china-break-trace

name	china-break-trace
description	Forensic financial analysis for A-share fund holdings and portfolio companies. Adapts the original break-trace skill for fund administration context and Chinese market standards. Triggers on "基金持仓核查", "持仓异常", "forensic fund analysis China", "持仓质量分析", or "investigate [fund] holdings".

china-break-trace

Purpose

Conduct 基金持仓核查 — forensic analysis of fund holdings and portfolio company financials for fund administrators.

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）

get_financials(ticker, "income")     → Portfolio company P&L
get_financials(ticker, "balance")    → Portfolio company BS
get_financials(ticker, "cashflow")   → Portfolio company CF
get_fund_data(fund_code)              → Fund holdings

Secondary Sources

• 巨潮 — portfolio company filings
• 基金季报/年报 — fund holdings disclosure
• 审计报告 — audit opinions

Workflow

Step 1: Review Fund Holdings

Holdings analysis:

Security	Ticker	Sector	Allocation	Rating	Risk Flags

Concentration analysis:

Metric	Value	Limit	Status
Top 10 holdings %	XX%	Typically <50%
Single stock max	XX%	Typically <10%
Sector concentration	XX%

Step 2: Portfolio Company Analysis

For each significant holding:

Check	Result	Notes
Revenue quality	Pass/Warn/Fail
Profit quality	Pass/Warn/Fail
Cash flow	Pass/Warn/Fail
Balance sheet	Pass/Warn/Fail
Related party	Pass/Warn/Fail
Governance	Pass/Warn/Fail

Step 3: Red Flag Identification

Red flag categories:

Category	Red Flags
财务质量	Revenue inflation, profit manipulation, cash flow divergence
关联交易	High related party %, non-arm's length
治理问题	Ownership concentration, pledge risk
合规问题	Regulatory penalties, sanctions
流动性	Low liquidity, suspension risk

Step 4: Deep Dive on Concerns

Investigation protocol:

Flag	Investigation	Resolution
应收账款异常	Review aging, allowance
存货异常	Review turnover
关联交易	Review agreements
资金占用	Review related party balances
减值波动	Review timing and amounts

Step 5: Valuation Sanity Check

Holding valuation review:

Security	Price Source	Last Price	Valuation Method	Concern?

Valuation concerns:

• 停牌股票 (Suspended stocks)
• ST股票 (Distressed)
• 流动性不足 (Low liquidity)
• 估值异常 (Unusual multiples)

Step 6: Compliance Review

Regulatory compliance:

Check	Fund	Status
Investment scope	Per contract
Concentration limits	Per regulation
Single stock limits	Typically <10%
Sector limits	Per contract
Liquidity requirements	Liquid assets %
Derivatives use	If applicable

Step 7: Action Recommendations

Recommendations:

Priority	Action	Security	Reason
High
Medium
Low

Step 8: Report

Report format:

【持仓核查报告】[Fund Name] [Date]

一、持仓概览
   [Holdings summary]

二、风险持仓识别
   [Flagged securities]

三、深度分析
   [Detailed findings]

四、合规检查
   [Compliance status]

五、建议措施
   [Recommendations]

China-Specific Considerations

Fund Disclosure Requirements

Requirement	Content
季报/半年报/年报	Full holdings disclosure
重大事项公告	Material changes
临时公告	Ad-hoc disclosures

Common Fund Holdings Issues

Issue	Detection	Action
持仓集中	Top 10 > 50%	Review
停牌股票	Suspended positions	Valuation review
退市风险	Delisting risk	Consider exit
ST持仓	Distressed securities	Review necessity
流动性不足	Hard to exit	Assess impact

Quality Checks

Before completing:

• All holdings reviewed
• Red flags investigated
• Compliance verified
• Recommendations actionable
• Report complete

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