# Market Source Playbook

Use this file when the market determines which source path matters.

For A-share research, start with the company code, reporting year and document type on [CNINFO](https://www.cninfo.com.cn/) or the listing exchange. Verify the issuer, consolidated versus parent-only scope, publication date and reporting period before extracting figures. Check subsequent investor records when product status is the question.

If an official PDF endpoint returns an error page or cannot be read, try the company's IR site or another official disclosure venue, such as HKEX for a dual-listed company. An accessible report reproduction can be used with its provenance labeled and key figures cross-checked against an official source. Record a material retrieval gap rather than relying on the search snippet.

## US

Primary source path:

- SEC 10-K, 10-Q, 8-K, S-1, S-3, Form 4.
- Earnings transcripts and investor presentations.
- Company press releases and product pages.
- Customer and supplier filings.
- Standards bodies, patents, conference papers, and trade publications.

Important checks:

- shelf registration, ATM, converts, SBC, insider selling;
- customer concentration;
- backlog and revenue mix;
- gross margin and utilization;
- short interest and options-driven volatility;
- sell-side estimate gap.

## A-shares

Primary source path:

- 年报、半年报、季报、临时公告；
- 交易所问询函、监管函；
- 互动易、上证 e 互动；
- 招投标、中标公告、客户验厂/认证；
- 环评、能评、地方项目备案、土地/产线/设备进度；
- 专利、标准、行业协会数据；
- 海关数据、上下游上市公司交叉验证。

Important checks:

- 应收、存货、合同负债、经营现金流；
- 毛利率、产能利用率、在建工程转固；
- 关联交易、资产注入、客户真实性；
- 定增、可转债、股权质押、商誉；
- 政策补贴和订单商业性；
- 主题炒作后的估值压力。

## Hong Kong

Primary source path:

- HKEX filings.
- Annual and interim reports.
- Placing, subscription, convertible, and connected-transaction announcements.
- Company presentations.
- Mainland regulatory documents when the business is China-heavy.

Important checks:

- liquidity and spread;
- refinancing pressure;
- related-party governance;
- Stock Connect eligibility;
- mainland policy exposure;
- management alignment.

## Taiwan

Primary source path:

- MOPS filings.
- Monthly revenue reports.
- Company IR decks.
- Customer and supplier cross-checks.
- Trade publications and conference materials.

Important checks:

- monthly revenue inflection;
- customer concentration;
- FX sensitivity;
- cross-strait/geopolitical risk;
- capacity and qualification schedule.

## Japan

Primary source path:

- TDnet filings.
- Earnings materials.
- Integrated reports.
- Segment data.
- Trade journals and industry association materials.

Important checks:

- conservative guidance;
- currency sensitivity;
- cross-shareholdings and governance reform;
- low coverage;
- acquisition optionality.

## Korea

Primary source path:

- DART filings.
- Export statistics.
- Company IR materials.
- Customer ecosystem disclosures.
- Trade publications.

Important checks:

- large-customer dependence;
- memory-cycle exposure;
- FX and geopolitical risk;
- retail theme volatility;
- capex cycle timing.

## Europe

Primary source path:

- local exchange filings;
- annual reports and ad hoc releases;
- EU grant/project documents;
- customer partnership announcements;
- trade journals and standards bodies.

Important checks:

- liquidity;
- translation risk;
- government grant dependence;
- acquisition optionality;
- specialist investor coverage gaps.