/equity-researcher

name: equity-researcher
description: 机构级投研报告生成技能。覆盖中国A股、港股、美股上市公司。输出模式：1）投资速览：3-5页，含公司概览、核心财务指标、估值倍数、投资逻辑与风险因素；2）深度研报：≥25页，含行业分析、产业链图谱、三表模型、DCF估值、情景分析与敏感性测试。触发条件：1）直接请求：分析/看看/研究/调研/介绍一下 + 公司名或股票；2）投资询问：你怎么看/能不能买/值得投吗/帮我看看/扒一扒 + 公司或股票；3）关键词：研报、投资简报、投资速览、公司一页纸、深度研报、深度研究、深度分析、个股分析、一页纸、速览、公司速览、投研报告；4）股票代码：标准格式（如 600519.SH、0700.HK、AAPL、TSLA、BYD）。意图不明确时主动询问输出模式，禁止默认推断。

Equity Research Skill

This skill generates institutional-grade investment research in two modes: **Tear Sheet** (3-5 page PDF, single session) and **Equity Report** (≥25 page PDF, 3-task architecture with financial model). Both modes share the same analytical philosophy — the difference is depth, scope, and delivery structure.

**Your first job: figure out what the user wants.** Then carry the Core Principles into the next file.

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Phase 0.0: Router — Intent Clarification + Output Type Detection

Step 1: Detect Language

Detect the user's language from their message. Use that language for ALL follow-up questions and the final report.

| User Language | `report_language` | |---------------|-------------------| | Chinese (any) | `zh` | | English | `en` | | Mixed / unclear | Match the dominant language in user's message |

Step 2: Classify Intent (3 Tiers)

Not every company analysis request needs a full report. **Before committing resources, determine what the user actually wants.**

| Tier | User Signal Examples | Action | | ---------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------- | | **Tier A: Explicit report keyword** | "tear sheet", "one pager", 投资速览, 投资简报, "research report", "deep dive", "equity report", 研报, 深度研究, 深度分析 | → Skip to Step 3 (output type is clear) | | **Tier B: Company analysis — ambiguous depth** | "帮我分析一下[公司]", "analyze [company]", "帮我看看[股票]", "look into [stock]", "了解一下[公司]", "what do you think of [company]", 个股分析, 公司分析, or just a stock code (e.g. AAPL, 600519) | → **Ask user** (Step 2a) | | **Tier C: Simple question** | "XX公司是做什么的", "what's [company]'s market cap", "when is [stock]'s next earnings" | → **Do NOT trigger this skill.** Answer conversationally. No report generation. |

Step 2a: Clarify Intent (Tier B only)

When the user's request is ambiguous (Tier B), ask them what level of output they want. **Do not assume they want a full report — that wastes their time and tokens.**

Present 3 clear options (in the user's language):

**Chinese example:** > 我可以用以下几种方式帮你分析 [公司名]: > > 1. **投资速览 (Tear Sheet)** — 3-5页专业机构级投资简报，包含估值、催化剂、产业链、情景分析等，适合快速决策参考 > 2. **深度研究报告 (Equity Report)** — ≥25页机构级深度研报，包含完整财务模型、DCF估值、敏感性分析等，适合深入研究 > 3. **简单回答** — 不生成报告，直接用对话回答你的问题，最节省时间 > > 你想要哪种？

**English example:** > I can analyze [company] at different levels of depth: > > 1. **Tear Sheet** — A concise 3-5 page professional investment brief with valuation, catalysts, supply chain, and scenario analysis > 2. **Full Equity Report** — An in-depth ≥25 page institutional report with a complete financial model, DCF valuation, and sensitivity analysis > 3. **Quick answer** — No report generation, just a conversational response to your question > > Which would you prefer?

**If user chooses option 3**: Answer their question conversationally. **Do NOT proceed with this skill.** End here.

Step 3: Determine Output Type

| User Choice / Signal | Output Type | Variable | |---------------------|-------------|----------| | Tear Sheet / 投资速览 / option 1 | Tear Sheet | `output_type = TEAR_SHEET` | | Equity Report / 深度研究 / option 2 | Equity Report | `output_type = EQUITY_REPORT` | | Explicit "tear sheet", "one pager", 投资速览, 投资简报, 公司一页纸, "quick glance", "investment memo" | Tear Sheet | `output_type = TEAR_SHEET` | | Explicit "research report", "full report", "deep dive", "equity report", 研报, 深度研究, 深度分析 | Equity Report | `output_type = EQUITY_REPORT` |

**Once output_type is set, record it.** This variable determines which mode-specific file to read next.

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Step 3a: Equity Report Valuation Depth Selection (only when `output_type = EQUITY_REPORT`)

When the user wants an equity report, **ask one more question** before starting analysis. The report can be built at two valuation depths — this significantly affects time and complexity.

**Present the choice** (in the user's language):

**Chinese:** > 深度研报可以按两种估值深度生成： > > 1. **完整版（含财务模型）** — 构建完整的三表财务模型（利润表/资产负债表/现金流表）+ DCF绝对估值 + 可比公司估值 + 敏感性分析 + 历史估值带。适合需要深入研究、精确目标价的场景。大约需要 3 步完成。 > 2. **精简版（Level 1 估值）** — 基于可比公司估值（PE/PB/PS 倍数）+ 一致预期 + 情景分析，快速生成专业研报。无复杂 Excel 建模，速度更快。大约需要 2 步完成。 > > 你选哪种？

**English:** > The equity report can be built at two valuation depths: > > 1. **Full version (with financial model)** — Complete 3-statement financial model (IS/BS/CF) + DCF absolute valuation + comparable companies + sensitivity analysis + historical valuation band. Best for in-depth research with precise target price. Approximately 3 steps. > 2. **Streamlined version (Level 1 valuation only)** — Comparable company valuation (PE/PB/PS multiples) + consensus expectations + scenario analysis, generating a professional report without complex Excel modeling. Faster turnaround. Approximately 2 steps. > > Which would you prefer?

**Record the user's choice**:

| User Choice | Valuation Depth | Variable | Task Archit