PUBLICATION HISTORY

What changed—and when.

Research changes and presentation changes are recorded separately. These dates describe prepared editions; live availability depends on deployment.

20 September 2026 · v4.2 · Live introduction alignment

Matched the public homepage’s opening wording and mint-green subtitle, and retained its revised mobile-menu styling and interaction behaviour, including close-on-selection and outside-tap dismissal. The restored company theses and deep dives remain unchanged.

20 September 2026 · v4.1 · Company thesis restoration

Restored the detailed VNET and KC theses from the 17 September working papers, made VNET–CATL and KC–Xiaomi directly accessible in the company menu, corrected the obsolete KC–Ascend research-gap label and retained dated valuation assumptions. The KC scenario table now reconciles arithmetically to its stated inputs.

20 September 2026 · v4.0 · Site organisation

Replaced the long homepage with a concise entry page, six layer pages, seven company thesis profiles, a dedicated dashboard, research archive and evidence pages. Preserved existing relationship deep dives and old section-link destinations. Research conclusions unchanged.

20 September 2026 · v3.10 · Site foundations

Added descriptive search metadata, canonical URLs, a sitemap, About and reuse pages, publication history and branded source credits. Excluded working documentation from the deployable package. Research conclusions remain unchanged.

20 September 2026 · v3.9 · Dashboard presentation

Added a six-layer table with separate traffic lights for recent momentum and overall progress, company mappings and mobile reflow.

20 September 2026 · v3.8 · Research update

Integrated the CXMT mobile-DRAM manufacturing development and a running thesis dashboard. Distinguished manufacturing progress from unresolved HBM supply and company cash returns. Read the evidence.

Earlier evidence in the running thesis

The dashboard retains the 18–19 September interpretation history covering Huawei architecture and efficiency claims. Inspect the thesis history.

This is a material-change log, not a claim that every historical edit is listed.