| name | china-initiating-coverage |
| description | Institutional-quality equity research initiation reports for A-share companies. Covers company analysis, financial modeling, valuation, chart preparation, and final report assembly. Adapted from the original initiating-coverage skill for Chinese market conventions, CAS accounting, and AkShare data sources. Triggers on "A股首次覆盖", "首次评级", "initiate coverage China", "initiate on [company]", "A股研究报告", or "start research on [company]". |
china-initiating-coverage
Purpose
Create institutional-quality A股首次覆盖研究报告, following Chinese sell-side research standards.
Data Sources
Primary: iFind MCP (Tier-1 付费) / AkShare MCP (Tier-2 免费备选)
get_stock_info(ticker) → Company profile
get_quote(ticker) → Current valuation
get_historical_data(ticker) → Trading history
get_financials(ticker, "income") → Historical P&L
get_financials(ticker, "balance") → Historical BS
get_financials(ticker, "cashflow") → Historical CF
get_industry_stocks(industry="...") → Peer companies
Secondary Sources
- 巨潮资讯 — official filings (annual reports, prospectus)
- 上交所 / 深交所 — listing documents, announcements
- 公司官网 — investor relations, presentations
- 慧博 / Wind / Choice — consensus estimates
- 券商研报 — existing analyst coverage (if any)
- 行业协会 — industry data
Workflow
Task 1: Company Research
Company overview:
- Business description (主营业务)
- History and development (发展历程)
- Ownership structure (股权结构)
- Management team (管理层)
- Shareholder composition (股东构成)
Business segments:
| Segment | Revenue % | Margin | Growth Driver |
|---|
| | | |
Key questions to answer:
- What does the company do? How does it make money?
- What is its competitive advantage? (护城河)
- What are the key growth drivers?
- What are the main risks?
- Who are the comparable companies?
Task 2: Financial Modeling
Build a financial model (refer to china-3-statement-model skill):
Historical analysis (3-5 years):
| Metric | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | 2026E |
|---|
| Revenue (亿) | | | | | | | |
| YoY Growth | | | | | | | |
| Gross Margin | | | | | | | |
| Operating Margin | | | | | | | |
| Net Margin | | | | | | | |
| ROE | | | | | | | |
| Net Debt/EBITDA | | | | | | | |
Key modeling considerations (see china-3-statement-model):
- CAS accounting standards
- 25% tax rate (or 15% for 高新技术企业)
- 千元 vs 元 unit normalization
- 增值税 treatment
- 商誉 flagging
- R&D expense treatment
Task 3: Valuation Analysis
Build comprehensive valuation:
-
DCF (refer to china-dcf skill)
- WACC with CGB risk-free rate
- 6-8% China ERP
- 25% tax rate
- CNY denominated
-
Comparable companies (refer to china-comps skill)
- Peer set from same 东方财富 industry
- PE, PB, PS, EV/EBITDA multiples
- Regression analysis if >5 peers
-
Precedent transactions (if available)
- China M&A comparable multiples
- Control premium analysis
-
Sum-of-the-parts (if multi-segment)
- Segment-level DCF or multiples
- Conglomerate discount assessment
Valuation summary:
| Method | Value (元/股) | Weight | Rationale |
|---|
| DCF | | | |
| PE comps | | | |
| PB comps | | | |
| EV/EBITDA comps | | | |
| SOTP | | | |
| Implied target | | | |
Task 4: Chart Preparation
Required charts:
-
Revenue & earnings history
- 5-year historical + 3-year projected
- Bar chart: Revenue
- Overlay: Net income, margins
-
Valuation multiple history
- PE band (5-year)
- PB band (5-year)
- Current vs historical average
-
Peer comparison
- Scatter: Growth vs Multiple
- Bar: Key metrics vs peers
-
Share price chart
- 2-year price history
- Key events annotated
Chart standards:
- Dark theme or light theme (consistent with firm template)
- Chinese labels where appropriate
- Source: AkShare historical data
- Include A-share specific markers (涨跌停, 财报日期)
Task 5: Report Assembly
Standard A-share initiation report format:
【XX证券】[公司名称]（[代码]）首次覆盖报告：[评级]
投资要点：
- [3-5 bullet investment highlights]
- 目标价：¥XX.XX (X% upside/downside)
- 评级：买入/增持/中性/减持/卖出
一、投资逻辑
[Core thesis, 2-3 paragraphs]
二、公司分析
- 业务概述
- 竞争优势
- 管理团队
- 股权结构
三、行业分析
- 市场规模与增速
- 竞争格局
- 政策环境
- 发展趋势
四、财务分析
- 历史财务表现
- 盈利驱动因素
- 财务健康度
- 关键假设
五、估值分析
- 估值方法概述
- DCF analysis
- Comparable companies
- Valuation summary
- Target price derivation
六、风险提示
- [Company-specific risks]
- [Industry risks]
- [Market risks]
- [Policy risks]
附录：
- 财务报表预测
- 详细估值模型
- 公司资料
Report length:
- Summary: 1 page
- Full report: 15-30 pages
- Financial model appendix: 10-15 pages
China-Specific Considerations
Rating Conventions (A-share)
| Rating | Chinese Equivalent | Implied Return |
|---|
| Buy | 买入 | >15% upside |
| Overweight / Accumulate | 增持 | 5-15% upside |
| Neutral / Hold | 中性 | -5% to +5% |
| Underweight / Reduce | 减持 | -5% to -15% |
| Sell | 卖出 | <-15% downside |
Note: Some firms use 5-point scale (买入/增持/中性/减持/卖出), others use 3-point (买入/增持/减持).
Coverage Initiation Practices
Pre-initiation checklist:
Common initation triggers:
- New IPO (新股)
- IPO quiet period expiry (typically 30-180 days)
- Market cap reaches coverage threshold
- New sector coverage mandate
- Material corporate action (M&A, restructuring)
China-Specific Risks to Highlight
| Risk Category | Examples |
|---|
| 政策风险 | Regulatory changes, industry policy shifts |
| 市场风险 | A-share volatility, retail sentiment |
| 流动性风险 | Low float, low turnover |
| 公司治理 | Related party transactions, pledge risk |
| 行业风险 | Overcapacity, demand cyclicality |
| 汇率风险 | For exporters/importers |
| 商誉减值 | Goodwill impairment risk |
| 质押风险 | Share pledge unwinding |
Regulatory Compliance
Chinese regulatory requirements for research:
- 投资者适当性管理 (suitability)
- 利益冲突披露 (conflict of interest)
- 研究报告留痕 (research record retention)
- 静默期规定 (quiet period before IPOs)
- 预测免责声明 (disclaimer on estimates)
Quality Checks
Before delivering:
Data Source Mode Switch: Set env var IFIND_DATA_SOURCE_MODE to control data source preference.
ifind-only (strict): Use iFind only, error if unavailableifind-fallback (default): iFind preferred, fallback to AkShareakshare-only: Skip iFind, use AkShare only
