longbridge-graham-screener

name	longbridge-graham-screener
description	Graham cigar-butt batch screener — runs Benjamin Graham's NCAV / net-net / defensive-investor hard filters across an index or market universe and returns a ranked candidate list with NCAV ratio, PE, PB, dividend yield, debt coverage, 5y earnings stability, Graham buy price, and a dynamic value-trap warning. Longbridge CLI first; MCP fallback if CLI unavailable; WebSearch fills genuine gaps (PMI, sector outlook). Every figure footnoted to its source. Auto-switches model for banks / insurance / REITs and flags <2y IPOs and suspended names. Triggers: "格雷厄姆筛选", "格雷厄姆选股", "捡烟蒂榜单", "烟蒂股榜", "NCAV筛选", "NCAV排行榜", "净流动资产筛选", "防御型投资者选股", "撿煙蒂榜單", "煙蒂股榜", "NCAV篩選", "淨流動資產篩選", "防禦型投資者選股", "Graham screen", "Graham screener", "NCAV screen", "net-net screen", "net-net list", "cigar-butt screen", "defensive investor screen", "liquidation value screen", "Benjamin Graham screen".
license	MIT
metadata	{"author":"longbridge","version":"1.0.0","risk_level":"read_only","requires_login":false,"default_install":true,"requires_mcp":false,"tier":"analysis"}

longbridge-graham-screener

Prompt-only batch screener. Given a market or index universe, applies Graham's six hard filters (NCAV, PE, PB, dividend yield, debt coverage, earnings stability), scores each name on a 100-point static + dynamic composite, and returns a ranked list of stocks meeting Graham's quantitative criteria, with Graham buy lines, holding-period expectation, and value-trap warnings.

Response language: match the user's input language — Simplified Chinese / Traditional Chinese / English.

When to use

• "港股里现在有没有 NCAV<1 的股票" / "港股裡現在有沒有 NCAV<1 的股票" / "any HK stocks with NCAV < 1"
• "给我 A 股 PE 最低的 20 只股票，格雷厄姆标准" / "給我 A 股 PE 最低的 20 隻股票，格雷厄姆標準" / "top 20 lowest-PE A-shares by Graham standard"
• "帮我筛一下符合格雷厄姆防御型投资者条件的美股" / "幫我篩一下符合格雷厄姆防禦型投資者條件的美股" / "screen US stocks meeting Graham defensive-investor rules"
• "沪深300里的烟蒂股" / "滬深300裡的煙蒂股" / "cigar-butt names in CSI 300"
• "每周更新港股 NCAV 排行榜" / "每週更新港股 NCAV 排行榜" / "weekly HK NCAV leaderboard"

For single-stock deep diagnostic use longbridge-graham-stock-analysis. For broader low-PE / low-PB / high-ROE value (not NCAV-centric) use longbridge-value-screen. For high-dividend-only screens use longbridge-dividend-screen.

Cognitive frame (do not skip)

Graham screening is patient arbitrage, not a dip-buy signal. Hold periods: 6–18 months (explicit catalyst), 1–3 years (sector re-rating), 3–5 years (organic accrual), or never (value trap — exit). Every ranking output must carry the waiting-cost (dividend yield) and the holding-period framing; never display a score number on its own.

Two failure modes the user must be able to distinguish — and the screener must signal:

• "Cheap but time hasn't come" → NCAV stable QoQ, keep on the list.
• "Value trap" → NCAV shrinking ≥3 quarters, persistent insider selling, negative OCF, PMI persistently <50, AR growth outpacing revenue. Override to ⚠️ regardless of static score.

Workflow

1. Confirm market + universe. Ask the user for: (a) market — HK / US / A-share, (b) screening pool — single index (HSI, S&P 500, CSI 300, NDX, etc.) or a watchlist. Default batch ceiling: 300 names per run.
2. Fetch constituent list for the chosen index (or watchlist) — see §CLI.
3. Sector pre-classification: exclude banks / insurance / REITs / pure financials / negative-equity / pure-holding shells from the universe before scoring — NCAV does not apply to balance sheets dominated by financial assets, so these are removed, not run through a substitute model. Count the exclusion in the Market Summary "Excluded — NCAV inapplicable" line. Separately, flag IPOs < 2 years (pro-rata earnings-stability sub-score, noted in row) and suspended names (last-trade snapshot, prepend ⏸).
4. Batch-fetch fundamentals in parallel (≤20 symbols per wave): balance sheet (annual + last 4Q), income statement (5y annual + 4Q quarterly), cash flow (4Q quarterly), calc-index + quote snapshot, dividend, ownership.
5. Apply hard filters with user-overridable thresholds — see §Filters.
6. Score each candidate — static (0–100) + dynamic adjustments + value-trap override. See references/criteria.md.
7. Reconciliation gate per row: if balance-sheet sum / current-assets sum / shares×price mismatches the reported total by >3%, drop the row from the leaderboard with a "data anomaly" note (do not silently average).
8. Rank by adjusted score (descending); default top 10–20 returned. Emit the table + market summary + waiting-cost note + suggested next step.
9. Append a Data Source Appendix (mandatory) listing every Longbridge endpoint hit, every WebSearch hit (publisher + URL + access date), fetch timestamps, and any field substitutions.
10. End every output with: «筛选结果仅反映量化指标的符合程度，不代表对上述标的的投资建议。投资决策请结合个人情况独立判断。/ Screening results only reflect quantitative criteria compliance and do not constitute investment advice. 本筛选器仅静态硬指标 + 通用动态因子，未考虑公司层面主观估值陷阱。命中标的请用 longbridge-graham-stock-analysis 做单股深度诊断。»

CLI

Run longbridge <subcommand> --help to verify exact flags before each call — the CLI is the source of truth, do not hard-code flag spellings from memory.

# Universe
longbridge constituent <INDEX>   --format json     # e.g. 000300.SH, HSI.HK, SPX.US

# Per-symbol snapshot (run in parallel, batches of ≤20)
longbridge calc-index   <SYMBOL> --format json     # PE / PB / market cap / ROE / dividend yield
longbridge quote        <SYMBOL> --format json     # current price + suspended flag
longbridge dividend     <SYMBOL> --format json     # TTM dividend (waiting-cost)

# Per-symbol fundamentals (run in parallel)
longbridge financial-report    <SYMBOL> --kind BS --report af --format json   # 5y annual BS → NCAV
longbridge financial-statement <SYMBOL> --kind BS --report qf --format json   # last 4Q BS → NCAV trajectory
longbridge financial-report    <SYMBOL> --kind IS --report af --format json   # 5y annual IS → earnings stability
longbridge financial-report    <SYMBOL> --kind CF --report qf --format json   # 4Q CF → OCF rule

# Insider / institutional flow (value-trap rule 2)
longbridge ownership    <SYMBOL> --format json
longbridge insresearch  <SYMBOL> --format json

WebSearch fallback (use only when Longbridge has the gap)

Missing input	WebSearch query pattern
Industry PMI / inventory cycle	"<industry> PMI <year>", "中国制造业 PMI <month>", "<industry> inventory cycle <year>"
Capacity utilisation	"<industry> capacity utilization <year>"
Sector outlook (qualitative)	"<sector> outlook <year> site:reuters.com OR site:bloomberg.com OR site:wsj.com"
Recent insider transactions (if ownership is stale)	"<ticker> insider selling <year>", "<公司> 大股东减持 <month>"

Each WebSearch-sourced figure must be tagged with publisher + URL + access date in the Data Source Appendix; never silently mix it into a Longbridge column.

Filters

User-overridable. Defaults from Graham's Intelligent Investor with light modernisation; threshold detail and the composite scoring weights live in references/criteria.md.

Filter	Graham threshold	Notes
NCAV ratio (market cap ÷ haircut NCAV)	< 1.0 ideal, < 1.5 acceptable	Core. Haircut: cash 100% / AR 75% / inventory 50% / other CA 25% / liabilities 100%
PE (TTM)	< 10 (defensive)	Rolling TTM
PB	< 1.5	—
Dividend yield (TTM)	> 3%	Waiting-cost compensation
Current assets ÷ total liabilities	> 2.0	Debt safety
Consecutive no-loss years	≥ 5	Earnings stability
Dynamic warning state	none triggered	Optional pre-filter; defaults to "show but flag"

Default rank key = adjusted cigar-butt score (static composite + dynamic adjustments + value-trap override). The user can override the rank key to: static-only, NCAV ratio asc, PE asc, dividend yield desc.

Special handling

Cohort	Treatment
Banks / insurance / REITs / pure financials / negative-equity / pure-holding shells	Excluded — NCAV is not a valid valuation lens for these business models. No substitute model is run; the symbols are dropped from the universe before scoring and counted in the Market Summary "Excluded — NCAV inapplicable" line. If the user wants these analysed, point them to longbridge-valuation-methodology or longbridge-valuation.
IPOs listed < 2 years	Earnings-stability sub-score pro-rated on available years. Mark row "数据局限".
Suspended stocks	Show last-trade snapshot, prepend "⏸ 停牌" / "⏸ Suspended" to the name, exclude from default top-N (still listable on request).
Reconciliation fail >3%	Drop from leaderboard; surface in a "数据异常待复核" footer list with the failing check named.

Output

Default leaderboard (top 10–20 rows). Full template, market-summary block, waiting-cost line, subscription hook, and the mandatory Data Source Appendix structure live in references/output.md.

Minimum columns:

排名  代码  名称  静态评分  调整后评分  NCAV比率  PE  PB  股息率  Graham买入价  动态预警  数据局限

After the table, every output must include:

1. Market summary — universe size, hard-filter pass count, dynamic-clean count.
2. Waiting-cost line — average dividend yield of the top-N; the «持有等待期间每年可获约 X% 股息回报作为补偿» line.
3. Next-step recommendation — point users to longbridge-graham-stock-analysis for any name they want to research further (筛选器未考虑主观估值陷阱因素).
4. Data Source Appendix — mandatory; every field, every Longbridge endpoint, every WebSearch hit (publisher + URL + date).
5. Disclaimer — full trilingual disclaimer from references/output.md, including: 「筛选结果仅反映量化指标的符合程度，不代表对上述标的的投资建议。投资决策请结合个人情况独立判断。/ Screening results only reflect quantitative criteria compliance and do not constitute investment advice.」

⚠️ 以上内容仅供参考，不构成投资建议。投资决策请结合自身风险承受能力独立判断。/ 以上內容僅供參考，不構成投資建議。投資決策請結合自身風險承受能力獨立判斷。/ For reference only. Not investment advice. Please make investment decisions independently based on your own risk tolerance.

Error handling

Situation	简体回复	繁體回覆	English reply
command not found: longbridge	回退到 MCP；若不可用，请安装 longbridge-terminal。	回退到 MCP；若不可用，請安裝 longbridge-terminal。	Fall back to MCP; if unavailable install longbridge-terminal.
stderr not logged in / unauthorized	请运行 longbridge auth login。	請執行 longbridge auth login。	Run longbridge auth login.
constituent returns empty	未能获取成分股，请确认指数代码（如 000300.SH / HSI.HK / SPX.US）。	未能獲取成分股，請確認指數代碼（如 000300.SH / HSI.HK / SPX.US）。	Cannot fetch constituents; verify index symbol (e.g. 000300.SH / HSI.HK / SPX.US).
BS / IS / CF partial fetch for a symbol	该标的数据不完整，跳过并在「数据异常」脚注列出。	該標的數據不完整，跳過並於「數據異常」腳註列出。	Symbol has incomplete fundamentals; skipped and listed in the data-anomaly footer.
Industry-cycle data missing (Longbridge + WebSearch both empty)	仅展示静态评分，动态层标注「数据不足」。	僅展示靜態評分，動態層標註「數據不足」。	Static score only; dynamic layer marked "unavailable".
Per-row reconciliation gap >3%	从榜单剔除并在「数据异常」附录列出失败项及差异。	自榜單剔除並於「數據異常」附錄列出失敗項及差異。	Drop from leaderboard; list failing check + gap in data-anomaly appendix.

MCP fallback

If longbridge CLI is not installed, use MCP tools:

When the CLI is unavailable, fall back to the MCP server. Discover available tools from the MCP server's tool list at runtime — do not rely on hardcoded tool names.

MCP setup: claude mcp add --transport http longbridge https://openapi.longbridge.com/mcp (quote scope).

Related skills

• Single-stock Graham diagnostic → longbridge-graham-stock-analysis
• Broader value (PE / PB / ROE) screen → longbridge-value-screen
• High-dividend screen → longbridge-dividend-screen
• DCF intrinsic value → longbridge-dcf
• Method selection guide → longbridge-valuation-methodology
• Three-statement reading → longbridge-financial-report

File layout

longbridge-graham-screener/
├── SKILL.md
└── references/
    ├── criteria.md   # filter thresholds, six-dimension static scoring, dynamic adjustments, value-trap override, NCAV-inapplicable exclusions
    └── output.md     # full leaderboard template, market-summary block, data-source appendix, disclaimer