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Where AI Fits in the Research Process: What to Delegate and What to Keep
Breaks the investment research process into seven stages and judges one by one which can be handed to AI, which AI can only assist with, and which cannot be given up one step — with a ready-to-apply division-of-labor table and an implementation checklist that help you draw AI's capability boundary and responsibility boundary clearly.
A Map of HK Equity Research Sources: HKEX Filings, Annual Reports, and Third-Party Data
When researching an HK-listed company, where does the information come from, which sources are trustworthy, and which can only serve as leads? This article divides HK equity research sources into five credibility tiers — statutory disclosures, company-produced information, third-party databases, market data sources, and news and research reports — and provides a 'question-to-source' mapping table.
Compliance Boundaries for Investment-Research AI: Disclaimers, Audit Trails and Traceability
When you put AI into an investment-research workflow, compliance is not one disclaimer line at the end of a report — it is a system-design problem: does the output constitute investment advice, are the data sources licensed, and can every conclusion be traced back to its inputs and prompt versions. This article gives a risk-dimension inventory, an audit-trail architecture, human-review checkpoint design, a question list to take to legal, and a route for strengthening internal policy.
Hallucination Risk in Finance: The Three Most Expensive Mistakes
The cost of AI hallucination in financial scenarios is severely underestimated. This article dissects the three most expensive mistakes — fabricating numbers, confusing periods and companies, and filling gaps with inference — explains what causes each one, and gives four implementable lines of defense: mandatory citation, separate statistics, low-confidence abstention, and human review.
Shareholding Topology and Double-Count Prevention: Computing Shareholdings Under Group Structures
Under a group structure, directly adding up the shareholding percentages of different layers is the most common — and most fatal — calculation error. Using a fictional teaching structure, this article demonstrates the layer-by-layer dilution computation of economic interest, voting attribution along the control chain, and the simultaneous solving of cross and circular shareholdings, and gives a method for building the shareholding structure into a queryable graph plus a double-count-prevention checkpoint list.
Three-Statement Articulation and Cash-Flow Quality Checks: Spotting the Book-Profit Trap
Profit is an opinion; cash is a fact. This article takes apart the reconciliation relations of the income statement, balance sheet, and cash-flow statement, gives check dimensions such as the cash conversion ratio, working capital, and capitalized spending, adds a 'red-flag signal → account to check → verification method' cheat sheet, and demonstrates writing these checks as an automatically executable, traceable rule engine.
Automating Comparable Company Analysis: Run an Entire Sector in One Pass
The difficulty in comparable company analysis is not the arithmetic of multiples but the basis: fiscal year, currency, one-off items, and EV composition can all let two companies' numbers contaminate each other. This article breaks down the criteria for selecting peers, six categories of basis-unification rules, and the traps in choosing multiples, and gives a five-stage automation pipeline design with executable code, from data extraction to outlier handling.
DCF Assumptions and Sensitivity Analysis: Make the Valuation Challengeable
The value of a DCF is not in computing one number but in whether the assumptions behind it can be examined, challenged, and recomputed. Using a hypothetical model for teaching, this article demonstrates the assumptions register, the three-stage cash-flow structure, the composition facets and trade-offs of WACC, the risks of the two terminal-value methods, the design of single-factor and two-factor sensitivity matrices, and how to present a valuation as a defensible range rather than a fragile single point.
Building Your Own Investment-Research System: The Complete Design from Skill Library to Verification Gates
Gathers the methods of all the previous articles into one complete blueprint: the five-layer architecture of data, skills, orchestration, verification, and output; the input/output contract design of the skill library; five gates from format validation to low-confidence abstention; why coverage and accuracy must be counted separately; the seven-step method for building an evaluation set; post-launch operations mechanisms; and the four-stage evolution path from a solo tool to a team system.
Turning Earnings Call Notes into Investment Key Points
Turn a one-hour earnings call into a usable research record: get the transcript, break down the management presentation and the Q&A, compare guidance changes, spot wording changes, distinguish factual statements from evasive answers, and finish with a source-annotated key-points page and a to-verify list.
Your First Research Workflow: From Question to Traceable Conclusion
Starting from one vague research question, build a complete workflow that ends in a traceable conclusion: break it into verifiable sub-questions, assign independent sources to each, record findings on evidence cards, cross-verify, mark uncertainty, and finally produce a cited conclusion page.
A Multi-Agent Investment-Research Pipeline: Collect, Analyze, Report in Three Stages
A single Agent cannot finish an investment-research task: the context blows up, attention scatters, and errors cross-contaminate. This article gives the complete design for a three-stage collect / analyze / report division of labor — each stage's responsibilities and negative list, the structured JSON contract between stages, the write-scope partition, failure isolation and contamination detection, where to place the verification gates, and the cost-and-latency trade-off framework, with an architecture diagram and a failure-mode list.
A 30-Minute Quick Due Diligence Pass on One Company
A 30-minute quick due-diligence process you can follow as written: what to check in each of five phases, where to check it, what counts as a red flag, and what to record — closing with a one-page summary template. The goal is not an investment conclusion but judging whether a company deserves deep research.