Investment Rating - The industry investment rating is "Outperform the Market" [39] Core Views - The report highlights the acceleration of smart driving and the emergence of eSIM technology as key trends in the computer industry, indicating a shift towards a "cardless era" and the integration of smart terminals with communication ecosystems [4][11][14] - The report emphasizes the continuous order growth for humanoid robots from UBTECH, marking a significant advancement in the humanoid robotics industry [17][19] - Google's launch of the Veo 3.1 AI video generation model signifies a move towards "audio-visual integration," enhancing the capabilities of video content creation [21][23] - The policy push for vehicle-road collaboration is expected to facilitate the systematic development of smart driving infrastructure [14][16] Summary by Sections eSIM Technology - The three major telecom operators in China have received approval to conduct eSIM mobile service trials, which will enhance the convenience of mobile communication and drive upgrades across the entire industry chain [11][12] - eSIM technology allows for the integration of SIM card functions into the device, leading to lighter and more robust designs, and simplifying user operations such as activation and number changes [11][13] Humanoid Robotics - UBTECH has secured a procurement contract worth over 32 million yuan for its Walker S2 humanoid robots, following a record-breaking order in September [17][19] - The total contracts for the Walker series have approached 500 million yuan, indicating a strong demand and the company's commitment to increasing production capacity [17][19] AI Video Generation - Google's Veo 3.1 model introduces enhanced audio and narrative control, allowing for more realistic video generation and editing capabilities [21][22] - The model supports native audio generation, enabling users to control the emotional and narrative aspects of their videos during the creation process [21][23] Smart Driving Infrastructure - The Ministry of Housing and Urban-Rural Development has initiated a plan to promote the integration of smart city infrastructure with intelligent connected vehicles, focusing on enhancing urban logistics and emergency response capabilities [14][15] - The policy aims to improve the safety and reliability of smart driving through better infrastructure and technology integration [14][16]

Core Viewpoint - The approval of eSIM mobile services by the Ministry of Industry and Information Technology (MIIT) marks the official entry of China into the "cardless era" of communication, with major telecom operators launching commercial trials for eSIM technology [1][4]. Group 1: Regulatory Approval and Implementation - The MIIT's approval follows a previous suspension of eSIM services in 2023 due to security risks, indicating a renewed focus on eSIM technology after addressing issues like real-name authentication vulnerabilities and cross-border card misuse [4]. - Users can currently book eSIM services through official operator apps and must visit physical stores for activation, as online services are not yet available [4]. Group 2: User Requirements and Limitations - Users must present valid identification when applying for a new eSIM number, and each phone can bind a maximum of two domestic operators' eSIMs, adhering to the "one ID, five numbers" rule [9]. - The eSIM packages offered are consistent with those of physical SIM cards, and there are no fees for switching to eSIM [6]. Group 3: Market Impact and Product Launches - The launch of the iPhone Air, which exclusively supports eSIM, is a significant catalyst for the acceleration of eSIM commercial processes among operators [9]. - Apple CEO Tim Cook announced that the iPhone Air will be available for pre-order on October 17 and officially on sale from October 22, 2025 [10][11]. - The iPhone Air will not be sold as a contract phone in China, allowing users to choose their network provider freely [13][15]. - Other brands, including Huawei and OPPO, are expected to release eSIM-compatible devices soon, indicating a growing market for eSIM technology [15][17].