earnings-analysis
寫 8 到 12 頁的財報更新研究報告，含 beat/miss 與修正預估
中文翻譯
---
name: earnings-analysis
description: 為已納入覆蓋的公司撰寫專業的股票研究財報更新報告（8 到 12 頁、3,000 到 5,000 字），分析季度業績。快速出稿的格式，聚焦在 beat/miss 分析、關鍵指標、更新後的預估和修正後的論點。包含 1 到 3 張摘要表和 8 到 12 張圖表。在使用者要求「earnings update」、「quarterly update」、「earnings analysis」、「Q1/Q2/Q3/Q4 results」或財報後報告時使用。
---
# 股票研究財報更新
撰寫專業的**財報更新報告（EARNINGS UPDATE REPORTS）**，分析已納入覆蓋的公司的季度業績，遵循機構標準（JPMorgan、Goldman Sachs、Morgan Stanley 的格式）。
**主要特徵：**
- **篇幅**：8 到 12 頁
- **字數**：3,000 到 5,000 字
- **表格**：1 到 3 張摘要表（不是完整報表）
- **圖表**：8 到 12 張
- **出稿時間**：1 到 2 天（財報發布後 24 到 48 小時內）
- **讀者**：已經熟悉該公司的客戶
- **焦點**：什麼是新的：beat/miss、更新後的預估、對論點的影響
- **字體**：全文使用 Times New Roman（除非使用者另行指定）
## 何時使用
使用者提出以下要求時使用：
- 「Create an earnings update for [Company] Q3 2024」
- 「Analyze [Company]'s quarterly results」
- 「Post-earnings report for [Company]」
- 「Q1/Q2/Q3/Q4 update for [Company]」
**以下情況不要用：**
- 使用者要求「initiation report」→ 用別的 skill
- 使用者要求「flash note」或「quick take」→ 格式不同
- 該公司還沒納入覆蓋 → 要先做 initiation
## 關鍵要求
### 1. 速度與時效
- 財報發布後 24 到 48 小時內出稿
- 只聚焦新資訊
- 不要大篇幅重述公司背景
### 2. Beat/Miss 分析
- 開頭先講公司是 beat 還是 miss 預估
- 把差異量化（例如「Revenue beat by $120M or 3%」）
- 解釋結果為什麼跟預期不同
### 3. 摘要格式
- 表格控制在 1 到 3 張（只放摘要，不放完整報表）
- 不放完整的損益表／現金流量表／資產負債表（只放關鍵指標）
- 假設讀者看過 initiation report
### 4. 引用與來源標註 ⭐⭐⭐ 必要
**關鍵**：所有資料都要正確引用，標明具體來源，並附可點擊的超連結。
**每一張圖和每一張表都要附具體引用，並帶可點擊的連結：**
```
Source: Q3 2024 10-Q filed November 8, 2024; Company earnings release
[Hyperlink "10-Q" to: https://www.sec.gov/cgi-bin/viewer?accession=...]
[Hyperlink "earnings release" to: https://investor.company.com/news/q3-2024]
```
**超連結在 Word 裡應該長這樣：**
- 文件名稱顯示為藍色、有底線的可點擊連結
- 讀者可以 Ctrl+Click 直接開啟來源
- 不是純文字 URL，而是帶顯示文字的格式化超連結
**必要的來源清單：**
每份財報更新都要引用：
- ✅ 財報新聞稿（附日期和 URL）
- ✅ 10-Q 申報文件（附申報日期和 EDGAR 連結）
- ✅ 財報電話會議逐字稿（附日期）
- ✅ 投資人簡報／補充資料（如果有）
- ✅ 共識預估的來源（Bloomberg/FactSet 等，附日期）
- ✅ 先前的 guidance（來自上一季的資料）
**附可點擊超連結的參考資料區：**
報告最後要有「Sources」區：
```
SOURCES & REFERENCES
Earnings Materials (Q3 2024):
• Earnings Release (November 7, 2024)
[Hyperlink entire line to: https://investor.company.com/news/q3-2024-earnings]
• Form 10-Q (Filed November 8, 2024)
[Hyperlink to: https://www.sec.gov/cgi-bin/viewer?accession=...]
• Earnings Call Transcript (November 7, 2024)
[Hyperlink to: https://seekingalpha.com/article/...]
• Investor Presentation (November 7, 2024)
[Hyperlink to: https://investor.company.com/presentations/q3-2024.pdf]
```
**驗證 Checklist：**
- [ ] 每張圖都有來源，註明具體文件和日期
- [ ] 每張表都有來源，註明文件出處
- [ ] Beat/miss 分析有引用共識預估的來源和日期
- [ ] Guidance 變動有引用目前和先前 guidance 的來源
- [ ] 關鍵統計數字有註腳
- [ ] Sources 區列出所有資料和 URL
- [ ] 所有 URL 都是可點擊的超連結（不是純文字）
- [ ] 所有 SEC 申報文件都連到 EDGAR viewer
### 5. 更新預估
- 依業績更新前瞻預估
- 清楚呈現新舊預估對照
- 解釋什麼變了、為什麼變
## 高階工作流程
財報更新流程分 5 個階段：
### 階段 1：資料蒐集（30 到 60 分鐘）
**🚨🚨🚨 關鍵：訓練資料已經過時 🚨🚨🚨**
**開始前，依序完成這 4 個步驟：**
1. **確認今天的日期**：把目前日期寫下來
2. **搜尋最新資料**：用 web search 搜尋「[Company] latest earnings results」
3. **驗證日期**：確認財報發布日在最近 3 個月內
4. **檢查逐字稿日期**：確認逐字稿日期與發布日吻合
**常見錯誤**：用訓練資料裡過時的財報電話會議，而不是去搜尋最新的。
**要求：**
- ✅ 搜尋最新財報，不要依賴訓練資料
- ✅ 寫下今天的日期和找到的發布日期
- ✅ 確認發布日期距今在 3 個月內
- ✅ 確認逐字稿日期與發布日期吻合
- ✅ 如果日期對不上或太舊（超過 3 個月），再搜尋一次
**詳細的搜尋程序和驗證步驟請見 [references/workflow.md](references/workflow.md)。**
### 階段 2：分析（2 到 3 小時）
- 對每個關鍵指標做 beat/miss 分析
- 分部／地區／產品拆解
- 利潤率與 guidance 分析
- 更新財務模型與預估
**詳細的分析框架請見 [references/workflow.md](references/workflow.md)。**
### 階段 3：產生圖表（1 到 2 小時）
製作 8 到 12 張圖表，聚焦季度趨勢和新資訊：
- 季度營收走勢
- 季度 EPS 走勢
- 季度利潤率趨勢
- 依分部／地區的營收
- 關鍵營運指標
- Beat/miss 摘要
- 預估修正
- 估值圖表
**圖表規格請見 [references/workflow.md](references/workflow.md)。**
### 階段 4：撰寫報告（2 到 3 小時）
製作 8 到 12 頁、有特定結構的 DOCX 報告。
**完整的逐頁範本和格式要求請見 [references/report-structure.md](references/report-structure.md)。**
**高階結構：**
- 第 1 頁：財報摘要，含評等與目標價
- 第 2 到 3 頁：詳細業績分析
- 第 4 到 5 頁：關鍵指標與 guidance
- 第 6 到 7 頁：更新後的投資論點
- 第 8 到 10 頁：估值與預估
- 第 11 到 12 頁：附錄（選用）
### 階段 5：品質檢查與交付（30 分鐘）
交付前驗證內容、格式、正確性和時效。
**品質 checklist 和要避免的常見錯誤請見 [references/best-practices.md](references/best-practices.md)。**
## 輸出規格
**主要交付物**：DOCX 報告（8 到 12 頁）
**檔名**：`[Company]_Q[Quarter]_[Year]_Earnings_Update.docx`
**範例**：`Nike_Q2_FY24_Earnings_Update.docx`
**內容：**
- 第 1 頁：摘要，含評等、目標價、關鍵重點
- 第 2 到 3 頁：詳細業績分析
- 第 4 到 5 頁：關鍵指標與 guidance
- 第 6 到 7 頁：更新後的論點評估
- 第 8 到 10 頁：估值與預估
- 第 11 到 12 頁：附錄（選用）
- 8 到 12 張嵌入的圖表
- 1 到 3 張摘要表
- 附可點擊超連結的完整 sources 區
**選用交付物**：XLS 模型更新（財報更新可不做）
## 與 Initiation Report 的主要差異
| 面向 | 財報更新 | Initiation Report |
|--------|----------------|-------------------|
| **篇幅** | 8 到 12 頁 | 30 到 50 頁 |
| **字數** | 3,000 到 5,000 | 10,000 到 15,000 |
| **表格** | 1 到 3 張摘要 | 12 到 20 張完整 |
| **圖表** | 8 到 12 | 25 到 35 |
| **出稿時間** | 1 到 2 天 | 3 到 6 週 |
| **範圍** | 季度業績 | 整間公司 |
| **焦點** | 什麼是新的 | 全部 |
| **公司背景** | 簡短帶過 | 6 到 10 頁 |
| **XLS 模型** | 選用 | 必要 |
## 資源
### references/workflow.md
階段 1 到 5 的詳細說明，包含資料蒐集、分析、圖表產生和報告撰寫的逐步程序。
### references/report-structure.md
DOCX 報告的完整逐頁範本、表格格式和格式要求。
### references/best-practices.md
好壞標題的範例、成功的訣竅、要避免的常見錯誤，以及完整的品質 checklist。
## 相依項目
**必要：**
- 用於產生圖表的 Python（matplotlib、pandas、seaborn）
- 用於建立報告的 DOCX skill
**選用：**
- 用於模型更新的 XLS skill（財報更新不一定要用）英文原文
---
name: earnings-analysis
description: Create professional equity research earnings update reports (8-12 pages, 3,000-5,000 words) analyzing quarterly results for companies already under coverage. Fast-turnaround format focusing on beat/miss analysis, key metrics, updated estimates, and revised thesis. Includes 1-3 summary tables and 8-12 charts. Use when user requests "earnings update", "quarterly update", "earnings analysis", "Q1/Q2/Q3/Q4 results", or post-earnings report.
---
# Equity Research Earnings Update
Create professional **EARNINGS UPDATE REPORTS** analyzing quarterly results for companies already under coverage, following institutional standards (JPMorgan, Goldman Sachs, Morgan Stanley format).
**Key Characteristics:**
- **Length**: 8-12 pages
- **Word Count**: 3,000-5,000 words
- **Tables**: 1-3 summary tables (NOT comprehensive)
- **Figures**: 8-12 charts
- **Turnaround**: 1-2 days (within 24-48 hours of earnings)
- **Audience**: Clients already familiar with the company
- **Focus**: What's NEW - beat/miss, updated estimates, thesis impact
- **Font**: Times New Roman throughout (unless user specifies otherwise)
## When to Use
Use when the user requests:
- "Create an earnings update for [Company] Q3 2024"
- "Analyze [Company]'s quarterly results"
- "Post-earnings report for [Company]"
- "Q1/Q2/Q3/Q4 update for [Company]"
**Do NOT use if:**
- User requests "initiation report" → Use different skill
- User requests "flash note" or "quick take" → Different format
- Company is not already covered → Need initiation first
## Critical Requirements
### 1. Speed & Timeliness
- Publish within 24-48 hours of earnings release
- Focus on NEW information only
- Don't rehash company background extensively
### 2. Beat/Miss Analysis
- Lead with whether company beat or missed estimates
- Quantify variances (e.g., "Revenue beat by $120M or 3%")
- Explain WHY results differed from expectations
### 3. Summary Format
- Keep tables to 1-3 (summary only, not comprehensive)
- No full P&L/Cash Flow/Balance Sheet (just key metrics)
- Assume reader has seen initiation report
### 4. Citations & Source Attribution ⭐⭐⭐ MANDATORY
**CRITICAL**: Properly cite all data with SPECIFIC sources and CLICKABLE HYPERLINKS.
**Include specific citations WITH CLICKABLE LINKS in every figure and table:**
```
Source: Q3 2024 10-Q filed November 8, 2024; Company earnings release
[Hyperlink "10-Q" to: https://www.sec.gov/cgi-bin/viewer?accession=...]
[Hyperlink "earnings release" to: https://investor.company.com/news/q3-2024]
```
**HOW HYPERLINKS SHOULD APPEAR IN WORD:**
- Document names appear as blue, underlined clickable links
- Reader can Ctrl+Click to open source directly
- Not plain text URLs - formatted hyperlinks with display text
**REQUIRED SOURCES LIST:**
Cite in every earnings update:
- ✅ Earnings release (with date and URL)
- ✅ 10-Q filing (with filing date and EDGAR link)
- ✅ Earnings call transcript (with date)
- ✅ Investor presentation/supplemental materials (if available)
- ✅ Consensus estimates source (Bloomberg/FactSet/etc. with date)
- ✅ Prior guidance (from previous quarter's materials)
**REFERENCE SECTION WITH CLICKABLE HYPERLINKS:**
Include "Sources" section at end of report:
```
SOURCES & REFERENCES
Earnings Materials (Q3 2024):
• Earnings Release (November 7, 2024)
[Hyperlink entire line to: https://investor.company.com/news/q3-2024-earnings]
• Form 10-Q (Filed November 8, 2024)
[Hyperlink to: https://www.sec.gov/cgi-bin/viewer?accession=...]
• Earnings Call Transcript (November 7, 2024)
[Hyperlink to: https://seekingalpha.com/article/...]
• Investor Presentation (November 7, 2024)
[Hyperlink to: https://investor.company.com/presentations/q3-2024.pdf]
```
**VERIFICATION CHECKLIST:**
- [ ] Every figure has source with specific document and date
- [ ] Every table has source with document reference
- [ ] Beat/miss analysis cites consensus source with date
- [ ] Guidance changes cite current and prior guidance sources
- [ ] Key statistics have footnotes
- [ ] Sources section lists all materials with URLs
- [ ] ALL URLs are CLICKABLE HYPERLINKS (not plain text)
- [ ] All SEC filings hyperlinked to EDGAR viewer
### 5. Updated Estimates
- Update forward estimates based on results
- Show old vs. new estimates clearly
- Explain what changed and why
## High-Level Workflow
The earnings update process follows 5 phases:
### Phase 1: Data Collection (30-60 minutes)
**🚨🚨🚨 CRITICAL: TRAINING DATA IS OUTDATED 🚨🚨🚨**
**BEFORE STARTING - COMPLETE THESE 4 STEPS IN ORDER:**
1. **CHECK TODAY'S DATE** - Write down the current date
2. **SEARCH FOR LATEST** - Use web search: "[Company] latest earnings results"
3. **VERIFY THE DATE** - Confirm earnings release is within last 3 months
4. **CHECK TRANSCRIPT DATE** - Verify transcript date matches release date
**COMMON MISTAKE**: Using outdated earnings calls from training data instead of searching for the latest.
**REQUIREMENTS:**
- ✅ Search for latest earnings - do NOT rely on training data
- ✅ Write down today's date and the release date found
- ✅ Verify release date is within 3 months of today
- ✅ Verify transcript date matches release date
- ✅ If dates don't match or are old (>3 months), search again
**See [references/workflow.md](references/workflow.md)** for detailed search procedures and verification steps.
### Phase 2: Analysis (2-3 hours)
- Beat/miss analysis for each key metric
- Segment/geographic/product breakdown
- Margin and guidance analysis
- Update financial model and estimates
**See [references/workflow.md](references/workflow.md)** for detailed analysis framework.
### Phase 3: Chart Generation (1-2 hours)
Create 8-12 charts focusing on quarterly trends and what's new:
- Quarterly revenue progression
- Quarterly EPS progression
- Quarterly margin trends
- Revenue by segment/geography
- Key operating metrics
- Beat/miss summary
- Estimate revisions
- Valuation charts
**See [references/workflow.md](references/workflow.md)** for chart specifications.
### Phase 4: Report Creation (2-3 hours)
Create 8-12 page DOCX report with specific structure.
**See [references/report-structure.md](references/report-structure.md)** for complete page-by-page templates and formatting requirements.
**High-level structure:**
- Page 1: Earnings summary with rating and price target
- Pages 2-3: Detailed results analysis
- Pages 4-5: Key metrics & guidance
- Pages 6-7: Updated investment thesis
- Pages 8-10: Valuation & estimates
- Pages 11-12: Appendix (optional)
### Phase 5: Quality Check & Delivery (30 minutes)
Verify content, formatting, accuracy, and timeliness before delivery.
**See [references/best-practices.md](references/best-practices.md)** for quality checklist and common mistakes to avoid.
## Output Specification
**Primary Deliverable**: DOCX report (8-12 pages)
**File Name**: `[Company]_Q[Quarter]_[Year]_Earnings_Update.docx`
**Example**: `Nike_Q2_FY24_Earnings_Update.docx`
**Contents:**
- Page 1: Summary with rating, price target, key takeaways
- Pages 2-3: Detailed results analysis
- Pages 4-5: Key metrics and guidance
- Pages 6-7: Updated thesis assessment
- Pages 8-10: Valuation and estimates
- Pages 11-12: Appendix (optional)
- 8-12 embedded charts
- 1-3 summary tables
- Complete sources section with clickable hyperlinks
**Optional Deliverable**: XLS model update (optional for earnings updates)
## Key Differences from Initiation Report
| Aspect | Earnings Update | Initiation Report |
|--------|----------------|-------------------|
| **Length** | 8-12 pages | 30-50 pages |
| **Words** | 3,000-5,000 | 10,000-15,000 |
| **Tables** | 1-3 summary | 12-20 comprehensive |
| **Figures** | 8-12 | 25-35 |
| **Turnaround** | 1-2 days | 3-6 weeks |
| **Scope** | Quarterly results | Complete company |
| **Focus** | What's NEW | Everything |
| **Company Background** | Brief mention | 6-10 pages |
| **XLS Model** | Optional | Required |
## Resources
### references/workflow.md
Detailed Phase 1-5 instructions with step-by-step procedures for data collection, analysis, chart generation, and report creation.
### references/report-structure.md
Complete page-by-page templates, table formats, and formatting requirements for the DOCX report.
### references/best-practices.md
Examples of good/bad headlines, tips for success, common mistakes to avoid, and comprehensive quality checklist.
## Dependencies
**Required:**
- Python (matplotlib, pandas, seaborn) for chart generation
- DOCX skill for report creation
**Optional:**
- XLS skill for model updates (not required for earnings updates)