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]

【CNMO科技消息】12月3日，长城汽车董事长魏建军发布视频，就近期用户广泛关注的交付周期问题 和网络上"车企高管应去工厂打螺丝"的调侃作出回应。他表示，理解用户对提车时间的急切心情，但汽 车制造是高度系统化、科学化的流程，外行贸然介入不仅帮不上忙，反而可能干扰正常生产秩序。 魏建军坦言，不仅是普通用户，连自己的家人也在催问坦克400何时能提车。"天天问我，用不着坦克 400什么时候能提到？"他笑称。为回应关切，他专门前往工厂了解最新生产进度，并向外界通报：全新 坦克400的平均交付周期目前为2至6周，而全新魏牌高山的交付周期已缩短至3至7周。部分因选装配置 需定制化生产的订单，交付时间会相应延长，但工厂已在全力排查瓶颈、提升效率。 他特别强调，尽管面临交付压力，但长城汽车始终坚持"宁可慢一天，也不能把不合格的产品交到用户 手中"的原则。质量是不可逾越的底线，任何提速都必须建立在确保产品可靠性的前提下。魏建军呼吁 所有用户给予理解与耐心，并感谢大家对长城产品的信任与支持。 CNMO了解到，全新坦克400于今年11月初正式上市，搭载长城汽车最新的Coffee Pilot Ultra智能辅助驾 驶系统，提供插混等 ...

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]