@v587d/capital-generation 2.10.2 → 2.11.0

package/selected-skills/claude-for-financial-services-cn/vertical-plugins/china-finance/skills/china-lbo-model/SKILL.md

@@ -1,273 +0,0 @@
----
-name: china-lbo-model
-description: Leveraged buyout model for A-share and China-market LBO scenarios. Adapts the standard LBO-model methodology for Chinese debt markets, CAS accounting, and AkShare data. Use instead of the original lbo-model skill when analyzing leveraged buyouts involving Chinese targets or China-based sponsors.
----
-
-# china-lbo-model
-
-## Purpose
-
-Build institutional-quality LBO models for transactions in the China market, accounting for:
-- Chinese debt market structures (bank loans, 公司债, 中期票据)
-- CAS accounting standards
-- A-share trading restrictions and considerations
-- China-specific tax treatment
-
-## Key Differences from US LBO Models
-
-| Parameter | US LBO | China LBO |
-|-----------|--------|-----------|
-| Debt market | Public bonds, institutional loans | Bank syndicated loans, 公司债, ABS |
-| Typical leverage | 5-7x EBITDA | 3-5x EBITDA (bank-driven) |
-| High-yield market | Developed | Limited (mostly onshore/offshore 高收益债) |
-| Covenant package | Bond covenants, bank covenants | Primarily bank-led covenants |
-| Management roll | Standard | Often 管理层持股 + earn-out |
-| Tax rate | 21% federal | 25% standard (高新技术企业 15%) |
-| Currency | USD | CNY (人民币) |
-| Accounting | US GAAP / IFRS | CAS (企业会计准则) |
-
-## Data Sources
-
-### Primary: iFind MCP (Tier-1 付费) / AkShare MCP (Tier-2 免费备选)
-
-```python
-get_financials(ticker, "income", "annual")   → 利润表 (EBIT, Net Income)
-get_financials(ticker, "balance", "annual")  → 资产负债表 (Debt, Cash)
-get_financials(ticker, "cashflow", "annual") → 现金流量表 (FCF, CapEx)
-get_quote(ticker)                            → Current valuation
-get_historical_data(ticker)                  → Trading history
-get_stock_info(ticker)                       → Company profile
-```
-
-### Secondary Sources
-- 巨潮资讯 — public filings for historicals
-- 公司公告 — debt agreements, covenant packages
-- 银行间市场交易商协会 — bond issuance data
-- Wind / 同花顺 — comparable transaction multiples
-
-## Workflow
-
-### Step 1: Company & Transaction Setup
-
-**Transaction Structure (China-specific):**
-
-- **Buyer type**: 战略投资者 (strategic) vs 财务投资者 (financial sponsor)
-- ** Listed status**: A-share delisting process vs 借壳上市 (reverse merger)
-- **Deal structure**: 股权收购 vs 资产收购 vs 吸收合并
-- **Lock-up**: 限售期 considerations (typically 12-36 months)
-
-**Entry Valuation:**
-- Current market cap (流通市值 or 总市值)
-- Control premium benchmark: 20-40% typical for China M&A (vs 20-30% US)
-- Take-private premium for A-share delistings: 30-50%
-
-### Step 2: Sources & Uses
-
-**Sources:**
-- Senior debt (银行借款): 40-60% of total consideration
-- Subordinated debt / 夹层融资: 5-15%
-- Equity ( sponsor equity ): 30-50%
-- Revolver (循环额度): 10-20% of EBITDA
-- Seller note / 卖方分期付款: common in China
-
-**Uses:**
-- Purchase equity
-- Refinance existing debt
-- Transaction fees (typically higher in China: 2-4%)
-- 印花税 (stamp tax): 0.05% on equity transfer
-- 增值税 on asset deals: 6% (一般纳税人) or 3% (小规模纳税人)
-
-**China-specific cost items:**
-- 印花税 (Stamp tax): 0.05% of deal value for equity transfers
-- 契税 (Deed tax): 3-5% for asset acquisitions
-- 土地增值税 (Land appreciation tax): for real estate assets
-- 中介费用 (Advisory fees): typically 1.5-3% for IB, legal, accounting
-
-### Step 3: Operating Model
-
-Build 5-year projections following standard LBO methodology:
-
-**Revenue assumptions:**
-- Historical growth rate baseline
-- Synergy adjustments (cost savings, revenue uplift)
-- China-specific factors:
-  - 产能利用率 (capacity utilization) trends
-  - 新产能投放 (new capacity ramp)
-  - 市场份额变化 (market share dynamics)
-
-**Margin assumptions:**
-- Gross margin: track 毛利率
-- Operating margin: 营业利润率
-- Note: Chinese industrial companies often have thinner margins than Western peers
-
-**Working capital:**
-- 应收账款 (AR) days — often elevated in China
-- 存货 (Inventory) days — FIFO only (no LIFO under CAS)
-- 应付账款 (AP) days
-- Net working capital as % of revenue change
-
-**CapEx:**
-- 资本支出 intensity (Chinese industrials often capex-heavy)
-- Maintenance vs growth CapEx split
-
-### Step 4: Debt Schedule
-
-**China-specific debt structures:**
-
-1. **Senior secured bank loan (银行借款)**
-   - Typically 3-5 year tenor
-   - SOFR/LPR + spread (1-3%)
-   - Covenants: 资产负债率, 利息覆盖倍数, 流动比率
-   - Amortization: typically 1-3% per year (bullet maturity)
-
-2. **Subordinated debt / 夹层融资**
-   - Mezzanine structures gaining market share
-   - 10-15% coupon typical
-   - Often includes equity kicker (认股权证)
-
-3. **High-yield bonds / 高收益债**
-   - Limited market, mostly offshore
-   - 7-12% coupon range
-   - 3-5 year maturity
-
-4. **Revolver (循环贷款)**
-   - Based on 应收账款 or 存货 collateral
-   - LTV: 50-70% of eligible collateral
-
-**Interest calculation:**
-- Average debt balance method or daily balance
-- LIBOR/SOFR replaced with LPR for onshore RMB loans
-- Add credit spread based on company rating
-
-### Step 5: Returns Analysis
-
-**IRR calculation** (same methodology as US LBO):
-- Sponsor equity contributions
-- Dividend recapitalizations
-- Exit proceeds
-
-**MOIC calculation**:
-- Total cash returned / Total cash invested
-
-**Exit multiples:**
-- Comparable to china-comps analysis
-- Typical EV/EBITDA exit: 6-12x for China industrials
-- IPO exit: increasingly common (A-share IPO for delisted targets)
-
-**Sensitivity tables:**
-- Entry multiple vs exit multiple
-- EBITDA growth vs leverage level
-- IRR vs MOIC matrix
-
-### Step 6: Scenario Analysis
-
-**Bear case:**
-- Revenue growth below plan
-- Margin compression
-- Higher borrowing costs
-- Covenant tightness
-
-**Base case:**
-- Plan assumptions achieved
-- Standard amortization schedule
-- Target exit in year 4-5
-
-**Bull case:**
-- Revenue synergies materialize
-- Margin expansion through 规模效应
-- Lower financing costs
-- IPO exit at premium
-
-## China-Specific Considerations
-
-### A-Share Delisting / 私有化
-- 全面要约收购 (General offer) required for >30% stake
-- Minimum offer price: typically 6 months highest trading price
-- Post-delisting: 3 years before re-listing (创业板/科创板: 2 years)
-- 回购价格 must meet regulatory minimums
-
-### Regulatory Approvals
-- 反垄断审查 (SAMR merger control)
-- 经营者集中申报 for deals above thresholds
-- 外资安全审查 (foreign investment review)
-- 行业准入 (sector-specific approvals)
-
-### Tax Considerations
-- 资本利得税: not separately levied on individuals
-- Corporate: 25% (or 15% for 高新技术企业)
-- Withholding tax on dividends to foreign investors: 10% ( treaty relief possible)
-- 转让所得税 on asset transfers: 25% corporate or 20% individual
-
-### Working Capital Norms
-- Chinese companies often have:
-  - Higher AR days (less efficient collections)
-  - Higher inventory days (especially manufacturing)
-  - Higher AP days (supplier financing)
-- Net WC often runs 5-15% of revenue for industrials
-
-### Debt Market Access
-- Investment-grade: 3-5% borrowing cost
-- High-yield: 8-15% (offshore bonds)
-- Bank loans: LPR + 100-300 bps
-- Shadow banking restrictions affect 信托融资 availability
-
-## Excel Model Structure
-
-### Sheet Architecture
-
-1. **Sources & Uses** — deal structure
-2. **Operating Model** — 5-year projections
-3. **Debt Schedule** — all tranches with amortization
-4. **Returns Summary** — IRR, MOIC, equity bridge
-5. **Sensitivity** — entry/exit multiple sensitivity
-
-### Key Formulas
-
-```excel
-// EBITDA
-=Gross Profit + D&A - S&M - G&A
-
-// Unlevered FCF
-=NOPAT + D&A - CapEx - ΔNWC
-
-// Levered FCF
-=Unlevered FCF - Interest - Mandatory Amortization - Dividends
-
-// Debt at end of year
-=Beginning Debt + New Draws - Mandatory Amort - Optional Prepayment
-
-// Interest expense
-=Average Debt × Interest Rate
-
-// IRR
-=IRR(Equity contributions, dividends, exit proceeds)
-
-// MOIC
-=Exit Equity Value / Total Equity Invested
-```
-
-## Output Checklist
-
-Before delivering:
-
-- [ ] Sources & Uses balance (Total Sources = Total Uses)
-- [ ] Debt schedule amortizes correctly
-- [ ] Interest calculated on average or period-end debt (consistent)
-- [ ] All hardcoded inputs sourced and commented
-- [ ] IRR and MOIC calculations verified
-- [ ] Sensitivity tables fully populated
-- [ ] Scenario analysis included (Bear/Base/Bull)
-- [ ] China-specific taxes/fees included in Uses
-- [ ] CAS conventions documented
-- [ ] File named: `[Ticker]_LBO_Model_[Date].xlsx`
-
-## Reference
-
-This skill extends the base `lbo-model` skill. For Excel formatting standards, formula conventions, and section checkpoint methodology, refer to:
-- `lbo-model/SKILL.md` — base LBO methodology
-- `xlsx-author/SKILL.md` — Excel file creation standards
-- `audit-xls/SKILL.md` — model validation and audit procedures
-> **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/china-finance/skills/china-market-data/SKILL.md

@@ -1,229 +0,0 @@
----
-name: china-market-data
-description: Query A-share and Chinese financial market data via multiple data sources. Tier-1 paid source is iFind (同花顺, covers stocks/funds/macro/bonds/HK-US/ESG/index-sectors). Tier-2 free source is AkShare (行情/财报/行业/指数). Use whenever the agent needs Chinese financial data — compatible with 沪深 A 股, 科创板, 创业板, 北交所, and 港股通 stocks.
----
-
-# china-market-data
-
-## 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 — 同花顺 iFind（付费精确数据）
-- 覆盖：股票、基金、宏观经济、新闻公告、债券、港美股、指数板块
-- MCP 服务：`ifind-mcp`（需 `IFIND_AUTH_TOKEN` 密钥）
-- 优势：精确财务数据、一致预期、ESG评级、债券详情、港美股、宏观行业指标
-- 并发限制：免费版 2/s，个人版 5/s，企业版 10/s
-
-### Tier 2 — AkShare（免费开源数据）
-- 覆盖：A 股行情、财报、行业分类、指数
-- MCP 服务：`akshare-mcp`（无需密钥，直接启动）
-- 优势：无并发限制，适合高频批量查询
-
-### Tier 3 — 新闻公告（免费）
-- MCP 服务：`china-news-mcp`
-- 覆盖：个股新闻、市场头条
-
-### 数据源优先级策略
-
-| 场景 | Wind (Tier-0) | iFind (Tier-1 首选) | AkShare (Tier-2 备选) |
-|------|---------------|---------------------|----------------------|
-| 股票财务报表（利润表/资产负债表） | `wind_get_stock_fundamentals` | `ifind_get_stock_financials` | `get_financials` |
-| 股票基本面/行情 | `wind_get_stock_basicinfo` | `ifind_get_stock_info` | `get_stock_info` / `get_quote` |
-| 股票行情快照（实时行情） | `wind_get_stock_price_indicators` | `ifind_get_stock_info` | `get_quote` |
-| 股票K线（OHLCV历史） | `wind_get_stock_kline` | — | `get_historical_data` |
-| 股票技术指标 | `wind_get_stock_technicals` | — | — |
-| 智能选股 | `wind_search_stocks` | `ifind_search_stocks` | `search_stock`（仅关键词） |
-| 股东/股本结构 | `wind_get_stock_equity_holders` | `ifind_get_stock_shareholders` | — |
-| 一致预期/估值 | `wind_get_stock_consensus` | — | — |
-| 风险指标（夏普/Beta/波动率） | `wind_get_risk_metrics` | `ifind_get_risk_indicators` | — |
-| ESG 评级 | — | `ifind_get_esg_data` | — |
-| 基金资料/行情/持仓 | `wind_get_fund_*` | `ifind_search_funds` / `ifind_get_fund_*` | `get_fund_data` |
-| 宏观经济指标 | `wind_get_economic_data` | `ifind_search_edb` → `ifind_get_edb_data` | — |
-| 债券基本信息 | `wind_get_bond_basicinfo` | `ifind_bond_basic_info` | — |
-| 债券行情数据 | `wind_get_bond_market_data` | `ifind_bond_market_data` | — |
-| 港美股基本面 | `wind_get_global_stock_fundamentals` | `ifind_global_stock_financial` | — |
-| 港美股基本信息 | `wind_get_global_stock_basicinfo` | `ifind_global_stock_profile` | — |
-| 指数/板块 | `wind_get_index_constituents` | `ifind_index_data` / `ifind_sector_data` | `get_index_data` |
-| 新闻/公告 | `wind_get_announcements` | `ifind_search_news` / `ifind_search_notice` | `get_stock_news` |
-| 财经新闻 | `wind_get_financial_news` | `ifind_search_trending_news` | `get_market_headlines` |
-| 公司公告 | `wind_get_company_announcements` | `ifind_search_notice` | — |
-| 行业分类/成分股 | `wind_get_index_constituents` | `ifind_sector_data` | `get_industry_stocks` |
-| 市场概览（涨跌幅榜） | — | — | `get_market_overview` |
-| 研报搜索 | `wind_search_research` | — | — |
-| 因子/策略分析 | `wind_factor_analysis` / `wind_backtest` | — | — |
-| 兜底取数（通用数据查询） | `wind_get_financial_data` | — | — |
-
-> **Data Source Mode Switch (env var `IFIND_DATA_SOURCE_MODE`)**:
-> - `wind-only` (strict): Wind only, error if unavailable
-> - `wind-fallback` (recommended): Wind preferred, fallback to iFind → AkShare
-> - `ifind-only` (strict): iFind only, error if unavailable
-> - `ifind-fallback` (default): iFind preferred, fallback to AkShare
-> - `akshare-only`: AkShare only, skip Wind/iFind
->
-> Usage: `export IFIND_DATA_SOURCE_MODE=ifind-only`
-
----
-
-## iFind MCP tools（`mcp__ifind__*`）
-
-### 股票服务
-
-| Tool | Purpose |
-|------|---------|
-| `ifind_search_stocks` | 自然语言智能选股 |
-| `ifind_get_stock_summary` | 股票信息摘要 |
-| `ifind_get_stock_info` | 基本资料 / 日频行情 / 技术指标 |
-| `ifind_get_stock_shareholders` | 股本结构与股东 |
-| `ifind_get_stock_financials` | 财务数据与指标 |
-| `ifind_get_risk_indicators` | 风险定量指标 |
-| `ifind_get_stock_events` | 上市公司重大事件 |
-| `ifind_get_esg_data` | ESG 评级数据 |
-
-### 基金服务
-
-| Tool | Purpose |
-|------|---------|
-| `ifind_search_funds` | 基金搜索 |
-| `ifind_get_fund_profile` | 基金基本资料 |
-| `ifind_get_fund_market_performance` | 基金行情与业绩 |
-| `ifind_get_fund_ownership` | 基金份额与持有人 |
-| `ifind_get_fund_portfolio` | 基金持仓明细 |
-| `ifind_get_fund_financials` | 基金财务指标 |
-| `ifind_get_fund_company_info` | 基金公司信息 |
-
-### 宏观经济 / 行业经济指标
-
-| Tool | Purpose |
-|------|---------|
-| `ifind_search_edb` | 指标模糊搜索（先搜再查） |
-| `ifind_get_edb_data` | 指标数据查询 |
-
-### 新闻公告
-
-| Tool | Purpose |
-|------|---------|
-| `ifind_search_news` | 新闻资讯语义检索 |
-| `ifind_search_notice` | 上市公司公告语义检索 |
-| `ifind_search_trending_news` | 热点事件资讯 |
-
-### 债券
-
-| Tool | Purpose |
-|------|---------|
-| `ifind_bond_basic_info` | 债券基本信息 |
-| `ifind_bond_market_data` | 债券行情与估值 |
-| `ifind_bond_financial_data` | 发债主体财务 |
-| `ifind_bond_special_data` | 可转债/信用债特殊条款 |
-
-### 港美股
-
-| Tool | Purpose |
-|------|---------|
-| `ifind_search_global_stocks` | 港美股智能选股 |
-| `ifind_global_stock_profile` | 港美股基本资料 |
-| `ifind_global_stock_quotes` | 港美股行情 |
-| `ifind_global_stock_financial` | 港美股财务 |
-| `ifind_global_stock_events` | 港美股公告事件 |
-
-### 指数板块
-
-| Tool | Purpose |
-|------|---------|
-| `ifind_index_data` | 指数行情 / 技术指标 / 估值 |
-| `ifind_sector_data` | 板块行情 / 成分股分析 |
-
----
-
-## AkShare MCP tools（`mcp__akshare__*`）
-
-| Tool | Purpose |
-|------|---------|
-| `search_stock` | Search A-share stocks by code or name |
-| `get_quote` | Real-time quote (price, PE, PB, market cap) |
-| `get_historical_data` | OHLCV history (daily/weekly/monthly), forward-adjusted |
-| `get_financials` | 利润表/资产负债表/现金流量表 |
-| `get_industry_stocks` | 行业分类 & 成分股 (东方财富行业) |
-| `get_index_data` | 指数行情 (上证/深证/创业板/科创50) |
-| `get_stock_info` | 公司基本信息 & 业务范围 |
-| `get_market_overview` | 涨幅榜/跌幅榜/成交额榜 |
-| `get_fund_data` | 公募基金/ETF 行情 |
-
-The **china-news** MCP server provides:
-
-| Tool | Purpose |
-|------|---------|
-| `get_stock_news` | 个股新闻 |
-| `get_market_headlines` | 市场头条 |
-
----
-
-## Workflow
-
-### 1. Identify the stock/security
-
-```python
-# iFind — 自然语言选股
-ifind_search_stocks(query="电子行业市值大于100亿")
-
-# AkShare — 关键词搜索
-search_stock(keyword="茅台")
-```
-
-### 2. Pull market data
-
-```python
-# iFind — 精确财务
-ifind_get_stock_financials(query="贵州茅台2024年年报的ROE、ROA、净利润增速")
-
-# AkShare — 历史行情
-get_historical_data(ticker="600519", start_date="20240101", end_date="20241231", frequency="daily")
-
-# AkShare — 财务报表
-get_financials(ticker="600519", statement_type="income", period="annual")
-```
-
-### 3. Industry / peer context
-
-```python
-# iFind — 板块分析
-ifind_sector_data(query="白酒板块的成分股个数及过去5日平均涨跌幅")
-
-# AkShare — 行业成分
-get_industry_stocks(industry="白酒")
-
-# iFind — 指数
-ifind_index_data(query="沪深300过去10个交易日的涨跌幅和收盘点数")
-```
-
-### 4. Macro / EDB indicators
-
-```python
-# 先搜索再取数
-ifind_search_edb(query="新能源汽车产量相关指标")
-ifind_get_edb_data(query="新能源汽车产量当月值（202301-202506）")
-```
-
-### 5. News and sentiment
-
-```python
-# iFind — 公告语义检索
-ifind_search_notice(query="贵州茅台2024年年度报告 分红", time_start="2025-01-01", time_end="2025-12-31", size=5)
-
-# AkShare — 个股新闻
-get_stock_news(ticker="600519")
-```
-
-## Note on data coverage
-
-- **A-shares**: Full coverage via both iFind and AkShare (SH, SZ, BJ, STAR, ChiNext)
-- **Hong Kong stocks (港股通)**: iFind 完整覆盖；AkShare 部分覆盖
-- **US-listed Chinese ADRs**: iFind 通过 `ifind_global_stock_*` 覆盖
-- **Funds**: iFind 完整覆盖（资料/行情/持仓/持有人）；AkShare 仅 ETF 行情
-- **Bonds**: iFind 覆盖信用债/可转债/回购；AkShare 需扩展
-- **ESG**: 仅 iFind 提供
-- **宏观经济**: iFind EDB 覆盖最广；AkShare 有基础宏观数据