Markets and data市场与数据

Two families of listing are supported: US-listed stocks, ADRs included, and China A-shares on the Shanghai, Shenzhen and Beijing exchanges.

• Any six-digit code counts as an A-share and seats the specialists; whether it is actually listed is only learned when the data comes back.
• Prefer the suffixed A-share form. Yahoo Finance knows A-shares only with a suffix — 600519.SS, 300750.SZ — and it supplies the earnings, quality and valuation evidence. With a bare code, the earnings analyst falls back to Tonghuashun's current consensus, which has no revision history, and the quality and valuation analysts may find nothing to measure.
• Funds and ETFs run, but the earnings, quality and valuation analysts have no company to measure, and say so instead of writing numbers.
• Other exchanges are not supported as such. A symbol that starts with a letter passes the form, and the desk then has only what Yahoo Finance publishes for it.

支持两类上市股票：美国上市的股票（含 ADR），以及在上交所、深交所和北交所上市的 A 股。

• 任何 6 位数字代码都按 A 股处理，并加入专项分析师；它是否真的对应一只上市股票，要等数据返回时才知道。
• A 股建议带上后缀。Yahoo Finance 只认带后缀的 A 股代码——600519.SS、300750.SZ——而盈利、质量与估值三类证据正是来自 Yahoo。如果只输入 6 位数字，盈利分析师会退而使用同花顺的当前一致预期（没有修正历史），质量与估值分析师则可能无数据可用。
• 基金和 ETF 也能分析，但盈利、质量与估值分析师找不到可以衡量的公司，会直接说明，而不是硬写数字。
• 其他交易所不在支持范围内。以字母开头的代码可以通过表单检查，但投研台能用的只有 Yahoo Finance 上发布的数据。

A-share data comes from free Chinese market sources: EastMoney (prices and quotes, company news, capital flows, the Dragon-Tiger List, lock-up schedules, executive share changes, industry rankings), Sina Finance (prices, when EastMoney is throttled), Tonghuashun (consensus forecasts, northbound flows, limit-up themes), Tencent (a second live quote) and Baidu (concept tags). The price feeds do not all adjust the same way — EastMoney's history is back-adjusted (后复权), Sina's is not — and the price snapshot the analysts treat as ground truth names its source and basis, so compare A-share price levels in a report with your own quote.

A 股数据来自免费的国内行情源：东方财富（行情与报价、公司新闻、资金流向、龙虎榜、解禁安排、高管持股变动、行业排名），新浪财经（东方财富限流时的备用行情），同花顺（一致预期、北向资金、涨停题材），腾讯（备用实时报价），以及百度（概念板块）。各行情源的复权方式并不相同——东方财富的历史数据是后复权，新浪的是不复权——分析师作为基准的价格快照会注明数据来源和复权方式，所以请把报告中的 A 股价位与你自己看到的报价核对一下。

A missing source is stated, never filled in. When a tool cannot serve a request it returns an explicit marker — unavailable right now, no data for this symbol, or a window the feed never observed — and the analysts are told to report it as a gap rather than estimate a value.

• Absent is not zero. A field missing from the earnings, quality or valuation evidence is shown as missing, with its reason; a tier resting on too little evidence reads Insufficient Data, which is not a neutral verdict.
• Optional sources can drop out. Macro series, prediction markets, the A-share signal feeds and earnings-call transcripts are treated as optional: when one fails, the run carries on without it, and the analyst is told not to invent a value in its place. Earnings-call transcripts are usually unavailable.
• An outage is not a verdict. When every source for a piece of evidence is unreachable, the tool says the data is unavailable; it does not claim the company has none.

For what a run dated in the past can and cannot see, see Dated to the run.

缺失的数据源只会被明确说明，绝不会被填补。工具无法完成请求时，会返回明确的标记——暂时不可用、该代码没有数据，或者数据源从未覆盖过这个时间窗口——分析师被要求把它当作缺口如实报告，而不是估一个数。

• 缺失不等于零。盈利、质量或估值证据中缺失的字段会标为缺失并注明原因；证据不足时，评级档位显示为 Insufficient Data（数据不足），这并不是一个中性的结论。
• 可选数据源可能缺席。宏观数据、预测市场、A 股信号数据和业绩电话会纪要都属于可选数据：其中任何一个失败，分析都会在缺少它的情况下继续，分析师会被明确要求不得编造数值来填补。业绩电话会纪要通常拿不到。
• 服务中断不是结论。当某类证据的所有数据源都无法连接时，工具会说明数据不可用，而不会声称这家公司没有数据。

日期在过去的分析能看到什么、看不到什么，见以分析日期为准。

An ADR is priced in dollars per receipt, while the company reports in its home currency and per ordinary share. A figure that mixes the two can be off by an exchange rate and a share ratio at the same time. The valuation analyst quotes the multiples Yahoo Finance publishes for the listing rather than rebuilding them from statements.

For how badly the mix can go wrong, read TSM at a P/E of 1.01 in the Research Lab. It is a post-mortem from this site's valuation pages — the DCA page for TSM — not from the agents, but it is the same trap: three incompatible bases from one data feed, and every one of them pointing cheap.

ADR 以美元按每份存托凭证计价，而公司以本国货币、按普通股披露财务数据。把两者混在一起算出的数字，可能同时差了一个汇率和一个换股比例。估值分析师直接引用 Yahoo Finance 为该上市证券发布的估值倍数，而不是用财务报表重新计算。

混用口径会错到什么程度，可以读研究实验室的《市盈率 1.01 倍的台积电》。那是本站估值页面——台积电的定投估值（DCA）页面——的事后复盘，而不是投研台的，但陷阱是同一个：同一个数据源给出了三种互不兼容的口径，而且每一个都指向“更便宜”。