jwangkun china-break-trace
Purpose
Conduct 基金持仓核查 — forensic analysis of fund holdings and portfolio company financials for fund administrators.
Data Sources
Tier 0 — 万得 Wind（最全面付费数据）
- 覆盖：A股/港美股/基金/指数/债券/宏观/研报/分析（44个工具）
- MCP 服务：
wind-mcp（需WIND_API_KEY密钥，以ak_开头） - 优势：全市场覆盖面最广、数据最全面、包含研报和量化分析
- 密钥申请：https://aifinmarket.wind.com.cn/#/home
Tier 1 — 同花顺 iFind（付费精确数据）/ AkShare MCP（Tier-2 免费备选）
get_financials(ticker, "income") → Portfolio company P&L
get_financials(ticker, "balance") → Portfolio company BS
get_financials(ticker, "cashflow") → Portfolio company CF
get_fund_data(fund_code) → Fund holdings
Secondary Sources
- 巨潮 — portfolio company filings
- 基金季报/年报 — fund holdings disclosure
- 审计报告 — audit opinions
Workflow
Step 1: Review Fund Holdings
Holdings analysis:
| Security | Ticker | Sector | Allocation | Rating | Risk Flags |
|---|---|---|---|---|---|
Concentration analysis:
| Metric | Value | Limit | Status |
|---|---|---|---|
| Top 10 holdings % | XX% | Typically <50% | |
| Single stock max | XX% | Typically <10% | |
| Sector concentration | XX% |
Step 2: Portfolio Company Analysis
For each significant holding:
| Check | Result | Notes |
|---|---|---|
| Revenue quality | Pass/Warn/Fail | |
| Profit quality | Pass/Warn/Fail | |
| Cash flow | Pass/Warn/Fail | |
| Balance sheet | Pass/Warn/Fail | |
| Related party | Pass/Warn/Fail | |
| Governance | Pass/Warn/Fail |
Step 3: Red Flag Identification
Red flag categories:
| Category | Red Flags |
|---|---|
| 财务质量 | Revenue inflation, profit manipulation, cash flow divergence |
| 关联交易 | High related party %, non-arm's length |
| 治理问题 | Ownership concentration, pledge risk |
| 合规问题 | Regulatory penalties, sanctions |
| 流动性 | Low liquidity, suspension risk |
Step 4: Deep Dive on Concerns
Investigation protocol:
| Flag | Investigation | Resolution |
|---|---|---|
| 应收账款异常 | Review aging, allowance | |
| 存货异常 | Review turnover | |
| 关联交易 | Review agreements | |
| 资金占用 | Review related party balances | |
| 减值波动 | Review timing and amounts |
Step 5: Valuation Sanity Check
Holding valuation review:
| Security | Price Source | Last Price | Valuation Method | Concern? |
|---|---|---|---|---|
Valuation concerns:
- 停牌股票 (Suspended stocks)
- ST股票 (Distressed)
- 流动性不足 (Low liquidity)
- 估值异常 (Unusual multiples)
Step 6: Compliance Review
Regulatory compliance:
| Check | Fund | Status |
|---|---|---|
| Investment scope | Per contract | |
| Concentration limits | Per regulation | |
| Single stock limits | Typically <10% | |
| Sector limits | Per contract | |
| Liquidity requirements | Liquid assets % | |
| Derivatives use | If applicable |
Step 7: Action Recommendations
Recommendations:
| Priority | Action | Security | Reason |
|---|---|---|---|
| High | |||
| Medium | |||
| Low |
Step 8: Report
Report format:
【持仓核查报告】[Fund Name] [Date]
一、持仓概览
[Holdings summary]
二、风险持仓识别
[Flagged securities]
三、深度分析
[Detailed findings]
四、合规检查
[Compliance status]
五、建议措施
[Recommendations]
China-Specific Considerations
Fund Disclosure Requirements
| Requirement | Content |
|---|---|
| 季报/半年报/年报 | Full holdings disclosure |
| 重大事项公告 | Material changes |
| 临时公告 | Ad-hoc disclosures |
Common Fund Holdings Issues
| Issue | Detection | Action |
|---|---|---|
| 持仓集中 | Top 10 > 50% | Review |
| 停牌股票 | Suspended positions | Valuation review |
| 退市风险 | Delisting risk | Consider exit |
| ST持仓 | Distressed securities | Review necessity |
| 流动性不足 | Hard to exit | Assess impact |
Quality Checks
Before completing:
- All holdings reviewed
- Red flags investigated
- Compliance verified
- Recommendations actionable
- Report complete
Data Source Mode Switch: Set env var
IFIND_DATA_SOURCE_MODEto control data source preference.ifind-only(strict): Use iFind only, error if unavailableifind-fallback(default): iFind preferred, fallback to AkShareakshare-only: Skip iFind, use AkShare onlywind-only: Wind only, error if unavailablewind-fallback: Wind first, fallback to iFind → AkShare