initiating-coverage
分五個獨立任務產出機構等級的股票研究首次覆蓋報告
中文翻譯
---
name: initiating-coverage
description: 透過 5 個任務的工作流程，撰寫機構等級的股票研究 initiation 報告。任務必須逐一執行，且先驗證前置條件：(1) 公司研究、(2) 財務建模、(3) 估值分析、(4) 圖表產生、(5) 最終報告組裝。每個任務產出特定的交付物（markdown 文件、Excel 模型、圖表或 DOCX 報告）。任務 3 到 5 依賴前面的任務。
---
# 開始覆蓋（Initiating Coverage）
透過結構化的 5 任務工作流程，撰寫機構等級的股票研究 initiation 報告。每個任務都必須分開執行，並驗證輸入。
## 概覽
這個 skill 產出完整的首次覆蓋報告，遵循機構標準（JPMorgan、Goldman Sachs、Morgan Stanley 的格式）。任務逐一執行，每個任務在繼續之前都要驗證前置條件。
**預設字體**：所有文件全文使用 Times New Roman（除非使用者另行指定）。
---
## ⚠️ 關鍵：一次只做一個任務
**這個 skill 只在單一任務模式下運作。**
### 如果使用者要求完整流程
當使用者提出以下要求時：
- "Create a coverage initiation report for [Company]"
- "Write an initiation report for [Company]"
- "Do the entire equity research process for [Company]"
- "Complete all 5 tasks for [Company]"
- 任何暗示要執行多個任務或整個工作流程的請求
**必要的回應：**
1. **詢問要執行哪個特定任務：**
```
I can help you create an equity research initiation report for [Company].
This involves 5 separate tasks that need to be completed individually:
1. Company Research - Research business, management, industry
2. Financial Modeling - Build projection model
3. Valuation Analysis - DCF and comparable companies
4. Chart Generation - Create 25-35 charts
5. Report Assembly - Compile final report
Which task would you like to start with?
```
2. **當使用者明確要求一次做完所有任務：**
```
I understand you'd like to complete the entire initiation report pipeline.
Currently, this skill supports executing one task at a time, which allows
for better quality control and review at each stage.
We're working on a seamless end-to-end workflow that will make this process
more automated, but for now, we'll need to complete each task separately.
Would you like to start with Task 1 (Company Research)?
```
3. **絕對不要自動假設要從哪個任務開始**，一律請使用者確認。
4. **絕對不要連續執行多個任務**：完成一個任務、交付輸出，然後等使用者的下一個請求。
### 任務執行規則
- ✅ 每個使用者請求只執行一個任務
- ✅ 開始任務前一定要驗證前置條件
- ✅ 交付任務輸出並確認完成
- ✅ 等使用者明確要求下一個任務
- ❌ 絕對不要自動把多個任務串在一起
- ❌ 絕對不要假設使用者想繼續下一個任務
- ❌ 沒有驗證所需輸入存在之前，絕對不要執行任務 3 到 5
### ⚠️ 交付物政策：不准走捷徑
**只交付指定的輸出。不要多做額外的文件。**
每個任務都有明確指定的交付物。不要建立：
- ❌「完成摘要」
- ❌「執行摘要」
- ❌「快速參考指南」
- ❌「後續步驟文件」
- ❌「任務完成報告」
- ❌ 任何其他沒有明確指定的「貼心」文件
**原因**：這些多餘的東西會浪費 context，也不屬於專業的工作流程。
**該交付什麼**：
- ✅ 任務 1：研究文件（.md），**不要有其他東西**
- ✅ 任務 2：財務模型（.xlsx），**不要有其他東西**
- ✅ 任務 3：估值分析（.md）+ 加進任務 2 檔案的 Excel 分頁，**不要有其他東西**
- ✅ 任務 4：圖表 zip 檔（.zip），**不要有其他東西**
- ✅ 任務 5：最終報告（.docx），**不要有其他東西**
**如果某個交付物沒有列在上面，就不要建立它。**
---
## 任務選擇
選擇要執行哪個任務：
| 任務 | 名稱 | 前置條件 | 輸出 |
|------|------|--------------|--------|
| **1** | 公司研究 | 公司名稱／股票代號 | 6 到 8 千字的文件 |
| **2** | 財務建模 | 能取得 10-K 或財報 | Excel 模型（6 個分頁） |
| **3** | 估值分析 | 財務模型（任務 2） | 估值 + 目標價 |
| **4** | 圖表產生 | 任務 1、2、3 + 外部資料 | 25 到 35 張 PNG/JPG 圖表 |
| **5** | 報告組裝 | 所有前面的任務（1 到 4） | 30 到 50 頁的 DOCX 報告 |
---
## 如何使用這個 Skill
### 使用者請求模式與回應
**模式 1：使用者指定特定任務**
```
User: "Use initiating-coverage, Task 1 for Tesla"
Response: ✅ Execute Task 1 immediately
```
**模式 2：使用者要求「initiation report」或「完整流程」**
```
User: "Create a coverage initiation report for Tesla"
Response: ❌ DO NOT start any task automatically
✅ Ask which task to start with (see template above)
```
**模式 3：使用者想做「所有任務」或「整個工作流程」**
```
User: "I want to complete all 5 tasks for Tesla"
Response: ❌ DO NOT chain tasks together
✅ Explain one-at-a-time limitation (see template above)
✅ Ask if they want to start with Task 1
```
### 正確的使用範例
**執行單一任務：**
```
"Use initiating-coverage skill, Task 1 for Tesla"
"Do Task 2 of initiating-coverage for Tesla"
"Run Task 3 for Tesla using the initiating-coverage skill"
```
**完成完整報告（需要 5 次分開的請求）：**
```
Request 1: "Do Task 1 for Tesla" → Complete → Deliver outputs
Request 2: "Do Task 2 for Tesla" → Complete → Deliver outputs
Request 3: "Do Task 3 for Tesla" → Complete → Deliver outputs
Request 4: "Do Task 4 for Tesla" → Complete → Deliver outputs
Request 5: "Do Task 5 for Tesla" → Complete → Deliver outputs
```
### 任務執行順序
要完成一份完整的 initiation 報告，任務必須依這個順序，在分開的使用者請求中執行：
```
Request 1: Task 1 - Company Research (independent)
↓ [User reviews outputs and requests next task]
Request 2: Task 2 - Financial Modeling (independent)
↓ [User reviews outputs and requests next task]
Request 3: Task 3 - Valuation Analysis (requires Task 2 output)
↓ [User reviews outputs and requests next task]
Request 4: Task 4 - Chart Generation (requires Tasks 2 & 3 outputs)
↓ [User reviews outputs and requests next task]
Request 5: Task 5 - Report Assembly (requires ALL previous task outputs)
```
**注意**：任務 1 和 2 可以任意順序執行。任務 3 到 5 有嚴格的相依關係，繼續之前必須驗證輸入。
---
## 任務 1：公司研究
**目的**：研究公司的業務、管理層、競爭地位、產業和風險。
**前置條件**：✅ 無（完全獨立）
- 公司名稱或股票代號
**流程**：
1. 驗證有提供公司名稱／股票代號
2. 從 references/task1-company-research.md 載入詳細指示
3. 執行質化研究工作流程
4. 交付研究文件
**輸出**：公司研究文件（6,000 到 8,000 字）
- 公司概覽與歷史
- 管理層簡介（300 到 400 字 × 3 到 4 位高階主管）
- 產品與服務分析
- 產業概覽
- 競爭分析（5 到 10 個競爭對手）
- TAM 規模估算
- 風險評估（8 到 12 項風險）
**檔名**：`[Company]_Research_Document_[Date].md`
**⚠️ 只交付這 1 個檔案。不要有完成摘要，不要有額外文件。**
**⚠️ 不准走捷徑：**
- ✅ 寫滿完整的 6,000 到 8,000 字（不是摘要）
- ✅ 對所有 3 到 4 位高階主管，都完成 300 到 400 字的簡介
- ✅ 徹底分析所有 5 到 10 個競爭對手
- ✅ 涵蓋 4 大類中全部 8 到 12 項風險
- ❌ 不要為了省時間而縮寫段落
- ❌ 不要跳過任何必要的段落
**繼續之前的驗證**：這個任務不需要驗證。
---
## 任務 2：財務建模
**目的**：擷取歷史財務資料，並建立完整的 Excel 財務模型，包含預測和情境。
**前置條件**：⚠️ 開始前要驗證
- **必要**：能取得公司財務資料
- 上市公司：來自 SEC EDGAR 的最新 10-K
- 私人公司：財務報表或可取得的估計值
- 或者：使用者提供已擷取好的歷史財務資料
- **選用**：公司研究（任務 1），提供業務背景
**輸入驗證**：
```
BEFORE STARTING - Select approach:
Option A: Extract financials (most common)
- [ ] Have access to 10-K or financial statements?
- [ ] Ready to extract 3-5 years of data?
Option B: User provided pre-extracted financials
- [ ] Historical financials file received?
- [ ] Contains income statement, cash flow, balance sheet (3-5 years)?
Optional:
- [ ] Company research (Task 1) complete for context?
```
**流程**：
1. 驗證能取得財務資料
2. 從 references/task2-financial-modeling.md 載入詳細指示
3. **步驟 1**：擷取歷史財務資料（如有需要）
4. **步驟 2 以後**：建立含 6 個必要分頁的預測模型
5. 交付 Excel 模型
**輸出**：Excel 財務模型（.xlsx）
- 6 個必要分頁：
1. **Revenue Model**：產品拆解（20 到 30 列）+ 地區拆解（15 到 20 列）
2. **Income Statement**：完整損益表，含 40 到 50 個項目，歷史（3 到 5 年）+ 預測（5 年）
3. **Cash Flow Statement**：營業／投資／融資活動，歷史 + 預測
4. **Balance Sheet**：資產／負債／權益，歷史 + 預測
5. **Scenarios**：Bull/Base/Bear 比較表
6. **DCF Inputs**：為任務 3 的估值做準備
**檔名**：`[Company]_Financial_Model_[Date].xlsx`
**⚠️ 只交付這 1 個檔案。不要有完成摘要，不要有額外文件。**
**⚠️ 不准走捷徑：**
- ✅ 如果要擷取財務資料：擷取 3 大財報的所有項目（3 到 5 年）
- ✅ 完整建好全部 6 個預測分頁，細節齊全
- ✅ 建立詳細的營收模型，含 20 到 30 列產品和 15 到 20 列地區
- ✅ 建立完整的損益表，含 40 到 50 個項目（不要縮寫）
- ✅ 包含完整的現金流量表和資產負債表，所有項目都要有
- ✅ 完成全部三個情境（Bull/Base/Bear），參數各不相同
- ❌ 不要建立簡化／縮寫的版本
- ❌ 不要跳過 6 個必要分頁中的任何一個
- ❌ 如果需要，不要跳過歷史財務資料的擷取
**進入任務 3 之前的驗證**：
- [ ] 已擷取（如有需要）或已取得歷史財務資料
- [ ] Excel 檔案已建立且可以開啟
- [ ] 模型有全部 6 個必要分頁（Revenue Model、Income Statement、Cash Flow、Balance Sheet、Scenarios、DCF Inputs）
- [ ] 已納入歷史資料（3 到 5 年）
- [ ] 預測完整（往後 5 年）
- [ ] 情境完整（Bull/Base/Bear）
---
## 任務 3：估值分析
**目的**：使用 DCF、可比公司和先例交易進行完整的估值。
**前置條件**：⚠️ 開始前要驗證
- **必要**：任務 2 的財務模型
- 預測損益表
- 預測現金流
- 營收與 EBITDA 預測
- DCF 輸入（無槓桿 FCF）
**⚠️ 關鍵：任務 2 沒完成就不准開始這個任務**
這個任務需要任務 2 的財務模型。沒有它就開始，只會做出不完整的成果。
**如果任務 2 還沒完成**：立刻停下來，告訴使用者必須先完成任務 2（財務建模）。不要硬做，也不要建立佔位的估值。
**輸入驗證**：
```
BEFORE STARTING:
- [ ] Task 2 complete? (Financial model exists)
- [ ] Model file path/location known?
- [ ] Can access projected financials from model?
Required from model:
- [ ] Projected FCF (5 years)
- [ ] Revenue projections
- [ ] EBITDA projections
- [ ] Terminal year metrics
```
**流程**：
1. 驗證能取用財務模型
2. 從 references/task3-valuation.md 載入詳細指示
3. 執行估值工作流程
4. 交付估值分析
**輸出**：估值分析（4 到 6 頁 + Excel 分頁）
- 含敏感度表的 DCF 分析
- 可比公司（5 到 10 家同業，附統計摘要）
- 先例交易（如適用）
- 估值 football field 圖
- **目標價**：$XX.XX
- **建議**：BUY/HOLD/SELL
- **上檔空間**：XX%
- 關鍵催化劑（3 到 5 個）
**檔案**：
- `[Company]_Valuation_Analysis_[Date].md`（書面分析文件）
- 加進 `[Company]_Financial_Model_[Date].xlsx`（來自任務 2）的 Excel 分頁
- 含計算的 DCF 分頁
- 敏感度分析分頁
- 可比公司分頁
- 估值摘要分頁
**⚠️ 只交付：1 個 markdown 檔 + 加進既有 Excel 的 4 個分頁。不要有完成摘要，不要有額外文件。**
**⚠️ 不准走捷徑：**
- ✅ 完成完整的 DCF 分析和敏感度矩陣（不要簡化）
- ✅ 用完整資料分析所有 5 到 10 家可比公司
- ✅ 在 comps 表中納入統計摘要（max/75th/median/25th/min）
- ✅ 建立完整的敏感度分析分頁，涵蓋多種 WACC 和終端成長率情境
- ✅ 寫滿完整的 4 到 6 頁估值分析（不要縮寫）
- ✅ 研究並以具體方法論論證目標價
- ❌ 不要跳過可比公司分析
- ❌ 不要建立沒有敏感度的簡化 DCF
**進入任務 4 之前的驗證**：
- [ ] 已決定目標價
- [ ] 估值使用多種方法（至少 DCF + Comps）
- [ ] DCF 敏感度表完整
- [ ] 可比公司表包含統計摘要
---
## 任務 4：圖表產生
**目的**：為報告產生 25 到 35 張專業的財務圖表。
**前置條件**：⚠️ 開始前要驗證
- **必要**：任務 1 的公司研究
- 公司歷史與里程碑（用於時間軸圖表）
- 管理團隊與組織結構（用於組織圖）
- 產品組合（用於產品圖表）
- 客戶區隔（用於客戶圖表）
- 競爭格局（用於競爭圖表）
- TAM 分析（用於市場規模圖表）
- **必要**：任務 2 的財務模型（已加入任務 3 的估值分頁）
- 依產品／地區的營收資料（任務 2 分頁）
- 利潤率趨勢（任務 2 分頁）
- 情境比較資料（任務 2 分頁）
- DCF 敏感度表（同一個 Excel 檔中的任務 3 分頁）
- 可比公司資料（同一個 Excel 檔中的任務 3 分頁）
- 估值區間（同一個 Excel 檔中的任務 3 分頁）
- **必要**：外部市場資料
- 歷史股價資料（Yahoo Finance、Bloomberg 等）
- 歷史估值倍數（用於歷史趨勢圖表）
**⚠️ 關鍵：任務 1、2、3 沒全部完成就不准開始這個任務**
這個任務需要前面三個任務的所有輸出。沒有它們就開始，只會做出不完整的圖表。
**如果任務 1、2、3 有任何一個還沒完成**：立刻停下來，告訴使用者哪些任務要先完成。具體要求如下：
- 任務 1：公司研究文件（供 9 張圖表使用）
- 任務 2：含全部 6 個分頁的財務模型（供 8 張圖表使用）
- 任務 3：加進模型的估值分頁（供 6 張圖表使用）
- 外部資料存取（供 2 張圖表使用）
不要因為缺資料就建立佔位圖表或跳過圖表。
**輸入驗證**：
```
BEFORE STARTING:
- [ ] Task 1 complete? (Company research exists)
- [ ] Task 2 complete? (Financial model exists)
- [ ] Task 3 complete? (Valuation analysis exists)
- [ ] Can access external market data sources?
Required from Task 1:
- [ ] Company history and milestones (for charts 05, 06)
- [ ] Management team structure (for chart 07)
- [ ] Product portfolio details (for chart 08)
- [ ] Customer segmentation data (for chart 09)
- [ ] Competitive landscape analysis (for charts 16, 17, 18)
- [ ] TAM sizing and market data (for chart 15)
Required from Task 2:
- [ ] Revenue by product (historical + projected) - for chart 03 ⭐
- [ ] Revenue by geography (historical + projected) - for chart 04 ⭐
- [ ] Income statement with margins (for charts 02, 10, 11)
- [ ] Cash flow statement (for chart 12)
- [ ] Scenario comparison data (for chart 14)
Required from Task 3:
- [ ] DCF sensitivity matrix - for chart 28 ⭐
- [ ] DCF components (for chart 29)
- [ ] Comparable companies data (for charts 30, 31)
- [ ] Valuation ranges - for chart 32 ⭐
Required from External Sources:
- [ ] Historical stock price data (for chart 01)
- [ ] Historical valuation multiples (for chart 34)
```
**流程**：
1. 驗證能取用模型和估值輸出
2. 從 references/task4-chart-generation.md 載入詳細指示
3. 執行圖表產生工作流程
4. 把所有圖表打包成 zip 檔
5. 交付 zip 檔
**輸出**：25 到 35 個專業圖表檔案（PNG/JPG，300 DPI），打包成 zip
**4 張必備圖表**（一定要有）⭐：
- chart_03：依產品的營收（堆疊面積圖）
- chart_04：依地區的營收（堆疊長條圖）
- chart_28：DCF 敏感度（雙向熱力圖）
- chart_32：估值 football field（水平長條圖）
**25 張必要圖表**（具體清單）：
- 投資摘要：chart_01
- 財務表現：charts 02、03⭐、04⭐、10、11、12、14
- Company 101：charts 05、06、07、08、09、15、16
- 競爭／市場：charts 17、18
- 情境分析：chart 13
- 估值：charts 28⭐、29、30、31、32⭐、33、34
**10 張選用圖表**（用於 26 到 35 張的範圍）：
- charts 19-27、35（客戶獲取、單位經濟、產品 roadmap 等）
**重要**：任務 5 會嵌入所有做出來的圖表（25 到 35 張），以達到視覺密度（每 200 到 300 字一張圖）。
**檔案命名**：`chart_01_description.png`、`chart_02_description.png` 等。
**交付物**：`[Company]_Charts_[Date].zip`，內含全部 25 到 35 個圖表檔 + chart_index.txt
**⚠️ 只交付這 1 個 zip 檔。不要有完成摘要，不要有另外的圖表清單，不要有額外文件。**
**⚠️ 不准走捷徑：**
- ✅ 至少建立全部 25 張必要圖表（具體清單在 task4-chart-generation.md）
- ✅ 包含全部 4 張必備圖表：
- chart_03：依產品的營收（堆疊面積圖）⭐
- chart_04：依地區的營收（堆疊長條圖）⭐
- chart_28：DCF 敏感度（熱力圖）⭐
- chart_32：估值 football field ⭐
- ✅ 選用：再加 1 到 10 張，達到總共 26 到 35 張，增加視覺密度
- ✅ 產生 300 DPI 的專業品質圖表（不是低解析度的佔位圖）
- ✅ 每個視覺化都建立獨特、排版良好的圖表
- ✅ 把所有圖表連同圖表索引打包成 zip 檔
- ❌ 不要只做 10 到 15 張圖表（最低是 25 張）
- ❌ 不要跳過 4 張必備圖表中的任何一張
- ❌ 不要用低品質／佔位圖片
**進入任務 5 之前的驗證**：
- [ ] 至少建立 25 個圖表檔（必要）
- [ ] 4 張必備圖表都有：
- [ ] chart_03：依產品的營收 ⭐
- [ ] chart_04：依地區的營收 ⭐
- [ ] chart_28：DCF 敏感度 ⭐
- [ ] chart_32：估值 football field ⭐
- [ ] 所有圖表都能開啟且顯示正常
- [ ] 圖表以 300 DPI 儲存（列印品質）
- [ ] 已建立圖表索引，依類別列出所有檔案
- [ ] 所有圖表都打包進 zip 檔
- [ ] 檔案命名遵循慣例：chart_##_description.png
---
## 任務 5：報告組裝
**目的**：撰寫並組裝完整的最終 DOCX 報告。
**前置條件**：⚠️ 開始前要驗證
- **必要**：任務 1 的公司研究
- 全部 6 到 8 千字的內容
- 管理層簡介
- 競爭分析
- 風險評估
- **必要**：任務 2 的財務模型
- Excel 活頁簿
- 所有預測與情境
- **必要**：任務 3 的估值分析
- 目標價與建議
- DCF、comps、先例交易
- 所有估值資料
- **必要**：任務 4 的圖表檔案
- 內含全部 25 到 35 個 PNG/JPG 檔案的 zip 檔
- zip 內含圖表索引
**⚠️ 關鍵：任務 1 到 4 沒全部完成就不准開始這個任務**
這是最後的組裝任務。沒有前面所有的成果，就無法完成。
**如果任務 1、2、3、4 有任何一個還沒完成**：立刻停下來，告訴使用者哪些任務要先完成。具體要求如下：
- 任務 1：公司研究文件（6 到 8 千字）
- 任務 2：含全部 6 個分頁的財務模型
- 任務 3：含目標價與建議的估值分析
- 任務 4：含 25 到 35 張圖表的 zip 檔
不要建立佔位內容、不要替換缺少的段落、也不要組裝不完整的報告。報告需要所有輸入，才能達到可發布的水準。
**輸入驗證**：
```
BEFORE STARTING - ALL TASKS MUST BE COMPLETE:
Task 1 Verification:
- [ ] Company research document exists? (6-8K words)
- [ ] Management bios complete? (300-400 words × 3-4 execs)
- [ ] Competitive analysis complete? (5-10 competitors)
- [ ] Risk assessment complete? (8-12 risks)
Task 2 Verification:
- [ ] Financial model exists and can be opened?
- [ ] Model has projections (5 years)?
- [ ] Scenarios exist (Bull/Base/Bear)?
Task 3 Verification:
- [ ] Valuation analysis complete?
- [ ] Price target determined?
- [ ] Recommendation set? (BUY/HOLD/SELL)
- [ ] DCF and comps complete?
Task 4 Verification:
- [ ] Chart zip file exists?
- [ ] Can extract/access all 25-35 chart files from zip?
- [ ] All 4 mandatory charts present?
- [ ] Revenue by product (stacked area)
- [ ] Revenue by geography (stacked bar)
- [ ] DCF sensitivity (heatmap)
- [ ] Valuation football field
- [ ] Chart files accessible and can be opened?
IF ANY VERIFICATION FAILS: Stop and complete missing task first.
```
**流程**：
1. **關鍵**：開始前驗證所有前置條件
2. 從 references/task5-report-assembly.md 載入詳細指示
3. 使用 Claude 內建的 skill 執行報告組裝工作流程：
- **用 DOCX skill** 建立並操作 Word 文件
- **用 XLSX skill** 讀取任務 2/3 的 Excel 資料
- **用 Read 工具** 讀取任務 1 和任務 3 的 markdown 檔案
- 讀取任務 1 的 .md 檔 → 轉成 Word 格式 → 把圖表以行內方式插入
- 讀取任務 2 的 .xlsx 檔 → 擷取表格 → 撰寫量化分析
- 讀取任務 3 的 .md 檔 + Excel 分頁 → 複製／改寫估值分析
- 用 DOCX skill 把任務 4 的 .png 圖表檔插入各處
- 製作以文字為主的報告，每 200 到 300 字穿插一張圖表
4. 儲存並交付最終 DOCX 報告
**關鍵原則**：
- 使用 Claude 的 DOCX 和 XLSX skill（不要用 Python 函式庫）
- 使用實際的檔案操作（讀 .md/.xlsx/.png 檔、寫 .docx 檔）
- 好的股票研究報告文字密集，並配有大量說明用的圖片（頁面覆蓋率 60 到 80%，每頁至少 1 張圖表）
**🔥 關鍵：這個任務要全力以赴**
**這是最終交付物。不准走捷徑。**
- ✅ **用滿全部 token 預算**：這是前面所有工作的總結
- ✅ **每個段落都寫完整**：不要摘要或縮寫
- ✅ **達到所有最低要求**：30 頁以上、10,000 字以上、25 張以上圖表、12 張以上表格
- ✅ **預測假設要徹底**：2,000 到 3,000 字，逐產品詳述
- ✅ **情境要全面**：1,500 到 2,000 字，附具體的 Bull/Base/Bear 參數
- ✅ **插入任務 4 的所有圖表**：不是只放幾張，是全部 25 到 35 張，穿插在整份報告中
- ✅ **建立任務 2/3 的所有表格**：擷取每一張財務表，一張都不要漏
- ✅ **逐字使用任務 1 的內容**：複製／貼上完整的 Company 101 段落（6 到 8 千字）
- ✅ **只接受專業品質**：必須跟 JPMorgan/Goldman Sachs 的研究報告看不出差別
**絕對不准：**
- ❌ 「這個段落會包含…」：去寫實際的段落
- ❌ 「圖表會插入在這裡…」：去插入實際的圖表
- ❌ 「詳見財務模型」：去擷取並放進細節
- ❌ 因為太長就跳過段落：每個段落都必須完整
- ❌ 為了節省 token 而縮寫：需要多少 token 就用多少
**這是可發布的機構等級研究。不要吝惜任何力氣、token 或細節。**
**輸出**：完整的股票研究報告（.docx）
**規格**：
- **篇幅**：30 到 50 頁（最少 30）
- **字數**：10,000 到 15,000 字（最少 10,000）
- **圖表**：25 到 35 張嵌入的圖片
- **表格**：12 到 20 張完整的表格
- **格式**：專業的 DOCX，含可點擊的超連結
**結構**：
- 第 1 頁：投資摘要（INITIATING COVERAGE 格式）
- 第 2 到 5 頁：投資論點與風險
- 第 6 到 17 頁：Company 101
- 第 18 到 30 頁：財務分析與預測
- 第 31 到 40 頁：估值分析
- 第 41 到 50 頁：附錄
**檔名**：`[Company]_Initiation_Report_[Date].docx`
**⚠️ 只交付這 1 個 DOCX 檔。不要有執行摘要，不要有「重點」文件，不要有額外檔案。**
**最終驗證**：
- [ ] 報告 30 到 50 頁
- [ ] 字數 10,000 到 15,000
- [ ] 嵌入 25 到 35 張圖表
- [ ] 包含 12 到 20 張表格
- [ ] 所有引用都是可點擊的超連結
- [ ] 數字與財務模型完全吻合
---
## 輸入驗證協定
### 為什麼輸入驗證很重要
每個任務都有嚴格的前置條件。沒有所需輸入就執行任務，會：
- 因為做出不完整的成果而浪費時間
- 產出低品質的輸出
- 需要重做
**開始任務之前，一定要驗證輸入。**
### 各任務的驗證 Checklist
**任務 1**：✅ 不需要驗證（獨立）
**任務 2**：檢查有沒有歷史財務資料
**任務 3**：檢查財務模型存在且可取用
**任務 4**：檢查模型（任務 2）和估值（任務 3）都存在
**任務 5**：檢查所有前面的任務都完成（1、2、3、4）
### 驗證失敗時該怎麼做
```
IF prerequisites are missing:
1. Stop the current task
2. Identify which prerequisite task(s) need to be completed
3. Execute the missing task(s) first
4. Return to current task once prerequisites are met
```
### 驗證對話範例
```
User: "Use initiating-coverage, Task 5 for Tesla"
Claude: "Starting Task 5: Report Assembly for Tesla
VERIFICATION - Checking prerequisites:
- Task 1 (Company research)... ❌ NOT FOUND
- Task 2 (Financial model)... ❌ NOT FOUND
- Task 3 (Valuation)... ❌ NOT FOUND
- Task 4 (Charts)... ❌ NOT FOUND
⚠️ VERIFICATION FAILED
Task 5 requires ALL previous tasks to be complete.
To proceed:
1. Complete Task 1: Company Research
2. Complete Task 2: Financial Modeling
3. Complete Task 3: Valuation Analysis
4. Complete Task 4: Chart Generation
5. Then return to Task 5
Would you like to start with Task 1 first?"
```
---
## 任務參考檔案
每個任務的詳細指示放在獨立的參考檔案裡，讓這個 skill 保持精簡：
- **references/task1-company-research.md** - 公司研究工作流程
- **references/task2-financial-modeling.md** - 財務建模工作流程
- **references/task3-valuation.md** - 估值方法論
- 另見：references/valuation-methodologies.md，有 DCF/comps 的深入說明
- **references/task4-chart-generation.md** - 圖表產生工作流程
- **references/task5-report-assembly.md** - 報告撰寫工作流程
- 另見：assets/report-template.md，有報告結構
- 另見：assets/quality-checklist.md，有品質檢查
**何時載入參考檔案**：只載入跟當前正在執行的任務相關的那一個參考檔案。這些檔案非常大，不要一次載入多個。在任務一開始就讀取對應的任務參考檔案，取得詳細的逐步指示。
---
## 品質標準
所有輸出都符合領先投資銀行（JPMorgan、Goldman Sachs、Morgan Stanley）的機構標準：
- **完整**：滿足所有最低要求
- **詳細**：具體的資料和例子，不是籠統的陳述
- **量化**：以數字和指標開頭
- **有引用**：有適當的來源和可點擊的超連結
- **專業**：機構等級的格式
- **正確**：所有數字都經過驗證與交叉核對
---
## 重要注意事項
### 任務獨立性
- **任務 1** 隨時可以執行（沒有相依）
- **任務 2** 隨時可以執行（只需要歷史資料）
- **任務 1 和 2** 可以平行執行
- **任務 3** 需要任務 2
- **任務 4** 需要任務 2 和 3
- **任務 5** 需要任務 1、2、3 和 4
### Session 管理
**同一個 session**：輸出會自動提供給後續任務使用
**不同的 session**：要明確引用先前任務的輸出
```
"Use Task 3 with the model from yesterday at [path]"
"Use Task 5 with the research document at [path]"
```
### 檔案組織
工作流程中建議的結構：
```
ProjectFolder/
├── Task1_Research/
│ └── [Company]_Research_Document.md
├── Task2_Model/
│ └── [Company]_Financial_Model.xlsx
├── Task3_Valuation/
│ └── [Company]_Valuation_Analysis.pdf
├── Task4_Charts/
│ ├── chart_01.png
│ └── ... (25-35 files)
└── Task5_Report/
└── [Company]_Initiation_Report.docx
```
### 不支援端到端執行
這個 skill **不**支援自動依序執行所有任務。每個任務都必須明確請求並驗證。
**原因**：這樣能確保：
- 每個階段都有品質控管
- 繼續之前可以審閱輸出
- 可以彈性暫停／恢復工作流程
- 前置條件有清楚的驗證
---
## 成功標準
一個成功的 initiation 報告工作流程應該：
1. 依序完成全部 5 個任務
2. 通過所有輸入驗證
3. 滿足所有品質標準
4. 產出所有必要的交付物
5. 各輸出之間的數字能交叉核對
6. 最終報告達到可發布的水準
**輸出品質**：機構等級（JPMorgan/Goldman/Morgan Stanley 水準）
**使用情境**：對公司的首次完整覆蓋英文原文
---
name: initiating-coverage
description: Create institutional-quality equity research initiation reports through a 5-task workflow. Tasks must be executed individually with verified prerequisites - (1) company research, (2) financial modeling, (3) valuation analysis, (4) chart generation, (5) final report assembly. Each task produces specific deliverables (markdown docs, Excel models, charts, or DOCX reports). Tasks 3-5 have dependencies on earlier tasks.
---
# Initiating Coverage
Create institutional-quality equity research initiation reports through a structured 5-task workflow. Each task must be executed separately with verified inputs.
## Overview
This skill produces comprehensive first-time coverage reports following institutional standards (JPMorgan, Goldman Sachs, Morgan Stanley format). Tasks are executed individually, each verifying prerequisites before proceeding.
**Default Font**: Times New Roman throughout all documents (unless user specifies otherwise).
---
## ⚠️ CRITICAL: One Task at a Time
**THIS SKILL OPERATES IN SINGLE-TASK MODE ONLY.**
### If User Requests Full Pipeline
When user requests:
- "Create a coverage initiation report for [Company]"
- "Write an initiation report for [Company]"
- "Do the entire equity research process for [Company]"
- "Complete all 5 tasks for [Company]"
- Any request that implies running multiple tasks or the entire workflow
**REQUIRED RESPONSE:**
1. **Ask which specific task to perform:**
```
I can help you create an equity research initiation report for [Company].
This involves 5 separate tasks that need to be completed individually:
1. Company Research - Research business, management, industry
2. Financial Modeling - Build projection model
3. Valuation Analysis - DCF and comparable companies
4. Chart Generation - Create 25-35 charts
5. Report Assembly - Compile final report
Which task would you like to start with?
```
2. **When user explicitly requests all tasks together:**
```
I understand you'd like to complete the entire initiation report pipeline.
Currently, this skill supports executing one task at a time, which allows
for better quality control and review at each stage.
We're working on a seamless end-to-end workflow that will make this process
more automated, but for now, we'll need to complete each task separately.
Would you like to start with Task 1 (Company Research)?
```
3. **Never automatically assume which task to start** - always ask user to confirm.
4. **Never execute multiple tasks in sequence** - complete one task, deliver outputs, then wait for next user request.
### Task Execution Rules
- ✅ Execute exactly ONE task per user request
- ✅ Always verify prerequisites before starting a task
- ✅ Deliver task outputs and confirm completion
- ✅ Wait for user to explicitly request the next task
- ❌ Never chain multiple tasks together automatically
- ❌ Never assume user wants to proceed to next task
- ❌ Never execute Tasks 3-5 without verifying required inputs exist
### ⚠️ Deliverables Policy: NO SHORTCUTS
**DELIVER ONLY THE SPECIFIED OUTPUTS. DO NOT CREATE EXTRA DOCUMENTS.**
Each task specifies exact deliverables. Do NOT create:
- ❌ "Completion summaries"
- ❌ "Executive summaries"
- ❌ "Quick reference guides"
- ❌ "Next steps documents"
- ❌ "Task completion reports"
- ❌ Any other "helpful" documentation not explicitly specified
**Why**: These extras waste context and are not part of the professional workflow.
**What TO deliver**:
- ✅ Task 1: Research document (.md) — **NOTHING ELSE**
- ✅ Task 2: Financial model (.xlsx) — **NOTHING ELSE**
- ✅ Task 3: Valuation analysis (.md) + Excel tabs added to Task 2 file — **NOTHING ELSE**
- ✅ Task 4: Charts zip file (.zip) — **NOTHING ELSE**
- ✅ Task 5: Final report (.docx) — **NOTHING ELSE**
**If a deliverable is not listed above, DO NOT CREATE IT.**
---
## Task Selection
Select which task to execute:
| Task | Name | Prerequisites | Output |
|------|------|--------------|--------|
| **1** | Company Research | Company name/ticker | 6-8K word document |
| **2** | Financial Modeling | 10-K or financials access | Excel model (6 tabs) |
| **3** | Valuation Analysis | Financial model (Task 2) | Valuation + price target |
| **4** | Chart Generation | Tasks 1, 2, 3 + external data | 25-35 PNG/JPG charts |
| **5** | Report Assembly | ALL previous tasks (1-4) | 30-50 page DOCX report |
---
## How to Use This Skill
### User Request Patterns and Responses
**Pattern 1: User specifies a specific task**
```
User: "Use initiating-coverage, Task 1 for Tesla"
Response: ✅ Execute Task 1 immediately
```
**Pattern 2: User asks for "initiation report" or "full pipeline"**
```
User: "Create a coverage initiation report for Tesla"
Response: ❌ DO NOT start any task automatically
✅ Ask which task to start with (see template above)
```
**Pattern 3: User wants to do "all tasks" or "entire workflow"**
```
User: "I want to complete all 5 tasks for Tesla"
Response: ❌ DO NOT chain tasks together
✅ Explain one-at-a-time limitation (see template above)
✅ Ask if they want to start with Task 1
```
### Correct Usage Examples
**Executing a single task:**
```
"Use initiating-coverage skill, Task 1 for Tesla"
"Do Task 2 of initiating-coverage for Tesla"
"Run Task 3 for Tesla using the initiating-coverage skill"
```
**Completing full report (requires 5 separate requests):**
```
Request 1: "Do Task 1 for Tesla" → Complete → Deliver outputs
Request 2: "Do Task 2 for Tesla" → Complete → Deliver outputs
Request 3: "Do Task 3 for Tesla" → Complete → Deliver outputs
Request 4: "Do Task 4 for Tesla" → Complete → Deliver outputs
Request 5: "Do Task 5 for Tesla" → Complete → Deliver outputs
```
### Task Execution Order
For a complete initiation report, tasks must be executed in separate user requests following this order:
```
Request 1: Task 1 - Company Research (independent)
↓ [User reviews outputs and requests next task]
Request 2: Task 2 - Financial Modeling (independent)
↓ [User reviews outputs and requests next task]
Request 3: Task 3 - Valuation Analysis (requires Task 2 output)
↓ [User reviews outputs and requests next task]
Request 4: Task 4 - Chart Generation (requires Tasks 2 & 3 outputs)
↓ [User reviews outputs and requests next task]
Request 5: Task 5 - Report Assembly (requires ALL previous task outputs)
```
**Note**: Tasks 1 and 2 can be run in any order. Tasks 3-5 have strict dependencies and must verify inputs before proceeding.
---
## Task 1: Company Research
**Purpose**: Research company's business, management, competitive position, industry, and risks.
**Prerequisites**: ✅ None (fully independent)
- Company name or ticker symbol
**Process**:
1. Verify company name/ticker provided
2. Load detailed instructions from references/task1-company-research.md
3. Execute qualitative research workflow
4. Deliver research document
**Output**: Company Research Document (6,000-8,000 words)
- Company overview & history
- Management bios (300-400 words × 3-4 execs)
- Products & services analysis
- Industry overview
- Competitive analysis (5-10 competitors)
- TAM sizing
- Risk assessment (8-12 risks)
**File name**: `[Company]_Research_Document_[Date].md`
**⚠️ DELIVER ONLY THIS 1 FILE. NO completion summaries, no extra documents.**
**⚠️ DO NOT TAKE SHORTCUTS:**
- ✅ Write full 6,000-8,000 words (not summaries)
- ✅ Complete 300-400 word bios for ALL 3-4 executives
- ✅ Analyze ALL 5-10 competitors thoroughly
- ✅ Cover all 8-12 risks across 4 categories
- ❌ Do not abbreviate sections to save time
- ❌ Do not skip any required sections
**Verification before proceeding**: None required for this task.
---
## Task 2: Financial Modeling
**Purpose**: Extract historical financials and build comprehensive Excel financial model with projections and scenarios.
**Prerequisites**: ⚠️ Verify before starting
- **Required**: Access to company financial data
- For public companies: Latest 10-K from SEC EDGAR
- For private companies: Financial statements or available estimates
- OR: Pre-extracted historical financials provided by user
- **Optional**: Company research (Task 1) for business context
**Input Verification**:
```
BEFORE STARTING - Select approach:
Option A: Extract financials (most common)
- [ ] Have access to 10-K or financial statements?
- [ ] Ready to extract 3-5 years of data?
Option B: User provided pre-extracted financials
- [ ] Historical financials file received?
- [ ] Contains income statement, cash flow, balance sheet (3-5 years)?
Optional:
- [ ] Company research (Task 1) complete for context?
```
**Process**:
1. Verify access to financial data
2. Load detailed instructions from references/task2-financial-modeling.md
3. **Step 1**: Extract historical financials (if needed)
4. **Step 2+**: Build projection model with 6 essential tabs
5. Deliver Excel model
**Output**: Excel Financial Model (.xlsx)
- 6 essential tabs:
1. **Revenue Model** - Product breakdown (20-30 rows) + Geography breakdown (15-20 rows)
2. **Income Statement** - Full P&L with 40-50 line items, historical (3-5 years) + projected (5 years)
3. **Cash Flow Statement** - Operating/Investing/Financing activities, historical + projected
4. **Balance Sheet** - Assets/Liabilities/Equity, historical + projected
5. **Scenarios** - Bull/Base/Bear comparison table
6. **DCF Inputs** - Prepared for Task 3 valuation
**File name**: `[Company]_Financial_Model_[Date].xlsx`
**⚠️ DELIVER ONLY THIS 1 FILE. NO completion summaries, no extra documents.**
**⚠️ DO NOT TAKE SHORTCUTS:**
- ✅ If extracting financials: Extract ALL line items from 3 financial statements (3-5 years)
- ✅ Build ALL 6 projection tabs completely with full detail
- ✅ Create detailed revenue model with 20-30 product rows AND 15-20 geography rows
- ✅ Build complete income statement with 40-50 line items (not abbreviated)
- ✅ Include full cash flow statement and balance sheet with all line items
- ✅ Complete ALL three scenarios (Bull/Base/Bear) with different parameters
- ❌ Do not create simplified/abbreviated versions
- ❌ Do not skip any of the 6 essential tabs
- ❌ Do not skip historical financials extraction if needed
**Verification before proceeding to Task 3**:
- [ ] Historical financials extracted (if needed) or provided
- [ ] Excel file created and can be opened
- [ ] Model has all 6 essential tabs (Revenue Model, Income Statement, Cash Flow, Balance Sheet, Scenarios, DCF Inputs)
- [ ] Historical data (3-5 years) incorporated
- [ ] Projections complete (5 years forward)
- [ ] Scenarios complete (Bull/Base/Bear)
---
## Task 3: Valuation Analysis
**Purpose**: Perform comprehensive valuation using DCF, comparables, and precedent transactions.
**Prerequisites**: ⚠️ Verify before starting
- **Required**: Financial model from Task 2
- Projected income statements
- Projected cash flows
- Revenue and EBITDA forecasts
- DCF inputs (unlevered FCF)
**⚠️ CRITICAL: DO NOT START THIS TASK UNLESS TASK 2 IS COMPLETE**
This task requires the financial model from Task 2. Starting without it will result in incomplete work.
**IF TASK 2 IS NOT COMPLETE**: Stop immediately and inform the user that Task 2 (Financial Modeling) must be completed first. Do not attempt to proceed or create placeholder valuations.
**Input Verification**:
```
BEFORE STARTING:
- [ ] Task 2 complete? (Financial model exists)
- [ ] Model file path/location known?
- [ ] Can access projected financials from model?
Required from model:
- [ ] Projected FCF (5 years)
- [ ] Revenue projections
- [ ] EBITDA projections
- [ ] Terminal year metrics
```
**Process**:
1. Verify financial model is accessible
2. Load detailed instructions from references/task3-valuation.md
3. Execute valuation workflow
4. Deliver valuation analysis
**Output**: Valuation Analysis (4-6 pages + Excel tabs)
- DCF analysis with sensitivity tables
- Comparable companies (5-10 peers with statistical summary)
- Precedent transactions (if applicable)
- Valuation football field
- **Price target**: $XX.XX
- **Recommendation**: BUY/HOLD/SELL
- **Upside**: XX%
- Key catalysts (3-5)
**Files**:
- `[Company]_Valuation_Analysis_[Date].md` (written analysis document)
- Excel tabs added to `[Company]_Financial_Model_[Date].xlsx` (from Task 2)
- DCF tab with calculations
- Sensitivity analysis tab
- Comparable companies tab
- Valuation summary tab
**⚠️ DELIVER ONLY: 1 markdown file + 4 tabs added to existing Excel. NO completion summaries, no extra documents.**
**⚠️ DO NOT TAKE SHORTCUTS:**
- ✅ Complete full DCF analysis with sensitivity matrix (not simplified)
- ✅ Analyze ALL 5-10 comparable companies with full data
- ✅ Include statistical summary in comps table (max/75th/median/25th/min)
- ✅ Create complete sensitivity analysis tab with multiple WACC and terminal growth scenarios
- ✅ Write full 4-6 pages of valuation analysis (not abbreviated)
- ✅ Research and justify price target with specific methodology
- ❌ Do not skip comparable company analysis
- ❌ Do not create simplified DCF without sensitivity
**Verification before proceeding to Task 4**:
- [ ] Price target determined
- [ ] Valuation uses multiple methods (DCF + Comps minimum)
- [ ] DCF sensitivity table complete
- [ ] Comparable companies table includes statistical summary
---
## Task 4: Chart Generation
**Purpose**: Generate 25-35 professional financial charts for the report.
**Prerequisites**: ⚠️ Verify before starting
- **Required**: Company research from Task 1
- Company history and milestones (for timeline charts)
- Management team and org structure (for org charts)
- Product portfolio (for product charts)
- Customer segmentation (for customer charts)
- Competitive landscape (for competitive charts)
- TAM analysis (for market size charts)
- **Required**: Financial model from Task 2 (with Task 3 valuation tabs added)
- Revenue by product/geography data (Task 2 tabs)
- Margin trends (Task 2 tabs)
- Scenario comparison data (Task 2 tabs)
- DCF sensitivity table (Task 3 tab in same Excel file)
- Comparable companies data (Task 3 tab in same Excel file)
- Valuation ranges (Task 3 tab in same Excel file)
- **Required**: External market data
- Historical stock price data (Yahoo Finance, Bloomberg, etc.)
- Historical valuation multiples (for historical trend charts)
**⚠️ CRITICAL: DO NOT START THIS TASK UNLESS TASKS 1, 2, AND 3 ARE COMPLETE**
This task requires outputs from all three previous tasks. Starting without them will result in incomplete charts.
**IF ANY OF TASKS 1, 2, OR 3 ARE NOT COMPLETE**: Stop immediately and inform the user which tasks need to be completed first. The specific requirements are:
- Task 1: Company research document (for 9 charts)
- Task 2: Financial model with all 6 tabs (for 8 charts)
- Task 3: Valuation tabs added to the model (for 6 charts)
- External data access (for 2 charts)
Do not attempt to create placeholder charts or skip charts due to missing data.
**Input Verification**:
```
BEFORE STARTING:
- [ ] Task 1 complete? (Company research exists)
- [ ] Task 2 complete? (Financial model exists)
- [ ] Task 3 complete? (Valuation analysis exists)
- [ ] Can access external market data sources?
Required from Task 1:
- [ ] Company history and milestones (for charts 05, 06)
- [ ] Management team structure (for chart 07)
- [ ] Product portfolio details (for chart 08)
- [ ] Customer segmentation data (for chart 09)
- [ ] Competitive landscape analysis (for charts 16, 17, 18)
- [ ] TAM sizing and market data (for chart 15)
Required from Task 2:
- [ ] Revenue by product (historical + projected) - for chart 03 ⭐
- [ ] Revenue by geography (historical + projected) - for chart 04 ⭐
- [ ] Income statement with margins (for charts 02, 10, 11)
- [ ] Cash flow statement (for chart 12)
- [ ] Scenario comparison data (for chart 14)
Required from Task 3:
- [ ] DCF sensitivity matrix - for chart 28 ⭐
- [ ] DCF components (for chart 29)
- [ ] Comparable companies data (for charts 30, 31)
- [ ] Valuation ranges - for chart 32 ⭐
Required from External Sources:
- [ ] Historical stock price data (for chart 01)
- [ ] Historical valuation multiples (for chart 34)
```
**Process**:
1. Verify model and valuation outputs are accessible
2. Load detailed instructions from references/task4-chart-generation.md
3. Execute chart generation workflow
4. Package all charts into a zip file
5. Deliver zip file
**Output**: 25-35 Professional Chart Files (PNG/JPG, 300 DPI) packaged in zip
**4 MANDATORY Charts** (must be present) ⭐:
- chart_03: Revenue by product (stacked area)
- chart_04: Revenue by geography (stacked bar)
- chart_28: DCF sensitivity (2-way heatmap)
- chart_32: Valuation football field (horizontal bars)
**25 REQUIRED Charts** (specific list):
- Investment Summary: chart_01
- Financial Performance: charts 02, 03⭐, 04⭐, 10, 11, 12, 14
- Company 101: charts 05, 06, 07, 08, 09, 15, 16
- Competitive/Market: charts 17, 18
- Scenario Analysis: chart 13
- Valuation: charts 28⭐, 29, 30, 31, 32⭐, 33, 34
**10 OPTIONAL Charts** (for 26-35 range):
- charts 19-27, 35 (customer acquisition, unit economics, product roadmap, etc.)
**IMPORTANT**: Task 5 embeds ALL charts created (25-35) for visual density (1 chart per 200-300 words).
**File naming**: `chart_01_description.png`, `chart_02_description.png`, etc.
**Deliverable**: `[Company]_Charts_[Date].zip` containing all 25-35 chart files + chart_index.txt
**⚠️ DELIVER ONLY THIS 1 ZIP FILE. NO completion summaries, no separate chart lists, no extra documents.**
**⚠️ DO NOT TAKE SHORTCUTS:**
- ✅ Create ALL 25 required charts minimum (specific list provided in task4-chart-generation.md)
- ✅ Include ALL 4 mandatory charts:
- chart_03: Revenue by product (stacked area) ⭐
- chart_04: Revenue by geography (stacked bar) ⭐
- chart_28: DCF sensitivity (heatmap) ⭐
- chart_32: Valuation football field ⭐
- ✅ Optional: Add 1-10 more charts to reach 26-35 total for greater visual density
- ✅ Generate professional-quality charts at 300 DPI (not low-res placeholders)
- ✅ Create unique, well-formatted charts for each visualization
- ✅ Package all charts in zip file with chart index
- ❌ Do not create only 10-15 charts (minimum is 25)
- ❌ Do not skip any of the 4 mandatory charts
- ❌ Do not use low-quality/placeholder images
**Verification before proceeding to Task 5**:
- [ ] Minimum 25 chart files created (required)
- [ ] All 4 mandatory charts present:
- [ ] chart_03: Revenue by product ⭐
- [ ] chart_04: Revenue by geography ⭐
- [ ] chart_28: DCF sensitivity ⭐
- [ ] chart_32: Valuation football field ⭐
- [ ] All charts open and display correctly
- [ ] Charts saved at 300 DPI (print quality)
- [ ] Chart index created listing all files with categories
- [ ] All charts packaged in zip file
- [ ] File naming follows convention: chart_##_description.png
---
## Task 5: Report Assembly
**Purpose**: Write and assemble the comprehensive final DOCX report.
**Prerequisites**: ⚠️ Verify before starting
- **Required**: Company research from Task 1
- All 6-8K words of content
- Management bios
- Competitive analysis
- Risk assessment
- **Required**: Financial model from Task 2
- Excel workbook
- All projections and scenarios
- **Required**: Valuation analysis from Task 3
- Price target and recommendation
- DCF, comps, precedent transactions
- All valuation data
- **Required**: Chart files from Task 4
- Zip file containing all 25-35 PNG/JPG files
- Chart index included in zip
**⚠️ CRITICAL: DO NOT START THIS TASK UNLESS ALL TASKS 1-4 ARE COMPLETE**
This is the final assembly task. It cannot be completed without all previous work products.
**IF ANY OF TASKS 1, 2, 3, OR 4 ARE NOT COMPLETE**: Stop immediately and inform the user which tasks need to be completed first. The specific requirements are:
- Task 1: Company research document (6-8K words)
- Task 2: Financial model with all 6 tabs
- Task 3: Valuation analysis with price target and recommendation
- Task 4: Charts zip file with 25-35 charts
Do not attempt to create placeholder content, substitute missing sections, or assemble an incomplete report. The report requires ALL inputs to be publication-ready.
**Input Verification**:
```
BEFORE STARTING - ALL TASKS MUST BE COMPLETE:
Task 1 Verification:
- [ ] Company research document exists? (6-8K words)
- [ ] Management bios complete? (300-400 words × 3-4 execs)
- [ ] Competitive analysis complete? (5-10 competitors)
- [ ] Risk assessment complete? (8-12 risks)
Task 2 Verification:
- [ ] Financial model exists and can be opened?
- [ ] Model has projections (5 years)?
- [ ] Scenarios exist (Bull/Base/Bear)?
Task 3 Verification:
- [ ] Valuation analysis complete?
- [ ] Price target determined?
- [ ] Recommendation set? (BUY/HOLD/SELL)
- [ ] DCF and comps complete?
Task 4 Verification:
- [ ] Chart zip file exists?
- [ ] Can extract/access all 25-35 chart files from zip?
- [ ] All 4 mandatory charts present?
- [ ] Revenue by product (stacked area)
- [ ] Revenue by geography (stacked bar)
- [ ] DCF sensitivity (heatmap)
- [ ] Valuation football field
- [ ] Chart files accessible and can be opened?
IF ANY VERIFICATION FAILS: Stop and complete missing task first.
```
**Process**:
1. **CRITICAL**: Verify ALL prerequisites before starting
2. Load detailed instructions from references/task5-report-assembly.md
3. Execute report assembly workflow using Claude's built-in skills:
- **Use DOCX skill** to create and manipulate the Word document
- **Use XLSX skill** to read Excel data from Task 2/3
- **Use Read tool** to read Task 1 and Task 3 markdown files
- Read Task 1 .md file → Convert to Word formatting → Insert charts inline
- Read Task 2 .xlsx file → Extract tables → Write quantitative analysis
- Read Task 3 .md file + Excel tabs → Copy/adapt valuation analysis
- Insert Task 4 .png chart files throughout using DOCX skill
- Create text-dense report with charts interspersed every 200-300 words
4. Save and deliver final DOCX report
**Key Principles**:
- Use Claude's DOCX and XLSX skills (NOT Python libraries)
- Use actual file operations (read .md/.xlsx/.png files, write .docx file)
- Good equity research reports are text-dense with lots of illustrating images (60-80% page coverage, 1+ chart per page)
**🔥 CRITICAL: GO ALL OUT ON THIS TASK**
**THIS IS THE FINAL DELIVERABLE. DO NOT TAKE SHORTCUTS.**
- ✅ **Use full token budget** - This is the culmination of all previous work
- ✅ **Write every section completely** - Do not summarize or abbreviate
- ✅ **Hit ALL minimum requirements** - 30+ pages, 10,000+ words, 25+ charts, 12+ tables
- ✅ **Be thorough on projection assumptions** - 2,000-3,000 words with product-by-product detail
- ✅ **Be comprehensive on scenarios** - 1,500-2,000 words with specific Bull/Base/Bear parameters
- ✅ **Insert ALL charts from Task 4** - Not just a few, ALL 25-35 charts throughout
- ✅ **Create ALL tables from Task 2/3** - Extract every financial table, don't skip any
- ✅ **Use Task 1 content verbatim** - Copy/paste full Company 101 sections (6-8K words)
- ✅ **Professional quality only** - This must be indistinguishable from JPMorgan/Goldman Sachs research
**NEVER:**
- ❌ "This section would include..." - WRITE THE ACTUAL SECTION
- ❌ "Charts would be inserted here..." - INSERT THE ACTUAL CHARTS
- ❌ "See financial model for details..." - EXTRACT AND INCLUDE THE DETAILS
- ❌ Skip sections due to length - Every section MUST be complete
- ❌ Abbreviate for token conservation - Use whatever tokens are needed
**This is publication-ready institutional research. Spare no effort, tokens, or detail.**
**Output**: Comprehensive Equity Research Report (.docx)
**Specifications**:
- **Length**: 30-50 pages (MINIMUM 30)
- **Word count**: 10,000-15,000 words (MINIMUM 10,000)
- **Charts**: 25-35 embedded images
- **Tables**: 12-20 comprehensive tables
- **Format**: Professional DOCX with clickable hyperlinks
**Structure**:
- Page 1: Investment Summary (INITIATING COVERAGE format)
- Pages 2-5: Investment thesis & risks
- Pages 6-17: Company 101
- Pages 18-30: Financial analysis & projections
- Pages 31-40: Valuation analysis
- Pages 41-50: Appendices
**File name**: `[Company]_Initiation_Report_[Date].docx`
**⚠️ DELIVER ONLY THIS 1 DOCX FILE. NO executive summaries, no "highlights" documents, no extra files.**
**Final Verification**:
- [ ] Report is 30-50 pages
- [ ] Word count is 10,000-15,000
- [ ] 25-35 charts embedded
- [ ] 12-20 tables included
- [ ] All citations are clickable hyperlinks
- [ ] Numbers match financial model exactly
---
## Input Verification Protocol
### Why Input Verification Matters
Each task has strict prerequisites. Running a task without required inputs will:
- Waste time with incomplete work
- Produce low-quality outputs
- Require rework
**Always verify inputs before starting a task.**
### Verification Checklist by Task
**Task 1**: ✅ No verification needed (independent)
**Task 2**: Check historical financials available
**Task 3**: Check financial model exists and is accessible
**Task 4**: Check both model (Task 2) AND valuation (Task 3) exist
**Task 5**: Check ALL previous tasks complete (1, 2, 3, 4)
### What to Do if Verification Fails
```
IF prerequisites are missing:
1. Stop the current task
2. Identify which prerequisite task(s) need to be completed
3. Execute the missing task(s) first
4. Return to current task once prerequisites are met
```
### Example Verification Dialogue
```
User: "Use initiating-coverage, Task 5 for Tesla"
Claude: "Starting Task 5: Report Assembly for Tesla
VERIFICATION - Checking prerequisites:
- Task 1 (Company research)... ❌ NOT FOUND
- Task 2 (Financial model)... ❌ NOT FOUND
- Task 3 (Valuation)... ❌ NOT FOUND
- Task 4 (Charts)... ❌ NOT FOUND
⚠️ VERIFICATION FAILED
Task 5 requires ALL previous tasks to be complete.
To proceed:
1. Complete Task 1: Company Research
2. Complete Task 2: Financial Modeling
3. Complete Task 3: Valuation Analysis
4. Complete Task 4: Chart Generation
5. Then return to Task 5
Would you like to start with Task 1 first?"
```
---
## Task Reference Files
Detailed instructions for each task are in separate reference files to keep this skill lean:
- **references/task1-company-research.md** - Company research workflow
- **references/task2-financial-modeling.md** - Financial modeling workflow
- **references/task3-valuation.md** - Valuation methodology
- Also see: references/valuation-methodologies.md for DCF/comps deep dive
- **references/task4-chart-generation.md** - Chart generation workflow
- **references/task5-report-assembly.md** - Report writing workflow
- Also see: assets/report-template.md for report structure
- Also see: assets/quality-checklist.md for quality checks
**When to load reference files**: Load ONLY the reference file associated with the specific task being performed. These files are very large - do not load multiple reference files at once. Read the appropriate task reference file at the start of the task for detailed step-by-step instructions.
---
## Quality Standards
All outputs meet institutional standards from leading investment banks (JPMorgan, Goldman Sachs, Morgan Stanley):
- **Comprehensive**: Meet all minimum requirements
- **Detailed**: Specific data and examples, not generic statements
- **Quantified**: Lead with numbers and metrics
- **Cited**: Proper sources with clickable hyperlinks
- **Professional**: Institutional-quality formatting
- **Accurate**: All numbers verified and cross-checked
---
## Important Notes
### Task Independence
- **Task 1** can run anytime (no dependencies)
- **Task 2** can run anytime (just needs historical data)
- **Tasks 1 & 2** can run in parallel
- **Task 3** requires Task 2
- **Task 4** requires Tasks 2 & 3
- **Task 5** requires Tasks 1, 2, 3, & 4
### Session Management
**Same session**: Outputs automatically available to subsequent tasks
**Different sessions**: Reference previous task outputs explicitly
```
"Use Task 3 with the model from yesterday at [path]"
"Use Task 5 with the research document at [path]"
```
### File Organization
Recommended structure during workflow:
```
ProjectFolder/
├── Task1_Research/
│ └── [Company]_Research_Document.md
├── Task2_Model/
│ └── [Company]_Financial_Model.xlsx
├── Task3_Valuation/
│ └── [Company]_Valuation_Analysis.pdf
├── Task4_Charts/
│ ├── chart_01.png
│ └── ... (25-35 files)
└── Task5_Report/
└── [Company]_Initiation_Report.docx
```
### No End-to-End Execution
This skill does **NOT** support running all tasks automatically in sequence. Each task must be explicitly requested and verified.
**Why**: This ensures:
- Quality control at each stage
- Ability to review outputs before proceeding
- Flexibility to pause/resume workflow
- Clear verification of prerequisites
---
## Success Criteria
A successful initiation report workflow should:
1. Complete all 5 tasks in order
2. Pass all input verifications
3. Meet all quality standards
4. Produce all required deliverables
5. Numbers cross-check between outputs
6. Final report is publication-ready
**Output quality**: Institutional (JPMorgan/Goldman/Morgan Stanley level)
**Use case**: First-time comprehensive coverage of a company