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]

期待许久的 eSIM 手机终于来了。 2025年10月13日，工信部正式批复三大运营商开展 eSIM 手机运营服务商用试验，标志着国内通信正式进入"无卡时代"。 昨日晚，中国联通、中国移动、中国电信相继官宣，已获批启动 eSIM 手机商用试验，正式上线 eSIM 业务。 此次批复是继2023年因安全风险暂停 eSIM 业务后，监管部门再次放开手机端 eSIM 应用。具体来说，2025年 6月，工信部正式批复三大运营商全面推进 eSIM 技 术应用，要求其通过技术升级解决实名认证漏洞、跨境写卡滥用等问题。 根据中国移动和中国电信的预约界面，目前 eSIM 手机业务的套餐与实体 SIM 卡的套餐一致，补换成 eSIM 卡（含跨区补换成eSIM卡）暂不收费。 经过三个月的准备，工信部正式批复三大运营商开展 eSIM 手机业务运营服务的商用试验，这意味着 eSIM 技术将全面进入国内手机市场。 当前，用户可通过运营商官方 App 预约相关服务，并前往线下营业厅办理，现阶段暂不开放线上业务。据悉，受安全管控要求，线下办理成当前唯一渠道。 需要注意的是，用户首次办理运营商 eSIM 号码新入网时，需携带本人（不支持代办） ...