OPEN RESEARCH AGENT

学生使用说明Student Guide

选择一家示例公司即可开始研究；研究其他公司时，通过 API 连接一个可用模型。两种路径都按同一套公司研究框架，最后形成完整报告。

Choose an example company to begin, or connect a model through the API to research another company. Both paths use the same company-research framework and produce a complete report.

选择研究镜头和公司Choose a Lens and Company

行业、商业模式、公司、财务和证据核验是五个研究镜头。选择腾讯、台积电、Meta 或 GitLab 后，系统会读取标有截止日期的一手资料研究包。

Industry, business model, company, finance and evidence are five research lenses. Choose Tencent, TSMC, Meta or GitLab to work with a dated, primary-source research pack.

先看数据，再写自己的观察Read the Data, Then Write Your Observation

系统直接展示两年收入拆分、业务含义和财务原表。你先判断哪项占比最大、哪项变化最快并引用数字，提交后再查看 Common Size、YoY 计算和解释。

The system shows two-year revenue mix, business definitions and original statements. Identify the largest share or fastest change and cite the figures before revealing Common Size, YoY and the explanation.

Token是什么What Is a Token?

API Token像一把临时钥匙，会产生模型调用费用。只使用老师提供或自己创建的短期、限额Token；不要填写长期主密钥，不要把Token发到群聊、作业或二维码里。

An API token is a temporary key and model calls may cost money. Use only a short-lived, limited token from your teacher or your own account. Never post it in a chat, assignment or QR code.

用 API 研究其他公司Use the API for Other Companies

OpenAI、GLM和豆包可在相应账户开通联网能力后直接检索。DeepSeek用于分析你提供的资料，不要求第二个智谱Token；使用时请粘贴1—5个可公开打开的一手资料网页。

OpenAI, GLM and Doubao can retrieve sources when web search is enabled. DeepSeek analyses the sources you provide and does not require a second GLM token; paste 1–5 public primary-source webpages.

怎样写作业Use It for Homework

保存原问题、你在每项材料后的判断、来源链接、暂时结论和不知道的地方。作业重点不是AI写了多少，而是你如何核对、解释和修改自己的判断。

Keep the original question, your judgment after each piece of evidence, source links, working conclusion and uncertainties. The task is how you checked evidence and revised your judgment.

研究边界Research Boundaries

搜索摘要不是原始证据，公司说法不是自动成立的事实，相关性不等于因果。网站不提供买入、卖出、目标价或其他投资建议。

Search snippets are not original evidence, company claims are not automatically facts, and correlation is not causation. The site does not provide buy, sell or target-price advice.

一份完整公司研究报告至少包括A complete company report includes

公司主体、研究问题和期间；
公司与历史、行业与价值链；
每类收入是什么、怎样挣钱、两年占比和同比变化；
商业模式与关键经营机制；
最近两个完整财年的 Common Size 与 YoY 财务分析；
成本、费用、资产、现金和当前挑战；
事实、推断、未知及可打开的一手来源。

Entity, question and period;
Company history, industry and value chain;
What each revenue category means, how it earns, and two-year share and growth;
Business model and operating mechanisms;
Common Size and YoY analysis for two complete fiscal years;
Cost, expense, assets, cash and current challenges;
Facts, inferences, unknowns and open primary sources.

开始研究Start Researching