/china-nav-tieout

name: china-nav-tieout
description: Net asset value (NAV) reconciliation and tie-out for Chinese funds and investment portfolios. Adapts the original nav-tieout skill for A-share holdings, Chinese fund accounting standards, and domestic custody arrangements. Triggers on "A股净值核对", "NAV计算", "NAV tie-out China", "基金净值", "net asset value [fund]", or "portfolio valuation [date]".

china-nav-tieout

Purpose

Perform **A股投资组合净值核算** — comprehensive NAV reconciliation and valuation for Chinese investment portfolios.

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_quote(ticker)                     → Latest prices for holdings
get_fund_data(fund_code)              → Fund NAV data
get_index_data("000001")              → Benchmark data

Secondary Sources

• 基金公司 — fund NAV calculations
• 托管行 — custody valuations
• Wind / Choice — portfolio analytics
• 交易所 — closing prices

Workflow

Step 1: Gather Portfolio Holdings

**Holdings snapshot:**

| Security | Ticker | Type | Quantity | Market Value | Cost | Unrealized P/L | |----------|--------|------|----------|--------------|------|----------------| | | | | | | | | | Cash | | | | | | | | Receivables | | | | | | | | Payables | | | | | | | | **Total NAV** | | | | | | |

Step 2: Value Each Holding

**Valuation methodology:**

| Security Type | Valuation Method | Source | |---------------|-----------------|--------| | A股上市股票 | Closing price (收盘价) | 交易所 | | A股停牌股票 | Last closing / 估值 | 中基协 guidelines | | 基金 (ETF/LOF) | NAV / market price | 基金公司 | | 债券 | 中债估值 / 收盘价 | 中债/交易所 | | 逆回购 | Principal + interest | Calculated | | 存款 | Principal + interest | Bank | | 衍生品 | Mark-to-market | Exchange/Counterparty |

**A-share valuation rules:**

• 上市股票: 收盘价 (closing price)
• 停牌股票:
• <1 month: last closing
• 1-3 months: 中基协 AMAC guidelines
• >3 months: independent valuation
• 涨跌停股票: Ceiling/floor price

Step 3: Calculate NAV

**NAV calculation:**

| Component | Amount | Notes | |-----------|--------|-------| | Market value of securities | ¥XX | | | Cash and cash equivalents | ¥XX | | | Accrued income | ¥XX | Dividends, interest | | Receivables | ¥XX | | | Other assets | ¥XX | | | **Gross Assets** | **¥XX** | | | | | | | Payables | ¥XX | | | Accrued expenses | ¥XX | Management fees, etc. | | Other liabilities | ¥XX | | | **Total Liabilities** | **¥XX** | | | | | | | **Net Assets** | **¥XX** | | | | | | | Shares outstanding | XX 份 | | | **NAV per share/unit** | **¥X.XXXX** | |

Step 4: Income Accruals

**Accrued income:**

| Type | Security | Amount | Ex-date | Pay-date | |------|----------|--------|---------|----------| | 现金股息 | | | | | | 股票股息 | | | | | | 债券利息 | | | | | | 基金分红 | | | | | | 逆回购利息 | | | | | | **Total accrued income** | | | | |

Step 5: Expense Accruals

**Accrued expenses:**

| Type | Amount | Calculation Basis | |------|--------|-------------------| | 管理费 (Management fee) | ¥XX | AUM × annual rate × days/365 | | 托管费 (Custodian fee) | ¥XX | AUM × annual rate × days/365 | | 交易佣金 (Trading commission) | ¥XX | Actual trades | | 税费 (Taxes) | ¥XX | | | 其他费用 | ¥XX | | | **Total accrued expenses** | | |

Step 6: Reconciliation

**Reconciliation checklist:**

| Item | Portfolio System | Custodian | Difference | Resolved | |-------|-----------------|-----------|------------|----------| | Securities holdings | | | | | | Cash balance | | | | | | Accrued income | | | | | | Accrued expenses | | | | | | Total NAV | | | | |

**Common reconciling items:**

• Trade date vs settlement date differences
• 在途交易 (Trades in transit)
• 分红在途 (Dividends pending)
• 费用计提差异 (Accrual timing)

Step 7: Performance Calculation

**Performance metrics:**

| Metric | Period Return | Annualized | |--------|--------------|------------| | Portfolio return | X.XX% | X.XX% | | Benchmark return | X.XX% | X.XX% | | Active return | X.XX% | X.XX% | | Volatility | X.XX% | X.XX% | | Sharpe ratio | | X.XX | | Max drawdown | X.XX% | | | Best period | | X.XX% | | Worst period | | X.XX% |

Step 8: Compliance Checks

**Fund compliance (China):**

| Check | Requirement | Status | |-------|-------------|--------| | 投资范围 | Within mandate | | | 投资比例 | Per fund contract | | | 集中度 | Single stock limit | | | 流动性 | Liquid assets ratio | | | 杠杆率 | Leverage limits | | | 关联交易 | Within limits | | | 估值方法 | Per regulations | |

Step 9: Reporting

**NAV report format:**

【净值报告】[Fund Name] [Date]
报告日期: YYYY年MM月DD日
单位净值: ¥X.XXXX
累计净值: ¥X.XXXX
日涨跌幅: +/-X.XX%

资产组合:
  股票投资: ¥XX亿 (XX%)
  债券投资: ¥XX亿 (XX%)
  现金及等价物: ¥XX亿 (XX%)
  其他: ¥XX亿 (XX%)
  合计: ¥XX亿

净值计算人: _________
复核人: _________

China-Specific Considerations

Fund Types

| Type | Regulation | Valuation | |------|-----------|-----------| | 公募基金 (Public fund) | 证监会 | Daily NAV | | 私募基金 (Private fund) | 中基协 | Weekly/Monthly | | 券商资管 | 证监会 | Per contract | | 信托计划 | 银保监会 | Per contract | | 保险资管 | 银保监会 | Per contract |

Valuation Standards

| Standard | Source | |----------|--------| | 基金会计核算 | 财政部 / 证监会 | | 估值指引 | 中基协 AMAC | | 证券投资基金 | 基金合同 | | 托管协议 | 托管行 |

Common Issues

| Issue | Resolution | |-------|-----------| | 停牌股票估值 | AMAC guidelines | | 汇率折算 | PBOC rate | | 费用计提 | Per fund contract | | 分红处理 | Ex-dividend adjustment |

Quality Checks

Before finalizing:

• [ ] All holdings priced correctly
• [ ] Income and expenses accrued
• [ ] Reconciliation complete
• [ ] Performance calculated accurately
• [ ] Compliance verified
• [ ] Documentation complete
• [ ] Sign-offs obtained

> **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