Core Viewpoint - The Ministry of Industry and Information Technology has launched a pilot program for number protection services, utilizing the 700 number range to enhance user privacy and security in communications [1][4]. Group 1: Issues Addressed - The rise of personal information leaks has led to increased concerns over privacy, with users frequently receiving unsolicited marketing calls and facing risks of fraud due to the misuse of their phone numbers [2]. - The number protection service aims to mitigate these issues by providing users with temporary "privacy numbers" for various scenarios, such as food delivery and ride-hailing, thereby concealing their real phone numbers [2][3]. Group 2: Challenges in Implementation - Despite initial attempts by leading companies in delivery, e-commerce, and ride-hailing to use "intermediate numbers," challenges remain, including user confusion over distinguishing between real and intermediate numbers, which can facilitate fraud [3]. - The lack of unified technical standards and service norms among different stakeholders complicates the implementation of number protection services, leading to potential compatibility issues and service disruptions [3]. Group 3: 700 Number Range Benefits - The introduction of the 700 number range provides a clear distinction from regular phone numbers, allowing users to easily identify calls related to number protection services, thus enhancing their willingness to answer [4]. - The 700 number range is expected to meet the substantial demand for number resources in sectors like delivery and ride-hailing, supporting the long-term development of number protection services [4]. Group 4: Development Strategy - The Ministry of Industry and Information Technology has outlined a systematic approach for the pilot program, including a three-month preparation phase, a three-month transition phase, and a two-year formal pilot phase to ensure smooth implementation [5][6]. - The program emphasizes compliance, risk prevention, and the establishment of clear responsibilities among service providers, telecom operators, and users to protect user rights and enhance service quality [5][6]. Group 5: Future Outlook - The number protection service is anticipated to foster a healthier and safer information communication environment, addressing public concerns over personal information protection and contributing to the growth of new economic activities [6].

阿联酋上海总商会暨同乡会会长成富强表示，"反诈是门必修课，筑牢防线守好责"。组织本场座谈 会的目的，就是要让在阿华侨华人深刻认识到反诈工作的重要性，提高反诈意识和能力，共同筑牢防范 诈骗的坚固防线。 最后中国驻迪拜总领事馆领事杨涛表示，希望海外华侨华人在今后的生活中能做到"三不一多"—— 不轻信、不透露、不转账，遇事多核实，守护好财产安全，同时成为反诈的宣传员、预警哨和守门人， 携手构建海外反诈"共同体"。 电信诈骗中，金融账户是诈骗的主要目标之一。来自交通银行迪拜国际金融中心分行的代表介绍了 海外华侨华人经常涉及的跨境付款、换汇、跨国业务等方面的防范策略与建议。中国移动国际中东与北 非区域分公司的代表介绍了阿联酋央行提示的六类常见电诈场景，并通过典型案例详细讲解了如何在阿 联酋本地识别和防范电信网络欺诈。 据介绍，2023年，44%的阿联酋企业经历了与网络攻击或数据泄露相关的欺诈事件，每年大约有 16.6万人受到电信网络诈骗的影响，造成经济损失高达7.46亿美元。 人民网迪拜7月6日电 （记者管克江）由阿联酋上海总商会暨同乡会主办、中国驻迪拜总领事馆支 持的防范网络电信诈骗专题宣讲会4日在阿联酋上海会议中心 ...

1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Viewpoints of the Report - The Chinese economy is in a marginal de - leveraging process. The growth rate of the real - sector debt is expected to decline, and the government aims to stabilize the macro - leverage ratio. The large - scale debt resolution is beneficial for the overall economy [1][17]. - In the short term, the stock - bond ratio may fluctuate, but in the long run, it tends to favor bonds. The stock style tends to favor value stocks, and the bond configuration window is open, but the trading space is limited [16][22]. - During the de - leveraging cycle, the stock - bond ratio favors equities to a limited extent, and value stocks are more likely to outperform. The recommended investment portfolio includes the Dividend Index (40% position), the Shanghai 50 Index (40% position), and the 30 - year Treasury Bond ETF (20% position) [7][16][23]. 3. Summary by Relevant Catalogs 3.1 National Balance Sheet Analysis - **Liability Side**: In May 2025, the real - sector debt growth rate was 8.9%, down from 9.0% previously. It is expected to decline to around 8% by the end of the year. The government debt growth rate is expected to rise to 15.3% in June and then decline to around 12.5% by the end of the year. The money market has been loosening recently, but it is unlikely to remain so [1][17][18]. - **Asset Side**: The physical volume data in May was weaker than in April. The annual nominal economic growth target is around 4.9%. It remains to be seen whether this will be the central target for the next 1 - 2 years [5][19]. 3.2 Stock - Bond Ratio and Stock - Bond Style - Last week, the money market continued to loosen. The stock market was bullish, and the bond market was stable. The stock - bond ratio favored stocks, but the equity style shifted to value stocks. The short - and long - term bond yields were relatively stable [6][21]. - In the long run, during the de - leveraging cycle, the stock - bond ratio favors bonds, and the equity style favors value stocks. Currently, long - term bonds have a slightly higher cost - performance ratio than value - type equity assets [7][22]. 3.3 Industry Recommendation 3.3.1 Industry Performance Review - This week, the A - share market rose, with the Shanghai Composite Index up 1.4%, the Shenzhen Component Index up 1.25%, and the ChiNext Index up 1.5%. Among the Shenwan primary industries, steel, building materials, banks, pharmaceutical biology, and comprehensive sectors had the largest increases, while computer, non - bank finance, beauty care, transportation, and commercial retail sectors had the largest declines [28]. 3.3.2 Industry Crowding and Trading Volume - As of July 4, the top five crowded industries were electronics, computer, pharmaceutical biology, power equipment, and machinery equipment, while the bottom five were comprehensive, beauty care, petroleum and petrochemical, coal, and real estate. - This week, the top five industries with increased crowding were pharmaceutical biology, public utilities, electronics, machinery equipment, and building materials, while the top five with decreased crowding were non - bank finance, computer, banks, national defense and military industry, and automobiles. - The average daily trading volume of the whole A - share market slightly decreased compared to last week. Steel, building materials, agriculture, forestry, animal husbandry, and fishery, pharmaceutical biology, and coal had the highest trading volume growth rates [30][31]. 3.3.3 Industry Valuation and Earnings - This week, among the Shenwan primary industries, steel, banks, building materials, pharmaceutical biology, and media had the largest increases in PE(TTM), while computer, non - bank finance, beauty care, transportation, and commercial retail had the largest declines. - As of July 4, 2025, industries with high 2024 full - year earnings forecasts and relatively low current valuations compared to history included coal, petroleum and petrochemical, transportation, beauty care, and consumer electronics [35][37]. 3.3.4 Industry Prosperity - **External Demand**: It generally recovered. The global manufacturing PMI rose from 49.5 to 50.3 in June, and most major economies' PMIs increased. The CCFI index decreased by 1.92% week - on - week. Port cargo throughput increased. South Korea's export growth rate rose from - 1.3% in May to 4.3% in June, and Vietnam's export growth rate slightly decreased from 21% in April to 20.7% in May [39]. - **Domestic Demand**: The second - hand housing price remained flat last week, and quantity indicators showed mixed trends. Highway truck traffic increased. The capacity utilization rate of ten industries rebounded in May and continued to rise in June. Automobile trading volume was at a relatively high level in the same period of history, new - home trading volume was at a historical low, and second - hand home trading volume declined seasonally [39]. 3.3.5 Public Fund Market Review - In the first week of July (June 30 - July 4), most active public equity funds underperformed the CSI 300. As of July 4, the net asset value of active public equity funds was 3.55 trillion yuan, slightly down from 3.66 trillion yuan in Q4 2024 [55]. 3.3.6 Industry Recommendation - During the de - leveraging cycle, the stock - bond ratio favors equities to a limited extent, and value stocks are more likely to outperform. Dividend - type stocks should generally have three characteristics: no balance - sheet expansion, good earnings, and survival. - Based on these characteristics and the under - allocation situation in the public fund quarterly reports, the recommended A + H dividend portfolio includes 20 A + H stocks, and the A - share portfolio includes 20 A - share stocks, mainly concentrated in industries such as banks, telecommunications, petroleum and petrochemical, and transportation [9][59].

央视网消息：从最新发布的数据中，感知中国经济活力。 2025年前5个月：我国服务贸易同比增长7.7% 1—5月，旅行服务继续快速增长，进出口达9200.5亿元，增长12.2%，为服务贸易第一大领域。 科技创新与制造业高质量发展加快推进 其中，其他商业服务、电信计算机和信息服务进出口规模较大，有效助推经济增长和产业结构升级。 国家税务总局公布的最新数据显示，2025年1—5月，支持科技创新和制造业发展的主要政策减税降费及退税达6361亿元。 6月份中国大宗商品价格指数继续回升 商务部最新数据显示，前5个月，我国服务进出口总额32543.6亿元人民币，同比增长7.7%。其中，出口14033.7亿元，增长15.1%；进口18509.9 亿元，增长2.7%。 服务贸易稳步增长的同时，结构进一步优化。1—5月，知识密集型服务进出口12492.7亿元，增长5.0%。 增值税发票数据显示，1—5月，高技术产业销售收入同比增长14.2%，明显快于全国总体增速。 1—5月，我国制造业企业销售收入同比增长4.2%。其中，数字产品制造业、高技术制造业销售收入均保持两位数增长。 中国物流与采购联合会7月5日公布，6月份，中国大宗商品 ...

Group 1 - The "Hundred Days and Millions of Recruitment Special Action" job fair for college graduates was held in Nanjing, attracting over 1,000 graduates seeking job opportunities [1] - More than 130 employers participated in the offline event, offering over 2,200 job positions across various fields, including software engineering, intelligent construction, computer science, and elderly care [1] - The online recruitment through the "Just in Jiangsu" smart employment service platform reached an impressive 100,000 visits [1] Group 2 - The elderly care recruitment section featured 64 medical and elderly care service institutions, providing over 1,000 job positions with an average monthly salary exceeding 4,000 yuan [1][2] - Young professionals are encouraged to enter the elderly care industry, which is seen as a sunrise industry, but there is a need for patience and dedication to thrive in this field [2] - The event included seven employment and entrepreneurship service areas, offering comprehensive support such as policy briefings, career guidance, resume diagnostics, live job broadcasts, AI interviews, skills training, and entrepreneurship guidance [2] Group 3 - The Jiangsu Provincial Human Resources Department plans to focus on job-seeking college graduates and youth by organizing targeted recruitment activities, implementing a "1131" service initiative to provide personalized support [3]

Core Viewpoint - Hubei Gufeng Communication Co., Ltd. has been established with a registered capital of 10 million RMB, fully owned by Hubei Guga Communication Co., Ltd. [1] Company Summary - The legal representative of Hubei Gufeng Communication Co., Ltd. is Gao Yong [1] - The company is registered in Wuhan, Hubei Province, specifically at the China Optics Valley Technology Conference Center [1] - The business scope includes sales of mobile terminal devices, communication equipment, office equipment, daily necessities, household appliances, furniture, internet devices, optical communication equipment, electronic special equipment, integrated circuits, smart instruments, and various other technology and service offerings [1] Industry Summary - The company operates within the information transmission, software, and information technology services industry, specifically in telecommunications, broadcasting, television, and satellite transmission services [1] - The company is classified as a limited liability company with a natural person investment or holding [1] - The business registration is valid until July 4, 2025, with no fixed term thereafter [1]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has initiated a pilot program for number protection services to reduce the risk of personal information leakage, particularly in sectors like express delivery, food delivery, and ride-hailing [1][15]. Summary by Sections Number Protection Service - Number protection service involves assigning temporary numbers (referred to as "intermediate numbers" or "privacy numbers") to users, allowing them to communicate without revealing their real phone numbers [2][3]. Application in Various Services - In ride-hailing, drivers and passengers communicate through a temporary number assigned by the platform, keeping their actual phone numbers hidden [4]. - In e-commerce, platforms generate a temporary number to conceal the actual phone number of the recipient during order fulfillment and delivery [5]. - For food delivery, a temporary number is created to hide the consumer's phone number from merchants and delivery personnel [6]. Challenges Encountered - Initial implementations faced issues such as inconsistent formats for intermediate numbers, leading to user confusion about whether they were receiving calls from a temporary or actual number [7]. - Some companies misused the service by using real phone numbers as intermediate numbers for marketing calls or even fraudulent activities [8]. Introduction of 700 Numbers - The MIIT has designated the 700 number as a dedicated code for number protection services, which is distinct in length and format, making it easier for users to identify [9][10]. - The 700 number system is designed to meet the future demand for billions of code resources in sectors like express delivery and ride-hailing [11]. User Experience and Communication - Users can opt-in for number protection services when using internet platforms, and calls made using the 700 number will not reveal the user's actual number [12][13]. - The communication process remains unaffected, as both parties will see the intermediate number during calls and messages [13]. Pilot Program Timeline - The pilot program consists of three phases: a three-month preparation phase, a three-month transition phase, and a two-year formal pilot phase, after which the 700 number will be fully utilized for number protection services [14]. - The 700 number is prohibited from being used for commercial marketing calls or messages, with strict management and monitoring by the MIIT to prevent misuse [14]. Conclusion - The introduction of the 700 number is expected to enhance user experience by providing convenient services while better protecting personal phone number information and reducing the risk of information leakage [15].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has announced a pilot program for a number protection service, utilizing the 700 number range to enhance user privacy during communications [2][3][5]. Group 1: Number Protection Service Overview - The number protection service allows personal users to receive temporary numbers (referred to as "intermediate numbers" or "privacy numbers") to replace their actual mobile numbers, reducing the risk of personal number leakage [3][5]. - The service will be implemented in three phases: a three-month preparation phase, a three-month transition phase, and a two-year formal pilot phase [4]. - The daily order volume for the number protection service in China is currently at least 350 million, indicating a significant demand for this service [5]. Group 2: Responsibilities and Regulations - The notification outlines the responsibilities of various stakeholders involved in the number protection service, including application platform providers, basic platform providers, and service users [6]. - Application platform providers must manage number resources responsibly and are prohibited from using them for commercial marketing calls or messages [6]. - Basic platform providers are responsible for routing data and ensuring communication continuity, while service users must not illegally trade or misuse number resources [6]. Group 3: Application Scenarios - The number protection service can be applied in various online and offline scenarios, such as ride-hailing, online shopping, and food delivery, where it is essential to protect personal phone numbers [7][10]. - Users can choose to authorize the use of the number protection service when engaging with internet platform services [8]. Group 4: Identification and User Experience - Users can identify whether a call is using the number protection service by recognizing the 15-digit format starting with "700," which distinguishes it from regular phone numbers [9]. - The service does not interfere with normal communication, allowing service providers to contact users without revealing their actual phone numbers [10][11].

Core Viewpoint - The eSIM business in China is being revived after a two-year hiatus, primarily focusing on IoT and smart wearable devices, while mobile eSIM services are not yet being pursued [2][3][4] Group 1: eSIM Business Resumption - China Unicom has launched a cloud computer PAD product based on eSIM technology, indicating the resumption of eSIM services [3] - The three major operators, China Mobile, China Telecom, and China Unicom, are upgrading their systems, with China Unicom leading the way by restoring eSIM services in 25 regions [3][4] - The resumption of eSIM services is seen as beneficial for operators, especially in the context of the growing IoT market [3][8] Group 2: Historical Context and Development - eSIM technology, which allows for embedded SIM cards, was first patented by Apple in 2011 and has since gained traction globally [4] - China Unicom was the first operator in China to engage in eSIM services, launching its platform in early 2017 and becoming a leader in the field [5] - In 2020, China Mobile and China Telecom also received approval to implement eSIM technology across various sectors [5] Group 3: Challenges and Security Concerns - The cautious promotion of eSIM for consumer devices is attributed to security concerns, as the remote writing mechanism poses risks for fraud and spam [6][7] - The increase in eSIM-related fraud cases by 37% in 2024 highlights the need for enhanced security measures [6] - Operators are also concerned about the potential loss of customers due to the ease of switching providers with eSIM technology [7] Group 4: Future Prospects - The global eSIM market is expected to grow significantly, with projections of 1 billion eSIM smartphone connections by the end of 2025 and 6.9 billion by 2030 [9] - The domestic eSIM industry is developing a complete supply chain, including chip design, module development, and telecom services [9][10] - Major Chinese smartphone manufacturers are poised to launch eSIM-enabled devices once policies are relaxed, indicating a strong potential for growth in the market [10][11]

Core Viewpoint - The Ministry of Industry and Information Technology has initiated a pilot program for number protection services, aimed at reducing the risk of personal phone number leakage by providing temporary numbers for users [1][2]. Group 1: Overview of Number Protection Service - Number protection service allows internet platform companies to assign temporary numbers (referred to as "intermediate numbers" or "privacy numbers") to users, which replace their real phone numbers for communication [1][2]. - The service is designed to be used in various online and offline scenarios where personal phone number protection is necessary [2]. Group 2: Implementation and Identification - The Ministry has designated the 700 number range as a dedicated resource for number protection services, which will have a specific format to distinguish it from regular phone numbers [3][4]. - Users can identify if they are using the number protection service by recognizing the 15-digit format starting with "700" during calls [3]. Group 3: Application Scenarios - In ride-hailing services, drivers and passengers can communicate through a temporary "intermediate number," keeping their actual phone numbers hidden [5]. - In e-commerce, platforms can generate a temporary number to conceal the actual phone number of the recipient during order fulfillment and delivery [5]. - In food delivery services, a temporary number is also used to protect the consumer's phone number from being disclosed to merchants and delivery personnel [5]. Group 4: Communication Process - The number protection service does not interfere with normal communication, allowing service personnel to contact users without accessing their actual phone numbers [6]. - When using the "intermediate number," both parties see the temporary number, while the network translates it to the actual number for communication [6].