@v587d/capital-generation 2.10.1 → 2.11.0

package/selected-skills/claude-for-financial-services-cn/vertical-plugins/private-equity/skills/china-ic-memo/SKILL.md

@@ -1,230 +0,0 @@
----
-name: china-ic-memo
-description: Investment Committee memo drafting for China-focused PE/IB deals. Adapted from the original ic-memo skill for Chinese market context, terminology, and decision frameworks. Triggers on "A股投委会", "IC Memo", "investment memo China", "投委会材料", "IC memo A-share", or "committee memo [company]".
----
-
-# china-ic-memo
-
-## Purpose
-
-Draft **A股投资委员会备忘录 (IC Memo)** — structured decision documents for investment committee reviews.
-
-## Data Sources
-
-### Primary: iFind MCP (Tier-1 付费) / AkShare MCP (Tier-2 免费备选)
-
-```python
-get_quote(ticker)                        → Valuation context
-get_financials(ticker, "income")         → Financials
-get_industry_stocks(industry="...")       → Peer comparables
-```
-
-### Secondary Sources
-- 巨潮 — company filings
-- Wind / Choice — comprehensive data
-- 券商研报 — existing research
-- 尽调报告 — DD findings
-
-## Workflow
-
-### Step 1: Structure the Memo
-
-**Standard A-share IC memo format:**
-
-```
-【机密】投资委员会备忘录
-
-项目名称：[Target Company]
-交易类型：[Investment type: 股权投资 / 并购 / 老股转让]
-推荐团队：[Team name]
-日期：[Date]
-
-═══════════════════════════════════════════
-
-一、投资建议 (Recommendation)
-   [One-paragraph summary]
-   建议：[批准 / 有条件批准 / 否决]
-   投资金额：[XX亿]
-   目标股权：[XX%]
-   目标价格：[¥XX / EV XX亿]
-
-二、交易概述 (Transaction Overview)
-   - 标的公司：[Name], [Industry], [Listing status]
-   - 交易结构：[Structure description]
-   - 预计交割：[Date]
-   - 投资回报预期：[Xx% IRR, Xx MOIC]
-
-三、投资逻辑 (Investment Thesis)
-   [3-5 bullet points]
-   1. [Key driver 1]
-   2. [Key driver 2]
-   3. [Key driver 3]
-
-四、市场与行业分析 (Market & Industry)
-   - 市场规模：[XX亿], 增速 [X%]
-   - 竞争格局：[Description]
-   - 政策环境：[Policy context]
-   - 趋势判断：[Secular trends]
-
-五、目标公司分析 (Target Analysis)
-   - 商业模式：[Description]
-   - 竞争优势：[Bullets]
-   - 管理团队：[Assessment]
-   - 财务表现：[Summary]
-
-六、估值分析 (Valuation)
-   - 交易估值：[XX亿 / Xx PE]
-   - 可比交易：[Comparable M&A]
-   - DCF估值：[XX亿]
-   - 估值区间：[XX-XX亿]
-   - Upside/Downside：[X% / X%]
-
-七、风险因素 (Risk Factors)
-   - [Risk 1]: [Mitigation]
-   - [Risk 2]: [Mitigation]
-   - [Risk 3]: [Mitigation]
-
-八、交易结构 (Transaction Structure)
-   - 投资金额：[XX亿]
-   - 股权比例：[XX%]
-   - 董事会席位：[X席]
-   - 业绩承诺：[如有]
-   - 反稀释条款：[Description]
-   - 退出安排：[IPO / 并购 / 回购]
-
-九、退出策略 (Exit Strategy)
-   - 主要路径：[A股IPO / 并购 / 老股转让]
-   - 预计时间：[3-5年]
-   - 目标回报：[Xx IRR]
-   - 备选方案：[Alternative exits]
-
-十、结论与建议 (Conclusion)
-   [Summary and committee ask]
-   需要委员会决策的事项：
-   1. [Decision item 1]
-   2. [Decision item 2]
-```
-
-### Step 2: Key Sections Detail
-
-#### Investment Thesis
-
-**Thesis quality check:**
-- Is it specific (not generic)?
-- Are the 2-3 key drivers clear?
-- Is there a clear "why now"?
-- Is the return potential quantified?
-
-#### Valuation
-
-**China-specific valuation considerations:**
-- A-share premium context
-- Comparable transactions (precedent deals)
-- Control premium (20-40% typical)
-- Liquidity discount for restricted shares
-- DCF with China-specific assumptions
-
-#### Risk Factors
-
-**Standard A-share IC risk framework:**
-
-| Risk Category | Specific Risks |
-|--------------|---------------|
-| 市场风险 | A-share volatility, 涨跌停, retail sentiment |
-| 政策风险 | Regulatory changes, 行业政策 |
-| 公司治理 | 关联交易, 股东质押, 同业竞争 |
-| 行业风险 | 产能过剩, 技术迭代, 竞争恶化 |
-| 流动性风险 | 解禁压力, 交易量不足 |
-| 退出风险 | IPO窗口, 并购买家兴趣 |
-| 汇率风险 | For USD-denominated funds |
-
-#### Exit Strategy
-
-**A-share exit analysis:**
-
-| Route | Timeline | Probability | Expected Multiple |
-|-------|----------|-------------|-------------------|
-| A股IPO | 3-5 years | Medium | 3-8x |
-| 并购退出 | 2-4 years | High | 2-4x |
-| 老股转让 | 2-4 years | Medium | 1.5-3x |
-| S基金 | 1-3 years | Low-Medium | 0.8-1.5x NAV |
-
-### Step 3: Decision Framework
-
-**Investment committee decision criteria:**
-
-| Criterion | Weight | Assessment |
-|-----------|--------|------------|
-| 投资逻辑清晰度 | 20% | Strong / Adequate / Weak |
-| 团队质量 | 20% | Strong / Adequate / Weak |
-| 市场吸引力 | 15% | Large / Medium / Small |
-| 竞争壁垒 | 15% | High / Medium / Low |
-| 财务表现 | 15% | Strong / Adequate / Weak |
-| 估值合理性 | 10% | Cheap / Fair / Expensive |
-| 风险可控性 | 5% | Low / Medium / High |
-
-**Overall recommendation:**
-- 强烈推荐 (Strong recommend): >80% criteria met
-- 推荐 (Recommend): 60-80% met
-- 有条件推荐 (Conditional): 40-60% met, conditions clear
-- 不推荐 (Not recommend): <40% met or red flags
-
-### Step 4: Conditions & Follow-up
-
-**If conditional approval:**
-
-| Condition | Owner | Deadline |
-|-----------|-------|----------|
-| e.g., 管理层尽调确认 | [Name] | [Date] |
-| e.g., 估值上限确认 | [Name] | [Date] |
-| e.g., 监管可行性确认 | [Name] | [Date] |
-
-## China-Specific Considerations
-
-### Decision-Making Context
-
-| Factor | China Context |
-|--------|--------------|
-| Decision speed | Can be faster or slower depending on SOE vs private |
-| Approval layers | Multiple for large deals (>1亿 threshold) |
-| Policy alignment | 产业政策 alignment important |
-| Relationship | 关系 (guanxi) influences deal flow and terms |
-| Documentation | Detailed Chinese documentation required |
-
-### Common IC Discussion Points
-
-- 退出确定性 (Exit certainty)
-- 估值谈判空间 (Negotiation room)
-- 业绩对赌可行性 (Earnout practicality)
-- 董事会席位 (Board representation)
-- 反稀释保护 (Anti-dilution)
-- 优先清算权 (Liquidation preference)
-- 监管审批风险 (Regulatory risk)
-
-### Red Flags for IC
-
-| Red Flag | Typical IC Reaction |
-|----------|-------------------|
-| 实际控制人不明 | Require ownership clarification |
-| 关联交易占比高 | Require ring-fencing |
-| 大额质押 | Require investigation |
-| 持续经营能力质疑 | Require CF projections review |
-| 估值显著高于同行 | Require premium justification |
-| 退出路径不清晰 | Require exit analysis |
-| 管理层不稳定 | Require retention analysis |
-
-## Quality Checks
-
-Before presenting:
-- [ ] Memo structure complete
-- [ ] Investment thesis compelling
-- [ ] Valuation analysis thorough
-- [ ] Risks comprehensively identified
-- [ ] Mitigations documented
-- [ ] Exit strategy clear
-- [ ] Conditions specific and measurable
-- [ ] Recommendation supported by analysis
-> **Data Source Mode Switch**: Set env var `IFIND_DATA_SOURCE_MODE` to control data source preference.
-> - `ifind-only` (strict): Use iFind only, error if unavailable
-> - `ifind-fallback` (default): iFind preferred, fallback to AkShare
-> - `akshare-only`: Skip iFind, use AkShare only

package/selected-skills/claude-for-financial-services-cn/vertical-plugins/private-equity/skills/china-portfolio-monitoring/SKILL.md

@@ -1,214 +0,0 @@
----
-name: china-portfolio-monitoring
-description: Track and report on A-share portfolio company performance for China-focused private equity funds. Monitors KPIs, financials, and strategic milestones. Adapted from the original portfolio-monitoring skill for Chinese portfolio companies. Triggers on "A股投后管理", "基金投后监控", "portfolio monitoring China", "monitor portfolio company", "投后报告", or "portfolio company review".
----
-
-# china-portfolio-monitoring
-
-## Purpose
-
-Monitor **A股及中国市场投资组合公司表现** — financial performance, operational KPIs, strategic milestones, and risk indicators.
-
-## Data Sources
-
-### Primary: iFind MCP (Tier-1 付费) / AkShare MCP (Tier-2 免费备选)
-
-```python
-get_quote(ticker)                        → Stock performance
-get_historical_data(ticker)              → Price trend
-get_financials(ticker, "income")         → Revenue, profit
-get_financials(ticker, "balance")        → Balance sheet health
-get_financials(ticker, "cashflow")        → Cash generation
-get_stock_info(ticker)                   → Company updates
-```
-
-### Secondary Sources
-- 巨潮公告 — material announcements
-- 业绩说明会 — management updates
-- Wind / Choice — ownership, institutional data
-- 券商研报 — analyst updates
-
-## Workflow
-
-### Step 1: Define KPIs by Company
-
-**Financial KPIs (standard):**
-
-| KPI | Frequency | Target / Benchmark |
-|-----|-----------|-------------------|
-| Revenue growth (YoY) | Quarterly | >XX% |
-| Gross margin | Quarterly | >XX% |
-| Net margin | Quarterly | >XX% |
-| EBITDA | Quarterly | Growing |
-| Net debt/EBITDA | Quarterly | <Xx |
-| FCF | Quarterly | Positive |
-| ROE | Quarterly / Annual | >XX% |
-
-**Operational KPIs (company-specific):**
-
-| Sector | Key KPIs |
-|--------|---------|
-| 白酒 | 批价, 动销, 渠道库存, 回款 |
-| 半导体 | 产能利用率, 出货量, 良率 |
-| 新能源 | 装机量, 产能利用率, 技术参数 |
-| 医药 | 研发进度, 临床数据, 集采中标 |
-| 消费 | 门店数量, 同店增速, 库存周转 |
-| SaaS/科技 | ARR, 客户数, NRR, churn |
-
-### Step 2: Financial Monitoring
-
-**Quarterly review template:**
-
-```
-【投后监控】[Company] [Q20XX] 回顾
-
-一、财务表现
-   营业收入: [XX亿] (YoY: [X%]) [vs plan: +/-X%]
-   毛利率: [XX%] (vs plan: +/-X bps)
-   净利润: [XX亿] (YoY: [X%]) [vs plan: +/-X%]
-   EBITDA: [XX亿] (Margin: [XX%])
-   经营现金流: [XX亿]
-   资本支出: [XX亿]
-   自由现金流: [XX亿]
-
-二、资产负债表
-   现金余额: [XX亿]
-   有息负债: [XX亿]
-   净债务: [XX亿]
-   净资产: [XX亿]
-   商誉: [XX亿] (% of equity: [XX%])
-
-三、估值跟踪
-   Current price: [¥XX.XX]
-   Market cap: [XX亿]
-   PE (TTM): [Xx]
-   vs Entry valuation: [Premium/Discount X%]
-   vs Sector median: [Premium/Discount X%]
-
-四、关键运营指标
-   [Sector-specific KPIs with trends]
-
-五、重大事项
-   [Announcements, management changes, M&A, etc.]
-
-六、风险预警
-   [Risk flags, concerns]
-
-七、下一步
-   [Actions, meetings, reviews]
-```
-
-### Step 3: Strategic Milestones
-
-**Milestone tracking:**
-
-| Milestone | Target Date | Status | Notes |
-|-----------|-------------|--------|-------|
-| e.g., New product launch | Q2 2025 | On track | |
-| e.g., Capacity expansion | Q3 2025 | Delayed | 1 quarter |
-| e.g., Management hire | Q1 2025 | Complete | |
-| e.g., IPO filing | Q4 2025 | In progress | |
-
-### Step 4: Value Creation Tracking
-
-**Value creation levers:**
-
-| Lever | Status | Impact |
-|-------|--------|--------|
-| Revenue growth acceleration | | |
-| Margin expansion | | |
-| M&A consolidation | | |
-| International expansion | | |
-| Digital transformation | | |
-| Management upgrade | | |
-
-### Step 5: Risk Monitoring
-
-**Red flag indicators:**
-
-| Risk | Indicator | Threshold | Action |
-|------|-----------|-----------|--------|
-| 经营现金流 | Operating CF | Consecutive quarters negative | Escalate |
-| 毛利率 | Gross margin | Decline >500 bps | Review |
-| 有息负债 | Net debt/EBITDA | >4.0x | Review |
-| 应收账款 | AR days | >120 days | Review |
-| 存货 | Inventory days | >90 days | Review |
-| 股价 | Share price | -30% from entry | Review |
-| 解禁 | Lock-up expiry | <3 months | Monitor |
-| 质押 | Pledge ratio | >50% | Flag |
-
-### Step 6: Reporting
-
-**Monthly / Quarterly report structure:**
-
-```
-【投后月度/季度报告】[Company]
-
-一、期间概要
-   [Executive summary of period]
-
-二、财务更新
-   [Financial KPI table with trends]
-
-三、运营更新
-   [Operational KPIs, milestones]
-
-四、估值更新
-   [Current valuation, mark-to-market]
-
-五、风险与问题
-   [Risk flags, mitigation status]
-
-六、下一步行动
-   [Board meeting, management call, DD items]
-```
-
-## China-Specific Monitoring Considerations
-
-### Market Context
-
-| Factor | Monitoring Implication |
-|--------|----------------------|
-| 涨跌停 | Price movement constraints |
-| 北向资金 | Foreign flow trends |
-| 龙虎榜 | Unusual trading activity |
-| 政策变化 | Regulatory impact on business |
-| 行业景气 | Sector cyclical position |
-
-### Common Issues in A-share Portfolio Companies
-
-| Issue | Warning Signs | Response |
-|-------|--------------|----------|
-| 商誉减值 | Goodwill >30% of equity | Impairment testing |
-| 应收账款积压 | AR growth > revenue growth | Collections push |
-| 存货积压 | Inventory days rising | Discounting, write-downs |
-| 经营现金流差 | CF < Net income repeatedly | Working capital review |
-| 大股东质押 | Pledge ratio rising | Engagement, covenant |
-| 关联交易 | Related party revenue high | Monitor for leakage |
-| 退市风险 | *ST designation, losses | Exit planning |
-
-### Value Creation Levers (China-specific)
-
-| Lever | Description | Typical Impact |
-|-------|-------------|----------------|
-| 精益管理 | Operational efficiency | 10-20% margin improvement |
-| 渠道优化 | Distribution optimization | 15-30% revenue uplift |
-| 数字化转型 | Digital transformation | 20-40% efficiency gain |
-| 并购整合 | Add-on acquisitions | 20-50% value creation |
-| 国际化 | Overseas expansion | New growth vectors |
-| 股权激励 | ESOP implementation | Management alignment |
-| 品牌建设 | Brand investment | Pricing power |
-
-## Quality Checks
-
-Before delivering report:
-- [ ] All financial data sourced and current
-- [ ] KPIs tracked against targets
-- [ ] Milestones updated
-- [ ] Valuation current
-- [ ] Risk flags addressed
-- [ ] Action items clear
-> **Data Source Mode Switch**: Set env var `IFIND_DATA_SOURCE_MODE` to control data source preference.
-> - `ifind-only` (strict): Use iFind only, error if unavailable
-> - `ifind-fallback` (default): iFind preferred, fallback to AkShare
-> - `akshare-only`: Skip iFind, use AkShare only

package/selected-skills/claude-for-financial-services-cn/vertical-plugins/private-equity/skills/china-returns-analysis/SKILL.md

@@ -1,176 +0,0 @@
----
-name: china-returns-analysis
-description: IRR and MOIC analysis for China-focused private equity and investment funds. Adapted from the original returns-analysis skill for RMB/USD fund structures, China market conventions, and Chinese portfolio companies. Triggers on "A股基金回报", "IRR分析", "returns China", "MOIC analysis China", "基金业绩分析", or "portfolio returns review".
----
-
-# china-returns-analysis
-
-## Purpose
-
-Analyze and report on **中国私募基金回报表现** using IRR, MOIC, and related metrics.
-
-## Key Metrics
-
-### Core Metrics (Same as Global)
-
-| Metric | Formula | Benchmark |
-|--------|---------|-----------|
-| IRR (Internal Rate of Return) | Discounted cash flow rate | 15-20%+ for top China PE |
-| MOIC (Multiple on Invested Capital) | Total returned / Total invested | 2.0-3.0x typical |
-| TVPI (Total Value to Paid-In) | (Distributed + NAV) / Paid-in | >2.0x target |
-| DPI (Distributed to Paid-In) | Distributions / Paid-in | 0.5-1.0x early stage |
-| RVPI (Residual Value to Paid-In) | NAV / Paid-in | >1.0x for active funds |
-
-### China-Specific Metrics
-
-| Metric | Description | Benchmark |
-|--------|-------------|-----------|
-| 人民币IRR | Returns in CNY | 12-18% for quality funds |
-| 美元IRR | Returns in USD (hedged/unhedged) | 15-25% |
-| 项目回报 | Per-investment IRR/MOIC | 20-30% IRR target |
-| 基金回报 | Fund-level IRR | Top quartile: 20%+ |
-| 现金回款 | Distributions received | Annual yield target |
-
-## Data Sources (Multi-Tier)
-
-### Tier 0 — 万得 Wind（最全面付费数据）
-- 覆盖：A股/港美股/基金/指数/债券/宏观/研报/分析（44个工具）
-- MCP 服务：`wind-mcp`（需 `WIND_API_KEY` 密钥，以 `ak_` 开头）
-- 优势：全市场覆盖面最广、数据最全面、包含研报和量化分析
-- 密钥申请：https://aifinmarket.wind.com.cn/#/home
-
-### Tier 1 - iFind (paid)
-> When IFIND_AUTH_TOKEN is configured, iFind is the preferred data source.
-> For equivalent iFind tools, see `china-market-data` skill.
-
-
-### Primary Sources
-
-| Data | Source | Notes |
-|------|--------|-------|
-| 基金估值报告 | Fund administrator | Monthly/quarterly NAV |
-| 投资项目数据 | Portfolio company reports | Financials, valuations |
-| 交易文件 | Investment agreements | Deal terms, waterfalls |
-| 清科 / 投中 | Industry data | Benchmark comparisons |
-
-### Secondary Sources
-- 巨潮 — public portfolio company filings
-- AkShare — market data for public holdings
-- 交易所 — trading data
-
-## Workflow
-
-### Step 1: Fund-Level Summary
-
-**Fund overview table:**
-
-| Fund | Vintage | Size (亿) | Committed | Called | Distributed | NAV | TVPI | IRR |
-|------|---------|-----------|-----------|--------|-------------|-----|------|-----|
-| Fund I | 2018 | 30 | | | | | | |
-| Fund II | 2021 | 50 | | | | | | |
-
-### Step 2: Portfolio-Level Analysis
-
-**By investment:**
-
-| Investment | Date | Cost (亿) | Fair Value (亿) | MOIC | IRR | Status |
-|-----------|------|-----------|----------------|------|-----|--------|
-| | | | | | | Active / Exited / Written off |
-
-### Step 3: Vintage Analysis
-
-**Vintage year performance:**
-
-| Vintage | IRR | MOIC | # Deals | # Exits | TVPI |
-|---------|-----|------|---------|---------|------|
-| | | | | | |
-
-**Benchmark comparison:**
-- vs 沪深300
-- vs 中国PE/VC指数 (if available)
-- vs peer fund performance
-
-### Step 4: Sector Analysis
-
-**Returns by sector:**
-
-| Sector | Invested (亿) | Realized (亿) | NAV (亿) | MOIC | IRR |
-|--------|--------------|--------------|----------|------|-----|
-| 半导体 | | | | | |
-| 新能源 | | | | | |
-| 医药 | | | | | |
-| 消费 | | | | | |
-
-### Step 5: J-Curve Analysis
-
-**Typical China PE J-curve:**
-- Year 0-2: Negative DPI (capital called, no distributions)
-- Year 3-5: DPI starts building
-- Year 5-7: MOIC > 1.0x
-- Year 7+: Strong distributions
-
-### Step 6: Sensitivity Analysis
-
-**Sensitivity on key assumptions:**
-
-| Variable | -20% | -10% | Base | +10% | +20% |
-|----------|------|------|------|------|------|
-| Exit multiple | | | | | |
-| EBITDA growth | | | | | |
-| Time to exit | | | | | |
-
-## China-Specific Considerations
-
-### Fund Structures
-
-| Structure | Description | Common Use |
-|-----------|-------------|-------------|
-| 人民币基金 (RMB fund) | Domestic currency | Onshore investments |
-| 美元基金 (USD fund) | Offshore currency | Cross-border, tech |
-| 双语基金 (Dual currency) | Both RMB and USD | Flexible allocation |
-| 母基金 (Fund of funds) | FoF structure | Diversified access |
-
-### Return Expectations
-
-| Fund Type | IRR Target | MOIC Target | Hold Period |
-|-----------|-----------|-------------|-------------|
-| VC (种子/早期) | 30-40% | 5-10x | 5-8 years |
-| Growth equity | 20-30% | 3-5x | 4-7 years |
-| Buyout | 15-25% | 2-4x | 4-7 years |
-| Distressed | 20-30% | 2-5x | 3-5 years |
-
-### Exit Routes
-
-| Route | Description | Typical Timeline | Multiple |
-|-------|-------------|-----------------|----------|
-| A股IPO | IPO on A-share market | 5-8 years from investment | 3-10x |
-| 并购退出 | Trade sale to strategic | 3-6 years | 2-5x |
-| 老股转让 | Secondary sale | 3-5 years | 1.5-3x |
-| 借壳上市 | Reverse merger | 3-5 years | 2-6x |
-| 回购 | Sponsor/management buyback | 5-8 years | 1.5-2.5x |
-| 基金份额转让 | Fund secondary | Ongoing | 0.7-1.2x NAV |
-
-### Benchmark Indices
-
-| Index | Description |
-|-------|-------------|
-| 沪深300 | Broad A-share market |
-| 中证1000 | Small-cap A-share |
-| 中国PE/VC指数 | PE/VC performance index |
-| 清科指数 | Zero2IPO index |
-| 投中指数 | CVSource index |
-
-## Quality Checks
-
-Before delivering:
-- [ ] All cash flows documented
-- [ ] IRR/MOIC calculations verified
-- [ ] Benchmark comparisons included
-- [ ] Sector analysis complete
-- [ ] Vintage analysis included
-- [ ] J-curve position clear
-- [ ] Sensitivities run
-> **Data Source Mode Switch**: Set env var `IFIND_DATA_SOURCE_MODE` to control data source preference.
-> - `ifind-only` (strict): Use iFind only, error if unavailable
-> - `ifind-fallback` (default): iFind preferred, fallback to AkShare
-> - `akshare-only`: Skip iFind, use AkShare only