claude-memory-layer 1.0.27 → 1.0.28

package/src/core/external-market-context.ts

@@ -0,0 +1,582 @@
+const MAX_RENDERED_ITEMS = 8;
+const MAX_FRED_SERIES = 10;
+const PROVIDER_FETCH_TIMEOUT_MS = 8_000;
+const DEFAULT_FRED_SERIES = ['FEDFUNDS', 'CPIAUCSL', 'UNRATE'];
+const ALLOWED_PROVIDERS = new Set<ExternalMarketProvider>(['dart', 'fred', 'finnhub']);
+
+export type ExternalMarketProvider = 'dart' | 'fred' | 'finnhub';
+export type ProviderStatus = 'ok' | 'skipped' | 'error';
+export type MarketContextInsightConfidence = 'low' | 'medium' | 'high';
+export type MarketContextInsightHorizon = 'near-term' | 'medium-term' | 'monitor';
+export type MarketContextDartConfidence = 'exact-corp-code' | 'company-name-fallback' | 'provider-skipped' | 'provider-error' | 'unavailable';
+
+export interface ExternalMarketContextOptions {
+  company?: string;
+  dartCorpCode?: string;
+  symbol?: string;
+  providers?: ExternalMarketProvider[];
+  fredSeries?: string[];
+  includeSnapshot?: boolean;
+  now?: Date;
+}
+
+export interface DartFiling {
+  corpName: string;
+  receiptNo: string;
+  reportName: string;
+  filerName?: string;
+  receiptDate?: string;
+  remark?: string;
+  url: string;
+}
+
+export interface DartProviderResult {
+  provider: 'dart';
+  status: ProviderStatus;
+  filings: DartFiling[];
+  displayedFilings: DartFiling[];
+  warnings?: string[];
+  error?: string;
+}
+
+export interface FredSeriesSnapshot {
+  seriesId: string;
+  latestValue?: string;
+  latestDate?: string;
+}
+
+export interface FredProviderResult {
+  provider: 'fred';
+  status: ProviderStatus;
+  series: FredSeriesSnapshot[];
+  warnings?: string[];
+  error?: string;
+}
+
+export interface FinnhubProviderResult {
+  provider: 'finnhub';
+  status: ProviderStatus;
+  profile?: Record<string, unknown>;
+  warnings?: string[];
+  error?: string;
+}
+
+export interface MarketContextEvidence {
+  provider: ExternalMarketProvider;
+  title: string;
+  reason: string;
+  receiptNo?: string;
+  receiptDate?: string;
+  url?: string;
+  category?: string;
+  seriesId?: string;
+  latestValue?: string;
+  latestDate?: string;
+  symbol?: string;
+}
+
+export interface MarketContextInsight {
+  signal: string;
+  thesis: string;
+  confidence: MarketContextInsightConfidence;
+  horizon: MarketContextInsightHorizon;
+  evidence: MarketContextEvidence[];
+}
+
+export interface CompanySnapshot {
+  company: string;
+  filingsAnalyzed: number;
+  categoryCounts: Record<string, number>;
+  riskSignals: MarketContextEvidence[];
+  catalysts: MarketContextEvidence[];
+  watchlist: string[];
+  followUpQuestions: string[];
+}
+
+export interface MarketContextSnapshot {
+  schemaVersion: 'market-context-snapshot.v1';
+  subject: {
+    company?: string;
+    dartCorpCode?: string;
+    symbol?: string;
+  };
+  coverage: {
+    dart?: {
+      status: ProviderStatus;
+      filingsAnalyzed: number;
+      renderedFilings: number;
+      confidence: MarketContextDartConfidence;
+      warnings?: string[];
+    };
+    fred?: {
+      status: ProviderStatus;
+      seriesAnalyzed: number;
+      warnings?: string[];
+    };
+    finnhub?: {
+      status: ProviderStatus;
+      hasProfile: boolean;
+      warnings?: string[];
+    };
+  };
+  bullCases: MarketContextInsight[];
+  bearCases: MarketContextInsight[];
+  risks: MarketContextInsight[];
+  catalysts: MarketContextInsight[];
+  watchlist: string[];
+  followUpQuestions: string[];
+}
+
+export interface ExternalMarketContextAnalysis {
+  companySnapshot?: CompanySnapshot;
+  marketSnapshot?: MarketContextSnapshot;
+}
+
+export interface ExternalMarketContextReport {
+  generatedAt: string;
+  query: {
+    company?: string;
+    dartCorpCode?: string;
+    symbol?: string;
+    providers: ExternalMarketProvider[];
+    fredSeries?: string[];
+  };
+  dart?: DartProviderResult;
+  fred?: FredProviderResult;
+  finnhub?: FinnhubProviderResult;
+  analysis?: ExternalMarketContextAnalysis;
+}
+
+export async function fetchExternalMarketContext(options: ExternalMarketContextOptions): Promise<ExternalMarketContextReport> {
+  const providers = normalizeProviders(options.providers);
+  const fredSelection = selectFredSeries(options.fredSeries);
+  const report: ExternalMarketContextReport = {
+    generatedAt: (options.now ?? new Date()).toISOString(),
+    query: {
+      company: optionalTrimmed(options.company),
+      dartCorpCode: optionalTrimmed(options.dartCorpCode),
+      symbol: optionalTrimmed(options.symbol),
+      providers,
+      fredSeries: providers.includes('fred') ? fredSelection.series : normalizeStringList(options.fredSeries)
+    }
+  };
+
+  for (const provider of providers) {
+    if (provider === 'dart') report.dart = await fetchDartProvider(report.query.company, report.query.dartCorpCode);
+    if (provider === 'fred') report.fred = await fetchFredProvider(fredSelection.series, fredSelection.warnings);
+    if (provider === 'finnhub') report.finnhub = await fetchFinnhubProvider(report.query.symbol);
+  }
+
+  if (options.includeSnapshot !== false) {
+    const companySnapshot = report.dart?.status === 'ok'
+      ? buildCompanySnapshot(report.query.company ?? report.dart.filings[0]?.corpName ?? 'unknown', report.dart.filings)
+      : undefined;
+    report.analysis = {
+      ...(companySnapshot ? { companySnapshot } : {}),
+      marketSnapshot: buildMarketContextSnapshot(report)
+    };
+  }
+
+  return report;
+}
+
+async function fetchDartProvider(company?: string, corpCode?: string): Promise<DartProviderResult> {
+  const apiKey = optionalTrimmed(process.env.DART_API_KEY);
+  if (!apiKey) return { provider: 'dart', status: 'skipped', filings: [], displayedFilings: [], warnings: ['DART_API_KEY is not set'] };
+  if (!company && !corpCode) return { provider: 'dart', status: 'skipped', filings: [], displayedFilings: [], warnings: ['company or dartCorpCode is required for DART'] };
+
+  const warnings: string[] = [];
+  if (company && !corpCode) warnings.push('DART company-name fallback is low-confidence; prefer dartCorpCode for exact issuer coverage.');
+
+  try {
+    const url = new URL('https://opendart.fss.or.kr/api/list.json');
+    url.searchParams.set('crtfc_key', apiKey);
+    if (corpCode) url.searchParams.set('corp_code', corpCode);
+    url.searchParams.set('page_count', '100');
+    const { response, json } = await fetchJsonWithTimeout(url);
+    const status = stringValue(json.status);
+    if (status === '013') return { provider: 'dart', status: 'ok', filings: [], displayedFilings: [], warnings };
+    if (!response.ok || (status && status !== '000')) {
+      return { provider: 'dart', status: 'error', filings: [], displayedFilings: [], warnings, error: redactSecrets(String(json.message ?? `DART status ${status ?? response.status}`)) };
+    }
+    const rows = Array.isArray(json.list) ? json.list : [];
+    const filings = rows
+      .map(normalizeDartFiling)
+      .filter((filing): filing is DartFiling => filing !== undefined)
+      .filter((filing) => corpCode || !company || filing.corpName.includes(company) || company.includes(filing.corpName));
+    return { provider: 'dart', status: 'ok', filings, displayedFilings: filings.slice(0, MAX_RENDERED_ITEMS), warnings };
+  } catch (error) {
+    return { provider: 'dart', status: 'error', filings: [], displayedFilings: [], warnings, error: safeProviderError(error) };
+  }
+}
+
+async function fetchFredProvider(seriesIds: string[], preflightWarnings: string[] = []): Promise<FredProviderResult> {
+  const apiKey = optionalTrimmed(process.env.FRED_API_KEY);
+  const series = seriesIds;
+  if (!apiKey) return { provider: 'fred', status: 'skipped', series: [], warnings: ['FRED_API_KEY is not set', ...preflightWarnings] };
+
+  const snapshots: FredSeriesSnapshot[] = [];
+  const warnings: string[] = [...preflightWarnings];
+  for (const seriesId of series) {
+    try {
+      const url = new URL('https://api.stlouisfed.org/fred/series/observations');
+      url.searchParams.set('api_key', apiKey);
+      url.searchParams.set('file_type', 'json');
+      url.searchParams.set('series_id', seriesId);
+      url.searchParams.set('sort_order', 'desc');
+      url.searchParams.set('limit', '1');
+      const { response, json } = await fetchJsonWithTimeout(url);
+      if (!response.ok || Array.isArray(json.observations) === false) {
+        warnings.push(`${seriesId}: ${redactSecrets(String(json.error_message ?? response.statusText ?? 'failed'))}`);
+        continue;
+      }
+      const latest = (json.observations as unknown[]).find((item) => typeof item === 'object' && item !== null) as Record<string, unknown> | undefined;
+      snapshots.push({ seriesId, latestValue: stringValue(latest?.value), latestDate: stringValue(latest?.date) });
+    } catch (error) {
+      warnings.push(`${seriesId}: ${safeProviderError(error)}`);
+    }
+  }
+  return { provider: 'fred', status: snapshots.length > 0 ? 'ok' : 'error', series: snapshots, warnings };
+}
+
+async function fetchFinnhubProvider(symbol?: string): Promise<FinnhubProviderResult> {
+  const apiKey = optionalTrimmed(process.env.FINNHUB_API_KEY);
+  if (!apiKey) return { provider: 'finnhub', status: 'skipped', warnings: ['FINNHUB_API_KEY is not set'] };
+  if (!symbol) return { provider: 'finnhub', status: 'skipped', warnings: ['symbol is required for Finnhub'] };
+
+  try {
+    const url = new URL('https://finnhub.io/api/v1/stock/profile2');
+    url.searchParams.set('token', apiKey);
+    url.searchParams.set('symbol', symbol);
+    const { response, json } = await fetchJsonWithTimeout(url);
+    if (!response.ok) return { provider: 'finnhub', status: 'error', error: redactSecrets(String(json.error ?? response.statusText ?? 'failed')) };
+    if (!hasObjectData(json)) return { provider: 'finnhub', status: 'skipped', warnings: ['Finnhub returned no profile data'] };
+    return { provider: 'finnhub', status: 'ok', profile: json };
+  } catch (error) {
+    return { provider: 'finnhub', status: 'error', error: safeProviderError(error) };
+  }
+}
+
+function buildCompanySnapshot(company: string, filings: DartFiling[]): CompanySnapshot {
+  const categoryCounts: Record<string, number> = {};
+  const riskSignals: MarketContextEvidence[] = [];
+  const catalysts: MarketContextEvidence[] = [];
+  for (const filing of filings) {
+    const category = categorizeFiling(filing.reportName);
+    categoryCounts[category] = (categoryCounts[category] ?? 0) + 1;
+    const evidence = dartEvidence(filing, category, `DART filing categorized as ${category}`);
+    if (category === 'risk' || category === 'correction') riskSignals.push(evidence);
+    if (category === 'contract' || category === 'capital' || category === 'financial' || category === 'performance') catalysts.push(evidence);
+  }
+  return {
+    company,
+    filingsAnalyzed: filings.length,
+    categoryCounts,
+    riskSignals,
+    catalysts,
+    watchlist: [
+      'Compare repeat/correction filings with prior filings before relying on trend signals.',
+      'Prefer dartCorpCode-based lookups for exact issuer coverage.',
+      'Review risk-sensitive filings manually before making investment or sales decisions.'
+    ],
+    followUpQuestions: [
+      'Which recent filings change revenue, margin, capital structure, or governance assumptions?',
+      'Are any risk-sensitive filings one-off events or recurring patterns?',
+      'What customer/sales implication follows from the latest disclosed business changes?'
+    ]
+  };
+}
+
+function buildMarketContextSnapshot(report: ExternalMarketContextReport): MarketContextSnapshot {
+  const bullCases: MarketContextInsight[] = [];
+  const bearCases: MarketContextInsight[] = [];
+  const risks: MarketContextInsight[] = [];
+  const catalysts: MarketContextInsight[] = [];
+
+  if (report.dart?.status === 'ok') appendDartInsights(report.dart.filings, bullCases, bearCases, risks, catalysts);
+  if (report.fred?.status === 'ok') appendFredInsights(report.fred.series, bullCases, bearCases, risks, catalysts);
+  if (report.finnhub?.status === 'ok' && report.finnhub.profile) appendFinnhubInsights(report.query.symbol, report.finnhub.profile, bullCases, catalysts);
+
+  return {
+    schemaVersion: 'market-context-snapshot.v1',
+    subject: { company: report.query.company ?? report.dart?.filings[0]?.corpName, dartCorpCode: report.query.dartCorpCode, symbol: report.query.symbol },
+    coverage: {
+      ...(report.dart ? { dart: { status: report.dart.status, filingsAnalyzed: report.dart.filings.length, renderedFilings: report.dart.displayedFilings.length, confidence: dartConfidence(report), ...(report.dart.warnings?.length ? { warnings: report.dart.warnings } : {}) } } : {}),
+      ...(report.fred ? { fred: { status: report.fred.status, seriesAnalyzed: report.fred.series.length, ...(report.fred.warnings?.length ? { warnings: report.fred.warnings } : {}) } } : {}),
+      ...(report.finnhub ? { finnhub: { status: report.finnhub.status, hasProfile: report.finnhub.profile !== undefined, ...(report.finnhub.warnings?.length ? { warnings: report.finnhub.warnings } : {}) } } : {})
+    },
+    bullCases: bullCases.slice(0, 8),
+    bearCases: bearCases.slice(0, 8),
+    risks: risks.slice(0, 8),
+    catalysts: catalysts.slice(0, 8),
+    watchlist: [
+      'Verify every insight against original provider data before making investment, sales, or strategy decisions.',
+      'Separate one-off event disclosures from recurring trend signals.',
+      'Use exact identifiers such as DART corpCode and listed ticker for customer-facing reports.'
+    ],
+    followUpQuestions: [
+      'What changed in the latest filings that affects bull-case revenue or margin assumptions?',
+      'Which bear-case risks require management, customer, or investor follow-up?',
+      'Which catalyst has a concrete date, counterparty, amount, or regulatory dependency?'
+    ]
+  };
+}
+
+function appendDartInsights(filings: DartFiling[], bullCases: MarketContextInsight[], bearCases: MarketContextInsight[], risks: MarketContextInsight[], catalysts: MarketContextInsight[]): void {
+  for (const filing of filings) {
+    const category = categorizeFiling(filing.reportName);
+    const evidence = [dartEvidence(filing, category, `DART filing categorized as ${category}`)];
+    if (category === 'performance') bullCases.push(insight('Operating performance disclosure', 'Recent operating performance disclosure can support the bull case if the detailed filing confirms improving revenue, margin, or demand signals.', 'medium', 'near-term', evidence));
+    if (category === 'contract') {
+      catalysts.push(insight('Commercial contract disclosure', 'New contract or supply disclosure is a catalyst candidate because it can change near-term revenue visibility or customer momentum.', 'medium', 'near-term', evidence));
+      bullCases.push(insight('Revenue visibility catalyst', 'Contract disclosure can strengthen the bull case if contract size, duration, and counterparty quality are material.', 'medium', 'near-term', evidence));
+    }
+    if (category === 'capital') {
+      bearCases.push(insight('Capital structure dilution watch', 'Capital issuance can pressure the bear case through dilution, financing cost, or balance-sheet stress unless proceeds create clear strategic value.', 'medium', 'medium-term', evidence));
+      catalysts.push(insight('Capital allocation event', 'Capital market activity is a catalyst that requires follow-up on use of proceeds, dilution, and investor demand.', 'low', 'monitor', evidence));
+    }
+    if (category === 'risk') {
+      risks.push(insight('Risk-sensitive disclosure', 'Litigation, enforcement, trading-halt, or governance-risk disclosure needs manual review before relying on the company outlook.', 'high', 'near-term', evidence));
+      bearCases.push(insight('Event-risk overhang', 'Risk-sensitive filings can create a bear-case overhang until scope, liability, and operational impact are clarified.', 'high', 'near-term', evidence));
+    }
+    if (category === 'financial') catalysts.push(insight('Scheduled financial disclosure', 'Financial statements are an analysis catalyst because they can update margin, cash-flow, and growth assumptions.', 'low', 'monitor', evidence));
+    if (category === 'correction') risks.push(insight('Correction filing', 'Correction filings should be compared with the original disclosure to confirm whether the change alters material assumptions.', 'medium', 'monitor', evidence));
+  }
+}
+
+function appendFredInsights(series: FredSeriesSnapshot[], bullCases: MarketContextInsight[], bearCases: MarketContextInsight[], risks: MarketContextInsight[], catalysts: MarketContextInsight[]): void {
+  for (const item of series) {
+    const evidence = [fredEvidence(item, 'Latest FRED observation included in macro context')];
+    catalysts.push(insight('Macro data update', `${item.seriesId} latest observation can update demand, funding, or consumer backdrop assumptions.`, 'low', 'monitor', evidence));
+    const value = numericValue(item.latestValue);
+    if (/FEDFUNDS|DFF|SOFR/i.test(item.seriesId) && value !== undefined) {
+      if (value >= 4) {
+        risks.push(insight('High-rate macro pressure', 'Elevated policy/funding rates can pressure valuation multiples, financing cost, and discretionary demand.', 'medium', 'medium-term', evidence));
+        bearCases.push(insight('Funding-cost bear case', 'High interest-rate context supports a bear-case watch on financing-sensitive growth assumptions.', 'medium', 'medium-term', evidence));
+      } else if (value <= 2) {
+        bullCases.push(insight('Low-rate macro support', 'Lower policy-rate context can support risk appetite, financing conditions, and demand assumptions.', 'low', 'medium-term', evidence));
+      }
+    }
+    if (/CPI|PCE|INFLATION/i.test(item.seriesId)) risks.push(insight('Inflation monitor', 'Inflation-sensitive macro data can affect pricing power, cost assumptions, and consumer demand.', 'low', 'monitor', evidence));
+    if (/UNRATE|PAYEMS/i.test(item.seriesId)) catalysts.push(insight('Labor-market signal', 'Labor-market data can update consumer demand and wage-cost assumptions.', 'low', 'monitor', evidence));
+  }
+}
+
+function appendFinnhubInsights(symbol: string | undefined, profile: Record<string, unknown>, bullCases: MarketContextInsight[], catalysts: MarketContextInsight[]): void {
+  const ticker = stringValue(profile.ticker) ?? symbol;
+  const evidence = [finnhubEvidence(ticker, profile, 'Finnhub company profile included in market context')];
+  catalysts.push(insight('Public market profile context', 'Ticker, exchange, industry, and market-cap profile help frame peer set and investor-facing positioning.', 'low', 'monitor', evidence));
+  const marketCap = numericValue(profile.marketCapitalization);
+  if (marketCap !== undefined && marketCap > 0) {
+    bullCases.push(insight('Scale and market presence', 'Available public-market profile and market-cap data can support a scale/visibility bull-case framing when compared with peers.', marketCap >= 10000 ? 'medium' : 'low', 'monitor', evidence));
+  }
+}
+
+function insight(signal: string, thesis: string, confidence: MarketContextInsightConfidence, horizon: MarketContextInsightHorizon, evidence: MarketContextEvidence[]): MarketContextInsight {
+  return { signal, thesis, confidence, horizon, evidence };
+}
+
+function dartEvidence(filing: DartFiling, category: string, reason: string): MarketContextEvidence {
+  return { provider: 'dart', title: filing.reportName, receiptNo: filing.receiptNo, receiptDate: filing.receiptDate, url: filing.url, category, reason };
+}
+
+function fredEvidence(item: FredSeriesSnapshot, reason: string): MarketContextEvidence {
+  return { provider: 'fred', title: item.seriesId, seriesId: item.seriesId, latestValue: item.latestValue, latestDate: item.latestDate, reason };
+}
+
+function finnhubEvidence(symbol: string | undefined, profile: Record<string, unknown>, reason: string): MarketContextEvidence {
+  return { provider: 'finnhub', title: symbol ?? stringValue(profile.name) ?? 'Finnhub profile', symbol, reason };
+}
+
+function categorizeFiling(reportName: string): string {
+  if (/소송|횡령|배임|거래정지|상장폐지|불성실/i.test(reportName)) return 'risk';
+  if (/단일판매|공급계약|계약체결|수주/i.test(reportName)) return 'contract';
+  if (/영업\(잠정\)실적|잠정실적|공정공시|매출액|손익구조/i.test(reportName)) return 'performance';
+  if (/유상증자|전환사채|신주인수권|증권신고서|사채권/i.test(reportName)) return 'capital';
+  if (/사업보고서|분기보고서|반기보고서|감사보고서|재무제표/i.test(reportName)) return 'financial';
+  if (/정정/i.test(reportName)) return 'correction';
+  if (/주주총회|최대주주|임원|대표이사|합병|분할/i.test(reportName)) return 'governance';
+  return 'other';
+}
+
+export function renderExternalMarketContextReport(report: ExternalMarketContextReport): string {
+  const lines: string[] = [
+    '# External Market Context',
+    '',
+    `- Generated: ${report.generatedAt}`,
+    `- Company: ${report.query.company ?? 'n/a'}`,
+    `- DART corpCode: ${report.query.dartCorpCode ?? 'n/a'}`,
+    `- Symbol: ${report.query.symbol ?? 'n/a'}`,
+    `- Providers: ${report.query.providers.join(', ')}`,
+    ''
+  ];
+  if (report.dart) appendDartSection(lines, report.dart, report.analysis?.companySnapshot);
+  if (report.fred) appendFredSection(lines, report.fred);
+  if (report.finnhub) appendFinnhubSection(lines, report.finnhub);
+  if (report.analysis?.marketSnapshot) appendMarketContextSnapshotSection(lines, report.analysis.marketSnapshot);
+  return redactSecrets(lines.join('\n'));
+}
+
+function appendDartSection(lines: string[], result: DartProviderResult, snapshot?: CompanySnapshot): void {
+  lines.push('## DART filings', '', `- Status: ${result.status}`);
+  if (result.error) lines.push(`- Error: ${result.error}`);
+  if (result.warnings?.length) for (const warning of result.warnings) lines.push(`- Warning: ${warning}`);
+  if (result.status === 'ok') lines.push(`- Filings analyzed: ${result.filings.length}`, `- Filings displayed: ${result.displayedFilings.length}`);
+  lines.push('');
+  for (const filing of result.displayedFilings) lines.push(`- ${filing.reportName} (${filing.receiptDate ?? 'n/a'}) — ${filing.receiptNo} (${filing.url})`);
+  lines.push('');
+  if (snapshot) {
+    lines.push('### DART company analysis snapshot', '', `- ${snapshot.filingsAnalyzed} filings analyzed`, `- Categories: ${Object.entries(snapshot.categoryCounts).map(([key, value]) => `${key}=${value}`).join(', ') || 'none'}`, '');
+    lines.push('**Risk signals**');
+    if (snapshot.riskSignals.length === 0) lines.push('- none detected in fetched filings');
+    for (const item of snapshot.riskSignals) lines.push(`- ${item.title} (${item.receiptNo ?? 'n/a'}): ${item.reason}`);
+    lines.push('', '**Catalysts**');
+    if (snapshot.catalysts.length === 0) lines.push('- none detected in fetched filings');
+    for (const item of snapshot.catalysts) lines.push(`- ${item.title} (${item.receiptNo ?? 'n/a'}): ${item.reason}`);
+    lines.push('');
+  }
+}
+
+function appendFredSection(lines: string[], result: FredProviderResult): void {
+  lines.push('## FRED macro series', '', `- Status: ${result.status}`);
+  if (result.error) lines.push(`- Error: ${result.error}`);
+  if (result.warnings?.length) for (const warning of result.warnings) lines.push(`- Warning: ${warning}`);
+  for (const series of result.series) lines.push(`- ${series.seriesId}: ${series.latestValue ?? 'n/a'} (${series.latestDate ?? 'n/a'})`);
+  lines.push('');
+}
+
+function appendFinnhubSection(lines: string[], result: FinnhubProviderResult): void {
+  lines.push('## Finnhub company profile', '', `- Status: ${result.status}`);
+  if (result.error) lines.push(`- Error: ${result.error}`);
+  if (result.warnings?.length) for (const warning of result.warnings) lines.push(`- Warning: ${warning}`);
+  if (result.profile) for (const key of ['name', 'ticker', 'exchange', 'marketCapitalization', 'finnhubIndustry']) if (result.profile[key] !== undefined) lines.push(`- ${key}: ${String(result.profile[key])}`);
+  lines.push('');
+}
+
+function appendMarketContextSnapshotSection(lines: string[], snapshot: MarketContextSnapshot): void {
+  lines.push('### MarketContextSnapshot', '', `- Schema: ${snapshot.schemaVersion}`, `- Subject: ${snapshot.subject.company ?? 'n/a'}${snapshot.subject.dartCorpCode ? ` / DART ${snapshot.subject.dartCorpCode}` : ''}${snapshot.subject.symbol ? ` / ${snapshot.subject.symbol}` : ''}`);
+  if (snapshot.coverage.dart) lines.push(`- DART coverage: status=${snapshot.coverage.dart.status}, filings=${snapshot.coverage.dart.filingsAnalyzed}, displayed=${snapshot.coverage.dart.renderedFilings}, confidence=${snapshot.coverage.dart.confidence}`);
+  if (snapshot.coverage.fred) lines.push(`- FRED coverage: status=${snapshot.coverage.fred.status}, series=${snapshot.coverage.fred.seriesAnalyzed}`);
+  if (snapshot.coverage.finnhub) lines.push(`- Finnhub coverage: status=${snapshot.coverage.finnhub.status}, hasProfile=${snapshot.coverage.finnhub.hasProfile}`);
+  lines.push('');
+  appendInsightList(lines, '**Bull case**', snapshot.bullCases);
+  appendInsightList(lines, '**Bear case**', snapshot.bearCases);
+  appendInsightList(lines, '**Risks**', snapshot.risks);
+  appendInsightList(lines, '**Catalysts**', snapshot.catalysts);
+  lines.push('**Snapshot watchlist**');
+  for (const item of snapshot.watchlist) lines.push(`- ${item}`);
+  lines.push('', '**Snapshot follow-up questions**');
+  for (const item of snapshot.followUpQuestions) lines.push(`- ${item}`);
+  lines.push('');
+}
+
+function appendInsightList(lines: string[], title: string, insights: MarketContextInsight[]): void {
+  lines.push(title);
+  if (insights.length === 0) {
+    lines.push('- none detected in fetched provider data', '');
+    return;
+  }
+  for (const item of insights) {
+    lines.push(`- ${item.signal} [${item.confidence}, ${item.horizon}]: ${item.thesis}`);
+    lines.push(`  - Evidence: ${item.evidence.map(formatEvidence).join('; ')}`);
+  }
+  lines.push('');
+}
+
+function formatEvidence(evidence: MarketContextEvidence): string {
+  if (evidence.provider === 'dart') return `DART: ${evidence.title}${evidence.receiptNo ? ` (${evidence.receiptNo})` : ''}`;
+  if (evidence.provider === 'fred') return `FRED: ${evidence.seriesId ?? evidence.title}${evidence.latestValue ? `=${evidence.latestValue}` : ''}`;
+  return `Finnhub: ${evidence.symbol ?? evidence.title}`;
+}
+
+function normalizeDartFiling(value: unknown): DartFiling | undefined {
+  if (typeof value !== 'object' || value === null) return undefined;
+  const row = value as Record<string, unknown>;
+  const receiptNo = stringValue(row.rcept_no);
+  const reportName = stringValue(row.report_nm);
+  const corpName = stringValue(row.corp_name) ?? '';
+  if (!receiptNo || !reportName) return undefined;
+  return {
+    corpName,
+    receiptNo,
+    reportName,
+    filerName: stringValue(row.flr_nm),
+    receiptDate: stringValue(row.rcept_dt),
+    remark: stringValue(row.rm),
+    url: `https://dart.fss.or.kr/dsaf001/main.do?rcpNo=${encodeURIComponent(receiptNo)}`
+  };
+}
+
+async function fetchJsonWithTimeout(url: URL): Promise<{ response: Response; json: Record<string, unknown> }> {
+  const controller = new AbortController();
+  const timeout = setTimeout(() => controller.abort(), PROVIDER_FETCH_TIMEOUT_MS);
+  try {
+    const response = await fetch(url, { signal: controller.signal });
+    const json = await response.json() as Record<string, unknown>;
+    return { response, json };
+  } finally {
+    clearTimeout(timeout);
+  }
+}
+
+function selectFredSeries(value: string[] | undefined): { series: string[]; warnings: string[] } {
+  const normalized = normalizeStringList(value);
+  const requested = normalized.length > 0 ? normalized : DEFAULT_FRED_SERIES;
+  const series = requested.slice(0, MAX_FRED_SERIES);
+  const warnings = requested.length > MAX_FRED_SERIES
+    ? [`FRED series list truncated to ${MAX_FRED_SERIES} entries`]
+    : [];
+  return { series, warnings };
+}
+
+function hasObjectData(value: Record<string, unknown>): boolean {
+  return Object.values(value).some((item) => item !== undefined && item !== null && String(item).trim().length > 0);
+}
+
+function normalizeProviders(value: ExternalMarketProvider[] | undefined): ExternalMarketProvider[] {
+  if (!value || value.length === 0) return ['dart', 'fred', 'finnhub'];
+  const providers: ExternalMarketProvider[] = [];
+  for (const provider of value) {
+    if (!ALLOWED_PROVIDERS.has(provider)) throw new Error('Invalid providers: expected dart, fred, or finnhub');
+    if (!providers.includes(provider)) providers.push(provider);
+  }
+  return providers;
+}
+
+function normalizeStringList(value: string[] | undefined): string[] {
+  return Array.from(new Set((value ?? []).map((item) => item.trim()).filter(Boolean)));
+}
+
+function dartConfidence(report: ExternalMarketContextReport): MarketContextDartConfidence {
+  if (!report.dart) return 'unavailable';
+  if (report.dart.status === 'error') return 'provider-error';
+  if (report.dart.status === 'skipped') return 'provider-skipped';
+  if (report.query.dartCorpCode) return 'exact-corp-code';
+  if (report.query.company) return 'company-name-fallback';
+  return 'unavailable';
+}
+
+function optionalTrimmed(value: string | undefined): string | undefined {
+  return typeof value === 'string' && value.trim().length > 0 ? value.trim() : undefined;
+}
+
+function stringValue(value: unknown): string | undefined {
+  return typeof value === 'string' && value.length > 0 ? value : undefined;
+}
+
+function numericValue(value: unknown): number | undefined {
+  const parsed = typeof value === 'number' ? value : typeof value === 'string' ? Number(value) : NaN;
+  return Number.isFinite(parsed) ? parsed : undefined;
+}
+
+function safeProviderError(error: unknown): string {
+  return redactSecrets(error instanceof Error ? error.message : String(error));
+}
+
+function redactSecrets(input: string): string {
+  let output = input;
+  for (const value of [process.env.DART_API_KEY, process.env.FRED_API_KEY, process.env.FINNHUB_API_KEY]) {
+    if (value && value.length > 0) output = output.split(value).join('[REDACTED]');
+  }
+  return output.replace(/([?&](?:crtfc_key|api_key|token)=)[^&\s)]+/gi, '$1[REDACTED]');
+}

package/src/core/graduation.ts

@@ -13,8 +13,7 @@ import type {
   MemoryEvent,
   MemoryLevel,
   GraduationResult,
-  Insight,
-  InsightType
+  Insight
 } from './types.js';
 
 export interface GraduationCriteria {
@@ -177,7 +176,7 @@ export class GraduationPipeline {
   async graduateBatch(level: MemoryLevel): Promise<GraduationResult[]> {
     const results: GraduationResult[] = [];
 
-    for (const [eventId, metrics] of this.metrics) {
+    for (const eventId of this.metrics.keys()) {
       const result = await this.evaluateGraduation(eventId, level);
       results.push(result);
     }

package/src/core/index.ts

@@ -5,6 +5,21 @@
 
 // Types
 export * from './types.js';
+export * from './model/raw-event.js';
+export * from './model/memory-fact.js';
+export * from './model/memory-summary.js';
+export * from './model/memory-rule.js';
+export * from './model/retrieval-result.js';
+
+// Registry
+export * from './registry/project-path.js';
+export * from './registry/session-registry.js';
+
+// Engine
+export * from './engine/index.js';
+
+// Derivation
+export * from './derive/index.js';
 
 // Canonical Key (identity)
 export * from './canonical-key.js';
@@ -24,6 +39,9 @@ export * from './embedder.js';
 export * from './vector-worker.js';
 export * from './vector-outbox.js';
 
+// Product validation
+export * from './product-validation-matrix.js';
+
 // Matching & Alignment
 export * from './matcher.js';
 export * from './evidence-aligner.js';
@@ -41,3 +59,6 @@ export * from './shared-event-store.js';
 export * from './shared-store.js';
 export * from './shared-vector-store.js';
 export * from './shared-promoter.js';
+
+// External read-only market context
+export * from './external-market-context.js';

package/src/core/matcher.ts

@@ -4,11 +4,9 @@
  */
 
 import type {
-  MemoryEvent,
   MemoryMatch,
   MatchResult,
-  MatchConfidence,
-  MATCH_THRESHOLDS
+  MatchConfidence
 } from './types.js';
 import { SearchResult } from './vector-store.js';
 
@@ -120,7 +118,7 @@ export class Matcher {
       const ageDays = getEventAge(result.eventId);
       const combinedScore = this.calculateCombinedScore(
         result.score,
-        0, // FTS score - would need to be passed in
+        result.score, // Reuse the retrieval score as lexical/proxy score when no separate FTS score is provided.
         ageDays,
         true // Assume active
       );