@v587d/capital-generation 2.7.3 → 2.7.5

package/selected-skills/claude-for-financial-services-cn/vertical-plugins/china-finance/skills/china-tax-loss-harvesting/SKILL.md

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+---
+name: china-tax-loss-harvesting
+description: Tax-loss harvesting strategies for A-share portfolios. Adapts the original tax-loss-harvesting skill for Chinese tax rules, A-share market conventions, and domestic tax treatment. Triggers on "A股税务亏损抵扣", "亏损抵扣", "tax loss harvesting China", "税务优化", "亏损抵扣策略", or "harvest tax losses [portfolio]".
+---
+
+# china-tax-loss-harvesting
+
+## Purpose
+
+Implement **A股税务亏损抵扣** — systematic tax-loss harvesting for Chinese investment portfolios.
+
+## Data Sources
+
+### Primary: iFind MCP (Tier-1 付费) / AkShare MCP (Tier-2 免费备选)
+
+```python
+get_quote(ticker)                     → Current prices for holdings
+get_historical_data(ticker)           → Cost basis / purchase history
+```
+
+### Secondary Sources
+- Broker records — cost basis, trade history
+- Tax filings — prior year losses
+- 交易所 — tax treatment rules
+
+## Workflow
+
+### Step 1: Identify Tax-Loss Positions
+
+**Loss identification:**
+
+| Position | Ticker | Cost Basis | Current Value | Unrealized Loss | Loss % |
+|----------|--------|-----------|--------------|-----------------|--------|
+| | | ¥XX | ¥XX | ¥XX | X% |
+
+**Loss screening criteria:**
+- Unrealized loss > 10% of cost basis
+- Loss amount significant relative to portfolio
+- Holding period appropriate for tax treatment
+
+### Step 2: Understand A-share Tax Rules
+
+**China tax treatment for securities:**
+
+| Item | Tax Rate | Notes |
+|------|----------|-------|
+| 证券买卖价差 | **暂免** (temporarily exempt) | Capital gains on stocks |
+| 股息红利 | 20% (持股>1年减半至10%, >1年免征) | Dividend tax |
+| 基金分红 | 暂免 (some funds) | Fund distributions |
+| 买卖印花税 | 0.05% (seller only) | Stamp duty |
+| 证券交易佣金 | 0.02-0.03% | Commission |
+
+**Current status of capital gains tax:**
+- Individuals: Capital gains on stocks are currently **temporarily exempt** (暂免征收)
+- However, losses can be used to offset gains within the same year
+- Loss carryforward rules may apply
+
+### Step 3: Calculate Tax Benefit
+
+**Tax benefit calculation:**
+
+| Scenario | Gain | Loss | Taxable Gain | Tax Saved |
+|----------|------|------|--------------|-----------|
+| Without TLH | ¥XX | — | ¥XX | — |
+| With TLH | ¥XX | ¥XX | ¥XX | ¥XX |
+| **Benefit** | | | | **¥XX** |
+
+**Note:** In the current A-share environment where capital gains are largely exempt, tax-loss harvesting benefits may be limited. However:
+- Harvesting losses can be valuable if tax rules change
+- Offsetting gains within the same year
+- Potential future tax benefit if capital gains tax is introduced
+
+### Step 4: Identify Replacement Securities
+
+**Replacement criteria:**
+
+| Criterion | Requirement |
+|-----------|-------------|
+| Same sector | Similar industry exposure |
+| Similar characteristics | Market cap, growth, quality |
+| Not substantially identical | Avoid wash sale rules |
+| Tax-efficient | Consider dividend treatment |
+
+**Wash sale considerations (China):**
+- No explicit wash sale rule currently
+- However, substantially identical securities may be disallowed
+- Best practice: 30-day waiting period
+
+### Step 5: Execution Strategy
+
+**Execution options:**
+
+| Strategy | Description | Pros | Cons |
+|----------|-------------|------|------|
+| Full exit | Sell and replace | Clean loss realization | Market risk |
+| Partial exit | Reduce position | Partial benefit | Partial benefit only |
+| Swap | Sell loss, buy similar | Maintain exposure | Timing risk |
+| Delay | Wait for recovery | No transaction costs | Missed opportunity |
+
+### Step 6: Implementation Plan
+
+**Step-by-step plan:**
+
+| Step | Action | Timing |
+|------|--------|--------|
+| 1 | Identify loss positions | Pre-year-end |
+| 2 | Evaluate replacement options | Pre-year-end |
+| 3 | Check wash sale rules | Pre-year-end |
+| 4 | Execute sales | Before year-end |
+| 5 | Execute purchases | After sale (or simultaneously) |
+| 6 | Document transactions | Immediately |
+| 7 | File tax forms | Tax filing deadline |
+
+### Step 7: Document for Tax Filing
+
+**Required documentation:**
+
+| Document | Content |
+|----------|---------|
+| Trade confirmations | Sale and purchase tickets |
+| Cost basis records | Purchase prices, dates |
+| Loss calculations | Realized loss amounts |
+| Replacement securities | Identified alternatives |
+| Market rationale | Investment thesis |
+
+### Step 8: Year-End Checklist
+
+**Year-end TLH checklist:**
+
+| Date | Action |
+|------|--------|
+| Nov | Review portfolio for loss positions |
+| Dec 1-15 | Identify replacement securities |
+| Dec 15-20 | Execute loss sales |
+| Dec 20-31 | Execute replacements |
+| Dec 31 | Final portfolio review |
+| Jan | File tax documentation |
+
+## China-Specific TLH Considerations
+
+### Current Tax Environment
+
+| Factor | Status | Implication |
+|--------|--------|-------------|
+| 资本利得税 | 暂免 (temporarily exempt) | Limited current benefit |
+| 印花税 | 0.05% | Cost on sale |
+| 股息红利税 | 20% (10% for >1yr) | Consider in replacement |
+| 交易佣金 | 0.02-0.03% | Trading cost |
+
+### When TLH Makes Sense in China
+
+| Scenario | Benefit |
+|----------|---------|
+| Offset short-term gains | Use losses against gains |
+| Reset cost basis | Lower future gains if taxed |
+| Prepare for tax changes | If capital gains taxed in future |
+| Portfolio rebalancing | Combine with rebalancing |
+
+### A-share Market Timing
+
+| Consideration | Guidance |
+|--------------|----------|
+| 年末效应 | Year-end selling pressure |
+| 涨跌停限制 | May prevent execution |
+| 流动性 | Ensure liquidity for exit |
+| 政策窗口 | Tax policy change risk |
+
+## TLH for Different Client Types
+
+### Individual Investors
+
+| Consideration | Guidance |
+|---------------|----------|
+| 持股期限 | >1 year for dividend tax benefit |
+| 高频交易 | May trigger scrutiny |
+| 金额门槛 | Focus on significant positions |
+
+### Institutional Investors
+
+| Consideration | Guidance |
+|---------------|----------|
+| 交易成本 | Factor in commission impact |
+| 市场冲击 | Large position impact |
+| 会计处理 | NAV impact timing |
+| 合规审查 | Documentation requirements |
+
+## Quality Checks
+
+Before executing:
+- [ ] Loss positions identified
+- [ ] Tax benefit calculated
+- [ ] Replacement securities identified
+- [ ] Wash sale rules considered
+- [ ] Execution plan clear
+- [ ] Documentation prepared
+- [ ] Timing appropriate
+> **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, wind-only (Wind only), wind-fallback (Wind first, fallback to iFind → AkShare)`: Skip iFind, use AkShare only

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

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+---
+name: china-thesis-tracker
+description: Maintain and update investment theses for A-share portfolio positions and watchlist names. Track key data points, catalysts, milestones, and thesis validity over time. Adapted from the original thesis-tracker skill for Chinese market conventions. Triggers on "A股持仓逻辑跟踪", "投资逻辑更新", "thesis check China", "update thesis for [company]", "is my thesis still intact", or "A股持仓复盘".
+---
+
+# china-thesis-tracker
+
+## Purpose
+
+Track and maintain **A股投资逻辑/thesis** for portfolio positions and watchlist names, ensuring thesis validity is continuously monitored.
+
+## Data Sources
+
+### Primary: iFind MCP (Tier-1 付费) / AkShare MCP (Tier-2 免费备选)
+
+```python
+get_quote(ticker)                        → Current price, valuation
+get_historical_data(ticker)             → Price trajectory
+get_financials(ticker, "income")         → Financial performance
+# News (china-news MCP — separate server)
+get_stock_news(ticker="{{TICKER}}")          → News affecting thesis
+get_industry_stocks(industry="...")      → Peer context
+```
+
+### Secondary Sources
+
+- 巨潮公告 — corporate actions and filings
+- 业绩说明会 — management commentary
+- 券商研报 — analyst updates
+- Wind / Choice — ownership and flow data
+
+## Workflow
+
+### Step 1: Define / Load Thesis
+
+**Thesis statement template:**
+
+```
+公司：[Company]（[Ticker]）
+行业：[Industry]
+方向：[Long / Short / Watch]
+
+核心投资逻辑 (3-5 bullet points):
+1. [Key driver 1]
+2. [Key driver 2]
+3. [Key driver 3]
+
+目标价：¥XX.XX (X% upside/downside)
+时间 horizon：[6M / 1Y / 2Y]
+置信度：[High / Medium / Low]
+```
+
+**Thesis components:**
+
+| Component | Description | Example |
+|-----------|-------------|---------|
+| 核心逻辑 (Core thesis) | Why will the stock move? | 批价上行驱动盈利超预期 |
+| 关键假设 (Key assumptions) | What must be true? | 批价 >1000元, 动销增速 >15% |
+| 催化剂 (Catalysts) | What triggers re-rating? | Q1业绩, 批价数据, 政策变化 |
+| 风险因素 (Risks) | What could break the thesis? | 批价下行, 竞品放量, 政策风险 |
+| 目标价 (Target) | Fair value estimate | ¥2000 (基于25x PE) |
+| 止损位 (Stop loss) | Downside risk limit | ¥1500 (对应20x PE) |
+
+### Step 2: Track Key Data Points
+
+**Company-specific KPIs:**
+
+| KPI | Frequency | Source | Trend |
+|-----|-----------|--------|-------|
+| e.g., 批价 | Weekly | 渠道调研, 新闻 | ↑ / → / ↓ |
+| e.g., 动销增速 | Monthly | 经销商反馈 | ↑ / → / ↓ |
+| e.g., 产能利用率 | Quarterly | 年报/中报 | ↑ / → / ↓ |
+
+**Financial metrics to track:**
+
+| Metric | Last Reported | Trend | Thesis Impact |
+|--------|--------------|-------|---------------|
+| Revenue growth | | | |
+| Gross margin | | | |
+| Net margin | | | |
+| ROE | | | |
+| Net debt/EBITDA | | | |
+
+**Market metrics:**
+
+| Metric | Current | 52W High | 52W Low | Thesis Relevance |
+|--------|---------|----------|---------|------------------|
+| Stock price | | | | |
+| Market cap | | | | |
+| PE (TTM) | | | | |
+| PB | | | | |
+| YTD return | | | | |
+
+### Step 3: Monitor Catalysts
+
+**Catalyst checklist:**
+
+| Catalyst | Expected Date | Status | Outcome | Thesis Impact |
+|----------|--------------|--------|---------|----------------|
+| Q1 季报 | Apr 25 | Pending | | |
+| 批价数据 | Weekly | Ongoing | 稳定在980元 | Positive |
+| 股东大会 | May 15 | Scheduled | | |
+
+**Catalyst outcome assessment:**
+- **Confirming**: Result supports thesis → increase conviction
+- **Neutral**: Result as expected → maintain position
+- **Breaking**: Result contradicts thesis → reduce/exit position
+
+### Step 4: Thesis Validity Check
+
+**Regular review questions:**
+
+1. **Has the thesis changed?**
+   - Core drivers still intact?
+   - New information adding to or subtracting from thesis?
+
+2. **Are assumptions still valid?**
+   - Key assumptions: still on track?
+   - Any material change to underlying business?
+
+3. **Is the timing right?**
+   - Catalyst timeline progressing as expected?
+   - Market pricing in the thesis?
+
+4. **Is the risk/reward still favorable?**
+   - Upside/downside ratio updated?
+   - Entry price still reasonable?
+
+5. **Should thesis be adjusted?**
+   - Target price update
+   - Risk factors added/removed
+   - Time horizon extended/contracted
+
+### Step 5: Thesis Status
+
+**Status categories:**
+
+| Status | Definition | Action |
+|--------|-----------|--------|
+| Intact (逻辑 intact) | All assumptions hold, catalysts on track | Maintain / add on weakness |
+| Under pressure (承压) | Some assumptions challenged, thesis not broken | Monitor closely, define exit criteria |
+| Broken (逻辑破) | Core thesis invalidated | Exit position, document lessons |
+| Evolving (演进中) | Thesis needs update based on new info | Update thesis statement, re-evaluate |
+
+### Step 6: Update Documentation
+
+**Thesis update log:**
+
+```
+[公司] 投资逻辑更新 [Date]
+
+一、当前状态：[Intact / Under pressure / Broken / Evolving]
+
+二、本期间重要变化：
+   - [Change 1]: [Impact on thesis]
+   - [Change 2]: [Impact on thesis]
+
+三、数据追踪：
+   [Key metrics updated]
+
+四、催化剂进展：
+   [Catalyst status update]
+
+五、决策：
+   - [Maintain / Add / Reduce / Exit]
+   - [Rationale]
+
+六、后续关注：
+   - [Next check-in date]
+   - [Key metrics to watch]
+```
+
+### Step 7: Portfolio-Level Review
+
+**Aggregate view:**
+
+| Position | Thesis Status | Conviction | Days Held | P&L | Next Catalyst | Action |
+|----------|--------------|------------|-----------|-----|---------------|--------|
+| | | | | | | |
+
+**Portfolio-level insights:**
+- Which theses are working? Common factors?
+- Which theses are breaking? Common risks?
+- Concentration risk (too many bets on similar thesis?)
+- Hedge effectiveness ( shorts protecting longs?)
+
+## China-Specific Thesis Considerations
+
+### Common A-share Thesis Types
+
+| Thesis Type | Description | Key Metrics |
+|-------------|-------------|-------------|
+| 批价上行 | Liquor sector price appreciation | 批价, 库存, 动销 |
+| 国产替代 | Import substitution | 市场份额, 认证进展 |
+| 产能出清 | Industry capacity rationalization | 产能利用率, 价格 |
+| 政策利好 | Policy tailwind | 政策落地, 补贴 |
+| 困境反转 | Distressed turnaround | 债务重组, 新管理层 |
+| 行业整合 | M&A consolidation | 集中度, 并购活动 |
+| 技术突破 | Technology breakthrough | 专利, 订单 |
+| 消费升级 | Premiumization | ASP, 产品结构 |
+
+### A-share Market Risks to Track
+
+| Risk Type | Indicator | Mitigation |
+|-----------|-----------|------------|
+| 政策风险 (Policy) | Regulatory announcements | Diversify across sectors |
+| 系统性风险 (Systemic) | 上证指数 drawdown | Hedging, cash position |
+| 流动性风险 (Liquidity) | Margin balances, turnover | Avoid illiquid names |
+| 解禁风险 (Lock-up) | Unlocking calendar | Avoid near-term unlocks |
+| 质押风险 (Pledging) | Shareholder pledge ratio | Check F10 data |
+| 商誉风险 (Goodwill) | Goodwill/equity ratio | Flag high goodwill names |
+
+### Typical A-share Thesis Lifecycle
+
+```
+Week 1-2: Initial idea, data gathering
+Week 3-4: Thesis formation, model build
+Week 5-8: Position establishment, catalyst tracking
+Week 9-16: Thesis validation / adjustment
+Week 17+: Outcome assessment, exit decision
+```
+
+## Quality Checks
+
+Before delivering thesis update:
+- [ ] Thesis statement clear and specific
+- [ ] Key assumptions listed and tracked
+- [ ] Catalysts documented with dates
+- [ ] Financial metrics current
+- [ ] Price trajectory analyzed
+- [ ] Risk factors updated
+- [ ] Action recommendation clear
+- [ ] Next review date set
+> **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-variance-commentary/SKILL.md

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+---
+name: china-variance-commentary
+description: Write variance commentary for A-share financial results. Adapts the original variance-commentary skill for Chinese financial statements, CAS conventions, and Chinese business terminology. Triggers on "A股业绩点评", "财报点评", "variance commentary China", "业绩分析", "variances [company]", or "commentary on [company] results".
+---
+
+# china-variance-commentary
+
+> 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。
+
+## Purpose
+
+Write professional **A股业绩点评** — structured variance commentary on Chinese company financial results.
+
+## Data Sources
+
+Commentary explains numbers; it does not obtain them. This plugin retrieves through exactly one entry — the main agent delegating to the role that owns structured data or disclosure material — and no data-service key is held or requested here.
+
+Brief the retrieval path with the ticker, the fields, and one as-of date:
+
+- 实际数：利润表 (收入、归母净利、毛利率、费用率)、资产负债表、现金流量表, on the reported period plus the year-ago and prior-quarter comparatives the table needs
+- 行情背景：最新价与区间表现, so the commentary can say how the print landed
+- 原始披露：定期报告正文与 业绩快报 / 业绩预告、管理层说明
+- 预期参照：券商研报条目里的预测字段, which is one house's forecast, not a market consensus
+
+| 参照 | 它是什么 |
+|------|----------|
+| 券商研报预测 | 单家口径的预测值 |
+| 公司 业绩预告 / 快报 | 披露出来的方向或区间 |
+| 去年同期与自己先前预测 | 差异的另一个基线 |
+
+There is no 一致预期 endpoint in this plugin. When no expectation comes back, write the variance against 去年同期、先前口径与披露区间, label the comparison as such, and leave the Consensus column empty — a commentary built on an assumed consensus is not commentary, it is a guess wearing a table.
+
+## Workflow
+
+### Step 1: Gather Actuals and Estimates
+
+**Data collection:**
+
+| Metric | Actual (Actuals) | Consensus (一致预期) | Prior | YoY | QoQ |
+|--------|-----------------|---------------------|-------|-----|-----|
+| 营业收入 | | | | | |
+| 毛利率 | | | | | |
+| 归母净利润 | | | | | |
+| 扣非净利润 | | | | | |
+| EPS | | | | | |
+| 经营现金流 | | | | | |
+
+### Step 2: Variance Analysis
+
+**Variance table:**
+
+| Metric | Actual | Consensus | Variance | % vs Cons | % vs Prior | Impact |
+|--------|--------|-----------|----------|-----------|------------|--------|
+| 营业收入 | | | | | | |
+| 毛利率 | | | | | | |
+| 归母净利润 | | | | | | |
+| 扣非净利润 | | | | | | |
+| EPS | | | | | | |
+| ROE | | | | | | |
+
+**Variance classification:**
+
+| Variance | Classification | Commentary |
+|----------|---------------|------------|
+| Revenue +5% vs cons | Slight beat | |
+| Revenue +15% vs cons | Strong beat | |
+| Revenue -5% vs cons | Slight miss | |
+| Revenue -15% vs cons | Significant miss | |
+
+### Step 3: Driver Analysis
+
+**Key drivers decomposition:**
+
+**Revenue drivers:**
+```
+收入变动 = 量增 + 价增 + 产品结构 + 收购/处置
+
+分解:
+1. 销量变化: +X% (驱动因素)
+2. 价格变化: +X% (提价/促销)
+3. 产品组合: +X% (高毛利产品占比提升)
+4. 其他: +X% (并表/汇率)
+```
+
+**Margin drivers:**
+```
+毛利率变动 = 原材料成本 + 人工成本 + 制造费用 + 产品结构
+
+分解:
+1. 原材料: -X ppts (价格上涨/下降)
+2. 人工: +X ppts (效率提升/人工成本上涨)
+3. 制造费用: +X ppts (产能利用率)
+4. 产品结构: +X ppts (高毛利产品占比)
+5. 其他: X ppts
+```
+
+**Net profit bridge:**
+
+```
+归母净利润变动
+├── 营业收入影响: +¥XX万
+├── 毛利率影响: +¥XX万
+├── 费用率影响: +¥XX万
+│   ├── 销售费用: -¥XX万
+│   ├── 管理费用: +¥XX万
+│   └── 研发费用: +¥XX万
+├── 其他收益影响: +¥XX万
+├── 投资收益影响: +¥XX万
+├── 减值损失影响: -¥XX万
+├── 营业外收支影响: +¥XX万
+├── 所得税影响: -¥XX万
+└── 归母净利润变动: +¥XX万
+```
+
+### Step 4: Segment Commentary
+
+**By segment:**
+
+| Segment | Revenue | Growth | Margin | Comment |
+|---------|---------|--------|--------|---------|
+| | | | | |
+
+**By geography:**
+
+| Region | Revenue | Growth | Comment |
+|--------|---------|--------|---------|
+| 国内 | | | |
+| 海外 | | | |
+
+### Step 5: Balance Sheet Commentary
+
+**Key BS changes:**
+
+| Item | Change | Driver | Impact |
+|------|--------|--------|--------|
+| 货币资金 | | | |
+| 应收账款 | | | |
+| 存货 | | | |
+| 商誉 | | | |
+| 有息负债 | | | |
+
+### Step 6: Cash Flow Commentary
+
+**Cash flow analysis:**
+
+| Item | Amount | Change | Comment |
+|------|--------|--------|---------|
+| 经营活动现金流 | | | |
+| 投资活动现金流 | | | |
+| 筹资活动现金流 | | | |
+| 现金净增加额 | | | |
+
+**Key observations:**
+- OCF vs Net income comparison
+- CapEx intensity
+- Dividend payment
+- Debt activity
+
+### Step 7: Forward-Looking Commentary
+
+**Guidance and outlook:**
+
+| Area | Commentary |
+|------|-----------|
+| 收入指引 | Management guidance |
+| 利润指引 | Earnings outlook |
+| 投资计划 | CapEx plans |
+| 战略方向 | Strategic initiatives |
+
+### Step 8: Write the Commentary
+
+**Standard format (业绩点评):**
+
+```
+【业绩点评】[Company] [Period] [Beat/Miss/In-line]
+
+核心结论:
+- 营收XX亿, 同比+/-X%, 超/低于预期X%
+- 归母净利润XX亿, 同比+/-X%, 超/低于预期X%
+- 扣非净利润XX亿, 同比+/-X%
+
+要点:
+1. [Key driver 1]
+2. [Key driver 2]
+3. [Key driver 3]
+
+详细分析:
+
+一、营业收入
+   [Revenue commentary with drivers]
+
+二、盈利能力
+   [Margin analysis]
+
+三、费用分析
+   [Expense commentary]
+
+四、资产负债表
+   [Key BS changes]
+
+五、现金流量
+   [CF commentary]
+
+六、展望
+   [Forward-looking]
+
+风险提示:
+- [Key risks]
+
+风险提示: 本内容仅供研究参考, 不构成投资建议。
+```
+
+## China-Specific Commentary Considerations
+
+### Key Metrics to Highlight
+
+| Metric | Why Important |
+|--------|---------------|
+| 归母净利润 | Standard metric for A-share investors |
+| 扣非净利润 | Shows core business quality |
+| 经营现金流 | Cash generation quality |
+| 毛利率/净利率 | Profitability trends |
+| ROE | Return on equity benchmark |
+| 资产负债率 | Leverage concern |
+
+### Common Earnings Themes
+
+| Pattern | Typical Commentary |
+|---------|-------------------|
+| 收入增, 利润降 | Margin compression |
+| 利润增, 现金流降 | Earnings quality concern |
+| 高政府补助 | Sustainability question |
+| 大额减值 | Asset quality |
+| 关联交易高 | Revenue quality |
+| 合同负债大增 | Future revenue visibility |
+
+### Language Conventions
+
+| English | Chinese |
+|---------|---------|
+| Beat estimates | 超预期 |
+| Miss estimates | 低于预期 |
+| In-line | 符合预期 |
+| Year-over-year | 同比 |
+| Quarter-over-quarter | 环比 |
+| Adjusted | 调整后 |
+| Recurring | 经常性 |
+| One-time | 一次性 |
+| Core | 核心 / 扣非 |
+
+## Quality Checks
+
+Before delivering:
+- [ ] All actuals verified from source
+- [ ] Consensus figures cited
+- [ ] Variances calculated correctly
+- [ ] Drivers identified and explained
+- [ ] Balance sheet / CF covered
+- [ ] Forward outlook included
+- [ ] Risks highlighted
+- [ ] Chinese terminology correct
+> 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：这份点评不配置它，也不向使用者索取凭据。