earnings-analysis

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Equity Research Earnings Update

股权研究收益更新报告

Create professional EARNINGS UPDATE REPORTS analyzing quarterly results for companies already under coverage, following institutional standards (JPMorgan, Goldman Sachs, Morgan Stanley format).

Key Characteristics:

Length: 8-12 pages
Word Count: 3,000-5,000 words
Tables: 1-3 summary tables (NOT comprehensive)
Figures: 8-12 charts
Turnaround: 1-2 days (within 24-48 hours of earnings)
Audience: Clients already familiar with the company
Focus: What's NEW - beat/miss, updated estimates, thesis impact
Font: Times New Roman throughout (unless user specifies otherwise)

遵循机构标准（JPMorgan、Goldman Sachs、Morgan Stanley格式），创建专业的收益更新报告，分析已覆盖企业的季度业绩。

核心特征：

长度：8-12页
字数：3,000-5,000字
表格：1-3张汇总表（非全量数据）
图表：8-12张
交付周期：1-2天（财报发布后24-48小时内）
受众：已经熟悉该公司的客户
重点：新增变化——业绩超预期/不及预期、更新后的预估、对投资论点的影响
字体：全文使用Times New Roman（用户另有指定的情况除外）

When to Use

适用场景

Use when the user requests:

"Create an earnings update for [Company] Q3 2024"
"Analyze [Company]'s quarterly results"
"Post-earnings report for [Company]"
"Q1/Q2/Q3/Q4 update for [Company]"

Do NOT use if:

User requests "initiation report" → Use different skill
User requests "flash note" or "quick take" → Different format
Company is not already covered → Need initiation first

当用户提出以下需求时使用：

「为[Company]制作2024年Q3收益更新报告」
「分析[Company]的季度业绩」
「[Company]的财报发布后报告」
「[Company]的Q1/Q2/Q3/Q4更新报告」

禁用场景：

用户需求为「首次覆盖报告」→ 使用其他技能
用户需求为「flash note」或「quick take」→ 对应不同格式
公司未被纳入覆盖范围→ 需先完成首次覆盖

Critical Requirements

关键要求

1. Speed & Timeliness

1. 速度与时效性

Publish within 24-48 hours of earnings release
Focus on NEW information only
Don't rehash company background extensively

财报发布后24-48小时内发布报告
仅聚焦新增信息
不要大篇幅复述公司背景

2. Beat/Miss Analysis

2. 超预期/不及预期分析

Lead with whether company beat or missed estimates
Quantify variances (e.g., "Revenue beat by $120M or 3%")
Explain WHY results differed from expectations

开篇明确说明公司业绩超出还是低于预期
量化差异（例如：「营收超出预期$120M，超出幅度3%」）
解释业绩与预期存在差异的原因

3. Summary Format

3. 汇总格式

Keep tables to 1-3 (summary only, not comprehensive)
No full P&L/Cash Flow/Balance Sheet (just key metrics)
Assume reader has seen initiation report

表格数量控制在1-3张（仅作汇总使用，不包含全量数据）
不提供完整的P&L/现金流量表/资产负债表（仅展示核心指标）
默认读者已经阅读过首次覆盖报告

4. Citations & Source Attribution ⭐⭐⭐ MANDATORY

4. 引用与来源标注 ⭐⭐⭐ 强制要求

CRITICAL: Properly cite all data with SPECIFIC sources and CLICKABLE HYPERLINKS.

Include specific citations WITH CLICKABLE LINKS in every figure and table:

Source: Q3 2024 10-Q filed November 8, 2024; Company earnings release
        [Hyperlink "10-Q" to: https://www.sec.gov/cgi-bin/viewer?accession=...]
        [Hyperlink "earnings release" to: https://investor.company.com/news/q3-2024]

HOW HYPERLINKS SHOULD APPEAR IN WORD:

Document names appear as blue, underlined clickable links
Reader can Ctrl+Click to open source directly
Not plain text URLs - formatted hyperlinks with display text

REQUIRED SOURCES LIST:

Cite in every earnings update:

✅ Earnings release (with date and URL)
✅ 10-Q filing (with filing date and EDGAR link)
✅ Earnings call transcript (with date)
✅ Investor presentation/supplemental materials (if available)
✅ Consensus estimates source (Bloomberg/FactSet/etc. with date)
✅ Prior guidance (from previous quarter's materials)

REFERENCE SECTION WITH CLICKABLE HYPERLINKS:

Include "Sources" section at end of report:

SOURCES & REFERENCES

Earnings Materials (Q3 2024):
• Earnings Release (November 7, 2024)
  [Hyperlink entire line to: https://investor.company.com/news/q3-2024-earnings]

• Form 10-Q (Filed November 8, 2024)
  [Hyperlink to: https://www.sec.gov/cgi-bin/viewer?accession=...]

• Earnings Call Transcript (November 7, 2024)
  [Hyperlink to: https://seekingalpha.com/article/...]

• Investor Presentation (November 7, 2024)
  [Hyperlink to: https://investor.company.com/presentations/q3-2024.pdf]

VERIFICATION CHECKLIST:

Every figure has source with specific document and date
Every table has source with document reference
Beat/miss analysis cites consensus source with date
Guidance changes cite current and prior guidance sources
Key statistics have footnotes
Sources section lists all materials with URLs
ALL URLs are CLICKABLE HYPERLINKS (not plain text)
All SEC filings hyperlinked to EDGAR viewer

重要提示： 所有数据都必须标注明确来源及可点击的超链接。

每张图表和表格都必须附带含可点击链接的明确引用：

Source: Q3 2024 10-Q filed November 8, 2024; Company earnings release
        [Hyperlink "10-Q" to: https://www.sec.gov/cgi-bin/viewer?accession=...]
        [Hyperlink "earnings release" to: https://investor.company.com/news/q3-2024]

Word中超链接的显示要求：

文档名称显示为蓝色带下划线的可点击链接
读者可通过Ctrl+点击直接打开来源页面
不要使用纯文本URL——要使用带显示文本的格式化超链接

必填来源清单：

每份收益更新报告都必须引用以下来源：

✅ 财报发布稿（附带日期和URL）
✅ 10-Q申报文件（附带申报日期和EDGAR链接）
✅ 财报电话会议文字稿（附带日期）
✅ 投资者演示文稿/补充材料（如有）
✅ 一致预期数据来源（Bloomberg/FactSet等，附带日期）
✅ 此前的业绩指引（来自上一季度的材料）

带可点击超链接的参考章节：

报告末尾需要包含「来源」章节：

SOURCES & REFERENCES

Earnings Materials (Q3 2024):
• Earnings Release (November 7, 2024)
  [Hyperlink entire line to: https://investor.company.com/news/q3-2024-earnings]

• Form 10-Q (Filed November 8, 2024)
  [Hyperlink to: https://www.sec.gov/cgi-bin/viewer?accession=...]

• Earnings Call Transcript (November 7, 2024)
  [Hyperlink to: https://seekingalpha.com/article/...]

• Investor Presentation (November 7, 2024)
  [Hyperlink to: https://investor.company.com/presentations/q3-2024.pdf]

核查清单：

每张图表都标注了具体文档和日期的来源
每张表格都标注了文档参考来源
超预期/不及预期分析标注了一致预期来源及日期
指引变更标注了当前和此前指引的来源
核心统计数据附带脚注
来源章节列出了所有材料及对应URL
所有URL都是可点击的超链接（不是纯文本）
所有SEC申报文件都链接到EDGAR查看页面

5. Updated Estimates

5. 更新后的预估数据

Update forward estimates based on results
Show old vs. new estimates clearly
Explain what changed and why

根据业绩更新未来的预估数据
清晰展示新旧预估的对比
解释变更内容及原因

High-Level Workflow

整体工作流程

The earnings update process follows 5 phases:

收益更新流程分为5个阶段：

Phase 1: Data Collection (30-60 minutes)

阶段1：数据收集（30-60分钟）

🚨🚨🚨 CRITICAL: TRAINING DATA IS OUTDATED 🚨🚨🚨

BEFORE STARTING - COMPLETE THESE 4 STEPS IN ORDER:

CHECK TODAY'S DATE - Write down the current date
SEARCH FOR LATEST - Use web search: "[Company] latest earnings results"
VERIFY THE DATE - Confirm earnings release is within last 3 months
CHECK TRANSCRIPT DATE - Verify transcript date matches release date

COMMON MISTAKE: Using outdated earnings calls from training data instead of searching for the latest.

REQUIREMENTS:

✅ Search for latest earnings - do NOT rely on training data
✅ Write down today's date and the release date found
✅ Verify release date is within 3 months of today
✅ Verify transcript date matches release date
✅ If dates don't match or are old (>3 months), search again

See references/workflow.md for detailed search procedures and verification steps.

🚨🚨🚨 重要提示：训练数据已过时 🚨🚨🚨

开始前，请按顺序完成以下4个步骤：

确认当前日期 - 记下当前日期
搜索最新信息 - 使用网页搜索：「[Company] latest earnings results」
核实发布日期 - 确认财报发布时间在最近3个月内
核对文字稿日期 - 确认电话会议文字稿日期与财报发布日期一致

常见错误： 使用训练数据中过时的财报电话会议内容，而没有搜索最新信息。

要求：

✅ 搜索最新财报数据——不要依赖训练数据
✅ 记下当前日期和查询到的财报发布日期
✅ 确认发布日期距离当前日期不超过3个月
✅ 确认文字稿日期与发布日期一致
✅ 如果日期不匹配或者时间过久（超过3个月），重新搜索

详见 references/workflow.md 了解详细的搜索流程和核查步骤。

Phase 2: Analysis (2-3 hours)

阶段2：分析（2-3小时）

Beat/miss analysis for each key metric
Segment/geographic/product breakdown
Margin and guidance analysis
Update financial model and estimates

See references/workflow.md for detailed analysis framework.

每个核心指标的超预期/不及预期分析
业务板块/地域/产品拆分分析
利润率与业绩指引分析
更新财务模型和预估数据

详见 references/workflow.md 了解详细的分析框架。

Phase 3: Chart Generation (1-2 hours)

阶段3：图表生成（1-2小时）

Create 8-12 charts focusing on quarterly trends and what's new:

Quarterly revenue progression
Quarterly EPS progression
Quarterly margin trends
Revenue by segment/geography
Key operating metrics
Beat/miss summary
Estimate revisions
Valuation charts

See references/workflow.md for chart specifications.

创建8-12张聚焦季度趋势和新增变化的图表：

季度营收变化趋势
季度EPS变化趋势
季度利润率趋势
各业务板块/各地域营收占比
核心运营指标
超预期/不及预期汇总
预估数据修订
估值图表

详见 references/workflow.md 了解图表规范。

Phase 4: Report Creation (2-3 hours)

阶段4：报告创作（2-3小时）

Create 8-12 page DOCX report with specific structure.

See references/report-structure.md for complete page-by-page templates and formatting requirements.

High-level structure:

Page 1: Earnings summary with rating and price target
Pages 2-3: Detailed results analysis
Pages 4-5: Key metrics & guidance
Pages 6-7: Updated investment thesis
Pages 8-10: Valuation & estimates
Pages 11-12: Appendix (optional)

创建符合指定结构的8-12页DOCX报告。

详见 references/report-structure.md 了解完整的逐页模板和格式要求。

整体结构：

第1页：收益汇总，附带评级和目标价
第2-3页：详细业绩分析
第4-5页：核心指标与业绩指引
第6-7页：更新后的投资论点
第8-10页：估值与预估数据
第11-12页：附录（可选）

Phase 5: Quality Check & Delivery (30 minutes)

阶段5：质量核查与交付（30分钟）

Verify content, formatting, accuracy, and timeliness before delivery.

See references/best-practices.md for quality checklist and common mistakes to avoid.

交付前核实内容、格式、准确性和时效性。

详见 references/best-practices.md 了解质量核查清单和需要避免的常见错误。

Output Specification

输出规范

Primary Deliverable: DOCX report (8-12 pages) File Name:

[Company]_Q[Quarter]_[Year]_Earnings_Update.docx

Example:

Nike_Q2_FY24_Earnings_Update.docx

Contents:

Page 1: Summary with rating, price target, key takeaways
Pages 2-3: Detailed results analysis
Pages 4-5: Key metrics and guidance
Pages 6-7: Updated thesis assessment
Pages 8-10: Valuation and estimates
Pages 11-12: Appendix (optional)
8-12 embedded charts
1-3 summary tables
Complete sources section with clickable hyperlinks

Optional Deliverable: XLS model update (optional for earnings updates)

核心交付物：DOCX报告（8-12页） 文件名：

[Company]_Q[Quarter]_[Year]_Earnings_Update.docx

示例：

Nike_Q2_FY24_Earnings_Update.docx

内容要求：

第1页：汇总信息，包含评级、目标价、核心要点
第2-3页：详细业绩分析
第4-5页：核心指标与业绩指引
第6-7页：更新后的投资论点评估
第8-10页：估值与预估数据
第11-12页：附录（可选）
8-12张嵌入图表
1-3张汇总表格
完整的来源章节，附带可点击超链接

可选交付物：XLS模型更新（收益更新报告可选）

Key Differences from Initiation Report

与首次覆盖报告的核心差异

Aspect	Earnings Update	Initiation Report
Length	8-12 pages	30-50 pages
Words	3,000-5,000	10,000-15,000
Tables	1-3 summary	12-20 comprehensive
Figures	8-12	25-35
Turnaround	1-2 days	3-6 weeks
Scope	Quarterly results	Complete company
Focus	What's NEW	Everything
Company Background	Brief mention	6-10 pages
XLS Model	Optional	Required

对比项	收益更新报告	首次覆盖报告
长度	8-12页	30-50页
字数	3,000-5,000	10,000-15,000
表格	1-3张汇总表	12-20张全量表
图表	8-12张	25-35张
交付周期	1-2天	3-6周
范围	季度业绩	公司全貌
重点	新增变化	全部信息
公司背景	简要提及	6-10页
XLS模型	可选	必填

Resources

资源

references/workflow.md

Detailed Phase 1-5 instructions with step-by-step procedures for data collection, analysis, chart generation, and report creation.

包含阶段1-5的详细说明，以及数据收集、分析、图表生成和报告创作的分步流程。

references/report-structure.md

Complete page-by-page templates, table formats, and formatting requirements for the DOCX report.

包含DOCX报告完整的逐页模板、表格格式和格式要求。

references/best-practices.md

Examples of good/bad headlines, tips for success, common mistakes to avoid, and comprehensive quality checklist.

包含优秀/不合格标题示例、成功技巧、需要避免的常见错误以及完整的质量核查清单。

Dependencies

依赖项

Required:

Python (matplotlib, pandas, seaborn) for chart generation
DOCX skill for report creation

Optional:

XLS skill for model updates (not required for earnings updates)

必填：

Python（matplotlib、pandas、seaborn）用于生成图表
DOCX skill 用于报告创建

可选：

XLS skill 用于模型更新（收益更新报告不强制要求）