Investment Research Edition - 专业股票投资尽调系统

⚖️ 免责声明

本研究报告不构成投资建议或推荐。所有投资存在风险，包括本金损失。

重要提示:

1. 本报告仅供教育和信息用途
2. 部分数据需要通过官方渠道验证
3. 过往业绩不代表未来表现
4. 投资决策前请自行进行尽职调查
5. 建议咨询合格的财务顾问

🎓 研究框架

本研究基于 Claude Code Deep Research 系统：

• 方法论: 8阶段股票投资尽调框架
• 智能体: 28个并行研究智能体
• 工具: WebSearch、WebFetch、综合分析
• 质量: 多空平衡、明确风险、数据验证

1. Features
2. Repo Structure
3. Quick Start
4. Stock Investment Research
5. How It Works
6. Customization
7. Credits & Acknowledgements
8. License

This repository contains two specialized deep research frameworks for Claude Code:

An 8-phase investment due diligence framework for analyzing publicly traded companies, inspired by professional investment research methodologies.

Key Capabilities:

• 📊 Comprehensive Analysis: Business model, industry dynamics, financial quality, governance, valuation
• 🤖 Multi-Agent Research: ~28 parallel research agents working concurrently
• 📈 Investment Style Adaptation: Value, growth, turnaround, dividend investing
• 💰 Valuation Models: DCF, reverse DCF, relative valuation, scenario analysis
• 🛡️ Risk Assessment: Bear case, black swans, monitoring checklist
• ✅ Quality Assurance: Cross-validation (profit vs. cash flow, company vs. peers)
• 📝 Structured Output: 20-file standardized due diligence report

Research Coverage:

• A-shares (A股) - 中国大陆股市
• Hong Kong stocks (港股)
• US stocks (美股)
• Other global markets

Output: Signal rating (🟢🟢🟢 Strong Buy / 🟡🟡🟡 Hold / 🔴🔴 Avoid) based on fundamental analysis

A flexible 7-phase framework for general research topics (business, technology, academic, etc.).

# Start Claude Code
claude

# Set model (optional, but recommended)
/model opus

# Execute stock research
/stock-research [股票代码或公司名称]

# Examples:
/stock-research 600519              # 贵州茅台 (A-share)
/stock-research AAPL                # 苹果公司 (US)
/stock-research 腾讯 00700.HK       # 腾讯控股 (HK)

The system will:

1. Ask about your investment style (价值/成长/困境/红利), holding period, risk tolerance
2. Deploy ~28 parallel research agents across 7 phases
3. Generate comprehensive due diligence report in RESEARCH/STOCK_[ticker]_[company]/

Time: 2-4 hours for standard due diligence

RESEARCH/STOCK_600519_Kweichow_Moutai/
├── 00_Executive_Summary.md        # 🟡🟡🟡 Hold / Fairly Valued
├── 01_Business_Foundation.md      # Products, revenue, customers
├── 02_Industry_Analysis.md        # Industry cycle, competition
├── 03_Business_Breakdown.md       # Profit drivers, economics
├── 04_Financial_Quality.md        # Cash flow, margins, red flags
├── 05_Governance_Analysis.md      # Ownership, management
├── 06_Market_Sentiment.md         # Bull/bear cases
├── 07_Valuation_Moat.md           # Moat rating, valuation
├── Financial_Data/                # Metrics, trends, peer comparison
├── Valuation/                     # DCF, scenarios
├── Risk_Monitoring/               # Bear case, monitoring checklist
└── sources/                       # Citations with quality ratings

The system adapts research approach based on investment style:

Mandatory Cross-Validation:

• ✅ Profit vs. cash flow (OCF/NI ratio analysis)
• ✅ Company vs. peer comparison (key ratios, margins)
• ✅ Bear case analysis (3-5 key risks identified)

Citation Requirements:

• Every factual claim must include: Author, Date, Title, URL
• Source quality rated (A-E scale)
• A-grade sources: Annual reports, regulatory filings
• B-grade: Industry reports, analyst research
• C-grade: News articles, expert commentary

Signal Rating (based on fundamentals only):

• 🟢🟢🟢 Strong Buy: Significant margin of safety, strong moat, attractive valuation
• 🟡🟡🟡 Hold: Fairly valued or limited margin of safety
• 🔴🔴 Avoid: Overvalued, deteriorating fundamentals, excessive risks

User: /stock-research 贵州茅台 600519

Claude: 我可以帮您研究贵州茅台。让我先了解您的投资需求：

       1. 投资风格：价值投资/成长投资/困境反转/红利投资？
       2. 持有周期：短期(<6月)/中期(6-18月)/长期(1-3年以上)?
       3. 关注重点：生意质量/财务质量/估值/公司治理 (选2-3个)
       4. 风险偏好：保守/平衡/激进？

User: 价值投资，长期持有3年以上，关注：生意质量、公司治理、估值，风险保守

Claude: [Generating research plan...]
       [Deploying 28 parallel research agents...]
       [Analyzing 5-10 years of financial data...]
       [Comparing with Wuliangye, Yanghe, Fenjiu...]
       [Assessing competitive moat...]
       [DCF valuation with 3 scenarios...]
       [Identifying bear case risks...]

Output: RESEARCH/STOCK_600519_Kweichow_Moutai/

🟡🟡🟡 Hold / Fairly Valued

Investment Thesis:
茅台是中国领先的白酒品牌，拥有强大的品牌护城河和定价能力。然而当前估值（P/E 32x）安全边际有限。建议继续持有现有仓位，但新投资应等待10-15%回调至¥1,750-1,850区间。

Key Metrics:
- Market Cap: ¥2.8T
- P/E (TTM): 32x (above 5-year average)
- Gross Margin: 91.2%
- ROE: 31%
- Moat Rating: 5/5 (Very Strong)

Top 3 Reasons to Consider:
1. Unassailable brand moat with 800-year heritage
2. Exceptional margins (91% gross, 53% net)
3. Strong cash generation (OCF/NI > 1.0)

Top 3 Reasons to Avoid:
1. Full valuation (P/E 32x, limited margin of safety)
2. Regulatory risk (government scrutiny of luxury pricing)
3. Competitive intensification (Wuliangwa narrowing gap)

Monitoring Checklist:
✅ Strengthen: Price pulls back 10-15% to ¥1,750-1,850
❌ Exit: Price drops below ¥1,300 (-35%), net margin < 45%

[Full report: 20 files, 127 sources, 50+ pages]

User: /stock-research [ticker]
  ↓
stock-question-refiner skill
  - Asks: Investment style? Holding period? Focus areas? Risk tolerance?
  ↓
Structured Research Prompt (investment parameters, priorities, constraints)
  ↓
stock-research-executor skill
  ├─ Phase 1: Business Foundation (4 parallel agents)
  ├─ Phase 2: Industry Analysis (4 parallel agents)
  ├─ Phase 3: Business Breakdown (4 parallel agents)
  ├─ Phase 4: Financial Quality (4 parallel agents)
  ├─ Phase 5: Governance Analysis (4 parallel agents)
  ├─ Phase 6: Market Sentiment (4 parallel agents)
  └─ Phase 7: Valuation & Moat (4 parallel agents)
  ↓
citation-validator skill
  - Verifies all claims have citations
  - Rates source quality (A-E)
  ↓
Comprehensive Investment Due Diligence Report
  - Signal rating
  - 8 phase reports
  - Financial data tables
  - Valuation analysis
  - Risk monitoring checklist

1. Investment Style Adaptation: Research approach tailored to value, growth, turnaround, or dividend investing
2. Parallel Multi-Agent Execution: ~28 agents working concurrently for efficiency
3. Mandatory Cross-Validation: Profit vs. cash flow, company vs. peers, bear case analysis
4. Structured Output: Standardized 20-file report format
5. Quality Assurance: A-E source quality rating, citation verification

[ Question ] → [ stock-question-refiner ]
      ↓
[ Structured Prompt ]
      ↓
[ research-executor ]
      ├─ Planning (break into subtopics)
      ├─ Multi-Agent Research (parallel)
      ├─ Source Triangulation (A-E rating)
      └─ Synthesis (combine findings)
      ↓
[ Citation Validation ]
      ↓
[ Research Report ]

The system automatically adapts based on:

1. Investment Style:

   • Value: Emphasize balance sheet, normalized earnings, margin of safety
   • Growth: Emphasize TAM, competitive positioning, growth sustainability
   • Turnaround: Emphasize liquidity, solvency, catalysts
   • Dividend: Emphasize payout sustainability, FCF generation

2. Holding Period:

   • Short-term (<6 months): Focus on near-term catalysts, sentiment
   • Medium-term (6-18 months): Balanced approach
   • Long-term (1-3+ years): Emphasize business sustainability, moat, intrinsic value

3. Risk Tolerance:

   • Conservative: Add filters (debt limits, minimum profitability)
   • Balanced: Standard risk checks
   • Aggressive: Accept higher volatility, focus on upside scenarios

Adjust research parameters by answering the question-refiner's questions with your specific needs:

• Geographic focus (China, US, global)
• Timeframe (3 years, 5 years, 10 years of data)
• Source preferences (annual reports only, include news, etc.)
• Language (Chinese, English, or bilingual)
• Valuation methods (DCF required? sum-of-parts?)

• 8-Phase Methodology: Based on professional investment due diligence best practices
• Graph of Thoughts Framework: SPCL, ETH Zürich (MIT License)
• Quality Standards: Inspired by institutional investment research processes

• Research Methodology: Inspired by OpenAI and Google Gemini deep research playbooks
• Prompt Generation: Eliminates need for external question-refinement tools
• Claude Code Integration: Leverages native Skills and Commands capabilities

• Developed by: Ankit at My Business Care Team (MyBCAT)
• Stock Research Edition: December 2025
• License: MIT License (see LICENSE file)

MIT License. See LICENSE file for full details.

⚠️ WARNING / 重要提示:

Stock Research System:

• This system does NOT provide investment advice
• This system does NOT predict stock prices or provide target prices
• Signal ratings (🟢🟢🟢/🟡🟡🟡/🔴🔴) are based ONLY on fundamental analysis (business quality, financial health, valuation, competitive moat)
• All investments involve risk, including the loss of principal
• Past performance does not guarantee future results
• Always conduct your own due diligence and consult with qualified financial advisors before making investment decisions

股票研究系统：

• 本系统不构成投资建议
• 本系统不预测股价
• 信号灯评级仅基于基本面分析（业务质量、财务健康、估值、护城河）
• 所有投资均有风险，包括本金损失
• 过往表现不代表未来结果
• 请自行进行尽职调查并在做出投资决策前咨询合格的财务顾问
• 提示词参考来源：https://mp.weixin.qq.com/s/EFT5S-cCeCnEIDZOD_DYbA

For detailed documentation:

• See CLAUDE.md for Claude Code instructions
• See STOCK_RESEARCH_IMPLEMENTATION_PLAN.md for system design
• See .claude/skills/*/ for skill-specific instructions