年 ...

Core Insights - The report indicates that the current market sentiment is at a high level, with a score of 80, categorizing it as "overheated" [5][8] - The report highlights three key investment themes: energy storage, eSIM technology, and nuclear fusion, each showing significant growth potential [5] Energy Storage - The "New Energy Storage Special Action Plan" in China aims for an installed capacity of 180 million kilowatts by 2027, attracting direct investments of 250 billion yuan, with policies enhancing project IRR to over 8% [5] - Overseas orders for energy storage are expected to surge by 220% year-on-year in the first half of 2025, reaching 160 GWh, indicating a shift in supply-demand dynamics [5] - Key companies in this sector include CATL (300750) and Sungrow Power (300274) [5] eSIM Technology - China Unicom launched its eSIM service on October 13, with over 60,000 reservations, indicating strong market interest [5] - The revival of eSIM services by the three major telecom operators in China is expected to accelerate commercial adoption [5] - Relevant companies include Eastcompeace Technology (002017) and Unisoc (002049) [5] Nuclear Fusion - The CRAFT project in China achieved a significant breakthrough with the successful testing of a key component, demonstrating a steady thermal load capacity of 20 MW/m² [5] - This development marks a milestone in the creation of the largest and highest thermal load filter prototype designed independently in China [5] - Companies involved in this field include Chuangyuan New Materials (002171) and Hongxun Technology (603015) [5]

Core Insights - The report indicates a neutral market sentiment with a score of 56, suggesting a balanced outlook for investors [2][10] - Key themes identified for investment opportunities include energy storage, eSIM technology, and nuclear fusion [4] Energy Storage - The "New Energy Storage Special Action Plan" in China aims for an installed capacity of 180 million kilowatts by 2027, attracting direct investments of 250 billion yuan. Policies are expected to enhance project IRR to over 8%, shifting investment from mandatory storage to proactive profit-seeking [4] - International orders for energy storage are projected to surge by 220% year-on-year in the first half of 2025, reaching 160 GWh, indicating a potential shift in supply-demand dynamics [4] - Relevant companies include CATL (300750) and Sungrow Power (300274) [4] eSIM Technology - China Unicom launched a nationwide reservation channel for eSIM services on October 13, with over 60,000 reservations already made, indicating strong market interest [4] - The revival of eSIM services by major telecom operators is expected to accelerate commercial adoption [4] - Related companies include Eastcompeace Technology (002017) and Unisoc (002049) [4] Nuclear Fusion - The CRAFT project in China achieved significant breakthroughs, with a prototype component passing expert tests, demonstrating a steady thermal load capacity of 20 MW/m² and a precision error of less than 1 mm [4] - This development marks a milestone in the creation of the largest and highest thermal load prototype component designed independently by China [4] - Associated companies include Chuangyuan New Materials (002171) and Hongxun Technology (603015) [4]

作为行业标准，eSIM得到全球超过500家运营商的支持，包括中国联通。在超过200家运营商的支持 下，通过用户原运营商或本地预付费选项，以价格经济的国际漫游计划实现持续联网。 近年来，随着智能手机厂商对机身轻薄和一体化设计的追求趋势越来越明显，极大地推动了eSIM在手 机端的应用。苹果、华为、OPPO等厂商希望借助eSIM取消传统SIM卡槽，从而释放内部空间，用于更 大容量电池和更复杂的摄像头模组设计，实现产品外观与性能的双重进化。 从手机厂商品牌推广来讲，苹果等厂商一直致力于产品创新与用户体验提升，eSIM符合厂商打造高 端、创新产品的需求，运营商与厂商合作推行eSIM，能助力厂商推广新品，同时借助厂商产品扩大 eSIM用户群体，实现双赢。 尽管eSIM技术已在欧美等国家和地区相对成熟，但iPhone Air是苹果首次面向中国发售没有传统卡槽的 机型。苹果官网现已显示，iPhone Air 通过 eSIM 激活运营商网络，不支持实体 SIM 卡。中国大陆地区 仅型号A3518的国行iPhone Air支持国内运营商的eSIM，其他版本无法使用蜂窝网络。 10月13日，一则中国联通（600050）正式上线eS ...

Group 1 - The A-share market saw all three major indices rise on August 19, with the Shanghai Composite Index increasing by 0.28%. The telecommunications, home appliances, and food and beverage sectors performed well, while the media sector faced declines [1] - The Consumer Electronics ETF (159732.SZ) rose by 0.11%, with notable increases in component stocks such as Ruixin Microelectronics (3.61%), Lingyi iTech (2.88%), Hengxuan Technology (1.96%), and Jingfang Technology (1.44%). Conversely, Dongshan Precision and Anker Innovations saw declines of -2.98% and -1.47%, respectively [1] - GSMA Intelligence predicts that the number of global eSIM smartphone connections will reach 1 billion by the end of 2025 and surge to 6.9 billion by 2030, accounting for 76% of total smartphone connections. Currently, eSIM penetration in China is low, and the industry ecosystem is not well established [1] - Minsheng Securities reports that the development of IoT terminals will drive the trend towards eSIM adoption. The upcoming release of the iPhone 17 Air by Apple is expected to be a significant catalyst for eSIM proliferation. China's three major telecom operators may restart eSIM services, which have been paused for two years, potentially accelerating eSIM commercialization [1] Group 2 - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index and primarily invests in 50 A-share listed companies involved in the consumer electronics industry, focusing on high-attention sectors such as electronic manufacturing and optical optoelectronics [2]