/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