Group 1 - FTSE Russell announced the quarterly review results for the FTSE China Index Series, effective from December 22, 2025 [1] - The FTSE China A50 Index added two constituents: Luoyang Molybdenum and Sunshine Energy, while removing SF Express and Jiangsu Bank [1] - The FTSE China 50 Index added three constituents: China Hongqiao, CATL, and Heng Rui Medicine, while removing CITIC Securities, Great Wall Motors, and Li Auto [1] - The next quarterly review for the FTSE China Index will be announced in March [1]

Core Viewpoint - The company reported a steady performance in vehicle sales for November 2025, with a total of 1.2 million units sold from January to November, reflecting a year-on-year increase of 9.3% [1]. Group 1: Sales Performance - Cumulative vehicle sales from January to November reached 1.2 million units, up 9.3% year-on-year [1] - November sales were 133,000 units, showing a year-on-year increase of 4.6% but a month-on-month decrease of 6.9% due to cautious consumer purchasing behavior and inventory control [1] - WEY brand sales reached 13,000 units, up 81.1% year-on-year and 0.5% month-on-month, driven by strong demand for the high-end models [1] - Haval sales were 75,000 units, down 3.8% year-on-year and 14.6% month-on-month, primarily due to shipment adjustments [1] - Ora sales totaled 5,000 units, down 17.0% year-on-year and 14.6% month-on-month, with new model Ora 5 set to launch [1] - Tank sales reached 24,000 units, up 19.5% year-on-year and 8.2% month-on-month, boosted by the launch of the 2026 Tank 400 [1] - Pickup sales were 16,000 units, up 1.0% year-on-year and 13.6% month-on-month, driven by the launch of the 2026 Great Wall Cannon [1] - The combined sales of WEY and Tank brands accounted for 27.7% of total sales in November, indicating an increase in high-priced model sales [1] Group 2: International Sales and Strategy - The company achieved record overseas sales of 57,000 units in November, a year-on-year increase of 32.7% and accounting for 43.0% of total sales [2] - Cumulative overseas sales from January to November reached 449,000 units, up 8.9% year-on-year [2] - The core overseas market, Russia, showed significant recovery with October sales reaching 183,000 units, up 35% month-on-month [2] - The company is expanding its international presence with new model launches in Thailand and Chile, and the 10,000th vehicle rolling off the assembly line in Uzbekistan [2] - For 2026, the company plans to increase new product launches, including the Ora 5 in major markets such as Europe, Australia, South America, and Africa [2] Group 3: Financial Projections - The company expects revenue to reach 227.1 billion, 274.1 billion, and 322.4 billion yuan from 2025 to 2027, representing year-on-year growth of 12.3%, 20.7%, and 17.6% respectively [3] - Projected net profit attributable to shareholders is expected to be 13.93 billion, 16.80 billion, and 19.54 billion yuan for the same period, with year-on-year growth of 9.7%, 20.6%, and 16.3% respectively [3] - The company maintains a "recommended" rating based on these projections [3]

Core Viewpoint - FTSE Russell announced adjustments to several indices, including the FTSE China 50 Index, FTSE China A50 Index, FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index, effective after the market close on December 19, 2025 [1][17]. Group 1: Index Adjustments - The FTSE China A50 Index will include Luoyang Molybdenum and Sungrow Power, while removing Jiangsu Bank and SF Holding [3][19]. - The FTSE China 50 Index will add China Hongqiao, CATL, and Heng Rui Medicine, and remove CITIC Securities, Great Wall Motors, and Li Auto [5][21]. - The FTSE China A150 Index will add Ying Shi Innovation, Jiangsu Bank, Huadian New Energy, SF Holding, Jiangbolong, and Huayou Cobalt, while removing Luoyang Molybdenum, Desay SV, Longi Green Energy, Baoxin Software, Shanghai Pharmaceuticals, and Sungrow Power [9][25]. - The FTSE China A200 Index will include Ying Shi Innovation, Huadian New Energy, Jiangbolong, and Huayou Cobalt, and exclude Desay SV, Longi Green Energy, Baoxin Software, and Shanghai Pharmaceuticals [11][27]. - The FTSE China A400 Index will see a broader adjustment, adding Anji Technology, Baiyin Nonferrous Metals, Yitang Co., and BlueFocus, while removing Chipbond Technology, Yipin Hong, Guanghuan Xin, and Huaxi Biological [12][28]. Group 2: Investment Implications - The adjustments by FTSE Russell are expected to attract passive fund allocations to the included stocks and increase overseas interest in Chinese assets [15][31]. - In the first ten months of 2025, foreign capital inflow into the Chinese stock market reached $50.6 billion, significantly surpassing the $11.4 billion for the entire year of 2024, marking an increase of over three times [15][31]. - UBS forecasts that the A-share market will see an increase in earnings growth from 6% this year to 8% next year, driven by improved nominal GDP growth and a narrowing of PPI declines [16][32]. - Morgan Stanley has set a target for the CSI 300 Index at 4,840 points by December 2026, indicating a stable outlook for Chinese stocks amid moderate earnings growth and higher valuation levels [16][32].

Core Viewpoint - Great Wall Motors (601633.SH) announced a 2025 employee stock ownership plan, aimed at enhancing employee engagement and aligning their interests with the company's long-term performance [1] Group 1: Employee Stock Ownership Plan Details - The plan will involve no more than 50 participants, including company directors (excluding independent directors), senior management, and other key personnel crucial to the company's overall performance and long-term strategy [1] - The funding for the plan will come from the company's incentive fund, employees' legal salaries, or other legally permitted methods, with a total scale not exceeding 80 million yuan [1] - The stock for the plan will be sourced from shares repurchased in a dedicated account and/or shares purchased on the secondary market [1] Group 2: Stock Ownership Limits - After the implementation of the plan, the total number of shares held by all effective employee stock ownership plans will not exceed 10% of the company's total share capital [1] - The total number of shares corresponding to the equity interests of individual employees will not exceed 1% of the company's total share capital [1] - Shares held under the employee stock ownership plan do not include those obtained by employees prior to the company's initial public offering, shares purchased on the secondary market, or shares obtained through equity incentives [1]

Core Viewpoint - GWM's Chairman Wei Jianjun addressed concerns regarding delivery cycles and emphasized the importance of maintaining product quality over speed in production [1][3][7] Group 1: Delivery Cycle Updates - The average delivery cycle for the new Tank 400 is currently between 2 to 6 weeks, while the delivery cycle for the new WEY brand Gaoshan has been reduced to 3 to 7 weeks [1][5] - Some orders may experience longer delivery times due to customized production requirements, but the factory is actively working to identify bottlenecks and improve efficiency [1][5] Group 2: Quality Assurance - GWM maintains a principle of prioritizing product quality, stating that it is better to delay delivery than to deliver substandard products [3][7] - Wei Jianjun called for understanding and patience from customers, expressing gratitude for their trust and support in GWM's products [3][7] Group 3: Product Features - The new Tank 400 was officially launched in early November and features the latest Coffee Pilot Ultra intelligent driving assistance system, offering various power options with a minimum acceleration of 0 to 100 km/h in just 4.3 seconds [5][8]

Group 1 - FTSE Russell announced the new candidate stocks for the FTSE China 50 Index, which include China Aluminum (601600)(02600), Hansoh Pharmaceutical (03692), Huatai Securities (601688)(06886), JD Health (06618), and New China Life Insurance (601336)(01336) [1] - On December 3, FTSE Russell announced adjustments to the FTSE China 50 Index, FTSE China A50 Index, FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index, effective after the market close on December 19, 2025 [2] - The adjustments will include the addition of China Hongqiao (01378), CATL (300750)(03750), and Heng Rui Medicine (600276)(01276) to the FTSE China 50 Index, while removing CITIC Securities H-share (06066), Great Wall Motor H-share (02333), and Li Auto-W (02015) [2]

长城汽车（601633）(601633.SH)披露2025年员工持股计划(草案)，参与对象不超过50人，员工持股计划 的资金来源为公司提取的激励基金，员工的合法薪酬或法律法规允许的其他方式，持股计划的设立规模 不超过8000万元。员工持股计划的股票来源为回购专用证券账户中回购的公司A股股票和/或二级市场购 买的公司A股股票。 ...

智通财经APP讯，长城汽车(601633.SH)披露2025年员工持股计划(草案)，参与对象不超过50人，员工持 股计划的资金来源为公司提取的激励基金，员工的合法薪酬或法律法规允许的其他方式，持股计划的设 立规模不超过8000万元。员工持股计划的股票来源为回购专用证券账户中回购的公司A股股票和/或二级 市场购买的公司A股股票。 ...

本文作者可以追加内容哦 ! 长城汽车(02333)发布公告，于2025年12月3日，董事会审议及通过了相关议案，建议采纳2025年员工持 股计划。2025年员工持股计划待本公司股东会审议批准后方能生效。在本公司召开股东会以批准本员工 持股计划前，本公司可能会应中国及或香港监管机构的要求，修改本员工持股计划。追加内容 长城汽车(02333)发布公告，于2025年12月3日，董事会审议及通过了相关议案，建议采纳2025年员工持 股计划。2025年员工持股计划待本公司股东会审议批准后方能生效。在本公司召开股东会以批准本员工 持股计划前，本公司可能会应中国及或香港监管机构的要求，修改本员工持股计划。 ...

Core Viewpoint - FTSE Russell announced adjustments to several indices including the FTSE China 50 Index, which will take effect after market close on December 19, 2025 [1] Group 1: Index Adjustments - The FTSE China 50 Index will include new constituents such as China Hongqiao (01378), CATL (03750), and Heng Rui Pharmaceutical (01276) [1] - The index will exclude companies like CITIC Securities H (06066), Great Wall Motors H (02333), and Li Auto-W (02015) [1] Group 2: Alternative Stocks - FTSE Russell released a list of alternative stocks for the FTSE China 50 Index, which includes companies like Aluminum Corporation of China (02600), Hansoh Pharmaceutical (03692), Huatai Securities (06886), JD Health (06618), and New China Life Insurance (01336) [1]