@v587d/capital-generation 2.7.3 → 2.7.5

package/selected-skills/claude-for-financial-services-cn/vertical-plugins/china-finance/skills/china-3-statement-model/SKILL.md

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+---
+name: china-3-statement-model
+description: Three-statement financial model for A-share stocks. Adapts the standard 3-statement-model methodology for Chinese accounting standards (CAS), Chinese GAAP differences, and AkShare-sourced financials. Use instead of the original 3-statement-model skill when building integrated IS/BS/CF models for Chinese listed companies.
+---
+
+# china-3-statement-model
+
+## Purpose
+
+Build institutional-quality three-statement models (Income Statement / Balance Sheet / Cash Flow) for A-share equities, adapted for Chinese Accounting Standards (CAS) and the Chinese market context.
+
+## Key Differences from US 3-Statement Models
+
+| Parameter | US Model | China Model |
+|-----------|----------|-------------|
+| Accounting standard | US GAAP / IFRS | CAS (企业会计准则) |
+| Tax rate | 21% federal | 25% standard (高新技术企业 15%) |
+| Currency | USD | CNY (人民币) |
+| Fiscal year | Varied | Mostly Dec 31 year-end |
+| Revenue recognition | ASC 606 | CAS 14 (similar principles) |
+| Goodwill | Indefinite life (no amortization) | CAS 8 — goodwill amortized or tested |
+| R&D capitalization | Typically expensed | Can be capitalized under CAS |
+| VAT treatment | Sales tax separate | 增值税 often embedded in revenue/sales |
+| Unit reporting | USD | Often 千元 (thousands CNY) — verify |
+
+## Data Sources
+
+### 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）/ AkShare MCP（Tier-2 免费备选）
+
+```python
+get_financials(ticker, "income", "annual")   → 利润表
+get_financials(ticker, "balance", "annual")  → 资产负债表
+get_financials(ticker, "cashflow", "annual") → 现金流量表
+get_quote(ticker)                            → 实时行情
+get_historical_data(ticker)                  → 历史价格
+get_stock_info(ticker)                       → 公司基本信息
+```
+
+### Secondary Sources (when AkShare insufficient)
+- 巨潮资讯 (cninfo.com.cn) — mandatory disclosure filings
+- 上交所 / 深交所 — listed company announcements
+- 上证e互动 / 深交所互动易 — IR Q&A
+- 公司官网投资者关系页面
+
+## Workflow
+
+### Step 1: Data Retrieval
+
+Pull 3-5 years of historical financials from AkShare.
+
+**Verify units carefully:**
+- Some statements report in 元 (CNY)
+- Others in 千元 (thousands CNY)
+- Normalize to consistent unit before modeling
+
+```python
+# Pull all three statements
+get_financials(ticker, "income", "annual")
+get_financials(ticker, "balance", "annual")
+get_financials(ticker, "cashflow", "annual")
+```
+
+### Step 2: Historical Analysis
+
+Document key trends:
+
+- **Revenue growth**: YoY %, CAGR over 3-5 years
+- **Gross margin**: 毛利率 — track expansion/contraction
+- **Operating margin**: 营业利润率
+- **Net margin**: 净利率
+- **Tax rate**: 所得税率 — flag if below 25% (likely 高新技术企业)
+- **Effective tax rate**: vs statutory rate
+- **D&A**: 折旧与摊销 as % of PPE
+- **CapEx**: 资本支出 from cash flow statement
+- **Working capital**: 应收账款、存货、应付账款 trends
+- **Debt structure**: 有息负债 composition
+
+### Step 3: Build the Model
+
+Follow standard 3-statement modeling methodology, adapted for CAS:
+
+#### Income Statement (利润表)
+
+Key line items (Chinese naming):
+- 营业收入 (Revenue)
+- 营业成本 (COGS)
+- 税金及附加 (Taxes and surcharges — includes 消费税、城建税等)
+- 销售费用 (Selling expenses)
+- 管理费用 (G&A)
+- 研发费用 (R&D expenses — must be separated per CAS)
+- 财务费用 (Financial costs — net of interest income)
+- 营业利润 (Operating profit)
+- 营业外收入/支出 (Non-operating income/expenses)
+- 利润总额 (Profit before tax)
+- 所得税费用 (Income tax expense)
+- 净利润 (Net income)
+- 归属于母公司股东的净利润 (Net income attributable to parent)
+
+#### Balance Sheet (资产负债表)
+
+Key line items:
+- 货币资金 (Cash & equivalents)
+- 交易性金融资产 (Trading financial assets)
+- 应收账款 (Accounts receivable)
+- 预付款项 (Prepayments)
+- 存货 (Inventory)
+- 其他流动资产 (Other current assets)
+- 流动资产合计 (Total current assets)
+- 固定资产 (Fixed assets / PPE)
+- 在建工程 (Construction in progress)
+- 无形资产 (Intangible assets)
+- 商誉 (Goodwill — flag if >30% of equity)
+- 非流动资产合计 (Total non-current assets)
+- 资产总计 (Total assets)
+- 短期借款 (Short-term borrowings)
+- 应付账款 (Accounts payable)
+- 预收款项/合同负债 (Advance receipts / contract liabilities)
+- 一年内到期非流动负债 (Current portion of LT debt)
+- 流动负债合计 (Total current liabilities)
+- 长期借款 (Long-term borrowings)
+- 应付债券 (Bonds payable)
+- 非流动负债合计 (Total non-current liabilities)
+- 负债合计 (Total liabilities)
+- 股本 (Share capital)
+- 资本公积 (Capital reserve)
+- 盈余公积 (Surplus reserve)
+- 未分配利润 (Retained earnings)
+- 归属于母公司股东权益合计 (Parent equity)
+- 少数股东权益 (Minority interest)
+- 所有者权益合计 (Total equity)
+- 负债和股东权益总计 (Total liabilities + equity)
+
+#### Cash Flow Statement (现金流量表)
+
+Chinese indirect method:
+- 经营活动现金流量 (Operating CF):
+  - Start from 净利润
+  - Adjust: D&A, 财务费用, 投资收益, 营运资本 changes
+  - 经营活动产生的现金流量净额
+- 投资活动现金流量 (Investing CF):
+  - 购建固定资产/无形资产 (CapEx)
+  - 处置收回 (Asset sales)
+  - 投资支付/收回 (Investment purchases/sales)
+- 筹资活动现金流量 (Financing CF):
+  - 吸收投资 (Equity issuance)
+  - 取得借款 (Borrowings)
+  - 偿还债务 (Debt repayment)
+  - 分配股利 (Dividends)
+- 现金净增加额 (Net change in cash)
+- 期末现金余额 (Ending cash balance)
+
+### Step 4: Balance Checks
+
+**CRITICAL — Chinese-specific checks:**
+
+1. **Cash reconciliation**: 货币资金 (BS) = 期末现金余额 (CF) ± restricted cash
+2. **BS balancing**: 资产总计 = 负债和股东权益总计
+3. **RE roll-forward**: 期初未分配利润 + 本期净利润 - 提取盈余公积 - 现金分红 = 期末未分配利润
+4. **CF-IS linkage**: 净利润 (IS) → starting point for 经营CF
+5. **CapEx check**: 购建固定资产 (CF) ≈ 固定资产增加 (BS) + 累计折旧增加 (BS)
+6. **Debt check**: 借款变动 (CF) = 短期借款变动 + 长期借款变动 (BS)
+7. **Tax check**: 所得税费用 (IS) vs 实际缴纳 (CF indirect method add-back)
+
+### Step 5: Scenario & Sensitivity
+
+- Base / Bear / Bull scenarios
+- Sensitivity on revenue growth, gross margin, tax rate
+- Key drivers: 毛利率, 期间费用率, 营运资本效率
+
+## China-Specific Modeling Conventions
+
+### 增值税 (VAT)
+- Listed companies report 营业收入 net of VAT
+- 税金及附加 includes 消费税 but not VAT
+- VAT is off-balance-sheet in most models
+
+### 商誉 (Goodwill)
+- Common from M&A, especially 2015-2016 boom
+- Flag if 商誉 > 30% of 归母权益
+- Note annual impairment testing requirements
+
+### 研发费用 (R&D)
+- CAS requires R&D to be expensed (not capitalized like IFRS allows)
+- Some companies disclose R&D capitalization in notes — check if >5% of revenue
+
+### 折旧 (Depreciation)
+- Chinese companies often use straight-line over longer lives
+- Typical ranges:
+  - Buildings: 20-40 years
+  - Equipment: 5-10 years
+  - Vehicles: 4-6 years
+
+### 存货 (Inventory)
+- LIFO not permitted under CAS (FIFO or weighted average only)
+- 存货计价 affects margin comparability across years
+
+### 应收款项 (Receivables)
+- 应收账款 often high for industrial companies — check DSO
+- 应收票据 (notes receivable) vs 应收账款 (trade AR) — treat separately
+- 坏账准备 (allowance for doubtful accounts) varies by company
+
+### 借款 (Debt)
+- 短期借款 often high for leveraged companies
+- 长期借款 may include 一年内到期非流动负债
+- 应付债券 for corporate bond issuers
+- Interest expense in 财务费用 (net of interest income)
+
+## Excel Formatting (OpenPyXL / Office JS)
+
+Follow the same professional conventions as the base `xlsx-author` skill, with China-specific adaptations:
+
+- **Section headers**: Dark blue `#1F4E79` with white bold text
+- **Column headers**: Light blue `#D9E1F2` with black bold text
+- **Input cells**: Blue font (RGB: 0,0,255) — all hardcoded inputs
+- **Formula cells**: Black font (RGB: 0,0,0)
+- **Sheet links**: Green font (RGB: 0,128,0)
+- **Currency**: CNY (¥) with thousands separator
+- **Percentages**: 0.0% format
+- **Cell comments**: "Source: AkShare, [date], [field], [ticker]"
+
+### Number Format Conventions
+
+| Item | Format | Example |
+|------|--------|---------|
+| Revenue | ¥#,##0 | ¥12,345 |
+| Percentages | 0.0% | 15.3% |
+| Ratios | 0.00x | 2.50x |
+| Dates | YYYY | 2024 |
+| Stock price | ¥#,##0.00 | ¥158.50 |
+
+## Quality Checks
+
+Before delivering:
+
+- [ ] All three statements balance correctly
+- [ ] Cash from CF = Cash on BS
+- [ ] Retained earnings roll-forward ties
+- [ ] CapEx/Depreciation logic consistent
+- [ ] Debt changes tie between BS and CF
+- [ ] Tax rate reasonable (20-28% unless 高新技术企业)
+- [ ] All hardcoded inputs have cell comments
+- [ ] All formulas reference cells, no hardcodes in formulas
+- [ ] Scenario blocks structured correctly (Bear/Base/Bull)
+- [ ] Sensitivity analysis included
+
+## Common Pitfalls
+
+1. **Unit mismatch**: Mixing 元 and 千元 — always normalize
+2. **VAT confusion**: Double-counting VAT in revenue or COGS
+3. **Goodwill spike**: Forgetting large goodwill from acquisitions
+4. **Tax rate variance**: Assuming 25% when company is 高新技术企业 (15%)
+5. **R&D understatement**: CAS expenses all R&D, but some companies capitalize in notes
+6. **Receivables inflation**: 应收账款 much higher than revenue growth — flag
+7. **Short-term debt**: 短期借款 often high; don't miss current portion of LT debt
+8. **Minority interest**: 少数股东权益 can be significant for conglomerates
+
+## Data Source Priority
+
+1. **AkShare MCP** (primary) — real-time and historical A-share data
+2. **巨潮资讯** (cninfo.com.cn) — mandatory disclosures
+3. **交易所公告** — SH/SZ exchange filings
+4. **公司官网/IR** — supplementary data
+5. **Web search** — only if above insufficient, mark `[UNSOURCED]`
+
+## Output Checklist
+
+- [ ] Three-statement model fully linked (IS → BS → CF)
+- [ ] All balance checks pass
+- [ ] Historical + projected years included
+- [ ] Scenario analysis (Bear/Base/Bull)
+- [ ] Sensitivity tables
+- [ ] All hardcoded inputs sourced and commented
+- [ ] CAS conventions documented
+- [ ] Currency consistent (CNY)
+- [ ] File named: `[Ticker]_3StatementModel_[Date].xlsx`
+> **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
+> - `wind-only`: Wind only, error if unavailable
+> - `wind-fallback`: Wind first, fallback to iFind → AkShare

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

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+---
+name: china-accrual-schedule
+description: Build accrual schedules for A-share companies tracking revenue recognition, expense accruals, and working capital timing. Adapted from the original accrual-schedule skill for CAS accounting and Chinese business practices. Triggers on "A股应计项目", "应计计提", "accrual schedule China", "应计账款分析", or "working capital accruals [company]".
+---
+
+# china-accrual-schedule
+
+## Purpose
+
+Build **A股应计项目时间表** — comprehensive accrual schedules for financial analysis and audit preparation.
+
+## Data Sources
+
+### Primary: iFind MCP (Tier-1 付费) / AkShare MCP (Tier-2 免费备选)
+
+```python
+get_financials(ticker, "income")     → Revenue, expenses
+get_financials(ticker, "balance")    → Working capital accounts
+```
+
+### Secondary Sources
+- 巨潮 — annual/quarterly reports
+- 审计报告 — accrual methodology
+
+## Workflow
+
+### Step 1: Identify Accrual Items
+
+**Revenue accruals:**
+
+| Item | Description | Typical Items |
+|------|-------------|---------------|
+| 预收账款 (Deferred revenue) | Advance from customers | Prepayments, deposits |
+| 应收账款 (Accounts receivable) | Revenue recognized, not yet collected | Trade receivables |
+| 合同负债 (Contract liabilities) | New CAS term for prepayments | Contract-based |
+| 应收票据 (Notes receivable) | Commercial acceptance/bank bills | Bills from customers |
+
+**Expense accruals:**
+
+| Item | Description | Typical Items |
+|------|-------------|---------------|
+| 应付账款 (Accounts payable) | Expenses incurred, not yet paid | Trade payables |
+| 应付职工薪酬 (Accrued salaries) | Year-end bonus, unpaid wages | Bonus accruals |
+| 应付利息 (Accrued interest) | Interest on loans, bonds | Interest payable |
+| 预计负债 (Provisions) | Estimated obligations | Warranty, litigation |
+| 递延收益 (Deferred income) | Government grants | Subsidy income |
+| 预提费用 (Accrued expenses) | General accruals | Utilities, rent |
+
+**Other accruals:**
+
+| Item | Description |
+|------|-------------|
+| 应交税费 (Taxes payable) | Income tax, VAT, surcharges |
+| 应付股利 (Dividends payable) | Declared but unpaid |
+| 其他应付款 (Other payables) | Miscellaneous |
+
+### Step 2: Build Accrual Schedule
+
+**Monthly/quarterly accrual tracking:**
+
+| Accrual Item | Jan | Feb | ... | Q1 | Q2 | Q3 | Q4 | Full Year |
+|--------------|-----|-----|-----|----|----|----|----|-----------|
+| 应收账款增加 | | | | | | | | |
+| 预收账款增加 | | | | | | | | |
+| 应付账款增加 | | | | | | | | |
+| 应付职工薪酬 | | | | | | | | |
+| ... | | | | | | | | |
+| **Net accruals** | | | | | | | | |
+
+### Step 3: Analyze Accrual Quality
+
+**Accrual ratios:**
+
+| Ratio | Formula | Interpretation |
+|-------|---------|---------------|
+| 总应计率 | (ΔCA - ΔCash - ΔCL) / Average Assets | >0 = accrual-based earnings |
+| 应收账款/收入 | AR / Revenue | Rising = potential issues |
+| 应付账款/成本 | AP / COGS | Trend analysis |
+| 预收账款/收入 | Deferred rev / Revenue | Customer prepayments |
+| 经营现金流/净利润 | OCF / Net Income | <1 = accrual concern |
+
+**Accrual quality flags:**
+
+| Flag | Warning |
+|------|---------|
+| 应收账款增速 >> 收入增速 | Potential revenue inflation |
+| 应付账款突然减少 | Potential window dressing |
+| 预收账款大幅波动 | Revenue recognition timing |
+| 其他应付款异常 | Related party tunneling |
+
+### Step 4: CAS-Specific Accrual Items
+
+**China-specific accruals:**
+
+| Item | CAS Treatment | Notes |
+|------|--------------|-------|
+| 增值税 | Pass-through, not revenue | 不含税收入 |
+| 政府补助 | 递延收益 or 其他收益 | Timing impact |
+| 坏账准备 | 预期信用损失模型 | CAS 22 |
+| 存货跌价准备 | Lower of cost or NRV | CAS 1 |
+| 固定资产减值 | When indicators exist | CAS 8 |
+| 商誉减值 | Annual test (no reversal) | CAS 8 |
+| 辞退福利 | Employee termination | CAS 9 |
+
+### Step 5: Working Capital Accruals
+
+**Working capital accrual schedule:**
+
+| Item | Beginning | Additions | Usage | Reversal | Ending |
+|------|-----------|-----------|-------|----------|--------|
+| 坏账准备 | | | | | |
+| 存货跌价准备 | | | | | |
+| 固定资产减值 | | | | | |
+| 预计负债 (产品质量) | | | | | |
+
+### Step 6: Revenue Recognition Accruals
+
+**CAS 14 revenue recognition:**
+
+| Scenario | Recognition | Accrual Impact |
+|-----------|-------------|----------------|
+| 商品销售 (Goods) | 控制权转移时 | 通常为交付时 |
+| 提供服务 (Services) | 期间内逐步 | 劳务成本匹配 |
+| 建造合同 (Construction) | 产出法/投入法 | 长期合同 |
+| 特许经营 (Franchise) | 持续期间 | 品牌使用费 |
+
+**Revenue accrual items:**
+- 发出商品 (Goods in transit)
+- 委托代销 (Consignment)
+- 工程结算 (Construction settlement)
+- 会员费/预付费 (Membership / prepaid)
+
+### Step 7: Period-End Accrual Review
+
+**Month-end / year-end accrual checklist:**
+
+| Area | Items to Review |
+|------|----------------|
+| Revenue | Unbilled revenue, returns, allowances |
+| Purchases | Uninvoiced goods/services |
+| Payroll | Bonus, overtime, social insurance |
+| Interest | Accrued but unpaid |
+| Taxes | Tax provisions |
+| Depreciation | Monthly depreciation |
+| Provisions | Legal, warranty, restructuring |
+
+## China-Specific Considerations
+
+### Common Accrual Patterns
+
+| Industry | Typical Accruals |
+|----------|-----------------|
+| 制造业 | Raw material AP, bonus accruals |
+| 零售 | Lease accruals, loyalty programs |
+| 房地产 | 预收账款 (presale), construction accruals |
+| 建筑 | 工程结算 (progress billing) |
+| 软件 | Deferred revenue, support accruals |
+| 医药 | Rebates, returns provisions |
+
+### Audit Considerations (China)
+
+| Area | Focus |
+|------|-------|
+| 大额应计 | Materiality threshold |
+| 关联方 | Related party payables |
+| 期限 | Aging of receivables |
+| 坏账 | Adequacy of allowance |
+| 政府补助 | Compliance with grant conditions |
+
+## Quality Checks
+
+Before delivering:
+- [ ] All significant accruals identified
+- [ ] Schedule ties to financial statements
+- [ ] Trends analyzed
+- [ ] Quality flags addressed
+- [ ] CAS compliance verified
+- [ ] Audit implications noted
+> **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-audit-xls/SKILL.md

@@ -0,0 +1,231 @@
+---
+name: china-audit-xls
+description: Audit financial models and Excel workbooks for A-share analysis. Adapts the original audit-xls skill for Chinese financial modeling standards, CAS conventions, and A-share-specific checks. Triggers on "A股模型审计", "财务模型核查", "audit model China", "audit xlsx", "模型QC", or "check model [company]".
+---
+
+# china-audit-xls
+
+## Purpose
+
+Audit **A股财务模型** — comprehensive quality checks for Chinese equity financial models.
+
+## Data Sources
+
+### 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）/ AkShare MCP（Tier-2 免费备选）
+
+```python
+get_financials(ticker, "income")     → Actuals for cross-check
+get_financials(ticker, "balance")    → BS for cross-check
+get_financials(ticker, "cashflow")   → CF for cross-check
+get_quote(ticker)                    → Market data
+```
+
+### Secondary Sources
+- 巨潮 — source financials
+- 审计报告 — reference data
+
+## Workflow
+
+### Step 1: Structural Audit
+
+**Model structure checklist:**
+
+| Area | Check | Pass Criteria |
+|------|-------|--------------|
+| Cover page | Company, date, version | Present and accurate |
+| Assumptions | All key inputs centralized | No hardcoded values in calc |
+| Historicals | All periods populated | 3-5 years |
+| Forecast | Explicit forecast period | 3-5 years |
+| Valuation | DCF, comps, football field | All methods present |
+| Checks | Sum, balance, cross-ref | All checks green |
+| Documentation | Methodology notes | Clear and complete |
+
+### Step 2: Formula Audit
+
+**Formula checks:**
+
+| Check | Description | Pass Criteria |
+|-------|-------------|--------------|
+| No hardcodes | All inputs in assumptions | ✓ |
+| Consistent formulas | Same formula across periods | ✓ |
+| No circularity (unless intended) | Circular refs flagged | ✓ |
+| Error handling | IFERROR used where needed | ✓ |
+| Named ranges | Key cells named | ✓ |
+| Sheet references | Cross-sheet refs work | ✓ |
+| Broken links | No external links or all work | ✓ |
+
+**Common hardcodes to find:**
+- Growth rates embedded in formulas
+- Multiples typed into cells
+- Shares outstanding hardcoded
+- Tax rates not in assumptions
+
+### Step 3: Historicals Cross-Check
+
+**Cross-check against source data:**
+
+| Line Item | Model | iFind / AkShare / 巨潮 | Difference | Explanation |
+|-----------|-------|----------------|------------|-------------|
+| 营业收入 | | | | |
+| 营业成本 | | | | |
+| 归母净利润 | | | | |
+| 总资产 | | | | |
+| 净资产 | | | | |
+| 经营现金流 | | | | |
+
+**Cross-check tolerance:**
+- Revenue, profit: ±2%
+- Balance sheet: ±1%
+- Cash flow: ±3% (timing differences)
+
+### Step 4: CAS Compliance Check
+
+**CAS-specific checks:**
+
+| Check | Description |
+|-------|-------------|
+| Revenue net of VAT | 营业收入 not gross |
+| R&D expensed | Not capitalized (unless criteria met) |
+| Tax calculation | 25% / 15% rate applied correctly |
+| Minority interest | Separated from parent equity |
+| Government grants | Correct classification |
+| 合同负债 | Recognized appropriately |
+| 信用减值损失 | CAS 22 model applied |
+
+### Step 5: Balance Sheet Integrity
+
+**BS checks:**
+
+| Check | Formula | Pass |
+|-------|---------|------|
+| BS balances | Assets = L + E | ✓ |
+| Cash flow ties | Ending cash = Beginning + Net CF | ✓ |
+| Debt schedule | Short + Long = Total debt | ✓ |
+| Share count | Shares × Price = Market cap | ✓ |
+| Minority interest | Correct % applied | ✓ |
+
+### Step 6: Forecast Logic Check
+
+**Forecast quality:**
+
+| Check | Description | Pass |
+|-------|-------------|------|
+| Growth reasonable | Within industry range | ✓ |
+| Margins stable | No unexplained jumps | ✓ |
+| Working capital | Trends with revenue | ✓ |
+| CapEx | Consistent with depreciation | ✓ |
+| Debt service | Can be serviced from FCF | ✓ |
+| Dividend | Consistent with policy | ✓ |
+
+**Growth rate benchmarks:**
+
+| Metric | Conservative | Base | Optimistic |
+|--------|-------------|------|-----------|
+| Revenue growth | 5-10% | 10-20% | 20-30% |
+| Margin expansion | 0 ppts | 0-2 ppts | 2-5 ppts |
+| Tax rate | 25% | 25% | 15% (if 高新) |
+
+### Step 7: Valuation Check
+
+**Valuation audit:**
+
+| Method | Check | Pass |
+|--------|-------|------|
+| DCF | WACC reasonable (6-10%) | ✓ |
+| DCF | Terminal growth < GDP growth | ✓ |
+| DCF | FCF positive in base case | ✓ |
+| Comps | Peer group appropriate | ✓ |
+| Comps | Multiples reasonable | ✓ |
+| Football field | Min/median/max consistent | ✓ |
+
+**WACC components (China):**
+
+| Component | Typical Range |
+|-----------|--------------|
+| Risk-free rate (CGB 10Y) | 2.0-3.0% |
+| Equity risk premium | 6-8% |
+| Cost of debt | 3-6% |
+| Tax rate | 25% (15% for 高新) |
+
+### Step 8: Sensitivity & Scenario Check
+
+**Sensitivity audit:**
+
+| Check | Description |
+|-------|-------------|
+| Sensitivity tables | Key variables tested |
+| Scenarios | Base / Bull / Bear |
+| Tornado chart | Key drivers identified |
+| Monte Carlo (if used) | Assumptions reasonable |
+
+### Step 9: Common A-share Model Errors
+
+**Error checklist:**
+
+| Error | Detection | Fix |
+|-------|-----------|-----|
+| 收入用含税 | VAT not removed | Divide by 1.13 |
+| 税率错误 | Wrong rate applied | Verify 高新 status |
+| 单位错误 | 千元 vs 万元 | Standardize |
+| 季度加总错误 | Q+Q ≠ Annual | Check sum |
+| 增长率计算 | Wrong base period | Verify formula |
+| 少数股东损益 | Missing | Add if applicable |
+| 折旧年限 | Wrong | Check FA notes |
+
+### Step 10: Audit Report
+
+**Standard audit output:**
+
+```
+【模型审计报告】[Company] [Date]
+
+一、结构检查
+   [Structure assessment]
+
+二、公式检查
+   [Formula audit results]
+
+三、历史数据核对
+   [Cross-check results]
+
+四、CAS合规检查
+   [CAS compliance]
+
+五、预测逻辑检查
+   [Forecast quality]
+
+六、估值检查
+   [Valuation audit]
+
+七、发现的问题
+   [List of issues with severity]
+
+八、建议修复
+   [Recommended fixes]
+
+总体评价: [Pass / Pass with conditions / Fail]
+```
+
+## Quality Checks
+
+Before completing:
+- [ ] All structural checks passed
+- [ ] No hardcodes found
+- [ ] Historicals cross-checked
+- [ ] CAS compliant
+- [ ] BS/CF integrity verified
+- [ ] Forecast logic sound
+- [ ] Valuation reasonable
+- [ ] All issues documented
+> **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
+> - `wind-only`: Wind only, error if unavailable
+> - `wind-fallback`: Wind first, fallback to iFind → AkShare