@v587d/capital-generation 2.6.5 → 2.7.0

package/selected-skills/china-stock-research-skills/skills/china-stock-research-orchestrator/references/final-output-contract.md

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+# Final Output Contract
+
+Merge module outputs into one research framework without collapsing evidence layers.
+
+Default the merged output to Simplified Chinese. See `skills/shared/references/language-output-standard.md`.
+
+## Required Section Order
+
+1. `公司概览与路由决策`
+2. `事实`
+3. `解读`
+4. `待验证问题`
+5. `监测指标`
+6. `情景与估值钩子`
+7. `来源附录`
+
+## Section Rules
+
+### 1. 公司概览与路由决策
+
+- State the company name, ticker, as-of date, and selected patterns.
+- State which core modules were run and why.
+- State which overlays were loaded and why.
+
+### 2. 事实
+
+- Include only source-backed facts.
+- Keep the citation with each key statement.
+- Tag the originating module when useful, for example `事实 | financial-health`.
+
+### 3. 解读
+
+- Explain what the facts likely mean.
+- Do not convert inference into fact.
+- Refer back to the supporting facts and sources.
+
+### 4. 待验证问题
+
+- State what is still unknown.
+- State the next source to check.
+- Keep open questions explicit instead of hiding uncertainty.
+
+### 5. 监测指标
+
+- Pull the highest-signal indicators from `risk-warning-catalysts`.
+- Attach thresholds and source paths where possible.
+
+### 6. 情景与估值钩子
+
+- Include only the assumptions and method hooks needed for valuation.
+- Do not force an exact target price if the evidence is incomplete.
+
+### 7. 来源附录
+
+- List the primary source set.
+- List important secondary source set.
+- Note inaccessible, conflicting, or incomplete evidence.
+
+## Merge Rule
+
+- Never merge facts and interpretation into one sentence if that hides the evidence boundary.
+- If two modules conflict, keep both views and explain the difference.

package/selected-skills/china-stock-research-skills/skills/china-stock-research-orchestrator/references/routing-matrix.md

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+# Routing Matrix
+
+Use this matrix to decide which core modules to run.
+
+## Pattern to Module Routing
+
+| Pattern | Mandatory Modules | Common Optional Modules | Notes |
+| --- | --- | --- | --- |
+| Business-model transition | `strategy-business-transition`, `financial-health` | `risk-warning-catalysts`, `valuation-investment-strategy`, `industry-competition-moat` | Use when legacy and new business overlap |
+| Project or order-driven business | `business-decomposition-order-quality`, `financial-health` | `risk-warning-catalysts`, `valuation-investment-strategy`, `industry-competition-moat` | Revenue quality and cash conversion matter most |
+| Asset-heavy ramp | `financial-health`, `risk-warning-catalysts` | `strategy-business-transition`, `valuation-investment-strategy`, `industry-competition-moat` | Focus on capex, ramp-up, financing, utilization |
+| Cyclical or price-driven business | `industry-competition-moat`, `valuation-investment-strategy`, `risk-warning-catalysts` | `financial-health` | Separate cycle from moat |
+| Consumer channel and brand | `industry-competition-moat`, `business-decomposition-order-quality`, `risk-warning-catalysts` | `financial-health`, `valuation-investment-strategy` | Channel and sell-through quality matter |
+| Regulated healthcare or pharma | `industry-competition-moat`, `risk-warning-catalysts`, `valuation-investment-strategy` | `strategy-business-transition`, `financial-health` | Policy and approval cadence drive risk |
+| Export manufacturing and supply chain | `business-decomposition-order-quality`, `industry-competition-moat`, `financial-health` | `risk-warning-catalysts`, `valuation-investment-strategy` | Customer concentration, FX, and inventory matter |
+
+## Default Rule
+
+- If the company clearly matches one or two patterns, route by the matrix above.
+- If the company matches three or more patterns with similar weight, run all six modules.
+- If the business model is unclear, start with `strategy-business-transition`, `financial-health`, and `industry-competition-moat`, then expand.
+
+## Ordering Rule
+
+Default order:
+
+1. `strategy-business-transition`
+2. `business-decomposition-order-quality`
+3. `financial-health`
+4. `industry-competition-moat`
+5. `risk-warning-catalysts`
+6. `valuation-investment-strategy`
+
+Skip a module only when the pattern logic clearly makes it non-essential.

package/selected-skills/china-stock-research-skills/skills/china-stock-research-orchestrator/references/sector-overlay-escalation-rules.md

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+# Sector Overlay Escalation Rules
+
+Use sector overlays only after the generic pattern is clear.
+
+## Escalation Principle
+
+- Start from the generic pattern.
+- Add a sector overlay only when sector-specific variables materially change at least two modules' evidence collection or judgment standard.
+
+## Good Reasons to Escalate
+
+- A regulated approval or reimbursement regime determines revenue timing.
+- Channel inventory and same-store behavior determine whether reported growth is real.
+- Commodity pricing, spread, or industry inventory dominate earnings.
+- Export exposure, tariffs, FX, and customer concentration materially reshape profitability.
+- Asset ramp-up, utilization, and financing structure dominate the thesis.
+
+## Typical Overlay Choices
+
+| Situation | Overlay |
+| --- | --- |
+| New business replacing old business | `skills/shared/references/business-model-transition-overlay.md` |
+| Revenue depends on contracts or backlog | `skills/shared/references/project-order-business-overlay.md` |
+| Capex, CIP, and utilization dominate | `skills/shared/references/asset-heavy-ramp-overlay.md` |
+| Spread and cycle dominate | `skills/shared/references/cyclical-price-driven-overlay.md` |
+| Brand and channel dominate | `skills/shared/references/consumer-channel-brand-overlay.md` |
+| Policy and approvals dominate | `skills/shared/references/regulated-healthcare-policy-overlay.md` |
+| Export customers and FX dominate | `skills/shared/references/export-manufacturing-supply-chain-overlay.md` |
+| IDC-specific implementation details matter | `skills/shared/references/idc-heavy-asset-transition-overlay.md` |
+
+## Rule for IDC and Similar Examples
+
+- IDC is an example overlay, not a default routing assumption.
+- Load it only after the company already matches broader patterns such as `business-model transition`, `project or order-driven business`, or `asset-heavy ramp`.
+
+## Output Reminder
+
+State explicitly why each overlay was loaded and which modules it affects.

package/selected-skills/china-stock-research-skills/skills/financial-health/SKILL.md

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+---
+name: financial-health
+description: Evaluate the financial health of an A-share company through earnings quality, cash conversion, working capital, leverage, and balance-sheet risk. Use this skill when revenue and profit trends diverge from cash flow, when debt and capex matter, or when impairment and receivable quality are major concerns. All outputs must include accessible source links.
+---
+
+# Financial Health
+
+Diagnose whether the company's accounting profit is supported by real cash and a resilient balance sheet.
+
+## Non-Negotiable Rules
+
+- Tie every ratio back to a public filing.
+- State the reporting period and whether figures are audited or unaudited when known.
+- Separate accounting facts from analytical judgment.
+- Do not produce a target price here.
+- Default every intermediate and final output to Simplified Chinese unless the user explicitly requests another language.
+
+## Read First
+
+- `skills/shared/references/source-registry.md`
+- `skills/shared/references/citation-standard.md`
+- `skills/shared/references/financial-kpi-dictionary.md`
+- `skills/shared/references/analysis-pattern-selector.md`
+- `skills/shared/references/language-output-standard.md`
+- `skills/financial-health/references/red-flag-checklist.md`
+- If the company is in an asset-heavy ramp, also load `skills/shared/references/asset-heavy-ramp-overlay.md`.
+- If the company is an IDC or AI-compute asset-ramp case, `skills/shared/references/idc-heavy-asset-transition-overlay.md` and `skills/financial-health/references/idc-balance-sheet-stress-guide.md` are optional example overlays.
+
+## When to Use
+
+- Revenue is rising but profit or cash flow is weak.
+- Working capital is expanding faster than sales.
+- Debt, finance cost, guarantees, or capex may threaten the balance sheet.
+
+## Workflow
+
+1. Pull the latest annual, interim, and quarterly reports.
+2. Build a three-statement view: income statement, cash flow, balance sheet.
+3. Focus on cash conversion, receivables, contract assets, inventory, capex, debt, finance cost, and impairment.
+4. Compare current stress points with management explanation.
+5. Score liquidity, leverage, and earnings quality.
+
+## Required Output
+
+- `事实`: key line items, ratio set, debt schedule, impairment, working-capital trend
+- `解读`: main structural problem, risk transmission path, likely breakpoints
+- `待验证问题`: hidden guarantees, collection pace, refinancing schedule, off-balance-sheet items
+- `Health Scorecard`: earnings quality, cash conversion, liquidity, leverage, asset quality
+
+## Boundaries
+
+- Do not restate the full industry structure.
+- Do not select valuation methods here.
+- Do not make a portfolio-allocation call.

package/selected-skills/china-stock-research-skills/skills/financial-health/references/idc-balance-sheet-stress-guide.md

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+# IDC Balance-Sheet Stress Guide
+
+Use this guide when the company is building or buying heavy assets before full monetization.
+
+## Source Priority
+
+| Source | What to Validate | URL |
+| --- | --- | --- |
+| Annual and interim reports | Fixed assets, CIP, debt, receivables, contract assets, guarantees | https://www.cninfo.com.cn/new/index |
+| Financing filings | Placement, convertible bond, bank loan, project-fund use | https://www.cninfo.com.cn/new/index |
+| Exchange inquiries and replies | Accounting quality, project economics, impairment rationale | https://www.cninfo.com.cn/new/index |
+| Official company disclosure portal | Supplemental investor materials | Use issuer official investor-relations page |
+
+## Pressure Points
+
+- Fixed assets and CIP rise faster than proof of operation income.
+- Receivables and contract assets increase with project delivery claims.
+- Inventory or equipment stock builds ahead of customer acceptance.
+- Finance cost increases before recurring cash flow forms.
+- Legacy-business impairments continue while new capex ramps.
+
+## Questions to Force
+
+- How much of the asset build is already producing cash flow?
+- How much debt matures before the project reaches stable monetization?
+- Does disclosed utilization or ramp-up justify the asset base?
+- Is the company funding long-cycle assets with short-cycle liabilities?
+
+## Output Reminder
+
+Show the transmission path from asset build -> working capital -> financing pressure -> equity risk, with source links at each step.

package/selected-skills/china-stock-research-skills/skills/financial-health/references/red-flag-checklist.md

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+# Financial Red Flag Checklist
+
+Flag these patterns early.
+
+| Pattern | Why It Matters |
+| --- | --- |
+| Revenue up, operating cash flow down | Quality of earnings may be weak |
+| Receivables and contract assets outgrow revenue | Delivery or collection quality may be deteriorating |
+| Inventory surges without matching shipment | Demand or execution may be overstated |
+| Finance cost rises while profit weakens | Leverage becomes more dangerous |
+| Repeated impairment on legacy assets | Old business is still dragging the new story |
+| Large short-term debt wall | Refinancing risk may dominate equity value |
+
+For every red flag, cite the source and explain the path from accounting item to business risk.

package/selected-skills/china-stock-research-skills/skills/industry-competition-moat/SKILL.md

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+---
+name: industry-competition-moat
+description: Analyze the industry structure, competition, supply-demand balance, and moat of an A-share company. Use this skill when testing whether a company's growth can be sustained, whether its claimed differentiation is real, and which external industry forces could compress returns. All outputs must include accessible source links.
+---
+
+# Industry Competition Moat
+
+Place the company inside its real industry structure and test whether it has defensible economics.
+
+## Non-Negotiable Rules
+
+- Use public policy, statistics, procurement, and company disclosures to validate industry claims.
+- Separate company claims from third-party validation.
+- State which competitor comparison points are fact and which are inference.
+- Do not repeat detailed company financial scoring here.
+- Default every intermediate and final output to Simplified Chinese unless the user explicitly requests another language.
+
+## Read First
+
+- `skills/shared/references/source-registry.md`
+- `skills/shared/references/citation-standard.md`
+- `skills/shared/references/analysis-pattern-selector.md`
+- `skills/shared/references/language-output-standard.md`
+- `skills/shared/references/sector-adaptation-checklist.md`
+- `skills/industry-competition-moat/references/moat-grid.md`
+- If the company is in a policy-sensitive or asset-heavy sector, load the relevant shared overlay first.
+- If the company is an IDC or AI-compute infrastructure case, `skills/shared/references/idc-heavy-asset-transition-overlay.md` and `skills/industry-competition-moat/references/idc-value-chain-and-peers.md` are optional example overlays.
+
+## When to Use
+
+- Assess industry attractiveness and rivalry.
+- Compare the company with listed peers and alternative business models.
+- Test whether policy, capital, qualification, data, channel, or switching cost creates a moat.
+
+## Workflow
+
+1. Define the value chain and the company's exact position in it.
+2. Pull industry-policy and demand data from official sources.
+3. Select a source-backed peer set and compare capacity, clients, margins, and business model.
+4. Apply a moat grid and a five-forces style structure.
+5. Highlight where the company captures value and where it remains vulnerable.
+
+## Required Output
+
+- `事实`: industry size, policy tailwind/headwind, peer positions, value-chain role
+- `解读`: moat strength, structural advantage, likely pressure points
+- `待验证问题`: missing peer metrics, uncertain supply additions, unclear regulation
+- `Value Chain Map`: each link labeled strong, medium, or weak capture ability
+
+## Boundaries
+
+- Do not run the company's order pipeline in detail.
+- Do not build the risk dashboard here.
+- Do not produce target price or trading plan.

package/selected-skills/china-stock-research-skills/skills/industry-competition-moat/references/idc-value-chain-and-peers.md

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+# IDC Value Chain and Peer-Screen Guide
+
+Use this guide when the company claims to compete in IDC, AI-compute infrastructure, or data-center lifecycle services.
+
+## Official Source Map
+
+| Source | What to Validate | URL |
+| --- | --- | --- |
+| MIIT | Policy on green data centers, digital infrastructure, industrial internet | https://www.miit.gov.cn/ |
+| NDRC | Computing-infrastructure and macro policy framework | https://www.ndrc.gov.cn/ |
+| National Bureau of Statistics | Macro and regional demand context | https://www.stats.gov.cn/ |
+| Operator procurement portals | External demand and package structure | https://b2b.10086.cn/ |
+| Exchange disclosures | Peer business model, capex, utilization disclosures | https://www.cninfo.com.cn/new/index |
+
+## Value Chain Buckets
+
+- Upstream: equipment, power, cooling, modules, engineering capability
+- Midstream: design, integration, EPC, commissioning
+- Asset owner / operator: self-built or self-operated data-center capacity
+- Demand side: operators, cloud vendors, internet platforms, local state-backed compute demand
+
+## Peer-Screen Logic
+
+Do not force a peer set based only on labels such as "IDC" or "AI".
+
+Compare peers by:
+
+- Revenue model: one-off delivery vs recurring operation
+- Asset intensity: self-owned assets vs light integration model
+- Customer type: operators, cloud, government, enterprise
+- Ramp metric: occupancy, cabinet loading, power-on, utilization, or service revenue mix
+- Financing burden: debt-funded expansion vs lighter model
+
+## Moat Tests
+
+- Is the advantage really in manufacturing cost, integration speed, approvals, customer relationship, or scarce power access?
+- Can the claimed moat survive operator pricing pressure or cloud self-build?
+- Is the company earning integration margin, asset yield, or both?
+
+## Output Reminder
+
+For every competitive claim, show whether the proof comes from company disclosure, policy, procurement, or third-party validation.

package/selected-skills/china-stock-research-skills/skills/industry-competition-moat/references/moat-grid.md

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+# Moat Assessment Grid
+
+Use these dimensions and support each with sources.
+
+| Dimension | Questions |
+| --- | --- |
+| Cost advantage | Does scale, manufacturing, location, or financing lower cost? |
+| Switching cost | Is the customer locked in by integration, certification, or migration pain? |
+| Capacity or resource access | Is land, energy, quota, license, or supply hard to replicate? |
+| Brand or qualification | Does formal qualification or reputation influence win rates? |
+| Ecosystem position | Does the company sit where multiple parties depend on it? |
+
+Label each dimension `Strong`, `Mixed`, or `Weak`, and explain why.

package/selected-skills/china-stock-research-skills/skills/risk-warning-catalysts/SKILL.md

@@ -0,0 +1,54 @@
+---
+name: risk-warning-catalysts
+description: Build a source-backed monitoring system for risk signals and catalysts in an A-share company. Use this skill when turning static research into an update process covering orders, financing, governance, policy, operations, and sentiment. All outputs must include accessible source links.
+---
+
+# Risk Warning Catalysts
+
+Convert research into a live monitoring framework.
+
+## Non-Negotiable Rules
+
+- Every risk and catalyst must point to a public source and a monitorable trigger.
+- Distinguish confirmed events from watch items.
+- Use thresholds where possible, not vague language.
+- Do not turn monitoring points into valuation conclusions here.
+- Default every intermediate and final output to Simplified Chinese unless the user explicitly requests another language.
+
+## Read First
+
+- `skills/shared/references/source-registry.md`
+- `skills/shared/references/citation-standard.md`
+- `skills/shared/references/analysis-pattern-selector.md`
+- `skills/shared/references/language-output-standard.md`
+- `skills/shared/templates/catalyst-calendar.md`
+- `skills/risk-warning-catalysts/references/monitoring-dashboard.md`
+- If the company is project-driven or asset-ramp sensitive, also load the matching shared overlay.
+- If the company is an IDC or AI-compute case, `skills/shared/references/idc-heavy-asset-transition-overlay.md` and `skills/risk-warning-catalysts/references/idc-monitoring-indicators.md` are optional example overlays.
+
+## When to Use
+
+- Build a watchlist after a deep-dive report.
+- Track whether the thesis is improving or deteriorating.
+- Prepare a monthly or event-driven update process.
+
+## Workflow
+
+1. Pull the latest announcements and identify what changed since the last report.
+2. Map risks by category: execution, finance, governance, policy, customer, technology, litigation.
+3. Map catalysts by category: orders, policy, financing, asset disposals, utilization, margin improvement.
+4. Attach a threshold, expected evidence source, and review frequency to each item.
+5. Build a monthly dashboard and catalyst calendar.
+
+## Required Output
+
+- `事实`: confirmed risks, confirmed catalysts, last update status
+- `解读`: which factors matter most to the thesis and why
+- `待验证问题`: which missing data points could change the signal
+- `Dashboard`: metric, threshold, latest value, source, next check date
+
+## Boundaries
+
+- Do not restate the full strategy review.
+- Do not recalculate all financial ratios unless needed for a monitor.
+- Do not produce target price or position sizing.

package/selected-skills/china-stock-research-skills/skills/risk-warning-catalysts/references/idc-monitoring-indicators.md

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+# IDC Monitoring Indicators
+
+Use this overlay when project execution, power access, and asset ramp-up drive the thesis.
+
+## Source Map
+
+| Source | What to Track | URL |
+| --- | --- | --- |
+| Exchange disclosures | Project revision, financing, impairment, guarantees, shareholder actions | https://www.cninfo.com.cn/new/index |
+| Operator procurement portals | Bid wins, package changes, procurement pace | https://b2b.10086.cn/ |
+| MIIT | Policy support or tighter efficiency requirements | https://www.miit.gov.cn/ |
+| National Energy Administration | Power and energy-policy change | https://www.nea.gov.cn/ |
+| Local government websites | Project commencement, completion, park support, energy approval | Use project所在地 official website |
+
+## High-Signal Indicators
+
+- Major project revision or cancellation
+- New order wins from operators or cloud-linked customers
+- Ramp metric disclosure: occupancy, rack loading, power-on, or service-income start
+- Operating cash flow deterioration despite delivery growth
+- Short-term debt pressure or new financing announcement
+- Policy or energy constraint affecting target region
+
+## Good Threshold Examples
+
+- Two reporting periods of negative operating cash flow during expansion
+- Material increase in contract assets or receivables without matching collection disclosure
+- Delay in project commissioning versus prior disclosed schedule
+- Finance cost growth outpacing gross profit growth
+
+## Output Reminder
+
+Build a compact dashboard with one source link per indicator and one next-check action.

package/selected-skills/china-stock-research-skills/skills/risk-warning-catalysts/references/monitoring-dashboard.md

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+# Monitoring Dashboard Guide
+
+Prefer a compact set of high-signal indicators.
+
+## Suggested Categories
+
+- Orders and execution
+- Cash flow and receivables
+- Leverage and refinancing
+- Governance and shareholder behavior
+- Policy and procurement
+- Utilization, commissioning, or ramp-up
+
+## Good Monitor Design
+
+- One metric per row
+- One threshold per metric
+- One primary source link
+- One follow-up action if the threshold breaks
+
+Example threshold language:
+
+- "Operating cash flow stays negative for two consecutive reporting periods"
+- "Short-term debt ratio exceeds 50% without matching refinancing disclosure"
+- "Major project revision or cancellation announced"

package/selected-skills/china-stock-research-skills/skills/shared/references/analysis-pattern-selector.md

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+# Analysis Pattern Selector
+
+Use this selector before loading sector-specific overlays.
+
+The 6 core skills are generic for A-share stock research. Only load extra overlays when the company clearly matches a reusable pattern.
+
+## Common Patterns
+
+| Pattern | When It Applies | Extra Reference |
+| --- | --- | --- |
+| Business-model transition | Legacy business is shrinking while a new growth engine is being built | `skills/shared/references/business-model-transition-overlay.md` |
+| Project or order-driven business | Revenue depends on contracts, backlog, milestones, and customer execution | `skills/shared/references/project-order-business-overlay.md` |
+| Asset-heavy ramp | Fixed assets, CIP, utilization, capex, and financing dominate the thesis | `skills/shared/references/asset-heavy-ramp-overlay.md` |
+| Cyclical or price-driven business | Commodity prices, utilization, spreads, inventory cycles, and supply additions dominate earnings | `skills/shared/references/cyclical-price-driven-overlay.md` |
+| Consumer channel and brand business | Brand power, same-store trends, channels, distribution, repeat purchase, and sell-through matter | `skills/shared/references/consumer-channel-brand-overlay.md` |
+| Regulated healthcare or pharma | Reimbursement, procurement, approvals, product pipeline, and policy changes drive outcomes | `skills/shared/references/regulated-healthcare-policy-overlay.md` |
+| Export manufacturing and supply chain | Overseas demand, customer concentration, tariffs, FX, capacity utilization, and inventory matter | `skills/shared/references/export-manufacturing-supply-chain-overlay.md` |
+| Policy-sensitive industry | Regulation, subsidies, quotas, reimbursement, or licenses matter | Use the sector checklist plus the closest overlay above |
+
+## Important Rule
+
+- IDC is not a default assumption.
+- IDC is one concrete example of a company that may match both `business-model transition` and `asset-heavy ramp`.
+- Start from the generic pattern first, then load a sector example overlay only if needed.

package/selected-skills/china-stock-research-skills/skills/shared/references/asset-heavy-ramp-overlay.md

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+# Asset-Heavy Ramp Overlay
+
+Use this overlay when fixed assets, construction in progress, utilization, and financing pressure dominate the investment case.
+
+## Typical Signals
+
+- Fixed assets, CIP, capex, and debt are rising quickly.
+- The company is building capacity ahead of full monetization.
+- Utilization, occupancy, load factor, or commissioning pace is more important than short-term accounting profit.
+
+## Questions to Force
+
+- How much of the asset base is already monetizing?
+- Does disclosed utilization support the balance-sheet build?
+- Is long-cycle asset build funded with short-cycle liabilities?
+- What must happen operationally before the asset can earn a fair return?
+
+## Main Sources
+
+| Source | What It Validates | URL |
+| --- | --- | --- |
+| Annual and interim reports | Fixed assets, CIP, debt, capex, utilization-related disclosures | https://www.cninfo.com.cn/new/index |
+| Financing filings | Funding path, project economics, maturity schedule | https://www.cninfo.com.cn/new/index |
+| Industry and policy sources | Capacity logic, regulatory constraints, regional resource access | Use relevant ministry or local official website |
+
+## Output Reminder
+
+Trace the path from capex -> asset build -> ramp-up -> cash generation -> equity value.

package/selected-skills/china-stock-research-skills/skills/shared/references/business-model-transition-overlay.md

@@ -0,0 +1,28 @@
+# Business-Model Transition Overlay
+
+Use this overlay when a listed company is shifting from an old business model to a new one.
+
+## Typical Signals
+
+- Legacy business still contributes assets, receivables, litigation, guarantees, or impairments.
+- The company claims a new growth engine but disclosures show an overlap period.
+- Capital allocation, organization, customer mix, and revenue mix are all changing at once.
+
+## Questions to Force
+
+- Is the new business changing revenue mix, gross profit mix, and cash-flow mix, or only the story?
+- Is legacy drag shrinking fast enough?
+- Does management fund the transition with equity, debt, or internally generated cash?
+- Which milestone proves the new business is truly commercial, not just announced?
+
+## Main Sources
+
+| Source | What It Validates | URL |
+| --- | --- | --- |
+| Prospectus and annual reports | Historical model, original use of proceeds, risk factors | https://www.cninfo.com.cn/new/index |
+| Interim and quarterly reports | Pace of segment migration and balance-sheet change | https://www.cninfo.com.cn/new/index |
+| Financing filings and board resolutions | Capital allocation and strategic commitments | https://www.cninfo.com.cn/new/index |
+
+## Output Reminder
+
+Show what has already transitioned, what is still legacy, and what remains unproven.

package/selected-skills/china-stock-research-skills/skills/shared/references/citation-standard.md

@@ -0,0 +1,48 @@
+# Citation Standard
+
+Every output must separate `Facts`, `Interpretation`, and `Open Questions`.
+
+## Minimum Citation Unit
+
+- Every key sentence must carry at least one accessible source link.
+- Every row in a critical table must carry a primary source.
+- Every numeric chart must list the source set below the chart.
+
+## Required Citation Format
+
+Use this format inline:
+
+```text
+[来源: 机构或公司, 文档名, 日期, 链接, 页码/章节/公告编号]
+```
+
+Example:
+
+```text
+2025H1 IDC 业务收入占比达到 100%。[来源: 城地香江, 2025 年半年度报告, 2025-08-XX, https://www.cninfo.com.cn/, 第 X 节]
+```
+
+## Evidence Tiers
+
+- `Tier 1`: statutory filings, regulator releases, exchange disclosures
+- `Tier 2`: ministry data, public procurement notices, public statistics, official association materials
+- `Tier 3`: company websites, media, broker notes, interviews, conference notes
+
+## Judgment Rules
+
+- A core investment conclusion must be supported by at least one Tier 1 or Tier 2 source.
+- A Tier 3 source may enrich context but may not be the sole support for a critical conclusion.
+- If different sources conflict, present both and state the conflict explicitly.
+
+## Writing Rules
+
+- Tag unverified but plausible reasoning as `Interpretation`, not `Fact`.
+- Tag missing evidence as `Open Question` with a clear next source to check.
+- Preserve the original unit, period, and accounting scope when quoting numbers.
+- Mark whether the figure is audited, reviewed, or unaudited when known.
+
+## Link Rules
+
+- Use direct, accessible URLs whenever possible.
+- If a disclosure portal uses a searchable landing page instead of a stable document URL, cite both the portal and enough metadata to re-find the document.
+- Never cite a screenshot without the underlying public URL.

package/selected-skills/china-stock-research-skills/skills/shared/references/company-disclosure-map.md

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+# Company Disclosure Map
+
+Use this map to locate the right document before analysis starts.
+
+## Core Company Documents
+
+| Document Type | Main Questions It Answers | Priority Source |
+| --- | --- | --- |
+| Prospectus | Original business model, fundraising use, risk factors, historical numbers | CNInfo / exchange portal |
+| Annual report | Segment mix, strategy, capex, debt, customers, related parties, litigation | CNInfo / exchange portal |
+| Interim report | Mid-year trend changes, working capital, order execution, updated risks | CNInfo / exchange portal |
+| Quarterly report | Short-cycle revenue, profit, cash flow, balance sheet change | CNInfo / exchange portal |
+| Earnings pre-announcement | Profit warning, asset impairment, one-off events | CNInfo / exchange portal |
+| Board and shareholder resolutions | Financing, guarantees, acquisitions, major capex, asset disposals | CNInfo / exchange portal |
+| Inquiry letters and replies | Accounting quality, unusual contracts, regulators' focus areas | CNInfo / exchange portal |
+| Convertible bond or placement filings | Funding need, project economics, leverage plan, dilution | CNInfo / exchange portal |
+
+## Special Topics
+
+| Topic | Typical Documents | Priority Source |
+| --- | --- | --- |
+| Large order and project pipeline | Contract announcements, bid notices, operator procurement portals | Exchange disclosure + procurement portal |
+| Asset impairment and bad debts | Earnings pre-announcement, annual report notes, inquiry replies | CNInfo |
+| Equity pledge and insider actions | Pledge announcements, shareholding change filings | CNInfo |
+| Lawsuits, guarantees, contingencies | Annual report notes, temporary announcements | CNInfo |
+| Capacity and expansion | Fixed-asset filings, local approvals, financing use-of-proceeds | CNInfo + local government portals |
+
+## Retrieval Sequence
+
+1. Pull latest annual, interim, and quarterly reports.
+2. Pull all major temporary announcements since the latest annual report.
+3. Pull financing and regulator-question documents if the company is in transition.
+4. Pull external validation: procurement, policy, statistics, regional approvals.
+
+## Output Reminder
+
+When citing a company fact, always mention which disclosure type it came from.