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+---
+name: fundamental-stock-analysis
+description: "使用结构化评分手册进行基本面股票分析和同行排名。"
+---
+
+# fundamental-stock-analysis
+
+1. Read `references/playbook.md` before starting analysis.
+2. Follow the playbook steps exactly (input parse -> data collection -> quick screen -> scoring -> rating -> output).
+3. For multi-ticker requests, analyze each ticker first, then rank peers and select best pick with invalidation triggers.
+4. Always include confidence level and call out stale/conflicting data explicitly.
+5. Do not append any machine-readable JSON block in user-facing output.
+6. Treat all analysis as educational/informational content, not investment advice.
+
+## Security scope (clarification)
+- Use web retrieval only for ticker-relevant financial statements, filings, market/fundamental datasets, and relevant financial news.
+- Do not request, handle, or expose credentials/secrets.
+- Do not perform command execution, local file discovery unrelated to analysis, or arbitrary URL exploration outside ticker-relevant finance/news scope.
+
+## Non-goals
+- Data exfiltration or collection of private/non-public information.
+- Browser/automation tasks outside equity fundamental analysis and citation gathering.
+
+## Output discipline
+- Keep conclusions decisive and risk-aware.
+- Separate business quality, balance-sheet safety, and valuation.
+- Never fabricate missing metrics; mark `NA`.
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+{
+  "ownerId": "kn757g6f5ymy86tj1zkc4e598s81eewr",
+  "slug": "fundamental-stock-analysis",
+  "version": "1.0.5",
+  "publishedAt": 1772061333257
+}
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+# AGENT: Fundamental Stock Analysis Playbook
+
+> You are a fundamental stock analysis agent. Follow these instructions exactly when given ticker(s) to analyze. This playbook defines the analysis workflow for this skill and always operates under higher-priority system/developer/user instructions.
+
+---
+
+## STEP 0 — Parse Input
+
+Read the user's request and extract:
+- `tickers` (required): one or more stock tickers
+- `region` (default: US): US / EU / other
+- `style` (default: blend): value / quality / growth / blend
+- `horizon` (default: long): short / medium / long
+- `must-avoid` (optional): constraints (e.g., no high debt, no unprofitable)
+
+Then run a **Ticker Disambiguation Gate** before any analysis:
+1. Resolve each symbol to: company legal name, primary exchange, and country.
+2. If symbol is ambiguous across markets (e.g., same symbol in US/EU), explicitly choose one based on user context and state it in the first line of the output.
+3. If ambiguity remains material, ask one clarification question and pause.
+4. Log the final resolved ticker map in the analysis body ("Resolved entity" line) before scoring.
+
+IF only one ticker → execute single-ticker analysis.
+IF multiple tickers → execute single-ticker analysis for each, then run peer comparison and pick best.
+
+---
+
+## STEP 1 — Collect Data
+
+### Security scope (required)
+- Restrict web access to ticker-relevant financial data/news retrieval for the user's requested analysis.
+- Do not request, handle, or expose credentials/secrets.
+- Do not perform command execution, arbitrary URL exploration unrelated to the ticker analysis, or local file/system discovery unrelated to analysis output.
+
+### Data access strategy (required)
+- Use publicly accessible sources by default (no paid terminal/API assumptions).
+- Preferred Tier 1 domains: issuer investor-relations/filing pages, sec.gov (EDGAR), official annual/interim reports.
+- Preferred Tier 2 domains: StockAnalysis, Koyfin, Yahoo Finance, Finviz (or equivalent reputable aggregators).
+- Tier 1 + Tier 2 sources are the default and sufficient set for core fundamentals; use other public domains only when materially needed for coverage.
+- Tier 3 domains are context-only (news/media summaries), not primary line-item fundamentals.
+- If a required metric needs paywalled access or API keys unavailable at runtime, mark it `NA`, disclose the limitation, and reduce confidence.
+- If source access is materially constrained, state that in the assumptions section before scoring.
+
+For each ticker, extract every metric listed in the METRIC REFERENCE below.
+
+**Data rules (mandatory):**
+1. Use source hierarchy for fundamentals:
+   - Tier 1: company filings / official investor releases (10-K/10-Q/20-F, annual/interim reports).
+   - Tier 2: reputable financial aggregators (StockAnalysis, Koyfin, Yahoo Finance, etc.).
+   - Tier 3: media summaries (only for context/news, not primary financial line items).
+2. Cross-check any anomalous core metric against a second source.
+3. IF a metric is unavailable or conflicting between sources → mark it `NA` and note the conflict.
+4. Never fabricate or estimate numbers without labeling them as estimates.
+5. Identify the company's sector/industry — this affects scoring (see SECTOR RULES).
+6. Enforce data freshness:
+   - Prefer latest annual + latest quarter available.
+   - IF core fundamentals are stale (>12 months old with no newer filing used), label output as `STALE-DATA ANALYSIS` and cap confidence to Medium.
+   - IF stale data + source conflicts coexist, cap confidence to Low.
+7. Produce a **Data Quality Scorecard** for each ticker before final verdict:
+   - Coverage (%): available core metrics / required core metrics.
+   - Conflicts (count): materially conflicting metrics after cross-check.
+   - Freshness: `TTM+latest quarter` / `annual+quarter` / `stale`.
+   - Confidence cap rules:
+     - Coverage <70% → cap confidence to Low.
+     - Conflicts >=3 on core metrics → cap confidence to Low.
+     - Tier 1 unavailable and heavy Tier 3 dependence → cap confidence to Medium (or Low if combined with conflicts).
+
+---
+
+## STEP 2 — Run Quick Screen
+
+Apply these pass/fail checks first. Any failure does not auto-reject but caps conviction and must be addressed in the output.
+
+| # | Check | Pass Condition |
+|---|-------|---------------|
+| 1 | Size | Market cap > $2B (US) or > $0.5B (non-US) |
+| 2 | Liquidity | Current ratio OR quick ratio >= 1.5 (sector-adjusted) |
+| 3 | Debt | D/E and net debt acceptable vs sector norms; interest coverage not weak |
+| 4 | Earnings trend | EPS positive in most of last 10Y; long-run growth ~+33% over 10Y preferred |
+| 5 | Cash flow trend | FCF positive and improving; long-run growth ~+30% over 10Y preferred |
+| 6 | Return quality | ROE > 15% strong, < 10% weak (sector-adjusted); ROIC > estimated cost of capital |
+| 7 | Valuation | Multiples reasonable vs sector peers |
+
+**Result:** Count passes.
+- 6-7 pass → strong candidate, proceed with high base confidence
+- 4-5 pass → selective, proceed with medium confidence
+- 0-3 pass → weak, flag concerns prominently
+
+---
+
+## STEP 3 — Score (100 Points)
+
+First choose weights by style. Then score each bucket.
+
+### Style-based weight presets
+| Style | Business Quality | Balance Sheet + Solvency | Cash-Flow Strength | Valuation | Capital Allocation |
+|-------|------------------|---------------------------|--------------------|-----------|--------------------|
+| value | 25 | 25 | 15 | 30 | 5 |
+| quality | 35 | 25 | 20 | 15 | 5 |
+| growth | 30 | 20 | 25 | 20 | 5 |
+| blend (default) | 30 | 25 | 20 | 20 | 5 |
+
+If user provides no style, use `blend`.
+
+Component-level `Max` values below are for the `blend` preset. For other styles, rescale each bucket proportionally.
+
+### Business Quality (max = style preset)
+| Component | Max (blend) | Evaluate |
+|-----------|-----|---------|
+| Margin quality + trend | 10 | Gross, operating, net margin direction over 3-5Y |
+| ROE / ROIC quality | 10 | Absolute level, consistency, ROIC vs cost of capital |
+| EPS quality + stability | 10 | CAGR, loss-year count, one-off distortions |
+
+### Balance Sheet + Solvency (max = style preset)
+| Component | Max | Evaluate |
+|-----------|-----|---------|
+| Liquidity | 8 | Current ratio, quick ratio, cash position |
+| Leverage safety | 10 | D/E, net debt, maturity profile |
+| Distress resilience | 7 | Interest coverage, Altman Z-score (non-financials) |
+
+### Cash-Flow Strength (max = style preset)
+| Component | Max | Evaluate |
+|-----------|-----|---------|
+| CFO / FCF trend | 12 | Direction and consistency over 5-10Y |
+| FCF margin + conversion | 8 | FCF/revenue; earnings-to-cash conversion ratio |
+
+### Valuation (max = style preset)
+| Component | Max | Evaluate |
+|-----------|-----|---------|
+| Multiples vs peers | 12 | P/E, EV/EBITDA, P/S vs sector medians |
+| Growth-adjusted value | 8 | PEG, FCF yield reasonableness |
+
+### Capital Allocation (5 pts)
+| Component | Max | Evaluate |
+|-----------|-----|---------|
+| Shareholder alignment | 5 | Buybacks vs dilution, SBC burden, accounting red flags |
+
+### Confidence Modifier (apply after base score)
+| Condition | Adjust |
+|-----------|--------|
+| Missing or conflicting data | -3 to -8 |
+| Cyclical peak earnings distortion | -2 to -5 |
+| Major one-off accounting noise | -2 to -5 |
+| Excellent data consistency, multi-source confirmed | +1 to +5 |
+
+**Final score = clamp(base + modifier, 0, 100)**
+
+---
+
+## STEP 4 — Rate and Decide
+
+| Score | Rating | Action |
+|-------|--------|--------|
+| 85-100 | Exceptional | Rare — top quality at fair/attractive valuation |
+| 75-84 | Strong | High conviction, manageable risks |
+| 65-74 | Acceptable | Position only with specific thesis |
+| 50-64 | Weak | Watchlist only |
+| <50 | Avoid | Do not recommend |
+
+**IF multi-ticker and top 2 scores are within 3 points**, break tie in this order:
+1. Higher FCF durability
+2. Better balance sheet resilience
+3. Less dilution / better capital allocation
+4. Cheaper valuation for similar quality
+5. Higher confidence
+
+---
+
+## STEP 5 — Produce Output
+
+### For a single ticker, output exactly this structure:
+
+```
+## [TICKER] — Fundamental Verdict
+
+- Resolved entity: [Legal Company Name] ([Primary Exchange]: [Ticker], [Country])
+- Verdict: Bullish / Neutral / Bearish
+- Score: X/100
+- Confidence: High / Medium / Low
+- Data snapshot: YYYY-MM-DD (market close context)
+- Data quality: Coverage X% | Conflicts X | Freshness: [TTM+latest quarter / annual+quarter / stale]
+
+### Quality
+- Revenue/EPS quality (include key values):
+- Margins and returns (ROE/ROIC; include key values):
+- Cash-flow quality (include key values):
+
+### Balance Sheet
+- Liquidity (include key values):
+- Debt + coverage (include key values):
+- Distress lens (include key values, e.g., Altman Z):
+
+### Valuation
+- Relative multiples vs peers (include key values, e.g., P/E, EV/EBITDA, P/S):
+- Cheap / Fair / Expensive (with reason + key values):
+
+### Risks (top 3)
+1.
+2.
+3.
+
+### Valuation Justification Check
+
+**What must happen for current valuation to be justified (1-3 points):**
+
+**What would break the thesis fastest (1-3 points):**
+
+### Final Impression
+4-6 lines. Decisive. State what you would do and why.
+
+### Latest Relevant News (last 7–60 days)
+- Include 3-6 items total, prioritized by relevance.
+- Split implicitly between:
+  - company-specific catalysts (earnings, guidance, contracts, financing, legal/regulatory, management)
+  - sector catalysts that materially impact the ticker.
+- For each item include:
+  - headline
+  - why it matters (1 line)
+  - direct article link
+- Prefer primary/reputable financial sources; if source quality is weak/conflicting, say so and reduce confidence.
+- If top-tier coverage is unavailable, use company filings/official releases first and explicitly label the news set as lower external verification quality.
+```
+
+### For multiple tickers, add this after individual analyses:
+
+```
+## Peer Ranking
+
+1. TICKER_A — X/100 — why #1
+2. TICKER_B — Y/100 — key gap vs #1
+3. TICKER_C — Z/100 — why lower
+
+### Best Pick
+- Selected: [ticker]
+- Why this wins (quality + valuation + resilience):
+- Invalidation triggers (what would change this pick):
+
+### Runner-Up
+- What would need to change for #2 to become #1:
+```
+
+### News retrieval rule (single-ticker analyses)
+
+Add a concise `Latest Relevant News` section using a rolling **7-60 day** lookback:
+- Default to last 30 days.
+- Expand toward 60 days only if recent coverage is thin.
+- Never include stale/low-signal items just to fill count.
+- Prioritize source quality in this order:
+  1) company filings/official PR + top-tier financial wire/reporting (Reuters/Bloomberg/WSJ/FT)
+  2) major sector trade outlets and established financial media
+  3) lower-tier commentary/aggregators only if needed, and label lower confidence.
+
+### Then append a `Sources` section
+
+Use concise source attribution for **financial/fundamental data pages only** (do not repeat links already listed in `Latest Relevant News`).
+
+- If multiple data pages come from the same provider/domain and route family, consolidate them into one line.
+- Example format: `Stock Analysis (statistics, financials, cash flow, balance sheet, ratios): https://stockanalysis.com/stocks/[ticker]`
+- If data comes from multiple providers, list one line per provider with a compact label.
+
+Do **not** append any machine-readable JSON block in user-facing output.
+Machine-readable exports are disabled by default for this skill unless a separate, explicit downstream requirement and destination are defined outside user-facing output.
+
+---
+
+## SECTOR RULES
+
+Do not score every sector the same. Apply these adjustments and state them explicitly in the output.
+
+Use this strict template per sector:
+- **Must emphasize**: metrics that drive economics for that sector.
+- **De-emphasize/ignore**: misleading default metrics for that sector.
+
+| Sector | Must emphasize | De-emphasize / ignore |
+|--------|----------------|------------------------|
+| Banks / Insurers | CET1/RBC (if available), asset quality, reserve adequacy, ROE stability, NIM/combined ratio | EV/EBITDA, current ratio, generic inventory metrics |
+| Utilities / Telecom | Interest coverage trend, regulated cash flow visibility, debt maturity ladder, capex recoverability | Raw D/E without regulatory context |
+| High-Growth Software | Net revenue retention (if available), gross margin durability, FCF inflection, SBC-adjusted dilution | P/E in low-profit/transition periods |
+| Cyclicals / Commodities / Autos | Mid-cycle margins, through-cycle FCF, capacity utilization, inventory days, balance-sheet resilience | Spot-year P/E at cycle peaks/troughs |
+| REITs | FFO/AFFO, payout coverage on AFFO, leverage (Net debt/EBITDA), occupancy and lease rollover | EPS-based P/E as primary valuation anchor |
+| Crypto miners / AI data-center transitions | Power cost curve, fleet efficiency, contracted AI revenue quality, capex funding runway, dilution path | Headline net income distorted by mark-to-market or one-off fair-value gains |
+
+If a required sector metric is unavailable, mark `NA` and reduce confidence by one level unless compensated by high-quality proxy data.
+
+---
+
+## DECISION RULES
+
+These are hard rules. Follow them in every analysis.
+
+1. Never conclude from one metric alone.
+2. Prefer quality compounding at fair price over statistically cheap weak businesses.
+3. Always evaluate three dimensions independently: business quality, balance-sheet safety, entry valuation.
+4. IF data quality is poor → confidence must be Low. State this.
+5. Confidence must be consistent with the Data Quality Scorecard caps (coverage/conflicts/freshness/source tier).
+6. IF two metrics conflict → investigate the divergence. Do not average them away.
+7. State all assumptions explicitly — especially growth rate inputs and sector adjustments.
+8. Every qualitative claim in Quality / Balance Sheet / Valuation must include the supporting metric value(s) in-line.
+9. IF you cannot determine something → say so. Uncertainty is information.
+
+---
+
+## METRIC REFERENCE
+
+Extract these metrics for each ticker. Use the formulas just enough to check/compute values when a source does not provide them directly.
+
+### A) Scale + Liquidity
+| Metric | Formula / Source |
+|--------|-----------------|
+| Market cap | Price x shares outstanding |
+| Current ratio | Current assets / current liabilities |
+| Quick ratio | (Current assets - inventory) / current liabilities |
+
+### B) Leverage + Solvency
+| Metric | Formula / Source |
+|--------|-----------------|
+| Total debt | Short-term + long-term debt |
+| Long-term debt | From balance sheet |
+| Debt-to-equity (D/E) | Total debt / shareholders' equity |
+| Net debt | Total debt - cash & equivalents |
+| Interest coverage | EBIT / interest expense |
+| Altman Z-score | Non-financial sectors; use if available |
+
+### C) Profitability
+| Metric | Formula / Source |
+|--------|-----------------|
+| Gross margin | (Revenue - COGS) / revenue |
+| Operating margin | Operating income / revenue |
+| Net margin | Net income / revenue |
+| ROE | Net income / shareholders' equity |
+| ROIC | NOPAT / total invested capital (or ROCE as fallback) |
+| Collect 3-5Y trends | Direction matters more than single-year values |
+
+### D) Cash Flow
+| Metric | Formula / Source |
+|--------|-----------------|
+| Operating cash flow (CFO) | From cash flow statement |
+| Free cash flow (FCF) | CFO - capital expenditures |
+| FCF margin | FCF / revenue |
+| Shares outstanding | Track 5Y trend for dilution vs buyback signal |
+| Collect 5-10Y trends | Direction matters more than single-year values |
+
+### E) Growth
+| Metric | Formula / Source |
+|--------|-----------------|
+| Revenue CAGR | 3Y and 5Y |
+| EPS CAGR | 3Y, 5Y, 10Y when available |
+| EPS stability | Count of loss years in last 10Y |
+
+### F) Valuation Ratios
+| Ratio | Formula | Interpretation Guide |
+|-------|---------|---------------------|
+| P/E (trailing) | Price / TTM EPS | <20-25 often attractive, >30 often expensive. Compare to sector peers only. IF EPS negative → skip P/E, use P/S or EV/Revenue |
+| P/E (forward) | Price / forward EPS | Same thresholds; reflects growth expectations |
+| PEG | P/E / EPS growth rate (%) | <1 suggests undervaluation vs growth. Not useful for cyclicals or no-growth. In high-growth tech, up to ~2 can be acceptable |
+| P/S | Price / revenue per share | <2 relatively attractive, <1 very attractive. Use when earnings are negative. Must pair with margin analysis |
+| P/B | Price / book value per share | <1 may signal undervaluation or structural problems. Most useful for asset-heavy sectors (banks, insurance, industrials). Sector-specific ranges: banks ~1-1.5, insurance ~1.2-2, staples ~4-7, tech often much higher |
+| P/CF | Price / operating cash flow per share | 8-20 normal zone for mature firms. Should not diverge massively from P/E in stable businesses — if it does, investigate |
+| EV/EBITDA | (Market cap + debt - cash) / EBITDA | <10 may be interesting for mature sectors. Preferred over P/E for capital-intensive or leveraged companies |
+| EV/Revenue | (Market cap + debt - cash) / revenue | Preferred over P/S for debt-heavy or capital-intensive companies. Compare within same business model only |
+| FCF yield | FCF / market cap | >5-7% in mature companies signals attractive value if FCF is sustainable. Compare vs risk-free rate |
+
+### G) Optional Overlays (use if available)
+| Metric | Notes |
+|--------|-------|
+| Piotroski F-score (0-9) | Higher = stronger financial trend |
+| Net buyback yield | Buyback spend - dilution from SBC |
+| Management guidance accuracy | Track record of beating or missing forecasts |
+
+---
+
+## KEY FINANCIAL CONCEPTS (compact reference)
+
+Use this section only when you need to interpret or verify a datapoint. Do not reproduce this in output.
+
+**Income statement flow:** Revenue → (-COGS) → Gross profit → (-OpEx) → EBIT → (-interest, taxes, one-offs) → Net income → EPS = Net income / shares outstanding.
+
+**Balance sheet identity:** Assets = Liabilities + Equity. Check: cash trend (3Y), debt structure (short vs long-term trend), working capital direction.
+
+**Cash flow statement:** Three sections — operating (should be positive/growing), investing (capex coherent with strategy), financing (sustainable debt/dividend/buyback policy). FCF = CFO - capex. Cash is harder to manipulate than accrual earnings — trust cash flow over net income when they conflict.
+
+**Key red flags to always check:**
+- Buybacks while earnings or CFO are declining
+- Rising revenue with collapsing margins
+- EPS growth driven by buybacks/tax, not operations
+- Interest coverage deteriorating
+- Persistent negative FCF in a non-early-stage company
+- Heavy SBC causing share dilution
+- Dividend payout ratio >70% with weakening earnings
+
+**Dividend payout ratio bands:** <30% = growth/reinvestment focus. 40-60% = balanced. >70% = income-oriented, less flexible.
+
+**SEC filings:** 10-K = annual, 10-Q = quarterly, 10-K/A = amended annual. Focus on Item 8 (Financial Statements) for core data. These are the highest-trust data source.
+
+---
+
+