催化剂观察追踪：7月1日至7日

Catalyst Watch TrackerJuly 1 – 7 Citi Global Researchcitiinvestmentresearch@citi.com+44-20-7500-1400 See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations What’s inside The weeklyCatalyst Watch Trackerhighlights new Catalyst Watch calls across all regions and sectors, with an overlay ofour Global Quantitative Research team’s most recently published Crowding Composite scores. The Tracker also coversclosed and expired calls, and YTD absolute and relative call performance tables by region Launched in 4Q 2016,Catalyst Watchis a system of short-term directional calls on select stocks within Citi’s coverageuniverse. The calls reflect our fundamental analysts’ expectations for catalyst-driven share price movements over a periodof 30 or 90 days. They either are closed by the analyst or expire naturally –A Catalyst Watch call is independent of the analyst’s 12-month fundamental rating and target price; as such, it may ormay not align directionally with the expected share price performance of the longer-term view. In cases where it does not,the Catalyst Watch is not intended as a hedge to the longer-term view and/or recommendation TheQuant Crowding Compositeis a systematic way to measure crowding in the global equity market for individual stocks.It was first developed for the US market in 2018 and now includes Europe and Asia. It is intended to provide investors with amore robust risk/reward analysis. Crowded stocks (high crowding composite) may be less likely to attract marginalinvestors, while less-crowded stocks (low crowding composite) may attract a larger set of new investors. The Crowding Composite score is an additional reference for a stock with an open Catalyst Watch call. Stocks withdownside catalysts and that are deemed more crowded may have more difficulty finding marginal investors and are subjectto greater risk if a negative inflection emerges. To the contrary, stocks with upside catalysts and that are less crowdedcould react more positively to constructive fundamental catalysts. See the Quant Crowding Composite section at the endof this publication for more details. New Catalyst Watch calls since July 1, by sector New Catalyst Watch calls since July 1, by region New Calls By Region – Asia New Calls By Region – Asia (Cont'd) New Calls By Region – Asia (Cont'd) New Calls By Region – Asia (Cont'd) New Calls By Region – Asia (Cont'd) New Calls By Region – Asia (Cont'd) New Calls By Region – Asia (Cont'd) New Calls By Region – CEEMEA New Calls By Region – Japan New Calls By Region – Latin America New Calls By Region – North America New Calls By Region – Western Europe All Open Catalyst Watch Calls by Sector and Region Calls Closed by Analyst Expired Calls LTM Absolute and Relative Call Performance North AmericaLatin AmericaWestern EuropeCEEMEAAsiaJapanAustralia/NZ Calls openedafter 07 Jul2025 North AmericaLatin AmericaWestern EuropeCEEMEAAsiaJapanAustralia/NZ Quant Crowding Composite (The following excerpt is from Citi Global Quantitative Research) The Quant Crowding Composite is a systematic way to measure crowding in the equity market for individual stocks. We do not intend the crowdingcomposite to be a buy/sell signal by itself, and we do not recommend that investors rely on a crowding composite score as the sole factor in making aninvestment decision but rather consider it as one factor among many. For example, we believe that it could make sense to buy the shares of a companywith a lower crowding composite score when comparing otherwise similarly situated companies (i.e., where an investor otherwise has a similarexpectation of performance – positive or negative). Conversely, we would not recommend buying the shares of a company with a lower crowdingcomposite score if an investor otherwise has more positive expectations of performance with respect to another company (e.g., expected total return).Accordingly, investors should consider other fundamental or quantitative factors in evaluating the expected performance of a particular company andthen consider the crowding composite score as an additional measure of possible investment risk. On the data sheet, we show the resulting universe ofstocks that have a Crowding Composite score and a Citi Research rating. How is the Quant Crowding Composite calculated?The five metrics below are percentile ranked individually by country. These rankings are then equally weighted to create the final Crowding Composite score for each stock. We require at least four of these five metrics to have data in order to calculate the crowding composite score. A higher (lower)composite rank indicates a higher (lower) amount of crowding compared to the rest of the universe. 1.Most Crowded Quant Factor – ranking of themost crowded factor based on Citi Quant research. 2.Historical Relative Valuation – an equal-weighted composite of historical relative Price to Book and Price to FY1 Earnings. We requir