china-deal-screening

china-deal-screening

Purpose

Screen A股投资标的 — systematic deal screening for Chinese equity investments.

Data Sources

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

get_industry_stocks(industry="...")    → Industry universe
get_quote(ticker)                     → Valuation screening
get_financials(ticker, "income")      → Financial screening
get_index_data("000001")              → Market context

Secondary Sources

• 东方财富 — stock screener
• 同花顺 iFinD — screening tool
• 巨潮 — company filings
• Wind — professional screening

Workflow

Step 1: Define Screening Criteria

Screening framework:

Category	Criteria	Typical Range
市值 (Market cap)	Min/max	¥50亿 - ¥500亿
估值 (Valuation)	P/E, P/B	P/E 10-30x
成长 (Growth)	Revenue/earnings growth	>15% YoY
盈利 (Profitability)	ROE, margins	ROE >15%
财务健康 (Financial health)	Debt/equity, current ratio	D/E <60%
流动性 (Liquidity)	Avg daily volume	>¥5000万
治理 (Governance)	Ownership structure	Clean cap table

Step 2: Build Screening Universe

Universe construction:

Filter	Criteria	Source
A股主板	600/000/001开头的6位代码	AkShare
创业板	300开头	AkShare
科创板	688开头	AkShare
北交所	8/9开头	AkShare
ST排除	Exclude ST/*ST	Filter
次新股	Exclude <6 months	Filter

Step 3: Financial Screening

Financial metrics:

Metric	Formula	Target
营业收入增速	(Revenue - Revenue_prev) / Revenue_prev	>15%
净利润增速	(NI - NI_prev) / NI_prev	>15%
ROE	Net Income / Average Equity	>15%
毛利率	Gross Profit / Revenue	>30%
净利率	Net Income / Revenue	>10%
资产负债率	Total Debt / Total Assets	<60%
经营现金流/净利润	OCF / Net Income	>0.8

Step 4: Valuation Screening

Valuation metrics:

Metric	Formula	Target
P/E (TTM)	Price / TTM EPS	10-30x
P/B	Price / BV per share	1-5x
P/S	EV / Revenue	1-5x
EV/EBITDA	EV / EBITDA	5-15x
PEG	P/E / Growth rate	<1.0
股息率	Dividend / Price	>2% (if applicable)

Step 5: Technical Screening (Optional)

Technical filters:

Indicator	Criteria
股价位置	Not at 52-week high
均线	Above key MAs
成交量	Above average
波动率	Moderate

Step 6: Quality Screening

Quality filters:

Factor	Check
审计意见	Standard unqualified (标准无保留)
管理层	Stable, experienced
股东结构	No 质押风险 (pledge risk)
关联交易	Reasonable level
诉讼/处罚	No material issues

Step 7: Scoring & Ranking

Scoring model:

Category	Weight	Score (1-10)	Weighted
估值吸引力	25%
成长性	20%
盈利能力	20%

| 财务健康 | 15% | | | | 质量/治理 | 10% | | | | 流动性 | 10% | | | | Total | 100% | | |

Rank candidates by total score.

Step 8: Due Diligence Queue

Create DD pipeline:

Rank	Company	Ticker	Score	Sector	Next Step
1			X.X		Full DD
2			X.X		Quick scan
3			X.X		Quick scan

Screening Templates

Template 1: Growth at Reasonable Price (GARP)

Filter	Criteria
P/E	10-25x
Revenue growth	>20%
ROE	>15%
D/E	<50%
Market cap	>¥100亿

Template 2: Deep Value

Filter	Criteria
P/B	<1.5x
Dividend yield	>3%
D/E	<40%
FCF	Positive
Business	Stable, understandable

Template 3: Quality Compounder

Filter	Criteria
ROE	>20% (3Y avg)
Revenue growth	>15%
Gross margin	>40%
D/E	<40%
Market cap	>¥200亿

Template 4: Turnaround Candidate

Filter	Criteria
Recent loss	1-2 years
Revenue trough	Near bottom
New management	Recent change
Restructuring	In progress
Industry recovery	Improving

China-Specific Screening Considerations

Market Structure

Factor	Impact on Screening
散户主导	Retail sentiment matters
政策驱动	Policy changes create opportunities
概念/题材	Theme investing common
北向资金	Foreign flows signal quality
机构持仓	Institutional ownership

Common A-share Screening Pitfalls

Pitfall	Issue	Mitigation
一次性收益	Distorts growth/earnings	Use 扣非数据
会计政策	Aggressive recognition	Check notes
关联交易	Inflated revenue	Review disclosures
大股东质押	Pledge risk	Check 质押比例
ST风险	Delisting risk	Exclude ST stocks

Quality Checks

Before finalizing:

• Criteria well-defined
• Universe appropriate
• Data quality verified
• Scoring model calibrated
• Top candidates make sense
• Next steps clear

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