Group 1: eSIM Technology and Market Development - eSIM technology is entering a new commercial phase in China, with major telecom operators like China Mobile, China Unicom, and China Telecom officially launching eSIM services for mobile phones [3][4] - The first eSIM phone in China, the iPhone Air, will be released on October 22, marking a significant milestone in the transition to a "no card" era for mobile devices [3][4] - Domestic brands such as OPPO and vivo are quickly following suit, with OPPO launching its eSIM-compatible phone in November and other brands expected to introduce similar products soon [3][4] Group 2: Industry Impact and Future Projections - eSIM is expected to become a mainstream communication solution, with predictions indicating that by the end of 2025, global eSIM smartphone connections will reach 1 billion, and by 2030, this number will grow to 6.9 billion, accounting for 76% of total smartphone connections [4] - The technology is seen as a key infrastructure for transforming the communication industry, enhancing user experience, and contributing to the development of the digital economy in China [4] Group 3: A-Share Market Performance and Company Involvement - Several A-share companies, including Unisoc, Eastcompeace, and Megmeet, have made significant advancements in eSIM technology, with products already in mass production and compliance with international standards [6] - The average increase in eSIM concept stocks has been 42.42% this year, significantly outperforming the Shanghai Composite Index, with six stocks rising over 50% [6][7] - Despite some stocks experiencing significant pullbacks, 14 eSIM concept stocks have received positive ratings from brokerage firms, indicating strong institutional interest [7]

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]

eSIM卡体积仅为实体SIM卡三分之一，采用eSIM卡不仅可降低设备成本、体积与重量，还能方便用户 携号转网，且eSIM卡可广泛应用于除手机外的手表、平板、车载设备、工业等多终端多场景领域，有 利于加速万物互联时代到来。 早在2018年，国内三大运营商已相继启动eSIM业务，但当时仅支持智能手表等可穿戴设备，不支持手 机终端。2023年，中国移动（600941）、中国联通（600050）、中国电信（601728）三大运营商先后以 业务维护升级为由，暂停受理eSIM一号双终端业务及独立eSIM卡办理申请。 暂停约两年后，中国移动、中国联通、中国电信近日均宣布已正式获得开展eSIM手机运营服务商用试 验的批复，并已在国内31个省区市正式上市推广eSIM手机业务。 这不仅意味着我国通信服务运营商eSIM业务重启，也意味着我国eSIM手机业务商用破冰，即首次商用 于手机领域。在此之前，欧美市场已领先几年开始了eSIM手机业务的探索。 电话卡作为通信技术的关键载体，随着人类通信技术的不断迭代发展，曾经历过磁卡、IC卡及当下普及 的SIM卡时代，如今，随着eSIM（嵌入式SIM或电子化SIM）技术的不断成熟，国内eSIM ...

电话卡作为通信技术的关键载体，随着人类通信技术的不断迭代发展，曾经历过磁卡、IC卡及当下普及 的SIM卡时代，如今，随着eSIM（嵌入式SIM或电子化SIM）技术的不断成熟，国内eSIM业务首次商用 于手机领域，手机等终端"无卡"时代渐行渐近。 多位专业人士对证券时报记者表示，eSIM卡具有转网灵活、可节省设备空间及支持多设备多场景无缝 切换互联等优势，短期将与实体SIM卡共存，但长期来看，"无卡化"趋势已不可逆转，预计将分阶段取 代实体SIM卡，当前仍需警惕其安全风险，尽快完善行业标准、建立统一适配生态。 eSIM手机商用破冰 SIM卡相当于手机通信时的"身份证"及钥匙，用于存储用户手机号码、验证用户信息，实现移动通信过 程中的鉴权及加密等，有了它，手机才能拨号打电话、发短信、连接移动通信网络。 目前，全球手机普遍采用实体SIM卡，它需要插入手机专用卡槽才能使用，而eSIM卡则采用嵌入式设 计，直接焊接在设备主板上，通过网络下载方式将用户数据写入卡内，实现与实体SIM卡一样的功能。 eSIM卡体积仅为实体SIM卡三分之一，采用eSIM卡不仅可降低设备成本、体积与重量，还能方便用户 携号转网，且eSIM卡可广 ...

Core Insights - The overall trend in the Chinese smartphone market for Q3 2025 indicates a decline in shipments, with IDC reporting approximately 68.4 million units shipped, a year-on-year decrease of 0.6%, while Omdia reported 67.2 million units, down 3% year-on-year [1][2][6]. Market Performance - Vivo regained the top position in Q3 2025 with a shipment of 11.8 million units, capturing 17.3% market share, despite a 7.8% decline compared to the previous year [2][4]. - Apple followed closely with 10.8 million units shipped, achieving a market share of 15.8%, marking a slight increase of 0.6% year-on-year [2][4]. - Huawei shipped 10.4 million units, holding a 15.2% market share, down 1% year-on-year [2][4]. - Xiaomi and OPPO shipped 10.0 million and 9.9 million units respectively, with market shares of 14.7% and 14.5%, both showing slight declines [2][4]. - The "Others" category saw a significant increase in shipments, rising 21.5% year-on-year to 5.6 million units [2]. Competitive Landscape - The market is characterized by intense competition, with major brands focusing on product differentiation through design, battery life, and camera capabilities [9]. - High-end smartphones are expected to see increased competition in Q4 2025, with new flagship models being launched by Apple, Xiaomi, Vivo, Honor, and OPPO [3][7]. - The introduction of eSIM technology is anticipated to further disrupt the market, with major brands like Apple and OPPO already announcing eSIM-compatible devices [8]. Consumer Behavior - The Q3 2025 period is noted as a traditional off-season for smartphone sales, with fewer new product launches and a tightening of government subsidies leading to more rational consumer behavior [1][4]. - Apple’s iPhone 17 series saw strong pre-sale performance, indicating a positive consumer response despite limited initial inventory [5]. Future Outlook - Analysts suggest that the market may see improvements in Q4 2025 due to the launch of flagship models and the upcoming "Double Eleven" shopping festival, although overall consumer demand may remain subdued [8].