@v587d/capital-generation 2.7.11 → 2.8.0

package/selected-skills/claude-for-financial-services-cn/vertical-plugins/china-finance/skills/china-idea-generation/references/10-workflow.md

@@ -0,0 +1,201 @@
+> 本文件相对上游 `d7585ca` 快照做过合规改写（取数与凭据口径），逐条记在快照根目录的 UPSTREAM.md；方法论、阈值与输出模板未改。
+
+# Workflow
+
+Part 1 of 1 for `china-idea-generation` — the seven screening steps, from defining the universe to maintaining the ideas list
+See `SKILL.md` for what to read and when; this part is procedure, not routing.
+
+## Workflow
+
+### Step 1: Define Screen Criteria
+
+**Investment philosophy alignment:**
+- Value vs Growth vs GARP vs Momentum
+- Market cap preference (large / mid / small)
+- Sector focus or sector-agnostic
+- Liquidity requirements (turnover threshold)
+- Risk tolerance (volatility, leverage, earnings stability)
+
+**Screen parameters (A-share specific):**
+
+| Parameter | Typical Range | Notes |
+|-----------|--------------|-------|
+| PE (TTM) | 5-50x | Avoid negative PE |
+| PB | 0.5-5x | <1x may indicate distress |
+| PS | 0.5-5x | For high-growth unprofitable |
+| Market cap | >50亿 | Liquidity threshold |
+| Daily turnover | >5000万 | Tradability |
+| ROE | >10% | Quality filter |
+| Debt/Equity | <100% | Financial health |
+| Revenue growth | >10% | Growth filter |
+| EPS growth | >15% | Earnings momentum |
+
+### Step 2: Quantitative Screens
+
+**Screen 1: Deep Value (深度价值)**
+
+```
+Filters:
+- PE (TTM) < 15x AND PB < 1.5x
+- ROE > 10% (past 3 years average)
+- Debt/Equity < 80%
+- Revenue growth > 0% (not declining)
+- Market cap > 30亿
+
+Output: Value candidates with potential mispricing
+```
+
+**Screen 2: Growth at Reasonable Price (GARP)**
+
+```
+Filters:
+- PEG < 1.0 (PE / growth rate)
+- Revenue growth > 20%
+- Gross margin > 30%
+- ROE > 15%
+- Market cap > 100亿
+
+Output: Quality growth at reasonable multiples
+```
+
+**Screen 3: Momentum (趋势跟踪)**
+
+```
+Filters:
+- Price above 20-day MA AND 60-day MA
+- Price within 10% of 52-week high
+- Volume above 20-day average
+- RSI between 40-70 (not overbought)
+- Upward earnings revision
+
+Output: Momentum names in uptrends
+```
+
+**Screen 4: Turnaround (困境反转)**
+
+```
+Filters:
+- Recent loss or margin compression
+- New management / strategy announced
+- Order book recovering
+- Debt restructuring completed
+- Insiders buying
+
+Output: Potential turnaround candidates
+```
+
+**Screen 5: Dividend Yield (高股息)**
+
+```
+Filters:
+- Dividend yield > 3%
+- Payout ratio < 60%
+- FCF positive and stable
+- Debt/Equity < 100%
+- Stable earnings history
+
+Output: High-quality income names
+```
+
+**Screen 6: Special Situations (事件驱动)**
+
+```
+Filters:
+- Lock-up expiry within 3 months (限售解禁)
+- M&A announcement pending
+- Regulatory catalyst (集采结果, etc.)
+- Index inclusion/exclusion
+- STAR/ChiNext eligibility
+
+Output: Event-driven opportunities
+```
+
+### Step 3: Thematic Research
+
+**Identify emerging themes:**
+
+| Theme Type | Examples (A-share) | Data Sources |
+|-----------|-------------------|-------------|
+| Policy-driven | 国产替代, 新基建, 双碳 | 政策文件, 部委公告 |
+| Technology | AI应用, 自动驾驶, 机器人 | 技术进展, 订单公告 |
+| Demographics | 老龄化, 少子化 | 人口数据, 消费数据 |
+| Consumption | 消费升级, 国货崛起 | 零售数据, 品牌调研 |
+| Industrial | 高端制造, 专精特新 | 行业数据, 政策 |
+
+**Thematic screening approach:**
+1. Define theme and investable universe
+2. Map A-share companies to theme
+3. Rank by exposure and quality
+4. Identify pure-plays vs beneficiaries
+
+### Step 4: Technical Analysis
+
+**A-share technical considerations:**
+
+| Indicator | Use |
+|-----------|-----|
+| 均线 (Moving averages) | Trend direction (5/10/20/60/120 day) |
+| MACD | Momentum and trend changes |
+| RSI | Overbought/oversold |
+| KDJ | Short-term momentum |
+| 成交量 (Volume) | Confirmation of moves |
+| 龙虎榜 | Institutional activity |
+| 北向资金 | Foreign flows |
+
+**Chart patterns to watch:**
+- 突破 (breakout) — above resistance
+- 回踩 (pullback to support) — entry opportunity
+- 双底/头肩 (double bottom/head & shoulders) — reversal signals
+- 量价背离 (volume-price divergence) — trend exhaustion
+
+### Step 5: Fundamental Deep Dive
+
+**For each candidate:**
+
+1. **Business model review**: How does company make money?
+2. **Financial health**: Balance sheet, cash flow, earnings quality
+3. **Competitive position**: Market share, moat, pricing power
+4. **Management quality**: Track record, capital allocation
+5. **Valuation**: vs peers, vs history, vs international peers
+6. **Catalyst**: What could re-rate the stock?
+
+**Red flag checklist:**
+- 商誉占比过高 (>30% of equity)
+- 应收账款增速 > 收入增速
+- 经营现金流持续为负
+- 大股东质押比例过高 (>50%)
+- 审计意见非标准无保留
+- 频繁变更会计师事务所
+- 关联交易占比高
+
+### Step 6: Build the Ideas List
+
+**Standard format:**
+
+| Rank | Ticker | Company | Sector | Idea Type | Thesis | Catalyst | Risk | Conviction |
+|------|--------|---------|-------|-----------|--------|----------|------|------------|
+| {{RANK}} | {{TICKER}} | {{COMPANY_NAME}} | {{SECTOR}} | {{DIRECTION}} | {{THESIS}} | {{CATALYST}} | {{RISK}} | {{CONVICTION}} |
+| Example | 600519 | 贵州茅台 | 白酒 | Long | 批价稳+动销旺+分红高 | Q1业绩超预期 | 批价下行 | High |
+| 2 | ... | ... | ... | ... | ... | ... | ... | ... |
+
+**Conviction levels:**
+- **High**: Strong thesis, clear catalyst, limited downside
+- **Medium**: Good thesis, catalyst timeline uncertain
+- **Low**: Exploratory, needs more research
+
+清单里的 Idea Type（Long / Short）、信念档与后面那条仓位设想，是把筛选结果写成一个结论的**推演练习**：
+本插件没有券商接口，不据它下单，也不会替你建任何一笔仓；它同样不去替你决定这笔做不做。
+
+### Step 7: Monitor & Update
+
+**Ongoing tracking:**
+- Weekly price and news updates
+- Catalyst tracking（事件日期与是否落地，逐条复查）
+- Thesis validation / invalidation
+- Position sizing recommendations（若使用者要一个仓位，按宿主的风险预算口径把算式写出来给他看，不落成订单）
+
+**Update triggers:**
+- Earnings results
+- Material news (M&A, guidance, regulation)
+- Price moves >15% in a week
+- Thesis breaking or confirming

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

@@ -33,161 +33,6 @@ Hand the retrieval roles one brief per family of material:
 
 In a role-split host, delegate with those briefs rather than reaching for a feed from here. What does not come back is written up as a gap in that section; a sector size or growth rate is never rounded off from memory.
 
-## Workflow
-
-### Step 1: Define Scope & Angle
-
-**Clarify:**
-- Sector / industry focus (e.g., 白酒, 半导体, 新能源汽车)
-- Angle (e.g., investment theme, competitive analysis, turnaround story)
-- Geographic scope (A-share only, or include HK-listed / US-listed Chinese)
-- Time horizon (cyclical analysis, secular trends, near-term trade)
-
-### Step 2: Market Size & Structure
-
-**Industry overview:**
-
-| Metric | Data | Source |
-|--------|------|--------|
-| Total market size | 市场规模 (亿元/亿元) | 国家统计局, 行业协会 |
-| Growth rate | 同比增速 / CAGR | Historical data |
-| Market share | CR5, CR10 concentration | Company filings |
-| Penetration rate | For new industries | Industry reports |
-| Export/import | 进出口数据 | 海关总署 |
-
-**A-share representation:**
-- Number of listed companies in sector
-- Total market cap (总市值 / 流通市值)
-- Average PE / PB multiples
-- Liquidity (average daily turnover)
-
-### Step 3: Competitive Landscape
-
-**Peer mapping:**
-
-Ask the host's retrieval path for the 板块成分股 list of the industry being covered, by its Chinese industry name, and take the constituents from what comes back.
-
-**For each major player, retrieve:** 最新价 / 市值 / 倍数, 收入与利润率的历史序列, and the business description — one brief per field family, same as-of date across the whole peer set.
-
-**Competitive analysis table:**
-
-| Company | Ticker | Market Cap (亿) | Revenue (亿) | YoY Growth | Gross Margin | Net Margin | PE (TTM) | Market Share |
-|---------|--------|----------------|-------------|------------|-------------|------------|----------|-------------|
-| | | | | | | | | |
-
-**Competitive positioning:**
-- Market share trends (gaining or losing)
-- Product positioning (premium, mid-tier, mass market)
-- Geographic footprint (national vs regional)
-- Distribution strength (渠道能力)
-- Brand equity (品牌力)
-
-### Step 4: Trading Multiples & Valuation
-
-**Sector multiples:**
-
-| Metric | Current | 1Y High | 1Y Low | 5Y Average | Historical High | Historical Low |
-|--------|---------|---------|--------|------------|----------------|----------------|
-| Average PE | | | | | | |
-| Average PB | | | | | | |
-| Average PS | | | | | | |
-| EV/EBITDA | | | | | | |
-
-**Multiple dispersion:**
-- Premium names (high multiple vs sector)
-- Value names (low multiple vs sector)
-- Historical range and where we are in cycle
-
-### Step 5: Policy Environment
-
-**China-specific policy analysis:**
-
-| Policy Area | Current Status | Impact |
-|-------------|---------------|--------|
-| 产业政策 | 支持/限制/中性 | Direct sector impact |
-| 环保政策 | 双碳目标 | Cost structure impact |
-| 监管政策 | 集采/反垄断 | Margin / market share impact |
-| 补贴政策 | 新能源/半导体补贴 | Competitiveness impact |
-| 货币政策 | 宽松/中性/紧缩 | Financing cost impact |
-
-**Key regulatory bodies:**
-- 发改委 (NDRC) — industrial policy, pricing
-- 工信部 (MIIT) — manufacturing, tech, telecom
-- 生态环境部 (MEE) — environmental compliance
-- 卫健委 (NHC) — healthcare, pharmaceuticals
-- 证监会 (CSRC) — capital markets
-- 央行 (PBoC) — monetary policy
-
-### Step 6: Key Drivers & Trends
-
-**Secular trends (3-5 year):**
-- Technology adoption (技术替代)
-- Consumption upgrade/downgrade (消费升级/降级)
-- Demographic shifts (人口结构)
-- Supply chain localization (供应链国产化)
-- Environmental transition (双碳/ESG)
-
-**Cyclical factors:**
-- Inventory cycles (库存周期)
-- Capacity utilization (产能利用率)
-- Pricing trends (价格趋势)
-- Demand momentum (需求 momentum)
-
-### Step 7: Investment Themes
-
-**Thematic angles:**
-
-1. **Policy-driven**: 国产替代, 新基建, 乡村振兴
-2. **Demand-driven**: 消费升级, 老龄化, 出海
-3. **Supply-driven**: 产能出清, 行业整合, 龙头集中
-4. **Technology-driven**: AI应用, 新能源, 生物医药创新
-
-**For each theme:**
-- Investment thesis
-- Key names to express the theme
-- Timeline and catalysts
-- Risks and headwinds
-
-### Step 8: Trading Ideas
-
-**Ideas shortlist (from sector overview):**
-
-| Idea | Ticker | Direction | Thesis | Catalyst | Risk |
-|------|--------|-----------|--------|----------|------|
-| | | Long / Short | | | |
-
-### Step 9: Report Structure
-
-**Standard A-share sector overview format:**
-
-```
-【XX证券】[行业] 深度报告：[标题]
-
-一、行业概述
-   市场规模、增速、发展阶段
-
-二、竞争格局
-   主要玩家、市场份额、竞争要素
-
-三、政策环境
-   监管框架、产业政策、影响分析
-
-四、财务分析
-   行业盈利能力、ROE、杠杆水平
-
-五、估值分析
-   当前 multiples vs 历史 vs 国际对标
-
-六、核心驱动因素
-   长期趋势、短期催化、周期位置
-
-七、投资建议
-   重点标的、目标价、评级
-
-八、风险提示
-   政策风险、需求风险、竞争风险
-```
-
 ## China-Specific Considerations
 
 ### A-share Market Structure
@@ -254,4 +99,20 @@ Before delivering:
 - [ ] Ideas shortlist included (3-5 names)
 - [ ] Risk factors specific to China market included
 > 取数档位（接哪家数据服务、用哪个密钥）由宿主的凭据域决定：这份行业报告不配置它，也不向使用者索取凭据。
-> Step 8 的 Long / Short 一览与第七节的重点标的、目标价、评级是把上面这些材料写成结论的**推演练习**：本插件没有券商接口，不据它下单，也不会替你执行任何一笔。
+> 分册 `references/10-workflow.md` 里 Step 8 的 Long / Short 一览与第七节的重点标的、目标价、评级，是把上面这些材料写成结论的**推演练习**：本插件没有券商接口，不据它下单，也不会替你执行任何一笔。
+
+## Read the Parts
+
+Everything below the surface of this file lives in `references/`. Open a part with `read`,
+resolved against this skill's base directory, and open it **whole — with no line window**:
+reporting a rule or a template out of a slice of a part is how a file gets described as read
+when it was only skimmed. Each part is sized to arrive complete in one `read`. If a receipt
+shows `[... tool result middle pruned ...]`, re-read it with `offset` before concluding
+anything is missing.
+
+- `references/10-workflow.md` — Workflow
+
+Loading this file is not reading the skill: the steps, templates, and thresholds exist only
+in the parts above. Say which parts you opened, name the ones you did not, and never report a
+step or a template you have not read in this session.
+

package/selected-skills/claude-for-financial-services-cn/vertical-plugins/china-finance/skills/china-sector-overview/references/10-workflow.md

@@ -0,0 +1,161 @@
+> 本文件相对上游 `d7585ca` 快照做过合规改写（取数与凭据口径），逐条记在快照根目录的 UPSTREAM.md；方法论、阈值与输出模板未改。
+
+# Workflow
+
+Part 1 of 1 for `china-sector-overview` — the nine steps of a sector overview, with the report structure
+See `SKILL.md` for what to read and when; this part is procedure, not routing.
+
+## Workflow
+
+### Step 1: Define Scope & Angle
+
+**Clarify:**
+- Sector / industry focus (e.g., 白酒, 半导体, 新能源汽车)
+- Angle (e.g., investment theme, competitive analysis, turnaround story)
+- Geographic scope (A-share only, or include HK-listed / US-listed Chinese)
+- Time horizon (cyclical analysis, secular trends, near-term trade)
+
+### Step 2: Market Size & Structure
+
+**Industry overview:**
+
+| Metric | Data | Source |
+|--------|------|--------|
+| Total market size | 市场规模 (亿元/亿元) | 国家统计局, 行业协会 |
+| Growth rate | 同比增速 / CAGR | Historical data |
+| Market share | CR5, CR10 concentration | Company filings |
+| Penetration rate | For new industries | Industry reports |
+| Export/import | 进出口数据 | 海关总署 |
+
+**A-share representation:**
+- Number of listed companies in sector
+- Total market cap (总市值 / 流通市值)
+- Average PE / PB multiples
+- Liquidity (average daily turnover)
+
+### Step 3: Competitive Landscape
+
+**Peer mapping:**
+
+Ask the host's retrieval path for the 板块成分股 list of the industry being covered, by its Chinese industry name, and take the constituents from what comes back.
+
+**For each major player, retrieve:** 最新价 / 市值 / 倍数, 收入与利润率的历史序列, and the business description — one brief per field family, same as-of date across the whole peer set.
+
+**Competitive analysis table:**
+
+| Company | Ticker | Market Cap (亿) | Revenue (亿) | YoY Growth | Gross Margin | Net Margin | PE (TTM) | Market Share |
+|---------|--------|----------------|-------------|------------|-------------|------------|----------|-------------|
+| | | | | | | | | |
+
+**Competitive positioning:**
+- Market share trends (gaining or losing)
+- Product positioning (premium, mid-tier, mass market)
+- Geographic footprint (national vs regional)
+- Distribution strength (渠道能力)
+- Brand equity (品牌力)
+
+### Step 4: Trading Multiples & Valuation
+
+**Sector multiples:**
+
+| Metric | Current | 1Y High | 1Y Low | 5Y Average | Historical High | Historical Low |
+|--------|---------|---------|--------|------------|----------------|----------------|
+| Average PE | | | | | | |
+| Average PB | | | | | | |
+| Average PS | | | | | | |
+| EV/EBITDA | | | | | | |
+
+**Multiple dispersion:**
+- Premium names (high multiple vs sector)
+- Value names (low multiple vs sector)
+- Historical range and where we are in cycle
+
+### Step 5: Policy Environment
+
+**China-specific policy analysis:**
+
+| Policy Area | Current Status | Impact |
+|-------------|---------------|--------|
+| 产业政策 | 支持/限制/中性 | Direct sector impact |
+| 环保政策 | 双碳目标 | Cost structure impact |
+| 监管政策 | 集采/反垄断 | Margin / market share impact |
+| 补贴政策 | 新能源/半导体补贴 | Competitiveness impact |
+| 货币政策 | 宽松/中性/紧缩 | Financing cost impact |
+
+**Key regulatory bodies:**
+- 发改委 (NDRC) — industrial policy, pricing
+- 工信部 (MIIT) — manufacturing, tech, telecom
+- 生态环境部 (MEE) — environmental compliance
+- 卫健委 (NHC) — healthcare, pharmaceuticals
+- 证监会 (CSRC) — capital markets
+- 央行 (PBoC) — monetary policy
+
+### Step 6: Key Drivers & Trends
+
+**Secular trends (3-5 year):**
+- Technology adoption (技术替代)
+- Consumption upgrade/downgrade (消费升级/降级)
+- Demographic shifts (人口结构)
+- Supply chain localization (供应链国产化)
+- Environmental transition (双碳/ESG)
+
+**Cyclical factors:**
+- Inventory cycles (库存周期)
+- Capacity utilization (产能利用率)
+- Pricing trends (价格趋势)
+- Demand momentum (需求 momentum)
+
+### Step 7: Investment Themes
+
+**Thematic angles:**
+
+1. **Policy-driven**: 国产替代, 新基建, 乡村振兴
+2. **Demand-driven**: 消费升级, 老龄化, 出海
+3. **Supply-driven**: 产能出清, 行业整合, 龙头集中
+4. **Technology-driven**: AI应用, 新能源, 生物医药创新
+
+**For each theme:**
+- Investment thesis
+- Key names to express the theme
+- Timeline and catalysts
+- Risks and headwinds
+
+### Step 8: Trading Ideas
+
+**Ideas shortlist (from sector overview):**
+
+| Idea | Ticker | Direction | Thesis | Catalyst | Risk |
+|------|--------|-----------|--------|----------|------|
+| | | Long / Short | | | |
+
+### Step 9: Report Structure
+
+**Standard A-share sector overview format:**
+
+```
+【XX证券】[行业] 深度报告：[标题]
+
+一、行业概述
+   市场规模、增速、发展阶段
+
+二、竞争格局
+   主要玩家、市场份额、竞争要素
+
+三、政策环境
+   监管框架、产业政策、影响分析
+
+四、财务分析
+   行业盈利能力、ROE、杠杆水平
+
+五、估值分析
+   当前 multiples vs 历史 vs 国际对标
+
+六、核心驱动因素
+   长期趋势、短期催化、周期位置
+
+七、投资建议
+   重点标的、目标价、评级
+
+八、风险提示
+   政策风险、需求风险、竞争风险
+```

package/selected-skills/investment-skills/UPSTREAM.md

@@ -8,6 +8,7 @@
 - Removed from the snapshot: the upstream ignore rules — `.gitignore` at the snapshot root (`__pycache__/`, `*.pyc`), plus the nested ones under `.tbd/` and `viz/vendor/`. Vendored snapshots do not carry ignore rules into this repo (`docs/dev/selected-skills.md` §8.6: an inherited ignore pattern can silently hide files when the snapshot is re-imported). Nothing committed was hidden by them. Note that `viz/vendor/.gitignore` used to hide two artifacts upstream fetches on demand (`elk.bundled.js`, `elkjs-license.txt` via `fetch-elk.sh`); neither exists in this repo, and `viz/` is excluded from the published package anyway.
 - Local modifications: one sentence, on the router block. Upstream wrote "Use the bundled deterministic router when a shell is available" and four `python3 scripts/framework.py …` examples; under Capital the root role has no shell (§1.6), so that conditional left a dead end with nothing to fall back to. The sentence now states the two preconditions (a shell **and** a reachable skill directory) and names the fallback: skip the router and open the `references/` file for the chosen module directly, since the router only picks which file to read. No card, workflow, or analytical text was touched; `scripts/framework.py` itself is unmodified. Recorded here per `docs/dev/selected-skills.md` §8.6, and enforced by `test/selected-skills-content.test.mjs` (a file may mention `python3 scripts/` only if it also carries the no-shell fallback). This record and the Capital selected-skill catalog are maintained by Capital Generation.
 - Packaging: a Capital-owned `.npmignore` beside these files keeps only the runtime skill body and this record in the published npm package. Excluded: `images/` and `viz/` (2.3 MB of README artwork — the same four PNGs exist twice — plus the upstream visualization site), `.github/` (its CI), `.tbd/` and `docs/` (upstream roadmap/development notes), and `README*.md`. No skill body references any of them. Kept on purpose: `skills/buffett-investment-framework/scripts/framework.py` and `Makefile` — this skill's own prose names the deterministic router as a methodology entry point and carries the no-shell fallback, so shipping them as review material while never executing them (intake and activation only read documents) is the honest shape; see `docs/dev/selected-skills.md` §8.6 item 4. The complete snapshot stays committed here, so `github:` installs and provenance review are unaffected.
+- Visibility layering (2026-10-14, third allowed reason — `docs/dev/selected-skills.md` §8.6): the surface was re-laid out as an entry file plus per-part reference files, because the host prunes any tool result over 8,192 code points (head 4,096 + `[... tool result middle pruned ...]` + tail 1,024) and both `SKILL.md` (11,296) and all nine original `references/` files exceeded that. `references/01…08` are split at card boundaries into 18 files named by their card run (e.g. `01-decision-posture-D01-D04.md`); the three workflow sections and the output contract moved verbatim to `references/09-workflows.md`; `references/` went from 9 files to 22: the provenance paragraph moved to `references/10-method.md`, and `references/11-deterministic-router.md` took the upstream router paragraph with its four `python3 scripts/framework.py` examples; the entry keeps a one-line non-affiliation statement. Nothing was deleted or reworded: all 65 cards appear exactly once, the entry is 6,605 code points on the `skill` channel (7,825 if opened with `read`), the largest part renders to 7,629 through `read`, and the directory's `.md` total went 113,052 → 117,909 — the added lines are part headers and entry pointers. Sizes are judged on the **rendered** receipt, not the file: `read` prefixes every line with `N: ` and wraps it in `<path>`/`<content>` (7,302 characters over 95 lines renders to 7,894). Enforced by `test/selected-skills-content.test.mjs` ("分层条目" two tests: every part arrives complete through whichever channel loads it, named files exist, no orphan part, totals may only grow, filename card ranges match content); the entry no longer appears in the oversized ratchet baseline in `test/persona.test.mjs`.
 - Maintenance snapshot (checked 2026-10-08): latest commit 2026-07-22; no later commits observed through the review date (78 days). See [GitHub commit history](https://github.com/finterm-ai/investment-skills/commits/main/).
 - Runtime status: `experimental` / explicit experiment. The skill remains disabled until explicitly selected in Capital settings and is registered only in a Capital root Agent's own scope. Its capability tags and warning are maintained in `selected-skills/catalog.js`.
 - Review status: imported for user-directed evaluation; not endorsed by Warren Buffett, Berkshire Hathaway, or Capital Generation. Its US-centric framework must not be treated as A-share rules. Validate all financial claims against primary evidence.