@openfinclaw/findoo-datahub-plugin 2026.3.2 → 2026.3.10

package/skills/a-convertible-arb/skill.md

@@ -0,0 +1,294 @@
+---
+name: fin-a-convertible-arb
+description: "A-share convertible bond (可转债) arbitrage & strategy — double-low screening, forced-redemption timing, conversion-price reset (下修) analysis, YTM debt-floor valuation, credit risk assessment. Uses fin_derivatives (convertible endpoints), fin_stock (underlying equity), fin_ta (technicals). Use when: user mentions 可转债/转债/CB, convertible bond codes (11xxxx.SH/12xxxx.SZ), double-low strategy (双低), forced redemption (强赎), conversion price reset (下修), or YTM analysis on Chinese convertible bonds. NOT for: futures/options (use fin-derivatives), plain A-share equity (use fin-a-share unless the question is about a CB's underlying), US/HK stocks (use fin-us-equity/fin-hk-stock), crypto (use fin-crypto)."
+metadata: { "openclaw": { "emoji": "🔄", "requires": { "extensions": ["findoo-datahub-plugin"] } } }
+---
+
+# A-Share Convertible Bond Arbitrage (A股可转债策略)
+
+Use **fin_derivatives** (convertible endpoints), **fin_stock** (underlying equity data), and **fin_ta** (technical indicators) for convertible bond analysis via DataHub.
+
+## When to Use
+
+- User mentions 可转债、转债、CB、可转换债券
+- Convertible bond codes: `11xxxx.SH` (上交所) / `12xxxx.SZ` (深交所)
+- Double-low screening (双低策略筛选)
+- Forced redemption analysis (强赎博弈)
+- Conversion price reset (下修转股价) analysis
+- YTM (到期收益率) ranking or debt-floor valuation
+- Credit risk assessment for convertible bonds
+- T+0 intraday trading strategy on convertible bonds
+- User asks about a specific CB's underlying stock (e.g. "XX转债正股怎么样") — this is still a CB context
+
+## When NOT to Use
+
+- Plain A-share stock analysis without CB context → use **fin-a-share**
+- Futures or commodity options → use **fin-derivatives**
+- US/HK equities → use **fin-us-equity** / **fin-hk-stock**
+- Market-wide overview → use **fin-a-share-radar**
+- ETF/fund analysis → use **fin-etf-fund**
+
+## Tools & Parameters
+
+### fin_derivatives (convertible endpoints)
+
+| Parameter  | Type   | Required | Format             | Default | Example          |
+| ---------- | ------ | -------- | ------------------ | ------- | ---------------- |
+| symbol     | string | Yes      | CB code            | —       | 113050.SH        |
+| endpoint   | string | Yes      | see endpoint table | —       | convertible/list |
+| trade_date | string | No       | YYYY-MM-DD         | —       | 2026-03-07       |
+| start_date | string | No       | YYYY-MM-DD         | —       | 2026-01-01       |
+| end_date   | string | No       | YYYY-MM-DD         | —       | 2026-03-07       |
+| limit      | number | No       | 1-5000             | 200     | 50               |
+
+### fin_stock (underlying equity)
+
+| Parameter | Type   | Required | Format             | Default | Example          |
+| --------- | ------ | -------- | ------------------ | ------- | ---------------- |
+| symbol    | string | Yes      | A-share code       | —       | 600519.SH        |
+| endpoint  | string | Yes      | see endpoint table | —       | price/historical |
+
+### fin_ta (technical indicators)
+
+| Parameter | Type   | Required | Format      | Default | Example   |
+| --------- | ------ | -------- | ----------- | ------- | --------- |
+| symbol    | string | Yes      | CB or stock | —       | 113050.SH |
+| endpoint  | string | Yes      | indicator   | —       | rsi       |
+
+### Symbol Format
+
+| Type            | Pattern     | Example              |
+| --------------- | ----------- | -------------------- |
+| 上交所可转债    | `11xxxx.SH` | 113050.SH (南银转债) |
+| 深交所可转债    | `12xxxx.SZ` | 123136.SZ (绿动转债) |
+| 正股 (Shanghai) | `600xxx.SH` | 600036.SH (招商银行) |
+| 正股 (Shenzhen) | `000xxx.SZ` | 000001.SZ (平安银行) |
+
+## Endpoint Map
+
+### Convertible Bond Endpoints (fin_derivatives)
+
+| endpoint                 | Description                      | Key Params                   |
+| ------------------------ | -------------------------------- | ---------------------------- |
+| `convertible/list`       | All CB list with basic info      | limit                        |
+| `convertible/detail`     | Single CB detail (terms/clauses) | symbol                       |
+| `convertible/historical` | CB historical OHLCV + premium    | symbol, start_date, end_date |
+
+### Underlying Equity Endpoints (fin_stock)
+
+| endpoint              | Description           | Key Params |
+| --------------------- | --------------------- | ---------- |
+| `price/historical`    | Underlying OHLCV      | symbol     |
+| `fundamental/ratios`  | PE/PB/ROE etc.        | symbol     |
+| `profile`             | Company overview      | symbol     |
+| `shareholders/pledge` | Pledge ratio (质押率) | symbol     |
+| `financial/cashflow`  | Cash flow statement   | symbol     |
+
+### Technical Endpoints (fin_ta)
+
+| endpoint    | Description     | Key Params |
+| ----------- | --------------- | ---------- |
+| `rsi`       | RSI(14)         | symbol     |
+| `macd`      | MACD            | symbol     |
+| `bollinger` | Bollinger Bands | symbol     |
+
+---
+
+## Analysis Patterns
+
+### Pattern 1: 双低策略筛选 (Double-Low Screening)
+
+**目标:** 找出"下有保底、上有弹性"的可转债组合。
+
+1. 获取全市场可转债列表:
+   `fin_derivatives(endpoint="convertible/list", limit=5000)`
+
+2. 计算双低值:
+   `双低值 = 转债价格 + 转股溢价率 × 100`
+
+3. 筛选条件 (按优先级):
+   - 双低值 < 130 (核心条件)
+   - 剩余年限 > 1 年 (避免到期强制赎回)
+   - 信用评级 >= AA- (避免信用风险)
+   - 正股非 ST / \*ST (排除退市风险)
+   - 日均成交额 > 500 万 (保证流动性)
+
+4. 双低值分层解读:
+
+| 双低值区间 | 评价     | 策略建议                     |
+| ---------- | -------- | ---------------------------- |
+| < 110      | 极度低估 | 重仓，等权持有 10-20 只      |
+| 110 - 130  | 优质区间 | 标准仓位，月度轮动           |
+| 130 - 150  | 中性     | 需额外催化剂 (下修/业绩改善) |
+| > 150      | 偏贵     | 不适合双低策略               |
+
+5. 组合构建: 取双低值最低的 10-20 只等权持有，每月末按最新双低值重新排序轮动。
+
+> 💡 双低策略的超额收益来源于"均值回归"——低价+低溢价的转债要么正股反弹带动转债上涨，要么溢价率压缩（下修/强赎预期）。
+
+> ⚠️ 双低值计算前务必剔除已公告强赎的转债（这些转债价格将向转股价值收敛，双低值失真）。
+
+### Pattern 2: 强赎博弈分析 (Forced Redemption Timing)
+
+**目标:** 识别即将触发或已触发强赎条款的转债，把握套利窗口。
+
+1. 查询目标转债条款:
+   `fin_derivatives(endpoint="convertible/detail", symbol="113050.SH")`
+   → 提取强赎触发条件 (通常: 正股价连续 15/30 日 > 130% 转股价)
+
+2. 获取正股历史价格:
+   `fin_stock(endpoint="price/historical", symbol="<正股代码>", limit=30)`
+   → 计算正股价/转股价比值，统计连续满足天数
+
+3. 强赎状态分类:
+
+| 状态               | 含义                     | 操作建议                          |
+| ------------------ | ------------------------ | --------------------------------- |
+| 未触发 (< 10日)    | 距离强赎较远             | 按常规策略持有                    |
+| 接近触发 (10-14日) | 高概率触发，市场开始定价 | 关注正股走势，准备转股或卖出      |
+| 已触发 (>= 15日)   | 等待公司公告             | 15-30 交易日套利窗口              |
+| 公告强赎           | 确认赎回，倒计时开始     | 转股价值 > 赎回价则转股，否则卖出 |
+| 公告不赎回         | 管理层释放继续持有信号   | 利好持有，溢价率可能扩大          |
+
+4. 强赎套利逻辑:
+   - 强赎公告后，转债价格将向转股价值收敛
+   - 若转股价值 > 当前转债价格 → 买入转债 + 转股 + 卖出正股锁定差价
+   - 若转债价格 > 转股价值 → 卖出转债 (溢价率将快速压缩)
+
+> ⚠️ 强赎公告后最后交易日通常有 15-30 个交易日，但最后几天流动性急剧下降，应提前操作。
+
+> 💡 "不赎回"公告是隐含利好——说明公司希望持有人继续持有转债而非转股稀释股权，通常正股有上涨预期。
+
+### Pattern 3: 下修转股价分析 (Conversion Price Reset)
+
+**目标:** 识别可能下修转股价的转债，捕捉溢价率瞬间压缩的套利机会。
+
+1. 查询下修条款:
+   `fin_derivatives(endpoint="convertible/detail", symbol="<转债代码>")`
+   → 提取下修触发条件 (通常: 正股价连续 N 日 < 85% 转股价，各家条款不同)
+
+2. 验证是否满足触发条件:
+   `fin_stock(endpoint="price/historical", symbol="<正股代码>", limit=30)`
+   → 计算正股价/转股价比值
+
+3. 下修概率评估:
+
+| 因素           | 利于下修                     | 不利于下修           |
+| -------------- | ---------------------------- | -------------------- |
+| 转债余额占比   | 余额大，公司有促转股动力     | 余额小，下修收益不大 |
+| 回售压力       | 临近回售期，管理层被迫行动   | 距回售期远           |
+| 大股东持仓     | 大股东持有转债，下修利好自己 | 大股东无持仓         |
+| 股权稀释容忍度 | 总股本大，稀释比例小         | 小盘股，稀释影响大   |
+
+4. 下修结果分类:
+
+| 类型       | 含义                       | 影响                         |
+| ---------- | -------------------------- | ---------------------------- |
+| 下修到底   | 转股价下修至最新正股价附近 | 溢价率大幅压缩，转债价格飙升 |
+| 下修不到位 | 转股价仅小幅下调           | 溢价率部分压缩，涨幅有限     |
+| 拒绝下修   | 股东大会否决               | 利空，溢价率可能进一步扩大   |
+
+> 💡 下修公告到股东大会表决通常需 15-20 个交易日，期间转债价格会逐步反映下修预期。
+
+> ⚠️ 下修需经股东大会 2/3 以上同意，大股东投票意向是关键——提前查询大股东是否持有转债。
+
+### Pattern 4: 到期收益率分析 (YTM Debt-Floor Valuation)
+
+**目标:** 评估转债的债底保护强度，判断安全边际。
+
+1. 获取转债基本信息:
+   `fin_derivatives(endpoint="convertible/detail", symbol="<转债代码>")`
+   → 提取: 面值(通常100)、票面利率(各年不同)、到期赎回价、剩余年限
+
+2. 获取当前价格:
+   `fin_derivatives(endpoint="convertible/historical", symbol="<转债代码>", limit=1)`
+
+3. YTM 近似计算:
+   `YTM ≈ (到期赎回价 + 累计利息 - 当前价格) / (当前价格 × 剩余年限) × 100%`
+
+4. YTM 分层解读:
+
+| YTM 区间 | 属性   | 含义                         |
+| -------- | ------ | ---------------------------- |
+| > 3%     | 强债底 | 即使正股归零，到期仍有正收益 |
+| 1% - 3%  | 有债底 | 安全边际充足，适合保守投资者 |
+| 0% - 1%  | 弱债底 | 勉强保本，需依赖转股价值     |
+| -3% - 0% | 无债底 | 已偏股化，需要正股上涨支撑   |
+| < -3%    | 纯投机 | 完全依赖股性，无安全边际     |
+
+> ⚠️ YTM 计算假设发行人正常兑付——信用风险高的转债(评级 < AA-)即使 YTM 高也不安全。
+
+> 💡 A 股转债利息税率 20%(个人投资者)，计算税后 YTM 更准确: 税后利息 = 票面利息 × 0.8。
+
+### Pattern 5: 信用风险评估 (Credit Risk Assessment)
+
+**目标:** 排除有违约风险的转债，避免"搜特转债"式踩雷。
+
+1. 查询转债评级和正股信息:
+   `fin_derivatives(endpoint="convertible/detail", symbol="<转债代码>")`
+   `fin_stock(endpoint="profile", symbol="<正股代码>")`
+
+2. 查询正股财务健康度:
+   `fin_stock(endpoint="fundamental/ratios", symbol="<正股代码>")`
+   `fin_stock(endpoint="financial/cashflow", symbol="<正股代码>")`
+   `fin_stock(endpoint="shareholders/pledge", symbol="<正股代码>")`
+
+3. 信用风险评分体系:
+
+| 风险因子     | 低风险      | 中风险     | 高风险 (红线)      |
+| ------------ | ----------- | ---------- | ------------------ |
+| 信用评级     | >= AA       | AA-        | < AA- 或无评级     |
+| 质押率       | < 20%       | 20% - 40%  | > 40%              |
+| 经营现金流   | 连续 3 年正 | 间歇性为负 | 连续 2 年为负      |
+| 正股市值     | > 100 亿    | 30-100 亿  | < 30 亿            |
+| 是否 ST/\*ST | 否          | —          | 是 (一票否决)      |
+| 审计意见     | 标准无保留  | 带强调事项 | 保留/否定/无法表示 |
+
+4. 红线规则 (任一触发即排除):
+   - 正股 ST / \*ST
+   - 信用评级 < AA-
+   - 质押率 > 50%
+   - 连续 2 年经营现金流为负 + 净利润为负
+
+> ⚠️ 搜特转债 (2022年首只违约) 暴雷前兆: AA 评级下调→正股连续亏损→质押率飙升→评级再下调→违约。评级变动是最重要的预警信号。
+
+> 💡 银行转债 (如南银转债、苏银转债) 信用风险极低，但弹性也最小——适合稳健配置而非套利。
+
+---
+
+## A股可转债交易规则 (必知)
+
+| 规则         | 详情                                                      |
+| ------------ | --------------------------------------------------------- |
+| 交易方式     | T+0 (当天买入可当天卖出)                                  |
+| 涨跌幅限制   | 无涨跌幅限制 (但有临停规则)                               |
+| 临停规则     | 涨跌 >= 20% 停牌 30 分钟; 涨跌 >= 30% 停牌至 14:57        |
+| 转股期       | 发行后 6 个月可转股 (具体见募集说明书)                    |
+| 强赎条款     | 正股价连续 N 日 > 130% 转股价 (通常 15/30 中的 15 日)     |
+| 回售条款     | 正股价连续 N 日 < 70% 转股价，持有人可按面值+利息回售     |
+| 下修条款     | 正股价连续 N 日 < 85% 转股价，公司可提议下修 (需股东大会) |
+| 税收 (个人)  | 利息税 20%，资本利得免税                                  |
+| 最小交易单位 | 10 张 (面值 1000 元)                                      |
+| 交易时间     | 9:30-11:30, 13:00-15:00 (同正股)                          |
+
+---
+
+## Data Notes
+
+- **convertible/list**: 返回全市场存续可转债，含价格、溢价率、评级等核心字段
+- **convertible/detail**: 返回单只转债的强赎/回售/下修条款细节、转股价、到期赎回价
+- **convertible/historical**: 返回转债历史行情(OHLCV)及转股溢价率序列
+- **正股数据联动**: 转债分析通常需同时查询正股数据，使用 fin_stock 的 price/historical 和 fundamental/ratios
+- **数据延迟**: 收盘后更新，日内交易需注意数据时效
+- **评级更新**: 信用评级非实时，通常跟踪评级公告
+
+## Response Guidelines
+
+- 始终用中文回复，专业术语可保留英文 (YTM, T+0, Delta 等)
+- 涉及具体转债时，同时展示转债代码和简称 (如 113050.SH 南银转债)
+- 双低策略筛选结果以表格形式呈现，按双低值升序排列
+- 强赎/下修分析必须注明条款触发条件的具体天数和比例
+- 信用风险评估明确标注红线因子，给出"安全/谨慎/回避"三级结论
+- YTM 计算同时给出税前和税后数值
+- 任何涉及操作建议时必须附带风险提示
+- T+0 特性相关问题要提醒临停规则 (20% 和 30% 阈值)

package/skills/a-dividend-king/skill.md

@@ -0,0 +1,187 @@
+---
+name: fin-a-dividend-king
+description: "A-share dividend strategy — continuous dividend history, yield screening, payout safety, dividend trap detection, tax-aware income planning. Use when: user asks about high-dividend A-shares, dividend sustainability, income investing, dividend reinvestment, or dividend tax rules. NOT for: individual stock deep analysis (use fin-a-share), US/HK dividend stocks (use fin-us-dividend/fin-hk-dividend-harvest), index DCA timing (use fin-a-index-timer), factor screening (use fin-factor-screen)."
+metadata:
+  {
+    "openclaw":
+      { "emoji": "\ud83c\udf39", "requires": { "extensions": ["findoo-datahub-plugin"] } },
+  }
+---
+
+# A-Share Dividend King Strategy
+
+Use **fin_stock** and **fin_index** for systematic A-share dividend investing. Core logic: continuous dividends + sustainable payout + cash flow backing = true dividend king; high yield alone may be a trap.
+
+## When to Use
+
+- "A股哪些高股息股票" / "high dividend A-shares"
+- "中国神华分红安全吗" / "is Shenhua's dividend safe"
+- "红利ETF和自选组合哪个好" / "dividend ETF vs custom portfolio"
+- "连续分红多少年" / "how many years of consecutive dividends"
+- "每月投5000做红利策略" / "monthly 5000 RMB dividend strategy"
+- "股息率4%以上的股票" / "stocks with yield above 4%"
+- "红利税怎么算" / "how does dividend tax work"
+- "高股息会不会是陷阱" / "could high yield be a trap"
+
+## When NOT to Use
+
+- 个股全景分析 (基本面/筹码/技术面) -> use `/fin-a-share`
+- 美股股息策略 -> use `/fin-us-dividend`
+- 港股高息策略 -> use `/fin-hk-dividend-harvest`
+- 指数估值定投 -> use `/fin-a-index-timer`
+- 量化多因子选股 -> use `/fin-factor-screen`
+- 可转债/期货/期权 -> use `/fin-derivatives`
+- 宏观经济数据 -> use `/fin-macro`
+- 概念炒作周期 -> use `/fin-a-concept-cycle`
+
+## Tools & Parameters
+
+### fin_stock -- Dividend & Fundamental Data
+
+| Parameter  | Type   | Required | Format          | Default | Example               |
+| ---------- | ------ | -------- | --------------- | ------- | --------------------- |
+| symbol     | string | Yes      | `{code}.SH/SZ`  | --      | 601088.SH             |
+| endpoint   | string | Yes      | see table below | --      | fundamental/dividends |
+| start_date | string | No       | YYYY-MM-DD      | --      | 2020-01-01            |
+| end_date   | string | No       | YYYY-MM-DD      | --      | 2026-12-31            |
+| limit      | number | No       | 1-5000          | 200     | 50                    |
+
+#### Endpoints
+
+| endpoint                | Description              | Example                                                                     |
+| ----------------------- | ------------------------ | --------------------------------------------------------------------------- |
+| `fundamental/dividends` | Dividend history         | `fin_stock(symbol="601088.SH", endpoint="fundamental/dividends", limit=20)` |
+| `fundamental/ratios`    | Yield/PE/PB/ROE          | `fin_stock(symbol="601088.SH", endpoint="fundamental/ratios", limit=8)`     |
+| `fundamental/income`    | Net income (payout calc) | `fin_stock(symbol="601088.SH", endpoint="fundamental/income", limit=8)`     |
+| `fundamental/cash`      | OCF (sustainability)     | `fin_stock(symbol="601088.SH", endpoint="fundamental/cash", limit=8)`       |
+| `fundamental/balance`   | Asset/liability check    | `fin_stock(symbol="601088.SH", endpoint="fundamental/balance", limit=4)`    |
+| `price/historical`      | Total return tracking    | `fin_stock(symbol="601088.SH", endpoint="price/historical", limit=250)`     |
+| `profile`               | Industry classification  | `fin_stock(symbol="601088.SH", endpoint="profile")`                         |
+
+### fin_index -- Dividend Index Benchmarks
+
+| Parameter | Type   | Required | Format         | Default | Example      |
+| --------- | ------ | -------- | -------------- | ------- | ------------ |
+| symbol    | string | Depends  | `XXXXXX.SH/SZ` | --      | 000922.SH    |
+| endpoint  | string | Yes      | see table      | --      | constituents |
+| limit     | number | No       | 1-5000         | 200     | 100          |
+
+#### Endpoints
+
+| endpoint           | Description                    | Example                                                            |
+| ------------------ | ------------------------------ | ------------------------------------------------------------------ |
+| `constituents`     | Index members (screening pool) | `fin_index(symbol="000922.SH", endpoint="constituents")`           |
+| `daily_basic`      | Index PE/PB valuation          | `fin_index(symbol="000922.SH", endpoint="daily_basic", limit=250)` |
+| `price/historical` | Index price history            | `fin_index(symbol="000922.SH", endpoint="price/historical")`       |
+
+**Key dividend indices:**
+
+- `000922.SH` -- CSI Dividend Index (中证红利)
+- `000015.SH` -- Dividend Index (上证红利)
+- `399324.SZ` -- Shenzhen Dividend Price Index (深证红利)
+
+## Dividend Analysis Pattern
+
+1. **Dividend Continuity Check** `fin_stock(fundamental/dividends, limit=15)` -- Establish track record
+   - Count consecutive years with cash dividend > 0
+   - Calculate average annual dividend per share and growth rate
+   - Check for irregular patterns (special dividends, stock dividends only)
+   - > =5 consecutive years = stable; >=10 years = king; <3 years = unreliable
+   - Payout frequency: most A-shares pay annually (Apr-Jul); some pay semi-annually
+
+2. **Yield Validation** `fin_stock(fundamental/ratios, limit=8)` -- Current yield vs history
+   - Current dividend yield (dv_ratio field) vs 5-year average
+   - > =4% = attractive; >=6% = unusually high (verify sustainability)
+   - Compare PE/PB to determine if high yield comes from price drop (may be value trap)
+   - <=2% = below market, not suitable for income strategy
+   - ROE should be >8% for sustainable dividends
+
+3. **Payout Safety** `fin_stock(fundamental/income, limit=8)` + `fin_stock(fundamental/cash, limit=8)` -- Can they keep paying?
+   - Payout ratio = total dividend / net income
+   - <60% = very safe; 60-70% = safe; 70-85% = elevated; >85% = at risk of cut
+   - OCF / total dividend > 1.5x = cash flow backed; <1.0x = borrowing to pay dividends
+   - Net income trend: declining 2+ quarters = future payout at risk
+   - Free cash flow (OCF - CapEx) should cover dividends
+
+4. **Dividend Trap Detection** -- Cross-validate steps 1-3
+   - Trap Signal 1: yield >8% + declining revenue 2 quarters = likely cut next year
+   - Trap Signal 2: payout ratio >90% + OCF/dividend <1.0 = unsustainable
+   - Trap Signal 3: one-time special dividend inflating yield (check dividend history for irregularity)
+   - Trap Signal 4: high yield from price crash (PE dropping) not from growing dividends
+   - Safe Signal: yield 4-6% + payout <65% + OCF coverage >2x + stable/growing earnings = genuine king
+
+5. **Industry Layer** `fin_stock(profile)` -- Sector-specific dividend characteristics
+   - Utilities (power/water): most stable, 4-5% yield, low growth, quasi-bond
+   - Banks: highest yield (5-7%), very low payout ratio (25-35%), safe but zero growth
+   - Energy (coal/oil): cyclical, current high yield may not persist through down-cycle
+   - Consumer staples: moderate yield (2-4%), but dividend growth 8-12% p.a.
+   - Real estate: historically high yield, but sector risk post-2022 makes sustainability questionable
+   - Telecom (China Mobile/Unicom/Telecom): state-owned, stable 4-5%, improving payout policy
+
+6. **Dividend Index Benchmark** `fin_index(daily_basic, symbol=000922.SH, limit=250)` -- Is the strategy cheap?
+   - CSI Dividend Index current PE/PB vs 10-year percentile
+   - PE <30% percentile = dividend stocks are cheap (good entry)
+   - PE >70% percentile = dividend premium exhausted, reduce exposure
+   - Compare individual stock yield to CSI Dividend Index yield
+
+## Dividend Tax Rules (A-Share)
+
+| Holding Period   | Tax Rate | Net Yield (on 5% gross) |
+| ---------------- | -------- | ----------------------- |
+| < 1 month        | 20%      | 4.0%                    |
+| 1 month - 1 year | 10%      | 4.5%                    |
+| > 1 year         | 0%       | 5.0%                    |
+
+**Strategy implication:** Hold dividend stocks > 1 year for tax-free dividends. Short-term traders lose 20% of dividend income to tax.
+
+## Dividend Reinvestment Compound Model
+
+When user asks about long-term wealth building:
+
+```
+Given: monthly investment M, average yield Y, dividend growth rate G
+Year N total = M * 12 * N * (1 + Y * (1+G)^(N/2))  (simplified)
+
+Example: M=5000, Y=5%, G=3%, N=20
+  Principal: 5000 * 12 * 20 = 1,200,000
+  With DRIP compound: ~1,980,000 (estimated)
+  Dividend income Year 20: ~99,000/year (~8,250/month passive income)
+```
+
+Show both with and without dividend reinvestment to demonstrate compounding power.
+
+## Data Notes
+
+- **Dividend data**: Tushare, updated after annual/interim report disclosure (Apr-Aug main window)
+- **Dividend yield**: calculated on trailing 12-month dividends; forward yield needs manual estimate
+- **Payout ratio**: use annual data only (quarterly dividends rare in A-shares)
+- **Ex-dividend dates**: extractable from `fundamental/dividends` record_date/ex_date fields
+- **A-share specifics**: most companies pay once per year; some SOEs moving to semi-annual
+- **Data lag**: dividend announcements may lag actual board decision by 1-2 weeks
+
+## Response Guidelines
+
+### Number Format
+
+- Dividend yield: 5.23% (2 decimal places, always with %)
+- Payout ratio: 62.5% (1 decimal place)
+- Dividend per share: 1.85 RMB/share
+- Market cap / revenue: > 1 yi use "yi RMB", < 1 yi use "wan RMB"
+- Consecutive years: "10 consecutive years" (integer)
+- OCF coverage: 2.3x (1 decimal place)
+
+### Must Include
+
+- Data cutoff date
+- Consecutive dividend years count
+- Payout ratio with safety assessment
+- OCF coverage ratio
+- Dividend tax impact based on holding period
+- Any trap warning signals detected
+
+### Display Format
+
+- Single stock dividend analysis: narrative with key metrics bolded
+- Multi-stock dividend screening: table (columns: stock / yield / consecutive years / payout ratio / OCF coverage / safety score)
+- Dividend history: summarize trend direction + key changes, don't list every year
+- Always end with: holding period tax reminder + ex-dividend date if approaching