Stock Report Writer

Workflow

1. Read references/source-priority.md before collecting evidence.
2. Read references/stock-framework.md before drafting any stock report.
3. If the user explicitly asks about AI strategy, AI monetization, AI competition, AI capex, models, chips, cloud, agents, or platform positioning, also read references/company-ai-framework.md.
4. Use references/report-rubric.md for general stock mode.
5. If the report is AI-focused, use references/company-ai-rubric.md instead of the general rubric.
6. Before finishing, run the quality pass in references/report-quality.md.
7. If the report is AI-focused, also read references/company-ai-quality.md as an additional check.
8. Use the scaffold in assets/report-template.md for general mode.
9. Use assets/company-ai-report-template.md for AI-focused mode.

Research Rules

• Write the final report in 简体中文.
• Write like a professional buy-side, equity-research, or strategy-desk analyst: concise, evidence-driven, and willing to show nuance.
• Do not display inline source callouts such as 来源：... inside the report body.
• Do not display a final 参考资料 / Sources section unless the user explicitly asks to see it.
• Write 执行摘要 in 2-3 short paragraphs, not one long wall of text.
• Avoid 不是……而是…… contrast sentences. Prefer direct judgments.
• Always make 营收、盈利、增长率、市盈率、市值 visible near the top.
• Always include 同赛道对比 with close operating peers.
• Always include 市场需求分析 and a 未来 12 个月业务与估值预测.
• Always include a 核心产品 / 生态平台介绍（含链接） section with 2-5 representative products, services, or platforms and one main link for each item.
• Reinterpret supply pressure as 股本扩张与稀释快照: SBC, RSU, options, convertibles, secondaries, ATM, buybacks, and share-count change.
• Use actual equity metrics instead of crypto-native fillers.
• Use exactly one main 投资者关系 link near the end.
• Omit crypto-only sections such as validator counts or smart contract language.
• If the user asks for a company AI deep-dive, answer the AI-specific question directly: 这家公司在 AI 上到底怎么布局、靠什么变现、和谁竞争、最关键的验证点是什么。
• Distinguish AI 叙事 from AI 业务结果. Product launches and keynote narratives are not the same as model quality, developer adoption, customer contracts, gross margin, or per-share value creation.
• For AI-focused reports, cover the relevant parts of the AI stack: chips / accelerators, data centers / capex, foundation models, developer platform, cloud / inference, agents, consumer products, enterprise products, distribution, partnerships, and M&A / talent.
• If AI is only a partial growth driver, say so clearly. Do not force every company into the same AI template.
• For AI-focused reports, choose 同赛道对比 based on actual AI competition: chips vs chips, cloud vs cloud, consumer assistants vs assistants, enterprise software vs enterprise software.
• For AI-focused reports, explicitly analyze AI 收入 / 资本开支快照, even if the correct answer is that reliable standalone AI revenue is not yet disclosed.

What Good Stock Reports Must Answer

• 公司业务会不会继续变强
• 当前需求来自哪里，未来 12-24 个月会怎样变化
• 收入增长能否转成利润、EPS 和自由现金流
• 产品周期、capex、监管、库存变化或资本配置会怎样影响估值
• 当前股价已经计入多少预期
• 哪些数据会证伪当前判断

What Good Company AI Reports Must Answer

• 公司在 AI 产业链里处于哪一层
• 它的 AI 护城河来自芯片、模型、分发、云、设备、数据、客户关系，还是资本开支能力
• AI 现在已经怎样影响营收、利润率、资本开支和估值
• 未来 12-24 个月最重要的验证点是模型、产品采用、订单、capex 回报，还是商业化提速
• 市场已经计入多少 AI 预期
• 哪些数据会证伪当前判断

Final Checklist

• The report is saved in reports/.
• The report is written in 简体中文.
• The report includes 关键指标快照, 股本扩张与稀释快照, 股票信息与核心指标, 同赛道对比, 市场需求分析, 未来 12 个月业务与估值预测, 关键风险, and 未证实但值得跟踪的问题.
• The report includes 核心产品 / 生态平台介绍（含链接）.
• The report makes 营收、盈利、增长率、市盈率、市值 explicit.
• The report distinguishes reported facts from assumptions.
• The report uses bear / base / bull scenarios for the next 12 months.
• The report includes exactly one investor-relations link.
• If the report is AI-focused, it also includes AI 布局快照, AI 收入 / 资本开支快照, AI 基础设施布局, 模型、产品与平台布局, 商业化与价值捕获分析, 组织、人才、资本开支与并购, 市场需求分析与未来 12-24 个月预测, 最新 AI 路线图, and 核心 AI 产品 / 平台介绍（含链接）.