商业研究框架BUSINESS RESEARCH FRAMEWORK

选择研究入口Choose an entry point

公司研究连接业务、财务与证据；行业研究独立分析规模、产业链、供需与竞争。Company research connects business, finance and evidence; industry research separately examines size, value chains, supply-demand and competition.

共同规则ONE SHARED RULE

事实有来源，推断有边界，判断由你完成。Source facts, limit inferences, make your own judgment.

示例公司EXAMPLE COMPANIES

本次研究路径THIS RESEARCH PATH

路径会随对象和证据改变The path changes with the subject and evidence

选择公司Choose a company

一份报告，不止一个数字A REPORT IS MORE THAN A NUMBER

先选研究对象，再使用与它匹配的分析框架Choose the subject first, then use the matching research framework

公司路径从业务和两年财务形成公司报告；行业路径先对读行业报告与上市公司披露，再由学生形成可继续扩展的行业研究大表。Company paths build a report from business and two-year financials; the industry path compares an industry report with listed-company disclosures and builds an extensible evidence map.

本次研究对象RESEARCH SUBJECT

资料更新至Researched on

先回答你的问题ANSWER THE QUESTION FIRST

报告结构REPORT STRUCTURE

这份报告包含什么What this report contains

分析结果FINDINGS

事实怎样连接成解释How evidence connects to an explanation

收入与业务构成REVENUE & BUSINESS MIX

每项业务是什么、怎样挣钱、占比怎样变化What each business is, how it earns, and how its mix changed

历史财务与结构分析HISTORICAL FINANCIALS & COMMON SIZE

先看原表，再看结构，再解释经营Raw statements first, structure second, explanation third

数据观察METRICS

关键经营与财务数据Key operating and financial data

Metric / 指标	Period / 期间	Value / 数值	Meaning / 含义	Source / 来源

证据核验EVIDENCE CHECK

每条结论现在能说到哪里How far each claim can go

FactClaimInferenceUnknown

来源清单SOURCES

打开原始资料继续核对Open the original sources

轮到你判断YOUR TURN

先写下判断和依据。智能体只会提出一个值得继续检验的问题。Write your judgment and evidence first. The agent will ask one question worth testing.

路径会随对象和证据改变The path changes with the subject and evidence

先选研究对象，再使用与它匹配的分析框架Choose the subject first, then use the matching research framework

这次研究没有完成This run did not finish

这份报告包含什么What this report contains

事实怎样连接成解释How evidence connects to an explanation

一行一个问题：证据、口径与下一个缺口One question per row: evidence, definitions and the next gap

每项业务是什么、怎样挣钱、占比怎样变化What each business is, how it earns, and how its mix changed

不同业务分别连接哪些上下游Different upstream and downstream links by business

先看原表，再看结构，再解释经营Raw statements first, structure second, explanation third

原始披露 → 复算／对照 → 冲突解释 → 结论边界Disclosure → calculation → conflict explanation → limit

关键经营与财务数据Key operating and financial data

证据、问题与当时的判断Evidence, question and your judgment

每条结论现在能说到哪里How far each claim can go

打开原始资料继续核对Open the original sources

扫码进入开放研究智能体Scan to open Open Research Agent

是否连接 API 继续？Connect an API to continue?

连接一个可用的AI模型Connect an AI model