company-investment-research

Company Investment Research / 公司投资研究框架

This skill provides a systematic framework for conducting comprehensive investment research and due diligence on companies. It structures analysis across 10 critical dimensions to support informed investment decisions.

本技能为公司基本面研究提供一套结构化投研框架，覆盖 10 个关键维度，帮助你从零开始梳理一家公司的商业模式、竞争力、增长与估值，并最终形成一份有逻辑的投资结论。

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When to Use / 适用场景

Use this skill when you need to:

• Evaluate a company as a potential investment (public or late-stage private)
• Understand a company's competitive advantages and moat vs peers
• Produce a structured investment memo instead of scattered notes
• Compare two or more companies in the same sector on a consistent framework

适合在以下场景使用：

• 对某家公司做系统性投研/估值评估（上市公司或准上市公司）
• 想明白它相对于同行的护城河与竞争地位
• 需要输出一份结构清晰的投研报告/投资备忘录
• 在同一行业内对比多家公司，希望有统一的分析模板

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Quick Usage Examples / 快速使用示例

1. Single-company deep dive / 单公司深度研究

"Analyze NVIDIA (NVDA) as an investment using the company-investment-research framework. Follow all 10 dimensions and end with a clear BUY/HOLD/SELL view, including key risks."

「请基于 company-investment-research 投研框架，系统分析英伟达（NVIDIA, NVDA）的投资价值，按 10 个维度展开，最后给出 BUY/HOLD/SELL 判断，并列出关键风险。」

2. Compare two companies in the same sector / 同行业公司对比

"Using the company-investment-research skill, compare NVIDIA vs AMD as AI infrastructure investments. Highlight differences in moat, growth drivers, and valuation, then state which one looks more attractive on a 3–5 year horizon and why."

「使用该投研框架对比分析 NVIDIA 与 AMD 作为 AI 基础设施投资标的的优劣，从护城河、成长驱动、估值三方面重点展开，并给出未来 3–5 年哪个更具吸引力及原因。」

3. Rapid pre-screening / 快速预筛选

"Run a lightweight version of the company-investment-research framework on Snowflake. Focus on competitive positioning, growth drivers, and valuation to decide whether it deserves full deep-dive research."

「对 Snowflake 做一版简化版投研：重点看竞争地位、成长驱动和估值，判断是否值得投入时间做完整深度研究。」

4. Memo generation for internal discussion / 生成内部讨论用 Memo

"Create a 2–3 page investment memo for Tesla using the company-investment-research structure. The target audience is an investment committee; keep language concise but include key numbers and scenarios (base/bull/bear)."

「按照本框架，为特斯拉生成一份 2–3 页的投资备忘录，供投委会讨论使用：语言简洁，但需包含核心数据与基础/乐观/悲观三种情景。」

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Industry Templates / 行业模板示例

Below are add-on checklists for specific industries. Use them on top of the 10 core dimensions.

下面是针对特定行业的额外检查项，在 10 大通用维度基础上叠加使用即可。

A. Internet Platforms (Consumer Internet) / 互联网平台

Typical businesses / 典型业务： 内容平台、电商、社交、短视频、本地生活等。

Extra focus areas / 额外关注点：

• User metrics / 用户指标

  • MAU/DAU 走势、渗透率、区域分布
  • 用户结构（核心用户 vs 长尾用户）

• Engagement & retention / 使用粘性与留存

  • 人均使用时长、留存（7 日 / 30 日 / 12 个月）
  • 用户生命周期路径（拉新→激活→留存→复购/付费）

• Monetization model / 变现模式

  • 广告 / 订阅 / 交易抽佣 / 增值服务
  • ARPU、付费率、广告负载（广告占用用户时间的比例）

• Unit economics / 单位经济模型

  • CAC（获客成本）、LTV、回本周期
  • 不同渠道/城市/品类的获客效率差异

Additional questions / 可直接提问的附加问题：

• What are the key user cohorts and how do their retention/ARPU differ?
• How does the company balance growth vs profitability (e.g., marketing spend intensity)?
• What regulatory risks exist around data privacy, content moderation, or platform power?

Prompt 示例： 「针对某互联网平台公司，在 10 大维度基础上，额外重点分析用户增长 & 留存、变现模式与单位经济模型，并结合监管风险给出中长期盈利能力判断。」

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B. Semiconductors / 半导体

Typical businesses / 典型业务： GPU/CPU/ASIC 设计、晶圆制造（Foundry）、封装测试、设备与材料等。

Extra focus areas / 额外关注点：

• Position in the value chain / 产业链位置

  • Fabless（无晶圆设计）、IDM、一体化厂商、Foundry（代工）、OSAT（封测）、设备/材料
  • 上游/下游依赖关系

• Technology node & roadmap / 工艺节点与技术路线

  • 制程节点（3nm/5nm/7nm/成熟制程）
  • 关键产品的性能/功耗/成本相对优势
  • 与主要代工厂（如 TSMC/Samsung）的绑定深度与议价力

• End markets & demand drivers / 下游应用与需求驱动

  • 智能手机、PC、数据中心、汽车电子、工业、IoT 等占比
  • 周期性 vs 结构性需求（如 AI、汽车电子的渗透提升）

• Capacity & supply constraints / 产能与供给约束

  • 产能利用率、扩产/资本开支计划
  • 上游瓶颈（设备交付、材料供应）

Additional questions / 可直接提问的附加问题：

• Which part of the semiconductor value chain does the company dominate, and how cyclical is that segment?
• How exposed is the company to AI, automotive, or other structural growth drivers?
• What are the key supply chain/geopolitical risks (export controls, tariffs, onshoring)?

Prompt 示例： 「针对某半导体公司，在 10 大维度基础上，重点补充其在产业链中的位置、主要下游应用结构、工艺/产品路线图以及 AI/汽车电子等结构性需求的暴露度，并评估地缘政治对其业务的潜在影响。」

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C. Chain Coffee & Food Service / 连锁咖啡与餐饮服务

Typical businesses / 典型业务： 连锁咖啡品牌、连锁茶饮、快餐/休闲餐厅品牌等。

Extra focus areas / 额外关注点：

• Store economics / 单店模型

  • 单店投资额、回本周期
  • 单店收入结构（堂食/外卖/零售）、毛利率
  • 不同城市/商圈/模型（街边店、商场店、写字楼店）的差异

• Same-store sales & expansion / 同店增长与扩店节奏

  • 同店销售增长（SSS）走势
  • 开店与关店节奏，新店 vs 老店贡献
  • 是否存在“激进开店 → 同店下滑 → 关店潮”的风险

• Brand & customer perception / 品牌力与消费者心智

  • 品牌定位（高端 / 大众 / 性价比）
  • 核心产品力（咖啡/饮品/食品）与价格带
  • 用户复购率、会员体系、社交媒体口碑

• Supply chain & cost structure / 供应链与成本结构

  • 原材料成本（咖啡豆、乳制品、辅料）、人工、租金占比
  • 集中采购与议价能力
  • 食品安全与供应链稳定性

Additional questions / 可直接提问的附加问题：

• What does a typical store P&L look like (revenue, gross margin, fixed costs)?
• How sustainable is the pace of new store openings without diluting unit economics?
• How sensitive is the business to macro factors (consumer confidence, rent, raw material prices)?

Prompt 示例： 「针对某连锁咖啡品牌，在 10 大通用维度基础上，重点拆解单店经济模型（投资额、回本周期、毛利结构）、同店增长与扩店策略、品牌定位与复购率，并评估在不同经济周期下的抗压能力。」

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Research Framework / 研究框架

When analyzing a company for investment, follow this structured approach to ensure comprehensive coverage:

在分析一家公司时，建议按以下 10 个维度逐一梳理，避免遗漏关键点：

1. Competitive Positioning Analysis / 竞争优势与护城河

Core Questions:

• What are the company's core competitive advantages compared to rivals?
• What is the company's economic moat? (network effects, switching costs, cost advantages, intangible assets, scale)
• How sustainable and defensible is this moat?

Search Strategy:

• Search for "[Company] competitive advantages moat"
• Search for "[Company] vs [Top Competitor] comparison"
• Look for industry analyst reports on competitive landscape

Analysis Approach:

• Identify unique value propositions
• Evaluate barriers to entry
• Assess competitive intensity using Porter's Five Forces framework
• Determine moat width (narrow/wide) and durability (temporary/enduring)

2. Technology & Innovation Assessment / 技术与研发能力

Core Questions:

• How large is the technology/R&D team?
• How many patents does the company hold? Any key patents?
• What is the R&D expense ratio (R&D/Revenue)?
• What are the core technological advantages?

Search Strategy:

• Search for "[Company] R&D spending annual report"
• Search for "[Company] patents technology"
• Search for "[Company] innovation pipeline"
• Check company's latest 10-K/annual report for R&D headcount

Key Metrics:

• R&D headcount and growth trend
• Patent portfolio size and quality
• R&D intensity (industry benchmark comparison)
• Technology leadership indicators

3. Market Position & Competition / 市场份额与竞争格局

Core Questions:

• What is the market share in primary markets?
• What is the industry ranking (top 3, top 5, etc.)?
• Who are the main competitors?
• How is market share trending?

Search Strategy:

• Search for "[Industry] market share [Year]"
• Search for "[Company] market position ranking"
• Search for "[Company] competitors landscape"

Analysis Framework:

• Market share % and rank
• Competitive landscape mapping
• Market concentration (HHI index if available)
• Competitive dynamics and threats

4. Customer Analysis / 客户结构与集中度

Core Questions:

• Who are the largest customers?
• What is customer concentration (top 5/10 customers as % of revenue)?
• What is customer diversification across industries/geographies?
• What is customer retention rate?

Search Strategy:

• Search for "[Company] major customers annual report"
• Search for "[Company] customer concentration risk"
• Review 10-K risk factors section

Risk Assessment:

• High concentration (>20% from single customer) = significant risk
• Diversified customer base = lower risk
• Long-term contracts and relationships = positive indicator

5. Growth Trajectory & New Opportunities / 成长路径与新机会

Core Questions:

• What is the current growth profile?
• What are new growth drivers/initiatives?
• Are there new markets, products, or business lines emerging?
• What is total addressable market (TAM) expansion potential?

Search Strategy:

• Search for "[Company] growth strategy new products"
• Search for "[Company] expansion plans"
• Search for "[Company] TAM total addressable market"

Evaluation Criteria:

• Organic vs. inorganic growth
• New product/service pipeline
• Market expansion opportunities (geographic, vertical)
• Scalability of growth drivers

6. Historical & Projected Financials / 历史与预测财务

Core Questions:

• Revenue and profit growth over past 5 years (CAGR)
• What drives the historical growth?
• Consensus forecast for next 2-5 years?
• Key assumptions underlying projections?

Search Strategy:

• Search for "[Company] revenue profit historical data"
• Search for "[Company] analyst estimates forecast"
• Access latest earnings transcripts and guidance

Analysis Components:

• Calculate 5-year revenue CAGR
• Calculate 5-year profit (net income/EBITDA) CAGR
• Analyze margin trends
• Review consensus estimates and evaluate reasonableness
• Create base/bull/bear case scenarios

7. International Exposure / 海外业务与地缘风险

Core Questions:

• What percentage of revenue comes from overseas?
• Which countries/regions are primary international markets?
• What are international growth trends?
• What are geopolitical or currency risks?

Search Strategy:

• Search for "[Company] geographic revenue breakdown"
• Search for "[Company] international expansion"
• Review segment reporting in annual reports

Key Considerations:

• Revenue by geography (domestic vs. international split)
• Exposure to high-growth emerging markets
• Currency hedging strategies
• Regulatory and geopolitical risks

8. Ownership & Governance / 股权结构与公司治理

Core Questions:

• Who is the founder/CEO? What is their background?
• What is the ownership structure (founder/management/institutional/public)?
• Are there any significant insider transactions?
• What is the board composition and quality?

Search Strategy:

• Search for "[Company] founder CEO background"
• Search for "[Company] ownership structure institutional holders"
• Search for "[Company] insider transactions recent"

Governance Assessment:

• Founder/management ownership alignment
• Track record of leadership team
• Board independence and expertise
• Corporate governance ratings

9. Valuation Analysis / 估值分析

Core Questions:

• Current market capitalization?
• Current P/E ratio and comparison to historical averages?
• How does valuation compare to peers?
• Is the stock trading within a margin of safety?
• What is the projected market cap in 2 years based on growth assumptions?

Search Strategy:

• Search for "[Company] stock price market cap"
• Search for "[Company] PE ratio valuation multiples"
• Search for "[Industry] average PE ratio"

Valuation Framework:

• Current market cap
• P/E, P/S, P/B, EV/EBITDA multiples
• Compare to 5-year historical average
• Compare to peer group median
• Calculate intrinsic value range (DCF if appropriate)
• Determine margin of safety (typically seek 20-30% discount)
• Project forward market cap using growth and multiple assumptions

10. Investment Recommendation / 投资结论

Synthesize all analysis into clear recommendation:

If Investment is Recommended:

• Primary thesis (2-3 key reasons)
• Supporting evidence from analysis above
• Expected return and timeframe
• Key risks and mitigation factors
• Position sizing recommendation

If Investment is NOT Recommended:

• Primary concerns (2-3 key reasons)
• Supporting evidence from analysis
• What would need to change for positive view
• Alternative opportunities in the sector

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Output Structure / 推荐输出结构

Present findings in a clear, structured format:

# Investment Analysis: [Company Name]
**Date:** [Current Date]
**Analyst:** [Your Name or Agent]

## Executive Summary
[2-3 paragraph overview with key takeaway and recommendation]

## 1. Competitive Positioning
[Findings]

## 2. Technology & Innovation
[Findings]

## 3. Market Position
[Findings]

## 4. Customer Base
[Findings]

## 5. Growth Analysis
[Findings]

## 6. Financial Performance
[Findings]

## 7. International Exposure
[Findings]

## 8. Ownership & Governance
[Findings]

## 9. Valuation
[Findings]

## 10. Investment Recommendation
**Recommendation:** BUY / HOLD / SELL
**Target Price:** [If applicable]
**Investment Thesis:** [Key reasons]
**Key Risks:** [Main concerns]

建议在实际使用中，将上述结构作为 Markdown 模板，一边研究一边填空，最终沉淀为可复用的投研文档库。

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Research Best Practices / 研究最佳实践

1. Use Multiple Sources / 多源交叉验证
   Cross-reference information from company filings, analyst reports, news, and financial databases.

2. Verify Timeliness / 确保数据新鲜度
   Always check dates on data – use the most recent available information.

3. Quantify When Possible / 尽量量化
   Provide specific numbers, percentages, and metrics rather than only qualitative descriptions.

4. Acknowledge Limitations / 明确假设与局限
   Note when information is unavailable or when making assumptions.

5. Maintain Objectivity / 保持客观
   Present both bullish and bearish perspectives; avoid confirmation bias.

6. Source Attribution / 标注关键来源
   Cite sources for key data points, especially financial figures.

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Integrations: Fetching Filings & Financial Data / 集成：自动拉取财报与数据

This skill focuses on how to think and structure research. For data and filings, pair it with external tools/APIs.

本技能侧重于思考框架与结构化输出，财报与数据建议通过其他工具或脚本获取，然后作为本框架的输入。

Example: US-listed companies (e.g., SEC + financial APIs)

示例以美股为主（可按同样思路换成 A 股/港股对应数据源）：

• Download latest 10-K / 10-Q filings
  Use any SEC helper tool or script, for example:

  # Example: download the latest 10-K for NVIDIA (NVDA) into ./filings
  sec-edgar-downloader company "NVIDIA" \
    --form-type 10-K --num 1 --download-folder ./filings
  

• Fetch key financials via an API or Python script
  For example, a simple Python entry point:

  python scripts/fetch_financials.py --ticker NVDA --out data/nvda.json
  

  The script can query any financial data provider (Yahoo Finance, financial APIs, etc.) and standardize outputs (revenue, margins, key ratios) for later use in this framework.

• Use web_fetch for qualitative sections
  For business descriptions, risk factors, and management discussion, you can:

  1. Download the filing (PDF/HTML)
  2. Use web_fetch to extract key sections into markdown
  3. Feed those into the 10-dimension analysis
  

推荐实践：将「数据抓取脚本 + 本投研框架」放在同一项目中，通过 Makefile 或 shell 脚本串联，形成一键跑通的投研流水线（先拉数据，再生成报告草稿）。

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Tool Usage Hints / 工具使用提示

• web_search: Primary tool for gathering company information, financial data, and market intelligence.
• web_fetch: Retrieve full annual reports, investor presentations, and detailed articles for deeper reading.
• Use this skill mainly as a thinking & structuring framework – pair it with data sources (e.g., financial APIs, filings) for best results.