@openfinclaw/findoo-datahub-plugin 2026.3.2 → 2026.3.10

package/skills/hk-southbound-alpha/skill.md

@@ -0,0 +1,163 @@
+---
+name: fin-hk-southbound-alpha
+description: "Southbound capital alpha — daily/monthly net buy trends, accumulation signals (5-day streak, single-day spike), sector attribution, contrarian bottom-fishing indicator. Use when: user asks about southbound flow trends, mainland money into HK, Stock Connect net buy, smart money signal. NOT for: individual HK stock analysis (use fin-hk-stock), northbound flow into A-shares (use fin-a-northbound-decoder), HSI valuation (use fin-hk-hsi-pulse)."
+metadata:
+  { "openclaw": { "emoji": "\U0001F4B0", "requires": { "extensions": ["findoo-datahub-plugin"] } } }
+---
+
+# Southbound Capital Alpha
+
+Track mainland capital flowing into Hong Kong via Stock Connect. Transform southbound flow from a news headline number into an actionable investment signal with trend analysis, accumulation detection, and contrarian indicators.
+
+## When to Use
+
+- "南向资金今天买了多少" / "Southbound net buy today"
+- "南向资金最近趋势" / "Southbound flow trend this month"
+- "内地资金在买什么港股" / "What are mainland investors buying in HK?"
+- "港股通净买入排名" / "Stock Connect top net buys"
+- "南向资金连续流入说明什么" / "What does consecutive southbound inflow mean?"
+- "南向大量卖出后恒指走势" / "HSI performance after heavy southbound selling"
+
+## When NOT to Use
+
+- 单只港股基本面分析 (00700.HK 财报) → use `/fin-hk-stock`
+- 北向资金 (外资买 A 股) → use `/fin-a-northbound-decoder`
+- 恒指估值分位 / 恒指便不便宜 → use `/fin-hk-hsi-pulse`
+- 港股高息股筛选 → use `/fin-hk-dividend-harvest`
+- 中概互联网板块分析 → use `/fin-hk-china-internet`
+- A 股全市场雷达 (龙虎榜/涨停) → use `/fin-a-share-radar`
+- 宏观利率 (HIBOR/Fed) → use `/fin-macro`
+
+## Tools & Parameters
+
+### fin_market — Southbound flow data
+
+| Parameter  | Type   | Required | Format     | Default | Example        |
+| ---------- | ------ | -------- | ---------- | ------- | -------------- |
+| endpoint   | string | Yes      | see below  | —       | flow/ggt_daily |
+| 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     | 60             |
+
+#### Endpoints
+
+| endpoint           | Description                        | Example                                             |
+| ------------------ | ---------------------------------- | --------------------------------------------------- |
+| `flow/ggt_daily`   | Daily southbound net buy (HKD)     | `fin_market(endpoint="flow/ggt_daily", limit=60)`   |
+| `flow/ggt_monthly` | Monthly southbound summary         | `fin_market(endpoint="flow/ggt_monthly", limit=12)` |
+| `flow/hs_const`    | Stock Connect constituent universe | `fin_market(endpoint="flow/hs_const")`              |
+
+### fin_stock — Price verification
+
+| Parameter | Type   | Required | Format    | Default | Example          |
+| --------- | ------ | -------- | --------- | ------- | ---------------- |
+| symbol    | string | Yes      | XXXXX.HK  | —       | 00700.HK         |
+| endpoint  | string | Yes      | see below | —       | price/historical |
+| limit     | number | No       | 1-5000    | 200     | 20               |
+
+#### Endpoints
+
+| endpoint           | Description      | Example                                                               |
+| ------------------ | ---------------- | --------------------------------------------------------------------- |
+| `price/historical` | OHLCV for stocks | `fin_stock(symbol="00700.HK", endpoint="price/historical", limit=20)` |
+
+### fin_index — Benchmark
+
+| endpoint           | Description           | Example                                                          |
+| ------------------ | --------------------- | ---------------------------------------------------------------- |
+| `price/historical` | HSI price for overlay | `fin_index(symbol="HSI", endpoint="price/historical", limit=60)` |
+
+## Southbound Capital Analysis Pattern
+
+1. **Daily flow dashboard** `fin_market(endpoint="flow/ggt_daily", limit=60)` — Get last 60 trading days of southbound net buy
+   - Compute: 5-day / 10-day / 20-day moving average of net buy
+   - Compute: today's net buy vs 20-day average ratio
+   - ⚠️ If single-day net buy > 3x the 20-day average → "institutional surge" signal, historically precedes 2-4 week rallies
+   - ⚠️ If net buy > 10B HKD in a single day → "major bottom-fishing" event
+   - ⚠️ If 5 consecutive days net buy > 5B HKD total → "trend allocation" mode
+   - 💡 Distinguish between Shanghai-HK Connect and Shenzhen-HK Connect flows if available — divergence indicates sector preference (SH = financials/energy, SZ = tech/consumer)
+
+2. **Monthly trend** `fin_market(endpoint="flow/ggt_monthly", limit=12)` — 12-month trend context
+   - ⚠️ If 3+ consecutive months net inflow → structural allocation trend, not tactical
+   - ⚠️ If monthly flow reverses from net sell to net buy → potential inflection point
+   - 💡 Overlay with HSI returns (step 5): flow leads price by 1-2 weeks historically
+
+3. **Accumulation signal scoring** — Combine daily signals into a composite score
+   - **Level 1** (Mild): 3-day cumulative net buy > 0 → normal
+   - **Level 2** (Notable): 5-day cumulative > 10B HKD → attention
+   - **Level 3** (Strong): 5-day cumulative > 20B HKD + single day > 3x avg → high conviction
+   - **Level 4** (Extreme): 10-day cumulative > 30B HKD → rare, historically 3 times in past 3 years
+   - ⚠️ Level 3/4 signals: HSI median 20-day forward return historically +3.2%
+
+4. **Sector attribution (degraded mode)** — Infer sector flow direction
+   - Since `flow/ggt_top10` (individual stock net buy) is unavailable, use proxy:
+   - Step 4a: On days with large southbound inflow, check volume spikes in key stocks:
+     `fin_stock(symbol="00700.HK", endpoint="price/historical", limit=5)` — Tencent (tech)
+     `fin_stock(symbol="00941.HK", endpoint="price/historical", limit=5)` — China Mobile (telecom/dividend)
+     `fin_stock(symbol="00883.HK", endpoint="price/historical", limit=5)` — CNOOC (energy/dividend)
+     `fin_stock(symbol="09988.HK", endpoint="price/historical", limit=5)` — Alibaba (tech)
+   - ⚠️ If tech names (00700/09988/03690) volume spike on high-inflow day → "growth allocation"
+   - ⚠️ If dividend names (00941/00883/01398) volume spike → "defensive/yield allocation"
+   - 💡 Cross-ref with `/fin-hk-china-internet` for deeper sector analysis when tech inflows dominate
+
+5. **HSI overlay** `fin_index(symbol="HSI", endpoint="price/historical", limit=60)` — Validate flow-to-price transmission
+   - Compute: correlation between 5-day cumulative net buy and HSI 5-day forward return
+   - ⚠️ If flow positive but HSI still declining → "absorption phase", smart money buying into weakness
+   - ⚠️ If flow negative but HSI rising → rally on thin support, caution
+   - 💡 Cross-ref `/fin-hk-hsi-pulse` for valuation context: strong inflow + deep value PE = highest conviction buy signal
+
+6. **Contrarian indicator** — Extreme selling as bottom signal
+   - Historical pattern: when southbound sells consecutively for 5+ days with cumulative >10B HKD outflow, HSI 20-day forward return median +4.1% (panic selling = contrarian buy)
+   - ⚠️ If consecutive net sell > 5 days → flag as "contrarian opportunity" with caveats
+   - ⚠️ Contrarian signal invalid if selling is driven by structural change (e.g., policy shock, not just sentiment)
+   - 💡 Validate with `/fin-hk-hsi-pulse` ERP: panic selling + ERP > 5% = strongest contrarian signal
+
+## Signal Quick-Reference
+
+| Pattern                           | Daily/Cumulative | Signal                     | Historical Forward Return |
+| --------------------------------- | ---------------- | -------------------------- | ------------------------- |
+| Single day > 10B HKD              | Daily            | Major bottom-fishing       | +4.5% / 20d               |
+| 5-day cumulative > 20B HKD        | 5-day            | Strong trend allocation    | +3.2% / 20d               |
+| Single day > 3x 20-day average    | Daily vs avg     | Institutional surge        | +2.8% / 20d               |
+| 3+ months consecutive net inflow  | Monthly          | Structural allocation      | +8-12% / 3M               |
+| 5+ days consecutive net sell >10B | 5-day            | Contrarian buy opportunity | +4.1% / 20d               |
+| Flow positive + HSI declining     | Mixed            | Absorption phase           | Monitor for breakout      |
+
+## Data Notes
+
+- **ggt_daily**: tushare, EOD update (available to 2026-03-05), contains total southbound net buy/sell in HKD
+- **ggt_monthly**: tushare, monthly aggregation, best for trend analysis
+- **ggt_top10**: individual stock net buy data — CURRENTLY UNAVAILABLE (timeout), use volume proxy instead
+- **hs_const**: Connect-eligible stock list, updated semi-annually
+- **Sector attribution**: degraded mode (volume proxy) — accuracy ~60-70% vs ideal (stock-level flow data)
+- **Flow timing**: EOD data, not intraday — cannot capture morning vs afternoon flow shifts
+- **Missing**: individual stock-level southbound net buy/sell, ETF-level southbound flow (2840.HK/3188.HK), CCASS participant-level changes
+
+## Response Guidelines
+
+### Number Format
+
+- Net buy amount: 68.3 亿 HKD (1 decimal, always specify HKD)
+- Cumulative flow: 312 亿 HKD (integer for large amounts)
+- Moving average: 45.6 亿 HKD (1 decimal)
+- Ratio: 3.2x (1 decimal + "x")
+- Returns: +3.2% / -1.8% (always signed)
+- Consecutive days: 7 个交易日 (specify trading days)
+
+### Must Include
+
+- Data cutoff date ("数据截至 YYYY-MM-DD")
+- Today's net buy + 5/10/20-day moving average comparison
+- Signal level (1-4) based on accumulation scoring
+- Sector attribution (even if degraded/proxy-based, label it as estimate)
+- At least one historical analogy for context
+- Caveat: southbound flow is ONE signal, not a standalone buy/sell indicator
+
+### Display Format
+
+- Lead with today's headline number + signal level (1 sentence)
+- Flow trend table: last 5 trading days with daily net buy + cumulative
+- Moving average comparison: 5d/10d/20d MA with trend arrows
+- Monthly trend: 3-month summary with HSI return overlay
+- Sector attribution: pie chart description (tech X% / dividend Y% / other Z%) with proxy caveat
+- End with actionable interpretation: what does this flow pattern historically predict?

package/skills/hk-stock/skill.md

@@ -0,0 +1,295 @@
+---
+name: fin-hk-stock
+description: "HK stock analysis — IFRS financials (hk/income, hk/balancesheet, hk/cashflow), AH premium arbitrage calculation (hk/adj_factor), southbound capital tracking (ggt_daily/ggt_monthly), liquidity trap detection, dividend tax tiers (H-share 20%/red-chip 10%), HKD peg rate transmission via HIBOR. Use when: user mentions HK codes (00700.HK/09988.HK), asks about AH premium, southbound flow, or HK-specific valuation traps. NOT for: A-shares (use fin-a-share), US stocks (use fin-us-equity), crypto (use fin-crypto), northbound capital into A-shares (use fin-a-share-radar)."
+metadata:
+  {
+    "openclaw":
+      { "emoji": "\U0001F1ED\U0001F1F0", "requires": { "extensions": ["findoo-datahub-plugin"] } },
+  }
+---
+
+# HK Stock Analysis
+
+Use **fin_stock**, **fin_market**, **fin_macro**, **fin_ta** for Hong Kong equity research. Primary providers: tushare (HK financials, southbound flow), yfinance (quotes, ratios).
+
+## Symbol Format
+
+| Market                  | Format            | Examples                     |
+| ----------------------- | ----------------- | ---------------------------- |
+| HK Main Board           | 5-digit + .HK     | 00700.HK, 01398.HK, 09988.HK |
+| HK GEM                  | 5-digit + .HK     | 08083.HK                     |
+| AH dual-listed (A-side) | 6-digit + .SH/.SZ | 601398.SH, 601318.SH         |
+
+## Available Endpoints
+
+### fin_stock (HK subset)
+
+`price/historical` (OHLCV), `hk/income` (IFRS P&L), `hk/balancesheet` (资产负债表), `hk/cashflow` (现金流量表), `hk/fina_indicator` (财务指标), `hk/basic` (基本信息), `hk/adj_factor` (复权因子), `hk/trade_cal` (交易日历), `fundamental/ratios` (PE/PB/PS), `profile` (overview), `discovery/gainers` (movers). Providers: yfinance + tushare.
+
+| endpoint            | data              | use case                          |
+| ------------------- | ----------------- | --------------------------------- |
+| `hk/income`         | 港股利润表 (IFRS) | 营收/利润/毛利率分析              |
+| `hk/balancesheet`   | 港股资产负债表    | 资产质量、杠杆分析                |
+| `hk/cashflow`       | 港股现金流量表    | OCF/NI 质量验证                   |
+| `hk/fina_indicator` | 港股财务指标      | ROE/ROA 等衍生指标                |
+| `hk/basic`          | 港股基本信息      | 上市状态、行业分类                |
+| `hk/adj_factor`     | 复权因子          | AH 溢价精确计算、长期净值对比     |
+| `hk/trade_cal`      | 港股交易日历      | 南向资金分析需区分交易日/非交易日 |
+
+### fin_market (southbound capital)
+
+`flow/ggt_daily` (daily net buy), `flow/ggt_monthly` (月度汇总), `flow/hs_const` (Connect constituents). Provider: tushare.
+
+⚠️ `flow/ggt_top10` 已知超时不可用，暂勿调用。`flow/ggt_daily` 正常（最新 2026-03-05）。
+
+补充: `fin_market(endpoint="flow/ggt_monthly")` → 南向月度汇总，适合中长期趋势判断。
+
+### Auxiliary tools
+
+- **fin_macro**: `hibor` (HKD rate, tracks Fed), `currency/price/historical` USDCNH (AH calc)
+- **fin_index**: `daily_basic` (HSI valuation)
+- **fin_ta**: `sma`, `rsi`, `macd`, `bbands` on any HK symbol
+- **fin_data_ohlcv** / **fin_data_regime**: cached candles + regime detection
+
+## Analysis Patterns
+
+### AH Premium Arbitrage (HK core pattern)
+
+```
+Step 1: fin_stock(symbol="601398.SH", endpoint="price/historical") -> A-share price
+Step 2: fin_stock(symbol="01398.HK", endpoint="price/historical") -> H-share price
+Step 3: fin_macro(endpoint="currency/price/historical", symbol="USDCNH") -> exchange rate
+```
+
+Formula: `premium = A_price_CNY / (H_price_HKD × CNYHKD_rate) - 1`
+
+> ⚠️ H 股以 HKD 计价（非 USD），需用 CNY/HKD 汇率。
+> 获取方式: `fin_macro(currency/price/historical, symbol="USDCNH")` 和 `fin_macro(currency/price/historical, symbol="USDHKD")`，
+> 然后 CNYHKD = USDHKD / USDCNH。旧公式 `A/H*USDCNH` 币种错误。
+
+| Percentile | Signal                      |
+| ---------- | --------------------------- |
+| > 75th     | Long H-share (A overvalued) |
+| < 25th     | Long A-share (H overvalued) |
+| 25-75th    | Neutral                     |
+
+Common AH pairs (top 10): ICBC (601398/01398), Ping An (601318/02318), Conch Cement (600585/00914), PetroChina (601857/00857), Sinopec (600028/00386), China Life (601628/02628), CNOOC (600938/00883), BYD (002594/01211), China Shenhua (601088/01088), Bank of China (601988/03988).
+
+Seasonal premium: Q4 "跨年行情" drives A-share sentiment → premium expansion; contracts during HK earnings season (Mar/Aug) as H-share fundamentals re-anchor. Cross-ref: `fin-a-share` for A-side analysis.
+
+### Southbound Capital Tracking (HK-exclusive)
+
+```
+Step 1: fin_market(endpoint="flow/ggt_daily", limit=20) -> 20-day net buy
+Step 2: fin_market(endpoint="flow/ggt_monthly") -> 月度趋势判断
+Step 3: fin_market(endpoint="flow/hs_const") -> verify Connect eligibility
+# NOTE: flow/ggt_top10 已超时不可用，用 ggt_daily 大额净买入替代
+```
+
+| Pattern                            | Signal               |
+| ---------------------------------- | -------------------- |
+| 5-day consecutive net buy > 5B HKD | Trend allocation     |
+| Single-day net buy > 10B HKD       | Major bottom-fishing |
+| Consecutive net sell               | Short-term pressure  |
+| ggt_monthly 连续 3 月净流入        | 中长期趋势性配置     |
+| 单日净买入突然放大 >3x 均值        | 集中性机构配置信号   |
+
+### Liquidity Trap Detection (HK-exclusive)
+
+```
+fin_stock(symbol="XXXXX.HK", endpoint="price/historical", limit=20)
+-> compute avg daily turnover from volume * close
+```
+
+| Daily Turnover (HKD) | Assessment                                 |
+| -------------------- | ------------------------------------------ |
+| < 10M                | Liquidity trap — easy to buy, hard to exit |
+| 10M - 100M           | Moderate liquidity                         |
+| > 100M               | Good liquidity                             |
+
+Board lot impact (HK 特色): HK uses variable board lots (e.g. Tencent 100 shares/lot at ~HKD 380 = HKD 38K minimum). Check `profile` for lot size; real minimum investment = board_lot × price. High-price stocks with large lots create de facto retail barriers.
+
+### HK Valuation Specifics
+
+Dividend tax tiers (critically affects real yield):
+
+- **H-shares** (mainland-incorporated): 20% withholding
+- **Red-chips** (HK-incorporated, mainland ops): 10% withholding
+- **Foreign investors**: 0%
+- **Through Stock Connect (southbound)**: 20% for individuals, 10% for institutions
+
+Valuation trap decision tree — low PE alone is insufficient:
+
+1. **Liquidity check**: daily turnover < 10M HKD? → EXIT (illiquid discount justified)
+2. **Cycle check**: `hk/income` → revenue declining YoY? → likely cyclical peak, PE misleading
+3. **Governance check**: `profile` → free float < 25%? → governance/manipulation risk
+4. **Policy check**: sector in recent regulatory crosshair? → political risk premium justified
+5. Only if all 4 pass → proceed with fundamental valuation using `fundamental/ratios`
+
+### HKD Peg Rate Transmission
+
+```
+fin_macro(endpoint="hibor") -> HIBOR tracks US rates via peg
+```
+
+| Fed Action                    | HIBOR Impact                       | HK Equity Impact      |
+| ----------------------------- | ---------------------------------- | --------------------- |
+| Rate hike                     | HIBOR rises                        | Valuation compression |
+| Rate cut                      | HIBOR falls                        | Valuation expansion   |
+| Peg pressure (7.85 weak-side) | HKMA intervention, liquidity drain | Negative              |
+
+### Technical Analysis
+
+```
+fin_data_ohlcv(symbol="00700.HK", market="equity", timeframe="1d")
+fin_ta(symbol="00700.HK", indicator="rsi")  // + macd, bbands
+fin_data_regime(symbol="00700.HK", market="equity")
+```
+
+## HK-Specific Patterns
+
+### 中概互联网板块分析 (China Internet Sector)
+
+Basket: Tencent (00700.HK), Alibaba (09988.HK), Meituan (03690.HK), JD (09618.HK), Bilibili (09626.HK).
+
+```
+Step 1: fin_stock(symbol="00700.HK", endpoint="price/historical", limit=60) -> repeat for all 5
+Step 2: fin_stock(symbol="00700.HK", endpoint="hk/income") -> compare revenue/margin across basket
+Step 3: fin_data_regime(symbol="00700.HK", market="equity") -> sector regime
+Step 4: fin_market(endpoint="flow/ggt_daily", limit=20) -> mainland net buy trend for this sector
+```
+
+Equal-weighted basket return divergence from HSI > 5% = sector alpha signal. Compare `hk/income` gross margins to identify relative strength. Cross-ref: `fin-etf-fund` for ETF tracking; `fin-macro` USDCNH for ADR/HK spread.
+
+### 港股高股息策略 (HK Dividend Play)
+
+```
+Step 1: fin_stock(symbol="XXXXX.HK", endpoint="fundamental/ratios") -> PE, PB, dividend yield
+Step 2: fin_stock(symbol="XXXXX.HK", endpoint="hk/income") -> earnings stability check
+Step 3: fin_stock(symbol="XXXXX.HK", endpoint="price/historical", limit=60) -> volume for liquidity
+```
+
+| Factor                   | Threshold            | Why                         |
+| ------------------------ | -------------------- | --------------------------- |
+| Dividend yield (pre-tax) | > 5%                 | Compensates H4 20% tax drag |
+| PE                       | < 12x                | Margin of safety            |
+| Daily turnover           | > 50M HKD            | Avoid liquidity trap        |
+| Earnings trend           | Stable or growing 3Y | Sustainable payout          |
+
+After-tax yield = headline yield × (1 - tax_rate). H-share 6% headline = 4.8% net; red-chip 6% = 5.4% net. Always compare net yields.
+
+### 恒生指数估值分析 (HSI Valuation)
+
+```
+Step 1: fin_index(symbol="HSI", endpoint="daily_basic", limit=250) -> PE/PB history
+Step 2: fin_index(symbol="HSI", endpoint="price/historical", limit=250) -> price context
+Step 3: fin_macro(endpoint="hibor") -> rate environment
+```
+
+HSI PE bands (10Y): <10th (~8x) = deep value; 10-25th (~9-10x) = accumulate; 25-75th (~10-12x) = fair; >75th (~13x+) = reduce.
+
+### 港股午盘效应 (Lunch Break Reversal)
+
+HK lunch break 12:00-13:00 HKT. Morning sell-off often reverses in PM session (fresh southbound flow). Use `fin_data_ohlcv(timeframe="1h")` — the 13:00-14:00 bar frequently shows reversal characteristics.
+
+### IPO 打新框架 (HK IPO Framework)
+
+```
+fin_stock(symbol="XXXXX.HK", endpoint="profile") -> listing date
+fin_stock(symbol="XXXXX.HK", endpoint="price/historical", limit=30) -> first 30 days
+fin_market(endpoint="flow/ggt_daily", limit=5) -> southbound interest near listing date
+```
+
+Cornerstone lock-up (typically 6 months) → selling pressure near expiry. First-day gain >10% with declining volume = early exit signal.
+
+## Stock Connect (港股通) Trading Guide
+
+港股通交易规则速查，帮助内地投资者避免常见操作失误。
+
+### 费用结构
+
+| 费用项目 | 费率                       | 备注                      |
+| -------- | -------------------------- | ------------------------- |
+| 佣金     | ~0.03-0.25%                | 各券商不同，最低 ~50 HKD  |
+| 印花税   | 0.13%                      | 双向收取 (2024年下调后)   |
+| 交易征费 | 0.00565%                   | 证监会征费                |
+| 交易费   | 0.00231%                   | 联交所                    |
+| 结算费   | 0.002%                     | 最低 2 HKD，最高 100 HKD  |
+| 股息税   | 20% (H股个人) / 10% (红筹) | 见 HK Valuation Specifics |
+
+**综合费率:** 单边约 0.17-0.40%，远高于 A 股 (~0.05%)。频繁交易成本显著。
+
+### 交易时间 (HKT)
+
+| 时段         | 时间        | 说明         |
+| ------------ | ----------- | ------------ |
+| 开市前竞价   | 09:00-09:30 | 港股通不参与 |
+| 上午持续交易 | 09:30-12:00 | 可交易       |
+| 午间休市     | 12:00-13:00 | 不可交易     |
+| 下午持续交易 | 13:00-16:00 | 可交易       |
+| 收市竞价     | 16:00-16:10 | 部分券商支持 |
+
+⚠️ 港股通在非共同交易日不可交易（如 A 股休市但港股开市的日子）。用 `fin_stock(endpoint="hk/trade_cal")` 查询港股交易日历。
+
+### 结算规则
+
+| 规则           | 说明                                                |
+| -------------- | --------------------------------------------------- |
+| 交收周期       | **T+2** (区别于 A 股 T+1)                           |
+| 卖出可用       | T 日卖出资金 T+2 到账，但可 T 日用于买入港股        |
+| 不支持当日回转 | 买入当天**不可卖出** (非 T+0)                       |
+| 碎股处理       | 送股/拆股产生碎股只能通过碎股交易卖出，无法买入补齐 |
+
+### 可交易标的
+
+```
+fin_market(endpoint="flow/hs_const") → 查询当前港股通可交易标的名单
+```
+
+| 条件              | 说明                                              |
+| ----------------- | ------------------------------------------------- |
+| 恒生综合大型/中型 | 自动纳入                                          |
+| A+H 股            | 自动纳入 H 股端                                   |
+| 恒生综合小型      | 需满足市值/流动性门槛                             |
+| 排除类别          | 外国公司 (二次上市除外)、合订证券、仅供专业投资者 |
+
+⚠️ 名单每半年调整一次（3月/9月），调整前后是潜在交易机会窗口。
+
+### 额度与限制
+
+| 限制         | 额度                                             |
+| ------------ | ------------------------------------------------ |
+| 每日额度     | 520 亿 RMB (沪港通+深港通各自独立)               |
+| 总额度       | 已取消                                           |
+| 最小交易单位 | 1 手 (每手股数因股票而异，见 `profile` lot_size) |
+
+### 常见陷阱
+
+1. **汇率损耗**: 买入用 RMB 换 HKD (买入汇率)，卖出用 HKD 换 RMB (卖出汇率)，中间存在点差 (~0.1-0.3%)
+2. **碎股锁仓**: 送股后产生碎股，只能在碎股市场折价卖出
+3. **暗盘不可参与**: 港股通无法参与 IPO 暗盘交易
+4. **节假日错配**: 圣诞/复活节等港股休市但 A 股开市，或反之 → 资金闲置
+5. **红利税差异**: 不同持股类型税率差异大，影响实际收益 (见上方费用结构)
+
+## DataHub Gaps (HK)
+
+| Missing Data                      | Ideal Source | Workaround                                                                  |
+| --------------------------------- | ------------ | --------------------------------------------------------------------------- |
+| CCASS custody details             | HKEX         | `ggt_daily` 大额净买入作为大陆持仓变动代理                                  |
+| AH premium index (HSAHP)          | Wind         | Manual calc: pull both A/H prices + USDCNH rate                             |
+| Short selling data                | HKEX         | High volume + price drop as directional proxy                               |
+| Hang Seng industry classification | HSIL         | Use `profile` sector field as rough substitute                              |
+| Board lot size                    | HKEX         | Check `profile` or assume standard lots; verify minimum investment manually |
+| CCASS participant changes         | HKEX         | Track `ggt_daily` 连续大额净买入作为机构流向代理                            |
+
+## Data Boundaries
+
+| Data                 | Frequency      | Latency             | Notes                                                     |
+| -------------------- | -------------- | ------------------- | --------------------------------------------------------- |
+| HK quotes            | Intraday       | ~15min delay        | yfinance                                                  |
+| HK IFRS financials   | Semi-annual    | Post-filing         | tushare `hk/income`, `hk/balancesheet`, `hk/cashflow`     |
+| HK 复权因子          | Daily          | T+1                 | tushare `hk/adj_factor` (5353 records, latest 2026-03-05) |
+| HK 交易日历          | —              | 预生成至 2026-12-31 | tushare `hk/trade_cal`                                    |
+| Southbound flow      | EOD / Monthly  | Post-close          | tushare `ggt_daily` + `ggt_monthly`                       |
+| HIBOR                | Daily          | Trading days        | tushare                                                   |
+| Connect constituents | Monthly update | —                   | tushare                                                   |