china-sector-overview

Purpose

Create comprehensive A股行业/板块深度报告 covering market dynamics, competitive positioning, regulatory environment, key players, trading multiples, and thematic trends.

Data Sources

Primary: iFind MCP (Tier-1 付费) / AkShare MCP (Tier-2 免费备选)

get_industry_stocks(industry="白酒")     → 板块成分股
get_quote(ticker)                        → 个股行情、估值
get_financials(ticker, "income")         → 财务数据对比
get_index_data("000001")                 → 大盘基准
# News (china-news MCP — separate server)
get_stock_news(ticker="{{TICKER}}")          → 行业新闻
get_market_overview()                    → 涨幅榜/成交额榜

Secondary Sources

Source	Use
东方财富行业板块	Industry classification, sector indices
巨潮资讯	Company filings for competitive analysis
国家统计局 / 海关总署	Macro data (industry output, trade)
行业协会 (中汽协, 硅业分会, etc.)	Sector-specific statistics
Wind / Choice / 同花顺	Comprehensive sector data
券商研报	Analyst consensus and frameworks

Workflow

Step 1: Define Scope & Angle

Clarify:

• Sector / industry focus (e.g., 白酒, 半导体, 新能源汽车)
• Angle (e.g., investment theme, competitive analysis, turnaround story)
• Geographic scope (A-share only, or include HK-listed / US-listed Chinese)
• Time horizon (cyclical analysis, secular trends, near-term trade)

Step 2: Market Size & Structure

Industry overview:

Metric	Data	Source
Total market size	市场规模 (亿元/亿元)	国家统计局, 行业协会
Growth rate	同比增速 / CAGR	Historical data
Market share	CR5, CR10 concentration	Company filings
Penetration rate	For new industries	Industry reports
Export/import	进出口数据	海关总署

A-share representation:

• Number of listed companies in sector
• Total market cap (总市值 / 流通市值)
• Average PE / PB multiples
• Liquidity (average daily turnover)

Step 3: Competitive Landscape

Peer mapping:

# Get all stocks in an industry
get_industry_stocks(industry="白酒")

For each major player, pull:

get_quote(ticker)           → Price, market cap, multiples
get_financials(ticker)      → Revenue, margins, growth
get_stock_info(ticker)      → Business description

Competitive analysis table:

Company	Ticker	Market Cap (亿)	Revenue (亿)	YoY Growth	Gross Margin	Net Margin	PE (TTM)	Market Share

Competitive positioning:

• Market share trends (gaining or losing)
• Product positioning (premium, mid-tier, mass market)
• Geographic footprint (national vs regional)
• Distribution strength (渠道能力)
• Brand equity (品牌力)

Step 4: Trading Multiples & Valuation

Sector multiples:

Metric	Current	1Y High	1Y Low	5Y Average	Historical High	Historical Low
Average PE
Average PB
Average PS
EV/EBITDA

Multiple dispersion:

• Premium names (high multiple vs sector)
• Value names (low multiple vs sector)
• Historical range and where we are in cycle

Step 5: Policy Environment

China-specific policy analysis:

Policy Area	Current Status	Impact
产业政策	支持/限制/中性	Direct sector impact
环保政策	双碳目标	Cost structure impact
监管政策	集采/反垄断	Margin / market share impact
补贴政策	新能源/半导体补贴	Competitiveness impact
货币政策	宽松/中性/紧缩	Financing cost impact

Key regulatory bodies:

• 发改委 (NDRC) — industrial policy, pricing
• 工信部 (MIIT) — manufacturing, tech, telecom
• 生态环境部 (MEE) — environmental compliance
• 卫健委 (NHC) — healthcare, pharmaceuticals
• 证监会 (CSRC) — capital markets
• 央行 (PBoC) — monetary policy

Step 6: Key Drivers & Trends

Secular trends (3-5 year):

• Technology adoption (技术替代)
• Consumption upgrade/downgrade (消费升级/降级)
• Demographic shifts (人口结构)
• Supply chain localization (供应链国产化)
• Environmental transition (双碳/ESG)

Cyclical factors:

• Inventory cycles (库存周期)
• Capacity utilization (产能利用率)
• Pricing trends (价格趋势)
• Demand momentum (需求 momentum)

Step 7: Investment Themes

Thematic angles:

1. Policy-driven: 国产替代, 新基建, 乡村振兴
2. Demand-driven: 消费升级, 老龄化, 出海
3. Supply-driven: 产能出清, 行业整合, 龙头集中
4. Technology-driven: AI应用, 新能源, 生物医药创新

For each theme:

• Investment thesis
• Key names to express the theme
• Timeline and catalysts
• Risks and headwinds

Step 8: Trading Ideas

Ideas shortlist (from sector overview):

Idea	Ticker	Direction	Thesis	Catalyst	Risk
		Long / Short

Step 9: Report Structure

Standard A-share sector overview format:

【XX证券】[行业] 深度报告：[标题]

一、行业概述
   市场规模、增速、发展阶段

二、竞争格局
   主要玩家、市场份额、竞争要素

三、政策环境
   监管框架、产业政策、影响分析

四、财务分析
   行业盈利能力、ROE、杠杆水平

五、估值分析
   当前 multiples vs 历史 vs 国际对标

六、核心驱动因素
   长期趋势、短期催化、周期位置

七、投资建议
   重点标的、目标价、评级

八、风险提示
   政策风险、需求风险、竞争风险

China-Specific Considerations

A-share Market Structure

Feature	Description	Implication
涨跌停限制	±10% (main), ±20% (创业板/科创板)	Price discovery slower
散户占比高	Retail ~60-80% of turnover	More sentiment-driven
政策驱动	Government announcements move markets	Monitor policy closely
板块轮动	Sector rotation common	Timing important
北向资金	Foreign inflows tracked daily	Sentiment indicator

Industry Classification

Common sector classifications:

• 申万行业分类 (SW Industry) — most widely used
• 中信行业分类 (CITIC) — alternative
• 证监会行业分类 — regulatory standard
• 东方财富行业 — data vendor specific

Use get_industry_stocks(industry="...") with Chinese industry names.

Sector-Specific Metrics

Sector	Key Metrics
白酒	批价, 库存, 回款, 动销, 渠道库存
半导体	产能利用率, 出货量, ASP, 库存天数
新能源汽车	交付量, 单车收入, 电池成本, 渗透率
医药	创新药收入, 研发费用率, 集采中标
银行	NIM, 不良率, 拨备覆盖率, ROE
券商	经纪/投行/资管收入, 股基交易量, 两融余额
光伏	硅料/组件价格, 排产, 海外出货
房地产	销售额, 拿地, 融资成本, 去化周期
食品饮料	动销, 库存, 提价能力
互联网	DAU/MAU, ARPU, 收入增速, 利润率

Policy Risk Framework

High policy-sensitivity sectors:

1. 医药 — 集采 (volume-based procurement)
2. 互联网 — 反垄断, 数据安全
3. 教育 — 双减 (reduced private tutoring)
4. 金融 — 监管周期, 利率政策
5. 房地产 — 三道红线, 限购限贷
6. 新能源 — 补贴退坡, 产能过剩

Policy risk assessment:

• Current policy stance (支持/中性/限制)
• Upcoming regulatory events
• Historical policy impact patterns
• Best/worst case scenarios

Quality Checks

Before delivering:

• Industry definition clear and consistent
• Market size data sourced (统计局 or industry association)
• Competitive landscape covers top 5-10 players
• Financials sourced from iFind / AkShare / 巨潮
• Valuation multiples calculated consistently
• Policy environment analyzed
• Investment themes articulated
• Ideas shortlist included (3-5 names)
• Risk factors specific to China market included

Data Source Mode Switch: Set env var IFIND_DATA_SOURCE_MODE to control data source preference.

• ifind-only (strict): Use iFind only, error if unavailable
• ifind-fallback (default): iFind preferred, fallback to AkShare
• akshare-only: Skip iFind, use AkShare only