### Investment Research Target

**Stock Ticker**: [ticker/code]
**Company Name**: [full company name]
**Market**: [A-share / Hong Kong / US]
**Industry/Sector**: [classification]

### Investment Parameters

**Investment Style**: [Value/Growth/Turnaround/Dividend]
- Implications: [e.g., focus on undervalued assets with catalysts]

**Holding Period**: [Short/Medium/Long]
- Time horizon: [specific timeframe]

**Risk Tolerance**: [Conservative/Balanced/Aggressive]
- Risk constraints: [e.g., avoid highly leveraged companies]

### Research Scope

**Must Cover** (All 8 Phases):
1. ✅ Business Foundation (facts, products, revenue structure)
2. ✅ Industry Analysis (cycle, competition, trends)
3. ✅ Business Breakdown (profit drivers, pricing power)
4. ✅ Financial Quality (cash flow, trends, red flags)
5. ✅ Governance Analysis (ownership, management, capital allocation)
6. ✅ Market Sentiment (bull/bear cases, key debates)
7. ✅ Valuation & Moat (competitive advantages, valuation range)
8. ✅ Final Synthesis (signal rating, conclusion, monitoring checklist)

**Deep Dive Priority** (User's Top 2-3 Focus Areas):
- Priority 1: [e.g., Financial Quality - detailed cash flow analysis]
- Priority 2: [e.g., Governance - management track record]
- Priority 3: [e.g., Valuation - DCF with multiple scenarios]

**Can Streamline** (Quick Pass):
- Phases that can be covered more briefly: [e.g., Phase 6 if user doesn't care about short-term sentiment]

### Output Requirements

**Format**:
- [ ] Executive Summary with signal light rating (🟢🟢🟢 Buy / 🟡🟡🟡 Hold / 🔴🔴 Sell)
- [ ] 8-Phase detailed reports (one file per phase)
- [ ] Key financial data tables (CAGR, ROE, margins, cash flow ratios)
- [ ] Valuation dashboard (historical multiples, peer comparison, implied expectations)
- [ ] Monitoring checklist (conditions to strengthen thesis, exit triggers)
- [ ] Bibliography with source quality ratings (A-E scale)

**Valuation Methods Required**:
- [ ] Relative valuation (PE, PB, PS, EV/EBITDA) - historical percentiles + peer comparison
- [ ] DCF valuation (if long-term, growth, or quality focused)
- [ ] Sum-of-the-parts (if conglomerate with multiple businesses)
- [ ] Net asset value / liquidation value (if deep value or distressed)
- [ ] Reverse DCF: What growth rate is implied by current stock price?

**Special Requirements**:
- Data timeframe: [e.g., past 3-5 years for trends, 5-10 years for valuation history]
- Geography focus: [e.g., China domestic market, global operations]
- Language: [Chinese / English / Bilingual]
- Include charts/visualizations descriptions: [Yes/No]
- Emphasis on: [e.g., cash flow quality over reported earnings]

### Research Constraints

**Data Sources** (Priority Order):
1. Most authoritative: Annual reports, IPO prospectus, regulatory filings
2. High quality: Investor relations transcripts, company announcements
3. Supplementary: Industry reports, analyst research (with skepticism)
4. Market sentiment: News, social media (for Phase 6 only, with fact-checking)

**Mandatory Verification**:
- ✅ Profit vs. cash flow cross-validation (operating cash flow / net income)
- ✅ Company vs. peer comparison (key ratios, margins, growth rates)
- ✅ Bear case analysis (must identify risks and failure scenarios)
- ✅ Source quality rating (A-E scale) for all citations

**What NOT to Do**:
- ❌ Do NOT predict stock price or target price
- ❌ Do NOT give buy/sell recommendations (only provide signal light rating based on fundamentals)
- ❌ Do NOT time the market or identify entry/exit points
- ❌ Do NOT guarantee investment outcomes
- ❌ Do NOT provide trading strategies or technical analysis (unless specifically requested)

### Final Instructions

**Output Directory**: `RESEARCH/STOCK_[ticker]_[company_name]/`

**File Structure**:

**Quality Standards**:
- Every factual claim must include: Author/Org, Date, Title, URL/DOI, Page (if applicable)
- Distinguish clearly between [FACT] and [JUDGMENT/OPINION]
- All judgments must be supported by evidence or logical reasoning
- Use Chain-of-Verification for controversial claims
- Identify contradictions between sources explicitly
- Flag areas of uncertainty or insufficient data

**Reminders**:
- Remain objective and avoid confirmation bias
- Seek out bear case and contrarian views
- Focus on verifiable facts over narratives
- Highlight risks and potential failure modes
- Emphasize what data would validate or invalidate the investment thesis

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Begin the structured investment research now, following the 8-phase due diligence framework.