How to use this checklist如何使用这份清单
Copy each check into a working sheet and define its pass condition before opening the filings. For every row, select Pass, Pending, Fail, or Not applicable; attach a dated source location; and state what the evidence does and does not establish. Complete the rows for research setup, business mechanics, statement tie-outs, capital structure, governance and risk, valuation inputs, counter-evidence, and future updates. A free stock research checklist reduces omissions, but the status must reflect evidence—not enthusiasm, fear, or a convenient empty box.
把每项检查复制到工作表中，并在打开披露文件前先写好“通过条件”。每一行都选择“通过、待查、失败或不适用”，附上带日期的来源位置，并说明证据能证明什么、不能证明什么。依次完成研究启动、商业机制、报表勾稽、资本结构、治理与风险、估值输入、反证和未来更新。免费股票研究清单可以减少遗漏，但状态必须由证据决定，不能由乐观、恐惧或想把空格填满的冲动决定。
Set the four status rules before row one填写第一行之前，先定义四种状态
A tick mark hides too much. It can mean “I looked,” “the company passed,” or “I found nothing.” This checklist uses a prewritten test and four mutually exclusive states. The evidence column then records the filing, form, reporting period, filing date, page or note, units, and a short finding. Add an owner and next action whenever the row is not closed.
单独一个勾号隐藏了太多信息：它可能表示“我看过了”“公司通过了”，也可能只是“什么都没找到”。这份清单要求先写测试条件，再使用四种互斥状态。证据栏要记录披露文件、表格类型、报告期、提交日期、页码或附注、单位与简短发现；只要该行尚未关闭，就必须补充负责人和下一步行动。
The cited evidence satisfies the condition as written. Passing one row is not a positive recommendation.
通过所引证据满足预先写明的条件。某一行通过不等于形成正面投资建议。
The source, definition, period, or confirmation needed to decide is still missing or unresolved.
待查作出判断所需的来源、定义、期间或确认仍然缺失或未解决。
Available evidence clearly does not meet the written condition. Record the consequence, not just the label.
失败现有证据明确不满足预定条件。除状态外，还要写明后果。
The test does not fit this issuer or security. Explain why; never use this state to skip difficult work.
不适用该测试不适合当前发行人或证券。必须说明原因，不能用它跳过困难项目。
Check ID | prewritten condition | status | finding | source and page | evidence class | limitation | next action | due trigger.
最小证据行检查编号｜预定条件｜状态｜发现｜来源与页码｜证据类别｜限制｜下一行动｜到期触发器。
Open the file with an identity and scope gate先通过主体与范围闸门，再开始研究
Before evaluating the business, make sure every document belongs to the same legal issuer and security. Record company name, ticker, exchange, share class, regulator identifier, fiscal year-end, reporting currency, current filing set, research date, and the decision question. For depositary receipts, dual listings, reorganizations, or recent name changes, note how the traded security connects to the reporting entity.
评价业务之前，先确认所有文件属于同一法律主体和同一证券。记录公司名称、代码、交易所、股份类别、监管识别码、财政年末、报告币种、当前披露组合、研究日期和判断问题。遇到存托凭证、双重上市、重组或近期更名时，还要说明所交易证券与报告主体之间的关系。
| Launch check | Pass condition | Evidence field |
|---|---|---|
| Entity match | Issuer, security class, and filing identifier reconcile. | Cover page, exchange record, regulator ID |
| Filing completeness | Latest annual, interim, current-event, and proxy filings are listed or marked unavailable. | Form, filed date, amendment status |
| Question boundary | One decision question and one review horizon are written. | Research header, date, intended use |
| Comparability note | Currency, units, fiscal calendar, and structural breaks are named. | Accounting policy and segment notes |
| 启动检查 | 通过条件 | 证据栏位 |
|---|---|---|
| 主体匹配 | 发行人、证券类别和披露识别码能够对应。 | 封面、交易所记录、监管识别码 |
| 披露完整性 | 最新年报、中期报告、重大事件和委托投票文件均已列出，或明确标为不可得。 | 表格、提交日期、修订状态 |
| 问题边界 | 写明一个判断问题和一个复核时间范围。 | 研究页眉、日期、预期用途 |
| 可比性说明 | 币种、单位、财政日历和结构性断点均已命名。 | 会计政策与分部附注 |
Check the commercial mechanism before the metrics先检查商业机制，再查看指标
A business-model row should identify the payer, user, purchasing trigger, delivery obligation, renewal or replacement cycle, and reason the customer can switch. Avoid passing the section because a product description sounds attractive. A useful condition is observable: for example, “the filing identifies who pays and the contract term for the segment being valued,” not “the company has a strong model.”
商业模式行应识别付款者、使用者、购买触发点、交付义务、续约或替换周期，以及客户可以切换的原因。不能因为产品描述听起来有吸引力就让本区通过。有效条件必须可观察，例如“披露说明被估值分部的付款者和合同期限”，而不是“公司拥有强大模式”。
- Trace each material segment from customer need to invoice, fulfillment, and after-sale obligation.
- Mark pricing power Pending unless evidence shows price, volume, mix, contract terms, and customer response separately enough to test it.
- List dependencies that can interrupt the mechanism: permits, patents, suppliers, platforms, distributors, skilled labor, or a small number of counterparties.
- Compare management’s stated advantage with a measurable durability signal and an explicit failure condition.
- 对每个重要分部，从客户需求一路追踪到开票、履约和售后义务。
- 除非证据能把价格、销量、组合、合同条款和客户反应拆得足够清楚，否则“定价能力”应标为待查。
- 列出可能中断商业机制的依赖：许可证、专利、供应商、平台、经销商、专业人员或少数交易对手。
- 把管理层声称的优势与可衡量的耐久信号、明确失败条件进行比较。
Reconcile the statements and the share count勾稽报表，并核对股份数量
The goal is not to complete every possible ratio. It is to catch definitions that silently change the denominator or the claim. Tie the latest balance sheet to the notes for debt, leases, goodwill, acquired intangibles, provisions, and equity. Reconcile basic and diluted weighted-average shares to period-end shares outstanding, treasury activity, repurchases, option awards, restricted units, convertible instruments, and subsequent issuances.
目标不是完成所有可能的比率，而是发现会悄然改变分母或观点的定义。把最新资产负债表与负债、租赁、商誉、收购无形资产、预计负债和权益附注勾稽；再把基本与稀释加权平均股数，同期末流通股、库存股活动、回购、期权、限制性股票单位、可转换工具和期后发行进行调节。
| Checklist row | Required comparison | Common reason to mark Pending or Fail |
|---|---|---|
| Debt schedule | Face value, carrying value, rate, maturity, covenants, collateral. | Only a headline total is available. |
| Acquisition residue | Purchase consideration, goodwill, identifiable intangibles, later impairment. | Deal presentation and note use different scopes. |
| Share bridge | Opening shares plus issuance, awards, conversion, repurchase, and retirement. | Weighted-average shares are mistaken for period-end ownership. |
| Audit and controls | Audit opinion, critical audit matters, control deficiencies, restatements. | A material weakness or amended filing remains unresolved. |
| 清单项目 | 必须进行的比较 | 常见待查或失败原因 |
|---|---|---|
| 债务到期表 | 面值、账面价值、利率、到期日、契约、抵押。 | 只有一个标题总额。 |
| 收购残留 | 购买对价、商誉、可辨认无形资产、后续减值。 | 交易演示与附注采用不同范围。 |
| 股份桥接 | 期初股份加发行、奖励、转换，再减回购和注销。 | 把加权平均股数误当成期末所有权。 |
| 审计与内控 | 审计意见、关键审计事项、控制缺陷、重述。 | 重大缺陷或修订披露仍未解决。 |
Put financing, governance, and risk in one gate把融资、治理与风险放进同一道闸门
Capital structure determines who has claims ahead of common shareholders and what actions management can take under stress. Record maturity clusters, variable rates, covenant headroom, secured assets, preferred terms, conversion features, authorized but unissued shares, repurchase authority, and commitments not obvious from the headline debt number. A “no debt” label fails if leases, guarantees, purchase obligations, or preferred claims are ignored.
资本结构决定谁的请求权排在普通股东之前，也决定管理层在压力下能够采取什么行动。记录集中到期、浮动利率、契约余量、抵押资产、优先股条款、转换特征、已授权未发行股份、回购授权，以及总债务标题中不明显的承诺。若忽略租赁、担保、采购义务或优先请求权，“无债务”这一标签就不能通过。
For governance, use the proxy statement and filed biographies to check board independence, tenure, related-party transactions, pay design, ownership, voting control, auditor changes, and whether incentives match the operating claim being tested. For risk, translate each material risk into an exposure, existing mitigation, measurable warning signal, and filing location. Boilerplate risk language can be Not applicable to a specific thesis only when the reason is written.
治理部分应使用委托投票文件和正式履历，检查董事会独立性、任期、关联交易、薪酬设计、持股、投票控制、审计师变化，以及激励是否与正在检验的经营观点一致。风险部分要把每项重大风险转化为暴露、现有缓解措施、可衡量预警信号和披露位置。只有写明理由时，模板化风险措辞才能对某个具体观点标为不适用。
Freeze valuation inputs before interpreting price解释价格之前，先冻结估值输入
A checklist should preserve valuation inputs, not manufacture a precise target. Record price and timestamp, security class, share count definition, debt and cash scope, minority interests, preferred claims, option or conversion treatment, forecast period, terminal assumption, and peer-selection rule. Every adjustment needs both a reported starting figure and a written reason. If a price source or denominator is stale, mark the valuation row Pending rather than carrying forward an old multiple.
清单应保存估值输入，而不是制造精确目标价。记录价格与时间戳、证券类别、股数定义、债务与现金范围、少数股东权益、优先请求权、期权或转换处理、预测期、终值假设和同业选择规则。每项调整都需要已披露起点和书面理由。若价格来源或分母已经过时，应把估值行标为待查，而不是继续沿用旧倍数。
Dated price, filed balance, security terms, and reported share data.
事实栏带日期的价格、已披露余额、证券条款和已报告股数。
Formula, substitutions, units, and rounding that another reader can reproduce.
计算栏可由另一位读者复现的公式、代入值、单位和舍入。
Forecast, conversion behavior, peer rule, or terminal condition not reported as fact.
假设栏没有作为事实披露的预测、转换行为、同业规则或终值条件。
What the combined evidence suggests and what would reverse that reading.
判断栏综合证据表明什么，以及什么情况会推翻这种解读。
Checklist drill: license renewal and dilution清单演练：许可证续期与潜在稀释
This exercise is entirely hypothetical and does not describe a real company or security. Meridian Lab Systems sells diagnostic analyzers that require a product license. Before reading, the reviewer writes two conditions: licensing passes only if authorization extends at least twelve months beyond the review date; potential conversion dilution passes only if the simplified incremental share count is no more than 10% of the latest period-end common shares.
以下演练完全虚构，不对应任何真实公司或证券。Meridian Lab Systems 销售需要产品许可证的诊断分析仪。阅读文件之前，研究者先写下两个条件：只有授权有效期至少超过复核日十二个月，许可项目才通过；只有按简化转换计算的新增股数不超过最新期末普通股的 10%，潜在转换稀释才通过。
| Row | Entry | Status and reason |
|---|---|---|
| Reported fact | Illustrative filing says the license expires in ten months and a renewal application is under review. | Fail: current authorization does not meet the written twelve-month condition. Renewal outcome remains Pending as a separate row. |
| Reported fact | Illustrative note lists $48 million principal of convertible notes and a $12 conversion price; period-end common shares are 36 million. | Pass for source completeness only: terms and denominator are located, not yet interpreted. |
| Calculation | $48 million ÷ $12 = 4 million simplified conversion shares; 4 million ÷ 36 million = 11.1%. | Fail: the simplified result exceeds the prewritten 10% threshold. |
| Assumption | All principal converts at the stated price; anti-dilution clauses, settlement choices, accrued interest, and repurchases are ignored. | Pending: read the full note and indenture before using 11.1% as an ownership outcome. |
| Judgment | Approval timing and financing terms deserve priority because either could change the operating or per-share case. | Pending, not a sell signal: the checklist ranks follow-up work rather than issuing a recommendation. |
| 行 | 记录 | 状态与原因 |
|---|---|---|
| 已披露事实 | 虚构披露称许可证将在十个月后到期，续期申请正在审查。 | 失败：现有授权不满足预定的十二个月条件。续期结果另起一行标为待查。 |
| 已披露事实 | 虚构附注明列 4,800 万美元可转换票据本金、12 美元转换价，期末普通股为 3,600 万股。 | 仅“来源完整性”通过：条款与分母已经找到，但尚未解释。 |
| 研究者计算 | 4,800 万美元 ÷ 12 美元 = 400 万股简化转换股份；400 万股 ÷ 3,600 万股 = 11.1%。 | 失败：简化结果超过预定的 10% 阈值。 |
| 研究假设 | 全部本金按所列价格转换；忽略反稀释条款、结算选择、应计利息和回购。 | 待查：在把 11.1% 当作所有权结果前，必须阅读完整附注和契约。 |
| 研究判断 | 批准时点与融资条款应优先复核，因为任一事项都可能改变经营或每股判断。 | 待查，而非卖出信号：清单用于安排后续工作，不发出建议。 |
The current license condition can fail while the renewal outcome remains pending. Combining them into one optimistic check would conceal the difference between present evidence and a hoped-for event.
为什么要拆成两行当前许可证条件可以失败，而续期结果仍然待查。若把二者合并成一个乐观勾选，就会掩盖现有证据与期待事件之间的差别。
Finish with a challenge queue and refresh dates用反证队列和更新日期收尾
Before closing the worksheet, select the three conclusions that matter most and write one observation that would weaken each. Search filings for amendments, changing definitions, terminated agreements, covenant changes, regulatory correspondence, auditor language, insider or related-party disclosures, and targets that quietly disappeared. A finding that contradicts your first view is a successful checklist result, not an error to remove.
关闭工作表之前，选出最重要的三个结论，并为每个结论写下一项会削弱它的观察。搜索修订文件、定义变化、终止协议、契约变化、监管沟通、审计师措辞、内部人或关联方披露，以及悄然消失的目标。与初步观点相反的发现是清单成功工作的结果，不是应该删除的错误。
| Refresh trigger | Rows to reopen | Required action |
|---|---|---|
| Annual or interim filing | All Pending items and changed comparative data. | Reconcile periods, definitions, and amendments. |
| Material event filing | Debt, leadership, audit, acquisition, license, litigation, or issuance rows. | Update within the affected checklist gate. |
| Proxy filing | Board, pay, ownership, voting control, related parties. | Compare against the prior proxy, not memory. |
| Price-dependent review | Valuation inputs only, unless new business evidence also appeared. | Record a new timestamp; preserve the old snapshot. |
| 更新触发器 | 需要重开的行 | 必须执行的动作 |
|---|---|---|
| 年报或中期披露 | 所有待查项目与变化的可比数据。 | 调节期间、定义和修订。 |
| 重大事件披露 | 债务、管理层、审计、收购、许可、诉讼或发行相关行。 | 只在受影响的清单闸门中更新。 |
| 委托投票文件 | 董事会、薪酬、所有权、投票控制、关联方。 | 与上一份委托投票文件比较，而不是依靠记忆。 |
| 价格相关复核 | 只重开估值输入，除非同时出现新的业务证据。 | 记录新时间戳，并保留旧快照。 |
The checklist is ready to archive when every row has a status, every Pass or Fail has a source, every Pending item has an owner and trigger, and every Not applicable item has a written reason. Carry forward open rows; do not copy old statuses without rereading the cited evidence.
当每一行都有状态、每个通过或失败都有来源、每个待查项目都有负责人和触发器、每个不适用都有书面理由时，清单才可以归档。未关闭项目应结转到下一版，但不能在不重读所引证据的情况下复制旧状态。
Upload a checklist evidence packet, not a document pile上传清单证据包，而不是一堆散乱文件
For a checklist review, prepare one packet containing the latest annual and interim filings, relevant event filings and exhibits, the latest proxy statement, and any earlier document required for comparison. Add a short index that maps filenames to issuer, form, reporting period, filed date, and amendment status. InfiniSynapse Stock Explained can help organize the uploaded materials into a plain-language brief and surface passages for checklist rows.
Use the output as a locating and organizing aid. It may miss a document, misread a table, or join statements prepared on different bases. Verify every material status, figure, term, date, denominator, and quotation against the original uploaded source at the cited location. Keep Pending items open when the evidence packet cannot resolve them.
执行清单时，应准备一个证据包：最新年报与中期报告、相关重大事件披露和附件、最新委托投票文件，以及比较所需的历史文件。附上一份短索引，把文件名对应到发行人、表格类型、报告期、提交日期和修订状态。InfiniSynapse“一眼看懂这只股票”可以帮助整理用户上传材料、生成通俗摘要，并定位适合填入清单行的段落。
生成结果只用于定位与组织。工具可能漏掉文件、误读表格，或把不同编制基础的说法连接在一起。每项重要状态、数字、条款、日期、分母和引文都必须回到原始上传文件的引用位置核验。证据包无法解决的项目应继续保持待查。
Upload indexed filings, state the checklist gate you are reviewing, and ask for source locations. Confirm each proposed row in the original file before assigning its final status.
上传带索引的披露文件，说明正在复核的清单闸门，并要求返回来源位置。分配最终状态之前，先在原文件中确认每一条建议记录。
Open Stock Explained打开“一眼看懂这只股票”Questions that arise while completing the checklist填写清单时常见的具体问题
No. Pending means the evidence needed to apply the condition is incomplete or unresolved. Fail means available evidence does not satisfy the written condition. Keeping those states separate prevents missing information from being treated as either good or bad news.
“待查”是否意味着公司未通过检查？不是。待查表示应用条件所需的证据不完整或尚未解决；失败则表示现有证据不满足预定条件。区分二者，可以避免把信息缺失自动解释为利好或利空。
Only with a visible revision note. Preserve the original condition, explain why it was inappropriate, and rerun affected rows. Quietly moving a threshold after seeing the evidence turns the checklist into a justification exercise.
看到结果后可以修改通过条件吗？可以，但必须留下可见的修订说明。保留原条件，解释它为何不合适，并重新执行受影响的行。看到证据后悄然移动阈值，会让清单沦为替既有观点找理由的工具。
Mark it Not applicable and write the business reason. Replace it with an industry-native test only when you can define the condition and evidence field. Do not force retailer, bank, miner, and software economics into one universal threshold.
如果某项清单不适合该行业怎么办？将其标为不适用并写明业务原因。只有能够定义条件和证据栏时，才用行业原生测试替换。不要让零售、银行、矿业和软件公司的经济机制服从同一套通用阈值。
No. A Fail says a specific condition was not met; its decision weight depends on materiality, time horizon, alternatives, and interaction with other rows. A licensing failure can be existential, while a minor documentation failure may require follow-up rather than a verdict.
每个“失败”状态都应终止研究吗？不是。失败只表示某个具体条件未满足；它对判断的权重取决于重要性、时间范围、替代方案以及与其他项目的相互作用。许可证失败可能关系生存，而较小的文件问题可能只需要跟进。
Use events as well as dates. Review affected rows after annual, interim, current-event, and proxy filings, and after financing, leadership, audit, legal, licensing, or capital-allocation changes. Refresh valuation inputs whenever their date matters, while preserving the prior snapshot.
已经完成的股票清单多久更新一次？既按日期，也按事件。年报、中期报告、重大事件和委托投票文件发布后，应重开受影响行；融资、管理层、审计、法律、许可或资本配置发生变化时也应更新。估值输入只要日期已影响结论就要刷新，同时保留旧快照。
Official references and checklist boundary官方参考资料与清单边界
These official U.S. references describe common filing types, research questions, and disclosure locations. Adapt the checklist to the issuer’s home-market regulator, exchange, accounting framework, security terms, and industry. A 10-K or 8-K row is not automatically applicable outside the relevant U.S. reporting system.
This worksheet is an omission-control and evidence-recording aid, not individualized investment advice, a scoring model, or a guarantee that the filing set is complete. Passing rows cannot remove uncertainty, and failing rows do not determine a trade. The user remains responsible for source verification, materiality judgments, portfolio context, and decisions.
以上美国官方资料说明了常见披露类型、研究问题和资料位置。实际使用时，应根据发行人本土监管机构、交易所、会计框架、证券条款和行业调整清单；在不适用美国报告制度的市场，10-K 或 8-K 行不能自动套用。
这份工作表用于控制遗漏和记录证据，不是个性化投资建议、评分模型，也不保证披露组合完整。通过的项目不能消除不确定性，失败的项目也不会自动决定交易。用户仍需负责来源核验、重要性判断、组合背景和最终决策。