个股研究

迅捷兴（688655.SH）

结论摘要：当前处于 F/E/E 的 State 环境，整体数据充分度为 充足。
主营：印制电路板的研发、生产和销售
State：F/E/E（三周期共振刚形成，先验上更偏向观察共振能否延续，而不是直接外推强度。）
行业：电子 景气 暂无 / ETF -C
财务：营收 2.13亿 | EPS -0.0400 | ROE 暂无
策略适配：当前无策略信号覆盖，仅展示 State 环境。当前 State 组合为 F/E/E，尚未进入策略信号账本的有效覆盖范围。
主要风险：最近一期经营现金流较上年同期下降 152.3%，经营质量需复核；板块共振确认不足，行业合力偏弱
数据充分度：充足
数据来源：iFinD + 规则派生 + State 底座

---
本回答基于 Hermass Observer 系统输出，仅供研究参考，不构成投资建议。
所有交易决策请基于自身风险承受能力独立判断。

## 迅捷兴 深度研究卡

### 1. 结论摘要
迅捷兴 当前处于 F/E/E 的 State 组合，整体数据充分度为 充足。

### 2. 公司概况
- 公司名称：迅捷兴
- 行业归属：电子 / 元件 / 印制电路板
- 主营业务：印制电路板的研发、生产和销售
- 产品类型：印制电路板
- 主要产品：刚性板、HDI板、高频板、高速板、厚铜板、金属基板、挠性板、刚挠结合板
- 关联概念：融资融券,新能源汽车,智能穿戴,机器人概念,粤港澳大湾区,医疗器械概念,汽车电子,5G,股权转让(并购重组),专精特新,绿色电力,PCB概念,共封装光学(CPO),智能座舱
- 可比公司：上海嘉捷通电路科技股份有限公司,四会富仕电子科技股份有限公司,崇达技术股份有限公司,深圳市兴森快捷电路科技股份有限公司,深圳市金百泽电子科技股份有限公司
- 竞争对手：上海嘉捷通电路科技股份有限公司,四会富仕电子科技股份有限公司,崇达技术股份有限公司,深圳市兴森快捷电路科技股份有限公司,深圳明阳电路科技股份有限公司

### 2.1 商业模式与核心竞争力
- 商业模式拆解：主营收入主要来自 印制电路板的研发、生产和销售，客户侧更接近 客户与交付场景当前以主营业务描述为准，运营组织方式 运营模式需结合更多业务披露进一步确认。
- 产品与解决方案：印制电路板。
- 核心竞争力判断：当前主要对标 上海嘉捷通电路科技股份有限公司,四会富仕电子科技股份有限公司,崇达技术股份有限公司,深圳市兴森快捷电路科技股份有限公司,深圳市金百泽电子科技股份有限公司，可围绕细分赛道位置和执行力理解竞争壁垒。
- 阅读方式：这里不是简单判断“好不好”，而是回答公司究竟靠什么赚钱、靠什么守住利润、靠什么和同行拉开差距。
- 行业位点：当前处于 元件 / 印制电路板 赛道，竞争判断应围绕该细分环节展开。
- 可比对标：当前证据层给出的可比公司为 上海嘉捷通电路科技股份有限公司,四会富仕电子科技股份有限公司,崇达技术股份有限公司,深圳市兴森快捷电路科技股份有限公司,深圳市金百泽电子科技股份有限公司。
- 经营支撑：最新营收 2.13亿，EPS -0.0400，经营现金流 0.05亿。

### 3. 财务趋势
- 2026Q1: 营收 2.13亿，净利润 -0.05亿，EPS -0.0400，经营现金流 0.05亿
- 2025Q4: 营收 6.89亿，净利润 -0.22亿，EPS -0.1700，经营现金流 -0.48亿
- 2025Q1: 营收 1.24亿，净利润 -0.05亿，EPS -0.0400，经营现金流 -0.09亿

### 3.1 盈利质量与财务健康
- 成长性观察：最近 3 个可比报告期口径下，营收表现 较前期改善，净利润表现 较前期回落。如果两者同向改善，说明经营扩张与利润兑现相对一致；若利润明显弱于收入，则后续更要看成本、费用与需求质量。
- 盈利质量观察：最新口径下 利润率细项当前覆盖不足，EPS -0.0400，ROE 暂无。这一组指标更适合回答“赚得多不多、赚得稳不稳、回报是否够厚”。
- 现金流与财务健康：经营现金流表现 较前期改善，最新值 0.05亿；资产负债率 56.2%。如果利润改善但现金流迟迟跟不上，就要对利润含金量保持谨慎。
- 收入同比：最新可比口径为 2026Q1 对比 2025Q1，增长 72.7%。营收同比通常更能反映需求、订单和出货节奏。
- 净利润同比：最新可比口径为 2026Q1 对比 2025Q1，增长 10.2%。净利润同比通常更能反映盈利兑现和经营弹性。
- 经营现金流同比：最新可比口径为 2026Q1 对比 2025Q1，下降 152.3%。这类制造/硬件交付型业务里，经营现金流同比对经营质量更关键。

### 4. 行业景气 / State 环境
- 行业景气：电子，景气分 暂无，ETF State -C（ef=0）
- State 核心：MN1=F / W1=E / D1=E，ef_count=3，市场阶段=progression
- 结构解读：中大周期偏强，日线推进结构相对稳定
- 节奏先验：三周期共振刚形成，先验上更偏向观察共振能否延续，而不是直接外推强度。
- State 持续性：MN1 强状态持续 2 天；W1 强状态持续 2 天；D1 强状态持续 4 天；三周期共振持续 2 天
- State 持续性：当前最短的强状态持续段在 MN1，后续结构变化通常先从这一周期体现。
- 策略适配：当前无策略信号覆盖。当前 State 组合为 F/E/E，尚未进入策略信号账本的有效覆盖范围。

### Phase 1 多因素共振
- State 共振：已确认（三周期 E/F 共振成立）。
- 行业共振：当前未见明确板块级同步强化，更多依赖个股自身兑现。
- 事件驱动：当前未接入真实外部摘要，事件解释能力仍属可选增强层。

### 4.1 产业链与竞争格局
- 产业链定位：公司当前归属 电子 / 元件 / 印制电路板，本地产业链位置标记为 暂无。这决定了它更像赚“技术溢价”、制造效率，还是下游渠道与品牌的钱。
- 行业景气：当前景气分 暂无，ETF State -C。从结构上看，当前赛道至少已有一组可比公司或竞争对手可用于横向观察。
- 板块共振：当前未形成明显行业共振，竞争格局更应回到公司自身经营与产品位置。
- 可比公司：上海嘉捷通电路科技股份有限公司, 四会富仕电子科技股份有限公司, 崇达技术股份有限公司, 深圳市兴森快捷电路科技股份有限公司。后续理解竞争壁垒时，应优先看它与这些 Peer 在产品定位、成本结构和执行效率上的差异。
- 相关概念：融资融券, 新能源汽车, 智能穿戴, 机器人概念。
- 说明：这里优先继承“产业链全景 + 价值分布 + 核心玩家对标”的研究框架，但当前输出仍以本地结构化证据为底，不把缺失数据硬补成结论。

### 4.2 短期增速与驱动因素
- 驱动因素：概念线索集中在 融资融券, 新能源汽车, 智能穿戴, 机器人概念。
- 边界说明：当前以本地结构化证据和行业线索做解释，不把驱动因素外推成交易结论。

### 4.3 政策环境与技术变革
- 政策/技术线索：应用扩散方向更多体现在智能终端、电力电子与车载电子场景。
- 边界说明：当前只做结构化线索整理，不把概念或政策主题直接转成行情判断。

### 4.4 行业周期与整体判断
- 周期位置：电子当前处于中性到偏积极的观察区间，后续更看共振是否延续。
- 结构依据：景气分 暂无，ETF State -C，市场阶段 progression。
- 共振验证：当前未见明确行业共振，整体判断仍需更多同步信号确认。

### 5. 估值参考
valuation_reference 数据当前缺失，暂不输出该模块结论。
估值参考数据暂缺。
仅供研究参考，不构成建议。

### 5.1 市场预期
market_views 数据当前缺失，暂不输出该模块结论。

### 6. 风险与限制
- 财务风险：
  - 最近一期经营现金流较上年同期下降 152.3%，经营质量需复核。
- 行业风险：
  - 板块共振确认不足，行业合力偏弱。
  - 行业 ETF 当前未进入 E/F 共振状态。
- 数据风险：
  - valuation_reference 当前缺失，相关结论应降级处理。
  - market_views 当前缺失，相关结论应降级处理。
- 数据充分度：充足
- 数据来源：iFinD + 规则派生 + State 底座

---
本回答基于 Hermass Observer 系统输出，仅供研究参考，不构成投资建议。
所有交易决策请基于自身风险承受能力独立判断。

## 迅捷兴 证据卡

- 股票代码：688655.SH
- 查询日期：2026-09-22
- 最新报告期：2026Q1
- 整体充分度：充足
- 来源摘要：iFinD + 规则派生 + State 底座

### 模块充分度
- company_profile: 充足
- financial_trend: 充足
- industry_state: 充足
- state_core: 充足
- strategy_fit_overlay: 未覆盖
- valuation_reference: 缺失
- market_views: 缺失
- risk_flags: 充足

### 评分
- required_modules_score: 1.000
- optional_modules_score: 0.000
- overall_score: 0.850

### State 展示
- Raw State：F/E/E
- 结构解读：中大周期偏强，日线推进结构相对稳定
- 节奏先验：三周期共振刚形成，先验上更偏向观察共振能否延续，而不是直接外推强度。
- MN1 Alias：扩张·趋势·突破·活跃
- W1 Alias：扩张·趋势·突破·稳定
- D1 Alias：扩张·趋势·突破·稳定
- State 持续性：MN1 强状态持续 2 天；W1 强状态持续 2 天；D1 强状态持续 4 天；三周期共振持续 2 天
- State 持续性：当前最短的强状态持续段在 MN1，后续结构变化通常先从这一周期体现。

### Phase 1 多因素共振
- State 共振：已确认（三周期 E/F 共振成立）。
- 行业共振：当前未见明确板块级同步强化，更多依赖个股自身兑现。
- 事件驱动：当前未接入真实外部摘要，事件解释能力仍属可选增强层。

### 关键来源
- company_profile.main_business: ifind / ifind_industry_chain_profile / main_business / 2026-05-22T05:26:44.809210+00:00
- financial_trend.period_rows[2026Q1].revenue: ifind / ifind_excel_facts / 营业总收入 / 2026-05-22T04:58:51.501698+00:00
- financial_trend.period_rows[2025Q4].revenue: ifind / ifind_excel_facts / 营业总收入 / 2026-05-22T04:58:51.501698+00:00
- state_core.d1_state_hex: foundation / d1_perspective_state / d1_state_hex / 2026-09-22

### 信源边界
- 默认优先使用 tier_1_core / tier_2_high 结构化来源。
- 禁用信源模式：guba, 股吧, 自媒体, 营销号, 论坛, 个人博客, weibo, zhihu ...

### 风险说明层
- 财务风险 | 重要性：高 | 最近一期经营现金流较上年同期下降 152.3%，经营质量需复核。 | 原因：经营现金流同比对制造、周期和重资产行业的经营质量判断更关键。
- 行业风险 | 重要性：中 | 板块共振确认不足，行业合力偏弱。 | 原因：行业内部缺少同步强化信号时，个股表现更依赖自身经营兑现。
- 行业风险 | 重要性：中 | 行业 ETF 当前未进入 E/F 共振状态。 | 原因：行业 ETF 未进入 E/F 共振，通常意味着板块层面的趋势确认不足。
- 数据风险 | 重要性：高 | valuation_reference 当前缺失，相关结论应降级处理。 | 原因：关键证据缺失时，不应把模块结论当成高确定性判断。
- 数据风险 | 重要性：高 | market_views 当前缺失，相关结论应降级处理。 | 原因：关键证据缺失时，不应把模块结论当成高确定性判断。

### 来源局限
- valuation_reference 当前缺失，相关结论应降级处理。
- market_views 当前缺失，相关结论应降级处理。

---
本回答基于 Hermass Observer 系统输出，仅供研究参考，不构成投资建议。
所有交易决策请基于自身风险承受能力独立判断。

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        "report_period": "2026Q1",
        "base_period": "2025Q1",
        "value": 72.74
      }
    ],
    "net_profit_yoy_same_quarter": [
      {
        "report_period": "2026Q1",
        "base_period": "2025Q1",
        "value": 10.22
      }
    ],
    "operating_cashflow_yoy_same_quarter": [
      {
        "report_period": "2026Q1",
        "base_period": "2025Q1",
        "value": -152.34
      }
    ]
  },
  "industry_state": {
    "sw_l1": "电子",
    "prosperity_score": null,
    "prosperity_change": "",
    "chain_position": "",
    "etf_symbol": "512480.SH",
    "etf_state_hex": "-C",
    "etf_ef_count": 0,
    "etf_20d_return": 0.57,
    "sector_resonance": false,
    "sector_resonance_count": 0
  },
  "state_core": {
    "mn1_state_hex": "F",
    "w1_state_hex": "E",
    "d1_state_hex": "E",
    "mn1_state_score": 15,
    "w1_state_score": 14,
    "d1_state_score": 14,
    "ef_count": 3,
    "market_phase": "progression",
    "mn1_ef_duration": 2,
    "w1_ef_duration": 2,
    "d1_ef_duration": 4,
    "all_three_ef_duration": 2,
    "next_likely_change": "当前最短的强状态持续段在 MN1，后续结构变化通常先从这一周期体现。",
    "state_prior_view": "三周期共振刚形成，先验上更偏向观察共振能否延续，而不是直接外推强度。"
  },
  "strategy_fit_overlay": {
    "lifecycle_stage": "",
    "strategy_environment_fit": "",
    "fit_strategy": "",
    "env_category": ""
  },
  "valuation_reference": {
    "pe_ttm": null,
    "pe_static": null,
    "pb": null,
    "ps": null,
    "market_cap": null,
    "industry_pe_avg": null,
    "comparable_pe_range": null,
    "data_type": "reference"
  },
  "market_views": {
    "rating_distribution": {},
    "target_price_low": null,
    "target_price_high": null,
    "target_price_count": 0,
    "latest_report": null
  },
  "risk_flags": {
    "financial_risks": [
      {
        "risk": "最近一期经营现金流较上年同期下降 152.3%，经营质量需复核。",
        "significance": "高",
        "reason": "经营现金流同比对制造、周期和重资产行业的经营质量判断更关键。"
      }
    ],
    "industry_risks": [
      {
        "risk": "板块共振确认不足，行业合力偏弱。",
        "significance": "中",
        "reason": "行业内部缺少同步强化信号时，个股表现更依赖自身经营兑现。"
      },
      {
        "risk": "行业 ETF 当前未进入 E/F 共振状态。",
        "significance": "中",
        "reason": "行业 ETF 未进入 E/F 共振，通常意味着板块层面的趋势确认不足。"
      }
    ],
    "valuation_risks": [],
    "policy_risks": [],
    "data_risks": [
      {
        "risk": "valuation_reference 当前缺失，相关结论应降级处理。",
        "significance": "高",
        "reason": "关键证据缺失时，不应把模块结论当成高确定性判断。"
      },
      {
        "risk": "market_views 当前缺失，相关结论应降级处理。",
        "significance": "高",
        "reason": "关键证据缺失时，不应把模块结论当成高确定性判断。"
      }
    ]
  },
  "source_map": {
    "company_profile.stock_name": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_industry_chain_profile",
      "source_field": "stock_name",
      "report_period": null,
      "updated_at": "2026-05-22T05:26:44.809210+00:00",
      "source_confidence": 0.95
    },
    "company_profile.sw_l1": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_industry_chain_profile",
      "source_field": "sw_l1",
      "report_period": null,
      "updated_at": "2026-05-22T05:26:44.809210+00:00",
      "source_confidence": 0.95
    },
    "company_profile.sw_l2": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_industry_chain_profile",
      "source_field": "sw_l2",
      "report_period": null,
      "updated_at": "2026-05-22T05:26:44.809210+00:00",
      "source_confidence": 0.95
    },
    "company_profile.sw_l3": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_industry_chain_profile",
      "source_field": "sw_l3",
      "report_period": null,
      "updated_at": "2026-05-22T05:26:44.809210+00:00",
      "source_confidence": 0.95
    },
    "company_profile.main_business": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_industry_chain_profile",
      "source_field": "main_business",
      "report_period": null,
      "updated_at": "2026-05-22T05:26:44.809210+00:00",
      "source_confidence": 0.95
    },
    "company_profile.ths_concepts": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_industry_chain_profile",
      "source_field": "ths_concepts",
      "report_period": null,
      "updated_at": "2026-05-22T05:26:44.809210+00:00",
      "source_confidence": 0.95
    },
    "company_profile.main_product_types": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_industry_chain_profile",
      "source_field": "main_product_types",
      "report_period": null,
      "updated_at": "2026-05-22T05:26:44.809210+00:00",
      "source_confidence": 0.95
    },
    "company_profile.main_product_names": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_industry_chain_profile",
      "source_field": "main_product_names",
      "report_period": null,
      "updated_at": "2026-05-22T05:26:44.809210+00:00",
      "source_confidence": 0.95
    },
    "company_profile.comparable_companies": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_industry_chain_profile",
      "source_field": "comparable_companies",
      "report_period": null,
      "updated_at": "2026-05-22T05:26:44.809210+00:00",
      "source_confidence": 0.95
    },
    "company_profile.competitor_companies": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_industry_chain_profile",
      "source_field": "competitor_companies",
      "report_period": null,
      "updated_at": "2026-05-22T05:26:44.809210+00:00",
      "source_confidence": 0.95
    },
    "financial_trend.period_rows[2026Q1].revenue": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_excel_facts",
      "source_field": "营业总收入",
      "report_period": "2026Q1",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.95
    },
    "financial_trend.period_rows[2026Q1].net_profit": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_excel_facts",
      "source_field": "归属于母公司所有者的净利润",
      "report_period": "2026Q1",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.95
    },
    "financial_trend.period_rows[2026Q1].eps": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_excel_facts",
      "source_field": "基本每股收益",
      "report_period": "2026Q1",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.95
    },
    "financial_trend.period_rows[2026Q1].operating_cashflow": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_excel_facts",
      "source_field": "经营活动产生的现金流量净额",
      "report_period": "2026Q1",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.95
    },
    "financial_trend.period_rows[2026Q1].debt_ratio": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": null,
      "source_field": null,
      "report_period": "2026Q1",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.9,
      "derivation": "负债合计 / 资产总计 * 100"
    },
    "financial_trend.period_rows[2025Q4].revenue": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_excel_facts",
      "source_field": "营业总收入",
      "report_period": "2025Q4",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.95
    },
    "financial_trend.period_rows[2025Q4].net_profit": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_excel_facts",
      "source_field": "归属于母公司所有者的净利润",
      "report_period": "2025Q4",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.95
    },
    "financial_trend.period_rows[2025Q4].eps": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_excel_facts",
      "source_field": "基本每股收益",
      "report_period": "2025Q4",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.95
    },
    "financial_trend.period_rows[2025Q4].operating_cashflow": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_excel_facts",
      "source_field": "经营活动产生的现金流量净额",
      "report_period": "2025Q4",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.95
    },
    "financial_trend.period_rows[2025Q4].debt_ratio": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": null,
      "source_field": null,
      "report_period": "2025Q4",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.9,
      "derivation": "负债合计 / 资产总计 * 100"
    },
    "financial_trend.period_rows[2025Q1].revenue": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_excel_facts",
      "source_field": "营业总收入",
      "report_period": "2025Q1",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.95
    },
    "financial_trend.period_rows[2025Q1].net_profit": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_excel_facts",
      "source_field": "归属于母公司所有者的净利润",
      "report_period": "2025Q1",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.95
    },
    "financial_trend.period_rows[2025Q1].eps": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_excel_facts",
      "source_field": "基本每股收益",
      "report_period": "2025Q1",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.95
    },
    "financial_trend.period_rows[2025Q1].operating_cashflow": {
      "source_type": "ifind",
      "source_tier": "tier_2_high",
      "source_table": "ifind_excel_facts",
      "source_field": "经营活动产生的现金流量净额",
      "report_period": "2025Q1",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.95
    },
    "financial_trend.period_rows[2025Q1].debt_ratio": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": null,
      "source_field": null,
      "report_period": "2025Q1",
      "updated_at": "2026-05-22T04:58:51.501698+00:00",
      "source_confidence": 0.9,
      "derivation": "负债合计 / 资产总计 * 100"
    },
    "financial_trend.period_rows[2026Q1].revenue_change_vs_prev_period": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": null,
      "source_field": null,
      "report_period": "2026Q1",
      "updated_at": "2026-09-22T22:41:04.919476+00:00",
      "source_confidence": 0.9,
      "derivation": "revenue[i] / revenue[i+1] - 1"
    },
    "financial_trend.period_rows[2025Q4].revenue_change_vs_prev_period": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": null,
      "source_field": null,
      "report_period": "2025Q4",
      "updated_at": "2026-09-22T22:41:04.919492+00:00",
      "source_confidence": 0.9,
      "derivation": "revenue[i] / revenue[i+1] - 1"
    },
    "financial_trend.period_rows[2026Q1].revenue_yoy_same_quarter": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": null,
      "source_field": null,
      "report_period": "2026Q1",
      "updated_at": "2026-09-22T22:41:04.919506+00:00",
      "source_confidence": 0.9,
      "derivation": "revenue[2026Q1] / revenue[2025Q1] - 1"
    },
    "financial_trend.period_rows[2026Q1].net_profit_yoy_same_quarter": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": null,
      "source_field": null,
      "report_period": "2026Q1",
      "updated_at": "2026-09-22T22:41:04.919514+00:00",
      "source_confidence": 0.9,
      "derivation": "net_profit[2026Q1] / net_profit[2025Q1] - 1"
    },
    "financial_trend.period_rows[2026Q1].operating_cashflow_yoy_same_quarter": {
      "source_type": "derived",
      "source_tier": "tier_derived",
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      "source_field": null,
      "report_period": "2026Q1",
      "updated_at": "2026-09-22T22:41:04.919522+00:00",
      "source_confidence": 0.9,
      "derivation": "operating_cashflow[2026Q1] / operating_cashflow[2025Q1] - 1"
    },
    "industry_state.etf_20d_return": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": "industry_rotation.top_industries",
      "source_field": "etf_return_20d",
      "report_period": null,
      "updated_at": "20260922",
      "source_confidence": 0.9,
      "derivation": "industry_rotation.etf_return_20d * 100"
    },
    "industry_state.sector_resonance": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": "industry_rotation.top_industries",
      "source_field": "moneyflow_confirm_rate/pool_count",
      "report_period": null,
      "updated_at": "20260922",
      "source_confidence": 0.9,
      "derivation": "moneyflow_confirm_rate >= 0.6 and pool_count >= 5"
    },
    "industry_state.sector_resonance_count": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": "industry_rotation.top_industries",
      "source_field": "moneyflow_confirmed_count",
      "report_period": null,
      "updated_at": "20260922",
      "source_confidence": 0.9
    },
    "industry_state.etf_state_hex": {
      "source_type": "foundation",
      "source_tier": "tier_1_core",
      "source_table": "market_assets_state",
      "source_field": "d1_state_hex",
      "report_period": null,
      "updated_at": "20260922",
      "source_confidence": 1.0
    },
    "industry_state.etf_ef_count": {
      "source_type": "foundation",
      "source_tier": "tier_1_core",
      "source_table": "market_assets_state",
      "source_field": "ef_count",
      "report_period": null,
      "updated_at": "20260922",
      "source_confidence": 1.0
    },
    "state_core.mn1_state_hex": {
      "source_type": "foundation",
      "source_tier": "tier_1_core",
      "source_table": "d1_perspective_state",
      "source_field": "mn1_state_hex",
      "report_period": null,
      "updated_at": "2026-09-22",
      "source_confidence": 1.0
    },
    "state_core.w1_state_hex": {
      "source_type": "foundation",
      "source_tier": "tier_1_core",
      "source_table": "d1_perspective_state",
      "source_field": "w1_state_hex",
      "report_period": null,
      "updated_at": "2026-09-22",
      "source_confidence": 1.0
    },
    "state_core.d1_state_hex": {
      "source_type": "foundation",
      "source_tier": "tier_1_core",
      "source_table": "d1_perspective_state",
      "source_field": "d1_state_hex",
      "report_period": null,
      "updated_at": "2026-09-22",
      "source_confidence": 1.0
    },
    "state_core.mn1_state_score": {
      "source_type": "foundation",
      "source_tier": "tier_1_core",
      "source_table": "d1_perspective_state",
      "source_field": "mn1_state_score",
      "report_period": null,
      "updated_at": "2026-09-22",
      "source_confidence": 1.0
    },
    "state_core.w1_state_score": {
      "source_type": "foundation",
      "source_tier": "tier_1_core",
      "source_table": "d1_perspective_state",
      "source_field": "w1_state_score",
      "report_period": null,
      "updated_at": "2026-09-22",
      "source_confidence": 1.0
    },
    "state_core.d1_state_score": {
      "source_type": "foundation",
      "source_tier": "tier_1_core",
      "source_table": "d1_perspective_state",
      "source_field": "d1_state_score",
      "report_period": null,
      "updated_at": "2026-09-22",
      "source_confidence": 1.0
    },
    "state_core.ef_count": {
      "source_type": "foundation",
      "source_tier": "tier_1_core",
      "source_table": "d1_perspective_state",
      "source_field": "ef_count",
      "report_period": null,
      "updated_at": "2026-09-22",
      "source_confidence": 1.0
    },
    "state_core.market_phase": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": null,
      "source_field": null,
      "report_period": null,
      "updated_at": "2026-09-22T22:41:05.041789+00:00",
      "source_confidence": 0.9,
      "derivation": "classify_market_phase(ef_count, d1_trend)"
    },
    "state_core.mn1_ef_duration": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": "d1_perspective_state",
      "source_field": "mn1_ef_duration",
      "report_period": null,
      "updated_at": "2026-09-22",
      "source_confidence": 0.95,
      "derivation": "continuous trading-day count while state remains E/F or ef_count=3"
    },
    "state_core.w1_ef_duration": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": "d1_perspective_state",
      "source_field": "w1_ef_duration",
      "report_period": null,
      "updated_at": "2026-09-22",
      "source_confidence": 0.95,
      "derivation": "continuous trading-day count while state remains E/F or ef_count=3"
    },
    "state_core.d1_ef_duration": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": "d1_perspective_state",
      "source_field": "d1_ef_duration",
      "report_period": null,
      "updated_at": "2026-09-22",
      "source_confidence": 0.95,
      "derivation": "continuous trading-day count while state remains E/F or ef_count=3"
    },
    "state_core.all_three_ef_duration": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": "d1_perspective_state",
      "source_field": "all_three_ef_duration",
      "report_period": null,
      "updated_at": "2026-09-22",
      "source_confidence": 0.95,
      "derivation": "continuous trading-day count while state remains E/F or ef_count=3"
    },
    "state_core.next_likely_change": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": null,
      "source_field": null,
      "report_period": null,
      "updated_at": "2026-09-22T22:41:05.041803+00:00",
      "source_confidence": 0.85,
      "derivation": "rule-based next state change hint from state_duration + current state_core"
    },
    "state_core.state_prior_view": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": null,
      "source_field": null,
      "report_period": null,
      "updated_at": "2026-09-22T22:41:05.041807+00:00",
      "source_confidence": 0.85,
      "derivation": "rule-based prior view from cross-period state + continuous duration"
    },
    "risk_flags.financial_risks": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": null,
      "source_field": null,
      "report_period": null,
      "updated_at": "2026-09-22T22:41:05.052581+00:00",
      "source_confidence": 0.9,
      "derivation": "financial_trend-based risk rules"
    },
    "risk_flags.industry_risks": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": null,
      "source_field": null,
      "report_period": null,
      "updated_at": "2026-09-22T22:41:05.052585+00:00",
      "source_confidence": 0.9,
      "derivation": "industry_state-based risk rules"
    },
    "risk_flags.data_risks": {
      "source_type": "derived",
      "source_tier": "tier_derived",
      "source_table": null,
      "source_field": null,
      "report_period": null,
      "updated_at": "2026-09-22T22:41:05.052589+00:00",
      "source_confidence": 0.9,
      "derivation": "module completeness-based risk rules"
    }
  },
  "completeness": {
    "company_profile": "sufficient",
    "financial_trend": "sufficient",
    "industry_state": "sufficient",
    "state_core": "sufficient",
    "strategy_fit_overlay": "not_available",
    "valuation_reference": "missing",
    "market_views": "missing",
    "risk_flags": "sufficient",
    "required_modules_score": 1.0,
    "optional_modules_score": 0.0,
    "overall_score": 0.85,
    "overall": "sufficient"
  }
}