in my opinion is a CF bracelet that is made by the same bracelet supplier of AR. We know that factories don't make parts they just assemble them. So tecnically it's from two different factories but the maker should be the same. No idea if this will be true.
Li told me that the v3 I’ve ordered has the same bracelet as ARF. Who makes the bracelets I don’t know, my guess is as good as yours.