Core Viewpoint - The meeting of the Zhongguancun Energy Storage Industry Technology Alliance highlighted the dual benefits of policy and market for the energy storage industry under the "dual carbon" goals, emphasizing the need for collaboration and strategic planning for future development [6][13]. Group 1: Meeting Overview - The fourth meeting of the fourth council of the Zhongguancun Energy Storage Industry Technology Alliance was held in Xiamen, Fujian, where the 2025 and 2026 work plans were discussed and approved [2][4]. - Key figures from various member companies attended, including leaders from Tianhe Energy, State Grid Technology, BYD, and others, showcasing a strong representation from the industry [4]. Group 2: Work Plans and Achievements - The 2025 work plan focuses on multiple breakthroughs in industry services, including participation in the "14th Five-Year" energy storage planning, supporting policy assessments, and leading national key research projects [8]. - The alliance aims to publish the "Energy Storage Industry Research White Paper 2025" and has initiated eight new group standards, along with hosting significant events like the 13th International Energy Storage Summit [8]. - For 2026, the alliance plans to deepen its core business areas, enhance international influence, and officially restart the Global Energy Storage Alliance (GESA 2.0) [8]. Group 3: Membership Changes - The council approved the addition of nine new members to the executive council, including companies like Goldwind Zero Carbon Energy and Huizhou Yiwei Lithium Energy, reflecting the growing collaboration within the industry [10]. Group 4: Future Directions - The successful hosting of the council meeting clarified future directions and consensus for the alliance, emphasizing its role as a bridge among industry players to contribute to the high-quality development of the global energy storage sector [13].

Core Viewpoint - The forum highlighted the evolution of energy cooperation between China and the Middle East, transitioning from traditional oil and gas trade to a comprehensive, multi-dimensional strategic collaboration centered on green and low-carbon initiatives [2][4]. Group 1: Historical Context and Cooperation Foundations - The historical ties between China and Arab countries date back over a thousand years, with the establishment of the China-Arab States Cooperation Forum in 2004 marking a new phase of institutional cooperation [4]. - The Belt and Road Initiative proposed in 2013 has significantly boosted energy cooperation between China and Arab nations, evolving from mere trade to encompassing oil and gas exploration, technology exchange, and joint clean energy projects [4][5]. Group 2: Current Energy Transition and Investment Opportunities - The Middle East is undergoing a significant energy transition, with countries like Saudi Arabia and the UAE outlining ambitious plans such as the "Vision 2030" and "2050 Energy Strategy," which aim to reduce dependence on oil and diversify their economies [8]. - The region's shift towards renewable energy creates substantial investment opportunities for global investors, particularly in clean energy, hydrogen, and emerging energy sectors [8][10]. Group 3: Strategic Collaboration Dynamics - The collaboration between China and Middle Eastern countries has evolved from a one-way trade model to a synergistic approach combining Chinese technology, Gulf capital, and local application scenarios, creating a powerful collaborative force [6]. - The complementary strengths of China as the largest oil importer and the Middle East as a major oil exporter, along with China's advanced renewable energy capabilities, form the basis for deepening energy cooperation [5][6]. Group 4: Technological Innovations and Future Prospects - Chinese companies are rapidly integrating into the Middle East's energy transition, with firms like China Energy Engineering, BYD, and Huawei leading the charge in renewable energy projects [8][10]. - Innovations in technologies such as heterojunction solar cells and PEM electrolysis for hydrogen production are being explored, with the potential to significantly reduce costs and enhance efficiency in the region's energy landscape [9][10]. Group 5: Challenges and Strategic Recommendations - The complexity of the Middle Eastern market, characterized by diverse histories, cultures, and regulations, necessitates a thorough understanding and careful planning by Chinese enterprises looking to invest [12][13]. - Successful collaboration relies on building trust through local connections, understanding market dynamics, and leveraging local policy advantages while ensuring compliance and risk management [12][13].

| 年会预告 | | | --- | --- | | 2025高工储能年会 | | | 暨高工金球奖颁奖典礼 | | | | 倒计时6天 | | 主办单位： 高工储能、高工产业研究院(GGII) | | | 总冠名： 楚能新能源 | | | 专场冠名： 融捷能源、德赛电池、精控能源、协能科技、远东电池、融科热控、万金储能、为恒智能、中天储能 | | | 金球奖冠名： 远信储能 | | | 年会时间： 2025年12月9-11日 | | | 年会地点： 深圳机场凯悦酒店 | | | 咨询合作： 欧阳女士 15889619724（微信同号） | | | 同期活动： 2025高工钠电年会（12月12日） | | 12月9-11日，2025高工储能年会暨高工金球奖颁奖典礼 将在深圳机场凯悦酒店举行， 本次峰 会主题为"稳驭风浪 匠启新 章"。（ 点此查看2025高工储能年会议程 ） 本次年会共设九大专场： 【开幕式专场】 破局立势 跃阶而上、 【储能电池专场】 固本拓新 能效精配、 【智慧能源专 场】 安全筑基 创新赋能、 【工商业储能专场】 收益突围 盈向终端、 【储能3S专场】 技术融合 协同智控、 【储能前沿 ...

以下为发言内容整理 当今世界，应对气候变化已是全球重要议题，世界能源格局深度调整。这一背景下，以能 源绿色低碳转型助力可持续发展成为国际社会的共同选择。中东地区，这片曾以油气资源 成就世界能源版图中心的广袤之地，正依托突出的资源禀赋、广阔的发展潜力，以前所未 有的决心与行动，改变单一油气结构，加快推进经济多元化战略和能源结构转型，努力在 全球清洁能源领域占据一席之地。 沙特阿拉伯开启以" 2030愿景"为蓝图的宏大转型，实施了如新未来城（NEOM）、 阿菲 夫光伏电站等诸多可再生能源旗舰项目。阿联酋制定" 2 0 5 0年能源战略"，定位多元化发 展领跑者，马斯达尔城是全球首个零碳城市概念的实验地，阿布扎比的艾尔达芙拉光伏电 站是全球最大的单体太阳能电站。卡塔尔的绿色转型与天然气主业紧密结合，在天然气田 启动规模巨大的碳捕集与封存（CCS）项目，利用天然气资源和CCS技术生产蓝氢和蓝 氨，以此打造"绿色LNG"标杆。这样的案例还有很多。 世界看到，中东海湾国家正从全球"油气重地"向"绿色技术试验场"转变，凭借资本、资源 和雄心，重塑未来全球清洁能源版图。作为全球最大的能源生产国和消费国，中国是全球 绿色转型的 ...

Core Points - The Green Governance Index (980058) closed at 1324.41 points, up 0.4%, with a trading volume of 87.561 billion yuan and a turnover rate of 1.14% [1] - Among the index constituents, 39 stocks rose while 58 fell, with Northern Huachuang leading the gainers at 3.67% and Luzhou Laojiao leading the decliners at 3.76% [1] Index Constituents - The top ten constituents of the Green Governance Index include: - Ningde Times (12.72% weight) at 383.35 yuan, up 1.93% [1] - Midea Group (6.81% weight) at 81.89 yuan, down 0.34% [1] - Dongfang Wealth (5.82% weight) at 22.39 yuan, up 0.72% [1] - Luxshare Precision (5.40% weight) at 59.63 yuan, up 1.38% [1] - Sungrow Power Supply (4.99% weight) at 177.55 yuan, up 0.24% [1] - Wuliangye (3.94% weight) at 114.45 yuan, down 0.99% [1] - Gree Electric Appliances (3.16% weight) at 40.94 yuan, up 0.32% [1] - Northern Huachuang (2.82% weight) at 449.79 yuan, up 3.67% [1] - Inovance Technology (2.63% weight) at 72.65 yuan, up 3.39% [1] - ZTE Corporation (2.52% weight) at 42.92 yuan, down 0.88% [1] Capital Flow - The net outflow of main funds from the index constituents totaled 2.808 billion yuan, while retail investors saw a net inflow of 3.06 billion yuan [1] - Detailed capital flow for specific stocks shows: - Ningde Times had a main fund net inflow of 568 million yuan [2] - Inovance Technology had a main fund net inflow of 15 million yuan [2] - Dongfang Wealth experienced a main fund net inflow of 76.89 million yuan [2] Recent Adjustments - The Green Governance Index constituents were adjusted recently, adding 10 new stocks, effective December 15, 2025 [3] - New additions include: - Zhongke Environmental Protection (77.42 billion yuan market cap) [3] - Dongsoft Zhaibo (72.07 billion yuan market cap) [3] - Furan Energy (158.40 billion yuan market cap) [3] - Water Technology (51.67 billion yuan market cap) [3] - Satellite Chemical (567.95 billion yuan market cap) [3] - Jinhe Industry (115.60 billion yuan market cap) [3] - Changbao Co. (70.35 billion yuan market cap) [3] - Shuanghuan Transmission (338.81 billion yuan market cap) [3] - Shield Environment (136.16 billion yuan market cap) [3] - Fu'ao Co. (94.25 billion yuan market cap) [3]

Core Insights - The competitive landscape of energy storage PCS has shifted from a "blue ocean" to a "red ocean," with a decisive question emerging: where will the key competitive points lie in the second half of the industry? The answer is increasingly clear: it is not about marginal efficiency improvements or extreme cost reductions, but rather a network-forming technology that can reshape the value of PCS and transition energy storage systems from "passive execution" to "active support" [2] Group 1: Market Dynamics - By 2025, new policies from the National Energy Administration and mandatory ratios in regions like Xinjiang indicate that grid-forming energy storage is rapidly moving from a "technical alternative" to a "market necessity" [4] - According to CESA data, from January to September 2025, the newly installed capacity of grid-forming energy storage in China reached 2.9GW/9GWh, surpassing the total of 8.9GWh for the entire year of 2024, with a cumulative operational capacity of 6GW/19.1GWh, nearly five times the growth from 2023 [7] Group 2: Technological Advancements - Leading companies like Sungrow, Huichuan Technology, and NARI Technology are strategically positioning themselves around grid-forming technology, indicating that the market positioning and commercial value of PCS are being redefined [2][4] - Sungrow emphasizes that PCS will increasingly focus on the overall grid dimension, enhancing its foundational support for safety and improving the intelligent response level for economic aspects [7] - Huichuan Technology is prioritizing grid-forming technology, enhancing the stability of power systems through active participation in frequency and voltage regulation [7] Group 3: Challenges and Opportunities - Grid-forming energy storage faces multiple challenges in scaling up, including technical, standardization, and economic issues [10] - The complexity of adapting to various operational conditions is a significant hurdle for grid-forming PCS, requiring high responsiveness, control precision, and overload capacity [12] - The lack of unified technical standards for grid-forming PCS in China has led to market credibility issues, with some "pseudo-grid" products causing operational failures [14] Group 4: Future Outlook - The industry is at a critical stage of deep integration of "source-grid-load-storage," with collaborative efforts to draft a white paper analyzing storage development trends, set to be released in January 2026 [14]

Core Viewpoint - The company emphasizes the importance of a global strategy that goes beyond merely exporting products, advocating for deeper integration into local markets and building resilient global supply chains [1][4][11]. Group 1: Global Strategy and Market Integration - The company’s chairman, Cai Hao, articulates a "go global, dig deep locally" strategy, focusing on not just exporting products but also establishing local operations and integrating into local economies [1][5]. - The company has established three overseas regional headquarters, four service centers, and 17 branches, creating an efficient service network centered around customer needs [3]. - The company has achieved significant milestones, including securing multiple GW-level project orders globally and shipping over 103 GW across more than 40 countries [3]. Group 2: Competitive Positioning - The company has risen to the second position in the global tracking bracket market as per Wood Mackenzie’s report for 2024, marking its entry into the top three globally [3]. - The company’s competitive edge is attributed to its comprehensive approach, which includes not only selling products but also building networks and establishing local production bases [4][6]. Group 3: Risk Management and Resilience - The company has implemented a dynamic market insight and risk assessment mechanism, updating its "global risk map" quarterly to monitor political trade risks, supply chain risks, and operational compliance risks [11][12]. - The company adopts a strategy of integrating local suppliers into its supply chain, enhancing resilience by not solely relying on Chinese manufacturing [12]. - The company aims to bind its interests with local economic development, thereby increasing its operational resilience against geopolitical and market fluctuations [12]. Group 4: Collaboration and Industry Ecosystem - The company collaborates with other domestic firms in the solar industry, leveraging collective strength to enhance competitiveness in international markets [8]. - The company’s role as a "chain leader" involves setting standards and improving local suppliers' capabilities, thereby fostering a competitive local supply chain ecosystem [7][8]. Group 5: Challenges and Support Needs - The company faces challenges such as high funding pressure, foreign exchange risks, and difficulties in intellectual property protection when expanding overseas [12]. - The company advocates for greater support for outbound enterprises, including long-term low-cost financing tools and flexible foreign exchange risk management products [12].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the trend of today's futures main contracts. Index futures are likely to oscillate strongly; ten - year treasury bond futures are likely to oscillate widely; thirty - year treasury bond futures are likely to oscillate weakly and widely. Gold futures are likely to oscillate and consolidate; silver, platinum, copper, aluminum, tin, and polycrystalline silicon futures are likely to oscillate strongly; palladium and lithium carbonate futures are likely to oscillate widely; alumina, rebar, hot - rolled coil, iron ore, coking coal, glass, soda ash, PVC, and natural rubber futures are likely to oscillate weakly; crude oil and corn futures are likely to oscillate strongly [2][3][4] 3. Summary by Relevant Catalogs 3.1 Futures Market Outlook Points - Index futures are likely to oscillate strongly. The resistance and support levels for IF2512, IH2512, IC2512, and IM2512 are given respectively. Ten - year treasury bond futures main contract T2603 is likely to oscillate widely, with resistance at 108.10 and 108.20 yuan and support at 107.92 and 107.85 yuan. Thirty - year treasury bond futures main contract TL2603 is likely to oscillate weakly and widely, with support at 113.3 and 113.0 yuan and resistance at 114.0 and 114.2 yuan [2] - Gold futures main contract AU2602 is likely to oscillate and consolidate, with support at 951.4 and 945.5 yuan/g and resistance at 963.3 and 970.6 yuan/g. Silver futures main contract AG2602 is likely to oscillate strongly and attack the resistance at 13900 and 14000 yuan/kg. Platinum futures main contract PT2606 is likely to oscillate strongly and attack the resistance at 444.1 and 448.4 yuan/g. Palladium futures main contract PD2606 is likely to oscillate widely, with resistance at 385.7 and 388.1 yuan/g and support at 378.3 and 375.5 yuan/g. Copper futures main contract CU2601 is likely to oscillate strongly, attack the resistance at 91500 and 92000 yuan/ton, and set a new record high. Aluminum futures main contract AL2601 is likely to oscillate strongly and attack the resistance at 22050 and 22160 yuan/ton [3] - Alumina futures main contract AO2601 is likely to oscillate weakly, test the support at 2600 and 2580 yuan/ton, and set a new record low. Tin futures main contract SN2601 is likely to oscillate strongly and attack the resistance at 325000 and 330000 yuan/ton. Polycrystalline silicon futures main contract PS2601 is likely to oscillate strongly and widely. Lithium carbonate futures main contract LC2605 is likely to oscillate widely. Rebar futures main contract RB2605 is likely to oscillate weakly and test the support at 3146 and 3125 yuan/ton [4] - Hot - rolled coil futures main contract HC2605 is likely to oscillate weakly and test the support at 3298 and 3273 yuan/ton. Iron ore futures main contract I2601 is likely to oscillate weakly and test the support at 790 and 788 yuan/ton. Coking coal futures main contract JM2605 is likely to oscillate weakly and test the support at 1144 and 1125 yuan/ton. Glass futures main contract FG601 is likely to oscillate weakly and test the support at 999 and 985 yuan/ton. Soda ash futures main contract SA601 is likely to oscillate weakly and test the support at 1141 and 1130 yuan/ton. Crude oil futures main contract SC2601 is likely to oscillate strongly. PVC futures main contract V2601 is likely to oscillate weakly and test the support at 4493 and 4458 yuan/ton. Corn futures main contract C2601 is likely to oscillate strongly and attack the resistance at 2280 and 2291 yuan/ton. Natural rubber futures main contract RU2601 is likely to oscillate weakly and test the support at 14880 and 14650 yuan/ton [6][7] 3.2 Macro News and Trading Tips - The State Council Premier Li Qiang pointed out that new - type urbanization is an important carrier for expanding domestic demand, promoting industrial upgrading, and strengthening the domestic economic cycle. The US President Trump signed a law on US - Taiwan relations, and the Chinese Ministry of Foreign Affairs responded. The State Council approved the "Yangtze River Delta Territorial Space Plan (2023 - 2035)" [8] - From January to November this year, consumer goods replacement drove related commodity sales of over 2.5 trillion yuan, benefiting over 360 million people. From January to October, China's service trade import and export volume was 65844.3 billion yuan, a year - on - year increase of 7.5%; the service trade deficit was 7663.7 billion yuan, a year - on - year decrease of 2693.9 billion yuan. Local governments have launched a parenting subsidy of 3600 yuan per year for eligible families with infants under 3 years old, and over 30 million application information has been approved [8][9] - The US Treasury Secretary is optimistic about the legality of tariffs, while 9 Japanese companies have sued for a refund. The US November ADP employment data showed a decrease of 32000 jobs, and the probability of the Fed cutting interest rates by 25 basis points in December is nearly 90%. Bond investors are worried about Kevin Hassett's possible appointment as the Fed Chairman. The US government is promoting the development of the robot industry [9][10] - The US November ISM services PMI rose to 52.6. The EU will ban the import of Russian natural gas from the autumn of 2027, and Hungary and Slovakia will sue. Belgium rejected the plan to use frozen Russian assets to aid Ukraine. The EU plans to launch the "Industrial Acceleration Act". The eurozone November composite PMI was revised up to 52.8. The World Bank reported that the gap between debt repayment and new financing in developing countries reached a 50 - year high [10][11] 3.3 Commodity Futures - related Information - On Wednesday, December 3, international precious metal futures generally closed higher. COMEX gold futures rose 0.33% to 4234.8 US dollars/ounce, and COMEX silver futures rose 0.39% to 58.93 US dollars/ounce. US oil and Brent crude oil futures rose. London base metals mostly rose, with LME copper hitting a new high [11][12] - Glencore plans to increase copper production to about 1.6 million tons by 2035. The European Central Bank asked Italy to re - examine its gold reserve proposal. The on - shore and offshore RMB against the US dollar rose, and the US dollar index fell [12][13] 3.4 Futures Market Analysis and Outlook Index Futures - On December 3, index futures contracts IF2512, IH2512, IC2512, and IM2512 all showed a trend of rebounding, encountering resistance, and then falling slightly. The A - share market oscillated and declined, with most stocks falling and low trading volume. The Hong Kong stock market also fell, while the US stock market rose slightly, and the European stock market had mixed results [14][16][18] - It is expected that index futures will likely oscillate strongly on December 4, and will likely oscillate widely in December 2025, with corresponding resistance and support levels provided [19][20] Treasury Bond Futures - Ten - year treasury bond futures main contract T2603 on December 3 showed a slight increase, and it is expected to oscillate widely on December 4. Thirty - year treasury bond futures main contract TL2603 on December 3 fell, and it is expected to oscillate weakly and widely on December 4 [35][40] Precious Metal Futures - Gold futures main contract AU2602 on December 3 fell slightly and is expected to oscillate and consolidate on December 4. Silver futures main contract AG2602 on December 3 rose and is expected to oscillate strongly on December 4. Platinum futures main contract PT2606 on December 3 fell slightly and is expected to oscillate strongly on December 4. Palladium futures main contract PD2606 on December 3 rose and is expected to oscillate widely on December 4 [42][51][54] Base Metal Futures - Copper futures main contract CU2601 on December 3 rose slightly, is expected to oscillate strongly on December 4, and will set a new record high. Aluminum futures main contract AL2601 on December 3 rose slightly and is expected to oscillate strongly on December 4. Alumina futures main contract AO2601 on December 3 fell and is expected to oscillate weakly on December 4 and set a new record low. Tin futures main contract SN2601 on December 3 rose and is expected to oscillate strongly on December 4 [58][64][69] Other Commodity Futures - Polycrystalline silicon futures main contract PS2601 on December 3 rose and is expected to oscillate strongly and widely on December 4. Lithium carbonate futures main contract LC2605 on December 3 fell and is expected to oscillate widely on December 4. Rebar futures main contract RB2605 on December 3 was flat and is expected to oscillate weakly on December 4. Hot - rolled coil futures main contract HC2605 on December 3 rose slightly and is expected to oscillate weakly on December 4. Iron ore futures main contract I2601 on December 3 fell slightly and is expected to oscillate weakly on December 4. Coking coal futures main contract JM2605 on December 3 fell and is expected to oscillate weakly on December 4. Glass futures main contract FG601 on December 3 fell and is expected to oscillate weakly on December 4. Soda ash futures main contract SA601 on December 3 fell and is expected to oscillate weakly on December 4. Crude oil futures main contract SC2601 on December 3 fell and is expected to oscillate strongly on December 4. PVC futures main contract V2601 on December 3 fell and is expected to oscillate weakly on December 4. Corn futures main contract C2601 on December 3 rose and is expected to oscillate strongly on December 4. Natural rubber futures main contract RU2601 on December 3 fell and is expected to oscillate weakly on December 4 [79][83][86]

Core Viewpoint - The Shenzhen Stock Exchange organized a roadshow in Frankfurt to promote investment opportunities in China, focusing on high-quality economic development during the 14th Five-Year Plan period and enhancing understanding of the Shenzhen market among local investors [1] Group 1: Roadshow Activities - The roadshow aimed to showcase the investment value of Shenzhen-listed companies and the opportunities in the Chinese capital market, with 11 overseas roadshows conducted this year across various countries, including Germany [1] - Participating companies included Sungrow Power Supply, Weichai Power, Aier Eye Hospital, Robotech, and Hailiang Co., which are involved in digital economy, high-end manufacturing, and green low-carbon sectors [1][2] Group 2: Company Highlights - Sungrow Power Supply is leveraging the EU's "REPowerEU" strategy to capture green energy transition opportunities in Germany, focusing on high-performance photovoltaic inverters and energy storage systems [2] - Weichai Power's acquisition of KION Group has led to significant revenue growth, with KION's revenue increasing from 4 billion euros to over 10 billion euros, contributing approximately 40% to Weichai's income [2] - Robotech is set to acquire the leading German company ficonTEC to address domestic high-end equipment shortages in the photonics sector, enhancing the self-sufficiency of the photonics device industry [2] Group 3: Market Insights - Investors noted the effective collaboration between Chinese and German companies, driven by technological capabilities and market demand, presenting vast investment opportunities [2][3] - Chinese companies are diversifying their export markets and enhancing operational resilience through solid supply chain strategies, with overseas revenue for Weichai expected to exceed 100 billion yuan in 2024 [3] Group 4: ESG Practices - Shenzhen-listed companies are increasingly focusing on ESG practices, gaining recognition from German long-term investors [4][5] - Companies like Sungrow and Weichai are integrating ESG principles into their strategic planning, with Aier Eye Hospital achieving an MSCI ESG rating upgrade to A [5] Group 5: Future Outlook - The event highlighted a growing interest from German investors in China's market, shifting focus from cost advantages to technology innovation and supply chain collaboration [6] - The Shenzhen Stock Exchange plans to enhance services for foreign investors and facilitate cross-border financing activities to support domestic and international economic circulation [6]

Group 1 - FTSE Russell announced quarterly review changes for several indices, including the FTSE China A50 Index, which will include Luoyang Molybdenum and Sungrow Power Supply, effective after market close on December 19, 2025 [1] - The FTSE China A50 Index consists of the 50 largest stocks by market capitalization in the Shanghai and Shenzhen stock exchanges, serving as a benchmark for international investors allocating assets in China [1] Group 2 - Sungrow Power Supply, a leader in the energy storage sector, has seen its stock price increase over 140% year-to-date, with a total market capitalization of 368.1 billion yuan; its revenue for the first three quarters reached 66.402 billion yuan, a year-on-year growth of 32.95%, and net profit attributable to shareholders was 11.881 billion yuan, up 56.34% [2] - Luoyang Molybdenum's stock price has risen approximately 169% year-to-date, with a total market capitalization of 383 billion yuan; its net profit for the first three quarters reached 14.280 billion yuan, a year-on-year increase of 72.61%, and total revenue was 145.485 billion yuan [2] - Luoyang Molybdenum is noted for maintaining high copper production growth, with analysts predicting continued increases in copper prices due to supply disruptions and global inventory mismatches, with estimates reaching 12,500 USD/ton by mid-2026 [2] Group 3 - In the Hong Kong market, the FTSE China 50 Index will include China Hongqiao Group (P shares), CATL, and Heng Rui Medicine, while excluding CITIC Securities, Great Wall Motors, and Li Auto; the list of candidate stocks has been updated accordingly [3]