What this report template is for这份报告模板解决什么问题
A free stock analysis report template should turn completed research into a versioned, reader-facing argument. It needs a conclusion hierarchy, cited evidence, reproducible key figures, a thesis and counter-thesis, explicit scenarios, decision triggers, and unresolved items. Working papers store the investigation; the report selects and organizes what another person needs to review the conclusion.
免费股票分析报告模板应把已经完成的研究变成一份有版本、面向读者的论证。它需要结论层级、带引用的证据、可重算关键数字、主论点与反论点、明确情景、判断触发器和未解决事项。工作底稿保存调查过程，报告则筛选并编排他人审阅结论所需的内容。
Open with a report control panel先放置报告控制面板
A reviewer should know the report’s boundaries before reading its opinion. Put the company and security, reporting currency, financial period, market-data timestamp if price is discussed, document cutoff, version, author, reviewer, and status on the first screen. Add the exact question the report answers. “Analyze Aster Renew Medical” is too broad; “Do warranty experience, refurbishment throughput, and customer concentration support durable per-share earnings?” tells the reader what was selected and what remains outside scope.
审阅者在看到观点之前，应该先知道报告边界。首页需要列出公司与证券、报告币种、财务期间、涉及价格时的市场数据时间戳、文件截止日、版本、作者、审阅者和状态，并写明报告回答的准确问题。“分析 Aster Renew Medical”过于宽泛；“保修经验、翻新吞吐和客户集中度是否支持可持续每股盈利？”则说明了选取哪些问题，以及哪些内容仍在范围之外。
| Control field | Illustrative entry | Why it matters |
|---|---|---|
| Entity and unit | Aster Renew Medical; USD millions except units and per-share data | Prevents entity or scale errors |
| Evidence period | Years ended December 31, 20X1 and 20X2 | Defines the comparable window |
| Document cutoff | March 15, 20X3 | Excludes later information unless versioned |
| Report version | v1.0 — analysis complete, independent review pending | Shows whether conclusions are approved |
| Decision question | Can operating quality support durable per-share earnings? | Keeps each section relevant |
| 控制字段 | 教学填写示例 | 为何重要 |
|---|---|---|
| 主体与单位 | Aster Renew Medical；除设备数量与每股数据外均为百万美元 | 防止主体或数量级错误 |
| 证据期间 | 截至 20X1 与 20X2 年 12 月 31 日止年度 | 定义可比窗口 |
| 文件截止日 | 20X3 年 3 月 15 日 | 除非更新版本，否则不纳入之后信息 |
| 报告版本 | v1.0——分析完成，独立复核待办 | 显示结论是否已获审阅 |
| 判断问题 | 经营质量能否支持可持续每股盈利？ | 让每一节服务于同一问题 |
Aster buys used medical devices, refurbishes and resells them to hospitals, and provides a standard warranty. Every company name, date, operating amount, source locator, and scenario below is invented solely to demonstrate report assembly. Nothing describes a current issuer, security, hospital, or product.
纯虚构公司说明Aster 收购二手医疗设备，翻新后出售给医院，并提供标准保修。下文所有公司名称、日期、经营数据、来源定位与情景均为演示报告装配而虚构，不描述任何当前发行人、证券、医院或产品。
Build a conclusion pyramid, not a long summary搭建结论金字塔，而不是写冗长摘要
Use three levels: a qualified conclusion; two or three load-bearing reasons; and links from each reason to a table, source note, counterargument, and trigger. Never introduce a number in the summary that is absent from the body. A reader can stop at level one, understand the logic at level two, or audit level three.
结论分三层。第一层是一句带条件的总判断；第二层只放两至三个真正支撑判断的理由；第三层把每个理由连接到数字表、来源注、反方论点和更新触发器。摘要中不能突然出现正文没有的数字。读者可以在第一层获得方向，在第二层理解逻辑，或沿第三层完成审计。
Operating evidence warrants caution, but deterioration is not yet confirmed because reserve changes and slower throughput have plausible alternative explanations.
第一层——总判断经营证据需要提高警惕，但由于准备变化与周转放缓仍有合理替代解释，尚不能确认经营恶化。
Warranty provision intensity rose; unit-based refurbishment days lengthened; three hospital groups represent 40% of sales.
第二层——承重理由保修计提强度上升；按设备数量计算的翻新天数拉长；三家医院集团占销售额 40%。
Each reason points to a source locator, visible formula, competing explanation, missing disclosure, and dated trigger.
第三层——复核路径每个理由都指向来源位置、可见公式、竞争性解释、缺失披露和带日期触发器。
Put confidence beside the conclusion: “supported,” “partly supported,” “unresolved,” or “contradicted,” with one sentence explaining why. Here it is “partly supported”: the movements are reproducible, but the fictional packet lacks warranty cohorts and work-in-process aging needed to distinguish strain from conservative provisioning or planned buildup.
确信程度应放在结论旁边，而不是藏在语气里。可以使用“有支持”“部分支持”“未解决”或“被反驳”，并用一句话解释分类。除非报告事先定义，否则不要使用“高确信”等标签。本案例的结论为“部分支持”：变化本身可以重算，但虚构分析者拿到的披露缺少保修批次与在制品账龄，无法区分经营压力、保守计提和计划性备货。
Give every load-bearing claim a footnote为每个承重论点添加证据脚注
A footnote is a retrieval instruction, not merely a URL. Assign stable document IDs and record title, period, publication date, note, page or table, unit, and evidence class. “[A1-W2] fictional 20X2 annual filing, Product warranty note, p. 87, USD millions” is reviewable; “Source: annual report” is not.
有用的脚注是检索指令，而不只是一条 URL。先给文件分配稳定编号，再记录文件标题、报告期间、提交或发布日期、报表或附注、页码或表格、单位，以及该项目是已披露还是计算所得。例如，“[A1-W2] 虚构 20X2 年度披露，产品保修附注，第 87 页，百万美元”可直接复核；只写“来源：年报”会迫使下一位读者重新搜索。
| Claim ID | Claim in report | Evidence locator | Evidence class |
|---|---|---|---|
| C-01 | Closing warranty reserve is $6.6m | [A1-W2], warranty roll-forward, p. 87 | Reported fact |
| C-02 | 20X2 warranty provision rate is 6.0% | [A1-W2] plus [A1-S1] device sales | Calculation |
| C-03 | Refurbishment flow may be slowing | [A1-I3], unit movement schedule, p. 64 | Interpretation |
| C-04 | Top-three customer concentration is 40.0% | [A1-C1], customer note, p. 92 | Calculation |
| C-05 | Planned stock buildup explains longer cycle | No supplied source | Management explanation to verify |
| 论点编号 | 报告中的论点 | 证据位置 | 证据类别 |
|---|---|---|---|
| C-01 | 期末保修准备为 660 万美元 | [A1-W2] 保修滚动表，第 87 页 | 已披露事实 |
| C-02 | 20X2 保修计提率为 6.0% | [A1-W2] 加 [A1-S1] 设备销售额 | 计算 |
| C-03 | 翻新流程可能正在放缓 | [A1-I3] 设备数量变动表，第 64 页 | 解释 |
| C-04 | 前三大客户集中度为 40.0% | [A1-C1] 客户附注，第 92 页 | 计算 |
| C-05 | 计划性备货解释了更长周期 | 现有文件无来源 | 待核验的管理层解释 |
- Quote sparingly; paraphrase the point and preserve the exact locator so context can be checked.
- Footnote calculations to every input, not just to the finished percentage.
- If two documents conflict, cite both and explain which one controls and why.
- Never cite a search-result excerpt, unsourced data widget, or prior report as though it were the company filing.
- 少量引用原文即可；应概述要点并保留准确位置，让上下文可被检查。
- 计算脚注要覆盖每项输入，而不只引用最终百分比。
- 两份文件冲突时同时引用，并说明采用哪一份以及原因。
- 不能把搜索摘要、无来源数据组件或旧报告当成公司原始披露引用。
Make the key-number table do analytical work让关键数字表承担分析任务
Include only figures that move the conclusion, with formula, period, denominator, and status. Aster hypothetically reports device sales of $100m in 20X1 and $120m in 20X2, provisions of $5.0m and $7.2m, and 20X2 claims of $6.6m. Reserve bridge: Opening $6.0m + Provision $7.2m − Claims $6.6m = Closing $6.6m. It reconciles arithmetic, not estimate adequacy.
关键数字表只保留真正推动结论的数字，并同时展示公式、期间、分母和状态。虚构的 Aster 在 20X1 与 20X2 分别报告设备销售 1.00 亿和 1.20 亿美元、保修计提 500 万和 720 万美元；20X2 从准备中冲销的索赔成本为 660 万美元。准备桥为：期初 600 万 + 当期计提 720 万 − 索赔 660 万 = 期末 660 万美元。这个勾稽只能证明滚动表算术成立，不能证明估计充分。
| Report metric | Formula and result | Status | Limit disclosed beside it |
|---|---|---|---|
| Warranty provision rate | 20X1: $5.0m ÷ $100m = 5.0%; 20X2: $7.2m ÷ $120m = 6.0% | Calculated | Provision is an estimate; claims may relate to earlier sales cohorts |
| 20X1 refurbishment days | 2,000 average WIP units ÷ 10,000 completed units × 365 = 73.0 days | Calculated | Unit mix and completion definition must be stable |
| 20X2 refurbishment days | 3,000 average WIP units ÷ 10,800 completed units × 365 = 101.4 days | Calculated | Average uses opening 2,400 and closing 3,600 units |
| Top-three customer concentration | ($28m + $20m + $16m) ÷ $160m total sales = 40.0% | Calculated | Sales concentration is not profit or receivable concentration |
| 报告指标 | 公式与结果 | 状态 | 紧邻披露的限制 |
|---|---|---|---|
| 保修计提率 | 20X1：500 万 ÷ 1.00 亿 = 5.0%；20X2：720 万 ÷ 1.20 亿 = 6.0% | 已计算 | 计提属于估计；索赔可能对应更早销售批次 |
| 20X1 翻新天数 | 平均在制 2,000 台 ÷ 完成 10,000 台 × 365 = 73.0 天 | 已计算 | 设备组合与完工定义必须稳定 |
| 20X2 翻新天数 | 平均在制 3,000 台 ÷ 完成 10,800 台 × 365 = 101.4 天 | 已计算 | 平均值使用期初 2,400 与期末 3,600 台 |
| 前三大客户集中度 | （2,800 万 + 2,000 万 + 1,600 万）÷ 总销售 1.60 亿 = 40.0% | 已计算 | 销售集中度不等于利润或应收款集中度 |
Fact: reported reserve, provision, claims, work-in-process units, completions, and customer sales. Calculation: provision rate rose one percentage point and unit-based cycle lengthened 28.4 days. Judgment: operating quality may have weakened. Counterpoint: a newer device mix, deliberate staging, or more conservative warranty assumptions could produce the same pattern. Unknown: WIP aging and warranty claims by sales cohort.
报告应如何措辞事实：已披露的准备、计提、索赔、在制设备、完工数量和客户销售。计算：计提率上升一个百分点，按设备数量计算的周期延长 28.4 天。判断：经营质量可能减弱。反方观点：较新的设备组合、主动备货或更保守的保修假设也可能产生相同现象。未知：在制品账龄及按销售批次划分的保修索赔。
Place the thesis and counter-thesis side by side把主论点与反论点并排呈现
| Issue | Thesis | Counter-thesis | Evidence that decides |
|---|---|---|---|
| Warranty | Higher provision rate signals poorer refurb quality | Management adopted a more conservative estimate before claims emerged | Claim frequency and cost by device and sales cohort; assumption changes |
| Throughput | Longer WIP days signal bottlenecks or obsolete units | Inventory was staged for expected orders or a more complex product mix | WIP aging, units by model, completion lead time, write-downs |
| Hospitals | 40% top-three concentration increases renewal and bargaining risk | Long relationships and switching costs may stabilize demand | Contract duration, renewal history, pricing, receivables, customer profitability |
| 议题 | 主论点 | 反论点 | 决定性证据 |
|---|---|---|---|
| 保修 | 更高计提率显示翻新质量下降 | 管理层在索赔出现前主动采用更保守估计 | 按设备与销售批次的索赔频率和成本；假设变更 |
| 吞吐 | 更长在制天数显示瓶颈或设备过时 | 公司为预期订单备货，或产品组合更复杂 | 在制账龄、按型号数量、完工周期、减记 |
| 医院客户 | 前三大占 40% 增加续约和议价风险 | 长期关系与转换成本可能稳定需求 | 合同期限、续约历史、定价、应收款、客户盈利 |
Apply the same evidence standard to favorable and adverse explanations. A counter-thesis matters only when testable; “management will fix it” is hope. If decisive evidence is missing, retain both explanations and lower confidence. The next filing can then update one row without rewriting the company story.
报告作者不能按篇幅长短选择立场，正面与负面解释必须使用同一证据标准。只有能够检验的反论点才有用；“管理层会解决”是希望，不是论证。若决定性证据缺失，就同时保留两种解释并降低确信程度。这样下一份披露到来时，只需更新对应行，而不必重写整个公司故事。
Join scenarios to triggers and per-share effects把情景、触发器与每股影响连接起来
A scenario needs the changed input, formula, tax assumption, share denominator, and activation event. Assume Aster loses its largest hospital group’s $28m of sales, with 32% avoidable contribution, 25% tax, and 30m diluted shares. Lost after-tax earnings = $28m × 32% × (1 − 25%) = $6.72m; illustrative EPS effect = $6.72m ÷ 30m = $0.224, about $0.22.
情景不是伪装成表格的预测。必须写清变化输入、公式、税率假设、股数分母和激活事件。对 Aster，假设最大医院集团的 2,800 万美元销售全部消失，这部分销售的可避免贡献利润率为 32%，税率为 25%，稀释加权平均股数为 3,000 万股。税后利润减少 = 2,800 万 × 32% ×（1 − 25%）= 672 万美元；教学性每股影响 = 672 万 ÷ 3,000 万 = 0.224 美元，约每股 0.22 美元。
| Scenario row | Assumption | After-tax EPS effect | Trigger and response |
|---|---|---|---|
| Largest customer exits | $28m sales × 32% avoidable contribution × 75% | −$0.22 | Non-renewal notice: replace assumption with contract terms and cost-removal plan |
| Warranty provision rises | Extra 2% × $120m device sales × 75% | −$0.06 | Updated claims evidence: revise provision and check whether pricing changes |
| Combined stress | No offset and no double counting beyond stated rows | −$0.28 | Both triggers occur: reassess liquidity and operating plan |
| Alternative explanation confirmed | WIP aging stable and claim cohorts improve | Not an EPS estimate | Remove deterioration claim; retain monitoring note |
| 情景行 | 假设 | 税后每股影响 | 触发器与应对 |
|---|---|---|---|
| 最大客户退出 | 2,800 万销售 × 32% 可避免贡献 × 75% | −0.22 美元 | 收到不续约通知：用合同条款和成本削减计划替代假设 |
| 保修计提上升 | 额外 2% × 1.20 亿设备销售 × 75% | −0.06 美元 | 新索赔证据出现：修订计提并检查是否调整定价 |
| 组合压力 | 除列明项目外无抵消、无重复计算 | −0.28 美元 | 两个触发器同时发生：重新评估流动性与经营计划 |
| 替代解释被确认 | 在制账龄稳定且索赔批次改善 | 不是每股估计 | 删除恶化判断，保留监测说明 |
Label all assumptions. The 32% avoidable contribution is not reported gross margin, and 25% tax is not an Aster fact. The case omits timing, collection risk, replacement volume, fixed-cost absorption, and remedies. Put those limits below the table; $0.224 arithmetic from uncertain inputs is not a precise prediction.
每项情景假设都必须标注。32% 可避免贡献不是公司披露毛利率，25% 税率也不是对 Aster 的事实陈述。客户流失情景还忽略了过渡时点、回款风险、替代订单、固定成本吸收和合同救济。这些限制应直接放在表格下方。即使计算得到精确的 0.224 美元，只要输入仍不确定，就不能把它包装成精确预测。
Run the handoff gate and freeze the version执行交接门控并冻结版本
- Reperform every displayed calculation from the cited inputs; check signs, units, period labels, denominators, and rounding.
- Open every footnote and confirm that the cited passage supports the exact sentence, including any qualifier or definition.
- Ask a reviewer to identify the strongest contrary explanation and one omitted fact that could change the conclusion.
- Move unresolved items into a visible register with owner, next source, expected date, and consequence for the report.
- Freeze the PDF or document as v1.0, retain the working files separately, and add a change log rather than silently overwriting.
- 根据所引输入重新执行每项展示计算，检查正负号、单位、期间标签、分母和四舍五入。
- 打开每个脚注，确认引用段落支持准确句子，包括限定条件与定义。
- 请复核者指出最强相反解释，以及一项可能改变结论却被遗漏的事实。
- 把未解决项移入可见登记表，写明负责人、下一来源、预计日期及对报告的影响。
- 把 PDF 或文档冻结为 v1.0，另行保留工作文件；之后添加变更日志，不要静默覆盖。
WIP aging by device class — owner: analyst — next source: quarterly inventory note — effect: throughput conclusion remains unresolved.
未知项登记按设备类别划分的在制账龄——负责人：分析者——下一来源：季度存货附注——影响：吞吐结论保持未解决。
v1.1 should state the new document, fields changed, calculations affected, reviewer, and date; unchanged conclusions need not be rewritten.
变更日志v1.1 应记录新增文件、变化字段、受影响计算、复核者和日期；未变结论无需重写。
A report passes when another person can reproduce important numbers, locate source context, understand its conditions, and know what to monitor. Formatting cannot repair a broken evidence path; a concise report can be strong when selection logic, uncertainty, and revision history are explicit.
当另一位读者能够重算重要数字、找到来源上下文、理解结论为何带条件，并知道下一步监测什么时，报告才通过门控。漂亮格式无法弥补断裂的证据路径；相反，只要筛选逻辑、不确定性和修订历史明确，一份简洁报告也可以很扎实。
Draft across files, then verify line by line跨文件起草，再逐行核验
Prepare annual and interim filings, earnings materials, warranty roll-forward, inventory or unit schedules, customer note, diluted-share table, scenario assumptions, and completed research notes. Give files stable IDs such as A1, Q1, and E1 with dates and units. Request a reader-facing draft with conclusion pyramid, key numbers, claim IDs, counterarguments, unknowns, triggers, and version header.
Treat the draft as an index into uploaded originals, not evidence. Verify company, period, unit, sign, definition, row, and qualifier at every claimed location. Independently recalculate reserve movement, unit days, concentration, and per-share effects. Remove unsupported citations, mark irreconcilable conflicts, and keep draft status until a second reader completes the gate.
使用 Stock Explained 前，先准备已经完成的研究集合：年度与中期披露、业绩材料、保修滚动表、存货或设备数量表、客户集中度附注、稀释股数表、情景假设和现有分析笔记。用 A1、Q1、E1 等稳定编号重命名文件，并注明报告日期和单位。要求生成面向读者的草稿，包含结论金字塔、关键数字表、论点编号、反方观点、未知项登记、触发器与版本头。
把草稿视为通向上传原件的索引，而不是证据本身。逐个打开所称位置，核验公司、期间、单位、正负号、定义、表格行及上下文限定；在生成文本之外重新计算准备变动、按设备数量的天数、集中度和每股影响。删除无支持引用，标记无法调节的冲突，并在第二位读者完成交接门控前保持草稿状态。
Upload source-ID-labeled files, request claim-level locators, and validate every material statement before freezing the report version.
上传带来源编号的文件，要求逐论点定位，并在冻结报告版本前核验每项重要表述。
Open Stock Explained打开“一眼看懂这只股票”Questions about finishing and handing off the report完成与交接报告时的常见问题
Working papers capture searches, extracts, rejected calculations, and exploratory notes. The report is a controlled presentation of the finished argument for a reader. It should link back to the working papers without reproducing every investigation step.
股票分析报告模板与工作底稿模板有什么不同？工作底稿保存搜索、摘录、被否定的计算和探索笔记；报告则把完成后的论证以受控方式呈现给读者。报告应能连接回底稿，但无需复制每个调查步骤。
Use one qualified conclusion and two or three load-bearing reasons. Move formulas, caveats, and alternative explanations into linked body sections. If a summary needs several pages, the report probably has not decided which evidence controls the conclusion.
执行结论应该写多长？使用一句带条件结论和两至三个承重理由即可，把公式、限制与替代解释放入可连接的正文。如果摘要需要数页，报告很可能尚未决定哪些证据真正控制结论。
No. Cite reported facts, material definitions, quotations, and inputs that carry a conclusion. Calculations should point to all inputs. Clearly marked judgments do not need a source pretending to prove them, but they should link to supporting and contradictory evidence.
每句话都需要来源脚注吗？不需要。应引用已披露事实、重要定义、引文和承重输入；计算则要指向所有输入。明确标注的判断无需用来源伪装成已证实事实，但应连接到支持与反方证据。
Include missing information that could change confidence or the conclusion. Give each item an owner, next source, expected date, and consequence. Do not fill the register with interesting facts that have no bearing on the report question.
哪些内容应该进入未知项登记？纳入可能改变确信程度或结论的缺失信息，并为每项写明负责人、下一来源、预计日期与影响。不要把与报告问题无关但看似有趣的事实塞进登记表。
Create a new version when new evidence, a corrected input, a changed definition, or a revised scenario changes a material table or conclusion. Record the date and reviewer. Silent edits destroy the history needed to understand why the view changed.
什么时候应该为报告建立新版本？当新证据、输入更正、定义变化或情景修订改变重要表格或结论时，就应建立新版本，并记录日期与复核者。静默修改会破坏理解观点为何变化所需的历史。
Primary references for report evidence报告证据的一手参考
These sources explain where U.S. issuer disclosures are found, what annual and interim reports contain, how financial statements connect, and why accounting estimates require evidence and judgment. They do not validate the fictional Aster report. A real report must cite the issuer’s own current filings, applicable accounting framework, amendments, and later events.
The template is educational and does not provide individualized investment advice, an assurance opinion, or a prediction of returns. A reproducible report may still be based on incomplete disclosures or wrong assumptions. Its purpose is to make those limits discoverable before another person relies on the conclusion.
以上来源说明在哪里查找美国发行人披露、年度与中期报告包含什么、财务报表如何连接，以及为何会计估计需要证据与判断。它们并不验证虚构的 Aster 报告。真实报告必须引用发行人当前披露、适用会计框架、修订文件和后续事件。
本模板仅供学习，不提供个性化投资建议、鉴证意见或收益预测。即使报告可以重算，也可能建立在不完整披露或错误假设上。模板的作用，是让这些限制在其他人依赖结论前就能被发现。