（文章来源：每日经济新闻） 10月13日，据中国联通官方公众号，中国联通正式上线eSIM业务全国预约通道。截至发稿，预约人数 已突破6万人，且数字仍在快速增长。 ...

10月10日至10月12日，2025中国移动全球合作伙伴大会在广州举行。10月11日上午，中国移动通信集团有限公司（以下简称"中国移动"）董事长杨杰出席大会主论坛，并发表主旨演讲。 杨杰表示，面向"十五五"，中国移动将全面升级"AI+"行动计划、"BASIC6"科创计划、"两个新型"计划，以"AI+"为战略着力点，当好AI"供给者、汇聚者、运营者"，推动"AI+"创造出更大 第一，中国移动将全面推动数智设施升级，强化AI+能力供给。具体来看，中国移动将坚持适度超前原则，持续推进新型信息基础设施建设，有效满足亿万智能体、具身智能的广连接、强交互、 第二，中国移动将全面推动数智技术升级，锻造AI+创新引擎。具体来看，中国移动将推进AI技术自主创新，加快AI性能突破提升；推进AI驱动的前沿创新，加速"从0到1"科学发现进程；推动 第三，中国移动将全面推动数智应用升级，释放AI+规模效应。具体来看，中国移动将提升AI+产业能级，推动制造业全要素智能联动、农业数智化转型升级、现代服务业向智向新发展；扩大A 第四，中国移动将全面推动数智安全升级，促进AI+向善发展。具体来看，中国移动将增强安全防护能力，带动全行业提升数智 ...

Core Points - China Unicom has officially opened the eSIM reservation channel, following China Mobile's launch of its eSIM business reservation portal [1] - China Telecom has also announced that its eSIM mobile services are fully prepared and will soon be available to users after receiving official approval from the Ministry of Industry and Information Technology [1] - The launch of eSIM services indicates that the iPhone Air, which was released on September 10, may soon be available in the Chinese market [1] - The absence of the iPhone Air in the domestic market at the time of the iPhone 17 series launch was primarily due to the lack of support for eSIM by domestic operators [1]

Group 1 - The core viewpoint is that China Mobile benefits from its monopolistic market position and large user base, providing defensive business characteristics and stable cash flow amidst economic uncertainty [3] - The company's core telecommunications services are essential for daily life, ensuring stable demand that can withstand economic cycles, thus creating a revenue moat [3] - Growth drivers include active promotion of digital transformation, with strong growth in emerging businesses such as cloud computing, 5G applications, and artificial intelligence, optimizing revenue structure and injecting new vitality for long-term development [3] Group 2 - The company offers an attractive high dividend yield of over 6 cents, with a commitment to increase the payout ratio to above 75%, providing reliable cash flow returns for investors during volatile market conditions [3] - The stable high dividend is seen as an ideal defensive strategy, helping to reduce overall portfolio volatility [3]

Group 1 - The competition in the large model industry has shifted from computing power, model size, and data quality to the effectiveness and efficiency of industrial ecosystem implementation [1] - The Chinese government's "AI+" action plan outlines goals for the widespread adoption of new intelligent terminals and agents, aiming for over 70% adoption by 2027 and over 90% by 2030 [1] - The plan emphasizes the need for government and state-owned enterprises to lead by example, support technology implementation, and optimize the AI innovation ecosystem [1] Group 2 - During the 2025 China Mobile Global Partner Conference, China Mobile announced an upgraded "AI+" action plan and ecosystem alliance, focusing on collaboration in computing power, models, and data to accelerate AI implementation [3] - China Mobile's chairman highlighted the importance of enhancing AI capabilities, advancing 5G-A and 6G technologies, and building a robust cloud-intelligent computing resource system [3] - The "AI+" action plan aims to create a new industrial ecosystem with a market scale of hundreds of billions, with significant investments in AI infrastructure and a target of exceeding 100 EFLOPS in national intelligent computing power by the end of 2028 [4] Group 3 - China Mobile plans to elevate its "Jiutian" model to an internationally competitive level, providing ubiquitous "model as a service" and enhancing the supply of high-quality data sets across 15 industries [5] - The company aims to achieve a user base of over 200 million for its Lingxi intelligent agent and implement over 3,000 AI+DICT projects across various sectors, including new industrialization and agriculture [5] - The focus of the large model era has shifted from technological leadership to ecosystem symbiosis and industrial implementation, with China Mobile actively building an AI ecosystem [5]

Core Insights - Recently, the Unicom Cybersecurity Equity Investment Fund (Guangzhou) Partnership (Limited Partnership) was established with a capital contribution of 1 billion yuan [1] - The fund's business scope includes investment activities using its own funds [1] - The enterprise is co-funded by China United Network Communications Limited's wholly-owned subsidiary, Unicom Innovation and Entrepreneurship Investment Co., Ltd. [1]

Core Insights - The article highlights the successful integration of Beidou satellite messaging into daily life, particularly during emergencies, showcasing its role in disaster response [1] - China Mobile's recent exhibition at the 2025 Global Partner Conference emphasized advancements in Beidou satellite messaging and its commitment to fostering an open ecosystem for the Beidou industry [1][5] Beidou Satellite Messaging Innovations - China Mobile introduced a new 5G + Beidou fusion algorithm that enhances the capabilities of Beidou satellite messaging, allowing for the transmission of images and voice, thus transitioning from text to rich media communication [1] - The information capacity of Beidou messages has increased from 20 Chinese characters to 40, and the receiving capacity has expanded from 6 to 10 characters, improving communication efficiency [1] - The Redmi Note 15 Pro+ satellite messaging version will be launched, featuring a system-level low-power design for extended battery life [1] Chip Development and Consumer Products - China Mobile has developed the first consumer-grade integrated Beidou positioning and short message chip, offering two types of short message chips and two types of integrated navigation chips to meet diverse user needs [3] - These chips are characterized by high integration, precision, and compact design, facilitating the incorporation of Beidou capabilities into various terminal devices [3] Ecosystem Expansion and User Adoption - China Mobile's Beidou satellite messaging service has surpassed one million users, with initial deployment in Hong Kong and plans for international expansion along the Belt and Road Initiative [5] - The company has achieved over 30 million connected terminals in the satellite terminal industry, with significant advancements in product offerings, including four types of Beidou short message chips and 41 models of Beidou messaging phones priced below 2000 yuan [7] - The positioning accuracy of satellite services has improved from ten meters to one meter, with a lock time reduced to under five seconds, ensuring stable and reliable service even in complex environments [7] Future Directions - China Mobile aims to further integrate Beidou satellite messaging with 5G and AI technologies, creating a seamless smart network that covers land, sea, and air, thereby enhancing the digital infrastructure of China [7]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) of China is planning to reduce its stake in China Unicom after eight years of investment, aiming to optimize the capital structure and meet its own development needs [1][2][8]. Summary by Sections Shareholding Changes - The Structural Adjustment Fund plans to reduce its holdings in China Unicom by up to 375 million shares, representing 1.20% of the total share capital, within three months from November 3, 2025, to February 3, 2026 [2][8]. - Currently, the Structural Adjustment Fund holds approximately 1.9 billion shares of China Unicom, accounting for 6.08% of the total share capital [2]. Financial Performance - Since the mixed-ownership reform in 2017, China Unicom has seen significant growth in its financial performance, with net profit increasing over sevenfold from 2017 to the first half of 2025 [10][11][12]. - In the first half of 2025, China Unicom reported a net profit of 6.349 billion yuan, a year-on-year increase of 5.12% [10]. - The company has consistently improved its financial health, with a notable reduction in financial expenses from 38.55 billion yuan in 2016 to negative figures starting in 2020 [12]. Dividend Policy - China Unicom has increased its dividend payouts significantly since 2017, distributing a total of 206.74 billion yuan in dividends from 2018 to 2024, with a dividend of 3.477 billion yuan in the first half of 2025 [13][14]. - The dividend payout ratio has also improved, reaching 54.76% in the first half of 2025 [14]. Strategic Cooperation - Despite the planned reduction in shareholding, the Structural Adjustment Fund intends to continue deepening strategic cooperation with China Unicom across various fields [1][8].

Group 1 - The top three stocks with net inflows from southbound funds on September 30 are Alibaba-W (09988) with 3.627 billion, Yingfu Fund (02800) with 1.426 billion, and Tencent Holdings (00700) with 1.133 billion [1][2] - The top three stocks with net outflows are China Mobile (00941) with -629 million, China Telecom (00728) with -352 million, and China Construction Bank (00939) with -342 million [1][2] - In terms of net inflow ratio, Midea Real Estate (03990), GX Hangseng Technology (02837), and Aikang Medical (01789) lead the market with 54.34%, 53.07%, and 51.97% respectively [1][2] Group 2 - The top ten stocks by net inflow include Xiaomi Group-W (01810) with 1.053 billion, Huahong Semiconductor (01347) with 934 million, and Zijin Mining (02899) with 635 million [2] - The top ten stocks by net outflow include China Pacific Insurance (02328) with -288 million, Sinopec (00386) with -215 million, and PetroChina (00857) with -142 million [2] - The top three stocks by net outflow ratio are Shanghai Petrochemical (00338) with -46.42%, China Telecom (00728) with -44.01%, and Luk Fook Holdings (00590) with -42.83% [3]

Core Viewpoint - The Chinese government is accelerating the integration of artificial intelligence (AI) into various sectors, aiming for over 90% application penetration of new intelligent terminals and agents by 2030 [1] Group 1: Government Initiatives - In August, the State Council issued an opinion to promote the deep integration of AI with the economy and society [1] - The goal is to achieve a penetration rate exceeding 90% for new generation intelligent terminals and agents by 2030 [1] Group 2: Company Developments - China Mobile announced an upgraded "AI+" action plan, aiming to double its overall investment in AI over the next three years and to expand its intelligent agent user base to over 200 million [1] - China Unicom launched an open-source intelligent agent development platform that supports the integration of hundreds of large models [1] - China Telecom introduced a super intelligent agent capable of executing complex tasks autonomously [1] Group 3: Market Trends - Multiple large model companies in China are also launching intelligent agent services [1] - The demand for AI capabilities is shifting from simple "content Q&A" to solving "practical tasks," positioning intelligent agents as a key focus for industry players [1] - Industry forecasts predict that the enterprise-level intelligent agent application market in China will exceed $27 billion by 2028 and grow to $47.1 billion by 2030 [1]