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+# Fundamental Analysis Reference
+
+Use this framework in both `daily` and `full_report` modes. Keep outputs concise unless full report is requested.
+
+## 1. Business Quality
+
+Assess:
+
+1. Moat quality:
+- Brand, network effects, switching costs, cost advantage, IP/regulatory barriers.
+
+2. Management quality:
+- Capital allocation discipline, communication quality, execution consistency.
+
+3. Business model durability:
+- Revenue concentration, customer concentration, geographic risk, pricing power.
+
+## 2. Financial Health
+
+Focus areas:
+
+1. Profitability trend:
+- Gross, operating, net margin direction.
+
+2. Growth quality:
+- Revenue and earnings growth consistency, segment contribution quality.
+
+3. Balance sheet:
+- Debt burden, liquidity, refinancing risk, cash buffer.
+
+4. Cash flow quality:
+- OCF consistency, FCF conversion, capex intensity.
+
+## 3. Valuation Lens
+
+Use multiple perspectives:
+
+1. Relative multiples:
+- P/E, PEG, P/B, P/S, EV/EBITDA, EV/Sales.
+
+2. Historical range context:
+- Current valuation vs own history.
+
+3. Peer context:
+- Premium/discount vs direct peers and rationale.
+
+## 4. Risk Framework
+
+Map risks by category:
+
+1. Company-specific:
+- Product concentration, customer concentration, execution risk, governance issues.
+
+2. Market/macro:
+- Rate sensitivity, FX exposure, commodity sensitivity, policy risk.
+
+3. Event risk:
+- Earnings, regulatory approvals, legal actions, financing events.
+
+## 5. Market-Specific Notes (US/CN/HK)
+
+1. Data depth may vary by market and language.
+2. Prefer exchange filings and official disclosure portals in each market.
+3. Align accounting period labels and fiscal calendars before comparison.
+4. Flag where metric comparability is limited.
+
+## 6. Output Guidance
+
+For daily mode, include:
+
+- 2-3 key fundamental drivers
+- 1-2 valuation signals
+- top downside risks
+
+For full report mode, include full multi-year trend tables and peer comparison.