{ "meta": { "version": "0.1.15", "commit": "f84b2977a5aadc76fd0e709a2cc3d241f35add33", "generated": "2026-09-13", "entry_count": 861, "category_count": 22, "source_files": 1332, "skill_documents": 91, "quantlib_files": 25, "located_count": 796, "factor_count": 462 }, "entries": [ { "term": "标的／交易品种", "english": "Underlying, Instrument, Symbol", "explanation": "你实际研究或买卖的对象，例如某只股票、一个 ETF 或一份期货合约。Symbol 是系统用来识别它的代码。", "category": "市场与金融产品", "id": "t0001", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 60, "matched": "标的", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L60", "kind": "文档" } }, { "term": "证券", "english": "Security", "explanation": "代表某种财产权利、可以依法发行或交易的金融凭证，例如股票和债券。", "category": "市场与金融产品", "id": "t0002", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 63, "matched": "证券", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L63", "kind": "文档" } }, { "term": "股票／权益资产", "english": "Stock, Equity", "explanation": "一家公司的所有权份额。买股票相当于买下公司很小的一部分，收益可能来自股价变化和分红。", "category": "市场与金融产品", "id": "t0003", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 60, "matched": "股票", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L60", "kind": "文档" } }, { "term": "A 股", "english": "A-share", "explanation": "在中国内地证券市场上市、以人民币交易的一类股票。不同板块和品种的具体交易规则并不完全一样。", "category": "市场与金融产品", "id": "t0004", "source": { "path": "agent/src/skills/adr-hshare/SKILL.md", "line": 3, "matched": "A-share", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/adr-hshare/SKILL.md#L3", "kind": "文档" } }, { "term": "港股／H 股", "english": "Hong Kong stock, H-share", "explanation": "港股是香港市场上市股票的统称；H 股特指在中国内地注册、在香港上市的公司的股份。两者范围不同。", "category": "市场与金融产品", "id": "t0005", "source": { "path": "agent/src/skills/adr-hshare/SKILL.md", "line": 3, "matched": "H-share", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/adr-hshare/SKILL.md#L3", "kind": "文档" } }, { "term": "美股", "english": "US equity", "explanation": "在美国证券市场上市交易的股票；公司本身不一定在美国注册或经营。", "category": "市场与金融产品", "id": "t0006", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 3, "matched": "美股", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L3", "kind": "文档" } }, { "term": "ADR／美国存托凭证", "english": "American Depositary Receipt", "explanation": "由存托机构发行、代表境外公司股份权益的凭证。一份 ADR 可能对应多股或不足一股原股票，换算时要看存托比例。", "category": "市场与金融产品", "id": "t0007", "source": { "path": "agent/src/skills/adr-hshare/SKILL.md", "line": 2, "matched": "adr", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/adr-hshare/SKILL.md#L2", "kind": "文档" } }, { "term": "A/H 溢价", "english": "A/H premium", "explanation": "同一家公司 A 股相对 H 股贵多少，通常先统一汇率再比较。两地股票未必可以自由互换，价差不等于无风险套利空间。", "category": "市场与金融产品", "id": "t0008", "source": null }, { "term": "交叉上市／双重上市", "english": "Cross listing, Dual listing", "explanation": "同一公司在多个证券市场挂牌。各地股份权利、转换条件、币种和流动性可能不同。", "category": "市场与金融产品", "id": "t0009", "source": { "path": "agent/src/skills/adr-hshare/SKILL.md", "line": 3, "matched": "cross-listing", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/adr-hshare/SKILL.md#L3", "kind": "文档" } }, { "term": "大盘股／小盘股／微盘股", "english": "Large cap, Small cap, Micro cap", "explanation": "按公司市值大小划分的股票群体。划分门槛会随市场和研究方法变化，不是固定金额。", "category": "市场与金融产品", "id": "t0010", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 124, "matched": "小盘股", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L124", "kind": "文档" } }, { "term": "市值", "english": "Market capitalization, Market cap", "explanation": "股价乘以对应股本，表示市场给公司股权标出的总价。市值很高不代表公司账上现金很多。", "category": "市场与金融产品", "id": "t0011", "source": { "path": "agent/src/skills/tushare/SKILL.md", "line": 161, "matched": "市值", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/tushare/SKILL.md#L161", "kind": "文档" } }, { "term": "流通市值／自由流通股", "english": "Free-float market cap, Free float", "explanation": "只考虑可在市场交易的股份；“自由流通”通常还会剔除战略性长期持股。指数和数据商的口径可能不同。", "category": "市场与金融产品", "id": "t0012", "source": { "path": "agent/src/skills/hk-connect-flow/SKILL.md", "line": 29, "matched": "free-float market cap", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/hk-connect-flow/SKILL.md#L29", "kind": "文档" } }, { "term": "股本／总股数", "english": "Shares outstanding", "explanation": "公司已经发行、尚未注销的股份数量。增发、回购注销和拆股都会影响它。", "category": "市场与金融产品", "id": "t0013", "source": { "path": "agent/src/skills/tushare/SKILL.md", "line": 161, "matched": "股本", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/tushare/SKILL.md#L161", "kind": "文档" } }, { "term": "指数／基准指数", "english": "Index", "explanation": "按一套规则把一篮子证券合成为一个数，方便观察市场或比较业绩。指数本身通常不能像股票一样直接买卖。", "category": "市场与金融产品", "id": "t0014", "source": { "path": "agent/src/skills/tushare/SKILL.md", "line": 65, "matched": "基准指数", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/tushare/SKILL.md#L65", "kind": "文档" } }, { "term": "成分股／指数权重", "english": "Constituent, Index weight", "explanation": "组成指数的股票，以及每只股票对指数涨跌的影响比例。权重可以按市值、价格或其他规则确定。", "category": "市场与金融产品", "id": "t0015", "source": { "path": "agent/src/skills/tushare/SKILL.md", "line": 129, "matched": "index_weight", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/tushare/SKILL.md#L129", "kind": "文档" } }, { "term": "沪深 300／中证 500／中证 1000", "english": "CSI 300, CSI 500, CSI 1000", "explanation": "项目常用的 A 股规模指数，分别代表不同范围的大中小市值股票群体；具体样本以指数编制方案为准。", "category": "市场与金融产品", "id": "t0016", "source": { "path": "agent/SKILL.md", "line": 404, "matched": "CSI 300", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L404", "kind": "文档" } }, { "term": "恒生指数／标普 500／纳斯达克指数", "english": "HSI, S&P 500, Nasdaq", "explanation": "项目用于观察港美股的常见指数名称。“纳指”可能指综合指数或纳斯达克 100，使用时必须确认是哪一个。", "category": "市场与金融产品", "id": "t0017", "source": { "path": "agent/src/skills/adr-hshare/SKILL.md", "line": 85, "matched": "NASDAQ", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/adr-hshare/SKILL.md#L85", "kind": "文档" } }, { "term": "行业／板块", "english": "Sector, Industry", "explanation": "按业务或市场主题把股票分组，例如银行、医药或半导体。主题板块可能跨越多个正式行业。", "category": "市场与金融产品", "id": "t0018", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 24, "matched": "板块", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L24", "kind": "文档" } }, { "term": "债券／固定收益", "english": "Bond, Fixed income", "explanation": "投资者把钱借给发行人，按约定收取利息和本金。固定收益是资产类别名称，不代表市场价格或实际收益固定。", "category": "市场与金融产品", "id": "t0019", "source": { "path": "agent/src/skills/tushare/SKILL.md", "line": 70, "matched": "债券", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/tushare/SKILL.md#L70", "kind": "文档" } }, { "term": "国债／主权债", "english": "Government bond, Sovereign debt", "explanation": "政府发行的债务凭证。不同国家、币种和期限的信用与价格风险不同。", "category": "市场与金融产品", "id": "t0020", "source": { "path": "agent/src/skills/tushare/SKILL.md", "line": 80, "matched": "国债", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/tushare/SKILL.md#L80", "kind": "文档" } }, { "term": "公司债／信用债", "english": "Corporate bond, Credit bond", "explanation": "企业等非主权主体发行的债券。除了利率变化，还要关心发行人能否按时还钱。", "category": "市场与金融产品", "id": "t0021", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 26, "matched": "信用债", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L26", "kind": "文档" } }, { "term": "基金／公募基金", "english": "Fund, Mutual fund", "explanation": "把许多投资者的钱集中起来，由管理人按约定策略投资。投资者持有基金份额，间接分享组合盈亏。", "category": "市场与金融产品", "id": "t0022", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 237, "matched": "基金", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L237", "kind": "文档" } }, { "term": "ETF／交易型开放式指数基金", "english": "Exchange-traded fund", "explanation": "基金份额可以像股票一样在交易所买卖，也有申购赎回机制。ETF 不一定都跟踪股票指数，也可能投资债券、商品等。", "category": "市场与金融产品", "id": "t0023", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 51, "matched": "ETF", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L51", "kind": "文档" } }, { "term": "ETN／交易所交易票据", "english": "Exchange-traded note", "explanation": "通常由金融机构发行、收益与某个指标挂钩的债务工具。它与持有实际资产的基金不同，还承担发行人的信用风险。", "category": "市场与金融产品", "id": "t0024", "source": { "path": "agent/src/swarm/grounding.py", "line": 106, "matched": "ETN", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/swarm/grounding.py#L106", "kind": "源码" } }, { "term": "FOF／基金中的基金", "english": "Fund of funds", "explanation": "主要投资其他基金的基金，相当于帮你挑选和组合基金经理。需要留意不同层级的费用。", "category": "市场与金融产品", "id": "t0025", "source": { "path": "agent/src/skills/fund-analysis/SKILL.md", "line": 3, "matched": "FOF", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/fund-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "REITs／不动产投资信托", "english": "Real estate investment trust", "explanation": "让投资者通过标准化份额参与房地产或基础设施等资产的收益。具体持有结构和分配要求因市场而异。", "category": "市场与金融产品", "id": "t0026", "source": { "path": "agent/src/skills/asset-allocation/SKILL.md", "line": 86, "matched": "REITs", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/asset-allocation/SKILL.md#L86", "kind": "文档" } }, { "term": "期货", "english": "Futures", "explanation": "约定未来按合约规则交割或结算某项资产的标准化合约。通常交保证金交易，盈亏仍按完整合约价值计算。", "category": "市场与金融产品", "id": "t0027", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 282, "matched": "期货", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L282", "kind": "文档" } }, { "term": "远期合约", "english": "Forward", "explanation": "双方约定未来以事先确定的价格交易，条款通常可以定制。与交易所期货相比，更要关注对手方和合同安排。", "category": "市场与金融产品", "id": "t0028", "source": { "path": "agent/src/skills/mootdx/SKILL.md", "line": 14, "matched": "forward", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/mootdx/SKILL.md#L14", "kind": "文档" } }, { "term": "期权", "english": "Option", "explanation": "买方付费取得在约定条件下买入或卖出资产的权利；卖方收钱并承担相应履约义务。权利与义务不对称。", "category": "市场与金融产品", "id": "t0029", "source": { "path": "agent/src/skills/mootdx/SKILL.md", "line": 21, "matched": "期权", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/mootdx/SKILL.md#L21", "kind": "文档" }, "reference": { "title": "SEC Investor.gov：投资术语", "url": "https://www.investor.gov/introduction-investing/investing-basics/glossary" } }, { "term": "衍生品", "english": "Derivative", "explanation": "价值依赖另一种资产、利率或指标的合约，期货和期权都属于这一类。", "category": "市场与金融产品", "id": "t0030", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 430, "matched": "衍生品", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L430", "kind": "文档" } }, { "term": "现货", "english": "Spot", "explanation": "直接交易当前资产，而不是只交易未来交割或价格变化的合约。具体交收时间仍取决于市场规则。", "category": "市场与金融产品", "id": "t0031", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 171, "matched": "现货", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L171", "kind": "文档" } }, { "term": "商品／大宗商品", "english": "Commodity", "explanation": "原油、黄金、铜、农产品等标准化程度较高的实物商品，可以通过现货、期货或基金获得敞口。", "category": "市场与金融产品", "id": "t0032", "source": { "path": "agent/src/skills/us-etf-flow/SKILL.md", "line": 57, "matched": "Commodity", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/us-etf-flow/SKILL.md#L57", "kind": "文档" } }, { "term": "外汇／货币对", "english": "FX, Forex, Currency pair", "explanation": "一种货币相对另一种货币的价格。例如 USD/CNY 上升表示一美元能换更多人民币。", "category": "市场与金融产品", "id": "t0033", "source": { "path": "agent/src/skills/cross-market-strategy/SKILL.md", "line": 3, "matched": "forex", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/cross-market-strategy/SKILL.md#L3", "kind": "文档" } }, { "term": "基础货币／报价货币", "english": "Base currency, Quote currency", "explanation": "货币对前面的币种是被计价对象，后面的是计价单位。例如 BTC/USDT 表示一枚 BTC 值多少 USDT。", "category": "市场与金融产品", "id": "t0034", "source": { "path": "agent/src/skills/vnpy-export/SKILL.md", "line": 227, "matched": "base-currency", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/vnpy-export/SKILL.md#L227", "kind": "文档" } }, { "term": "交易所／券商", "english": "Exchange, Broker", "explanation": "交易所组织交易和制定市场规则；券商为客户开户、传递订单等。项目连接券商接口不等于自己就是交易所。", "category": "市场与金融产品", "id": "t0035", "source": { "path": "agent/src/skills/adr-hshare/SKILL.md", "line": 18, "matched": "exchange", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/adr-hshare/SKILL.md#L18", "kind": "文档" } }, { "term": "场内／场外", "english": "Exchange-traded, OTC", "explanation": "场内交易在交易所规则体系下进行；场外交易通常由交易双方或经纪网络协商完成。", "category": "市场与金融产品", "id": "t0036", "source": { "path": "agent/src/skills/adr-hshare/SKILL.md", "line": 21, "matched": "OTC", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/adr-hshare/SKILL.md#L21", "kind": "文档" } }, { "term": "一级市场／二级市场", "english": "Primary market, Secondary market", "explanation": "一级市场是发行人向投资者发行证券；二级市场是投资者之间转让已发行的证券。", "category": "市场与金融产品", "id": "t0037", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 51, "matched": "一级市场", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L51", "kind": "文档" } }, { "term": "IPO／首次公开发行", "english": "Initial public offering", "explanation": "公司首次向公众发行股票并通常伴随上市。发行价和上市后市场成交价可能相差很大。", "category": "市场与金融产品", "id": "t0038", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 108, "matched": "IPO", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L108", "kind": "文档" } }, { "term": "退市", "english": "Delisting", "explanation": "证券退出某个交易所的上市交易体系。退市不自动等于公司清算，也不保证投资者还能方便卖出。", "category": "市场与金融产品", "id": "t0039", "source": { "path": "agent/src/skills/adr-hshare/SKILL.md", "line": 3, "matched": "delisting", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/adr-hshare/SKILL.md#L3", "kind": "文档" } }, { "term": "ST／*ST／风险警示", "english": "Special treatment, Delisting risk warning", "explanation": "A 股对出现特定风险情形的公司作出的交易标识。具体触发条件由当时适用的上市规则决定。", "category": "市场与金融产品", "id": "t0040", "source": { "path": "agent/src/skills/tushare/SKILL.md", "line": 196, "matched": "风险警示", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/tushare/SKILL.md#L196", "kind": "文档" } }, { "term": "牛市／熊市／震荡市", "english": "Bull market, Bear market, Range-bound market", "explanation": "市场总体持续上涨、持续下跌，或在区间内反复波动的描述。不能只凭一天涨跌给整个市场定性。", "category": "市场与金融产品", "id": "t0041", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 43, "matched": "Bear market", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L43", "kind": "文档" } }, { "term": "基本面／技术面／资金面／情绪面", "english": "Fundamentals, Technicals, Flows, Sentiment", "explanation": "分别从经营经济、价格成交、资金与持仓变化、参与者心理四个角度研究市场；它们可能给出不同信号。", "category": "市场与金融产品", "id": "t0042", "source": { "path": "agent/src/skills/adr-hshare/SKILL.md", "line": 10, "matched": "sentiment", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/adr-hshare/SKILL.md#L10", "kind": "文档" } }, { "term": "行情数据", "english": "Market data", "explanation": "市场交易状态的记录，包括价格、成交、报价、委托和相关统计。数据“实时”与否、覆盖哪些字段都需要单独确认。", "category": "行情、盘口与 Level 2", "id": "t0043", "source": { "path": "agent/src/skills/data-routing/SKILL.md", "line": 53, "matched": "market_data", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/data-routing/SKILL.md#L53", "kind": "文档" } }, { "term": "Level 1／基础行情", "english": "L1, Level 1", "explanation": "基础级别的市场报价与成交摘要。可见档位和刷新频率依交易所及产品而定，不能简单等同于“一档”。", "category": "行情、盘口与 Level 2", "id": "t0044", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 183, "matched": "Level 1", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L183", "kind": "文档" } }, { "term": "Level 2／深度行情", "english": "L2, Level 2", "explanation": "在基础行情之上提供更多盘口和交易细节的数据产品。是否包含完整逐笔委托、逐笔成交和哪些档位，要看交易所产品规格。", "category": "行情、盘口与 Level 2", "id": "t0045", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 296, "matched": "Level-2", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L296", "kind": "文档" }, "reference": { "title": "上证信息：Level-2 产品", "url": "https://www.sseinfo.com/services/assortment/level2/" } }, { "term": "Tick／行情跳动", "english": "Tick data", "explanation": "行情中的一条更新记录；有时是逐笔成交，有时是按时间刷新的快照。文件叫 tick 并不保证包含每一笔订单事件。", "category": "行情、盘口与 Level 2", "id": "t0046", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 296, "matched": "tick", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L296", "kind": "文档" } }, { "term": "最小价位／跳动单位", "english": "Tick size", "explanation": "价格允许变化的最小步长。这里的 tick 是价格单位，与“tick 行情记录”不是同一个意思。", "category": "行情、盘口与 Level 2", "id": "t0047", "source": { "path": "README_zh.md", "line": 636, "matched": "最小价位", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/README_zh.md#L636", "kind": "文档" } }, { "term": "行情快照", "english": "Snapshot", "explanation": "某一时刻的市场照片，例如当时的最新价及买卖十档。两张照片之间发生过哪些撤单，未必能还原出来。", "category": "行情、盘口与 Level 2", "id": "t0048", "source": { "path": "agent/SKILL.md", "line": 202, "matched": "snapshot", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L202", "kind": "文档" } }, { "term": "逐笔成交", "english": "Trade-by-trade, Time and sales", "explanation": "每次撮合成功的成交记录，通常含价格、数量和时间。一笔大订单可能拆成多条成交。", "category": "行情、盘口与 Level 2", "id": "t0049", "source": { "path": "agent/src/skills/eastmoney/SKILL.md", "line": 70, "matched": "逐笔成交", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/eastmoney/SKILL.md#L70", "kind": "文档" } }, { "term": "逐笔委托", "english": "Order-by-order", "explanation": "按事件记录新增委托等信息；撤单如何表达取决于数据协议。与逐笔成交结合，才可能重建更细的订单簿变化。", "category": "行情、盘口与 Level 2", "id": "t0050", "source": { "path": "agent/src/tools/trading_connector_tool.py", "line": 955, "matched": "order by order", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/tools/trading_connector_tool.py#L955", "kind": "源码" } }, { "term": "逐笔回放／事件回测", "english": "Tick replay, Event-driven backtest", "explanation": "按历史订单或成交事件的先后顺序重演市场，模拟策略当时能看到什么、能否成交。要求的数据远多于日 K 线。", "category": "行情、盘口与 Level 2", "id": "t0051", "source": null }, { "term": "订单簿／盘口", "english": "Order book, Limit order book, LOB", "explanation": "尚未成交的买卖委托集合，像买家和卖家按报价排成的两列队伍。", "category": "行情、盘口与 Level 2", "id": "t0052", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 3, "matched": "limit-order-book", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L3", "kind": "文档" } }, { "term": "买价／卖价", "english": "Bid, Ask", "explanation": "买家愿意买入的报价和卖家愿意卖出的报价。你立即买入通常要去接卖价，立即卖出通常接买价。", "category": "行情、盘口与 Level 2", "id": "t0053", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 3, "matched": "bid", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L3", "kind": "文档" } }, { "term": "买一／卖一／最优报价", "english": "Best bid, Best ask, BBO", "explanation": "当前最高买价和最低卖价，是最容易先成交的两档报价。", "category": "行情、盘口与 Level 2", "id": "t0054", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 34, "matched": "Best bid", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L34", "kind": "文档" } }, { "term": "盘口档位／市场深度", "english": "Price level, Market depth", "explanation": "按不同价格汇总等待成交的数量。十档表示显示十个价格层级，不是十笔订单。", "category": "行情、盘口与 Level 2", "id": "t0055", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 454, "matched": "市场深度", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L454", "kind": "文档" } }, { "term": "委托队列／队列位置", "english": "Order queue, Queue position", "explanation": "同一个价格上各订单等待成交的先后次序。排在后面的单子要等前面的被成交或撤销。", "category": "行情、盘口与 Level 2", "id": "t0056", "source": null }, { "term": "买卖价差", "english": "Bid-ask spread, Quoted spread", "explanation": "卖一减买一。例如买一 10 元、卖一 10.02 元，价差是 0.02 元，是交易摩擦的一部分。", "category": "行情、盘口与 Level 2", "id": "t0057", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 3, "matched": "bid-ask spread", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L3", "kind": "文档" } }, { "term": "中间价", "english": "Mid price", "explanation": "最优买价和卖价的平均值。它是参考价，不意味着你一定能按这个价格成交。", "category": "行情、盘口与 Level 2", "id": "t0058", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 28, "matched": "mid price", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L28", "kind": "文档" } }, { "term": "有效价差", "english": "Effective spread", "explanation": "成交价相对成交前中间价的偏离，常按两倍绝对偏离计算。用来衡量实际支付的即时交易成本。", "category": "行情、盘口与 Level 2", "id": "t0059", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 28, "matched": "Effective spread", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L28", "kind": "文档" } }, { "term": "实现价差", "english": "Realized spread", "explanation": "比较成交价与一段时间后的中间价，观察报价方留下了多少价差收益。它只是代理指标，不等于做市商扣完所有成本后的真实利润。", "category": "行情、盘口与 Level 2", "id": "t0060", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 29, "matched": "Realized spread", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L29", "kind": "文档" } }, { "term": "订单流", "english": "Order flow", "explanation": "买卖委托、撤单和成交随时间到来的过程，可以研究哪一侧更急于交易以及报价怎样变化。", "category": "行情、盘口与 Level 2", "id": "t0061", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 3, "matched": "order-flow", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L3", "kind": "文档" } }, { "term": "主动买入／主动卖出", "english": "Aggressive buy, Aggressive sell", "explanation": "买方主动接受卖方报价，或卖方主动接受买方报价。每笔成交仍然同时有买家和卖家。", "category": "行情、盘口与 Level 2", "id": "t0062", "source": null }, { "term": "买卖盘不平衡", "english": "Order book imbalance, OBI", "explanation": "比较盘口买方与卖方挂单量的相对强弱。挂单可以撤销，失衡不必然导致同方向涨跌。", "category": "行情、盘口与 Level 2", "id": "t0063", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 200, "matched": "Order-book imbalance", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L200", "kind": "文档" } }, { "term": "订单流不平衡", "english": "Order flow imbalance, OFI", "explanation": "综合一段时间报价新增、撤销和成交的变化，衡量供需压力，与某一时刻的挂单量之比不同。", "category": "行情、盘口与 Level 2", "id": "t0064", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 66, "matched": "order-flow imbalance", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L66", "kind": "文档" } }, { "term": "成交量", "english": "Volume", "explanation": "一定时间内成交的股数、手数或合约数。跨数据源比较前要确认单位和是否双边统计。", "category": "行情、盘口与 Level 2", "id": "t0065", "source": { "path": "agent/src/skills/minute-analysis/example_signal_engine.py", "line": 3, "matched": "成交量", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/minute-analysis/example_signal_engine.py#L3", "kind": "源码" } }, { "term": "成交额／名义成交额", "english": "Turnover value, Traded value", "explanation": "成交价格乘成交数量后汇总的金额。同样的成交股数，股价不同，成交额也不同。", "category": "行情、盘口与 Level 2", "id": "t0066", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 111, "matched": "Traded value", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L111", "kind": "文档" } }, { "term": "换手率", "english": "Turnover ratio", "explanation": "成交量相对流通股数等基数的比例，表示股票交易有多活跃。不要与“组合一年换仓几次”混为一谈。", "category": "行情、盘口与 Level 2", "id": "t0067", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 110, "matched": "Turnover ratio", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L110", "kind": "文档" } }, { "term": "日均成交量／日均成交额", "english": "ADV, Average daily volume", "explanation": "过去一段时间每天平均成交多少数量或金额。ADV 有两种常见单位，使用冲击成本模型前要核对。", "category": "行情、盘口与 Level 2", "id": "t0068", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 60, "matched": "average daily volume", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L60", "kind": "文档" } }, { "term": "流动性", "english": "Liquidity", "explanation": "资产能否较快、以较小成本买卖较大数量。成交活跃、价差窄、盘口厚通常有帮助，但都不能单独代表全部流动性。", "category": "行情、盘口与 Level 2", "id": "t0069", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 3, "matched": "liquidity", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L3", "kind": "文档" } }, { "term": "流动性枯竭／流动性真空", "english": "Liquidity drought, Liquidity vacuum", "explanation": "愿意接单的报价突然很少，较小的订单也可能把价格推得很远。", "category": "行情、盘口与 Level 2", "id": "t0070", "source": null }, { "term": "市场冲击", "english": "Market impact", "explanation": "你的买卖本身使市场价格变化。例如大笔买单吃掉低价卖单，只能继续向更高价格买入。", "category": "行情、盘口与 Level 2", "id": "t0071", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 3, "matched": "market-impact", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L3", "kind": "文档" } }, { "term": "订单流毒性／逆向选择", "english": "Order-flow toxicity, Adverse selection", "explanation": "报价方更容易与掌握更有利信息或方向判断的对手成交，成交后价格往往朝不利方向走。这里“毒性”是统计描述。", "category": "行情、盘口与 Level 2", "id": "t0072", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 3, "matched": "order-flow toxicity", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L3", "kind": "文档" } }, { "term": "VPIN", "english": "Volume-synchronized probability of informed trading", "explanation": "把成交按数量分桶，观察买卖失衡程度的订单流风险指标。它是模型代理，不能当成“内幕交易的真实概率”。", "category": "行情、盘口与 Level 2", "id": "t0073", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 3, "matched": "VPIN", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L3", "kind": "文档" } }, { "term": "Kyle 的 λ", "english": "Kyle's lambda", "explanation": "用订单流与价格变化的关系估计冲击强度。λ 越大，类似规模的交易通常对应更大的价格变化。", "category": "行情、盘口与 Level 2", "id": "t0074", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 83, "matched": "Kyle's Lambda", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L83", "kind": "文档" } }, { "term": "Amihud 非流动性", "english": "Amihud illiquidity", "explanation": "以绝对收益变化除以成交金额，近似衡量“每一元成交对应多少价格变化”；通常再对多个交易日平均。", "category": "行情、盘口与 Level 2", "id": "t0075", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 107, "matched": "Amihud illiquidity", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L107", "kind": "文档" } }, { "term": "Roll 隐含价差", "english": "Roll implied spread", "explanation": "利用相邻价格变化的负协方差估算买卖价差。依赖特定假设，协方差不为负时不能直接套平方根公式。", "category": "行情、盘口与 Level 2", "id": "t0076", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 108, "matched": "Roll implied spread", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L108", "kind": "文档" } }, { "term": "LOT／零收益比例", "english": "Lesmond-Ogden-Trzcinka, Zero-return ratio", "explanation": "完整 LOT 是估计交易成本的模型；零收益天数比例是与之相关的粗略流动性代理。两者不能完全画等号。", "category": "行情、盘口与 Level 2", "id": "t0077", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 109, "matched": "LOT", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L109", "kind": "文档" } }, { "term": "闪崩", "english": "Flash crash", "explanation": "价格在很短时间内剧烈下跌、可能又迅速恢复，常伴随流动性紧张和连锁交易。", "category": "行情、盘口与 Level 2", "id": "t0078", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 17, "matched": "flash-crash", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L17", "kind": "文档" } }, { "term": "资金净流入／主力资金", "english": "Net inflow, Main-fund flow", "explanation": "通常按数据商规则给成交分类，再计算买卖方向金额差。不是全市场凭空多出或少了这么多现金，也不能直接识别“主力身份”。", "category": "行情、盘口与 Level 2", "id": "t0079", "source": { "path": "agent/SKILL.md", "line": 154, "matched": "net inflow", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L154", "kind": "文档" } }, { "term": "K 线／价格柱", "english": "Candlestick, Bar", "explanation": "把一段时间内的交易压缩成开高低收等统计。一根日 K 线不能告诉你当天价格变化的完整顺序。", "category": "行情、盘口与 Level 2", "id": "t0080", "source": { "path": "agent/src/skills/candlestick/SKILL.md", "line": 2, "matched": "candlestick", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/candlestick/SKILL.md#L2", "kind": "文档" } }, { "term": "OHLCV", "english": "Open, High, Low, Close, Volume", "explanation": "开盘价、最高价、最低价、收盘价和成交量，是项目普通回测主要使用的五类数据。", "category": "行情、盘口与 Level 2", "id": "t0081", "source": { "path": "agent/src/skills/candlestick/SKILL.md", "line": 18, "matched": "Open", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/candlestick/SKILL.md#L18", "kind": "文档" } }, { "term": "开盘价／收盘价", "english": "Open price, Close price", "explanation": "某个交易时段或 K 线的起始与结束价格。交易所官方开收盘价格与数据源第一笔、最后一笔价格未必完全相同。", "category": "行情、盘口与 Level 2", "id": "t0082", "source": { "path": "agent/src/skills/candlestick/example_signal_engine.py", "line": 26, "matched": "开盘价", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/candlestick/example_signal_engine.py#L26", "kind": "源码" } }, { "term": "最高价／最低价", "english": "High, Low", "explanation": "某段时间内出现的最高和最低成交价格。只知道这两个数，不能判断先涨后跌还是先跌后涨。", "category": "行情、盘口与 Level 2", "id": "t0083", "source": { "path": "agent/src/skills/minute-analysis/SKILL.md", "line": 52, "matched": "high", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/minute-analysis/SKILL.md#L52", "kind": "文档" } }, { "term": "前收盘价", "english": "Previous close", "explanation": "前一交易日的收盘参考价，常用于计算涨跌幅。遇到公司行动时可能采用调整后的参考口径。", "category": "行情、盘口与 Level 2", "id": "t0084", "source": { "path": "agent/SKILL.md", "line": 81, "matched": "previous close", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L81", "kind": "文档" } }, { "term": "日线／分钟线／频率", "english": "Daily bar, Minute bar, Timeframe", "explanation": "每条数据汇总一天或若干分钟。频率越细通常记录越多，但不自动等于能做到低延迟交易。", "category": "行情、盘口与 Level 2", "id": "t0085", "source": { "path": "agent/src/skills/minute-analysis/example_signal_engine.py", "line": 4, "matched": "日线", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/minute-analysis/example_signal_engine.py#L4", "kind": "源码" } }, { "term": "复权／前复权／后复权", "english": "Adjusted price, Forward adjustment, Backward adjustment", "explanation": "为减少分红拆股等造成的价格断点，对历史价格作调整。前复权通常靠近当前价，后复权通常保留起点；算法和分红口径仍需核对。", "category": "行情、盘口与 Level 2", "id": "t0086", "source": { "path": "agent/src/skills/mootdx/SKILL.md", "line": 89, "matched": "前复权", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/mootdx/SKILL.md#L89", "kind": "文档" } }, { "term": "除权／除息", "english": "Ex-rights, Ex-dividend", "explanation": "股份或分红权益发生变化后，市场参考价格作相应调整。除息日价格降低本身不等于投资者凭空亏了同等金额。", "category": "行情、盘口与 Level 2", "id": "t0087", "source": { "path": "agent/src/skills/dividend-analysis/SKILL.md", "line": 3, "matched": "ex-dividend", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/dividend-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "复权因子", "english": "Adjustment factor", "explanation": "把原始价格换算成某种复权价格的乘数。回测还要考虑当时是否已知相关公司行动，避免使用未来信息。", "category": "行情、盘口与 Level 2", "id": "t0088", "source": { "path": "agent/src/skills/tushare/SKILL.md", "line": 67, "matched": "复权因子", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/tushare/SKILL.md#L67", "kind": "文档" } }, { "term": "停牌／缺失行情", "english": "Trading suspension, Missing data", "explanation": "停牌是市场禁止或暂停交易；缺失行情可能只是数据没拿到。二者不能用同一种“自动补价格”逻辑草率处理。", "category": "行情、盘口与 Level 2", "id": "t0089", "source": { "path": "agent/src/skills/mootdx/SKILL.md", "line": 85, "matched": "missing data", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/mootdx/SKILL.md#L85", "kind": "文档" } }, { "term": "交易日历／交易时段", "english": "Trading calendar, Session", "explanation": "市场哪些日期、哪些时间允许交易。跨市场回测还需统一时区，不能只按自然日对齐。", "category": "行情、盘口与 Level 2", "id": "t0090", "source": { "path": "agent/SKILL.md", "line": 56, "matched": "session", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L56", "kind": "文档" } }, { "term": "冰山订单／幌骗挂单", "english": "Iceberg order, Spoofing", "explanation": "冰山单只显示大订单的一部分数量；幌骗是用缺乏真实成交意图的挂单误导他人。两者不能因为“大单撤得快”就混为一谈。", "category": "行情、盘口与 Level 2", "id": "t0091", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 203, "matched": "spoofing", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L203", "kind": "文档" } }, { "term": "盘口不平衡比", "english": "OIR, Order imbalance ratio", "explanation": "项目文档用买卖挂单量之差除以两者之和，度量当前盘口偏向；与 OBI 属于相关指标命名，需看确切档位范围。", "category": "行情、盘口与 Level 2", "id": "t0092", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 201, "matched": "OIR", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L201", "kind": "文档" } }, { "term": "做多／多头", "english": "Long", "explanation": "持有或建立价格上涨时通常受益的仓位。例如买入股票后等待上涨；期权组合的方向还需具体分析。", "category": "下单、成交与交易成本", "id": "t0093", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 57, "matched": "做多", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L57", "kind": "文档" } }, { "term": "做空／空头", "english": "Short", "explanation": "建立价格下跌时通常受益的仓位，例如借券卖出或卖空期货。不是简单地“卖掉已有股票”。", "category": "下单、成交与交易成本", "id": "t0094", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 3, "matched": "做空", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L3", "kind": "文档" } }, { "term": "空仓／观望", "english": "Flat, Stand aside", "explanation": "没有相关持仓，暂不承担该标的的直接涨跌风险；账户仍可能存在其他资产风险。", "category": "下单、成交与交易成本", "id": "t0095", "source": { "path": "agent/src/skills/smc/SKILL.md", "line": 25, "matched": "Stand aside", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/smc/SKILL.md#L25", "kind": "文档" } }, { "term": "开仓／建仓", "english": "Open position, Entry", "explanation": "从没有仓位开始建立一笔交易风险，可以开多仓，也可以开空仓。", "category": "下单、成交与交易成本", "id": "t0096", "source": { "path": "agent/SKILL.md", "line": 74, "matched": "entry", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L74", "kind": "文档" } }, { "term": "平仓／退出", "english": "Close position, Exit", "explanation": "用相反交易或合约结算等方式结束已有仓位，使这部分市场风险消失或减少。", "category": "下单、成交与交易成本", "id": "t0097", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 47, "matched": "平仓", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L47", "kind": "文档" } }, { "term": "加仓／减仓／调仓", "english": "Scale in, Scale out, Rebalance", "explanation": "分别是增加持仓、减少持仓，以及改变组合中各资产的配置。", "category": "下单、成交与交易成本", "id": "t0098", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 271, "matched": "rebalance", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L271", "kind": "文档" } }, { "term": "仓位／持仓", "english": "Position, Exposure", "explanation": "已持有的资产数量或承担的风险。“仓位 50%”通常指相对账户资产的投资比例，需要说明分母。", "category": "下单、成交与交易成本", "id": "t0099", "source": { "path": "agent/SKILL.md", "line": 204, "matched": "position", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L204", "kind": "文档" } }, { "term": "订单／委托", "english": "Order", "explanation": "发送给券商或交易所的买卖指令。下单成功只表示指令被接受，不一定已经成交。", "category": "下单、成交与交易成本", "id": "t0100", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 11, "matched": "order", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L11", "kind": "文档" } }, { "term": "市价单", "english": "Market order", "explanation": "优先尽快成交，不指定一个硬性的成交价格上限或下限。行情跳动或盘口薄时，最终价格可能偏离预期。", "category": "下单、成交与交易成本", "id": "t0101", "source": { "path": "agent/src/skills/vnpy-export/SKILL.md", "line": 220, "matched": "market order", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/vnpy-export/SKILL.md#L220", "kind": "文档" } }, { "term": "限价单", "english": "Limit order", "explanation": "买入不愿高于指定价格，卖出不愿低于指定价格。价格有约束，但可能一直无法成交。", "category": "下单、成交与交易成本", "id": "t0102", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 82, "matched": "限价单", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L82", "kind": "文档" } }, { "term": "止损单", "english": "Stop order", "explanation": "市场触及条件后才激活的订单。触发价不是成交保证价，跳空时实际亏损可能超过原先设想。", "category": "下单、成交与交易成本", "id": "t0103", "source": { "path": "agent/src/skills/vnpy-export/SKILL.md", "line": 68, "matched": "stop_order", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/vnpy-export/SKILL.md#L68", "kind": "文档" } }, { "term": "止损限价单", "english": "Stop-limit order", "explanation": "触发后转为限价单，兼有触发条件和价格限制。快速下跌时可能因为价格限制而卖不出去。", "category": "下单、成交与交易成本", "id": "t0104", "source": null }, { "term": "止盈", "english": "Take profit", "explanation": "达到事先设定的盈利条件后退出部分或全部仓位。锁住一部分收益，也可能放弃后续上涨。", "category": "下单、成交与交易成本", "id": "t0105", "source": { "path": "agent/src/skills/pine-script/SKILL.md", "line": 176, "matched": "Take-profit", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/pine-script/SKILL.md#L176", "kind": "文档" } }, { "term": "移动止损", "english": "Trailing stop", "explanation": "止损线随有利方向的价格变化而移动，例如始终比最高价低 5%。价格反转时按规则触发退出。", "category": "下单、成交与交易成本", "id": "t0106", "source": { "path": "agent/src/trading/service.py", "line": 987, "matched": "trailing_stop", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/service.py#L987", "kind": "源码" } }, { "term": "括号订单／互斥订单", "english": "Bracket order, OCO", "explanation": "把入场单与止盈止损等关联起来；OCO 表示一张成交后取消另一张。实际支持方式取决于券商。", "category": "下单、成交与交易成本", "id": "t0107", "source": null }, { "term": "订单有效期", "english": "Time in force, TIF", "explanation": "规定一张订单可以挂多久，以及未立即成交的部分如何处理。", "category": "下单、成交与交易成本", "id": "t0108", "source": { "path": "agent/src/channels/qq.py", "line": 76, "matched": "tif", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/channels/qq.py#L76", "kind": "源码" } }, { "term": "当日有效／撤销前有效", "english": "DAY, GTC", "explanation": "DAY 通常当个交易日结束失效；GTC 通常持续到撤销或券商规定的期限，不能理解为永远有效。", "category": "下单、成交与交易成本", "id": "t0109", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 121, "matched": "day", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L121", "kind": "文档" } }, { "term": "立即成交否则撤销", "english": "IOC", "explanation": "能立即成交多少就成交多少，剩余部分取消。", "category": "下单、成交与交易成本", "id": "t0110", "source": { "path": "agent/src/trading/connectors/mt5/orders.py", "line": 332, "matched": "IOC", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/connectors/mt5/orders.py#L332", "kind": "源码" } }, { "term": "全部立即成交否则取消", "english": "FOK", "explanation": "必须立即全部成交，否则整张订单取消，不能只留下一部分成交。", "category": "下单、成交与交易成本", "id": "t0111", "source": { "path": "agent/src/trading/connectors/mt5/orders.py", "line": 334, "matched": "FOK", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/connectors/mt5/orders.py#L334", "kind": "源码" } }, { "term": "只挂单／只减仓", "english": "Post-only, Reduce-only", "explanation": "只挂单要求不立即吃掉对手报价；只减仓要求订单不能增加或反向新建仓位。主要见于部分衍生品接口。", "category": "下单、成交与交易成本", "id": "t0112", "source": null }, { "term": "撤单／改单", "english": "Cancel order, Amend order", "explanation": "取消尚未成交的委托，或修改价格数量。撤单过程中原订单仍可能成交，不能把“发出撤单”当成“撤单完成”。", "category": "下单、成交与交易成本", "id": "t0113", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 74, "matched": "撤单", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L74", "kind": "文档" } }, { "term": "部分成交", "english": "Partial fill", "explanation": "订单只有一部分数量完成交易，剩余部分可能继续排队或被取消。", "category": "下单、成交与交易成本", "id": "t0114", "source": { "path": "agent/src/live/sdk_order_gate.py", "line": 693, "matched": "partial fill", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/live/sdk_order_gate.py#L693", "kind": "源码" } }, { "term": "成交回报／拒单", "english": "Fill report, Rejection", "explanation": "券商或交易所报告订单成交结果，或因资金、价格、规则等原因拒绝订单。", "category": "下单、成交与交易成本", "id": "t0115", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 222, "matched": "rejection", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L222", "kind": "文档" } }, { "term": "撮合", "english": "Matching", "explanation": "交易系统按价格、时间等规则，把可以买卖匹配的委托配对成交。", "category": "下单、成交与交易成本", "id": "t0116", "source": { "path": "agent/SKILL.md", "line": 73, "matched": "matching", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L73", "kind": "文档" } }, { "term": "价格优先／时间优先", "english": "Price priority, Time priority", "explanation": "通常买价更高、卖价更低的订单先成交；同价格下先到的先成交。具体撮合规则要看市场。", "category": "下单、成交与交易成本", "id": "t0117", "source": null }, { "term": "集合竞价／连续竞价", "english": "Call auction, Continuous auction", "explanation": "集合竞价把一段时间订单集中按规则确定成交价；连续竞价则在交易时段不断匹配订单。", "category": "下单、成交与交易成本", "id": "t0118", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 72, "matched": "集合竞价", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L72", "kind": "文档" } }, { "term": "最小交易单位／整手／零股", "english": "Lot size, Board lot, Odd lot", "explanation": "市场允许的交易数量单位，以及不足整手的股份。项目中不能把所有市场的“一手”都设为 100 股。", "category": "下单、成交与交易成本", "id": "t0119", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 205, "matched": "最小交易单位", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L205", "kind": "文档" } }, { "term": "涨停／跌停", "english": "Price limit", "explanation": "某些市场限定证券在特定时段相对参考价的最大涨跌范围。到涨停或跌停，不代表你的单子一定能成交。", "category": "下单、成交与交易成本", "id": "t0120", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 77, "matched": "price-limit", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L77", "kind": "文档" } }, { "term": "熔断／波动中断", "english": "Circuit breaker, Volatility interruption, LULD", "explanation": "价格或市场波动触及规则条件后，暂停或限制交易的机制。它与固定涨跌停板不是同一个制度。", "category": "下单、成交与交易成本", "id": "t0121", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 3, "matched": "熔断", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L3", "kind": "文档" } }, { "term": "T+0／T+1／交收周期", "english": "Same-day trading, Settlement cycle", "explanation": "T 是交易日。“可否当天卖出”与“资金证券何时完成交收”是两件事，二者都可能用 T+N 表达，必须看语境。", "category": "下单、成交与交易成本", "id": "t0122", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 163, "matched": "T+1", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L163", "kind": "文档" } }, { "term": "融资买入／融券卖出", "english": "Margin buying, Securities lending", "explanation": "融资是借钱买证券；融券是借证券后卖出。需要考虑借贷成本、可借数量、担保和归还义务。", "category": "下单、成交与交易成本", "id": "t0123", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 50, "matched": "融券卖出", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L50", "kind": "文档" } }, { "term": "滑点", "english": "Slippage", "explanation": "预计成交价与实际成交价的差。例如预计 10 元买入，实际均价 10.03 元，差出的 0.03 元是买入的不利滑点。", "category": "下单、成交与交易成本", "id": "t0124", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 3, "matched": "slippage", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L3", "kind": "文档" } }, { "term": "固定滑点模型", "english": "Fixed slippage", "explanation": "在模拟成交价上固定加减一个金额或比例，简单表示交易摩擦。不能反映大单和小单的不同影响。", "category": "下单、成交与交易成本", "id": "t0125", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 33, "matched": "fixed_slippage", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L33", "kind": "文档" } }, { "term": "线性冲击模型", "english": "Linear impact", "explanation": "假设订单相对市场成交量越大，冲击成本按比例增加，是对市场影响的一种简化。", "category": "下单、成交与交易成本", "id": "t0126", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 33, "matched": "linear_impact", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L33", "kind": "文档" } }, { "term": "平方根冲击模型", "english": "Square-root impact", "explanation": "把冲击与参与率的平方根、波动率等联系起来。它是经验模型，参数需要适配市场和交易时间尺度。", "category": "下单、成交与交易成本", "id": "t0127", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 3, "matched": "square-root impact", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L3", "kind": "文档" } }, { "term": "交易参与率", "english": "Participation rate", "explanation": "你的订单数量占对应时段市场成交数量的比例。参与率越高，通常越难悄悄完成交易。", "category": "下单、成交与交易成本", "id": "t0128", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 239, "matched": "participation rate", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L239", "kind": "文档" } }, { "term": "执行延迟", "english": "Execution delay, Latency", "explanation": "从产生信号到订单真正到达并成交之间的时间。回测忽略它，可能使用现实里已经买不到的价格。", "category": "下单、成交与交易成本", "id": "t0129", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 22, "matched": "latency", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L22", "kind": "文档" } }, { "term": "VWAP／成交量加权均价", "english": "Volume-weighted average price", "explanation": "把各笔价格按成交量加权平均。VWAP 执行算法则按市场成交节奏拆单，努力让均价接近这一参考值。", "category": "下单、成交与交易成本", "id": "t0130", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 3, "matched": "VWAP", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L3", "kind": "文档" } }, { "term": "TWAP／时间加权均价", "english": "Time-weighted average price", "explanation": "按时间平均价格；TWAP 执行算法把大单分成若干份，分时执行，不按每段实际成交量分配。", "category": "下单、成交与交易成本", "id": "t0131", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 3, "matched": "TWAP", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L3", "kind": "文档" } }, { "term": "做市商／挂单方／吃单方", "english": "Market maker, Maker, Taker", "explanation": "做市商持续提供买卖报价；maker 提供等待成交的流动性，taker 主动与现有报价成交。一次挂单不代表该人是正式做市商。", "category": "下单、成交与交易成本", "id": "t0132", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 79, "matched": "Market-maker", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L79", "kind": "文档" } }, { "term": "佣金／手续费", "english": "Commission, Trading fee", "explanation": "交易中支付给券商、交易平台等的费用。零佣金不意味着没有价差、税费或其他成本。", "category": "下单、成交与交易成本", "id": "t0133", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 182, "matched": "Commission", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L182", "kind": "文档" } }, { "term": "印花税／交易税费", "english": "Stamp duty, Transaction tax", "explanation": "部分市场对特定证券交易征收的税费。买卖哪一方缴纳以及税率，都应按当时规则核实。", "category": "下单、成交与交易成本", "id": "t0134", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 183, "matched": "Stamp duty", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L183", "kind": "文档" } }, { "term": "单边成本／往返成本", "english": "One-way cost, Round-trip cost", "explanation": "只买或只卖一次的成本，与买入再卖出一整轮的成本。比较策略时不能混用。", "category": "下单、成交与交易成本", "id": "t0135", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 265, "matched": "one-way cost", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L265", "kind": "文档" } }, { "term": "基点", "english": "Basis point, bp, bps", "explanation": "1 个基点等于 0.01 个百分点；100 个基点等于 1 个百分点。例如费率 5 bps 就是 0.05%。", "category": "下单、成交与交易成本", "id": "t0136", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 39, "matched": "bps", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L39", "kind": "文档" } }, { "term": "机会成本", "english": "Opportunity cost", "explanation": "选择一种行动而放弃的其他可能收益，例如钱用于保证金后，不能同时投到另一项资产。", "category": "下单、成交与交易成本", "id": "t0137", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 189, "matched": "Opportunity cost", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L189", "kind": "文档" } }, { "term": "实施差额／执行短缺", "english": "Implementation shortfall", "explanation": "实际交易结果相对决策时理想成交结果的差，综合反映等待、滑点、费用以及未完成交易等影响。", "category": "下单、成交与交易成本", "id": "t0138", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 165, "matched": "Implementation Shortfall", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L165", "kind": "文档" } }, { "term": "账户权益／总资产", "english": "Account equity, Net liquidation value", "explanation": "按当前估值把资产、现金及负债汇总后，归属于账户的净价值。不同券商字段可能采用不同计价口径。", "category": "账户、杠杆与交易风控", "id": "t0139", "source": { "path": "agent/src/trading/connectors/tiger/sdk.py", "line": 661, "matched": "net_liquidation_value", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/connectors/tiger/sdk.py#L661", "kind": "源码" } }, { "term": "现金／可用资金／购买力", "english": "Cash, Available cash, Buying power", "explanation": "现金是账户货币余额；可用资金是当前可用于操作的部分；购买力还可能包含保证金杠杆额度，三者不能等同。", "category": "账户、杠杆与交易风控", "id": "t0140", "source": { "path": "agent/src/trading/connectors/ibkr/mcp.py", "line": 15, "matched": "buying_power", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/connectors/ibkr/mcp.py#L15", "kind": "源码" } }, { "term": "净值／净值曲线", "english": "NAV, Equity curve", "explanation": "单位份额的价值，或策略资产价值随时间的变化曲线。看曲线时要区分收益变化与出入金造成的变化。", "category": "账户、杠杆与交易风控", "id": "t0141", "source": { "path": "agent/src/skills/shadow-account/SKILL.md", "line": 36, "matched": "equity_curve", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/shadow-account/SKILL.md#L36", "kind": "文档" } }, { "term": "损益／盈亏", "english": "PnL, P&L", "explanation": "赚了或亏了多少钱，可分已实现、未实现、毛收益和扣费后净收益。", "category": "账户、杠杆与交易风控", "id": "t0142", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 115, "matched": "PnL", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L115", "kind": "文档" } }, { "term": "已实现／未实现盈亏", "english": "Realized PnL, Unrealized PnL", "explanation": "已实现通常来自已经平仓的交易；未实现是仍在持仓中按当前价格计算的浮盈浮亏。", "category": "账户、杠杆与交易风控", "id": "t0143", "source": { "path": "agent/src/trading/connectors/okx/sdk.py", "line": 716, "matched": "unrealized_pnl", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/connectors/okx/sdk.py#L716", "kind": "源码" } }, { "term": "持仓成本／成本基础", "english": "Cost basis", "explanation": "计算持仓盈亏所依据的买入成本；是否含手续费、采用先进先出还是平均成本，会影响结果。", "category": "账户、杠杆与交易风控", "id": "t0144", "source": { "path": "agent/src/trading/connectors/futu/sdk.py", "line": 555, "matched": "cost-basis", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/connectors/futu/sdk.py#L555", "kind": "源码" } }, { "term": "盯市", "english": "Mark to market, MTM", "explanation": "按当前市场价格重估仓位，及时反映浮盈浮亏。期货的每日结算还可能发生实际资金划转。", "category": "账户、杠杆与交易风控", "id": "t0145", "source": { "path": "agent/src/skills/perp-funding-basis/SKILL.md", "line": 132, "matched": "mark-to-market", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/perp-funding-basis/SKILL.md#L132", "kind": "文档" } }, { "term": "名义本金／合约价值", "english": "Notional", "explanation": "合约代表的完整资产价值。例如交 1 万元保证金控制 10 万元合约，名义价值是 10 万元。", "category": "账户、杠杆与交易风控", "id": "t0146", "source": { "path": "agent/src/trading/service.py", "line": 663, "matched": "notional", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/service.py#L663", "kind": "源码" } }, { "term": "杠杆", "english": "Leverage", "explanation": "用较少自有资金承担较大资产价值的风险。两倍杠杆下资产跌 10%，忽略成本时自有资金可能约亏 20%。", "category": "账户、杠杆与交易风控", "id": "t0147", "source": { "path": "agent/src/trading/connectors/okx/sdk.py", "line": 718, "matched": "leverage", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/connectors/okx/sdk.py#L718", "kind": "源码" } }, { "term": "保证金", "english": "Margin", "explanation": "为履行交易义务预先提交的担保资金或资产。保证金不是最多可能亏损的金额。", "category": "账户、杠杆与交易风控", "id": "t0148", "source": { "path": "agent/src/skills/tushare/SKILL.md", "line": 144, "matched": "保证金", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/tushare/SKILL.md#L144", "kind": "文档" } }, { "term": "初始保证金／维持保证金", "english": "Initial margin, Maintenance margin", "explanation": "开仓时所需担保和持仓过程中最低所需担保。后者不足可能触发追加保证金或强制减仓。", "category": "账户、杠杆与交易风控", "id": "t0149", "source": { "path": "agent/src/trading/connectors/ibkr/mcp.py", "line": 19, "matched": "initial_margin", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/connectors/ibkr/mcp.py#L19", "kind": "源码" } }, { "term": "追加保证金", "english": "Margin call", "explanation": "券商或平台要求补充担保，使账户重新满足风险要求；未补足可能被处理持仓。", "category": "账户、杠杆与交易风控", "id": "t0150", "source": { "path": "agent/backtest/engines/global_futures.py", "line": 51, "matched": "margin-call", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/backtest/engines/global_futures.py#L51", "kind": "源码" } }, { "term": "强制平仓／爆仓", "english": "Liquidation", "explanation": "账户担保不足等条件触发后，平台按规则减仓或平仓。“爆仓”是口语，并不保证损失刚好止于保证金。", "category": "账户、杠杆与交易风控", "id": "t0151", "source": { "path": "agent/src/trading/connectors/ibkr/mcp.py", "line": 13, "matched": "liquidation", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/connectors/ibkr/mcp.py#L13", "kind": "源码" } }, { "term": "全仓保证金／逐仓保证金", "english": "Cross margin, Isolated margin", "explanation": "全仓让多个仓位共享一定范围的担保；逐仓为单个仓位划分担保。具体亏损隔离程度取决于平台规则。", "category": "账户、杠杆与交易风控", "id": "t0152", "source": { "path": "agent/src/trading/connectors/binance/usdm.py", "line": 200, "matched": "isolated_margin", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/connectors/binance/usdm.py#L200", "kind": "源码" } }, { "term": "总敞口／净敞口", "english": "Gross exposure, Net exposure", "explanation": "总敞口常把多空绝对金额相加；净敞口常用多头减空头。多 100 万、空 100 万，净敞口为零但总敞口仍是 200 万。", "category": "账户、杠杆与交易风控", "id": "t0153", "source": { "path": "agent/src/trading/connectors/mt5/orders.py", "line": 14, "matched": "net exposure", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/connectors/mt5/orders.py#L14", "kind": "源码" } }, { "term": "集中度", "english": "Concentration", "explanation": "风险是否过度集中在单只股票、行业、币种或同类驱动因素上。持有很多只高度相似的股票也可能很集中。", "category": "账户、杠杆与交易风控", "id": "t0154", "source": { "path": "agent/src/skills/trade-journal/SKILL.md", "line": 122, "matched": "concentration", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/trade-journal/SKILL.md#L122", "kind": "文档" } }, { "term": "头寸规模／仓位管理", "english": "Position sizing", "explanation": "决定一笔交易投入多少数量或风险预算，不只是决定“买还是卖”。", "category": "账户、杠杆与交易风控", "id": "t0155", "source": { "path": "agent/src/skills/pine-script/SKILL.md", "line": 168, "matched": "Position Sizing", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/pine-script/SKILL.md#L168", "kind": "文档" } }, { "term": "止损限额／日内亏损限额", "english": "Loss limit, Daily loss limit", "explanation": "规定单笔或当日最多允许承担的亏损，到达后停止或减少交易。极端跳价时仍可能超限。", "category": "账户、杠杆与交易风控", "id": "t0156", "source": null }, { "term": "订单限额／仓位上限", "english": "Order cap, Position limit", "explanation": "限制单笔金额、数量或总持仓比例，减少错误订单和过度集中带来的影响。", "category": "账户、杠杆与交易风控", "id": "t0157", "source": null }, { "term": "紧急停机／交易熔断开关", "english": "Kill switch", "explanation": "策略或账户出现异常时阻止继续下单的控制。是否同时撤单、平仓，要看系统具体实现。", "category": "账户、杠杆与交易风控", "id": "t0158", "source": { "path": "agent/src/trading/service.py", "line": 673, "matched": "kill switch", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/service.py#L673", "kind": "源码" } }, { "term": "交易授权／策略约束", "english": "Trading mandate", "explanation": "明确允许交易哪些资产、最大仓位及其他边界。项目用它约束智能体的实际操作权限。", "category": "账户、杠杆与交易风控", "id": "t0159", "source": { "path": "README.md", "line": 137, "matched": "trading mandate", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/README.md#L137", "kind": "文档" } }, { "term": "模拟交易／纸面交易", "english": "Paper trading", "explanation": "按模拟账户记录订单和盈亏，不投入真实交易资金。成交质量和实盘可能不同。", "category": "账户、杠杆与交易风控", "id": "t0160", "source": { "path": "agent/src/trading/connectors/dhan/__init__.py", "line": 6, "matched": "Paper trading", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/connectors/dhan/__init__.py#L6", "kind": "源码" } }, { "term": "影子账户", "english": "Shadow account", "explanation": "在独立账本里跟踪一套规则“如果执行会怎样”，便于与真实操作比较；不是已经发生的真实持仓。", "category": "账户、杠杆与交易风控", "id": "t0161", "source": { "path": "agent/src/skills/shadow-account/SKILL.md", "line": 2, "matched": "shadow-account", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/shadow-account/SKILL.md#L2", "kind": "文档" } }, { "term": "实盘交易", "english": "Live trading", "explanation": "订单进入真实交易或经纪系统，实际影响资金与持仓。", "category": "账户、杠杆与交易风控", "id": "t0162", "source": { "path": "agent/src/trading/connectors/futu/sdk.py", "line": 968, "matched": "Live trading", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/trading/connectors/futu/sdk.py#L968", "kind": "源码" } }, { "term": "交易日志／交易复盘", "english": "Trade journal, Trade review", "explanation": "记录入场理由、计划、执行和结果，再检查是否遵守规则，避免只记住赚钱的案例。", "category": "账户、杠杆与交易风控", "id": "t0163", "source": { "path": "agent/src/skills/trade-journal/SKILL.md", "line": 2, "matched": "trade-journal", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/trade-journal/SKILL.md#L2", "kind": "文档" } }, { "term": "对账／持仓核对", "english": "Reconciliation", "explanation": "把系统自己的订单、成交、现金和持仓记录与券商记录比较，找出遗漏或重复。", "category": "账户、杠杆与交易风控", "id": "t0164", "source": { "path": "agent/src/skills/qveris/SKILL.md", "line": 104, "matched": "reconciliation", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/qveris/SKILL.md#L104", "kind": "文档" } }, { "term": "结算／交割", "english": "Settlement, Delivery", "explanation": "结算是计算并清偿资金义务；交割通常指交付证券或实物，也可能按合约现金结算。", "category": "账户、杠杆与交易风控", "id": "t0165", "source": { "path": "agent/src/skills/trade-journal/SKILL.md", "line": 10, "matched": "交割", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/trade-journal/SKILL.md#L10", "kind": "文档" } }, { "term": "保证金折扣", "english": "Haircut", "explanation": "抵押资产按低于市值的金额计入担保。例如市值 100 万元、折扣 20%，可认可担保价值为 80 万元。", "category": "账户、杠杆与交易风控", "id": "t0166", "source": { "path": "agent/src/factors/bench_runner.py", "line": 367, "matched": "haircut", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/bench_runner.py#L367", "kind": "源码" } }, { "term": "趋势", "english": "Trend", "explanation": "价格在所选时间尺度上持续向某个方向运动。日线向上与分钟线向下可以同时成立。", "category": "技术指标与图形分析", "id": "t0167", "source": { "path": "agent/src/skills/smc/SKILL.md", "line": 14, "matched": "Trend", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/smc/SKILL.md#L14", "kind": "文档" } }, { "term": "支撑位／阻力位", "english": "Support, Resistance", "explanation": "交易者认为买盘可能增强或卖盘可能增强的价格区域，是分析假设，并非价格一定停下来的墙。", "category": "技术指标与图形分析", "id": "t0168", "source": { "path": "agent/SKILL.md", "line": 399, "matched": "support", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L399", "kind": "文档" } }, { "term": "突破／假突破", "english": "Breakout, False breakout", "explanation": "价格越过原有区间或关键位置；越过后很快返回，常被称为假突破。必须事先定义确认条件。", "category": "技术指标与图形分析", "id": "t0169", "source": { "path": "agent/src/skills/smc/example_signal_engine.py", "line": 4, "matched": "突破", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/smc/example_signal_engine.py#L4", "kind": "源码" } }, { "term": "回调／反弹", "english": "Pullback, Rebound", "explanation": "上涨过程中暂时下跌，或下跌过程中暂时上涨。是否构成趋势反转，需要后续信息判断。", "category": "技术指标与图形分析", "id": "t0170", "source": { "path": "agent/src/skills/chanlun/SKILL.md", "line": 31, "matched": "回调", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/chanlun/SKILL.md#L31", "kind": "文档" } }, { "term": "超买／超卖", "english": "Overbought, Oversold", "explanation": "指标显示近期上涨或下跌已经比较极端。超买后仍能继续涨，超卖后也能继续跌。", "category": "技术指标与图形分析", "id": "t0171", "source": { "path": "agent/src/skills/technical-basic/SKILL.md", "line": 15, "matched": "overbought", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/technical-basic/SKILL.md#L15", "kind": "文档" } }, { "term": "均线／简单移动平均", "english": "MA, SMA", "explanation": "把最近若干期价格取平均，平滑短期波动。例如 20 日均线是最近 20 个交易日价格的平均。", "category": "技术指标与图形分析", "id": "t0172", "source": { "path": "agent/src/skills/chanlun/SKILL.md", "line": 70, "matched": "均线", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/chanlun/SKILL.md#L70", "kind": "文档" } }, { "term": "指数移动平均", "english": "EMA", "explanation": "给较新价格更大权重的均线，因此通常比相同名义周期的简单均线更快跟随行情。", "category": "技术指标与图形分析", "id": "t0173", "source": { "path": "agent/src/skills/technical-basic/SKILL.md", "line": 3, "matched": "EMA", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/technical-basic/SKILL.md#L3", "kind": "文档" } }, { "term": "均线交叉／金叉／死叉", "english": "Moving-average crossover", "explanation": "较短期均线上穿较长期均线常叫金叉，下穿常叫死叉。是规则信号，不保证后续盈利。", "category": "技术指标与图形分析", "id": "t0174", "source": { "path": "agent/src/skills/ichimoku/example_signal_engine.py", "line": 16, "matched": "金叉", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/ichimoku/example_signal_engine.py#L16", "kind": "源码" } }, { "term": "MACD／平滑异同移动平均", "english": "Moving average convergence divergence", "explanation": "比较快慢指数均线的差，并配合信号线和柱状图，观察趋势与动量变化。不同软件柱状图可能差一个倍数。", "category": "技术指标与图形分析", "id": "t0175", "source": { "path": "agent/src/skills/chanlun/SKILL.md", "line": 80, "matched": "MACD", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/chanlun/SKILL.md#L80", "kind": "文档" } }, { "term": "RSI／相对强弱指标", "english": "Relative strength index", "explanation": "比较一段时间上涨与下跌的力度，通常取值 0 到 100。它衡量自身涨跌，不是股票相对大盘的强弱。", "category": "技术指标与图形分析", "id": "t0176", "source": { "path": "agent/src/skills/technical-basic/SKILL.md", "line": 3, "matched": "RSI", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/technical-basic/SKILL.md#L3", "kind": "文档" } }, { "term": "ADX／平均趋向指数", "english": "Average directional index", "explanation": "衡量趋势强不强，数值高不直接表示上涨。方向通常还要结合 +DI、−DI 或价格判断。", "category": "技术指标与图形分析", "id": "t0177", "source": { "path": "agent/src/skills/technical-basic/SKILL.md", "line": 3, "matched": "ADX", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/technical-basic/SKILL.md#L3", "kind": "文档" } }, { "term": "方向指标", "english": "DMI, +DI, -DI", "explanation": "用向上与向下的价格运动衡量方向力量，ADX 则由这套框架进一步度量趋势强度。", "category": "技术指标与图形分析", "id": "t0178", "source": { "path": "agent/src/skills/technical-basic/SKILL.md", "line": 28, "matched": "+DI", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/technical-basic/SKILL.md#L28", "kind": "文档" } }, { "term": "布林带", "english": "Bollinger Bands", "explanation": "在均线两侧加减若干倍标准差形成通道。价格触及上轨不自动意味着应该卖出。", "category": "技术指标与图形分析", "id": "t0179", "source": { "path": "agent/src/skills/technical-basic/SKILL.md", "line": 15, "matched": "Bollinger Bands", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/technical-basic/SKILL.md#L15", "kind": "文档" } }, { "term": "真实波幅／平均真实波幅", "english": "TR, ATR", "explanation": "把当期高低价范围和相对前收盘的跳空一起考虑；ATR 是它的平均值，常用于波动测量和止损距离。", "category": "技术指标与图形分析", "id": "t0180", "source": { "path": "agent/src/skills/pine-script/SKILL.md", "line": 135, "matched": "ATR", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/pine-script/SKILL.md#L135", "kind": "文档" } }, { "term": "能量潮", "english": "OBV, On-balance volume", "explanation": "按价格上涨或下跌给成交量加减，观察量能是否支持价格方向。它不是账户真实资金流。", "category": "技术指标与图形分析", "id": "t0181", "source": { "path": "agent/src/skills/technical-basic/SKILL.md", "line": 3, "matched": "OBV", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/technical-basic/SKILL.md#L3", "kind": "文档" } }, { "term": "量比／放量／缩量", "english": "Volume ratio, Volume expansion, Volume contraction", "explanation": "比较当前成交活跃度与历史参考水平；具体量比可能需要按当日已交易时间调整。", "category": "技术指标与图形分析", "id": "t0182", "source": { "path": "agent/src/skills/technical-basic/SKILL.md", "line": 3, "matched": "volume ratio", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/technical-basic/SKILL.md#L3", "kind": "文档" } }, { "term": "随机指标／KDJ", "english": "Stochastic oscillator, KDJ", "explanation": "观察收盘价在近期高低价区间中的位置，再作平滑。KDJ 的 J 值在部分定义下可以超过 0 到 100。", "category": "技术指标与图形分析", "id": "t0183", "source": { "path": "agent/src/skills/pine-script/SKILL.md", "line": 261, "matched": "KDJ", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/pine-script/SKILL.md#L261", "kind": "文档" } }, { "term": "顺势指标", "english": "CCI, Commodity channel index", "explanation": "衡量价格偏离近期平均水平的程度，最初用于商品，也常用于股票等市场。", "category": "技术指标与图形分析", "id": "t0184", "source": { "path": "agent/src/skills/pine-script/SKILL.md", "line": 138, "matched": "CCI", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/pine-script/SKILL.md#L138", "kind": "文档" } }, { "term": "威廉指标", "english": "Williams %R", "explanation": "用收盘价相对近期最高最低价的位置衡量强弱，常以 −100 到 0 表示；需注意与其他振荡指标的方向差异。", "category": "技术指标与图形分析", "id": "t0185", "source": { "path": "agent/src/skills/pine-script/SKILL.md", "line": 139, "matched": "Williams %R", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/pine-script/SKILL.md#L139", "kind": "文档" } }, { "term": "变化率／动量指标", "english": "ROC, Momentum indicator", "explanation": "比较当前价格与若干期前价格的差或百分比变化，衡量上涨下跌的速度。", "category": "技术指标与图形分析", "id": "t0186", "source": { "path": "agent/src/skills/sentiment-analysis/SKILL.md", "line": 109, "matched": "变化率", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/sentiment-analysis/SKILL.md#L109", "kind": "文档" } }, { "term": "乖离率", "english": "BIAS", "explanation": "当前价格偏离某条均线的百分比。偏离大只是说明离平均值远，不能保证会马上回归。", "category": "技术指标与图形分析", "id": "t0187", "source": { "path": "agent/src/skills/ml-strategy/SKILL.md", "line": 272, "matched": "bias", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/ml-strategy/SKILL.md#L272", "kind": "文档" } }, { "term": "资金流量指标", "english": "MFI, Money flow index", "explanation": "把价格和成交量结合形成类似 RSI 的指标。名称中的“资金流”是计算口径，不是资金账户统计。", "category": "技术指标与图形分析", "id": "t0188", "source": { "path": "agent/src/skills/pine-script/SKILL.md", "line": 140, "matched": "MFI", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/pine-script/SKILL.md#L140", "kind": "文档" } }, { "term": "累积派发线", "english": "Accumulation/distribution line, A/D", "explanation": "根据收盘价在当期高低区间的位置给成交量加权累计，作为买卖压力代理。", "category": "技术指标与图形分析", "id": "t0189", "source": null }, { "term": "抛物线转向指标", "english": "Parabolic SAR", "explanation": "在价格上方或下方给出随趋势移动的参考点，常用于跟踪止损和转向判断，震荡时可能反复触发。", "category": "技术指标与图形分析", "id": "t0190", "source": null }, { "term": "唐奇安通道", "english": "Donchian channel", "explanation": "用最近若干期最高价和最低价构成通道，突破通道常用于趋势跟随策略。", "category": "技术指标与图形分析", "id": "t0191", "source": { "path": "agent/src/skills/vnpy-export/SKILL.md", "line": 194, "matched": "Donchian channel", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/vnpy-export/SKILL.md#L194", "kind": "文档" } }, { "term": "背离", "english": "Divergence", "explanation": "价格创新高或新低，而动量等指标没有同步确认。它提示变化可能出现，不证明反转已发生。", "category": "技术指标与图形分析", "id": "t0192", "source": { "path": "agent/src/skills/us-etf-flow/SKILL.md", "line": 152, "matched": "Divergence", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/us-etf-flow/SKILL.md#L152", "kind": "文档" } }, { "term": "跳空／缺口", "english": "Gap", "explanation": "相邻交易区间之间出现未成交的价格空档。除权造成的机械价格断点应与真实交易跳空区分。", "category": "技术指标与图形分析", "id": "t0193", "source": { "path": "agent/src/skills/smc/SKILL.md", "line": 16, "matched": "gap", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/smc/SKILL.md#L16", "kind": "文档" } }, { "term": "K 线实体／上下影线", "english": "Candle body, Wick, Shadow", "explanation": "实体是开收盘之间的区间；上影和下影分别连接实体与最高、最低价。", "category": "技术指标与图形分析", "id": "t0194", "source": { "path": "agent/src/skills/candlestick/SKILL.md", "line": 15, "matched": "shadow", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/candlestick/SKILL.md#L15", "kind": "文档" } }, { "term": "锤子线", "english": "Hammer", "explanation": "下影很长、实体靠近高位的 K 线。出现在下跌后常被解读为买盘承接，但仍需后续验证。", "category": "技术指标与图形分析", "id": "t0195", "source": { "path": "agent/src/skills/candlestick/SKILL.md", "line": 15, "matched": "Hammer", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/candlestick/SKILL.md#L15", "kind": "文档" } }, { "term": "倒锤子线／射击之星", "english": "Inverted hammer, Shooting star", "explanation": "二者都常呈长上影和小实体；前者通常讨论下跌后，后者讨论上涨后。位置不同，解读不同。", "category": "技术指标与图形分析", "id": "t0196", "source": { "path": "agent/src/skills/candlestick/SKILL.md", "line": 16, "matched": "Inverted Hammer", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/candlestick/SKILL.md#L16", "kind": "文档" } }, { "term": "十字星／纺锤线", "english": "Doji, Spinning top", "explanation": "十字星开收盘很接近；纺锤线实体较小且有上下影。常描述多空拉锯，不必然是反转。", "category": "技术指标与图形分析", "id": "t0197", "source": { "path": "agent/src/skills/candlestick/SKILL.md", "line": 18, "matched": "Doji", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/candlestick/SKILL.md#L18", "kind": "文档" } }, { "term": "看涨吞没／看跌吞没", "english": "Bullish engulfing, Bearish engulfing", "explanation": "后一根相反方向 K 线的实体包住前一根实体，分别被用作潜在转强或转弱信号。", "category": "技术指标与图形分析", "id": "t0198", "source": { "path": "agent/src/skills/candlestick/SKILL.md", "line": 24, "matched": "Bullish Engulfing", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/candlestick/SKILL.md#L24", "kind": "文档" } }, { "term": "看涨孕线／看跌孕线", "english": "Bullish harami, Bearish harami", "explanation": "后一根较小实体位于前一根大实体范围内，根据此前趋势区分潜在看涨或看跌解释。", "category": "技术指标与图形分析", "id": "t0199", "source": { "path": "agent/src/skills/candlestick/SKILL.md", "line": 26, "matched": "Bullish Harami", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/candlestick/SKILL.md#L26", "kind": "文档" } }, { "term": "刺透形态／乌云盖顶", "english": "Piercing line, Dark cloud cover", "explanation": "后一根 K 线向前一根实体内部明显反向推进的双 K 线形态，分别偏向潜在转强或转弱解读。", "category": "技术指标与图形分析", "id": "t0200", "source": { "path": "agent/src/skills/candlestick/SKILL.md", "line": 28, "matched": "Piercing Line", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/candlestick/SKILL.md#L28", "kind": "文档" } }, { "term": "启明星／黄昏星", "english": "Morning star, Evening star", "explanation": "由三根 K 线构成，中间较小、前后方向相反，分别常出现在下跌后与上涨后。", "category": "技术指标与图形分析", "id": "t0201", "source": { "path": "agent/src/skills/candlestick/SKILL.md", "line": 34, "matched": "Morning Star", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/candlestick/SKILL.md#L34", "kind": "文档" } }, { "term": "红三兵／三只乌鸦", "english": "Three white soldiers, Three black crows", "explanation": "连续三根较有方向性的上涨或下跌 K 线形态。名称只是图形分类，不是必胜信号。", "category": "技术指标与图形分析", "id": "t0202", "source": { "path": "agent/src/skills/candlestick/SKILL.md", "line": 36, "matched": "Three White Soldiers", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/candlestick/SKILL.md#L36", "kind": "文档" } }, { "term": "一目均衡表／云图", "english": "Ichimoku Kinko Hyo", "explanation": "用多条高低价中点线及前后移动的线观察趋势和支撑阻力。画图位置前移不代表知道未来价格。", "category": "技术指标与图形分析", "id": "t0203", "source": { "path": "agent/src/skills/ichimoku/SKILL.md", "line": 3, "matched": "Ichimoku Kinko Hyo", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/ichimoku/SKILL.md#L3", "kind": "文档" } }, { "term": "转换线／基准线", "english": "Tenkan-sen, Kijun-sen", "explanation": "分别取较短和较长窗口的最高价与最低价中点，是一目均衡表的两条基础线。", "category": "技术指标与图形分析", "id": "t0204", "source": { "path": "agent/src/skills/ichimoku/SKILL.md", "line": 14, "matched": "Tenkan-sen", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/ichimoku/SKILL.md#L14", "kind": "文档" } }, { "term": "先行带 A／先行带 B／云层", "english": "Senkou Span A, Senkou Span B, Kumo", "explanation": "两条按历史数据计算并向前绘制的线，二者之间形成云层。上下边界会随两条线交叉而互换。", "category": "技术指标与图形分析", "id": "t0205", "source": { "path": "agent/src/skills/ichimoku/SKILL.md", "line": 16, "matched": "Senkou Span A", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/ichimoku/SKILL.md#L16", "kind": "文档" } }, { "term": "迟行线", "english": "Chikou Span", "explanation": "把当前收盘价向过去移动绘制的线。回测若把绘图位置误当成当时可见数据，会产生未来信息泄漏。", "category": "技术指标与图形分析", "id": "t0206", "source": { "path": "agent/src/skills/ichimoku/SKILL.md", "line": 18, "matched": "Chikou Span", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/ichimoku/SKILL.md#L18", "kind": "文档" } }, { "term": "艾略特波浪", "english": "Elliott wave", "explanation": "把走势解释为不同层级推进与调整波的分析框架。划浪带有判断空间，不是市场必须遵守的物理规律。", "category": "技术指标与图形分析", "id": "t0207", "source": { "path": "agent/src/skills/elliott-wave/SKILL.md", "line": 2, "matched": "elliott-wave", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/elliott-wave/SKILL.md#L2", "kind": "文档" } }, { "term": "推动浪／调整浪", "english": "Impulse wave, Corrective wave", "explanation": "波浪框架中，推动浪沿主趋势前进，典型形式为五浪；调整浪反向修正，常见简单形式为三浪。", "category": "技术指标与图形分析", "id": "t0208", "source": { "path": "agent/src/skills/elliott-wave/SKILL.md", "line": 14, "matched": "Impulse wave", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/elliott-wave/SKILL.md#L14", "kind": "文档" } }, { "term": "斐波那契回撤／扩展", "english": "Fibonacci retracement, Extension", "explanation": "用约 38.2%、61.8%、161.8% 等比例标记可能的回撤或目标区域。比例本身不构成价格预测证据。", "category": "技术指标与图形分析", "id": "t0209", "source": { "path": "agent/src/skills/doc-reader/SKILL.md", "line": 11, "matched": "extension", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/doc-reader/SKILL.md#L11", "kind": "文档" } }, { "term": "摆动高低点", "english": "Swing high, Swing low", "explanation": "局部一段走势的顶部和底部。若需要后面几根 K 线才能确认，策略不能提前使用确认结果。", "category": "技术指标与图形分析", "id": "t0210", "source": { "path": "agent/src/skills/smc/SKILL.md", "line": 37, "matched": "swing high", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/smc/SKILL.md#L37", "kind": "文档" } }, { "term": "谐波形态", "english": "Harmonic pattern", "explanation": "按多段价格波动之间的比例关系寻找潜在转折区的图形方法。", "category": "技术指标与图形分析", "id": "t0211", "source": { "path": "agent/src/skills/harmonic/example_signal_engine.py", "line": 1, "matched": "谐波形态", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/harmonic/example_signal_engine.py#L1", "kind": "源码" } }, { "term": "加特利／蝙蝠／蝴蝶／螃蟹形态", "english": "Gartley, Bat, Butterfly, Crab", "explanation": "四类常见谐波图形，区别在各段回撤和扩展比例。这里的蝴蝶是价格图形，不是期权蝶式组合。", "category": "技术指标与图形分析", "id": "t0212", "source": { "path": "agent/src/skills/harmonic/SKILL.md", "line": 3, "matched": "Gartley", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/harmonic/SKILL.md#L3", "kind": "文档" } }, { "term": "潜在反转区", "english": "PRZ, Potential reversal zone", "explanation": "多个谐波比例目标重合的价格区域；“潜在”意味着需要验证，不是保证反转的价位。", "category": "技术指标与图形分析", "id": "t0213", "source": { "path": "agent/src/skills/harmonic/SKILL.md", "line": 3, "matched": "PRZ", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/harmonic/SKILL.md#L3", "kind": "文档" } }, { "term": "缠论", "english": "Chan theory, Chanlun", "explanation": "用分型、笔、线段和中枢等结构描述走势的一套技术分析语言，具体识别方法会随实现细节变化。", "category": "技术指标与图形分析", "id": "t0214", "source": { "path": "agent/src/skills/chanlun/SKILL.md", "line": 2, "matched": "chanlun", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/chanlun/SKILL.md#L2", "kind": "文档" } }, { "term": "顶分型／底分型", "english": "Fractal, FX", "explanation": "缠论对局部顶部和底部的一种结构定义，常涉及相邻 K 线及包含关系处理；不是看到尖角就算确认。", "category": "技术指标与图形分析", "id": "t0215", "source": { "path": "agent/src/skills/chanlun/SKILL.md", "line": 22, "matched": "顶分型", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/chanlun/SKILL.md#L22", "kind": "文档" } }, { "term": "笔／线段", "english": "BI, Stroke, Segment", "explanation": "缠论中连接相邻有效顶底分型的基本走势称为笔，更高一层的组合可形成线段。", "category": "技术指标与图形分析", "id": "t0216", "source": { "path": "agent/src/skills/chanlun/SKILL.md", "line": 3, "matched": "笔", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/chanlun/SKILL.md#L3", "kind": "文档" } }, { "term": "中枢", "english": "ZS, Central zone", "explanation": "缠论中若干次级别走势重叠形成的价格区间，用于判断盘整和趋势结构。", "category": "技术指标与图形分析", "id": "t0217", "source": { "path": "agent/src/skills/chanlun/SKILL.md", "line": 3, "matched": "中枢", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/chanlun/SKILL.md#L3", "kind": "文档" } }, { "term": "背驰", "english": "Trend exhaustion, Beichi", "explanation": "缠论中同方向走势力度衰减的一种判断，通常结合趋势结构和指标；与一般“指标背离”有关但不完全同义。", "category": "技术指标与图形分析", "id": "t0218", "source": { "path": "agent/src/skills/chanlun/SKILL.md", "line": 30, "matched": "背驰", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/chanlun/SKILL.md#L30", "kind": "文档" } }, { "term": "一买一卖／二买二卖／三买三卖", "english": "First, Second, Third buy/sell points", "explanation": "缠论对背驰后转折、后续回试确认、离开中枢后回试等不同结构位置的命名，不是按次数机械买卖。", "category": "技术指标与图形分析", "id": "t0219", "source": { "path": "agent/src/skills/chanlun/SKILL.md", "line": 30, "matched": "一买一卖", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/chanlun/SKILL.md#L30", "kind": "文档" } }, { "term": "级别／多周期共振", "english": "Timeframe alignment", "explanation": "在不同时间尺度观察结构，并寻找同向信号。多个周期来自同一段价格，不代表多份独立证据。", "category": "技术指标与图形分析", "id": "t0220", "source": { "path": "agent/src/skills/chanlun/SKILL.md", "line": 82, "matched": "级别", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/chanlun/SKILL.md#L82", "kind": "文档" } }, { "term": "聪明钱概念", "english": "SMC, Smart Money Concepts", "explanation": "用结构突破、缺口和所谓订单块解释价格的交易框架。仅凭 K 线不能证明机构真实持仓或意图。", "category": "技术指标与图形分析", "id": "t0221", "source": { "path": "agent/src/skills/smc/SKILL.md", "line": 2, "matched": "smc", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/smc/SKILL.md#L2", "kind": "文档" } }, { "term": "结构突破", "english": "BOS, Break of structure", "explanation": "SMC 中价格突破此前结构高低点，常被用于识别趋势延续；具体确认规则需要事先定义。", "category": "技术指标与图形分析", "id": "t0222", "source": { "path": "agent/src/skills/smc/SKILL.md", "line": 3, "matched": "BOS", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/smc/SKILL.md#L3", "kind": "文档" } }, { "term": "特征改变", "english": "ChoCH, Change of character", "explanation": "SMC 中第一次出现与原有趋势结构相反的破坏，常当作潜在转向信号。", "category": "技术指标与图形分析", "id": "t0223", "source": { "path": "agent/src/skills/smc/SKILL.md", "line": 3, "matched": "ChoCH", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/smc/SKILL.md#L3", "kind": "文档" } }, { "term": "公允价值缺口", "english": "FVG, Fair value gap", "explanation": "SMC 对特定三根 K 线之间未充分重叠区域的称呼。它不是财务估值中的公允价值，也不保证未来回补。", "category": "技术指标与图形分析", "id": "t0224", "source": { "path": "agent/src/skills/smc/SKILL.md", "line": 3, "matched": "FVG", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/smc/SKILL.md#L3", "kind": "文档" } }, { "term": "订单块", "english": "Order block", "explanation": "SMC 中被解释为大资金活动区域的特定价格区间。它是图形推断，不能等同于真实交易所订单簿。", "category": "技术指标与图形分析", "id": "t0225", "source": null }, { "term": "流动性扫掠／扫止损", "english": "Liquidity sweep, Stop hunt", "explanation": "价格越过显眼高低点、触发附近订单后回归的走势描述。仅凭这种形态不能断言有人故意操纵。", "category": "技术指标与图形分析", "id": "t0226", "source": { "path": "agent/src/skills/smc/SKILL.md", "line": 18, "matched": "Stop-hunt", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/smc/SKILL.md#L18", "kind": "文档" } }, { "term": "交易策略", "english": "Trading strategy", "explanation": "一套可重复的选标的、入场、仓位、退出和风险规则。只说“看好行业”还不是完整可执行策略。", "category": "策略、选股与因子研究", "id": "t0227", "source": { "path": "agent/src/skills/pair-trading/SKILL.md", "line": 3, "matched": "trading strategy", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/pair-trading/SKILL.md#L3", "kind": "文档" } }, { "term": "交易信号", "english": "Trading signal", "explanation": "规则在某一时刻给出的行动提示，例如买入、卖出或观望。信号生成与能否执行是不同环节。", "category": "策略、选股与因子研究", "id": "t0228", "source": { "path": "agent/src/factors/zoo/gtja191/alpha_011.py", "line": 5, "matched": "交易信号", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/gtja191/alpha_011.py#L5", "kind": "源码" } }, { "term": "量化交易", "english": "Quantitative trading", "explanation": "用数据和明确规则研究并执行投资决策。日频选股也是量化，并不要求高频或 Level 2 数据。", "category": "策略、选股与因子研究", "id": "t0229", "source": { "path": "agent/src/skills/strategy-generate/SKILL.md", "line": 3, "matched": "quantitative trading", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/strategy-generate/SKILL.md#L3", "kind": "文档" } }, { "term": "高频交易", "english": "HFT, High-frequency trading", "explanation": "高度依赖高速行情、低延迟和高频订单处理的一类交易。它是量化的一部分，不代表所有量化。", "category": "策略、选股与因子研究", "id": "t0230", "source": { "path": "agent/src/skills/market-microstructure/SKILL.md", "line": 298, "matched": "High-frequency trading", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/market-microstructure/SKILL.md#L298", "kind": "文档" } }, { "term": "日内交易／波段交易", "english": "Intraday trading, Swing trading", "explanation": "前者主要在同一交易日内完成交易周期，后者围绕数天或更长的价格波段持仓。", "category": "策略、选股与因子研究", "id": "t0231", "source": { "path": "agent/src/factors/zoo/gtja191/alpha_061.py", "line": 5, "matched": "日内交易", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/gtja191/alpha_061.py#L5", "kind": "源码" } }, { "term": "趋势跟随／动量策略", "english": "Trend following, Momentum", "explanation": "根据过去的方向延续建立仓位。时间序列动量看资产自身走势，横截面动量比较多个资产的相对强弱。", "category": "策略、选股与因子研究", "id": "t0232", "source": { "path": "agent/src/skills/alpha-zoo/SKILL.md", "line": 22, "matched": "momentum", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/alpha-zoo/SKILL.md#L22", "kind": "文档" } }, { "term": "均值回归", "english": "Mean reversion", "explanation": "假设某个价格关系或统计量偏离常态后会回到附近。关键是这个“常态”是否仍然存在。", "category": "策略、选股与因子研究", "id": "t0233", "source": { "path": "agent/src/skills/pair-trading/SKILL.md", "line": 3, "matched": "mean reversion", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/pair-trading/SKILL.md#L3", "kind": "文档" } }, { "term": "反转策略", "english": "Reversal", "explanation": "买入此前弱势资产、卖出此前强势资产，试图获利于方向逆转。与动量是不同的研究假设。", "category": "策略、选股与因子研究", "id": "t0234", "source": { "path": "agent/src/skills/alpha-zoo/SKILL.md", "line": 32, "matched": "reversal", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/alpha-zoo/SKILL.md#L32", "kind": "文档" } }, { "term": "价值投资", "english": "Value investing", "explanation": "寻找市场价格相对合理估值较低的资产，同时检验便宜是否有业务或风险方面的原因。", "category": "策略、选股与因子研究", "id": "t0235", "source": { "path": "agent/src/factors/zoo/academic/hml.py", "line": 5, "matched": "价值投资", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/hml.py#L5", "kind": "源码" } }, { "term": "成长投资", "english": "Growth investing", "explanation": "重视公司未来收入、利润或市场空间增长。高增长不代表无论什么价格买入都划算。", "category": "策略、选股与因子研究", "id": "t0236", "source": null }, { "term": "质量投资", "english": "Quality investing", "explanation": "偏好盈利可靠、资产负债稳健、现金流较好等特征，具体“质量”指标组合需要说明。", "category": "策略、选股与因子研究", "id": "t0237", "source": null }, { "term": "低波动策略", "english": "Low-volatility strategy", "explanation": "选择或配置历史波动较低的资产。低波动不意味着不会大跌，也可能伴随行业集中。", "category": "策略、选股与因子研究", "id": "t0238", "source": null }, { "term": "股息策略", "english": "Dividend strategy", "explanation": "按股息率、分红持续性或分红增长等条件投资，需同时检查公司能否持续支付。", "category": "策略、选股与因子研究", "id": "t0239", "source": { "path": "agent/src/skills/regulatory-knowledge/SKILL.md", "line": 239, "matched": "股息策略", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/regulatory-knowledge/SKILL.md#L239", "kind": "文档" } }, { "term": "行业轮动／风格轮动", "english": "Sector rotation, Style rotation", "explanation": "根据规则在行业或价值、成长、大小盘等风格之间调整配置。", "category": "策略、选股与因子研究", "id": "t0240", "source": { "path": "agent/SKILL.md", "line": 132, "matched": "sector rotation", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L132", "kind": "文档" } }, { "term": "季节性／日历效应", "english": "Seasonality, Calendar effect", "explanation": "收益或成交在月份、星期等日历位置上呈现历史规律。发现规律后仍需排除偶然性和交易成本。", "category": "策略、选股与因子研究", "id": "t0241", "source": { "path": "agent/src/skills/seasonal/SKILL.md", "line": 3, "matched": "calendar-effect", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/seasonal/SKILL.md#L3", "kind": "文档" } }, { "term": "事件驱动", "english": "Event-driven strategy", "explanation": "围绕财报、并购、分拆、增发等事件研究价格变化。事件发生日期和市场何时得知消息非常关键。", "category": "策略、选股与因子研究", "id": "t0242", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 441, "matched": "事件驱动", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L441", "kind": "文档" } }, { "term": "统计套利", "english": "Statistical arbitrage", "explanation": "利用数据中相对价格关系的偏离交易，依靠概率优势而非确定无风险收益。", "category": "策略、选股与因子研究", "id": "t0243", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 369, "matched": "统计套利", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L369", "kind": "文档" } }, { "term": "配对交易", "english": "Pairs trading", "explanation": "买入相对便宜的一边，同时卖出相对贵的一边，押注两者关系回归。相似公司不一定长期保持稳定价差。", "category": "策略、选股与因子研究", "id": "t0244", "source": { "path": "agent/src/skills/pair-trading/example_signal_engine.py", "line": 1, "matched": "配对交易", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/pair-trading/example_signal_engine.py#L1", "kind": "源码" } }, { "term": "价差组合", "english": "Spread portfolio", "explanation": "把两个或多个资产按特定比例组合，研究它们之间的相对变化；不只是简单相减两个原始价格。", "category": "策略、选股与因子研究", "id": "t0245", "source": null }, { "term": "对冲比率", "english": "Hedge ratio", "explanation": "为抵消风险，需要配置多少对冲资产。例如持有组合对指数更敏感时，可能需要更多指数空头。", "category": "策略、选股与因子研究", "id": "t0246", "source": { "path": "agent/src/skills/pair-trading/SKILL.md", "line": 27, "matched": "hedge-ratio", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/pair-trading/SKILL.md#L27", "kind": "文档" } }, { "term": "市场中性／多空策略", "english": "Market neutral, Long-short", "explanation": "多空策略同时做多一些资产、做空另一些；市场中性进一步希望降低整体市场方向风险，但不能消除全部风险。", "category": "策略、选股与因子研究", "id": "t0247", "source": { "path": "agent/src/skills/multi-factor/SKILL.md", "line": 61, "matched": "long-short", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/multi-factor/SKILL.md#L61", "kind": "文档" } }, { "term": "套利／无套利", "english": "Arbitrage, No-arbitrage", "explanation": "严格套利是在明确假设下无需承担净风险获得收益；现实中常被称作套利的策略仍有成交、融资、基差和对手方风险。", "category": "策略、选股与因子研究", "id": "t0248", "source": { "path": "agent/SKILL.md", "line": 129, "matched": "arbitrage", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L129", "kind": "文档" } }, { "term": "因子", "english": "Factor", "explanation": "用来解释收益或给资产打分的特征，例如估值、动量和市值。因子既可能是风险来源，也可能是选股信号。", "category": "策略、选股与因子研究", "id": "t0249", "source": { "path": "agent/src/factors/zoo/academic/bab.py", "line": 2, "matched": "因子", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/bab.py#L2", "kind": "源码" } }, { "term": "因子值／因子暴露", "english": "Factor value, Factor exposure, Loading", "explanation": "某资产的特征得分，或收益对某因子的敏感程度。横截面标准化得分与回归系数不是同一单位。", "category": "策略、选股与因子研究", "id": "t0250", "source": { "path": "agent/src/skills/factor-research/SKILL.md", "line": 33, "matched": "factor-value", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/factor-research/SKILL.md#L33", "kind": "文档" } }, { "term": "因子收益／因子溢价", "english": "Factor return, Factor premium", "explanation": "持有某种特征风险对应的收益差或模型估计收益。历史溢价不保证未来继续存在。", "category": "策略、选股与因子研究", "id": "t0251", "source": { "path": "agent/src/factors/zoo/gtja191/alpha_055.py", "line": 65, "matched": "factor\n return", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/gtja191/alpha_055.py#L65", "kind": "源码" } }, { "term": "Alpha／阿尔法", "english": "Alpha", "explanation": "严格意义上是扣除所选风险模型解释部分后的超额表现；项目也用它泛指预测信号。简单跑赢指数不一定就是风险调整后的 alpha。", "category": "策略、选股与因子研究", "id": "t0252", "source": { "path": "agent/src/skills/alpha-zoo/SKILL.md", "line": 2, "matched": "alpha", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/alpha-zoo/SKILL.md#L2", "kind": "文档" } }, { "term": "Beta／贝塔", "english": "Beta", "explanation": "收益对市场或某个因子的敏感度。市场 beta 为 1.2，表示模型估计市场变动 1% 时资产平均联动约 1.2%，不是逐日保证。", "category": "策略、选股与因子研究", "id": "t0253", "source": { "path": "agent/src/factors/zoo/academic/bab.py", "line": 2, "matched": "贝塔", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/bab.py#L2", "kind": "源码" } }, { "term": "风险因子／风格因子", "english": "Risk factor, Style factor", "explanation": "导致很多资产一起变化的共同特征，如市场、规模、价值和行业。多个股票可以共享同一个风险因子。", "category": "策略、选股与因子研究", "id": "t0254", "source": { "path": "agent/src/factors/zoo/academic/cma.py", "line": 3, "matched": "风格因子", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/cma.py#L3", "kind": "源码" } }, { "term": "多因子模型", "english": "Multi-factor model", "explanation": "同时用多个特征解释或预测收益，尽量避免把所有表现归因于单一指标。", "category": "策略、选股与因子研究", "id": "t0255", "source": { "path": "agent/src/factors/zoo/alpha101/alpha_011.py", "line": 5, "matched": "多因子模型", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/alpha101/alpha_011.py#L5", "kind": "源码" } }, { "term": "因子库／Alpha Zoo", "english": "Factor zoo", "explanation": "项目集中管理的因子集合。“动物园”是比喻，表示候选信号多，需要筛选和检验。", "category": "策略、选股与因子研究", "id": "t0256", "source": { "path": "agent/src/skills/alpha-zoo/SKILL.md", "line": 2, "matched": "alpha-zoo", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/alpha-zoo/SKILL.md#L2", "kind": "文档" } }, { "term": "Alpha101／Alpha191／Alpha158", "english": "WorldQuant 101, Alpha191, Qlib Alpha158", "explanation": "不同来源的公式或特征家族。编号代表定义好的计算配方，不表示第 101 号因子一定更好；也不等同于 101 项独立经济规律。", "category": "策略、选股与因子研究", "id": "t0257", "source": { "path": "agent/src/skills/multi-factor/SKILL.md", "line": 69, "matched": "alpha101", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/multi-factor/SKILL.md#L69", "kind": "文档" } }, { "term": "Fama–French 三因子／五因子", "english": "FF3, FF5", "explanation": "用市场、规模、价值等共同因素解释股票收益；五因子再加入盈利能力与投资风格。", "category": "策略、选股与因子研究", "id": "t0258", "source": { "path": "agent/src/factors/zoo/academic/cma.py", "line": 4, "matched": "五因子", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/cma.py#L4", "kind": "源码" } }, { "term": "市场因子", "english": "MKT, MKT-RF", "explanation": "通常表示市场组合相对无风险收益的超额收益，衡量整体股市风险。", "category": "策略、选股与因子研究", "id": "t0259", "source": { "path": "agent/src/factors/zoo/academic/mkt_rf.py", "line": 3, "matched": "Mkt", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/mkt_rf.py#L3", "kind": "源码" } }, { "term": "规模因子", "english": "SMB, Small minus big", "explanation": "小市值组合收益减大市值组合收益。正值表示该期小盘相对表现更强。", "category": "策略、选股与因子研究", "id": "t0260", "source": { "path": "agent/src/factors/zoo/academic/smb.py", "line": 3, "matched": "规模因子", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/smb.py#L3", "kind": "源码" } }, { "term": "价值因子", "english": "HML, High minus low", "explanation": "高账面市值比组合减低账面市值比组合，近似“便宜股减贵股”。不是高市净率减低市净率。", "category": "策略、选股与因子研究", "id": "t0261", "source": { "path": "agent/src/factors/zoo/academic/hml.py", "line": 3, "matched": "价值因子", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/hml.py#L3", "kind": "源码" }, "reference": { "title": "MSCI：因子投资基础", "url": "https://www.msci.com/downloads/web/msci-com/indexes/index-category/quality-and-high-dividend-yield-indexes/Foundations_of_Factor_Investing.pdf" } }, { "term": "盈利能力因子", "english": "RMW, Robust minus weak", "explanation": "盈利能力较强组合减较弱组合，用来刻画盈利质量相关收益差。与绩效统计中也译作“盈利因子”的 Profit Factor 不同。", "category": "策略、选股与因子研究", "id": "t0262", "source": { "path": "agent/src/factors/zoo/academic/rmw.py", "line": 3, "matched": "盈利能力因子", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/rmw.py#L3", "kind": "源码" } }, { "term": "投资因子", "english": "CMA, Conservative minus aggressive", "explanation": "资产投资扩张较保守组合减较激进组合，属于五因子模型的一部分。", "category": "策略、选股与因子研究", "id": "t0263", "source": { "path": "agent/src/factors/zoo/academic/cma.py", "line": 3, "matched": "CMA", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/cma.py#L3", "kind": "源码" } }, { "term": "动量因子／Carhart 四因子", "english": "MOM, UMD, Carhart", "explanation": "动量因子通常买过去赢家、卖过去输家；Carhart 在三因子基础上加入动量因素。", "category": "策略、选股与因子研究", "id": "t0264", "source": { "path": "agent/src/skills/alpha-zoo/SKILL.md", "line": 3, "matched": "Carhart", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/alpha-zoo/SKILL.md#L3", "kind": "文档" } }, { "term": "因子 IC", "english": "Information coefficient, IC", "explanation": "因子打分与之后收益的相关性，衡量打分能否区分未来表现。通常在每个日期的股票横截面计算。", "category": "策略、选股与因子研究", "id": "t0265", "source": { "path": "agent/src/skills/social-media-intelligence/SKILL.md", "line": 707, "matched": "information coefficient", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/social-media-intelligence/SKILL.md#L707", "kind": "文档" } }, { "term": "Rank IC", "english": "Rank information coefficient", "explanation": "先把因子值和之后收益转换为排名，再计算相关性，更关注排序能力而非数值是否线性对应。", "category": "策略、选股与因子研究", "id": "t0266", "source": { "path": "agent/mcp_server.py", "line": 832, "matched": "rank IC", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/mcp_server.py#L832", "kind": "源码" } }, { "term": "ICIR", "english": "IC information ratio", "explanation": "IC 的平均值除以其波动，衡量因子预测关系是否稳定。有的实现再年化，必须说明计算频率。", "category": "策略、选股与因子研究", "id": "t0267", "source": { "path": "agent/src/factors/bench_runner.py", "line": 369, "matched": "ic_information_ratio", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/bench_runner.py#L369", "kind": "源码" } }, { "term": "分组回测／分位数组合", "english": "Quantile portfolio", "explanation": "按因子得分把股票分成若干组，比较高分组是否持续优于低分组。", "category": "策略、选股与因子研究", "id": "t0268", "source": { "path": "README_zh.md", "line": 89, "matched": "分位数组合", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/README_zh.md#L89", "kind": "文档" } }, { "term": "多空收益差／单调性", "english": "Long-short spread, Monotonicity", "explanation": "多空差通常是最高分组减最低分组收益；单调性看各组表现是否随得分逐级变化。", "category": "策略、选股与因子研究", "id": "t0269", "source": { "path": "agent/src/skills/factor-research/SKILL.md", "line": 65, "matched": "Monotonicity", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/factor-research/SKILL.md#L65", "kind": "文档" } }, { "term": "横截面／时间序列", "english": "Cross section, Time series", "explanation": "横截面是在同一时点比较多个资产；时间序列是观察一个对象随时间怎样变化。", "category": "策略、选股与因子研究", "id": "t0270", "source": { "path": "agent/src/skills/multi-factor/SKILL.md", "line": 10, "matched": "cross-section", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/multi-factor/SKILL.md#L10", "kind": "文档" } }, { "term": "因子中性化", "english": "Neutralization", "explanation": "剔除因子中由市值、行业等已知特征解释的部分，观察剩余信号是否仍有效。", "category": "策略、选股与因子研究", "id": "t0271", "source": { "path": "agent/src/skills/factor-research/SKILL.md", "line": 117, "matched": "Neutralization", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/factor-research/SKILL.md#L117", "kind": "文档" } }, { "term": "行业中性／市值中性", "english": "Sector neutral, Size neutral", "explanation": "尽量减少组合或信号对行业配置、公司规模的倾向，让研究聚焦其他来源。", "category": "策略、选股与因子研究", "id": "t0272", "source": { "path": "README_zh.md", "line": 86, "matched": "行业中性", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/README_zh.md#L86", "kind": "文档" } }, { "term": "正交化", "english": "Orthogonalization", "explanation": "把与已有变量线性重复的部分剔除，减少重复计分。结果取决于基准变量与处理顺序。", "category": "策略、选股与因子研究", "id": "t0273", "source": { "path": "agent/src/skills/social-media-intelligence/SKILL.md", "line": 792, "matched": "Orthogonalization", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/social-media-intelligence/SKILL.md#L792", "kind": "文档" } }, { "term": "标准化／Z 分数", "english": "Standardization, Z-score", "explanation": "把数值减去平均值，再除以标准差。例如 Z=2 表示高于平均值两个标准差，不代表发生概率固定。", "category": "策略、选股与因子研究", "id": "t0274", "source": { "path": "agent/src/skills/multi-factor/SKILL.md", "line": 3, "matched": "standardization", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/multi-factor/SKILL.md#L3", "kind": "文档" } }, { "term": "去极值／缩尾", "english": "Winsorization, Clipping", "explanation": "限制少数极端数值对分析的影响，例如把最极端的 1% 压到边界。不能据此掩盖真实尾部风险。", "category": "策略、选股与因子研究", "id": "t0275", "source": { "path": "agent/cli/_legacy.py", "line": 748, "matched": "clipping", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/cli/_legacy.py#L748", "kind": "源码" } }, { "term": "中位数绝对偏差", "english": "MAD, Median absolute deviation", "explanation": "用到中位数距离的典型大小衡量离散程度，比普通标准差更不容易被少数异常值带偏。", "category": "策略、选股与因子研究", "id": "t0276", "source": { "path": "agent/src/skills/correlation-regime/SKILL.md", "line": 237, "matched": "MAD", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/correlation-regime/SKILL.md#L237", "kind": "文档" } }, { "term": "因子衰减／信号半衰期", "english": "Factor decay, Signal half-life", "explanation": "信号预测能力随持有时间减弱；半衰期表示某种影响衰减一半的时间。与配对价差的均值回复半衰期要分清。", "category": "策略、选股与因子研究", "id": "t0277", "source": { "path": "agent/src/skills/factor-research/SKILL.md", "line": 16, "matched": "Factor decay", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/factor-research/SKILL.md#L16", "kind": "文档" } }, { "term": "因子拥挤", "english": "Factor crowding", "explanation": "很多资金同时交易相似信号，可能压低未来收益，并在集中撤退时放大损失。", "category": "策略、选股与因子研究", "id": "t0278", "source": { "path": "agent/src/skills/factor-research/SKILL.md", "line": 127, "matched": "Factor Crowding", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/factor-research/SKILL.md#L127", "kind": "文档" } }, { "term": "因子纯度", "english": "Factor purity", "explanation": "检查因子是否只依赖允许的数据、是否夹带目标收益或其他禁止信息。通过相关测试不等于已证明绝无泄漏。", "category": "策略、选股与因子研究", "id": "t0279", "source": null }, { "term": "股票池／可投资范围", "english": "Universe, Investable universe", "explanation": "策略在每个时点允许选择的标的集合。回测要使用当时的集合，不能只拿今天还活着的股票。", "category": "策略、选股与因子研究", "id": "t0280", "source": { "path": "agent/src/skills/alpha-zoo/SKILL.md", "line": 3, "matched": "universe", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/alpha-zoo/SKILL.md#L3", "kind": "文档" } }, { "term": "选股过滤／条件筛选", "english": "Screening, Fundamental filter", "explanation": "先按上市时间、流动性、盈利、风险警示等规则排除不符合条件的资产。", "category": "策略、选股与因子研究", "id": "t0281", "source": { "path": "agent/src/skills/factor-research/SKILL.md", "line": 11, "matched": "screening", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/factor-research/SKILL.md#L11", "kind": "文档" } }, { "term": "机器学习策略／预测标签", "english": "ML strategy, Target label", "explanation": "让模型从历史特征学习与未来目标的关系。标签可能是未来收益、方向或风险，训练时必须避免看到未来。", "category": "策略、选股与因子研究", "id": "t0282", "source": { "path": "agent/SKILL.md", "line": 126, "matched": "ML strategy", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L126", "kind": "文档" } }, { "term": "特征工程／特征重要性", "english": "Feature engineering, Feature importance", "explanation": "前者把原始数据加工成可用指标；后者衡量模型多依赖某特征。重要性高不证明该特征有因果作用。", "category": "策略、选股与因子研究", "id": "t0283", "source": { "path": "agent/src/factors/zoo/qlib158/LICENSE.md", "line": 57, "matched": "feature engineering", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/qlib158/LICENSE.md#L57", "kind": "文档" } }, { "term": "研究假说／证伪条件", "english": "Investment thesis, Falsification", "explanation": "清楚说出为何某策略应有效，以及看到什么证据就承认判断不成立，便于停止无效研究或持仓。", "category": "策略、选股与因子研究", "id": "t0284", "source": { "path": "agent/src/skills/thesis-tracker/SKILL.md", "line": 4, "matched": "investment thesis", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/thesis-tracker/SKILL.md#L4", "kind": "文档" } }, { "term": "低贝塔异象", "english": "BAB, Betting against beta", "explanation": "研究低 beta 资产风险调整后可能优于高 beta 资产的现象。项目提供的价格排序代理与原论文完整杠杆调整组合不同。", "category": "策略、选股与因子研究", "id": "t0285", "source": { "path": "agent/src/factors/zoo/academic/bab.py", "line": 2, "matched": "BAB", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/bab.py#L2", "kind": "源码" } }, { "term": "52 周高点因子", "english": "HIGH52W, 52-week-high momentum", "explanation": "比较当前价格离过去一年高点有多近，作为动量特征。接近高点不保证接下来继续上涨。", "category": "策略、选股与因子研究", "id": "t0286", "source": { "path": "agent/src/factors/zoo/academic/high52w.py", "line": 3, "matched": "HIGH52W", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/high52w.py#L3", "kind": "源码" } }, { "term": "短期反转／收益偏度因子", "english": "STREV, RETSKEW", "explanation": "分别按近期涨跌反向打分，或按收益分布的不对称程度打分，具体持有方向由定义决定。", "category": "策略、选股与因子研究", "id": "t0287", "source": { "path": "agent/src/factors/zoo/academic/strev.py", "line": 3, "matched": "短期反转", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/strev.py#L3", "kind": "源码" } }, { "term": "相关性重连", "english": "Correlation rewiring", "explanation": "比较近期与此前窗口的相关矩阵变化，判断某资产与市场关系是否重构；项目因子把关系较稳定者排得更高，是待验证的风险视角。", "category": "策略、选股与因子研究", "id": "t0288", "source": { "path": "agent/src/factors/zoo/academic/LICENSE.md", "line": 31, "matched": "correlation-rewiring", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/LICENSE.md#L31", "kind": "文档" } }, { "term": "价格代理因子", "english": "Price proxy", "explanation": "用价格成交等易得数据近似本应需要财务或经济数据的特征。代理的 RMW、CMA 等不能自动等同于原始学术因子。", "category": "策略、选股与因子研究", "id": "t0289", "source": { "path": "agent/src/factors/zoo/academic/cma.py", "line": 28, "matched": "PRICE PROXY", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/cma.py#L28", "kind": "源码" } }, { "term": "预热期", "english": "Warm-up, Lookback", "explanation": "指标需要积累多少历史记录才能计算稳定数值。缺乏预热时的空值不能随意填成有效信号。", "category": "策略、选股与因子研究", "id": "t0290", "source": { "path": "agent/src/skills/multi-factor/SKILL.md", "line": 37, "matched": "lookback", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/multi-factor/SKILL.md#L37", "kind": "文档" } }, { "term": "信号生命周期／衰减停用", "english": "Strategy lifecycle, Decay, Disabled", "explanation": "项目跟踪一个策略从研究、评估到表现恶化或停用的状态。“已入库”不代表“已证明适合实盘”。", "category": "策略、选股与因子研究", "id": "t0291", "source": { "path": "agent/src/skills/factor-research/SKILL.md", "line": 16, "matched": "decay", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/factor-research/SKILL.md#L16", "kind": "文档" } }, { "term": "回测", "english": "Backtest", "explanation": "把策略规则放进历史行情中模拟执行，检验过去会发生什么。结果依赖数据、成交假设与成本，不等于未来保证。", "category": "回测、收益与绩效归因", "id": "t0292", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 318, "matched": "backtest", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L318", "kind": "文档" } }, { "term": "向量化回测／事件驱动回测", "english": "Vectorized backtest, Event-driven backtest", "explanation": "前者常把整段时间的数据成批计算，后者按事件推进状态。两种实现都可以有错误或合理的成交模型，名称本身不代表准确度。", "category": "回测、收益与绩效归因", "id": "t0293", "source": { "path": "agent/SKILL.md", "line": 146, "matched": "vectorized backtest", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L146", "kind": "文档" } }, { "term": "回测撮合模型", "english": "Fill model", "explanation": "规定模拟订单什么时候、按什么价格和数量成交。例如“下根 K 线开盘成交”与“当前收盘成交”会产生不同结果。", "category": "回测、收益与绩效归因", "id": "t0294", "source": { "path": "agent/src/quantlib/impact.py", "line": 144, "matched": "fill model", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/impact.py#L144", "kind": "源码" } }, { "term": "同根 K 线偏差", "english": "Same-bar bias", "explanation": "用某根 K 线结束后才能知道的信号，却假装在这根线内的有利价格成交，使回测得到现实中拿不到的机会。", "category": "回测、收益与绩效归因", "id": "t0295", "source": null }, { "term": "未来函数／前视偏差", "english": "Look-ahead bias", "explanation": "决策用到了当时尚不知道的信息，例如提前知道未来收盘价或财报修订值，是回测虚高的常见原因。", "category": "回测、收益与绩效归因", "id": "t0296", "source": { "path": "agent/src/skills/ml-strategy/SKILL.md", "line": 272, "matched": "Look-ahead bias", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/ml-strategy/SKILL.md#L272", "kind": "文档" } }, { "term": "幸存者偏差", "english": "Survivorship bias", "explanation": "研究只保留现在仍上市或仍存在的对象，漏掉退市、失败基金等，导致历史看上去比真实情况好。", "category": "回测、收益与绩效归因", "id": "t0297", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 315, "matched": "Survivorship bias", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L315", "kind": "文档" } }, { "term": "时点数据／可得时间", "english": "Point-in-time, PIT, Availability time", "explanation": "记录信息当时何时真正可用，而不仅是它属于哪个报告期。三月末财务数据可能到四月才公布。", "category": "回测、收益与绩效归因", "id": "t0298", "source": { "path": "agent/backtest/models.py", "line": 103, "matched": "point in time", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/backtest/models.py#L103", "kind": "源码" } }, { "term": "数据泄漏", "english": "Data leakage", "explanation": "训练或决策意外使用了未来、验证集或目标答案信息。全样本标准化也可能让测试期信息提前进入训练。", "category": "回测、收益与绩效归因", "id": "t0299", "source": { "path": "agent/src/skills/ml-strategy/SKILL.md", "line": 10, "matched": "data leakage", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/ml-strategy/SKILL.md#L10", "kind": "文档" } }, { "term": "样本内／样本外", "english": "In-sample, Out-of-sample, IS, OOS", "explanation": "用于设计或拟合策略的数据，与事先没参与设计、用于检验的数据。反复根据样本外结果调参，会让它不再真正独立。", "category": "回测、收益与绩效归因", "id": "t0300", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 333, "matched": "out-of-sample", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L333", "kind": "文档" } }, { "term": "训练集／验证集／测试集", "english": "Train, Validation, Test", "explanation": "分别用于学习参数、选择方案和最终评估。金融序列通常还要尊重时间顺序和信息跨度。", "category": "回测、收益与绩效归因", "id": "t0301", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 102, "matched": "test", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L102", "kind": "文档" } }, { "term": "过拟合／欠拟合", "english": "Overfitting, Underfitting", "explanation": "过拟合把历史噪声记成规律；欠拟合则模型太粗糙，连有用关系也抓不住。", "category": "回测、收益与绩效归因", "id": "t0302", "source": { "path": "agent/src/skills/ml-strategy/SKILL.md", "line": 261, "matched": "overfitting", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/ml-strategy/SKILL.md#L261", "kind": "文档" } }, { "term": "参数寻优／网格搜索", "english": "Parameter optimization, Grid search", "explanation": "尝试不同阈值或窗口，寻找较好的历史结果。试得越多，越需要防范偶然挑中“幸运冠军”。", "category": "回测、收益与绩效归因", "id": "t0303", "source": { "path": "agent/src/skills/behavioral-finance/SKILL.md", "line": 14, "matched": "parameter optimization", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/behavioral-finance/SKILL.md#L14", "kind": "文档" } }, { "term": "走步检验／滚动训练", "english": "Walk-forward analysis", "explanation": "用过去一段数据拟合，再到后面一段检验，随后向前滚动，模拟随时间更新策略。", "category": "回测、收益与绩效归因", "id": "t0304", "source": { "path": "agent/backtest/validation.py", "line": 6, "matched": "Walk-Forward analysis", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/backtest/validation.py#L6", "kind": "源码" } }, { "term": "滚动窗口／扩展窗口", "english": "Rolling window, Expanding window", "explanation": "滚动窗口只保留最近固定长度历史；扩展窗口随着时间不断加入新历史而不丢掉旧样本。", "category": "回测、收益与绩效归因", "id": "t0305", "source": { "path": "agent/src/skills/fund-analysis/SKILL.md", "line": 78, "matched": "滚动窗口", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/fund-analysis/SKILL.md#L78", "kind": "文档" } }, { "term": "交叉验证", "english": "Cross-validation, CV", "explanation": "多次划分训练与验证数据评估稳定性。普通随机打乱的方法可能不适用于有时间依赖的金融样本。", "category": "回测、收益与绩效归因", "id": "t0306", "source": { "path": "agent/src/skills/fund-analysis/SKILL.md", "line": 264, "matched": "交叉验证", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/fund-analysis/SKILL.md#L264", "kind": "文档" } }, { "term": "净化交叉验证", "english": "Purged cross-validation", "explanation": "删除训练集中与验证标签时间跨度重叠的样本，减少相邻数据共享未来结果造成的泄漏。", "category": "回测、收益与绩效归因", "id": "t0307", "source": { "path": "README.md", "line": 99, "matched": "purged cross-validation", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/README.md#L99", "kind": "文档" } }, { "term": "禁入间隔", "english": "Embargo", "explanation": "在训练和测试边界附近额外留出一段不使用的数据，降低时间相关性和信息重叠影响。", "category": "回测、收益与绩效归因", "id": "t0308", "source": { "path": "agent/src/skills/geopolitical-risk/SKILL.md", "line": 372, "matched": "embargo", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/geopolitical-risk/SKILL.md#L372", "kind": "文档" } }, { "term": "组合净化交叉验证", "english": "CPCV, Combinatorial purged cross-validation", "explanation": "把多个时间分段组合成多组测试路径，并做净化处理，观察策略在不同历史划分下的表现分布。", "category": "回测、收益与绩效归因", "id": "t0309", "source": null }, { "term": "稳健性／敏感性分析", "english": "Robustness, Sensitivity analysis", "explanation": "改变日期、成本、参数等条件，观察结论是否仍成立。只有一个精确参数赚钱，往往比一片参数区域都有效更脆弱。", "category": "回测、收益与绩效归因", "id": "t0310", "source": { "path": "agent/src/skills/execution-model/SKILL.md", "line": 277, "matched": "Sensitivity Analysis", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/execution-model/SKILL.md#L277", "kind": "文档" } }, { "term": "基准策略／买入持有", "english": "Benchmark strategy, Buy and hold", "explanation": "用于比较的简单方案，例如买入指数后长期持有。复杂策略应解释额外成本和风险换来了什么。", "category": "回测、收益与绩效归因", "id": "t0311", "source": { "path": "agent/backtest/metrics.py", "line": 280, "matched": "buy_and_hold", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/backtest/metrics.py#L280", "kind": "源码" } }, { "term": "收益率／累计收益", "english": "Return, Cumulative return", "explanation": "收益率是投入相对增长比例；累计收益通过各期复利串起来。例如先涨 10% 再跌 10%，总结果是亏 1%。", "category": "回测、收益与绩效归因", "id": "t0312", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 251, "matched": "Cumulative return", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L251", "kind": "文档" } }, { "term": "简单收益／对数收益", "english": "Simple return, Log return", "explanation": "简单收益是新价格除旧价格减一；对数收益是这个价格比值的自然对数，便于跨时间相加，但不能直接当百分比相加。", "category": "回测、收益与绩效归因", "id": "t0313", "source": { "path": "agent/src/factors/zoo/qlib158/kmid.py", "line": 5, "matched": "简单收益", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/qlib158/kmid.py#L5", "kind": "源码" } }, { "term": "年化收益／复合年增长率", "english": "Annualized return, CAGR", "explanation": "把一段时期的复利增长换算成等效一年增长率。短期暴涨年化后很夸张，并不意味着全年能实现。", "category": "回测、收益与绩效归因", "id": "t0314", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 289, "matched": "Annualized return", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L289", "kind": "文档" } }, { "term": "算术平均／几何平均", "english": "Arithmetic mean, Geometric mean", "explanation": "算术平均直接平均各期收益；几何平均考虑复利。波动越大，两者可能差得越多。", "category": "回测、收益与绩效归因", "id": "t0315", "source": { "path": "agent/src/factors/zoo/gtja191/alpha_013.py", "line": 45, "matched": "Geometric mean", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/gtja191/alpha_013.py#L45", "kind": "源码" } }, { "term": "毛收益／净收益", "english": "Gross return, Net return", "explanation": "毛收益未扣部分费用；净收益扣除约定费用。报告必须说明是否包括滑点、税、融资和管理费。", "category": "回测、收益与绩效归因", "id": "t0316", "source": { "path": "agent/backtest/factor_costs.py", "line": 36, "matched": "gross return", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/backtest/factor_costs.py#L36", "kind": "源码" } }, { "term": "绝对收益／相对收益", "english": "Absolute return, Relative return", "explanation": "前者看自己赚亏多少；后者与基准比较。亏 5% 而基准亏 10%，相对表现较好但仍亏钱。", "category": "回测、收益与绩效归因", "id": "t0317", "source": { "path": "agent/src/skills/fund-analysis/SKILL.md", "line": 27, "matched": "绝对收益", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/fund-analysis/SKILL.md#L27", "kind": "文档" } }, { "term": "超额收益／主动收益", "english": "Excess return, Active return", "explanation": "有时指超过无风险收益，有时指超过基准收益。必须写清参照物，不能一律叫风险调整后的 alpha。", "category": "回测、收益与绩效归因", "id": "t0318", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 31, "matched": "active return", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L31", "kind": "文档" } }, { "term": "无风险利率", "english": "Risk-free rate, Rf", "explanation": "模型里作为低违约风险基准的利率，通常选择与币种、期限相匹配的国债等代理，并不是任何情况下都完全无风险。", "category": "回测、收益与绩效归因", "id": "t0319", "source": { "path": "agent/src/skills/fund-analysis/SKILL.md", "line": 48, "matched": "无风险利率", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/fund-analysis/SKILL.md#L48", "kind": "文档" } }, { "term": "胜率", "english": "Win rate, Hit rate", "explanation": "成功次数占总次数的比例。成功可以指单笔赚钱、某月跑赢基准或方向预测正确，三种口径不能混比。", "category": "回测、收益与绩效归因", "id": "t0320", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 207, "matched": "hit rate", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L207", "kind": "文档" } }, { "term": "盈亏比", "english": "Payoff ratio", "explanation": "平均盈利交易赚多少，相对平均亏损交易亏多少。例如平均赚 200、平均亏 100，盈亏比为 2。", "category": "回测、收益与绩效归因", "id": "t0321", "source": { "path": "agent/src/skills/trade-journal/SKILL.md", "line": 97, "matched": "盈亏比", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/trade-journal/SKILL.md#L97", "kind": "文档" } }, { "term": "盈利因子", "english": "Profit factor", "explanation": "所有盈利交易的盈利总额除以亏损交易的亏损总额绝对值。它同时受胜率和单笔盈亏影响。", "category": "回测、收益与绩效归因", "id": "t0322", "source": { "path": "agent/backtest/metrics.py", "line": 316, "matched": "profit_factor", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/backtest/metrics.py#L316", "kind": "源码" } }, { "term": "期望收益／每笔期望", "english": "Expectancy", "explanation": "把不同结果按概率加权后的平均收益。例如胜率高但偶尔巨亏，期望仍可能为负。", "category": "回测、收益与绩效归因", "id": "t0323", "source": null }, { "term": "回撤", "english": "Drawdown", "explanation": "从此前最高资产值回落了多少。净值从 120 降到 90，回撤是 25%，并非从初始 100 算的 10%。", "category": "回测、收益与绩效归因", "id": "t0324", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 253, "matched": "drawdown", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L253", "kind": "文档" } }, { "term": "最大回撤", "english": "Maximum drawdown, MaxDD, MDD", "explanation": "观察期内从历史高点到后续低点最深的一次跌幅。历史最大回撤不等于未来最多只能亏这么多。", "category": "回测、收益与绩效归因", "id": "t0325", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 230, "matched": "MaxDD", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L230", "kind": "文档" } }, { "term": "回撤持续期／修复期", "english": "Drawdown duration, Recovery time, Time under water", "explanation": "从高点跌落到重新创新高所用时间，也可分下跌和恢复两段。回测结束还没恢复时应标明尚未修复。", "category": "回测、收益与绩效归因", "id": "t0326", "source": { "path": "agent/src/skills/geopolitical-risk/SKILL.md", "line": 582, "matched": "Recovery time", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/geopolitical-risk/SKILL.md#L582", "kind": "文档" } }, { "term": "年化波动率", "english": "Annualized volatility", "explanation": "收益上下摆动的幅度换算到年度尺度。常见平方根年化依赖假设和所用交易日数，不能所有数据都机械乘 √252。", "category": "回测、收益与绩效归因", "id": "t0327", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 290, "matched": "Annualized volatility", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L290", "kind": "文档" } }, { "term": "下行偏差", "english": "Downside deviation", "explanation": "只统计低于目标收益的偏差，并按指定口径汇总；不是简单对所有负收益另算一次标准差。", "category": "回测、收益与绩效归因", "id": "t0328", "source": { "path": "agent/backtest/risk_xray.py", "line": 201, "matched": "downside_deviation", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/backtest/risk_xray.py#L201", "kind": "源码" } }, { "term": "夏普比率", "english": "Sharpe ratio", "explanation": "每承担一单位总波动，获得多少超过无风险基准的收益。高夏普也可能隐藏罕见大亏损。", "category": "回测、收益与绩效归因", "id": "t0329", "source": { "path": "agent/src/skills/fund-analysis/SKILL.md", "line": 3, "matched": "夏普比率", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/fund-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "索提诺比率", "english": "Sortino ratio", "explanation": "用相对目标的超额收益除以下行偏差，更重视不利波动；目标收益和计算口径要一致。", "category": "回测、收益与绩效归因", "id": "t0330", "source": { "path": "agent/backtest/engines/options_portfolio.py", "line": 806, "matched": "Sortino ratio", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/backtest/engines/options_portfolio.py#L806", "kind": "源码" } }, { "term": "卡玛比率", "english": "Calmar ratio", "explanation": "常用年化收益除以最大回撤绝对值，比较赚的钱与最深下跌。必须同时说明观察时间范围。", "category": "回测、收益与绩效归因", "id": "t0331", "source": { "path": "agent/backtest/engines/options_portfolio.py", "line": 794, "matched": "Calmar ratio", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/backtest/engines/options_portfolio.py#L794", "kind": "源码" } }, { "term": "特雷诺比率", "english": "Treynor ratio", "explanation": "用超过无风险收益的部分除以市场 beta，衡量每单位系统性风险的回报；beta 接近零时不易解释。", "category": "回测、收益与绩效归因", "id": "t0332", "source": null }, { "term": "跟踪误差", "english": "Tracking error, TE", "explanation": "策略与基准收益差的波动程度，衡量偏离基准有多不稳定，不是软件算错了数据。", "category": "回测、收益与绩效归因", "id": "t0333", "source": { "path": "agent/src/skills/fund-analysis/SKILL.md", "line": 29, "matched": "跟踪误差", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/fund-analysis/SKILL.md#L29", "kind": "文档" } }, { "term": "信息比率", "english": "Information ratio, IR", "explanation": "平均主动收益除以跟踪误差，衡量跑赢基准的稳定性；与因子 ICIR 不是同一指标。", "category": "回测、收益与绩效归因", "id": "t0334", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 231, "matched": "Information Ratio", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L231", "kind": "文档" } }, { "term": "上涨捕获率／下跌捕获率", "english": "Upside capture, Downside capture", "explanation": "分别在基准上涨或下跌的时期，比较组合与基准的表现。计算方法、复利口径及负号都影响解释。", "category": "回测、收益与绩效归因", "id": "t0335", "source": null }, { "term": "换仓率／组合换手", "english": "Portfolio turnover", "explanation": "组合在一段时间内买卖调整的程度。常见单边、双边口径不同，数字越高通常越需要关注成本。", "category": "回测、收益与绩效归因", "id": "t0336", "source": { "path": "agent/backtest/metrics.py", "line": 411, "matched": "portfolio turnover", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/backtest/metrics.py#L411", "kind": "源码" } }, { "term": "持有期", "english": "Holding period", "explanation": "一笔资产从进入到退出持仓的时间，影响信号有效期、成本和风险暴露。", "category": "回测、收益与绩效归因", "id": "t0337", "source": { "path": "agent/src/quantlib/performance.py", "line": 426, "matched": "holding-period", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/performance.py#L426", "kind": "源码" } }, { "term": "盈亏平衡成本／策略容量", "english": "Break-even cost, Strategy capacity", "explanation": "前者是成本多高会把收益吃完；后者是策略资金放大到什么规模后仍有可接受表现。", "category": "回测、收益与绩效归因", "id": "t0338", "source": { "path": "agent/src/skills/behavioral-finance/SKILL.md", "line": 202, "matched": "strategy capacity", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/behavioral-finance/SKILL.md#L202", "kind": "文档" } }, { "term": "收益归因", "english": "Performance attribution", "explanation": "把业绩拆开，分析到底来自行业配置、选股、市场方向、因子还是其他来源。", "category": "回测、收益与绩效归因", "id": "t0339", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 2, "matched": "performance-attribution", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L2", "kind": "文档" } }, { "term": "Brinson–Fachler 归因", "english": "Brinson-Fachler attribution", "explanation": "把组合相对基准的表现拆为配置、选择和交互效应，常按行业等分组计算。", "category": "回测、收益与绩效归因", "id": "t0340", "source": { "path": "README.md", "line": 1031, "matched": "Brinson-Fachler attribution", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/README.md#L1031", "kind": "文档" } }, { "term": "配置效应／选择效应／交互效应", "english": "Allocation, Selection, Interaction effect", "explanation": "分别描述多配了哪些组、组内选得如何，以及两种决策共同作用的贡献。结果取决于所用归因公式。", "category": "回测、收益与绩效归因", "id": "t0341", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 3, "matched": "selection", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L3", "kind": "文档" } }, { "term": "Carino 多期链接", "english": "Carino linking", "explanation": "把单期归因贡献经过调整后连接到多期复利收益，避免直接相加与实际总收益对不上。", "category": "回测、收益与绩效归因", "id": "t0342", "source": { "path": "agent/src/quantlib/attribution.py", "line": 173, "matched": "Carino linking", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/attribution.py#L173", "kind": "源码" } }, { "term": "因子归因／风险分解", "english": "Factor attribution, Risk decomposition", "explanation": "用因子暴露与因子收益解释赚亏，或拆分组合风险中共同因子和个别资产的部分。", "category": "回测、收益与绩效归因", "id": "t0343", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 138, "matched": "Factor Attribution", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L138", "kind": "文档" } }, { "term": "主动风险／特质风险", "english": "Active risk, Idiosyncratic risk", "explanation": "主动风险是相对基准偏离的风险；特质风险是模型未被共同因子解释的个别风险，二者不等同。", "category": "回测、收益与绩效归因", "id": "t0344", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 147, "matched": "idiosyncratic risk", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L147", "kind": "文档" } }, { "term": "择时能力", "english": "Market timing", "explanation": "在市场有利时提高暴露、不利时降低暴露的能力。一次成功逃顶不足以证明具有稳定能力。", "category": "回测、收益与绩效归因", "id": "t0345", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 3, "matched": "market-timing", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L3", "kind": "文档" } }, { "term": "Treynor–Mazuy／Henriksson–Merton 检验", "english": "TM, HM timing model", "explanation": "通过回归中的非线性或分段项，检验组合对市场涨跌的暴露是否体现择时；显著性仍受模型假设影响。", "category": "回测、收益与绩效归因", "id": "t0346", "source": null }, { "term": "风格箱／风格漂移", "english": "Style box, Style drift", "explanation": "风格箱用规模与价值成长等维度描述基金；风格漂移指实际投资风格随时间偏离原定位。", "category": "回测、收益与绩效归因", "id": "t0347", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 269, "matched": "Style drift", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L269", "kind": "文档" } }, { "term": "时间加权收益", "english": "TWR, Time-weighted return", "explanation": "在出入金处分段计算收益再链接，尽量剔除投资者何时存取钱的影响，适合评价管理过程。", "category": "回测、收益与绩效归因", "id": "t0348", "source": { "path": "agent/src/quantlib/performance.py", "line": 14, "matched": "time_weighted_return", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/performance.py#L14", "kind": "源码" } }, { "term": "资金加权收益／内部收益率", "english": "MWR, IRR, XIRR", "explanation": "根据每笔现金流的金额和时间计算投资者实际经历的收益率；XIRR 适用不规则日期，可能无解或有多个解。", "category": "回测、收益与绩效归因", "id": "t0349", "source": { "path": "agent/backtest/run_card.py", "line": 45, "matched": "IRR", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/backtest/run_card.py#L45", "kind": "源码" } }, { "term": "修正 Dietz 收益", "english": "Modified Dietz return", "explanation": "按出入金在期间内占用时间加权，近似计算投资收益，比直接拿期末减期初更能处理现金流影响。", "category": "回测、收益与绩效归因", "id": "t0350", "source": { "path": "agent/src/quantlib/performance.py", "line": 20, "matched": "modified_dietz_return", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/performance.py#L20", "kind": "源码" } }, { "term": "外部现金流", "english": "External cash flow", "explanation": "投资者向账户存入或取出资金。股票分红通常是投资内部产生的收益，不能随意当成新存入本金。", "category": "回测、收益与绩效归因", "id": "t0351", "source": null }, { "term": "资产配置", "english": "Asset allocation", "explanation": "决定股票、债券、现金等资产各占多少，关注整个组合而非只挑单个赢家。", "category": "组合配置与风险测量", "id": "t0352", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 11, "matched": "asset allocation", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L11", "kind": "文档" } }, { "term": "分散化", "english": "Diversification", "explanation": "把投资放到不完全同涨同跌的风险来源中，减少对单一结果的依赖。极端市场下相关性可能上升。", "category": "组合配置与风险测量", "id": "t0353", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 287, "matched": "diversification", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L287", "kind": "文档" } }, { "term": "等权／市值加权", "english": "Equal weight, Cap-weighted", "explanation": "前者各资产资金权重相同，后者按市值分配。等权不等于各资产承担同样风险。", "category": "组合配置与风险测量", "id": "t0354", "source": { "path": "agent/backtest/risk_xray.py", "line": 276, "matched": "equal_weight", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/backtest/risk_xray.py#L276", "kind": "源码" } }, { "term": "均值—方差优化／现代投资组合理论", "english": "Mean-variance optimization, MPT, Markowitz", "explanation": "在预期收益、波动和相关性的假设下寻找更合适的组合。对预期收益和协方差估计很敏感。", "category": "组合配置与风险测量", "id": "t0355", "source": { "path": "agent/src/skills/asset-allocation/SKILL.md", "line": 3, "matched": "MPT", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/asset-allocation/SKILL.md#L3", "kind": "文档" } }, { "term": "有效前沿", "english": "Efficient frontier", "explanation": "模型中在相同风险下收益最高、或相同收益下风险最低的组合集合。模型输入错了，前沿也会误导。", "category": "组合配置与风险测量", "id": "t0356", "source": { "path": "agent/src/skills/asset-allocation/SKILL.md", "line": 17, "matched": "efficient frontier", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/asset-allocation/SKILL.md#L17", "kind": "文档" } }, { "term": "最小方差组合", "english": "Minimum-variance portfolio", "explanation": "在给定约束下使估计收益波动尽量小的配置，不保证回撤最小或未来收益最高。", "category": "组合配置与风险测量", "id": "t0357", "source": null }, { "term": "逆方差／逆波动加权", "english": "Inverse variance, Inverse volatility", "explanation": "给历史波动小的资产更大权重。一个按波动平方倒数、一个按波动倒数，不能混用。", "category": "组合配置与风险测量", "id": "t0358", "source": { "path": "agent/src/skills/asset-allocation/SKILL.md", "line": 97, "matched": "inverse volatility", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/asset-allocation/SKILL.md#L97", "kind": "文档" } }, { "term": "风险平价／等风险贡献", "english": "Risk parity, Equal risk contribution, ERC", "explanation": "让各资产对组合总风险的贡献接近，而不是各投同样多的钱。", "category": "组合配置与风险测量", "id": "t0359", "source": { "path": "agent/src/skills/asset-allocation/SKILL.md", "line": 66, "matched": "Equal risk contribution", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/asset-allocation/SKILL.md#L66", "kind": "文档" } }, { "term": "风险预算", "english": "Risk budgeting", "explanation": "事先分配各资产、策略或因子允许占用多少风险，再据此决定资金权重。", "category": "组合配置与风险测量", "id": "t0360", "source": { "path": "agent/src/skills/asset-allocation/SKILL.md", "line": 3, "matched": "risk budgeting", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/asset-allocation/SKILL.md#L3", "kind": "文档" } }, { "term": "边际风险／风险贡献", "english": "Marginal risk, Risk contribution", "explanation": "边际风险看增加一点仓位对总风险的影响；风险贡献把总风险分摊给各持仓。", "category": "组合配置与风险测量", "id": "t0361", "source": { "path": "agent/src/skills/asset-allocation/SKILL.md", "line": 57, "matched": "risk contribution", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/asset-allocation/SKILL.md#L57", "kind": "文档" } }, { "term": "层次风险平价", "english": "HRP, Hierarchical risk parity", "explanation": "先按资产之间的相似性聚类，再分配风险，减少直接反转不稳定协方差矩阵带来的问题。", "category": "组合配置与风险测量", "id": "t0362", "source": { "path": "agent/src/quantlib/portfolio.py", "line": 1, "matched": "Hierarchical Risk Parity", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/portfolio.py#L1", "kind": "源码" } }, { "term": "最大分散化", "english": "Maximum diversification", "explanation": "寻找单个资产波动加权总和相对组合波动尽量大的配置，以利用相关性带来的分散效果。", "category": "组合配置与风险测量", "id": "t0363", "source": { "path": "agent/src/skills/asset-allocation/SKILL.md", "line": 100, "matched": "Maximum Diversification", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/asset-allocation/SKILL.md#L100", "kind": "文档" } }, { "term": "Black–Litterman 模型", "english": "Black-Litterman", "explanation": "把市场隐含的基准预期与投资者自己的观点、信心程度结合，再生成组合配置。", "category": "组合配置与风险测量", "id": "t0364", "source": { "path": "agent/src/skills/asset-allocation/SKILL.md", "line": 3, "matched": "Black-Litterman", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/asset-allocation/SKILL.md#L3", "kind": "文档" } }, { "term": "全天候组合", "english": "All-weather portfolio", "explanation": "希望在不同增长和通胀环境中都有资产提供缓冲的配置思路。名称不表示每种环境都能赚钱。", "category": "组合配置与风险测量", "id": "t0365", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 455, "matched": "全天候组合", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L455", "kind": "文档" } }, { "term": "核心—卫星组合", "english": "Core-satellite", "explanation": "用较稳定、广覆盖的核心配置打底，再用较小的主动策略或主题仓位争取额外收益。", "category": "组合配置与风险测量", "id": "t0366", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 233, "matched": "Core-Satellite", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L233", "kind": "文档" } }, { "term": "战略配置／战术配置", "english": "SAA, TAA", "explanation": "战略配置决定长期资产比例；战术配置根据阶段性判断作短中期偏离。", "category": "组合配置与风险测量", "id": "t0367", "source": null }, { "term": "超配／低配／中性配置", "english": "Overweight, Underweight, Neutral weight", "explanation": "相对某个基准比例配置更多、更少或大致相同。超配一个行业不必然意味着绝对仓位很高。", "category": "组合配置与风险测量", "id": "t0368", "source": { "path": "agent/src/skills/us-etf-flow/SKILL.md", "line": 261, "matched": "overweight", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/us-etf-flow/SKILL.md#L261", "kind": "文档" } }, { "term": "再平衡", "english": "Rebalancing", "explanation": "因价格变化或观点变化，把组合调整回目标权重，可以定期或到达偏离阈值后执行。", "category": "组合配置与风险测量", "id": "t0369", "source": { "path": "agent/src/skills/asset-allocation/SKILL.md", "line": 3, "matched": "rebalancing", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/asset-allocation/SKILL.md#L3", "kind": "文档" } }, { "term": "协方差矩阵", "english": "Covariance matrix", "explanation": "记录各资产各自波动及两两共同变化程度的表，是许多组合优化与风险模型的输入。", "category": "组合配置与风险测量", "id": "t0370", "source": { "path": "agent/src/skills/asset-allocation/SKILL.md", "line": 138, "matched": "Covariance-matrix", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/asset-allocation/SKILL.md#L138", "kind": "文档" } }, { "term": "风险厌恶", "english": "Risk aversion", "explanation": "投资者为了减少不确定性愿意放弃多少预期收益的偏好，常作为优化模型参数。", "category": "组合配置与风险测量", "id": "t0371", "source": { "path": "agent/src/skills/asset-allocation/SKILL.md", "line": 193, "matched": "risk_aversion", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/asset-allocation/SKILL.md#L193", "kind": "文档" } }, { "term": "系统性风险／非系统性风险", "english": "Systematic risk, Unsystematic risk", "explanation": "前者来自影响大量资产的共同因素；后者来自个别公司或事件。金融体系“系统性危机”还有另一层更广含义。", "category": "组合配置与风险测量", "id": "t0372", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 11, "matched": "Systematic risk", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L11", "kind": "文档" } }, { "term": "市场风险／信用风险／流动性风险", "english": "Market risk, Credit risk, Liquidity risk", "explanation": "分别担心价格变动、对方还不了钱，以及需要交易或融资时做不到或成本过高。", "category": "组合配置与风险测量", "id": "t0373", "source": { "path": "agent/backtest/perpetual_risk.py", "line": 300, "matched": "market risk", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/backtest/perpetual_risk.py#L300", "kind": "源码" } }, { "term": "对手方风险／操作风险", "english": "Counterparty risk, Operational risk", "explanation": "前者是交易对方不履约；后者是流程、人员、系统或外部事件造成损失。", "category": "组合配置与风险测量", "id": "t0374", "source": { "path": "agent/src/skills/perp-funding-basis/SKILL.md", "line": 131, "matched": "counterparty risk", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/perp-funding-basis/SKILL.md#L131", "kind": "文档" } }, { "term": "汇率风险／基差风险", "english": "Currency risk, Basis risk", "explanation": "汇率风险来自币种转换；基差风险来自被对冲资产与对冲工具价格不同步，导致保护不完全。", "category": "组合配置与风险测量", "id": "t0375", "source": { "path": "agent/src/skills/adr-hshare/SKILL.md", "line": 222, "matched": "Currency risk", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/adr-hshare/SKILL.md#L222", "kind": "文档" } }, { "term": "尾部风险／黑天鹅", "english": "Tail risk, Black swan", "explanation": "尾部风险关注极端损失；黑天鹅强调难以预见且影响很大的事件。极少发生不等于可以忽略。", "category": "组合配置与风险测量", "id": "t0376", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 3, "matched": "tail-risk", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "压力测试／情景分析", "english": "Stress test, Scenario analysis", "explanation": "假设利率、股价、汇率等发生指定变化，计算组合会怎样；压力测试通常聚焦严重不利情景。", "category": "组合配置与风险测量", "id": "t0377", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 11, "matched": "stress-test", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L11", "kind": "文档" } }, { "term": "VaR／在险价值", "english": "Value at risk", "explanation": "给定期限与置信水平下的损失分位点。例如单日 95% VaR 为 10 万，模型允许约 5% 情形损失更大，10 万不是最大亏损上限。", "category": "组合配置与风险测量", "id": "t0378", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 3, "matched": "VaR", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L3", "kind": "文档" }, "reference": { "title": "BIS：市场风险术语", "url": "https://www.bis.org/committees/bcbs/basel-framework/standard/mar/10/inforce/2023-01-01/published/2020-03-27" } }, { "term": "历史模拟 VaR", "english": "Historical VaR", "explanation": "用历史收益或历史冲击的损失分位点估计 VaR。历史没出现过的危机可能无法充分反映。", "category": "组合配置与风险测量", "id": "t0379", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 17, "matched": "historical_var", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L17", "kind": "文档" } }, { "term": "参数法 VaR", "english": "Parametric VaR", "explanation": "假定收益分布并估计参数后计算分位点，常见正态近似计算快，但可能低估厚尾损失。", "category": "组合配置与风险测量", "id": "t0380", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 17, "matched": "parametric_var", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L17", "kind": "文档" } }, { "term": "CVaR／预期损失", "english": "Conditional VaR, Expected shortfall, ES", "explanation": "在最差的指定比例情形中，平均会亏多少。例如 95% ES 关注最差 5% 情形的平均损失，补充 VaR 对极端程度的不足。", "category": "组合配置与风险测量", "id": "t0381", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 3, "matched": "CVaR", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "VaR 违约次数／突破", "english": "VaR violation, Exception", "explanation": "实际损失超过模型 VaR 阈值的次数。“违约”在这里是预测越界，不是债券没有还本付息。", "category": "组合配置与风险测量", "id": "t0382", "source": { "path": "agent/src/tools/portfolio_risk_tool.py", "line": 87, "matched": "Exception", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/tools/portfolio_risk_tool.py#L87", "kind": "源码" } }, { "term": "Kupiec 检验", "english": "Kupiec POF, Unconditional coverage", "explanation": "检查 VaR 被突破的比例是否与标称概率相符，例如 99% VaR 是否大致有 1% 超限。", "category": "组合配置与风险测量", "id": "t0383", "source": { "path": "agent/src/quantlib/var_backtest.py", "line": 12, "matched": "kupiec_pof", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/var_backtest.py#L12", "kind": "源码" } }, { "term": "Christoffersen 检验", "english": "Independence, Conditional coverage test", "explanation": "检查 VaR 超限是否成串出现，以及覆盖率和独立性是否共同满足要求。", "category": "组合配置与风险测量", "id": "t0384", "source": { "path": "agent/src/quantlib/var_backtest.py", "line": 17, "matched": "independence", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/var_backtest.py#L17", "kind": "源码" } }, { "term": "巴塞尔交通灯", "english": "Basel traffic light", "explanation": "按风险模型超限表现分成类似绿黄红灯的监管评价框架。具体样本和阈值要对应适用规则。", "category": "组合配置与风险测量", "id": "t0385", "source": { "path": "agent/src/quantlib/var_backtest.py", "line": 28, "matched": "basel_traffic_light", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/var_backtest.py#L28", "kind": "源码" } }, { "term": "蒙特卡洛模拟", "english": "Monte Carlo simulation", "explanation": "按设定概率模型随机生成大量未来路径，观察收益和风险分布。结果是“模型假设下可能怎样”，不是预知未来。", "category": "组合配置与风险测量", "id": "t0386", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 3, "matched": "Monte Carlo simulation", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "几何布朗运动", "english": "GBM, Geometric Brownian motion", "explanation": "用固定漂移和波动的连续随机过程模拟正价格，是常见简化模型，难以直接表达跳空和波动聚集。", "category": "组合配置与风险测量", "id": "t0387", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 18, "matched": "gbm", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L18", "kind": "文档" } }, { "term": "极值理论", "english": "EVT, Extreme value theory", "explanation": "专门研究非常大或非常小的结果，用于估计普通分布模型容易漏掉的尾部风险。", "category": "组合配置与风险测量", "id": "t0388", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 200, "matched": "Extreme Value Theory", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L200", "kind": "文档" } }, { "term": "超阈值法／广义帕累托分布", "english": "POT, GPD", "explanation": "只拿超过某个极端阈值的样本拟合尾部；阈值太低或极端样本太少都可能使估计不可靠。", "category": "组合配置与风险测量", "id": "t0389", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 18, "matched": "gpd", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L18", "kind": "文档" } }, { "term": "溃疡指数", "english": "Ulcer index", "explanation": "把回撤平方后平均再开方，较重惩罚深回撤；持续回撤也会通过反复计入产生影响。", "category": "组合配置与风险测量", "id": "t0390", "source": { "path": "agent/src/quantlib/risk.py", "line": 54, "matched": "ulcer_index", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/risk.py#L54", "kind": "源码" } }, { "term": "痛苦指数", "english": "Pain index", "explanation": "通常对回撤幅度取时间平均，描述资金在水下状态的长期难受程度，具体正负号依实现而定。", "category": "组合配置与风险测量", "id": "t0391", "source": { "path": "agent/src/quantlib/risk.py", "line": 55, "matched": "pain_index", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/risk.py#L55", "kind": "源码" } }, { "term": "对冲／套期保值", "english": "Hedging", "explanation": "用另一笔资产或合约抵消某类风险，类似为持仓加缓冲。通常要付成本，也可能牺牲部分盈利。", "category": "组合配置与风险测量", "id": "t0392", "source": { "path": "agent/src/skills/hedging-strategy/SKILL.md", "line": 2, "matched": "hedging", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/hedging-strategy/SKILL.md#L2", "kind": "文档" } }, { "term": "Beta 对冲／Delta 对冲", "english": "Beta hedge, Delta hedge", "explanation": "前者减少组合对市场的敏感性；后者减少期权等对标的价格小幅变化的敏感性。两者都不是消除所有风险。", "category": "组合配置与风险测量", "id": "t0393", "source": { "path": "agent/src/skills/hedging-strategy/SKILL.md", "line": 3, "matched": "beta hedge", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/hedging-strategy/SKILL.md#L3", "kind": "文档" } }, { "term": "动态对冲／尾部对冲", "english": "Dynamic hedge, Tail hedge", "explanation": "动态对冲随市场变化调整保护；尾部对冲重点防范极端下跌，常以持续付费换取危机时的保护。", "category": "组合配置与风险测量", "id": "t0394", "source": { "path": "agent/src/skills/hedging-strategy/SKILL.md", "line": 171, "matched": "Dynamic hedge", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/hedging-strategy/SKILL.md#L171", "kind": "文档" } }, { "term": "凯利公式", "english": "Kelly criterion", "explanation": "按胜率和收益分布选择最大化长期对数财富增长的仓位比例。参数估错会导致仓位过大，实务常使用分数凯利。", "category": "组合配置与风险测量", "id": "t0395", "source": { "path": "agent/src/skills/strategy-dev-manager/references/strategy_extraction_guide.md", "line": 44, "matched": "Kelly criterion", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/strategy-dev-manager/references/strategy_extraction_guide.md#L44", "kind": "文档" } }, { "term": "相关系数", "english": "Correlation", "explanation": "描述两个变量一起变化的程度，通常在 −1 到 1 之间。相关为零只表示缺少相应形式的关系，不保证独立。", "category": "统计检验与模型可靠性", "id": "t0396", "source": { "path": "agent/src/skills/correlation-regime/SKILL.md", "line": 2, "matched": "correlation", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/correlation-regime/SKILL.md#L2", "kind": "文档" } }, { "term": "Pearson／Spearman／Kendall 相关", "english": "Pearson r, Spearman rho, Kendall tau", "explanation": "分别侧重线性关系、排名单调关系及排序一致性，适合的分布和异常值情形不同。", "category": "统计检验与模型可靠性", "id": "t0397", "source": { "path": "agent/src/skills/correlation-analysis/SKILL.md", "line": 23, "matched": "Pearson", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/correlation-analysis/SKILL.md#L23", "kind": "文档" } }, { "term": "相关性分群／层次聚类", "english": "Correlation clustering, Hierarchical clustering", "explanation": "按收益关系把相似资产归组，帮助识别看似分散但实际同涨同跌的持仓。", "category": "统计检验与模型可靠性", "id": "t0398", "source": { "path": "agent/src/skills/correlation-analysis/SKILL.md", "line": 160, "matched": "hierarchical clustering", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/correlation-analysis/SKILL.md#L160", "kind": "文档" } }, { "term": "相关距离／链接方式", "english": "Correlation distance, Linkage", "explanation": "把相关程度转换成可用于聚类的“距离”；single、complete、average 等链接方式决定两组间距离如何计算。", "category": "统计检验与模型可靠性", "id": "t0399", "source": { "path": "agent/src/skills/correlation-analysis/SKILL.md", "line": 3, "matched": "linkage", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/correlation-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "相关性状态／边密度", "english": "Correlation regime, Edge density", "explanation": "观察市场是否进入资产高度同涨同跌的状态；网络边密度是强相关连接占可连接数量的比例，受阈值影响。", "category": "统计检验与模型可靠性", "id": "t0400", "source": { "path": "agent/src/skills/correlation-regime/SKILL.md", "line": 2, "matched": "correlation-regime", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/correlation-regime/SKILL.md#L2", "kind": "文档" } }, { "term": "滞回阈值／降总敞口", "english": "Hysteresis, De-grossing", "explanation": "进入风险状态与退出使用不同阈值，减少反复切换；降总敞口是同时减少多空等绝对风险规模。", "category": "统计检验与模型可靠性", "id": "t0401", "source": { "path": "agent/src/skills/correlation-regime/SKILL.md", "line": 3, "matched": "hysteresis", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/correlation-regime/SKILL.md#L3", "kind": "文档" } }, { "term": "协整", "english": "Cointegration", "explanation": "两个价格各自可能不断漂移，但特定线性组合长期相对稳定。相关性高不自动意味着协整。", "category": "统计检验与模型可靠性", "id": "t0402", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 3, "matched": "cointegration", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L3", "kind": "文档" } }, { "term": "Engle–Granger／Johansen 检验", "english": "Engle-Granger, Johansen", "explanation": "前者常检验一组回归残差是否平稳；后者在多变量框架下寻找协整关系的数量和形式。", "category": "统计检验与模型可靠性", "id": "t0403", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 300, "matched": "Engle-Granger", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L300", "kind": "文档" } }, { "term": "平稳性／单位根", "english": "Stationarity, Unit root", "explanation": "平稳过程的主要统计特征不随时间持续漂移；单位根是一种常见非平稳结构。肉眼看曲线平缓不能证明平稳。", "category": "统计检验与模型可靠性", "id": "t0404", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 3, "matched": "unit-root", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L3", "kind": "文档" } }, { "term": "ADF 检验", "english": "Augmented Dickey-Fuller test", "explanation": "检验序列是否有单位根。小 p 值是反对单位根的证据；大 p 值不能证明一定非平稳，更不是交易指令。", "category": "统计检验与模型可靠性", "id": "t0405", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 3, "matched": "ADF", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L3", "kind": "文档" }, "reference": { "title": "statsmodels：ADF 原假设", "url": "https://www.statsmodels.org/v0.13.5/generated/statsmodels.tsa.stattools.adfuller.html" } }, { "term": "差分", "english": "Differencing", "explanation": "用本期数值减上期数值，研究变化而非绝对水平，常用于处理趋势和部分非平稳性。", "category": "统计检验与模型可靠性", "id": "t0406", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 3, "matched": "差分", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "均值回复速度／半衰期", "english": "Mean-reversion speed, Half-life", "explanation": "描述偏离长期均值后恢复多快；半衰期是预计偏离缩小一半的时间，单位跟数据频率一致。", "category": "统计检验与模型可靠性", "id": "t0407", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 19, "matched": "half_life", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L19", "kind": "文档" } }, { "term": "奥恩斯坦–乌伦贝克过程", "english": "OU, Ornstein-Uhlenbeck process", "explanation": "一种带“拉回长期平均值”力量的随机模型，常用来描述价差或利率，不保证真实市场一直符合它。", "category": "统计检验与模型可靠性", "id": "t0408", "source": null }, { "term": "格兰杰因果／领先滞后", "english": "Granger causality, Lead-lag", "explanation": "检查一个变量的过去能否增加对另一个的预测能力。预测领先不等于已经证明经济上的因果关系。", "category": "统计检验与模型可靠性", "id": "t0409", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 119, "matched": "Granger Causality", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L119", "kind": "文档" }, "reference": { "title": "statsmodels：Granger 检验", "url": "https://www.statsmodels.org/stable/generated/statsmodels.tsa.stattools.grangercausalitytests.html" } }, { "term": "自相关／滞后项", "english": "Autocorrelation, Lag", "explanation": "自相关看序列与自己的过去是否相关；滞后项是前几期的值，常用于刻画延续或反转。", "category": "统计检验与模型可靠性", "id": "t0410", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 3, "matched": "autocorrelation", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L3", "kind": "文档" } }, { "term": "异方差", "english": "Heteroskedasticity", "explanation": "误差或收益的波动大小随时间或状态变化。若仍用固定波动的标准误，显著性判断可能失真。", "category": "统计检验与模型可靠性", "id": "t0411", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 3, "matched": "heteroskedasticity", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L3", "kind": "文档" } }, { "term": "波动聚集／杠杆效应", "english": "Volatility clustering, Leverage effect", "explanation": "大波动常接着大波动；负面价格冲击常与更大后续波动相关。这里的杠杆效应不只是账户借了多少钱。", "category": "统计检验与模型可靠性", "id": "t0412", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 169, "matched": "leverage effect", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L169", "kind": "文档" } }, { "term": "GARCH", "english": "Generalized autoregressive conditional heteroskedasticity", "explanation": "让当前波动由过去冲击与过去波动共同决定的模型，主要预测风险大小而非涨跌方向。", "category": "统计检验与模型可靠性", "id": "t0413", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 3, "matched": "GARCH", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L3", "kind": "文档" } }, { "term": "EGARCH／GJR-GARCH／FIGARCH", "english": "Exponential GARCH, GJR, Fractionally integrated GARCH", "explanation": "分别扩展波动的非对称响应或长期记忆等特征。项目文档提及这些模型，不等于所有变体都有同等实现支持。", "category": "统计检验与模型可靠性", "id": "t0414", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 3, "matched": "GARCH", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L3", "kind": "文档" } }, { "term": "马尔可夫状态切换", "english": "Markov regime switching", "explanation": "假设市场处于若干隐藏状态，例如平静和动荡，并按概率转换状态，再据数据估计当前更像哪一种。", "category": "统计检验与模型可靠性", "id": "t0415", "source": { "path": "agent/src/quantlib/timeseries.py", "line": 490, "matched": "Markov regime-switching", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/timeseries.py#L490", "kind": "源码" } }, { "term": "回归／最小二乘", "english": "Regression, OLS", "explanation": "用一组变量解释另一变量的变化；OLS 选择让预测误差平方和最小的系数。", "category": "统计检验与模型可靠性", "id": "t0416", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 3, "matched": "regression", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L3", "kind": "文档" } }, { "term": "残差／截距／回归系数", "english": "Residual, Intercept, Coefficient", "explanation": "残差是实际值减预测值；截距是模型常数项；系数表示其他条件不变时变量对应的估计影响。", "category": "统计检验与模型可靠性", "id": "t0417", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 87, "matched": "intercept", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L87", "kind": "文档" } }, { "term": "决定系数", "english": "R-squared, R²", "explanation": "模型解释了样本内多少变化幅度。很高不保证样本外预测好，也不证明变量之间有因果关系。", "category": "统计检验与模型可靠性", "id": "t0418", "source": { "path": "agent/src/skills/correlation-analysis/SKILL.md", "line": 83, "matched": "R²", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/correlation-analysis/SKILL.md#L83", "kind": "文档" } }, { "term": "多重共线性／方差膨胀因子", "english": "Multicollinearity, VIF", "explanation": "解释变量过于相似，导致各自影响难分清；VIF 衡量这种重叠对系数不确定性的放大。", "category": "统计检验与模型可靠性", "id": "t0419", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 21, "matched": "vif", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L21", "kind": "文档" } }, { "term": "White／Breusch–Pagan 检验", "english": "White test, BP test", "explanation": "检验回归残差是否有异方差。发现问题后，需要改进标准误或模型，而不是自动认定策略无效。", "category": "统计检验与模型可靠性", "id": "t0420", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 199, "matched": "white", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L199", "kind": "文档" } }, { "term": "Durbin–Watson／Ljung–Box 检验", "english": "DW, Ljung-Box", "explanation": "用于检查残差或序列的自相关；适用条件和检验的滞后范围不同。", "category": "统计检验与模型可靠性", "id": "t0421", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 217, "matched": "ljung_box", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L217", "kind": "文档" } }, { "term": "稳健标准误／Newey–West", "english": "Robust SE, HAC, Newey-West", "explanation": "在存在异方差或一定时间相关时修正系数不确定性的估计，不会自动修好错误的经济模型。", "category": "统计检验与模型可靠性", "id": "t0422", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 200, "matched": "HAC", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L200", "kind": "文档" } }, { "term": "加权最小二乘", "english": "WLS, Weighted least squares", "explanation": "给不同样本不同权重，常用于处理各样本误差大小不同的情况；权重设置需要理由。", "category": "统计检验与模型可靠性", "id": "t0423", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 200, "matched": "WLS", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L200", "kind": "文档" } }, { "term": "假设检验／原假设", "english": "Hypothesis test, Null hypothesis", "explanation": "先提出一个可检验基准说法，再判断数据是否足以反对它。未拒绝原假设不等于证明它正确。", "category": "统计检验与模型可靠性", "id": "t0424", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 292, "matched": "Null Hypothesis", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L292", "kind": "文档" } }, { "term": "p 值", "english": "p-value", "explanation": "假设原假设及模型条件成立时，出现当前或更极端结果的概率。不是“策略有用的概率”，也不是“原假设为真的概率”。", "category": "统计检验与模型可靠性", "id": "t0425", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 37, "matched": "p_value", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L37", "kind": "文档" } }, { "term": "统计显著性／经济显著性", "english": "Statistical significance, Economic significance", "explanation": "前者问证据是否足以排除某种偶然解释；后者问效果是否大到覆盖成本、风险并有实际价值。", "category": "统计检验与模型可靠性", "id": "t0426", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 316, "matched": "Statistical Significance", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L316", "kind": "文档" } }, { "term": "t 检验／t 统计量", "english": "t-test, t-statistic", "explanation": "把估计效果相对其标准误衡量，常检验平均收益或回归系数是否与零不同。", "category": "统计检验与模型可靠性", "id": "t0427", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 294, "matched": "t-test", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L294", "kind": "文档" } }, { "term": "置信区间", "english": "Confidence interval, CI", "explanation": "按一种重复抽样方法构造的不确定性区间。95% 的含义是长期重复使用该方法时约 95% 区间覆盖真值。", "category": "统计检验与模型可靠性", "id": "t0428", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 268, "matched": "confidence interval", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L268", "kind": "文档" } }, { "term": "正态分布／厚尾／偏度／峰度", "english": "Normal distribution, Fat tail, Skewness, Kurtosis", "explanation": "分别描述钟形基准分布、极端结果更常见、左右不对称及尾部等形状。只看平均和波动可能漏掉后几项风险。", "category": "统计检验与模型可靠性", "id": "t0429", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 296, "matched": "Normal distribution", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L296", "kind": "文档" } }, { "term": "Jarque–Bera 检验", "english": "JB test", "explanation": "利用偏度和峰度检查数据是否明显偏离正态分布；不拒绝也不代表已证明严格正态。", "category": "统计检验与模型可靠性", "id": "t0430", "source": null }, { "term": "Bootstrap／自助抽样", "english": "Bootstrap", "explanation": "从历史样本重复抽取构造许多新样本，估计指标的不确定性。存在时间相关时通常需要块抽样等保留依赖的方法。", "category": "统计检验与模型可靠性", "id": "t0431", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 3, "matched": "Bootstrap", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L3", "kind": "文档" } }, { "term": "配对 Bootstrap／块 Bootstrap", "english": "Paired bootstrap, Block bootstrap", "explanation": "前者成对抽样以比较同一时期的两个策略；后者整段抽取连续数据，尽量保留时间关系。", "category": "统计检验与模型可靠性", "id": "t0432", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 271, "matched": "Paired Bootstrap", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L271", "kind": "文档" } }, { "term": "AIC／BIC", "english": "Akaike information criterion, Bayesian information criterion", "explanation": "在拟合好坏之外惩罚模型复杂度的比较指标，同一问题和可比数据下通常越低越好。", "category": "统计检验与模型可靠性", "id": "t0433", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 155, "matched": "aic", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L155", "kind": "文档" } }, { "term": "多重检验／数据窥探", "english": "Multiple testing, Data snooping", "explanation": "同时尝试很多策略，总会有一些靠运气看起来显著。不能把挑出来的冠军当成只检验过一次。", "category": "统计检验与模型可靠性", "id": "t0434", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 302, "matched": "Multiple-Testing", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L302", "kind": "文档" } }, { "term": "Bonferroni 校正", "english": "Bonferroni correction", "explanation": "按检验次数收紧显著性门槛，以控制“至少误报一次”的概率，可能较保守。", "category": "统计检验与模型可靠性", "id": "t0435", "source": null }, { "term": "错误发现率／BH 校正", "english": "FDR, Benjamini-Hochberg", "explanation": "控制被选为显著的结果中预期有多少比例是误报；不是保证每一个入选因子都可靠。", "category": "统计检验与模型可靠性", "id": "t0436", "source": { "path": "agent/src/skills/quant-statistics/SKILL.md", "line": 310, "matched": "Benjamini-Hochberg", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/quant-statistics/SKILL.md#L310", "kind": "文档" } }, { "term": "概率夏普比率", "english": "PSR, Probabilistic Sharpe ratio", "explanation": "结合样本长度和收益分布形状，估计真实夏普超过某个门槛的统计把握，不是未来赚钱概率。", "category": "统计检验与模型可靠性", "id": "t0437", "source": { "path": "agent/src/quantlib/multipletesting.py", "line": 12, "matched": "probabilistic_sharpe_ratio", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/multipletesting.py#L12", "kind": "源码" } }, { "term": "缩水夏普／折减夏普", "english": "DSR, Deflated Sharpe ratio", "explanation": "在夏普评估中进一步考虑尝试很多方案带来的冠军偏差，降低对最佳回测的过度信任。", "category": "统计检验与模型可靠性", "id": "t0438", "source": { "path": "agent/src/quantlib/multipletesting.py", "line": 17, "matched": "deflated_sharpe_ratio", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/multipletesting.py#L17", "kind": "源码" } }, { "term": "回测过拟合概率／CSCV", "english": "PBO, Combinatorially symmetric cross-validation", "explanation": "通过多种训练测试组合，观察样本内优胜方案到样本外是否落后，估计选择过程的过拟合倾向。", "category": "统计检验与模型可靠性", "id": "t0439", "source": { "path": "agent/src/quantlib/crossvalidation.py", "line": 451, "matched": "CSCV", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/crossvalidation.py#L451", "kind": "源码" } }, { "term": "事件研究／事件窗口", "english": "Event study, Event window", "explanation": "围绕公告等事件观察前后收益，事件窗口是选取的前后时间范围，估计正常收益还需要另设估计窗口。", "category": "统计检验与模型可靠性", "id": "t0440", "source": { "path": "agent/src/skills/correlation-regime/SKILL.md", "line": 365, "matched": "event window", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/correlation-regime/SKILL.md#L365", "kind": "文档" } }, { "term": "异常收益／累计异常收益", "english": "AR, CAR, AAR, CAAR", "explanation": "异常收益是实际收益减模型预计的正常收益；CAR 跨时间累计，AAR 跨事件平均，CAAR 再累计平均异常收益。", "category": "统计检验与模型可靠性", "id": "t0441", "source": { "path": "README_es.md", "line": 86, "matched": "car", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/README_es.md#L86", "kind": "文档" } }, { "term": "Copula／相依结构", "english": "Copula", "explanation": "把各变量自身分布与它们怎样一起变化分开建模，尤其用于研究共同极端风险。", "category": "统计检验与模型可靠性", "id": "t0442", "source": { "path": "agent/src/quantlib/copula.py", "line": 1, "matched": "Copula", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/copula.py#L1", "kind": "源码" } }, { "term": "伪观测／尾部依赖", "english": "Pseudo-observation, Tail dependence", "explanation": "伪观测把数据排名转成接近 0 到 1 的数；尾部依赖描述一个变量极端时另一个也极端的倾向。", "category": "统计检验与模型可靠性", "id": "t0443", "source": { "path": "agent/src/quantlib/copula.py", "line": 4, "matched": "tail dependence", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/copula.py#L4", "kind": "源码" } }, { "term": "Gaussian／Clayton／Gumbel／Frank Copula", "english": "Gaussian, Clayton, Gumbel, Frank", "explanation": "不同的联合变化模型：高斯常刻画相关结构，Clayton 偏重下尾，Gumbel 偏重上尾，Frank 常描述较对称的中部依赖；具体还取决于参数。", "category": "统计检验与模型可靠性", "id": "t0444", "source": { "path": "agent/src/quantlib/copula.py", "line": 3, "matched": "Clayton", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/copula.py#L3", "kind": "源码" } }, { "term": "财务三表", "english": "Three financial statements", "explanation": "利润表看一段时间赚了多少，资产负债表看某天的家底，现金流量表看钱实际怎样进出。三表要结合着读。", "category": "财报、经营质量与公司治理", "id": "t0445", "source": { "path": "agent/src/tools/financial_statements_tool.py", "line": 684, "matched": "three financial statements", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/tools/financial_statements_tool.py#L684", "kind": "源码" } }, { "term": "利润表", "english": "Income statement, P&L statement", "explanation": "从收入扣除成本、费用和税等，展示一个期间的经营成果。记账上的收入不一定已经收到现金。", "category": "财报、经营质量与公司治理", "id": "t0446", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 11, "matched": "利润表", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L11", "kind": "文档" } }, { "term": "资产负债表", "english": "Balance sheet", "explanation": "某个时点的资产、负债和股东权益清单，基本关系是资产等于负债加权益。", "category": "财报、经营质量与公司治理", "id": "t0447", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 11, "matched": "资产负债表", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L11", "kind": "文档" } }, { "term": "现金流量表", "english": "Cash flow statement", "explanation": "按经营、投资和筹资分类展示现金变化，帮助区分公司靠业务赚钱还是靠借钱维持。", "category": "财报、经营质量与公司治理", "id": "t0448", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 11, "matched": "现金流量表", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L11", "kind": "文档" } }, { "term": "收入／营收", "english": "Revenue, Sales", "explanation": "提供商品或服务按会计规则确认的收入，通常不是现金收款额，也不等于平台交易总额。", "category": "财报、经营质量与公司治理", "id": "t0449", "source": { "path": "agent/src/skills/corporate-events/SKILL.md", "line": 175, "matched": "营收", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/corporate-events/SKILL.md#L175", "kind": "文档" } }, { "term": "营业成本", "english": "COGS, Cost of goods sold", "explanation": "与所售商品或服务直接相关的成本，收入减它通常得到毛利。", "category": "财报、经营质量与公司治理", "id": "t0450", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 19, "matched": "营业成本", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L19", "kind": "文档" } }, { "term": "毛利／毛利率", "english": "Gross profit, Gross margin", "explanation": "收入减营业成本，以及毛利占收入的比例。毛利高仍可能被营销、研发等费用耗尽。", "category": "财报、经营质量与公司治理", "id": "t0451", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 19, "matched": "毛利", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L19", "kind": "文档" } }, { "term": "营业利润／经营利润", "english": "Operating profit, Operating income", "explanation": "营业活动形成的利润，但中外报表及调整口径可能不同，比较时不能只凭同一个中文名称。", "category": "财报、经营质量与公司治理", "id": "t0452", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 21, "matched": "营业利润", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L21", "kind": "文档" } }, { "term": "息税前利润", "english": "EBIT", "explanation": "扣利息和所得税之前的利润，便于比较融资结构和税率不同的业务；与报表营业利润未必完全相同。", "category": "财报、经营质量与公司治理", "id": "t0453", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 195, "matched": "EBIT", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L195", "kind": "文档" } }, { "term": "息税折旧摊销前利润", "english": "EBITDA", "explanation": "在 EBIT 基础上加回折旧摊销，常用于估值和偿债分析。它没有扣维持设备所需投资，不等于自由现金流。", "category": "财报、经营质量与公司治理", "id": "t0454", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 330, "matched": "EBITDA", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L330", "kind": "文档" } }, { "term": "净利润／净利率", "english": "Net income, Net margin", "explanation": "扣除相关费用税项后的利润，以及利润占营收比例。一次性收益可能把净利润暂时抬高。", "category": "财报、经营质量与公司治理", "id": "t0455", "source": { "path": "agent/src/skills/corporate-events/SKILL.md", "line": 58, "matched": "净利润", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/corporate-events/SKILL.md#L58", "kind": "文档" } }, { "term": "归母净利润／少数股东损益", "english": "Attributable profit, Non-controlling interest income", "explanation": "归母是属于母公司股东的利润；少数股东损益属于子公司其他股东，两者共同构成合并口径利润。", "category": "财报、经营质量与公司治理", "id": "t0456", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 24, "matched": "少数股东损益", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L24", "kind": "文档" } }, { "term": "扣非净利润／非经常性损益", "english": "Adjusted recurring profit, Non-recurring items", "explanation": "尝试剔除特定非持续性项目，观察主业盈利。扣非定义受会计和披露规则约束，不等于公司随意“调整后利润”。", "category": "财报、经营质量与公司治理", "id": "t0457", "source": { "path": "agent/src/skills/ashare-pre-st-filter/SKILL.md", "line": 47, "matched": "扣非净利润", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/ashare-pre-st-filter/SKILL.md#L47", "kind": "文档" } }, { "term": "期间费用／费用率", "english": "Operating expenses, Expense ratio", "explanation": "销售、管理、研发、财务等费用及其占收入的比例，具体合并范围需说明。", "category": "财报、经营质量与公司治理", "id": "t0458", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 33, "matched": "期间费用", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L33", "kind": "文档" } }, { "term": "研发费用／资本化", "english": "R&D, Capitalization", "explanation": "研发支出可以按适用规则当期计入费用或先计为资产以后摊销。资本化会推迟费用确认，不代表现金没花出去。", "category": "财报、经营质量与公司治理", "id": "t0459", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 20, "matched": "研发费用", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L20", "kind": "文档" } }, { "term": "折旧／摊销", "english": "Depreciation, Amortization, D&A", "explanation": "把长期资产成本分配到多个期间：折旧常用于有形资产，摊销常用于无形资产等。", "category": "财报、经营质量与公司治理", "id": "t0460", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 95, "matched": "折旧", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L95", "kind": "文档" } }, { "term": "资产减值", "english": "Impairment", "explanation": "资产预计收不回账上那么多价值时确认损失。大额减值可能反映此前收购或投资估计过于乐观。", "category": "财报、经营质量与公司治理", "id": "t0461", "source": { "path": "agent/src/skills/report-generate/SKILL.md", "line": 260, "matched": "impairment", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/report-generate/SKILL.md#L260", "kind": "文档" } }, { "term": "商誉", "english": "Goodwill", "explanation": "收购价格超过可辨认净资产公允价值部分形成的会计资产。它不是可以直接拿去付账的现金。", "category": "财报、经营质量与公司治理", "id": "t0462", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 45, "matched": "商誉", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L45", "kind": "文档" } }, { "term": "流动资产／流动负债", "english": "Current assets, Current liabilities", "explanation": "预计在正常营业周期或较短期间变现、消耗或偿还的资产负债，用于观察近期周转压力。", "category": "财报、经营质量与公司治理", "id": "t0463", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 59, "matched": "流动资产", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L59", "kind": "文档" } }, { "term": "应收账款／应付账款", "english": "Accounts receivable, Accounts payable", "explanation": "别人已经欠公司的货款，与公司已经欠供应商的货款。收入增长而应收更快增长，可能需要检查回款。", "category": "财报、经营质量与公司治理", "id": "t0464", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 43, "matched": "应收账款", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L43", "kind": "文档" } }, { "term": "存货／预付款／合同负债", "english": "Inventory, Prepayment, Contract liability", "explanation": "存货是待售或生产中的物品；预付款是先付给别人；合同负债常是先收客户钱但还未履约确认收入。", "category": "财报、经营质量与公司治理", "id": "t0465", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 44, "matched": "存货", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L44", "kind": "文档" } }, { "term": "营运资本", "english": "Working capital, NWC", "explanation": "广义常指流动资产减流动负债；估值中经营性净营运资本通常剔除现金和融资项目。口径不同不能直接相减比较。", "category": "财报、经营质量与公司治理", "id": "t0466", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 95, "matched": "营运资本", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L95", "kind": "文档" } }, { "term": "资本开支", "english": "Capital expenditure, CapEx", "explanation": "购买、建设或升级长期资产的支出，例如建厂和购置设备，会消耗现金但不一定全部当期计入利润。", "category": "财报、经营质量与公司治理", "id": "t0467", "source": { "path": "agent/src/skills/us-etf-flow/SKILL.md", "line": 139, "matched": "capex", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/us-etf-flow/SKILL.md#L139", "kind": "文档" } }, { "term": "固定资产／在建工程", "english": "Fixed assets, Construction in progress", "explanation": "已经投入使用的长期有形资产，以及尚未达到使用状态的建设项目。长期不转固可能需要检查工程进度。", "category": "财报、经营质量与公司治理", "id": "t0468", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 46, "matched": "在建工程", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L46", "kind": "文档" } }, { "term": "经营／投资／筹资现金流", "english": "CFO, CFI, CFF", "explanation": "分别是经营收付款、购买出售投资及长期资产、借还款和股权融资等现金变化。某项为负是否有问题取决于业务阶段。", "category": "财报、经营质量与公司治理", "id": "t0469", "source": { "path": "agent/src/skills/corporate-events/SKILL.md", "line": 162, "matched": "投资", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/corporate-events/SKILL.md#L162", "kind": "文档" } }, { "term": "自由现金流", "english": "FCF, Free cash flow", "explanation": "扣除维持或扩张经营所需投资后可供资本提供者使用的现金。常见简单近似是经营现金流减资本开支，但口径不唯一。", "category": "财报、经营质量与公司治理", "id": "t0470", "source": { "path": "agent/src/skills/management-deep-dive/SKILL.md", "line": 103, "matched": "FCF", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/management-deep-dive/SKILL.md#L103", "kind": "文档" } }, { "term": "企业自由现金流／股权自由现金流", "english": "FCFF, FCFE", "explanation": "FCFF 面向债权人与股东全体；FCFE 是考虑债务收付后归股东可用的部分。估值时折现率必须匹配。", "category": "财报、经营质量与公司治理", "id": "t0471", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 30, "matched": "FCFF", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L30", "kind": "文档" } }, { "term": "应计利润／应计比率", "english": "Accruals, Accrual ratio", "explanation": "利润中尚未对应为经营现金的部分及其相对资产等基数的比例。高应计提示要检查确认与回款，不能直接判定造假。", "category": "财报、经营质量与公司治理", "id": "t0472", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 107, "matched": "accrual_ratio", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L107", "kind": "文档" } }, { "term": "盈利质量", "english": "Earnings quality", "explanation": "利润是否来自可持续业务、是否容易变成现金、是否依赖激进会计或一次性项目。", "category": "财报、经营质量与公司治理", "id": "t0473", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 3, "matched": "盈利质量", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L3", "kind": "文档" } }, { "term": "资产负债率／有息负债", "english": "Debt-to-assets, Interest-bearing debt", "explanation": "资产负债率常用总负债除总资产；有息负债只包括需要付息的借款债券等，两种“债务”范围不同。", "category": "财报、经营质量与公司治理", "id": "t0474", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 49, "matched": "有息负债", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L49", "kind": "文档" } }, { "term": "流动比率／速动比率", "english": "Current ratio, Quick ratio", "explanation": "比较短期资产与短期负债；速动比率进一步剔除存货等不够快变现的项目。合理水平随行业变化。", "category": "财报、经营质量与公司治理", "id": "t0475", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 59, "matched": "流动比率", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L59", "kind": "文档" } }, { "term": "净债务", "english": "Net debt", "explanation": "有息债务减按约定可抵扣的现金等资产。受限资金不一定能像自由现金一样抵扣。", "category": "财报、经营质量与公司治理", "id": "t0476", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 21, "matched": "net debt", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L21", "kind": "文档" } }, { "term": "利息保障倍数", "english": "Interest coverage", "explanation": "用 EBIT 等收益指标除以利息支出，观察经营利润覆盖付息压力的能力。", "category": "财报、经营质量与公司治理", "id": "t0477", "source": { "path": "agent/src/skills/dividend-analysis/SKILL.md", "line": 92, "matched": "Interest coverage", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/dividend-analysis/SKILL.md#L92", "kind": "文档" } }, { "term": "ROE／净资产收益率", "english": "Return on equity", "explanation": "利润相对股东权益的比例，衡量股东账面资本的盈利效率。高杠杆也能抬高 ROE。", "category": "财报、经营质量与公司治理", "id": "t0478", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 185, "matched": "ROE", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L185", "kind": "文档" } }, { "term": "ROA／总资产收益率", "english": "Return on assets", "explanation": "利润相对总资产的比例；利润选净利润还是息税口径不同，数值会不同。", "category": "财报、经营质量与公司治理", "id": "t0479", "source": { "path": "agent/src/swarm/grounding.py", "line": 111, "matched": "ROA", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/swarm/grounding.py#L111", "kind": "源码" } }, { "term": "ROIC／投入资本回报率", "english": "Return on invested capital", "explanation": "经营税后利润相对投入经营资本的比例，常用于判断业务回报是否超过资本成本。", "category": "财报、经营质量与公司治理", "id": "t0480", "source": { "path": "agent/cli/commands/institutional/playbooks.py", "line": 552, "matched": "ROIC", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/cli/commands/institutional/playbooks.py#L552", "kind": "源码" } }, { "term": "NOPAT／税后经营利润", "english": "Net operating profit after tax", "explanation": "按经营利润扣除相应税负、但不扣融资利息的利润口径，常用于 FCFF 和 ROIC。", "category": "财报、经营质量与公司治理", "id": "t0481", "source": { "path": "agent/src/quantlib/valuation/dcf.py", "line": 521, "matched": "NOPAT", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/valuation/dcf.py#L521", "kind": "源码" } }, { "term": "资产周转率／权益乘数", "english": "Asset turnover, Equity multiplier", "explanation": "前者看资产创造收入的效率；后者是资产相对权益的倍数，反映财务杠杆。", "category": "财报、经营质量与公司治理", "id": "t0482", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 185, "matched": "资产周转率", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L185", "kind": "文档" } }, { "term": "杜邦分析", "english": "DuPont analysis", "explanation": "把 ROE 拆成净利率、资产周转率和权益乘数等部分，区分盈利改善来自利润率、效率还是杠杆。", "category": "财报、经营质量与公司治理", "id": "t0483", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 11, "matched": "杜邦分析", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L11", "kind": "文档" } }, { "term": "存货周转／应收周转／现金转换周期", "english": "Inventory turnover, Receivables turnover, CCC", "explanation": "衡量存货卖出、货款收回以及支付供应商之间的时间关系。现金转换周期越长，业务通常越占资金。", "category": "财报、经营质量与公司治理", "id": "t0484", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 145, "matched": "存货周转", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L145", "kind": "文档" } }, { "term": "每股收益／稀释每股收益", "english": "EPS, Diluted EPS", "explanation": "利润摊到每股的金额；稀释 EPS 还考虑期权、可转债等潜在新增股份的影响。", "category": "财报、经营质量与公司治理", "id": "t0485", "source": { "path": "agent/src/skills/corporate-events/SKILL.md", "line": 115, "matched": "每股收益", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/corporate-events/SKILL.md#L115", "kind": "文档" } }, { "term": "每股净资产", "english": "BVPS, Book value per share", "explanation": "归属于相关股东的账面净资产除以股份数量，不等于这些资产今天卖掉能得到的现金。", "category": "财报、经营质量与公司治理", "id": "t0486", "source": { "path": "frontend/src/i18n/locales/en.json", "line": 279, "matched": "book value per share", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/frontend/src/i18n/locales/en.json#L279", "kind": "源码" } }, { "term": "同比／环比", "english": "YoY, QoQ, MoM", "explanation": "同比与去年相同期间比，环比与上一个相邻期间比。季节性很强的业务要防止误读环比。", "category": "财报、经营质量与公司治理", "id": "t0487", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 258, "matched": "同比", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L258", "kind": "文档" } }, { "term": "TTM／LTM／NTM", "english": "Trailing twelve months, Last twelve months, Next twelve months", "explanation": "TTM 和 LTM 通常指过去十二个月；NTM 指未来十二个月预测。历史倍数和预测倍数不能混用。", "category": "财报、经营质量与公司治理", "id": "t0488", "source": { "path": "agent/SKILL.md", "line": 405, "matched": "ttm", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L405", "kind": "文档" } }, { "term": "财年／自然年／A 与 E", "english": "Fiscal year, Calendar year, Actual, Estimate", "explanation": "公司的财年未必十二月结束；财报表格中 A 常表示实际，E 表示预测，不能把预测当成已发生数据。", "category": "财报、经营质量与公司治理", "id": "t0489", "source": { "path": "agent/src/skills/ashare-pre-st-filter/SKILL.md", "line": 3, "matched": "财年", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/ashare-pre-st-filter/SKILL.md#L3", "kind": "文档" } }, { "term": "三表勾稽／报表联动", "english": "Three-statement linkage", "explanation": "净利润、留存收益、现金余额和资产负债等应互相对得上。对不上可能是模型漏项、口径不一致或数据问题。", "category": "财报、经营质量与公司治理", "id": "t0490", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 3, "matched": "三表勾稽", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L3", "kind": "文档" } }, { "term": "会计准则／调整后指标", "english": "GAAP, IFRS, Non-GAAP", "explanation": "不同准则规定收入、费用等如何确认；Non-GAAP 是公司补充调整口径，需要查看具体剔除了什么。", "category": "财报、经营质量与公司治理", "id": "t0491", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 257, "matched": "会计准则", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L257", "kind": "文档" } }, { "term": "审计意见", "english": "Audit opinion", "explanation": "审计师对财报是否按适用准则公允列报发表意见，包括无保留、保留、否定和无法表示等。不是对股价作保证。", "category": "财报、经营质量与公司治理", "id": "t0492", "source": { "path": "agent/src/skills/corporate-events/SKILL.md", "line": 176, "matched": "审计意见", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/corporate-events/SKILL.md#L176", "kind": "文档" } }, { "term": "关联交易／同业竞争", "english": "Related-party transaction, Competing business", "explanation": "前者是公司与关联方之间的交易，后者是控制方等经营相同或竞争业务；重点看定价和利益冲突。", "category": "财报、经营质量与公司治理", "id": "t0493", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 161, "matched": "关联交易", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L161", "kind": "文档" } }, { "term": "公司治理／控制权", "english": "Corporate governance, Control", "explanation": "谁能决定公司重大事项、董事会如何监督，以及大小股东利益如何保护。", "category": "财报、经营质量与公司治理", "id": "t0494", "source": { "path": "agent/src/skills/ashare-pre-st-filter/SKILL.md", "line": 275, "matched": "公司治理", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/ashare-pre-st-filter/SKILL.md#L275", "kind": "文档" } }, { "term": "双重股权／一致行动人／VIE", "english": "Dual-class shares, Acting in concert, Variable interest entity", "explanation": "分别涉及不同投票权股份、协同行使表决权，以及通过协议而非直接股权实现控制的结构。", "category": "财报、经营质量与公司治理", "id": "t0495", "source": { "path": "agent/src/skills/management-deep-dive/SKILL.md", "line": 126, "matched": "VIE", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/management-deep-dive/SKILL.md#L126", "kind": "文档" } }, { "term": "股权稀释／员工股权激励", "english": "Dilution, ESOP, Share-based compensation", "explanation": "新增股份等使原股东持股比例下降；股权激励用股份或期权报酬激励员工，也可能带来稀释成本。", "category": "财报、经营质量与公司治理", "id": "t0496", "source": { "path": "agent/src/skills/adr-hshare/SKILL.md", "line": 155, "matched": "dilution", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/adr-hshare/SKILL.md#L155", "kind": "文档" } }, { "term": "内幕人交易披露", "english": "Insider transaction disclosure", "explanation": "董事、高管等相关人士买卖公司证券的依法披露记录。“内幕人”合法申报交易不等于违法内幕交易。", "category": "财报、经营质量与公司治理", "id": "t0497", "source": null }, { "term": "回购／注销／库存股", "english": "Buyback, Cancellation, Treasury shares", "explanation": "公司买回自己的股票后，可能注销或按当地规则持有库存股。回购是否真正减少股数要看后续处理。", "category": "财报、经营质量与公司治理", "id": "t0498", "source": { "path": "agent/src/skills/corporate-events/SKILL.md", "line": 116, "matched": "回购", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/corporate-events/SKILL.md#L116", "kind": "文档" } }, { "term": "并购／分拆", "english": "M&A, Spin-off", "explanation": "并购把公司或业务结合、收购；分拆把部分业务独立出去。协同效果与交易代价要一起评估。", "category": "财报、经营质量与公司治理", "id": "t0499", "source": { "path": "agent/src/skills/corporate-events/SKILL.md", "line": 3, "matched": "并购", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/corporate-events/SKILL.md#L3", "kind": "文档" } }, { "term": "要约收购／并购套利价差", "english": "Tender offer, Merger arbitrage spread", "explanation": "要约收购按明确条件向股东购买股份；目标股价与交易对价之差反映时间、失败风险等，并非免费收益。", "category": "财报、经营质量与公司治理", "id": "t0500", "source": { "path": "agent/src/skills/corporate-events/SKILL.md", "line": 3, "matched": "并购套利价差", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/corporate-events/SKILL.md#L3", "kind": "文档" } }, { "term": "定向增发／配股", "english": "Private placement, Rights issue", "explanation": "向特定投资者发行新股，或按一定比例给现有股东认购机会，都会影响融资和股权结构。", "category": "财报、经营质量与公司治理", "id": "t0501", "source": { "path": "agent/src/skills/corporate-events/SKILL.md", "line": 3, "matched": "配股", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/corporate-events/SKILL.md#L3", "kind": "文档" } }, { "term": "限售／解禁", "english": "Lock-up, Share unlock", "explanation": "部分股份在规定期间内不能自由出售，期满或满足条件后解除限制。解禁不表示持有人一定立刻卖出。", "category": "财报、经营质量与公司治理", "id": "t0502", "source": { "path": "agent/src/skills/corporate-events/SKILL.md", "line": 84, "matched": "解禁", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/corporate-events/SKILL.md#L84", "kind": "文档" } }, { "term": "留存收益", "english": "Retained earnings", "explanation": "历年利润扣除分红等后留在公司的累计会计余额，已可能投入厂房存货，不等于专门存放的一笔现金。", "category": "财报、经营质量与公司治理", "id": "t0503", "source": { "path": "agent/src/skills/financial-statement/SKILL.md", "line": 90, "matched": "留存收益", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/financial-statement/SKILL.md#L90", "kind": "文档" } }, { "term": "FFO／AFFO", "english": "Funds from operations, Adjusted FFO", "explanation": "REITs 分析中对净利润作地产折旧、出售损益等调整的经营收益口径；AFFO 再调整维护开支等，具体定义并不完全统一。", "category": "财报、经营质量与公司治理", "id": "t0504", "source": { "path": "agent/src/skills/dividend-analysis/SKILL.md", "line": 35, "matched": "AFFO", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/dividend-analysis/SKILL.md#L35", "kind": "文档" } }, { "term": "每股股息／分红保障资本", "english": "DPS, Regulatory capital", "explanation": "DPS 是每股分红金额；银行保险还要看监管认可资本能否支持分红，不能只看当期会计利润。", "category": "财报、经营质量与公司治理", "id": "t0505", "source": { "path": "agent/src/skills/dividend-analysis/SKILL.md", "line": 27, "matched": "DPS", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/dividend-analysis/SKILL.md#L27", "kind": "文档" } }, { "term": "MLP／可分配现金流", "english": "Master limited partnership, Distributable cash flow", "explanation": "MLP 是某些市场的上市合伙结构；可分配现金流用于观察向持有人支付的能力，不同于估值模型 DCF 的缩写含义。", "category": "财报、经营质量与公司治理", "id": "t0506", "source": { "path": "agent/src/skills/dividend-analysis/SKILL.md", "line": 35, "matched": "distributable cash flow", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/dividend-analysis/SKILL.md#L35", "kind": "文档" } }, { "term": "入住率／出租率", "english": "Occupancy rate", "explanation": "房地产或住宿资产实际使用部分占可出租部分的比例，需结合租金和运营成本判断盈利。", "category": "财报、经营质量与公司治理", "id": "t0507", "source": null }, { "term": "债务偿付覆盖率", "english": "DSCR, Debt-service coverage ratio", "explanation": "可用于偿债的经营现金或约定收益相对当期本息支付额的比例，分子需按贷款或研究口径定义。", "category": "财报、经营质量与公司治理", "id": "t0508", "source": null }, { "term": "盈利预测／一致预期", "english": "Earnings forecast, Consensus estimate", "explanation": "对未来收入利润的估计，以及多位分析师预测的汇总。平均预期不是事实，样本覆盖也可能偏斜。", "category": "盈利预测、估值与分红", "id": "t0509", "source": { "path": "agent/src/skills/earnings-forecast/SKILL.md", "line": 2, "matched": "earnings-forecast", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/earnings-forecast/SKILL.md#L2", "kind": "文档" } }, { "term": "自上而下／自下而上", "english": "Top-down, Bottom-up", "explanation": "前者从经济行业推到公司，后者从产品、客户、销量价格等细节推导业绩。", "category": "盈利预测、估值与分红", "id": "t0510", "source": { "path": "agent/src/skills/earnings-forecast/SKILL.md", "line": 3, "matched": "自上而下", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/earnings-forecast/SKILL.md#L3", "kind": "文档" } }, { "term": "量价拆分", "english": "Volume-price decomposition", "explanation": "把收入变化拆成卖了多少和每单位卖多少钱，再考虑产品结构变化。", "category": "盈利预测、估值与分红", "id": "t0511", "source": null }, { "term": "管理层指引", "english": "Management guidance", "explanation": "公司管理层对未来业绩或经营指标给出的范围或描述，反映管理层预期，不是承诺必然达到。", "category": "盈利预测、估值与分红", "id": "t0512", "source": { "path": "agent/src/skills/earnings-revision/SKILL.md", "line": 3, "matched": "management guidance", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/earnings-revision/SKILL.md#L3", "kind": "文档" } }, { "term": "业绩超预期／低于预期", "english": "Earnings beat, Earnings miss", "explanation": "实际业绩高于或低于事先约定的预期基准。同比增长很快，仍可能低于市场预期。", "category": "盈利预测、估值与分红", "id": "t0513", "source": { "path": "agent/src/skills/earnings-forecast/SKILL.md", "line": 3, "matched": "业绩超预期", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/earnings-forecast/SKILL.md#L3", "kind": "文档" } }, { "term": "盈利意外／标准化意外盈利", "english": "Earnings surprise, SUE", "explanation": "衡量实际盈利相对预期或历史模式的偏离；SUE 再按波动等尺度标准化，便于跨公司比较。", "category": "盈利预测、估值与分红", "id": "t0514", "source": { "path": "agent/src/skills/earnings-forecast/SKILL.md", "line": 3, "matched": "SUE", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/earnings-forecast/SKILL.md#L3", "kind": "文档" } }, { "term": "盈利预测修正／修正动量", "english": "Estimate revision, Earnings revision momentum, ERM", "explanation": "分析师持续上调或下调未来盈利预测的方向与程度，常作为事件或因子信号。", "category": "盈利预测、估值与分红", "id": "t0515", "source": { "path": "agent/src/skills/earnings-forecast/SKILL.md", "line": 10, "matched": "修正动量", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/earnings-forecast/SKILL.md#L10", "kind": "文档" } }, { "term": "修正广度／预测分歧", "english": "Revision breadth, Estimate dispersion", "explanation": "广度看多少分析师上调相对下调；分歧看预测之间差多远，反映意见是否一致。", "category": "盈利预测、估值与分红", "id": "t0516", "source": { "path": "agent/src/skills/earnings-revision/SKILL.md", "line": 21, "matched": "revision breadth", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/earnings-revision/SKILL.md#L21", "kind": "文档" } }, { "term": "耳语预期", "english": "Whisper number", "explanation": "市场参与者私下流传的非正式业绩预期，来源不透明时难验证，不应伪装成正式一致预期。", "category": "盈利预测、估值与分红", "id": "t0517", "source": { "path": "agent/src/skills/earnings-revision/SKILL.md", "line": 24, "matched": "Whisper number", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/earnings-revision/SKILL.md#L24", "kind": "文档" } }, { "term": "财报后漂移", "english": "PEAD, Post-earnings announcement drift", "explanation": "一些历史研究发现价格在盈利意外公布后继续缓慢同向移动的现象，强弱会因市场、时期和成本变化。", "category": "盈利预测、估值与分红", "id": "t0518", "source": { "path": "agent/src/skills/earnings-forecast/SKILL.md", "line": 3, "matched": "PEAD", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/earnings-forecast/SKILL.md#L3", "kind": "文档" } }, { "term": "估值／内在价值", "english": "Valuation, Intrinsic value", "explanation": "基于未来现金、资产或可比价格估计一个对象值多少钱。模型给的是假设下的估值，不是确定价格。", "category": "盈利预测、估值与分红", "id": "t0519", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 2, "matched": "valuation", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L2", "kind": "文档" } }, { "term": "市盈率", "english": "P/E, PE", "explanation": "股价除每股收益，或市值除对应净利润。PE 为 20 倍不代表承诺 20 年回本；亏损时通常不适合这样解释。", "category": "盈利预测、估值与分红", "id": "t0520", "source": { "path": "agent/src/quantlib/valuation/comps.py", "line": 4, "matched": "P/E", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/valuation/comps.py#L4", "kind": "源码" } }, { "term": "市净率", "english": "P/B, PB", "explanation": "市值相对股东账面净资产的倍数。低于 1 倍可能便宜，也可能反映资产质量差或盈利低。", "category": "盈利预测、估值与分红", "id": "t0521", "source": { "path": "agent/src/quantlib/valuation/comps.py", "line": 811, "matched": "P/B", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/valuation/comps.py#L811", "kind": "源码" } }, { "term": "市销率", "english": "P/S, PS", "explanation": "市值除收入，常用于盈利尚不稳定的公司。收入能否最终变成利润仍然关键。", "category": "盈利预测、估值与分红", "id": "t0522", "source": null }, { "term": "PEG", "english": "Price/earnings to growth", "explanation": "把市盈率与预期盈利增长率相比较的粗略指标，计算时增长率用 20 还是 0.20 必须统一。", "category": "盈利预测、估值与分红", "id": "t0523", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 189, "matched": "PEG", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L189", "kind": "文档" } }, { "term": "盈利收益率／自由现金流收益率", "english": "Earnings yield, FCF yield", "explanation": "利润或自由现金流相对价格的比例。常见 E/P 是 PE 的倒数；FCF yield 的分子分母必须匹配股权或企业口径。", "category": "盈利预测、估值与分红", "id": "t0524", "source": { "path": "agent/SKILL.md", "line": 119, "matched": "earnings yield", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/SKILL.md#L119", "kind": "文档" } }, { "term": "企业价值", "english": "EV, Enterprise value", "explanation": "整体经营业务对应的估值，常从股权市值加净债务、少数股东权益等调整而来，不等于股票总市值。", "category": "盈利预测、估值与分红", "id": "t0525", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 20, "matched": "Enterprise value", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L20", "kind": "文档" } }, { "term": "EV/EBITDA／EV/EBIT／EV/Sales", "english": "Enterprise-value multiples", "explanation": "把企业价值与经营收益或收入比较，便于跨融资结构比较公司，仍需核对租赁和会计口径。", "category": "盈利预测、估值与分红", "id": "t0526", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 3, "matched": "EBITDA", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L3", "kind": "文档" } }, { "term": "可比公司／估值倍数", "english": "Comparable companies, Trading comps, Multiple", "explanation": "参考类似公司的市场定价推估目标价值。业务、增长、利润率、风险不同，不能只算一个行业平均。", "category": "盈利预测、估值与分红", "id": "t0527", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 74, "matched": "multiple", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L74", "kind": "文档" } }, { "term": "可比交易", "english": "Precedent transactions", "explanation": "用历史并购交易的价格作估值参考，需考虑控制权溢价、交易时间和买方协同等差异。", "category": "盈利预测、估值与分红", "id": "t0528", "source": null }, { "term": "财年对齐／年度化", "english": "Calendarization", "explanation": "把不同公司不同财年的收入利润调整到可比较的时间范围，避免一个数含旺季、另一个不含。", "category": "盈利预测、估值与分红", "id": "t0529", "source": null }, { "term": "现金流折现", "english": "DCF, Discounted cash flow", "explanation": "预测未来能收到的现金，再按风险与时间折算成今天的价值。对长期增长和折现率假设很敏感。", "category": "盈利预测、估值与分红", "id": "t0530", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 3, "matched": "DCF", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L3", "kind": "文档" } }, { "term": "现值／净现值", "english": "PV, NPV", "explanation": "现值是未来的钱折到今天值多少；净现值再减去需要投入的钱。正 NPV 表示在所用折现率假设下有价值增量。", "category": "盈利预测、估值与分红", "id": "t0531", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 208, "matched": "现值", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L208", "kind": "文档" } }, { "term": "折现率／资本成本", "english": "Discount rate, Cost of capital", "explanation": "为了补偿等待和风险，投资者要求的回报率，用它把未来现金折回今天。", "category": "盈利预测、估值与分红", "id": "t0532", "source": { "path": "agent/src/quantlib/valuation/dcf.py", "line": 333, "matched": "discount rate", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/valuation/dcf.py#L333", "kind": "源码" } }, { "term": "加权平均资本成本", "english": "WACC", "explanation": "按债务和股权权重混合融资成本，常计入债务利息税盾，用于与 FCFF 相匹配的折现。", "category": "盈利预测、估值与分红", "id": "t0533", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 20, "matched": "WACC", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L20", "kind": "文档" } }, { "term": "股权成本／债务成本", "english": "Cost of equity, Cost of debt", "explanation": "股东要求的回报，与债权资金要求的利息或收益率。股权成本不是公司每年必须付出的固定股息。", "category": "盈利预测、估值与分红", "id": "t0534", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 49, "matched": "cost of equity", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L49", "kind": "文档" } }, { "term": "资本资产定价模型", "english": "CAPM", "explanation": "用无风险利率、市场风险溢价与 beta 估计股权要求回报的模型，依赖一组理想化假设。", "category": "盈利预测、估值与分红", "id": "t0535", "source": { "path": "agent/src/quantlib/valuation/dcf.py", "line": 318, "matched": "CAPM", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/valuation/dcf.py#L318", "kind": "源码" } }, { "term": "市场风险溢价／税盾", "english": "Equity risk premium, Tax shield", "explanation": "前者是承担市场股权风险要求的额外回报；税盾是可抵税支出等减少税款的价值。", "category": "盈利预测、估值与分红", "id": "t0536", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 52, "matched": "equity risk premium", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L52", "kind": "文档" } }, { "term": "终值／永续增长", "english": "Terminal value, Perpetual growth", "explanation": "把明确预测期之后的现金流汇总成一个尾部价值。常见永续模型要求折现率大于长期增长率。", "category": "盈利预测、估值与分红", "id": "t0537", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 68, "matched": "Terminal Value", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L68", "kind": "文档" } }, { "term": "退出倍数法", "english": "Exit multiple", "explanation": "假设预测期末业务按某个收益倍数出售，估计终值；该倍数仍需与届时业务状态相符。", "category": "盈利预测、估值与分红", "id": "t0538", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 74, "matched": "Exit-multiple", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L74", "kind": "文档" } }, { "term": "净债务桥／股权价值桥", "english": "EV-to-equity bridge", "explanation": "从企业价值扣加净债务、少数股权和其他项目，算出属于普通股股东的价值，避免漏扣别人的权利。", "category": "盈利预测、估值与分红", "id": "t0539", "source": { "path": "README_zh.md", "line": 689, "matched": "净债务桥", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/README_zh.md#L689", "kind": "文档" } }, { "term": "分部加总估值", "english": "SOTP, Sum of the parts", "explanation": "把不同业务分别估值，再减去总部成本及债务等，适合业务性质差异大的集团。", "category": "盈利预测、估值与分红", "id": "t0540", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 3, "matched": "SOTP", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L3", "kind": "文档" } }, { "term": "股息折现／戈登增长模型", "english": "DDM, Gordon growth model", "explanation": "把未来股息折现；稳定增长形式常用下一期股息除以股权成本减增长率，前提是成本大于增长率。", "category": "盈利预测、估值与分红", "id": "t0541", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 3, "matched": "DDM", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L3", "kind": "文档" } }, { "term": "安全边际／价值陷阱", "english": "Margin of safety, Value trap", "explanation": "安全边际是买价相对审慎估值留出的缓冲；价值陷阱是表面便宜、实际业务持续恶化使便宜失去意义。", "category": "盈利预测、估值与分红", "id": "t0542", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 158, "matched": "Value trap", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L158", "kind": "文档" } }, { "term": "重估／估值扩张与压缩", "english": "Re-rating, Multiple expansion/compression", "explanation": "即使利润不变，市场愿意付的估值倍数也可能上升或下降，从而推动股价变化。", "category": "盈利预测、估值与分红", "id": "t0543", "source": { "path": "agent/cli/commands/institutional/playbooks.py", "line": 269, "matched": "re-rating", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/cli/commands/institutional/playbooks.py#L269", "kind": "源码" } }, { "term": "股息／现金分红", "english": "Dividend, Cash distribution", "explanation": "公司把部分资金分给股东。分红来自公司资产，不是股价之外无成本额外生成的钱。", "category": "盈利预测、估值与分红", "id": "t0544", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 92, "matched": "Dividend", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L92", "kind": "文档" } }, { "term": "股息率", "english": "Dividend yield", "explanation": "一年股息相对当前股价的比例。价格暴跌也会抬高历史股息率，而未来分红可能下降。", "category": "盈利预测、估值与分红", "id": "t0545", "source": { "path": "agent/src/skills/dividend-analysis/SKILL.md", "line": 27, "matched": "Dividend yield", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/dividend-analysis/SKILL.md#L27", "kind": "文档" } }, { "term": "派息率／股息覆盖", "english": "Payout ratio, Dividend coverage", "explanation": "派息率看利润中分了多少；覆盖率看利润或现金流能覆盖分红几倍，必须说明分子口径。", "category": "盈利预测、估值与分红", "id": "t0546", "source": { "path": "agent/src/skills/valuation-model/SKILL.md", "line": 106, "matched": "payout ratio", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/valuation-model/SKILL.md#L106", "kind": "文档" } }, { "term": "分红增长／股息再投资", "english": "Dividend growth, Dividend reinvestment", "explanation": "前者看每股分红是否增加；后者把收到的分红继续买入资产，形成复利。", "category": "盈利预测、估值与分红", "id": "t0547", "source": { "path": "agent/src/skills/dividend-analysis/SKILL.md", "line": 3, "matched": "dividend-growth", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/dividend-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "股权登记日／除息日／派息日", "english": "Record date, Ex-dividend date, Payment date", "explanation": "分别确定符合条件的股东、开始不再附带该次股息权益的交易日，以及实际支付日期，三者不是同一天。", "category": "盈利预测、估值与分红", "id": "t0548", "source": { "path": "agent/src/skills/dividend-analysis/SKILL.md", "line": 145, "matched": "ex-dividend date", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/dividend-analysis/SKILL.md#L145", "kind": "文档" } }, { "term": "股东收益率", "english": "Shareholder yield", "explanation": "把现金分红、净回购等相对市值汇总；部分定义还包括净偿债，比较前要确认口径。", "category": "盈利预测、估值与分红", "id": "t0549", "source": { "path": "agent/src/skills/dividend-analysis/SKILL.md", "line": 133, "matched": "Shareholder Yield", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/dividend-analysis/SKILL.md#L133", "kind": "文档" } }, { "term": "分红捕获／高股息陷阱", "english": "Dividend capture, Yield trap", "explanation": "分红捕获试图围绕除息交易获取收益，但除息调价和成本会影响结果；高股息陷阱指表面收益率高却难以持续。", "category": "盈利预测、估值与分红", "id": "t0550", "source": { "path": "agent/src/skills/dividend-analysis/SKILL.md", "line": 3, "matched": "yield-trap", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/dividend-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "宏观经济／经济周期", "english": "Macroeconomics, Business cycle", "explanation": "研究整体增长、就业、物价、利率等，以及经济扩张和收缩的变化过程。", "category": "宏观经济、政策与跨境资金", "id": "t0551", "source": { "path": "agent/src/skills/tushare/SKILL.md", "line": 103, "matched": "宏观经济", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/tushare/SKILL.md#L103", "kind": "文档" } }, { "term": "GDP／国内生产总值", "english": "Gross domestic product", "explanation": "一定时期内经济体生产的最终商品和服务增加值，名义值含价格变化，实际增速尝试剔除物价影响。", "category": "宏观经济、政策与跨境资金", "id": "t0552", "source": { "path": "agent/src/skills/macro-analysis/SKILL.md", "line": 3, "matched": "GDP", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/macro-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "PMI／采购经理指数", "english": "Purchasing managers' index", "explanation": "通过企业调查形成的景气扩散指数，常以 50 为扩张与收缩分界；51 不等于经济增长 1%。", "category": "宏观经济、政策与跨境资金", "id": "t0553", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 25, "matched": "PMI", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L25", "kind": "文档" } }, { "term": "工业增加值／零售／固定资产投资", "english": "Industrial production, Retail sales, Fixed asset investment", "explanation": "分别观察工业生产、消费商品销售和建设设备等投资活动，是项目宏观分析常用数据。", "category": "宏观经济、政策与跨境资金", "id": "t0554", "source": { "path": "agent/src/skills/macro-analysis/SKILL.md", "line": 21, "matched": "Industrial production", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/macro-analysis/SKILL.md#L21", "kind": "文档" } }, { "term": "CPI／核心 CPI", "english": "Consumer price index, Core CPI", "explanation": "衡量消费者购买的一篮子商品服务价格变化；核心指标剔除部分波动较大项目，具体定义随统计体系而异。", "category": "宏观经济、政策与跨境资金", "id": "t0555", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 24, "matched": "CPI", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L24", "kind": "文档" } }, { "term": "PPI／生产者价格", "english": "Producer price index", "explanation": "观察生产环节产品价格变化，能影响企业收入成本，但不必然按固定时间传导到消费价格。", "category": "宏观经济、政策与跨境资金", "id": "t0556", "source": { "path": "agent/src/skills/macro-analysis/SKILL.md", "line": 30, "matched": "PPI", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/macro-analysis/SKILL.md#L30", "kind": "文档" } }, { "term": "PCE／HICP", "english": "Personal consumption expenditures price index, Harmonised index of consumer prices", "explanation": "美国常用的消费支出价格指标，以及欧盟协调口径的消费价格指标，覆盖与权重不同于各地 CPI。", "category": "宏观经济、政策与跨境资金", "id": "t0557", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 24, "matched": "PCE", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L24", "kind": "文档" } }, { "term": "通胀／通缩／滞胀", "english": "Inflation, Deflation, Stagflation", "explanation": "分别是总体物价持续上升、持续下降，以及增长疲弱与通胀压力并存。单一商品涨价不代表全面通胀。", "category": "宏观经济、政策与跨境资金", "id": "t0558", "source": { "path": "agent/src/skills/us-etf-flow/SKILL.md", "line": 57, "matched": "inflation", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/us-etf-flow/SKILL.md#L57", "kind": "文档" } }, { "term": "名义利率／实际利率", "english": "Nominal rate, Real rate", "explanation": "名义利率是报价利率；实际利率剔除通胀影响，事前估计常用名义利率减预期通胀作近似。", "category": "宏观经济、政策与跨境资金", "id": "t0559", "source": { "path": "agent/src/skills/geopolitical-risk/SKILL.md", "line": 391, "matched": "real-rate", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/geopolitical-risk/SKILL.md#L391", "kind": "文档" } }, { "term": "货币政策／财政政策", "english": "Monetary policy, Fiscal policy", "explanation": "前者通过利率、流动性等影响经济；后者通过税收、政府支出和财政融资影响需求与资源分配。", "category": "宏观经济、政策与跨境资金", "id": "t0560", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 130, "matched": "monetary policy", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L130", "kind": "文档" } }, { "term": "加息／降息／降准", "english": "Rate hike, Rate cut, RRR cut", "explanation": "加降息调整政策利率等融资价格；降准降低存款准备金要求，作用机制不同，不能都直接等同于股市必涨。", "category": "宏观经济、政策与跨境资金", "id": "t0561", "source": { "path": "agent/src/skills/us-etf-flow/SKILL.md", "line": 64, "matched": "Rate-cut", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/us-etf-flow/SKILL.md#L64", "kind": "文档" } }, { "term": "鹰派／鸽派", "english": "Hawkish, Dovish", "explanation": "通常形容政策更强调抑制通胀、偏紧，或更强调支持增长就业、偏松的倾向。", "category": "宏观经济、政策与跨境资金", "id": "t0562", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 113, "matched": "dovish", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L113", "kind": "文档" } }, { "term": "量化宽松／量化紧缩", "english": "QE, QT", "explanation": "央行通过买入或减少持有资产等改变资产负债表和金融条件，不仅仅是调整短期利率。", "category": "宏观经济、政策与跨境资金", "id": "t0563", "source": null }, { "term": "公开市场操作／逆回购", "english": "OMO, Reverse repo", "explanation": "央行在公开市场买卖或以回购等方式投放回笼资金；“逆回购”描述方向时要看站在谁的角度。", "category": "宏观经济、政策与跨境资金", "id": "t0564", "source": { "path": "agent/src/skills/macro-analysis/SKILL.md", "line": 102, "matched": "OMO", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/macro-analysis/SKILL.md#L102", "kind": "文档" } }, { "term": "LPR／MLF／PSL", "english": "Loan prime rate, Medium-term lending facility, Pledged supplementary lending", "explanation": "分别是贷款市场报价利率、中期借贷便利和抵押补充贷款等政策工具，期限与作用对象不同。", "category": "宏观经济、政策与跨境资金", "id": "t0565", "source": { "path": "agent/src/skills/macro-analysis/SKILL.md", "line": 38, "matched": "LPR", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/macro-analysis/SKILL.md#L38", "kind": "文档" } }, { "term": "DR007", "english": "7-day depository-institution repo rate", "explanation": "存款类机构以利率债作质押的七天回购资金利率指标，用于观察银行体系短期资金价格。", "category": "宏观经济、政策与跨境资金", "id": "t0566", "source": { "path": "agent/src/skills/macro-analysis/SKILL.md", "line": 39, "matched": "DR007", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/macro-analysis/SKILL.md#L39", "kind": "文档" } }, { "term": "M1／M2／社融", "english": "Money supply, Total social financing", "explanation": "货币供应量不同层次与实体经济获得金融支持的统计口径。定义会调整，不能直接把增长额视为可立即买股票的钱。", "category": "宏观经济、政策与跨境资金", "id": "t0567", "source": { "path": "agent/src/skills/tushare/SKILL.md", "line": 114, "matched": "社融", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/tushare/SKILL.md#L114", "kind": "文档" } }, { "term": "联邦基金利率／点阵图／经济预测摘要", "english": "FFR, Dot plot, SEP", "explanation": "美国政策利率相关指标，以及政策制定者对利率与经济的预测展示；点阵图不是央行的确定承诺。", "category": "宏观经济、政策与跨境资金", "id": "t0568", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 24, "matched": "FFR", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L24", "kind": "文档" } }, { "term": "非农就业／失业率", "english": "Nonfarm payrolls, Unemployment rate", "explanation": "美国常用劳动力市场指标，分别关注岗位变化与劳动力中失业者比例，来自不同统计口径。", "category": "宏观经济、政策与跨境资金", "id": "t0569", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 24, "matched": "nonfarm payrolls", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L24", "kind": "文档" } }, { "term": "前瞻指引／收益率曲线控制", "english": "Forward guidance, YCC", "explanation": "前者通过说明未来政策意向影响预期；后者尝试把特定期限收益率维持在目标附近。", "category": "宏观经济、政策与跨境资金", "id": "t0570", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 26, "matched": "YCC", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L26", "kind": "文档" } }, { "term": "收益率曲线／期限利差／倒挂", "english": "Yield curve, Term spread, Inversion", "explanation": "收益率曲线比较不同期限利率；长端减短端是期限利差；短端高于长端称倒挂，可能反映政策和预期等多种因素。", "category": "宏观经济、政策与跨境资金", "id": "t0571", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 17, "matched": "yield curve", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L17", "kind": "文档" } }, { "term": "美林投资时钟", "english": "Merrill Lynch investment clock", "explanation": "按增长与通胀的升降把环境分为复苏、过热、滞胀、衰退等状态，再讨论资产表现，是经验配置框架。", "category": "宏观经济、政策与跨境资金", "id": "t0572", "source": null }, { "term": "购买力平价", "english": "PPP, Purchasing power parity", "explanation": "长期比较同一篮子商品在不同货币下的价格，作为汇率相对价值参考，短期偏离可能很大。", "category": "宏观经济、政策与跨境资金", "id": "t0573", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 39, "matched": "Purchasing Power Parity", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L39", "kind": "文档" } }, { "term": "有抛补／无抛补利率平价", "english": "CIP, UIP", "explanation": "CIP 把即期、远期汇率和两国利率联系起来并包含汇率对冲；UIP 用预期未来即期汇率，现实检验更不稳定。", "category": "宏观经济、政策与跨境资金", "id": "t0574", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 40, "matched": "UIP", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L40", "kind": "文档" } }, { "term": "均衡汇率模型", "english": "BEER, Behavioural equilibrium exchange rate", "explanation": "用生产率、贸易条件、资本流动等解释长期汇率水平，输出依赖选取的变量与历史关系。", "category": "宏观经济、政策与跨境资金", "id": "t0575", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 41, "matched": "BEER", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L41", "kind": "文档" } }, { "term": "汇率升贬值／远期升贴水", "english": "Appreciation, Depreciation, Forward premium/discount", "explanation": "升贬值表示货币相对购买另一货币变强或变弱；远期升贴水是远期与即期报价差，不是保证未来汇率按该方向走。", "category": "宏观经济、政策与跨境资金", "id": "t0576", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 40, "matched": "forward premium/discount", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L40", "kind": "文档" } }, { "term": "美元指数／美元周期", "english": "DXY, Dollar cycle", "explanation": "美元指数衡量美元相对一篮子货币的变化；美元周期描述美元和全球融资条件的阶段性变化。", "category": "宏观经济、政策与跨境资金", "id": "t0577", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 58, "matched": "DXY", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L58", "kind": "文档" } }, { "term": "风险偏好／避险", "english": "Risk-on, Risk-off, Safe haven", "explanation": "参与者更愿意承担风险，或转向流动性和安全性更高资产的状态。传统避险资产也不保证每次危机都上涨。", "category": "宏观经济、政策与跨境资金", "id": "t0578", "source": { "path": "agent/src/skills/us-etf-flow/SKILL.md", "line": 42, "matched": "risk_on", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/us-etf-flow/SKILL.md#L42", "kind": "文档" } }, { "term": "地缘政治风险／风险溢价", "english": "Geopolitical risk, Risk premium", "explanation": "战争、制裁、贸易冲突等引起的不确定性，以及市场为承担这种风险要求的额外回报。", "category": "宏观经济、政策与跨境资金", "id": "t0579", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 3, "matched": "geopolitical risk", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L3", "kind": "文档" } }, { "term": "北向资金／南向资金／互联互通", "english": "Northbound, Southbound, Stock Connect", "explanation": "分别指经互联互通渠道进入内地股票、进入香港股票的交易资金。能获取哪些实时或历史字段，需看当前披露制度。", "category": "宏观经济、政策与跨境资金", "id": "t0580", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 73, "matched": "Northbound", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L73", "kind": "文档" } }, { "term": "跨境净买入／ETF 资金流", "english": "Cross-border net buying, ETF flow", "explanation": "前者是特定渠道买卖金额差；后者通常由份额申赎变化等估计，不能把 ETF 二级市场成交额直接当成资金净流入。", "category": "宏观经济、政策与跨境资金", "id": "t0581", "source": { "path": "agent/src/skills/us-etf-flow/SKILL.md", "line": 2, "matched": "etf-flow", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/us-etf-flow/SKILL.md#L2", "kind": "文档" } }, { "term": "国际收支／资本流动", "english": "Balance of payments, Capital flows", "explanation": "记录经济体与外部发生的商品服务、收入及金融交易，有助于观察外汇供求与跨境融资变化。", "category": "宏观经济、政策与跨境资金", "id": "t0582", "source": { "path": "agent/src/skills/us-etf-flow/SKILL.md", "line": 10, "matched": "capital flows", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/us-etf-flow/SKILL.md#L10", "kind": "文档" } }, { "term": "GPR／地缘政治风险指数", "english": "Geopolitical risk index, GPRT, GPRA", "explanation": "以新闻文本等构建地缘风险指标；GPRT 与 GPRA 分别侧重威胁和已发生行动。指标上涨不必然对应固定幅度的黄金收益。", "category": "宏观经济、政策与跨境资金", "id": "t0583", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 51, "matched": "GPR", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L51", "kind": "文档" } }, { "term": "TIPS／通胀保值债券", "english": "Treasury inflation-protected securities", "explanation": "美国本金等按规则随通胀调整的国债，市场收益率常作为实际利率代理，仍受利率和流动性影响。", "category": "宏观经济、政策与跨境资金", "id": "t0584", "source": { "path": "agent/src/skills/us-etf-flow/SKILL.md", "line": 87, "matched": "TIPS", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/us-etf-flow/SKILL.md#L87", "kind": "文档" } }, { "term": "盈亏平衡通胀率", "english": "Breakeven inflation", "explanation": "通常用相近期限普通国债与通胀保值债收益率之差估计，除通胀预期外还可能含风险与流动性溢价。", "category": "宏观经济、政策与跨境资金", "id": "t0585", "source": null }, { "term": "OPEC／EIA／LME／SHFE", "english": "Commodity institutions and markets", "explanation": "分别是石油输出国组织、美国能源信息署、伦敦金属交易所和上海期货交易所，是项目商品研究常见信息或价格来源。", "category": "宏观经济、政策与跨境资金", "id": "t0586", "source": { "path": "agent/src/skills/commodity-analysis/SKILL.md", "line": 20, "matched": "OPEC", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/commodity-analysis/SKILL.md#L20", "kind": "文档" } }, { "term": "WTI／Brent／LNG／TTF", "english": "West Texas Intermediate, Brent, Liquefied natural gas, TTF", "explanation": "WTI 与 Brent 是常见原油基准，LNG 是液化天然气，TTF 是欧洲天然气交易基准之一；不能把各地区商品价直接当完全同一资产。", "category": "宏观经济、政策与跨境资金", "id": "t0587", "source": { "path": "agent/src/skills/geopolitical-risk/SKILL.md", "line": 47, "matched": "LNG", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/geopolitical-risk/SKILL.md#L47", "kind": "文档" } }, { "term": "BDI／运价指数", "english": "Baltic dry index, Freight index", "explanation": "反映特定干散货航线运价变化的指标，受需求、船舶供给和航线扰动共同影响。", "category": "宏观经济、政策与跨境资金", "id": "t0588", "source": { "path": "agent/src/skills/geopolitical-risk/SKILL.md", "line": 125, "matched": "Baltic Dry Index", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/geopolitical-risk/SKILL.md#L125", "kind": "文档" } }, { "term": "美联储／人行／欧央行／日央行", "english": "Fed, PBOC, ECB, BOJ", "explanation": "分别是美国、中国、欧元区和日本的中央银行机构简称，项目用它们的政策与数据研究金融条件。", "category": "宏观经济、政策与跨境资金", "id": "t0589", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 24, "matched": "Fed", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L24", "kind": "文档" } }, { "term": "面值／票面利率／付息频率", "english": "Face value, Par, Coupon rate, Frequency", "explanation": "面值是约定本金单位；票面利率决定约定利息；付息频率是一年支付几次。买入价格可以高于或低于面值。", "category": "债券、利率与信用分析", "id": "t0590", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 62, "matched": "面值", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L62", "kind": "文档" } }, { "term": "到期日／剩余期限", "english": "Maturity date, Time to maturity", "explanation": "合约按约定完成最终偿付或到期结算的日子，以及距离它还有多久。", "category": "债券、利率与信用分析", "id": "t0591", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 87, "matched": "到期日", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L87", "kind": "文档" } }, { "term": "零息债／浮息债", "english": "Zero-coupon bond, Floating-rate bond", "explanation": "零息债通常不定期付息、以折价发行并到期还本；浮息债的票息随某个参考利率按规则重设。", "category": "债券、利率与信用分析", "id": "t0592", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 87, "matched": "零息债", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L87", "kind": "文档" } }, { "term": "净价／全价／应计利息", "english": "Clean price, Dirty price, Accrued interest", "explanation": "净价不含本付息周期已积累的利息；全价等于净价加应计利息，常更接近实际结算金额。", "category": "债券、利率与信用分析", "id": "t0593", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 242, "matched": "净价", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L242", "kind": "文档" } }, { "term": "日计数规则", "english": "Day-count convention", "explanation": "规定利息期间按实际天数、每月 30 天或其他方式折算成年数，相同票息在不同规则下应计金额可能不同。", "category": "债券、利率与信用分析", "id": "t0594", "source": { "path": "agent/src/quantlib/fixedincome.py", "line": 68, "matched": "day-count convention", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fixedincome.py#L68", "kind": "源码" } }, { "term": "单利／复利／连续复利", "english": "Simple, Discrete compounding, Continuous compounding", "explanation": "单利只按本金计息；复利让利息继续生息；连续复利是计息频率无限加密的数学形式。", "category": "债券、利率与信用分析", "id": "t0595", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 241, "matched": "复利", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L241", "kind": "文档" } }, { "term": "当期收益率", "english": "Current yield", "explanation": "一年票息除当前债券价格，只看利息部分，不包括买卖价差、到期还本损益和再投资效果。", "category": "债券、利率与信用分析", "id": "t0596", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 214, "matched": "当期收益率", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L214", "kind": "文档" } }, { "term": "到期收益率", "english": "YTM, Yield to maturity", "explanation": "使承诺的未来本息现值等于当前价格的折现率。实际持有收益还受违约、再投资和交易成本影响。", "category": "债券、利率与信用分析", "id": "t0597", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 12, "matched": "YTM", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L12", "kind": "文档" }, "reference": { "title": "FINRA：债券收益率与回报", "url": "https://www.finra.org/investors/insights/bond-yield-return" } }, { "term": "赎回收益率／最差收益率", "english": "YTC, YTW", "explanation": "分别按可能被提前赎回的日期计算收益率，以及在约定候选情景中取较低的收益率。“最差”通常不包含违约导致的全部极端损失。", "category": "债券、利率与信用分析", "id": "t0598", "source": null }, { "term": "溢价债／折价债", "english": "Premium bond, Discount bond", "explanation": "市场价格高于或低于面值的债券。票息高不代表买入后的到期收益率也高。", "category": "债券、利率与信用分析", "id": "t0599", "source": null }, { "term": "即期利率／远期利率／折现因子", "english": "Spot rate, Forward rate, Discount factor", "explanation": "即期利率对应现在到某期限；远期利率对应未来两个时点之间；折现因子表示届时一元钱今天值多少。", "category": "债券、利率与信用分析", "id": "t0600", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 174, "matched": "即期利率", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L174", "kind": "文档" } }, { "term": "Nelson–Siegel／Svensson 曲线", "english": "Nelson-Siegel, Svensson", "explanation": "用少量参数拟合收益率曲线的水平、斜率和弯曲程度，便于插值与分析。", "category": "债券、利率与信用分析", "id": "t0601", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 573, "matched": "Nelson-Siegel", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L573", "kind": "文档" } }, { "term": "久期／麦考利久期", "english": "Duration, Macaulay duration", "explanation": "麦考利久期按各笔现金流现值权重计算平均回收时间，是理解利率敏感性的基础，不等于最后到期时间。", "category": "债券、利率与信用分析", "id": "t0602", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 12, "matched": "久期", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L12", "kind": "文档" } }, { "term": "修正久期", "english": "Modified duration", "explanation": "近似衡量收益率小幅上升时债价下降比例。修正久期为 5，收益率升 1 个百分点时，债价约跌 5%，忽略凸性。", "category": "债券、利率与信用分析", "id": "t0603", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 216, "matched": "修正久期", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L216", "kind": "文档" }, "reference": { "title": "FINRA：久期与利率变动", "url": "https://syndication.finra.org/content/duration-what-interest-rate-hike-could-do-your-bond-portfolio" } }, { "term": "有效久期", "english": "Effective duration", "explanation": "通过上下移动利率重新估值来测敏感性，适合现金流会随利率改变的债券，例如可赎回债。", "category": "债券、利率与信用分析", "id": "t0604", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 365, "matched": "Effective Duration", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L365", "kind": "文档" } }, { "term": "金额久期／DV01", "english": "Dollar duration, Dollar value of 01", "explanation": "金额久期把价格敏感性换成钱；DV01 表示收益率变动 1 个基点带来的价值变化，正负号及持仓面值要写清。", "category": "债券、利率与信用分析", "id": "t0605", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 16, "matched": "DV01", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L16", "kind": "文档" } }, { "term": "关键利率久期", "english": "KRD, Key rate duration", "explanation": "分别衡量曲线上不同期限利率变化的影响，比假定整条曲线一起平移更细。", "category": "债券、利率与信用分析", "id": "t0606", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 16, "matched": "关键利率久期", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L16", "kind": "文档" } }, { "term": "凸性", "english": "Convexity", "explanation": "描述债价与收益率关系的弯曲程度，用于修正久期的线性近似；含权债券有时会出现负凸性。", "category": "债券、利率与信用分析", "id": "t0607", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 12, "matched": "凸性", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L12", "kind": "文档" } }, { "term": "利率免疫", "english": "Immunization", "explanation": "通过资产负债现金流、久期等匹配，减少利率变化对特定偿付目标的影响，仍需再平衡和条件检查。", "category": "债券、利率与信用分析", "id": "t0608", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 434, "matched": "Immunization", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L434", "kind": "文档" } }, { "term": "信用评级／主体评级／债项评级", "english": "Credit rating, Issuer rating, Issue rating", "explanation": "评级机构对信用风险的意见；主体评级看整体还款能力，债项评级还看具体担保、顺序和条款。不是偿付保证。", "category": "债券、利率与信用分析", "id": "t0609", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 13, "matched": "信用评级", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L13", "kind": "文档" } }, { "term": "投资级／高收益债", "english": "Investment grade, High yield, IG, HY", "explanation": "按特定评级体系区分信用质量；高收益债通常风险更高。不同国家评级分布不能只按字母机械比较。", "category": "债券、利率与信用分析", "id": "t0610", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 41, "matched": "投资级", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L41", "kind": "文档" } }, { "term": "信用利差", "english": "Credit spread", "explanation": "债券收益率相对可比基准的差额，可能包含违约、流动性、税和其他溢价，不全是违约概率。", "category": "债券、利率与信用分析", "id": "t0611", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 14, "matched": "信用利差", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L14", "kind": "文档" } }, { "term": "利差走阔／收窄", "english": "Spread widening, Tightening", "explanation": "相对基准要求的额外收益增加或减少。在其他条件不变时，利差走阔通常使信用债价格下跌。", "category": "债券、利率与信用分析", "id": "t0612", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 478, "matched": "收窄", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L478", "kind": "文档" } }, { "term": "利差久期／CS01", "english": "Spread duration, Credit spread DV01", "explanation": "衡量信用利差变化对价格的敏感性；CS01 常指利差变动一个基点的价值影响。", "category": "债券、利率与信用分析", "id": "t0613", "source": { "path": "agent/src/quantlib/credit.py", "line": 41, "matched": "credit_spread_dv01", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/credit.py#L41", "kind": "源码" } }, { "term": "违约／交叉违约／加速到期", "english": "Default, Cross-default, Acceleration", "explanation": "违约是不满足合同义务；交叉违约使一处违约触发其他债务条款；加速到期要求债务提前偿还。", "category": "债券、利率与信用分析", "id": "t0614", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 3, "matched": "违约", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "契约条款／优先级／抵押", "english": "Covenant, Seniority, Collateral", "explanation": "分别规定借款人的约束、出问题时谁先获偿，以及哪些资产为债务提供担保。", "category": "债券、利率与信用分析", "id": "t0615", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 30, "matched": "抵押", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L30", "kind": "文档" } }, { "term": "回收率／违约损失率", "english": "Recovery rate, LGD", "explanation": "违约后能收回的比例，以及收不回的比例。回收率 40% 时，简化 LGD 为 60%。", "category": "债券、利率与信用分析", "id": "t0616", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 853, "matched": "回收率", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L853", "kind": "文档" } }, { "term": "违约概率／风险暴露／预期信用损失", "english": "PD, EAD, Expected loss", "explanation": "PD 是违约可能性，EAD 是违约时欠款敞口；简单预期损失约为 PD×LGD×EAD，不能代表最坏损失。", "category": "债券、利率与信用分析", "id": "t0617", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 13, "matched": "违约概率", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L13", "kind": "文档" } }, { "term": "违约强度／存活概率", "english": "Hazard rate, Survival probability", "explanation": "违约强度描述尚未违约条件下瞬时违约速率；存活概率是某日期前仍未违约的概率。", "category": "债券、利率与信用分析", "id": "t0618", "source": { "path": "agent/src/quantlib/credit.py", "line": 36, "matched": "hazard_rate", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/credit.py#L36", "kind": "源码" } }, { "term": "信用违约互换", "english": "CDS, Credit default swap", "explanation": "保护买方持续支付费用，在发生合同规定信用事件时获得相应补偿，涉及参考实体及交易对手两方面风险。", "category": "债券、利率与信用分析", "id": "t0619", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 453, "matched": "CDS", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L453", "kind": "文档" } }, { "term": "Altman Z-score", "english": "Altman Z, Z-prime, Z-double-prime", "explanation": "组合多项财务比率评估财务困境风险的评分模型；上市制造业、私企等使用不同版本，不是通用破产概率。", "category": "债券、利率与信用分析", "id": "t0620", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 49, "matched": "Altman Z-Score", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L49", "kind": "文档" } }, { "term": "Merton 信用模型", "english": "Merton structural model", "explanation": "把公司资产价值与债务门槛比较，并用期权思想从股权推估信用风险，依赖资产过程和债务简化假设。", "category": "债券、利率与信用分析", "id": "t0621", "source": { "path": "agent/src/quantlib/credit.py", "line": 221, "matched": "Merton structural model", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/credit.py#L221", "kind": "源码" } }, { "term": "违约距离", "english": "DD, Distance to default", "explanation": "公司资产相对违约门槛还隔着多少波动单位，越近通常越危险，但并非直接的时间倒计时。", "category": "债券、利率与信用分析", "id": "t0622", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 103, "matched": "违约距离", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L103", "kind": "文档" } }, { "term": "KMV／预期违约频率", "english": "KMV, EDF", "explanation": "结合结构模型的违约距离和历史违约映射估计风险。项目的参考区间或正态近似不等于商业 KMV 的完整校准 EDF。", "category": "债券、利率与信用分析", "id": "t0623", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 119, "matched": "KMV", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L119", "kind": "文档" } }, { "term": "Vasicek 信用组合模型", "english": "Vasicek credit portfolio model", "explanation": "用共同经济因素与个体因素描述大量借款人的相关违约，估计组合极端损失，依赖组合分散等假设。", "category": "债券、利率与信用分析", "id": "t0624", "source": null }, { "term": "资产证券化／ABS／MBS／ABN", "english": "Securitization, Asset-backed security, Mortgage-backed security, Asset-backed note", "explanation": "把贷款、应收款等资产现金流打包形成证券；MBS 以住房或商业抵押贷款等为基础，ABN 是一类资产支持票据。", "category": "债券、利率与信用分析", "id": "t0625", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 15, "matched": "ABS", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L15", "kind": "文档" } }, { "term": "特殊目的载体／分层／增信", "english": "SPV, Tranche, Credit enhancement", "explanation": "把资产放入专门结构并分优先、次级等偿付层次，再用担保、超额抵押等安排吸收风险；结构不能凭空消除底层损失。", "category": "债券、利率与信用分析", "id": "t0626", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 192, "matched": "分层", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L192", "kind": "文档" } }, { "term": "提前偿还／再投资风险", "english": "Prepayment, Reinvestment risk", "explanation": "借款人提前还钱会改变现金流；投资者收回的钱可能只能以更低利率再投，两者影响债券实际回报。", "category": "债券、利率与信用分析", "id": "t0627", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 292, "matched": "Prepayment", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L292", "kind": "文档" } }, { "term": "城投债／地方融资平台", "english": "LGFV bond, Local government financing vehicle", "explanation": "由地方相关融资平台发行的债务。市场可能预期政府支持，但不应把预期当成无条件法律担保。", "category": "债券、利率与信用分析", "id": "t0628", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 3, "matched": "城投债", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "政策性银行债／地方政府债", "english": "Policy-bank bond, Local government bond", "explanation": "分别由政策性银行、地方政府等主体发行，发行主体、偿付安排和适用规则不同。", "category": "债券、利率与信用分析", "id": "t0629", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 761, "matched": "地方政府债", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L761", "kind": "文档" } }, { "term": "同业存单／短融／超短融／中票", "english": "NCD, CP, SCP, MTN", "explanation": "银行或非金融企业不同期限和规则下的债务融资工具，名称本身不保证信用风险很低。", "category": "债券、利率与信用分析", "id": "t0630", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 763, "matched": "同业存单", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L763", "kind": "文档" } }, { "term": "银行间市场／券款对付", "english": "Interbank market, DVP", "explanation": "银行间市场是机构债券等交易的重要场所；DVP 是证券交付与资金支付相互绑定的交收安排。", "category": "债券、利率与信用分析", "id": "t0631", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 744, "matched": "银行间市场", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L744", "kind": "文档" } }, { "term": "可转债", "english": "Convertible bond", "explanation": "满足条件时可转换成发行人股票的债券，兼具债务与股权选择权特征，也承担信用和条款风险。", "category": "债券、利率与信用分析", "id": "t0632", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 3, "matched": "可转债", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "转股价／转股比例／转股价值", "english": "Conversion price, Conversion ratio, Conversion value", "explanation": "转股价决定面值能换多少股；比例是可换股数；转股价值是这些股票按当前价格值多少钱。", "category": "债券、利率与信用分析", "id": "t0633", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 272, "matched": "转股价", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L272", "kind": "文档" } }, { "term": "转股溢价率", "english": "Conversion premium", "explanation": "可转债价格相对转股价值贵多少。例如债价 120、转股价值 100，溢价率是 20%。", "category": "债券、利率与信用分析", "id": "t0634", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 271, "matched": "转股溢价率", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L271", "kind": "文档" } }, { "term": "纯债价值／债底", "english": "Bond floor", "explanation": "忽略转股权、按信用和利率估计的债券价值参考。信用恶化时债底也会下降，不是交易所保证的最低价格。", "category": "债券、利率与信用分析", "id": "t0635", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 263, "matched": "纯债价值", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L263", "kind": "文档" } }, { "term": "转股价下修", "english": "Downward conversion-price reset", "explanation": "满足条款和程序时降低转股价格，让同样面值能换更多股票；是否发生及幅度取决于规则与决策。", "category": "债券、利率与信用分析", "id": "t0636", "source": null }, { "term": "强赎／回售", "english": "Issuer call, Investor put", "explanation": "强赎是发行人按条款提前赎回；回售是持有人按条款要求发行人买回。市场价格高于赎回价时尤其要关注时点。", "category": "债券、利率与信用分析", "id": "t0637", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 276, "matched": "强赎", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L276", "kind": "文档" } }, { "term": "双低转债", "english": "Double-low convertible strategy", "explanation": "同时偏好债券价格较低、转股溢价较低的可转债，具体综合得分各策略不同，仍需过滤信用和强赎风险。", "category": "债券、利率与信用分析", "id": "t0638", "source": null }, { "term": "合约乘数", "english": "Contract multiplier", "explanation": "把报价变化换成每份合约盈亏的系数。价格变动 1 点，乘数为 300 元/点，则每份盈亏变动 300 元。", "category": "期货、商品与衍生品结构", "id": "t0639", "source": { "path": "agent/src/skills/hedging-strategy/SKILL.md", "line": 37, "matched": "Contract Multiplier", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/hedging-strategy/SKILL.md#L37", "kind": "文档" } }, { "term": "主力合约／连续合约", "english": "Front/most-active contract, Continuous futures", "explanation": "主力通常是较活跃的具体合约；连续合约把多个到期月份历史拼接，拼接价差不一定是可交易收益。", "category": "期货、商品与衍生品结构", "id": "t0640", "source": { "path": "agent/src/skills/tushare/SKILL.md", "line": 145, "matched": "主力合约", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/tushare/SKILL.md#L145", "kind": "文档" } }, { "term": "近月／远月／换月", "english": "Near month, Deferred month, Roll", "explanation": "按到期远近区分合约；换月是退出将到期合约、进入更远期合约以继续维持敞口。", "category": "期货、商品与衍生品结构", "id": "t0641", "source": { "path": "agent/src/skills/hedging-strategy/SKILL.md", "line": 183, "matched": "Roll", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/hedging-strategy/SKILL.md#L183", "kind": "文档" } }, { "term": "基差", "english": "Basis", "explanation": "期货与现货之间的价格差。商品传统常用现货减期货，加密接口常用期货减现货，先确认正负定义再判断升贴水。", "category": "期货、商品与衍生品结构", "id": "t0642", "source": { "path": "agent/src/skills/hedging-strategy/SKILL.md", "line": 44, "matched": "basis", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/hedging-strategy/SKILL.md#L44", "kind": "文档" }, "reference": { "title": "CME：商品基差", "url": "https://www.cmegroup.com/education/courses/introduction-to-grains-and-oilseeds/learn-about-basis-grains" } }, { "term": "期货升水／贴水", "english": "Futures premium, Futures discount", "explanation": "期货价格高于或低于对应现货价格的描述，还需考虑融资、库存、分红及剩余期限。", "category": "期货、商品与衍生品结构", "id": "t0643", "source": { "path": "agent/src/skills/commodity-analysis/SKILL.md", "line": 3, "matched": "futures premium", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/commodity-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "正向市场／反向市场", "english": "Contango, Backwardation", "explanation": "通常指远期曲线远月更贵或近月更贵的结构，也常用于期现比较。它不是对未来现货涨跌的确定预测。", "category": "期货、商品与衍生品结构", "id": "t0644", "source": { "path": "agent/src/skills/commodity-analysis/SKILL.md", "line": 104, "matched": "Contango", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/commodity-analysis/SKILL.md#L104", "kind": "文档" }, "reference": { "title": "CME：Contango 与 Backwardation", "url": "https://www.cmegroup.com/education/courses/introduction-to-ferrous-metals/what-is-contango-and-backwardation" } }, { "term": "展期收益／展期成本", "english": "Roll yield, Roll cost", "explanation": "持有连续期货敞口时，合约曲线与到期收敛产生的收益或损耗，不能只看换月当下两张报价差就断言立即赚亏。", "category": "期货、商品与衍生品结构", "id": "t0645", "source": { "path": "agent/src/skills/hedging-strategy/SKILL.md", "line": 183, "matched": "Roll cost", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/hedging-strategy/SKILL.md#L183", "kind": "文档" } }, { "term": "持有成本／便利收益", "english": "Cost of carry, Convenience yield", "explanation": "融资仓储等构成持有现货的成本；实物在手能应对生产或短缺的好处称便利收益，共同影响期货定价。", "category": "期货、商品与衍生品结构", "id": "t0646", "source": { "path": "agent/src/skills/perp-funding-basis/SKILL.md", "line": 74, "matched": "cost-of-carry", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/perp-funding-basis/SKILL.md#L74", "kind": "文档" } }, { "term": "跨期套利／跨品种套利", "english": "Calendar spread, Inter-commodity spread", "explanation": "分别交易同一品种不同到期合约的价差，或相关商品之间的价格关系，仍有结构变化与执行风险。", "category": "期货、商品与衍生品结构", "id": "t0647", "source": { "path": "agent/src/skills/crypto-derivatives/SKILL.md", "line": 111, "matched": "Calendar Spread", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/crypto-derivatives/SKILL.md#L111", "kind": "文档" } }, { "term": "期现套利", "english": "Cash-and-carry, Reverse cash-and-carry", "explanation": "同时交易现货和期货，尝试锁定价格关系减去融资仓储等成本后的收益，做空和交割条件可能限制执行。", "category": "期货、商品与衍生品结构", "id": "t0648", "source": { "path": "agent/src/skills/crypto-derivatives/SKILL.md", "line": 110, "matched": "Cash-and-Carry", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/crypto-derivatives/SKILL.md#L110", "kind": "文档" } }, { "term": "库存周期／供需平衡表", "english": "Inventory cycle, Supply-demand balance", "explanation": "观察生产、消费、进出口和库存变化，判断商品是供给紧张还是库存累积。", "category": "期货、商品与衍生品结构", "id": "t0649", "source": { "path": "agent/src/skills/commodity-analysis/SKILL.md", "line": 3, "matched": "supply-demand balance", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/commodity-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "库存消费比", "english": "Stocks-to-use ratio", "explanation": "库存相对一定时期消费量的比例，可粗略表示库存能覆盖多久的需求，常用于农产品等分析。", "category": "期货、商品与衍生品结构", "id": "t0650", "source": null }, { "term": "裂解价差／冶炼加工费", "english": "Crack spread, Treatment/refining charge, TC/RC", "explanation": "裂解价差比较成品油与原油价格；加工费体现矿石加工成金属环节的报酬，是不同产业链利润代理。", "category": "期货、商品与衍生品结构", "id": "t0651", "source": { "path": "agent/src/skills/commodity-analysis/SKILL.md", "line": 76, "matched": "TC/RC", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/commodity-analysis/SKILL.md#L76", "kind": "文档" } }, { "term": "期限结构", "english": "Term structure", "explanation": "同一类指标随期限的排列关系，可以指利率、期货价或期权波动率，使用时要说明对象。", "category": "期货、商品与衍生品结构", "id": "t0652", "source": { "path": "agent/src/skills/commodity-analysis/SKILL.md", "line": 114, "matched": "Term-structure", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/commodity-analysis/SKILL.md#L114", "kind": "文档" } }, { "term": "看涨期权／看跌期权", "english": "Call, Put", "explanation": "看涨期权让买方按约定价买入标的；看跌期权让买方按约定价卖出。买 put 与卖 call 都可能偏空，但风险结构完全不同。", "category": "期权定价、希腊字母与组合", "id": "t0653", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 83, "matched": "看涨期权", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L83", "kind": "文档" } }, { "term": "期权买方／卖方", "english": "Long option, Short option, Writer", "explanation": "买方支付权利金获得权利；卖方收取权利金承担义务。卖方不是只要等到期就能稳收租。", "category": "期权定价、希腊字母与组合", "id": "t0654", "source": { "path": "agent/src/skills/options-advanced/SKILL.md", "line": 51, "matched": "Short-option", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-advanced/SKILL.md#L51", "kind": "文档" } }, { "term": "权利金", "english": "Option premium", "explanation": "购买期权支付的价格。报价可能按一股或一点表示，实际金额还要乘合约乘数和份数。", "category": "期权定价、希腊字母与组合", "id": "t0655", "source": { "path": "agent/src/skills/hedging-strategy/SKILL.md", "line": 54, "matched": "option premium", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/hedging-strategy/SKILL.md#L54", "kind": "文档" } }, { "term": "行权价／行权", "english": "Strike price, Exercise", "explanation": "行权价是合同约定买卖标的的价格；行权是买方按条款使用这一权利，不是把期权卖给别人。", "category": "期权定价、希腊字母与组合", "id": "t0656", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 112, "matched": "exercise", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L112", "kind": "文档" } }, { "term": "指派／提前行权", "english": "Assignment, Early exercise", "explanation": "卖方被要求履约称指派；到期前行使权利称提前行权。卖方无法假定对方一定等到最后一天。", "category": "期权定价、希腊字母与组合", "id": "t0657", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 719, "matched": "assignment", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L719", "kind": "文档" } }, { "term": "欧式／美式期权", "english": "European option, American option", "explanation": "欧式通常只能到期行权，美式可在允许期间内提前行权。名称表示行权规则，不是交易地点。", "category": "期权定价、希腊字母与组合", "id": "t0658", "source": { "path": "agent/src/quantlib/options.py", "line": 225, "matched": "European option", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/options.py#L225", "kind": "源码" } }, { "term": "实值／平值／虚值", "english": "ITM, ATM, OTM", "explanation": "按立即行权是否有内在收益划分。看涨期权标的高于行权价为实值，看跌相反；平值是在行权价附近。", "category": "期权定价、希腊字母与组合", "id": "t0659", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 54, "matched": "ATM", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L54", "kind": "文档" } }, { "term": "内在价值／时间价值", "english": "Intrinsic value, Time value", "explanation": "内在价值是立即行权的非负收益；期权价格超过该参考的部分通常称时间价值。含分红、利率和欧式限制时需注意细节。", "category": "期权定价、希腊字母与组合", "id": "t0660", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 236, "matched": "time value", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L236", "kind": "文档" } }, { "term": "到期损益／盈亏平衡点", "english": "Expiry payoff, Expiry PnL, Break-even", "explanation": "payoff 常指合同到期支付，PnL 还要扣买入成本或加卖出收入；盈亏平衡点是合计盈亏为零的标的价。", "category": "期权定价、希腊字母与组合", "id": "t0661", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 213, "matched": "Expiry Payoff", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L213", "kind": "文档" } }, { "term": "隐含波动率／历史波动率", "english": "IV, Implied volatility, HV, Realized volatility", "explanation": "IV 是把当前期权价格反推到模型的波动参数；历史或实现波动是已经发生的价格波动。IV 不是模型对未来的保证。", "category": "期权定价、希腊字母与组合", "id": "t0662", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 14, "matched": "Implied volatility", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L14", "kind": "文档" } }, { "term": "波动率风险溢价", "english": "VRP, Volatility risk premium", "explanation": "隐含与随后实现波动相关的定价差异，常与市场愿为尾部保护支付的费用有关，不能直接无风险赚取。", "category": "期权定价、希腊字母与组合", "id": "t0663", "source": null }, { "term": "波动率微笑／偏斜", "english": "Volatility smile, Skew", "explanation": "同到期但不同行权价的 IV 不一样；两边高呈微笑，一侧更高呈偏斜。", "category": "期权定价、希腊字母与组合", "id": "t0664", "source": { "path": "agent/src/skills/options-advanced/SKILL.md", "line": 3, "matched": "skew", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-advanced/SKILL.md#L3", "kind": "文档" } }, { "term": "波动率曲面", "english": "Volatility surface", "explanation": "同时按行权价和到期时间排列 IV，像一张起伏曲面，用于定价和风险管理。", "category": "期权定价、希腊字母与组合", "id": "t0665", "source": { "path": "agent/src/skills/options-advanced/SKILL.md", "line": 3, "matched": "volatility-surface", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-advanced/SKILL.md#L3", "kind": "文档" } }, { "term": "IV Rank／IV Percentile", "english": "Implied-volatility rank, Percentile", "explanation": "Rank 常看当前 IV 在历史最高最低之间的位置；Percentile 看历史有多少观察值低于当前，二者不能互换。", "category": "期权定价、希腊字母与组合", "id": "t0666", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 684, "matched": "percentile", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L684", "kind": "文档" }, "reference": { "title": "OIC：IV Rank 与 Percentile", "url": "https://prd-web.optionseducation.org/news/june-office-hours-faqs-iv-statistics-position-management-and-the-wheel-strategy" } }, { "term": "Black–Scholes–Merton 模型", "english": "BS, BSM", "explanation": "在特定价格过程、波动和交易假设下计算欧式期权价值的模型。真实市场的跳空、提前行权与波动曲面需要额外处理。", "category": "期权定价、希腊字母与组合", "id": "t0667", "source": null }, { "term": "无套利边界／看涨看跌平价", "english": "No-arbitrage bounds, Put-call parity", "explanation": "在匹配标的、行权价、到期及融资分红条件下，期权价格应满足一定上下界和组合关系。", "category": "期权定价、希腊字母与组合", "id": "t0668", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 132, "matched": "Put-Call Parity", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L132", "kind": "文档" } }, { "term": "希腊字母／敏感度", "english": "Greeks, Sensitivity", "explanation": "用局部变化率估计期权受价格、时间、波动和利率影响的程度，像不同风险维度的仪表。", "category": "期权定价、希腊字母与组合", "id": "t0669", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 3, "matched": "Greeks", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L3", "kind": "文档" } }, { "term": "Delta", "english": "Delta, Δ", "explanation": "标的价格小幅变动 1 单位时，期权价值大约变化多少。例如 Delta=0.6，其他条件不变，标的涨 1 元期权约涨 0.6 元，未乘合约倍数。", "category": "期权定价、希腊字母与组合", "id": "t0670", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 142, "matched": "Delta", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L142", "kind": "文档" }, "reference": { "title": "OIC：期权波动与 Greeks", "url": "https://www.optionseducation.org/advancedconcepts/volatility-the-greeks" } }, { "term": "Gamma", "english": "Gamma, Γ", "explanation": "标的价格变化时 Delta 改变多快。Gamma 大，原本中性的对冲会更快偏离，需要更频繁调整。", "category": "期权定价、希腊字母与组合", "id": "t0671", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 150, "matched": "Gamma", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L150", "kind": "文档" } }, { "term": "Theta", "english": "Theta, Θ", "explanation": "其他条件不变、时间流逝对期权价值的局部影响。项目定价工具按日输出，不能把每日数值直接当成年值。", "category": "期权定价、希腊字母与组合", "id": "t0672", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 83, "matched": "Theta", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L83", "kind": "文档" } }, { "term": "Vega", "english": "Vega, ν", "explanation": "IV 变动对期权价值的影响。项目按波动率变动 1 个百分点报告，例如从 20% 到 21%，不是从 20% 增长 1%。", "category": "期权定价、希腊字母与组合", "id": "t0673", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 172, "matched": "Vega", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L172", "kind": "文档" } }, { "term": "Rho", "english": "Rho, ρ", "explanation": "利率小幅变化对期权价值的影响；项目按利率变动 1 个百分点输出，长到期期权往往更值得关注。", "category": "期权定价、希腊字母与组合", "id": "t0674", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 179, "matched": "Rho", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L179", "kind": "文档" } }, { "term": "Vanna／Volga／Vomma", "english": "Vanna, Volga, Vomma", "explanation": "Vanna 描述 Delta 对波动率的敏感性；Volga 与 Vomma 常同义，描述 Vega 随波动率如何改变，属于更高阶风险。", "category": "期权定价、希腊字母与组合", "id": "t0675", "source": { "path": "agent/src/skills/options-advanced/SKILL.md", "line": 58, "matched": "Vanna", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-advanced/SKILL.md#L58", "kind": "文档" } }, { "term": "Delta 中性", "english": "Delta neutral", "explanation": "组合对标的小幅价格变化的一阶敏感性接近零。仍会受 Gamma、波动、时间、跳空和对冲成本影响。", "category": "期权定价、希腊字母与组合", "id": "t0676", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 704, "matched": "Delta-neutral", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L704", "kind": "文档" } }, { "term": "Gamma 交易／波动套利", "english": "Gamma scalping, Volatility arbitrage", "explanation": "通过期权与动态标的对冲，交易实际波动与期权定价之间的差异。频繁对冲有成本，并非名为套利就无风险。", "category": "期权定价、希腊字母与组合", "id": "t0677", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 705, "matched": "Gamma scalping", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L705", "kind": "文档" } }, { "term": "偏斜交易", "english": "Skew trade", "explanation": "交易不同执行价之间 IV 的相对变化，通常需要同时管理方向和整体波动暴露。", "category": "期权定价、希腊字母与组合", "id": "t0678", "source": { "path": "agent/src/skills/options-advanced/SKILL.md", "line": 115, "matched": "Skew Trade", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-advanced/SKILL.md#L115", "kind": "文档" } }, { "term": "Heston 随机波动模型", "english": "Heston model", "explanation": "让波动本身也随机变化，并允许价格与波动冲击相关，能表达比固定波动模型更丰富的形状。", "category": "期权定价、希腊字母与组合", "id": "t0679", "source": { "path": "agent/src/quantlib/volatility.py", "line": 3, "matched": "Heston model", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/volatility.py#L3", "kind": "源码" } }, { "term": "Feller 条件", "english": "Feller condition", "explanation": "Heston 等平方根方差过程中的一个参数条件，帮助判断连续模型方差是否会触及零；不保证数值程序自动稳定。", "category": "期权定价、希腊字母与组合", "id": "t0680", "source": { "path": "agent/src/quantlib/volatility.py", "line": 35, "matched": "feller_condition", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/volatility.py#L35", "kind": "源码" } }, { "term": "障碍期权／敲入／敲出", "english": "Barrier option, Knock-in, Knock-out", "explanation": "合约是否生效或失效取决于价格是否触及指定障碍。上敲、下敲指障碍方向，连续与离散监测结果会不同。", "category": "期权定价、希腊字母与组合", "id": "t0681", "source": { "path": "agent/src/quantlib/options.py", "line": 36, "matched": "barrier_option", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/options.py#L36", "kind": "源码" } }, { "term": "返还金", "english": "Rebate", "explanation": "某些障碍期权触发规定条件后支付的补偿金额，时间与条件须看合约。", "category": "期权定价、希腊字母与组合", "id": "t0682", "source": { "path": "agent/src/quantlib/options.py", "line": 516, "matched": "rebate", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/options.py#L516", "kind": "源码" } }, { "term": "期权腿／多腿组合", "english": "Option leg, Multi-leg strategy", "explanation": "组合中的每一项买入或卖出期权称一条腿，多条腿合在一起塑造收益和风险形状。", "category": "期权定价、希腊字母与组合", "id": "t0683", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 3, "matched": "multi-leg strategy", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L3", "kind": "文档" } }, { "term": "借方价差／贷方价差", "english": "Debit spread, Credit spread", "explanation": "组合建仓时净付权利金或净收权利金。这里 credit spread 是期权组合，不是债券信用利差。", "category": "期权定价、希腊字母与组合", "id": "t0684", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 59, "matched": "credit_spread", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L59", "kind": "文档" } }, { "term": "垂直价差", "english": "Vertical spread", "explanation": "买卖相同到期、同一类型但不同行权价的期权，把潜在收益与损失限制在一定范围，仍需正确处理指派和标的交割。", "category": "期权定价、希腊字母与组合", "id": "t0685", "source": null }, { "term": "牛市看涨价差", "english": "Bull call spread", "explanation": "买较低行权价 call、卖同到期较高行权价 call，通常净付费，押注适度上涨。", "category": "期权定价、希腊字母与组合", "id": "t0686", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 45, "matched": "Bull Call Spread", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L45", "kind": "文档" } }, { "term": "熊市看跌价差", "english": "Bear put spread", "explanation": "买较高行权价 put、卖同到期较低行权价 put，通常净付费，押注适度下跌。", "category": "期权定价、希腊字母与组合", "id": "t0687", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 46, "matched": "Bear Put Spread", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L46", "kind": "文档" } }, { "term": "牛市看跌价差", "english": "Bull put spread", "explanation": "卖较高行权价 put、买同到期较低行权价 put，通常净收权利金，适合预期价格不大跌的结构表达。", "category": "期权定价、希腊字母与组合", "id": "t0688", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 47, "matched": "Bull Put Spread", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L47", "kind": "文档" } }, { "term": "熊市看涨价差", "english": "Bear call spread", "explanation": "卖较低行权价 call、买同到期较高行权价 call，通常净收权利金，表达价格不大涨的观点。", "category": "期权定价、希腊字母与组合", "id": "t0689", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 48, "matched": "Bear Call Spread", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L48", "kind": "文档" } }, { "term": "买入跨式／卖出跨式", "english": "Long straddle, Short straddle", "explanation": "同时买入或卖出相同行权价、同到期的 call 和 put。买方盼足够大波动，卖方承担大波动风险。", "category": "期权定价、希腊字母与组合", "id": "t0690", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 54, "matched": "Long Straddle", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L54", "kind": "文档" } }, { "term": "买入宽跨式／卖出宽跨式", "english": "Long strangle, Short strangle", "explanation": "使用不同行权价的 put 与 call，常选两边虚值。买方成本可能较低，但通常要更大幅度变化才能覆盖权利金。", "category": "期权定价、希腊字母与组合", "id": "t0691", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 56, "matched": "Long Strangle", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L56", "kind": "文档" } }, { "term": "蝶式价差", "english": "Butterfly spread", "explanation": "典型为同到期低行权价买一份、中间卖两份、高行权价买一份，围绕中间价格形成峰形到期收益。", "category": "期权定价、希腊字母与组合", "id": "t0692", "source": null }, { "term": "铁蝶式", "english": "Iron butterfly", "explanation": "通常卖出中间同价 call 与 put，再买两端保护，净收权利金，期待到期价格靠近中间。", "category": "期权定价、希腊字母与组合", "id": "t0693", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 65, "matched": "Iron Butterfly", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L65", "kind": "文档" } }, { "term": "鹰式价差", "english": "Condor spread", "explanation": "用四个行权价形成中间较平坦的收益区，常见同类型期权按买、卖、卖、买组合。", "category": "期权定价、希腊字母与组合", "id": "t0694", "source": null }, { "term": "铁鹰式", "english": "Iron condor", "explanation": "组合一个看跌信用价差和一个看涨信用价差，通常押注价格留在区间内，两端设保护。", "category": "期权定价、希腊字母与组合", "id": "t0695", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 72, "matched": "Iron Condor", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L72", "kind": "文档" } }, { "term": "日历价差", "english": "Calendar spread, Time spread", "explanation": "通常卖近到期、买远到期的同类型同行权价期权，交易时间和波动结构；不能仅凭单个到期损益图理解全部风险。", "category": "期权定价、希腊字母与组合", "id": "t0696", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 80, "matched": "Calendar Spread", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L80", "kind": "文档" } }, { "term": "对角价差", "english": "Diagonal spread", "explanation": "买卖期权同时在到期日和行权价上不同，混合方向与期限结构暴露。", "category": "期权定价、希腊字母与组合", "id": "t0697", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 81, "matched": "Diagonal Spread", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L81", "kind": "文档" } }, { "term": "比例价差", "english": "Ratio spread", "explanation": "买卖腿的数量不相同，例如买一份卖两份；多卖出的部分可能使尾部风险重新暴露。", "category": "期权定价、希腊字母与组合", "id": "t0698", "source": { "path": "frontend/src/i18n/locales/pt-BR.json", "line": 854, "matched": "Ratio spread", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/frontend/src/i18n/locales/pt-BR.json#L854", "kind": "源码" } }, { "term": "反向比例价差", "english": "Backspread", "explanation": "常用卖少量较近平值期权、买更多较远虚值期权，追求单侧大幅波动收益，中间区域可能亏损。", "category": "期权定价、希腊字母与组合", "id": "t0699", "source": { "path": "agent/src/skills/geopolitical-risk/SKILL.md", "line": 554, "matched": "backspread", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/geopolitical-risk/SKILL.md#L554", "kind": "文档" } }, { "term": "备兑看涨／保护性看跌", "english": "Covered call, Protective put", "explanation": "备兑是在持有标的同时卖 call，收权利金但限制上涨空间；保护性看跌是持有标的同时买 put，付费保护下跌。", "category": "期权定价、希腊字母与组合", "id": "t0700", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 98, "matched": "Covered Call", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L98", "kind": "文档" } }, { "term": "领口策略", "english": "Collar", "explanation": "持有标的、买较低执行价 put 并卖较高执行价 call，把收益大体限制在区间；“零成本”只指净权利金接近零。", "category": "期权定价、希腊字母与组合", "id": "t0701", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 100, "matched": "Collar", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L100", "kind": "文档" } }, { "term": "期权展期／调整腿", "english": "Option roll, Adjustment", "explanation": "平掉原合约并换到新期限、执行价或数量。展期是新的交易选择，不会抹去之前已发生的亏损。", "category": "期权定价、希腊字母与组合", "id": "t0702", "source": { "path": "agent/src/skills/options-payoff/SKILL.md", "line": 708, "matched": "Adjustment", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-payoff/SKILL.md#L708", "kind": "文档" } }, { "term": "VIX／恐慌指数", "english": "Cboe volatility index", "explanation": "根据特定标普 500 指数期权价格衡量约未来 30 天预期波动的指标。不是上涨或下跌概率，也不能直接当普通股票持有。", "category": "期权定价、希腊字母与组合", "id": "t0703", "source": { "path": "agent/src/skills/global-macro/SKILL.md", "line": 56, "matched": "vix", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/global-macro/SKILL.md#L56", "kind": "文档" } }, { "term": "看跌看涨比", "english": "PCR, Put-call ratio", "explanation": "看跌期权成交量或持仓量相对看涨期权的比值。两种口径不同，还需考虑对冲交易，不能简单当成市场方向投票。", "category": "期权定价、希腊字母与组合", "id": "t0704", "source": { "path": "agent/src/skills/sentiment-analysis/SKILL.md", "line": 3, "matched": "Put-Call Ratio", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/sentiment-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "SABR 模型", "english": "Stochastic alpha beta rho", "explanation": "用初始波动、弹性、价格与波动相关性以及波动的波动等参数描述波动微笑，常用于利率等衍生品定价。", "category": "期权定价、希腊字母与组合", "id": "t0705", "source": { "path": "agent/src/skills/options-advanced/SKILL.md", "line": 3, "matched": "SABR", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-advanced/SKILL.md#L3", "kind": "文档" } }, { "term": "局部波动率／Dupire", "english": "Local volatility, Dupire model", "explanation": "把波动率设为时间和标的价格的函数，尝试匹配期权市场价格；对曲面数据质量和外推很敏感。", "category": "期权定价、希腊字母与组合", "id": "t0706", "source": { "path": "agent/src/skills/options-advanced/SKILL.md", "line": 41, "matched": "Dupire", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-advanced/SKILL.md#L41", "kind": "文档" } }, { "term": "波动的波动", "english": "Volatility of volatility, Vol of vol", "explanation": "描述波动率本身变动有多剧烈；它与资产价格的波动率是不同层级。", "category": "期权定价、希腊字母与组合", "id": "t0707", "source": { "path": "agent/src/skills/options-advanced/SKILL.md", "line": 37, "matched": "volatility of volatility", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-advanced/SKILL.md#L37", "kind": "文档" } }, { "term": "CEV 弹性", "english": "Constant elasticity of variance", "explanation": "让价格波动幅度随价格水平按幂关系变化的模型特征，SABR 的 beta 参数具有相关作用，别与市场 beta 混用。", "category": "期权定价、希腊字母与组合", "id": "t0708", "source": { "path": "agent/src/skills/options-advanced/SKILL.md", "line": 35, "matched": "CEV", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/options-advanced/SKILL.md#L35", "kind": "文档" } }, { "term": "基金规模／管理资产", "english": "AUM, Assets under management", "explanation": "管理人或产品管理的资产金额。规模变动既可能来自申赎，也可能来自市场涨跌。", "category": "基金产品与私募基金数学", "id": "t0709", "source": { "path": "agent/src/skills/fund-analysis/SKILL.md", "line": 263, "matched": "基金规模", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/fund-analysis/SKILL.md#L263", "kind": "文档" } }, { "term": "基金份额／申购／赎回", "english": "Fund units, Subscription, Redemption", "explanation": "份额代表投资者在基金中的权益；申购向基金投入资金换份额，赎回把份额交回换取现金或资产。", "category": "基金产品与私募基金数学", "id": "t0710", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 77, "matched": "申购", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L77", "kind": "文档" } }, { "term": "ETF 一级申赎／授权参与人", "english": "Creation/redemption, Authorized participant, AP", "explanation": "授权机构按规则用一篮子证券或现金换 ETF 份额，或反向赎回，有助于连接份额价格与底层资产价值。", "category": "基金产品与私募基金数学", "id": "t0711", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 2, "matched": "etf", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L2", "kind": "文档" } }, { "term": "ETF 溢折价／参考净值", "english": "Premium/discount to NAV, IOPV, iNAV", "explanation": "交易价格相对净值高或低；IOPV 是盘中估算参考，可能受底层市场休市或数据延迟影响，不是实时保证成交价值。", "category": "基金产品与私募基金数学", "id": "t0712", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 2, "matched": "etf", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L2", "kind": "文档" } }, { "term": "实物复制／合成复制", "english": "Physical replication, Synthetic replication", "explanation": "前者直接持有全部或部分成分资产；后者主要借助互换等合约复制指数收益，风险来源不同。", "category": "基金产品与私募基金数学", "id": "t0713", "source": null }, { "term": "跟踪差异", "english": "Tracking difference", "explanation": "基金一段时间收益与指数收益差多少；跟踪误差则看这种差异的波动，不能混为一谈。", "category": "基金产品与私募基金数学", "id": "t0714", "source": null }, { "term": "总费用率／管理费／托管费", "english": "TER, Management fee, Custody fee", "explanation": "基金持续运营相关的费用。TER 不一定包含所有投资者交易成本，需要查看产品披露。", "category": "基金产品与私募基金数学", "id": "t0715", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 56, "matched": "管理费", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L56", "kind": "文档" } }, { "term": "主动基金／被动基金／指数增强", "english": "Active fund, Passive fund, Enhanced index", "explanation": "主动基金主动选择偏离；被动基金主要复制规则指数；指数增强在控制偏离风险下争取额外收益。", "category": "基金产品与私募基金数学", "id": "t0716", "source": { "path": "agent/src/skills/fund-analysis/SKILL.md", "line": 267, "matched": "指数增强", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/fund-analysis/SKILL.md#L267", "kind": "文档" } }, { "term": "Smart Beta／因子 ETF", "english": "Smart beta, Factor ETF", "explanation": "按价值、质量、低波动等预先规则构建组合的产品，介于传统市值指数与主动选股思路之间。", "category": "基金产品与私募基金数学", "id": "t0717", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 2, "matched": "etf", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L2", "kind": "文档" } }, { "term": "杠杆 ETF／反向 ETF", "english": "Leveraged ETF, Inverse ETF", "explanation": "通常追求某个日度收益倍数或反向收益。多日收益受复利和再平衡影响，不等于长期指数收益直接乘倍数。", "category": "基金产品与私募基金数学", "id": "t0718", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 2, "matched": "etf", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L2", "kind": "文档" } }, { "term": "波动损耗／路径依赖", "english": "Volatility drag, Path dependence", "explanation": "同样的最终标的价格，不同中间涨跌路径可能让杠杆产品得到不同结果，反复震荡尤其需要理解。", "category": "基金产品与私募基金数学", "id": "t0719", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 133, "matched": "volatility drag", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L133", "kind": "文档" } }, { "term": "基金申赎费／封闭期／赎回限制", "english": "Sales/redemption load, Lock-up, Redemption gate", "explanation": "分别是进出产品的费用、不能正常赎回的期间，以及异常情况下限制赎回的安排。", "category": "基金产品与私募基金数学", "id": "t0720", "source": { "path": "agent/src/skills/report-generate/SKILL.md", "line": 260, "matched": "lock-up", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/report-generate/SKILL.md#L260", "kind": "文档" } }, { "term": "私募股权／风险投资", "english": "Private equity, PE, Venture capital, VC", "explanation": "投资未上市公司或进行收购等；VC 常投较早期高成长企业。这里 PE 是私募股权，不是市盈率。", "category": "基金产品与私募基金数学", "id": "t0721", "source": null }, { "term": "普通合伙人／有限合伙人", "english": "GP, General partner, LP, Limited partner", "explanation": "私募基金中 GP 通常负责管理并承担相应责任，LP 通常主要出资。LP 在 DeFi 里另指流动性提供者。", "category": "基金产品与私募基金数学", "id": "t0722", "source": { "path": "agent/src/quantlib/fundmath.py", "line": 1004, "matched": "general partner", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fundmath.py#L1004", "kind": "源码" } }, { "term": "认缴／实缴／资金调用", "english": "Commitment, Paid-in capital, Capital call", "explanation": "认缴是承诺最多投入多少；实缴是已实际投入；资金调用是管理人按协议要求投资者缴款。", "category": "基金产品与私募基金数学", "id": "t0723", "source": { "path": "agent/src/quantlib/fundmath.py", "line": 27, "matched": "paid_in_capital", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fundmath.py#L27", "kind": "源码" } }, { "term": "分配／剩余价值", "english": "Distribution, Residual value, RV", "explanation": "分配是已返还给投资者的钱或资产；剩余价值是仍持有投资的估值，未必能按该值顺利卖出。", "category": "基金产品与私募基金数学", "id": "t0724", "source": { "path": "agent/src/quantlib/fundmath.py", "line": 17, "matched": "residual_value", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fundmath.py#L17", "kind": "源码" } }, { "term": "DPI／已分配倍数", "english": "Distributions to paid-in", "explanation": "已分配给投资者的累计价值除累计实缴。例如投 100、已拿回 80，DPI 为 0.8 倍。", "category": "基金产品与私募基金数学", "id": "t0725", "source": { "path": "agent/src/quantlib/fundmath.py", "line": 16, "matched": "DPI", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fundmath.py#L16", "kind": "源码" }, "reference": { "title": "ILPA：私募股权术语", "url": "https://ilpa.org/resources-tools/private-equity-101/private-equity-glossary/" } }, { "term": "RVPI／剩余价值倍数", "english": "Residual value to paid-in", "explanation": "尚未退出投资的估值除实缴，反映纸面上还有多少价值，不等于已落袋收益。", "category": "基金产品与私募基金数学", "id": "t0726", "source": { "path": "agent/src/quantlib/fundmath.py", "line": 73, "matched": "rvpi", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fundmath.py#L73", "kind": "源码" } }, { "term": "TVPI／总价值倍数", "english": "Total value to paid-in", "explanation": "通常为 DPI 加 RVPI。投 100、拿回 80、剩余估值 70，TVPI 为 1.5 倍，但已拿回的只有 0.8 倍。", "category": "基金产品与私募基金数学", "id": "t0727", "source": { "path": "agent/src/quantlib/fundmath.py", "line": 15, "matched": "TVPI", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fundmath.py#L15", "kind": "源码" } }, { "term": "MOIC／投入资本倍数", "english": "Multiple on invested capital", "explanation": "投资总价值相对投入本金的倍数。它没有直接体现用了几年，1.5 倍用一年与用十年意义不同。", "category": "基金产品与私募基金数学", "id": "t0728", "source": { "path": "agent/src/quantlib/fundmath.py", "line": 75, "matched": "moic", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fundmath.py#L75", "kind": "源码" } }, { "term": "优先回报／门槛收益", "english": "Preferred return, Hurdle rate", "explanation": "利润分配中先让出资人获得约定回报，再让管理人参与某些分成；不是保证一定能达到的收益。", "category": "基金产品与私募基金数学", "id": "t0729", "source": { "path": "agent/src/quantlib/fundmath.py", "line": 57, "matched": "PREFERRED_RETURN", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fundmath.py#L57", "kind": "源码" } }, { "term": "业绩报酬／附带权益", "english": "Performance fee, Carried interest, Carry", "explanation": "管理人按协议分享投资利润，计算基准、回拨和分配顺序会影响实际金额。", "category": "基金产品与私募基金数学", "id": "t0730", "source": { "path": "agent/src/skills/performance-attribution/SKILL.md", "line": 36, "matched": "carry", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/performance-attribution/SKILL.md#L36", "kind": "文档" } }, { "term": "分配瀑布", "english": "Distribution waterfall", "explanation": "按层级分配退出资金，例如先还本金、再满足优先回报、再给管理人追补、最后按比例分剩余利润。", "category": "基金产品与私募基金数学", "id": "t0731", "source": { "path": "agent/src/quantlib/fundmath.py", "line": 998, "matched": "distribution waterfall", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fundmath.py#L998", "kind": "源码" } }, { "term": "追补／回拨", "english": "Catch-up, Clawback", "explanation": "追补让管理人利润份额按协议追到目标比例；回拨则在后续整体结果变差时要求返还此前多分的报酬。", "category": "基金产品与私募基金数学", "id": "t0732", "source": { "path": "agent/src/quantlib/fundmath.py", "line": 58, "matched": "CATCH_UP", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fundmath.py#L58", "kind": "源码" } }, { "term": "欧式／美式分配瀑布", "english": "European waterfall, American waterfall", "explanation": "欧式通常按整体基金先返本等再分成；美式通常按单笔投资较早分成，因此更需要处理后续亏损和回拨。名称是惯用分类。", "category": "基金产品与私募基金数学", "id": "t0733", "source": { "path": "agent/src/quantlib/fundmath.py", "line": 79, "matched": "european_waterfall", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fundmath.py#L79", "kind": "源码" } }, { "term": "公开市场等价法", "english": "PME, Public market equivalent", "explanation": "把私募基金同样日期的现金流假设投进或取出某个公开指数，比较私募表现是否值得其风险和不流动性。", "category": "基金产品与私募基金数学", "id": "t0734", "source": { "path": "agent/src/quantlib/fundmath.py", "line": 81, "matched": "pme", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fundmath.py#L81", "kind": "源码" } }, { "term": "KS-PME／PME+／Direct Alpha", "english": "Kaplan-Schoar PME, PME Plus, Direct alpha", "explanation": "分别用指数调整后的投入分配比、缩放分配方法或指数调整现金流收益率比较私募与公开市场，三种结果单位不完全相同。", "category": "基金产品与私募基金数学", "id": "t0735", "source": { "path": "agent/src/quantlib/fundmath.py", "line": 81, "matched": "ks_pme", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fundmath.py#L81", "kind": "源码" } }, { "term": "年份批次／J 曲线", "english": "Vintage year, J-curve", "explanation": "批次年份用于比较在相似经济环境启动的基金；J 曲线指早期费用和未成熟投资使表现先低、后来退出可能改善的形状。", "category": "基金产品与私募基金数学", "id": "t0736", "source": { "path": "agent/src/entities/models.py", "line": 276, "matched": "vintage_year", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/entities/models.py#L276", "kind": "源码" } }, { "term": "二手份额／退出渠道", "english": "Secondary transaction, Exit", "explanation": "私募份额或股份转让给新投资者，以及通过上市、并购等把投资变现；账面估值高不保证随时能退出。", "category": "基金产品与私募基金数学", "id": "t0737", "source": { "path": "agent/src/quantlib/fundmath.py", "line": 1882, "matched": "exit", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/quantlib/fundmath.py#L1882", "kind": "源码" } }, { "term": "LOF／上市开放式基金", "english": "Listed open-ended fund", "explanation": "兼有交易所买卖与基金申购赎回渠道的开放式基金，不同渠道转托管和到账时间会影响套利执行。", "category": "基金产品与私募基金数学", "id": "t0738", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 33, "matched": "LOF", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L33", "kind": "文档" }, "reference": { "title": "上海证券交易所：LOF", "url": "https://www.sse.com.cn/assortment/fund/lof/home/" } }, { "term": "QDII／合格境内机构投资者", "english": "Qualified domestic institutional investor", "explanation": "允许符合条件的境内机构投资境外资产的一套制度。QDII 基金可能因额度和跨时区因素出现申购限制与溢价。", "category": "基金产品与私募基金数学", "id": "t0739", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 27, "matched": "QDII", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L27", "kind": "文档" } }, { "term": "分级基金", "english": "Structured/classified fund", "explanation": "把一个母组合的收益风险按规则分给不同份额的历史产品结构。项目讨论其历史经验不代表当前仍可按旧规则交易。", "category": "基金产品与私募基金数学", "id": "t0740", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 412, "matched": "分级基金", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L412", "kind": "文档" } }, { "term": "ETF 联接基金", "english": "ETF feeder fund", "explanation": "主要通过持有目标 ETF 等资产实现相近投资目标，购买方式和费用可能与直接在交易所买 ETF 不同。", "category": "基金产品与私募基金数学", "id": "t0741", "source": { "path": "agent/src/skills/etf-analysis/SKILL.md", "line": 2, "matched": "etf", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/etf-analysis/SKILL.md#L2", "kind": "文档" } }, { "term": "高水位线", "english": "High-water mark", "explanation": "通常要求净值超过此前计提业绩报酬的高点，才对新增利润收费，具体还需看分红和申赎处理。", "category": "基金产品与私募基金数学", "id": "t0742", "source": { "path": "agent/backtest/metrics.py", "line": 576, "matched": "high-water mark", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/backtest/metrics.py#L576", "kind": "源码" } }, { "term": "商业模式／护城河", "english": "Business model, Moat", "explanation": "商业模式解释公司怎样提供价值并赚钱；护城河指阻止竞争者轻易夺走利润的持久优势。", "category": "非上市公司研究与商业指标", "id": "t0743", "source": { "path": "agent/src/skills/investor-lenses/SKILL.md", "line": 111, "matched": "moat", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/investor-lenses/SKILL.md#L111", "kind": "文档" } }, { "term": "网络效应／转换成本／规模经济", "english": "Network effect, Switching cost, Economies of scale", "explanation": "用户越多越有价值、换供应商代价高，以及规模扩大后单位成本降低，是三类不同竞争优势。", "category": "非上市公司研究与商业指标", "id": "t0744", "source": { "path": "agent/src/skills/investor-lenses/references/qiuguolu-three-questions.md", "line": 55, "matched": "switching cost", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/investor-lenses/references/qiuguolu-three-questions.md#L55", "kind": "文档" } }, { "term": "单位经济模型", "english": "Unit economics", "explanation": "看每个客户、订单或门店最终带来多少收入与成本，判断增长是在创造价值还是扩大亏损。", "category": "非上市公司研究与商业指标", "id": "t0745", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 49, "matched": "Unit economics", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L49", "kind": "文档" } }, { "term": "获客成本", "english": "CAC, Customer acquisition cost", "explanation": "获得一个新客户所花的平均销售营销等成本。自然增长客户和付费买来的客户最好分开看。", "category": "非上市公司研究与商业指标", "id": "t0746", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 49, "matched": "CAC", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L49", "kind": "文档" } }, { "term": "客户终身价值", "english": "LTV, Lifetime value", "explanation": "一个客户在整个关系期内预计贡献的价值，宜使用利润或现金贡献口径，并考虑留存与时间；不是收入越高就必然越值钱。", "category": "非上市公司研究与商业指标", "id": "t0747", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 49, "matched": "LTV", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L49", "kind": "文档" } }, { "term": "LTV/CAC／获客回收期", "english": "LTV-to-CAC, CAC payback", "explanation": "前者看客户贡献相对获取成本；后者看多久能把获取成本赚回来，都依赖真实留存和毛利假设。", "category": "非上市公司研究与商业指标", "id": "t0748", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 49, "matched": "CAC", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L49", "kind": "文档" } }, { "term": "客单价／ARPU／抽佣率", "english": "Average order value, Average revenue per user, Take rate", "explanation": "分别是一笔订单平均金额、每用户平均收入，以及平台从交易金额中收取的收入比例。", "category": "非上市公司研究与商业指标", "id": "t0749", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 48, "matched": "take-rate", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L48", "kind": "文档" } }, { "term": "GMV／订单量", "english": "Gross merchandise value, Order volume", "explanation": "GMV 是平台成交商品服务总额，未必等于平台营收；取消退款和含税口径也会影响数值。", "category": "非上市公司研究与商业指标", "id": "t0750", "source": { "path": "README.md", "line": 1526, "matched": "order_volume", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/README.md#L1526", "kind": "文档" } }, { "term": "ARR／MRR／经常性收入", "english": "Annual recurring revenue, Monthly recurring revenue", "explanation": "按订阅合同等形成的年化或月度重复收入规模指标，不能自动等同于会计上已确认收入。", "category": "非上市公司研究与商业指标", "id": "t0751", "source": { "path": "agent/src/factors/base.py", "line": 106, "matched": "arr", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/base.py#L106", "kind": "源码" } }, { "term": "DAU／MAU／黏性", "english": "Daily/monthly active users, Stickiness", "explanation": "日活、月活统计满足指定行为的活跃用户；DAU/MAU 常粗略看使用频度，活跃不等于付费。", "category": "非上市公司研究与商业指标", "id": "t0752", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 51, "matched": "MAU", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L51", "kind": "文档" } }, { "term": "留存率／流失率／NRR", "english": "Retention, Churn, Net revenue retention", "explanation": "留存与流失看老用户是否继续；NRR 看原有客户收入在扩购、缩减和流失后的变化，不包括新客户收入。", "category": "非上市公司研究与商业指标", "id": "t0753", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 51, "matched": "retention", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L51", "kind": "文档" } }, { "term": "TAM／SAM／SOM", "english": "Total addressable, Serviceable available, Serviceable obtainable market", "explanation": "依次是理论总市场、产品和地域实际能服务的市场、现实条件下可能拿到的份额，不应把最大数字当公司未来收入。", "category": "非上市公司研究与商业指标", "id": "t0754", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 72, "matched": "TAM", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L72", "kind": "文档" } }, { "term": "渗透率／市场份额", "english": "Penetration, Market share", "explanation": "前者看潜在需求已有多少采用某产品；后者看已有市场里某公司占多少，分母不同。", "category": "非上市公司研究与商业指标", "id": "t0755", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 72, "matched": "penetration", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L72", "kind": "文档" } }, { "term": "现金消耗／续航期", "english": "Burn rate, Cash runway", "explanation": "公司每月净烧多少钱，以及现有可用现金按假设还能支持多久。融资计划没有到账前不应直接算作现金。", "category": "非上市公司研究与商业指标", "id": "t0756", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 60, "matched": "burn rate", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L60", "kind": "文档" } }, { "term": "投前估值／投后估值", "english": "Pre-money valuation, Post-money valuation", "explanation": "投前是新钱进来前估值，投后通常加上本轮新增融资，需处理可转工具等特殊安排。", "category": "非上市公司研究与商业指标", "id": "t0757", "source": null }, { "term": "清算优先权／反稀释", "english": "Liquidation preference, Anti-dilution", "explanation": "前者规定退出或清算时某类股东先拿多少；后者在低价新融资等情况下调整原投资者权益，都会影响普通股实际价值。", "category": "非上市公司研究与商业指标", "id": "t0758", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 64, "matched": "liquidation preference", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L64", "kind": "文档" } }, { "term": "独角兽／融资轮次", "english": "Unicorn, Seed, Series A/B/C", "explanation": "独角兽是对高估值未上市公司的惯称；融资轮次反映融资阶段的习惯分类，不自动代表业务成熟或安全。", "category": "非上市公司研究与商业指标", "id": "t0759", "source": { "path": "agent/src/skills/risk-analysis/SKILL.md", "line": 125, "matched": "seed", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/risk-analysis/SKILL.md#L125", "kind": "文档" } }, { "term": "SPAC", "english": "Special purpose acquisition company", "explanation": "先上市融资、再寻找公司合并的特殊目的公司结构，是一种资本市场路径，仍需评估条款与稀释。", "category": "非上市公司研究与商业指标", "id": "t0760", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 87, "matched": "SPAC", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L87", "kind": "文档" } }, { "term": "替代数据", "english": "Alternative data", "explanation": "财报和传统行情之外的经营线索，例如招聘、应用使用、专利和供应链信息。样本偏差和可验证性很重要。", "category": "非上市公司研究与商业指标", "id": "t0761", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 4, "matched": "alternative-data", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L4", "kind": "文档" } }, { "term": "波特五力／产业链议价权", "english": "Porter's five forces, Bargaining power", "explanation": "从同行竞争、进入者、替代品、供应商和客户五方面判断利润为何能保住或被挤压。", "category": "非上市公司研究与商业指标", "id": "t0762", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 73, "matched": "bargaining power", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L73", "kind": "文档" } }, { "term": "ESG／关键人物风险", "english": "Environmental social governance, Key-person risk", "explanation": "ESG 从环境社会治理观察经营风险；关键人物风险是业务过于依赖某个创始人或管理者。", "category": "非上市公司研究与商业指标", "id": "t0763", "source": { "path": "agent/src/skills/private-company-research/SKILL.md", "line": 86, "matched": "ESG", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/private-company-research/SKILL.md#L86", "kind": "文档" } }, { "term": "加密资产／代币", "english": "Cryptoasset, Token", "explanation": "通过区块链等系统记录和转移的数字资产。代币不自动代表公司股权、分红权或法定偿付承诺。", "category": "加密资产、永续合约与链上指标", "id": "t0764", "source": { "path": "agent/src/skills/token-unlock-treasury/SKILL.md", "line": 2, "matched": "token", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/token-unlock-treasury/SKILL.md#L2", "kind": "文档" } }, { "term": "BTC／ETH／山寨币", "english": "Bitcoin, Ether, Altcoin", "explanation": "BTC 与 ETH 是项目常研究的资产；山寨币是对其他加密币的宽泛俗称，不是统一风险等级。", "category": "加密资产、永续合约与链上指标", "id": "t0765", "source": { "path": "agent/src/skills/stablecoin-flow/SKILL.md", "line": 20, "matched": "BTC", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/stablecoin-flow/SKILL.md#L20", "kind": "文档" } }, { "term": "稳定币／脱锚", "english": "Stablecoin, Depeg", "explanation": "稳定币试图维持相对美元等目标的稳定价值；市场价明显偏离目标称脱锚，稳定设计并不保证稳定结果。", "category": "加密资产、永续合约与链上指标", "id": "t0766", "source": { "path": "agent/src/skills/stablecoin-flow/SKILL.md", "line": 2, "matched": "stablecoin", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/stablecoin-flow/SKILL.md#L2", "kind": "文档" } }, { "term": "法币抵押／加密抵押／算法稳定币", "english": "Fiat-backed, Crypto-backed, Algorithmic stablecoin", "explanation": "分别主要依靠储备法币类资产、加密抵押物或算法激励机制维持锚定，偿付与风险结构不同。", "category": "加密资产、永续合约与链上指标", "id": "t0767", "source": null }, { "term": "CEX／DEX", "english": "Centralized exchange, Decentralized exchange", "explanation": "分别主要由中心化机构管理账户交易，或通过链上协议交换资产，两者的托管、执行和风险来源不同。", "category": "加密资产、永续合约与链上指标", "id": "t0768", "source": { "path": "agent/src/skills/onchain-analysis/SKILL.md", "line": 3, "matched": "DEX", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/onchain-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "永续合约", "english": "Perpetual swap, Perpetual futures, Perp", "explanation": "通常没有固定到期日的衍生品，通过资金费率等机制与现货价格保持联系，并不是真正无需成本永远持有。", "category": "加密资产、永续合约与链上指标", "id": "t0769", "source": { "path": "agent/src/skills/perp-funding-basis/SKILL.md", "line": 2, "matched": "perp", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/perp-funding-basis/SKILL.md#L2", "kind": "文档" } }, { "term": "资金费率／资金费", "english": "Funding rate, Funding payment", "explanation": "永续多空双方按周期结算的费用机制；常见正费率多付空收，但须看平台定义。不是固定借款利息。", "category": "加密资产、永续合约与链上指标", "id": "t0770", "source": { "path": "agent/src/skills/crypto-derivatives/SKILL.md", "line": 3, "matched": "funding-rate", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/crypto-derivatives/SKILL.md#L3", "kind": "文档" } }, { "term": "资金费率年化", "english": "Annualized funding", "explanation": "把单次或短期费率换成年尺度便于比较。未来费率会变化，不能把当前年化值当锁定收益。", "category": "加密资产、永续合约与链上指标", "id": "t0771", "source": { "path": "agent/src/skills/crypto-derivatives/SKILL.md", "line": 257, "matched": "Annualized funding", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/crypto-derivatives/SKILL.md#L257", "kind": "文档" } }, { "term": "资金费套利／基差交易", "english": "Funding arbitrage, Basis trade", "explanation": "通过现货和衍生品的相反仓位获取费率或价差，仍承担费率反转、保证金、平台和执行风险。", "category": "加密资产、永续合约与链上指标", "id": "t0772", "source": { "path": "agent/src/skills/perp-funding-basis/SKILL.md", "line": 134, "matched": "Funding Arbitrage", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/perp-funding-basis/SKILL.md#L134", "kind": "文档" } }, { "term": "标记价格／指数价格／最新价", "english": "Mark price, Index price, Last price", "explanation": "标记价常用于保证金和强平，指数价常综合多个现货市场，最新价是最近成交价；三者可能不同。", "category": "加密资产、永续合约与链上指标", "id": "t0773", "source": { "path": "agent/src/skills/okx-market/SKILL.md", "line": 33, "matched": "last price", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/okx-market/SKILL.md#L33", "kind": "文档" } }, { "term": "未平仓量", "english": "OI, Open interest", "explanation": "尚未结束的衍生品合约数量或价值。成交量是期间发生多少交易，OI 是时点还有多少合约没结束。", "category": "加密资产、永续合约与链上指标", "id": "t0774", "source": { "path": "agent/src/skills/crypto-derivatives/SKILL.md", "line": 230, "matched": "open interest", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/crypto-derivatives/SKILL.md#L230", "kind": "文档" } }, { "term": "多空比", "english": "Long-short ratio", "explanation": "比较多空账户数、持仓量或某类群体的比例，口径差异很大。不能忽略每份合约本来都有多空双方。", "category": "加密资产、永续合约与链上指标", "id": "t0775", "source": null }, { "term": "挤空／多头踩踏", "english": "Short squeeze, Long squeeze", "explanation": "价格上涨迫使空头买回、进一步推涨；价格下跌迫使多头卖出、进一步压低，可能形成反馈。", "category": "加密资产、永续合约与链上指标", "id": "t0776", "source": { "path": "agent/src/skills/perp-funding-basis/SKILL.md", "line": 48, "matched": "Short squeeze", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/perp-funding-basis/SKILL.md#L48", "kind": "文档" } }, { "term": "强平价格／强平热力图", "english": "Liquidation price, Liquidation heatmap", "explanation": "前者是按平台规则估算的强平触发价格；热力图展示模型推测的强平密集区，不是全部真实订单的透明清单。", "category": "加密资产、永续合约与链上指标", "id": "t0777", "source": { "path": "agent/src/skills/liquidation-heatmap/SKILL.md", "line": 2, "matched": "liquidation-heatmap", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/liquidation-heatmap/SKILL.md#L2", "kind": "文档" } }, { "term": "连环清算／自动减仓", "english": "Liquidation cascade, ADL", "explanation": "清算冲击引出更多清算称连环清算；ADL 是平台按规则削减部分对手方仓位处理风险的机制。", "category": "加密资产、永续合约与链上指标", "id": "t0778", "source": { "path": "agent/src/skills/liquidation-heatmap/SKILL.md", "line": 127, "matched": "liquidation cascade", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/liquidation-heatmap/SKILL.md#L127", "kind": "文档" } }, { "term": "保险基金／穿仓", "english": "Insurance fund, Negative balance", "explanation": "保险基金用于吸收某些清算亏损；穿仓指损失超过相关账户担保。基金规模和覆盖范围不是无限保障。", "category": "加密资产、永续合约与链上指标", "id": "t0779", "source": { "path": "agent/src/skills/liquidation-heatmap/SKILL.md", "line": 225, "matched": "Insurance fund", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/liquidation-heatmap/SKILL.md#L225", "kind": "文档" } }, { "term": "链上分析", "english": "On-chain analytics", "explanation": "从公开区块链交易与余额推导活动、成本和资金移动，地址标签可能不全或错误。", "category": "加密资产、永续合约与链上指标", "id": "t0780", "source": null }, { "term": "钱包地址／活跃地址／新增地址", "english": "Wallet address, Active address, New address", "explanation": "地址是链上资产操作的标识；活跃或新增按指定事件统计。一个人可以有很多地址，一个地址也可能代表很多用户。", "category": "加密资产、永续合约与链上指标", "id": "t0781", "source": null }, { "term": "巨鲸／聪明钱地址", "english": "Whale, Smart-money address", "explanation": "前者指持有或交易规模很大的地址或主体；后者是数据商按历史行为筛出的标签，不保证未来判断正确。", "category": "加密资产、永续合约与链上指标", "id": "t0782", "source": { "path": "agent/src/skills/onchain-analysis/SKILL.md", "line": 3, "matched": "whale", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/onchain-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "交易所净流入／储备余额", "english": "Exchange netflow, Exchange reserves", "explanation": "标记为交易所的地址收到减转出的资产，以及余额。内部转账和标签变化可能影响结果，流入也不一定立即卖出。", "category": "加密资产、永续合约与链上指标", "id": "t0783", "source": { "path": "agent/src/skills/stablecoin-flow/SKILL.md", "line": 169, "matched": "exchange_reserves", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/stablecoin-flow/SKILL.md#L169", "kind": "文档" } }, { "term": "实现市值／MVRV", "english": "Realized capitalization, Market value to realized value", "explanation": "实现市值常按币最后移动时价格估算成本基础；MVRV 用市值与之相比。它不是所有持有人的精确买入成本。", "category": "加密资产、永续合约与链上指标", "id": "t0784", "source": { "path": "agent/src/skills/onchain-analysis/SKILL.md", "line": 3, "matched": "MVRV", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/onchain-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "NVT", "english": "Network value to transactions", "explanation": "网络市值相对链上转账价值的比例，试图比较估值与链上使用规模。链上转账不都代表经济支付。", "category": "加密资产、永续合约与链上指标", "id": "t0785", "source": { "path": "agent/src/skills/onchain-analysis/SKILL.md", "line": 3, "matched": "NVT", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/onchain-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "SOPR", "english": "Spent output profit ratio", "explanation": "比较已花费币的转出价值与此前获得时估算价值，观察这些移动币总体像获利还是亏损；不直接等于所有卖家的真实盈亏。", "category": "加密资产、永续合约与链上指标", "id": "t0786", "source": { "path": "agent/src/skills/onchain-analysis/SKILL.md", "line": 3, "matched": "SOPR", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/onchain-analysis/SKILL.md#L3", "kind": "文档" } }, { "term": "Puell Multiple", "english": "Puell multiple", "explanation": "矿工当日发行收入相对较长历史平均的倍数，观察矿工收入周期，计算币价和发行量口径需一致。", "category": "加密资产、永续合约与链上指标", "id": "t0787", "source": { "path": "agent/src/skills/onchain-analysis/SKILL.md", "line": 192, "matched": "Puell Multiple", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/onchain-analysis/SKILL.md#L192", "kind": "文档" } }, { "term": "存量流量比", "english": "Stock-to-flow, S2F", "explanation": "已有数量除年新增数量，粗略衡量供给稀缺程度。单靠这个比例不能可靠决定资产应值多少钱。", "category": "加密资产、永续合约与链上指标", "id": "t0788", "source": { "path": "agent/src/skills/onchain-analysis/SKILL.md", "line": 193, "matched": "Stock-to-Flow", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/onchain-analysis/SKILL.md#L193", "kind": "文档" } }, { "term": "Reserve Risk／HODL Bank", "english": "Reserve risk, HODL bank", "explanation": "Reserve Risk 常把币价与长期持有机会成本累计指标 HODL Bank 比较，试图刻画持有者信心与价格关系；需核对指标供应方定义。", "category": "加密资产、永续合约与链上指标", "id": "t0789", "source": { "path": "agent/src/skills/onchain-analysis/SKILL.md", "line": 194, "matched": "Reserve Risk", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/onchain-analysis/SKILL.md#L194", "kind": "文档" }, "reference": { "title": "Glassnode：Reserve Risk", "url": "https://docs.glassnode.com/guides-and-tutorials/metric-guides/coin-days-destroyed/reserve-risk" } }, { "term": "稳定币增发／销毁", "english": "Mint, Burn", "explanation": "增加或减少链上代币供应。增发可能涉及库存或跨链迁移，不一定等于同金额新资金立即买入风险资产。", "category": "加密资产、永续合约与链上指标", "id": "t0790", "source": { "path": "agent/src/skills/stablecoin-flow/SKILL.md", "line": 3, "matched": "mint", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/stablecoin-flow/SKILL.md#L3", "kind": "文档" } }, { "term": "稳定币占比／周转速度", "english": "Stablecoin dominance, Velocity", "explanation": "稳定币在某个总市值口径中的占比，以及转账价值相对供应量等指标，分母和观察窗口决定含义。", "category": "加密资产、永续合约与链上指标", "id": "t0791", "source": { "path": "agent/src/skills/stablecoin-flow/SKILL.md", "line": 3, "matched": "velocity", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/stablecoin-flow/SKILL.md#L3", "kind": "文档" } }, { "term": "代币经济学", "english": "Tokenomics", "explanation": "研究代币供给、分配、使用需求、激励和价值获取机制，不能只看币价图。", "category": "加密资产、永续合约与链上指标", "id": "t0792", "source": { "path": "agent/src/skills/token-unlock-treasury/SKILL.md", "line": 219, "matched": "tokenomics", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/token-unlock-treasury/SKILL.md#L219", "kind": "文档" } }, { "term": "流通量／总供应／完全稀释估值", "english": "Circulating supply, Total supply, FDV", "explanation": "流通量是按口径可流通的数量；FDV 用当前价乘指定完全供给量估值，未解锁代币很多时可远高于流通市值。", "category": "加密资产、永续合约与链上指标", "id": "t0793", "source": { "path": "agent/src/skills/stablecoin-flow/SKILL.md", "line": 167, "matched": "total supply", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/stablecoin-flow/SKILL.md#L167", "kind": "文档" } }, { "term": "解锁／归属期／悬崖解锁", "english": "Unlock, Vesting, Cliff", "explanation": "归属期规定代币逐步取得条件；悬崖解锁在某日集中释放；线性解锁逐期释放，释放不等于实际出售。", "category": "加密资产、永续合约与链上指标", "id": "t0794", "source": { "path": "agent/src/skills/token-unlock-treasury/SKILL.md", "line": 2, "matched": "unlock", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/token-unlock-treasury/SKILL.md#L2", "kind": "文档" } }, { "term": "代币排放／通胀率", "english": "Token emission, Token inflation", "explanation": "按规则新增或向参与者发放代币，可能稀释原持有人。高奖励收益要同时看代币价格与供给变化。", "category": "加密资产、永续合约与链上指标", "id": "t0795", "source": { "path": "agent/src/skills/token-unlock-treasury/SKILL.md", "line": 174, "matched": "token emission", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/token-unlock-treasury/SKILL.md#L174", "kind": "文档" } }, { "term": "金库／基金会储备", "english": "Treasury, Foundation reserves", "explanation": "协议或组织持有用于运营和发展的资金资产。若大部分是自家代币，账面价值与实际变现能力可能相差很大。", "category": "加密资产、永续合约与链上指标", "id": "t0796", "source": { "path": "agent/src/skills/stablecoin-flow/SKILL.md", "line": 47, "matched": "treasury", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/stablecoin-flow/SKILL.md#L47", "kind": "文档" } }, { "term": "空投／积分挖矿", "english": "Airdrop, Points farming", "explanation": "空投是按条件分发代币；积分挖矿是参与活动积累积分，未来是否兑换代币和兑换价值通常不确定。", "category": "加密资产、永续合约与链上指标", "id": "t0797", "source": { "path": "agent/src/skills/token-unlock-treasury/SKILL.md", "line": 25, "matched": "Airdrop", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/token-unlock-treasury/SKILL.md#L25", "kind": "文档" } }, { "term": "DeFi／去中心化金融", "english": "Decentralized finance", "explanation": "通过链上合约实现交易、借贷等金融功能，仍然依赖合约、预言机、治理及市场流动性。", "category": "DeFi、借贷、质押与流动性池", "id": "t0798", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 2, "matched": "defi", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L2", "kind": "文档" } }, { "term": "智能合约／协议风险", "english": "Smart contract, Protocol risk", "explanation": "智能合约按代码自动执行资产规则；错误、权限或经济设计漏洞都可能导致损失，自动执行不等于没有风险。", "category": "DeFi、借贷、质押与流动性池", "id": "t0799", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 120, "matched": "Smart contract", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L120", "kind": "文档" } }, { "term": "TVL／总锁定价值", "english": "Total value locked", "explanation": "按价格估算锁在协议中的资产价值。资产涨价本身就能推高 TVL，跨协议统计还可能重复计入。", "category": "DeFi、借贷、质押与流动性池", "id": "t0800", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 57, "matched": "TVL", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L57", "kind": "文档" } }, { "term": "流动性池／AMM", "english": "Liquidity pool, Automated market maker", "explanation": "把资产放入池中，按预设公式或机制报价交换。成交依赖池内资产和规则，不一定采用传统订单簿。", "category": "DeFi、借贷、质押与流动性池", "id": "t0801", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 20, "matched": "AMM", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L20", "kind": "文档" } }, { "term": "流动性提供者／LP 份额", "english": "Liquidity provider, LP token", "explanation": "向池中存入资产的人及其份额凭证。这里 LP 不是私募基金中的有限合伙人。", "category": "DeFi、借贷、质押与流动性池", "id": "t0802", "source": null }, { "term": "恒定乘积／集中流动性", "english": "Constant product, Concentrated liquidity", "explanation": "恒定乘积是经典两资产池的一种报价关系；集中流动性允许资金只在选定价格范围内提供交易。", "category": "DeFi、借贷、质押与流动性池", "id": "t0803", "source": null }, { "term": "无常损失", "english": "Impermanent loss, IL", "explanation": "做流动性提供相对一直拿着原来那篮子币的价值差。名称带“无常”不代表不会变成真实经济损失，交易费可能补偿也可能补不够。", "category": "DeFi、借贷、质押与流动性池", "id": "t0804", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 68, "matched": "Impermanent Loss", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L68", "kind": "文档" }, "reference": { "title": "Uniswap：协议术语", "url": "https://developers.uniswap.org/docs/get-started/concepts/glossary" } }, { "term": "流动性挖矿／激励收益", "english": "Liquidity mining, Token incentives", "explanation": "除交易费或借贷利息之外，再发协议代币吸引资金。高年化可能主要来自短期补贴而非稳定经营收入。", "category": "DeFi、借贷、质押与流动性池", "id": "t0805", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 22, "matched": "Liquidity mining", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L22", "kind": "文档" } }, { "term": "APR／APY", "english": "Annual percentage rate, Annual percentage yield", "explanation": "APR 通常按不计再投资复利的年率表示，APY 考虑复利；利率和币价变化时实际收益仍会不同。", "category": "DeFi、借贷、质押与流动性池", "id": "t0806", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 16, "matched": "APY", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L16", "kind": "文档" } }, { "term": "真实收益／净收益", "english": "Real yield, Net yield", "explanation": "DeFi 中 real yield 常指来自协议真实费用收入而非发币补贴；它不同于宏观上扣除通胀的实际收益。净收益还需扣借贷、交易和损失成本。", "category": "DeFi、借贷、质押与流动性池", "id": "t0807", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 95, "matched": "net_yield", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L95", "kind": "文档" } }, { "term": "存入利率／借款利率／利用率", "english": "Supply rate, Borrow rate, Utilization", "explanation": "借款人付息、资金提供者分得收益；利用率常看可供借资金有多少已经借出，较高时利率和取款压力可能增加。", "category": "DeFi、借贷、质押与流动性池", "id": "t0808", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 34, "matched": "borrow_rate", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L34", "kind": "文档" } }, { "term": "超额抵押／抵押债仓", "english": "Overcollateralization, CDP", "explanation": "用价值高于借款的资产作担保，例如押 150 借 100，市场下跌后缓冲仍可能迅速消失。", "category": "DeFi、借贷、质押与流动性池", "id": "t0809", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 61, "matched": "CDP", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L61", "kind": "文档" } }, { "term": "贷款价值比／清算阈值", "english": "Loan-to-value, LTV, Liquidation threshold", "explanation": "借款额相对抵押价值的比例，以及允许维持仓位的风险界限。这里 LTV 与客户终身价值同缩写但完全不同。", "category": "DeFi、借贷、质押与流动性池", "id": "t0810", "source": { "path": "agent/src/skills/credit-analysis/SKILL.md", "line": 287, "matched": "贷款价值比", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/credit-analysis/SKILL.md#L287", "kind": "文档" } }, { "term": "健康因子", "english": "Health factor", "explanation": "按抵押品价值、清算权重和债务计算的安全缓冲指标；如 Aave 中低于 1 可进入清算条件，具体规则依协议。", "category": "DeFi、借贷、质押与流动性池", "id": "t0811", "source": null, "reference": { "title": "Aave：健康因子与清算", "url": "https://aave.com/help/borrowing/liquidations" } }, { "term": "预言机", "english": "Oracle", "explanation": "把价格等外部信息提供给链上合约的机制。报价延迟、异常或被操纵会影响借贷和清算。", "category": "DeFi、借贷、质押与流动性池", "id": "t0812", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 262, "matched": "oracle", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L262", "kind": "文档" } }, { "term": "质押／罚没", "english": "Staking, Slashing", "explanation": "通过质押资产参与网络安全并获得奖励；违反协议条件可能被罚没部分质押，不是无条件存款利息。", "category": "DeFi、借贷、质押与流动性池", "id": "t0813", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 3, "matched": "staking", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L3", "kind": "文档" } }, { "term": "流动性质押／再质押", "english": "Liquid staking, Restaking, LST", "explanation": "流动性质押提供代表质押权益的可交易凭证；再质押把相关担保用于额外服务，增加奖励来源也增加额外风险。", "category": "DeFi、借贷、质押与流动性池", "id": "t0814", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 23, "matched": "Restaking", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L23", "kind": "文档" } }, { "term": "验证者／主动验证服务", "english": "Validator, AVS", "explanation": "验证者参与网络共识或验证；AVS 是再质押生态中使用额外验证安全的服务，各自责任和罚则不同。", "category": "DeFi、借贷、质押与流动性池", "id": "t0815", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 21, "matched": "Validator", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L21", "kind": "文档" } }, { "term": "MEV／夹子交易", "english": "Maximal extractable value, Sandwich attack", "explanation": "通过排序、插入等交易安排获取价值；夹子交易在用户交易前后夹入订单，可能使用户成交更差。", "category": "DeFi、借贷、质押与流动性池", "id": "t0816", "source": { "path": "agent/src/skills/defi-yield/SKILL.md", "line": 128, "matched": "MEV", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/defi-yield/SKILL.md#L128", "kind": "文档" } }, { "term": "跨链桥／桥接风险", "english": "Bridge, Bridge risk", "explanation": "把价值或信息在不同链之间转移的机制，依赖合约和验证安排，桥接资产可能承担额外信用或安全风险。", "category": "DeFi、借贷、质押与流动性池", "id": "t0817", "source": { "path": "agent/src/skills/trade-journal/SKILL.md", "line": 19, "matched": "bridge", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/trade-journal/SKILL.md#L19", "kind": "文档" } }, { "term": "DAO／治理代币", "english": "Decentralized autonomous organization, Governance token", "explanation": "通过规则和投票等协调协议决策的组织形式；持有治理代币不自动拥有类似普通股的利润分配权。", "category": "DeFi、借贷、质押与流动性池", "id": "t0818", "source": { "path": "agent/src/skills/token-unlock-treasury/SKILL.md", "line": 24, "matched": "DAO", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/token-unlock-treasury/SKILL.md#L24", "kind": "文档" } }, { "term": "再抵押／收益叠加", "english": "Rehypothecation, Yield stacking", "explanation": "把已经质押或代表资产权益的凭证再次使用获取收益，会形成多层依赖和潜在连锁风险。", "category": "DeFi、借贷、质押与流动性池", "id": "t0819", "source": null }, { "term": "行为金融", "english": "Behavioral finance", "explanation": "研究人的认知、情绪和群体行为怎样影响金融决策，而不是假定每个人时时完全理性。", "category": "投资心理、情绪与研究判断", "id": "t0820", "source": { "path": "agent/src/skills/behavioral-finance/SKILL.md", "line": 2, "matched": "behavioral-finance", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/behavioral-finance/SKILL.md#L2", "kind": "文档" } }, { "term": "损失厌恶", "english": "Loss aversion", "explanation": "同等金额的亏损通常比盈利带来更强的感受，可能使人过早止盈或不愿认赔。", "category": "投资心理、情绪与研究判断", "id": "t0821", "source": { "path": "agent/src/skills/behavioral-finance/SKILL.md", "line": 61, "matched": "Loss aversion", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/behavioral-finance/SKILL.md#L61", "kind": "文档" } }, { "term": "处置效应", "english": "Disposition effect", "explanation": "倾向于很快卖掉赚钱的资产、长期抱着亏损的资产，理由往往是心理上的不愿承认损失。", "category": "投资心理、情绪与研究判断", "id": "t0822", "source": { "path": "agent/src/skills/behavioral-finance/SKILL.md", "line": 92, "matched": "Disposition-Effect", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/behavioral-finance/SKILL.md#L92", "kind": "文档" } }, { "term": "锚定偏差", "english": "Anchoring bias", "explanation": "过分依赖最初的买入价、目标价或某个整数位置，忽视后来新信息。", "category": "投资心理、情绪与研究判断", "id": "t0823", "source": { "path": "agent/src/skills/behavioral-finance/SKILL.md", "line": 25, "matched": "anchoring bias", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/behavioral-finance/SKILL.md#L25", "kind": "文档" } }, { "term": "确认偏差", "english": "Confirmation bias", "explanation": "只寻找支持自己观点的消息，对反对证据挑剔或忽略，容易让投资假说无法被证伪。", "category": "投资心理、情绪与研究判断", "id": "t0824", "source": { "path": "agent/src/skills/behavioral-finance/SKILL.md", "line": 64, "matched": "Confirmation bias", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/behavioral-finance/SKILL.md#L64", "kind": "文档" } }, { "term": "过度自信／控制幻觉", "english": "Overconfidence, Illusion of control", "explanation": "高估判断精度，或以为自己能控制本来高度随机的结果，常导致交易过多和仓位过大。", "category": "投资心理、情绪与研究判断", "id": "t0825", "source": { "path": "agent/src/skills/behavioral-finance/SKILL.md", "line": 62, "matched": "Overconfidence", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/behavioral-finance/SKILL.md#L62", "kind": "文档" } }, { "term": "从众／羊群效应", "english": "Herding", "explanation": "因为别人都在做而跟随，不一定有独立分析；集中进入和退出可能放大波动。", "category": "投资心理、情绪与研究判断", "id": "t0826", "source": { "path": "agent/src/skills/behavioral-finance/SKILL.md", "line": 71, "matched": "Herding", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/behavioral-finance/SKILL.md#L71", "kind": "文档" } }, { "term": "FOMO／FUD", "english": "Fear of missing out, Fear uncertainty doubt", "explanation": "分别是怕错过上涨机会，以及恐惧、不确定和怀疑的情绪表达。标签本身不能证明消息真假。", "category": "投资心理、情绪与研究判断", "id": "t0827", "source": { "path": "agent/src/skills/social-media-intelligence/SKILL.md", "line": 619, "matched": "FOMO", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/social-media-intelligence/SKILL.md#L619", "kind": "文档" } }, { "term": "近因偏差／可得性偏差", "english": "Recency bias, Availability bias", "explanation": "过分重视最近的表现，或更容易想起的鲜明故事，忽略长期基准和完整样本。", "category": "投资心理、情绪与研究判断", "id": "t0828", "source": { "path": "agent/src/skills/behavioral-finance/SKILL.md", "line": 38, "matched": "availability bias", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/behavioral-finance/SKILL.md#L38", "kind": "文档" } }, { "term": "后见之明／结果偏差", "english": "Hindsight bias, Outcome bias", "explanation": "事后觉得结果早就明显，或仅按一次赚钱亏钱判断当时决策是否合理。", "category": "投资心理、情绪与研究判断", "id": "t0829", "source": { "path": "agent/src/skills/macro-analysis/SKILL.md", "line": 192, "matched": "hindsight bias", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/macro-analysis/SKILL.md#L192", "kind": "文档" } }, { "term": "沉没成本／承诺升级", "english": "Sunk cost, Escalation of commitment", "explanation": "因为已经投入很多而继续投入，即使新的证据表明前景变差。过去成本不能靠更固执自动收回。", "category": "投资心理、情绪与研究判断", "id": "t0830", "source": null }, { "term": "过度反应／反应不足", "english": "Overreaction, Underreaction", "explanation": "价格对信息调整过头或调整得不充分，是反转与动量等现象的可能解释，不能单凭事后走势证明。", "category": "投资心理、情绪与研究判断", "id": "t0831", "source": { "path": "agent/src/skills/behavioral-finance/SKILL.md", "line": 3, "matched": "overreaction", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/behavioral-finance/SKILL.md#L3", "kind": "文档" } }, { "term": "恐惧贪婪指数／情绪评分", "english": "Fear and greed index, Sentiment score", "explanation": "把波动、成交、调查或新闻等指标汇总为情绪刻度，数据源和权重不同会得到不同分数。", "category": "投资心理、情绪与研究判断", "id": "t0832", "source": { "path": "agent/src/skills/behavioral-finance/SKILL.md", "line": 114, "matched": "sentiment score", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/behavioral-finance/SKILL.md#L114", "kind": "文档" } }, { "term": "新闻情绪／社交情绪", "english": "News sentiment, Social sentiment", "explanation": "从新闻和帖子判断语气及关注度。讨论热度不是事实可信度，机器人和样本偏差也会影响结果。", "category": "投资心理、情绪与研究判断", "id": "t0833", "source": { "path": "agent/src/skills/social-media-intelligence/SKILL.md", "line": 695, "matched": "Social-Sentiment", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/social-media-intelligence/SKILL.md#L695", "kind": "文档" } }, { "term": "预期差／催化剂", "english": "Expectation gap, Catalyst", "explanation": "预期差是现实或新信息与市场定价预期的差；催化剂是可能促使市场重新认识价值的事件。", "category": "投资心理、情绪与研究判断", "id": "t0834", "source": { "path": "agent/src/skills/investor-lenses/references/chanos-forensic-short.md", "line": 72, "matched": "catalyst", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/investor-lenses/references/chanos-forensic-short.md#L72", "kind": "文档" } }, { "term": "逆向投资／第二层思考", "english": "Contrarian investing, Second-level thinking", "explanation": "不只问公司好不好，还问市场已预期什么、价格反映多少；不是为了与众不同而机械反着买。", "category": "投资心理、情绪与研究判断", "id": "t0835", "source": { "path": "agent/src/skills/investor-lenses/references/marks-cycle-position.md", "line": 3, "matched": "Second-Level Thinking", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/investor-lenses/references/marks-cycle-position.md#L3", "kind": "文档" } }, { "term": "能力圈／反向思考", "english": "Circle of competence, Inversion", "explanation": "能力圈要求识别自己真正能判断的范围；反向思考从“怎样会失败”检查投资论证的薄弱处。", "category": "投资心理、情绪与研究判断", "id": "t0836", "source": { "path": "agent/src/skills/investor-lenses/SKILL.md", "line": 3, "matched": "inversion", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/investor-lenses/SKILL.md#L3", "kind": "文档" } }, { "term": "SEC／EDGAR", "english": "Securities and Exchange Commission, EDGAR", "explanation": "美国证券监管机构及其公司披露查询系统，项目使用其数据研究公司与持仓；它们是来源名称，不是交易指标。", "category": "数据披露与研究接口中的金融缩写", "id": "t0837", "source": { "path": "agent/src/skills/tushare/SKILL.md", "line": 180, "matched": "sec", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/tushare/SKILL.md#L180", "kind": "文档" } }, { "term": "10-K／10-Q／8-K", "english": "Annual report, Quarterly report, Current report", "explanation": "美国发行人的常见年度、季度和重大事项报告表格类型。报告期末与正式提交时间不同。", "category": "数据披露与研究接口中的金融缩写", "id": "t0838", "source": { "path": "agent/src/skills/sec-edgar/SKILL.md", "line": 3, "matched": "10-K", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/sec-edgar/SKILL.md#L3", "kind": "文档" } }, { "term": "20-F／6-K", "english": "Foreign private issuer reports", "explanation": "外国私人发行人在美国常见的年度及相关信息披露类型，不能简单假设与美国本土公司季度披露完全相同。", "category": "数据披露与研究接口中的金融缩写", "id": "t0839", "source": { "path": "agent/src/skills/sec-edgar/references/forms_and_concepts.md", "line": 21, "matched": "20-F", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/sec-edgar/references/forms_and_concepts.md#L21", "kind": "文档" } }, { "term": "13F／13D／13G／Form 4", "english": "Institutional holdings, Beneficial ownership, Insider report", "explanation": "分别涉及某类机构持仓、重要受益所有权和内部人交易等披露；范围、延迟和门槛不同，不能当成即时全量持仓。", "category": "数据披露与研究接口中的金融缩写", "id": "t0840", "source": { "path": "agent/src/skills/yfinance/SKILL.md", "line": 188, "matched": "Institutional Holdings", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/yfinance/SKILL.md#L188", "kind": "文档" } }, { "term": "XBRL／财务标签", "english": "eXtensible Business Reporting Language", "explanation": "把财报项目按机器可读标签组织的格式。相同标签还要核对单位、期间、合并范围与修订版本。", "category": "数据披露与研究接口中的金融缩写", "id": "t0841", "source": { "path": "agent/src/skills/sec-edgar/SKILL.md", "line": 3, "matched": "XBRL", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/sec-edgar/SKILL.md#L3", "kind": "文档" } }, { "term": "调整／重述财报", "english": "Restatement, Revised filing", "explanation": "公司对先前报表作更正或重新列报。历史回测若直接使用后来修订值，可能得到当时不可能知道的信息。", "category": "数据披露与研究接口中的金融缩写", "id": "t0842", "source": { "path": "agent/src/skills/edgar-sec-filings/SKILL.md", "line": 20, "matched": "restatement", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/edgar-sec-filings/SKILL.md#L20", "kind": "文档" } }, { "term": "数据来源追踪／证据时效", "english": "Data provenance, Freshness", "explanation": "记录金融数字来自哪里、何时发布和何时获取，便于判断结论是否用对时点和口径。", "category": "数据披露与研究接口中的金融缩写", "id": "t0843", "source": { "path": "agent/src/skills/web-reader/SKILL.md", "line": 41, "matched": "freshness", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/web-reader/SKILL.md#L41", "kind": "文档" } }, { "term": "AKShare／Tushare／yfinance／CCXT", "english": "Financial data libraries", "explanation": "项目用于连接不同数据和交易生态的库名。安装库不自动获得所有行情、券商权限或数据再分发权。", "category": "数据披露与研究接口中的金融缩写", "id": "t0844", "source": { "path": "agent/src/skills/ccxt/SKILL.md", "line": 2, "matched": "ccxt", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/ccxt/SKILL.md#L2", "kind": "文档" } }, { "term": "通达信／Mootdx／东方财富／巨潮", "english": "Market-data and disclosure sources", "explanation": "项目提到的行情或公告来源及接入工具，覆盖和授权不同，不能把不同来源字段直接当成同一口径。", "category": "数据披露与研究接口中的金融缩写", "id": "t0845", "source": { "path": "agent/src/skills/tushare/SKILL.md", "line": 210, "matched": "东方财富", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/tushare/SKILL.md#L210", "kind": "文档" } }, { "term": "vn.py／Pine Script／QMT", "english": "Trading framework, Strategy language, Trading terminal", "explanation": "项目文档或相关场景中的交易框架、图表策略语言和券商量化终端名称；导出或连接它们不等于已实现完整实盘系统。", "category": "数据披露与研究接口中的金融缩写", "id": "t0846", "source": { "path": "agent/src/skills/pine-script/SKILL.md", "line": 2, "matched": "pine-script", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/pine-script/SKILL.md#L2", "kind": "文档" } }, { "term": "横截面排名／滚动排名", "english": "rank, ts_rank", "explanation": "rank 常在同一天给不同股票排序；ts_rank 常看一个股票当前值在自身历史窗口中的位置。代码实现可能有归一化差异。", "category": "因子公式与特征名读法", "id": "t0847", "source": { "path": "agent/src/factors/base.py", "line": 93, "matched": "ts_rank", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/base.py#L93", "kind": "源码" } }, { "term": "滞后引用／差值算子", "english": "delay, Ref, delta", "explanation": "分别取若干期前的值，或当前减过去值。因子公式里的 delta 通常不是期权 Delta。", "category": "因子公式与特征名读法", "id": "t0848", "source": { "path": "agent/src/skills/alpha-zoo/SKILL.md", "line": 42, "matched": "delta", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/skills/alpha-zoo/SKILL.md#L42", "kind": "文档" } }, { "term": "滚动均值／标准差／极值", "english": "ts_mean, ts_std, ts_max, ts_min", "explanation": "在不断向前移动的窗口内计算平均、波动或最高最低值，是许多编号因子的积木。", "category": "因子公式与特征名读法", "id": "t0849", "source": { "path": "agent/src/factors/base.py", "line": 179, "matched": "ts_mean", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/base.py#L179", "kind": "源码" } }, { "term": "滚动极值位置／分位数", "english": "ts_argmax, ts_argmin, ts_quantile", "explanation": "前两者找最高最低出现在窗口哪个位置；分位数找按大小排序后的指定位置，位置与值不能混用。", "category": "因子公式与特征名读法", "id": "t0850", "source": { "path": "agent/src/factors/base.py", "line": 221, "matched": "ts_argmax", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/base.py#L221", "kind": "源码" } }, { "term": "滚动相关／协方差", "english": "ts_corr, ts_cov", "explanation": "在最近一个窗口衡量两个序列共同变化，常用于价量关系和 beta 估计。", "category": "因子公式与特征名读法", "id": "t0851", "source": { "path": "agent/src/factors/base.py", "line": 9, "matched": "ts_corr", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/base.py#L9", "kind": "源码" } }, { "term": "线性衰减／缩放／带符号幂", "english": "decay_linear, scale, signedpower", "explanation": "分别让较新数据获得较大权重、按约定大小归一化，以及保留符号再做幂变换，用于组合因子信号。", "category": "因子公式与特征名读法", "id": "t0852", "source": { "path": "agent/src/factors/base.py", "line": 82, "matched": "scale", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/base.py#L82", "kind": "源码" } }, { "term": "Qlib K 线形态特征", "english": "KMID, KLEN, KUP, KLOW, KSFT", "explanation": "把实体、全长、上影、下影和收盘相对位置等转成归一化数字，让模型能处理 K 线形态而非看图片。", "category": "因子公式与特征名读法", "id": "t0853", "source": { "path": "agent/src/factors/zoo/qlib158/kup.py", "line": 8, "matched": "KUP", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/qlib158/kup.py#L8", "kind": "源码" } }, { "term": "Qlib 价格位置特征", "english": "MAX, MIN, QTLU, QTLD, RANK, RSV", "explanation": "用窗口极值、上下分位点、排名和区间位置描述当前价格相对自身历史处于哪里。", "category": "因子公式与特征名读法", "id": "t0854", "source": { "path": "agent/src/factors/base.py", "line": 124, "matched": "min", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/base.py#L124", "kind": "源码" } }, { "term": "Qlib 趋势回归特征", "english": "BETA, RSQR, RESI", "explanation": "对窗口内价格趋势做回归，分别表达斜率、拟合程度和残差。这里 BETA 不一定是对市场收益的金融 beta。", "category": "因子公式与特征名读法", "id": "t0855", "source": { "path": "agent/src/factors/zoo/academic/bab.py", "line": 6, "matched": "Beta", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/academic/bab.py#L6", "kind": "源码" } }, { "term": "Qlib 极值时间特征", "english": "IMAX, IMIN, IMXD", "explanation": "描述近期高低点距现在或在窗口中的位置，以及两者差异，帮助表示趋势出现的时序。", "category": "因子公式与特征名读法", "id": "t0856", "source": { "path": "agent/src/factors/zoo/qlib158/LICENSE.md", "line": 70, "matched": "imax", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/qlib158/LICENSE.md#L70", "kind": "文档" } }, { "term": "Qlib 涨跌次数特征", "english": "CNTP, CNTN, CNTD", "explanation": "统计窗口内上涨、下跌次数比例及其差，关注涨跌发生得是否频繁，而不是单次涨了多少。", "category": "因子公式与特征名读法", "id": "t0857", "source": { "path": "agent/src/factors/zoo/qlib158/cntd5.py", "line": 5, "matched": "CNTP", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/qlib158/cntd5.py#L5", "kind": "源码" } }, { "term": "Qlib 涨跌幅累计特征", "english": "SUMP, SUMN, SUMD", "explanation": "比较正负价格变化的累计力度及其差，反映窗口内上行与下行力量的相对关系。", "category": "因子公式与特征名读法", "id": "t0858", "source": { "path": "agent/src/factors/zoo/qlib158/sumd5.py", "line": 5, "matched": "SUMP", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/qlib158/sumd5.py#L5", "kind": "源码" } }, { "term": "Qlib 成交量特征", "english": "VMA, VSTD, VSUMP, VSUMN, VSUMD", "explanation": "把成交量的平均、波动和增减变化转成可比较特征，帮助模型识别量能状态。", "category": "因子公式与特征名读法", "id": "t0859", "source": { "path": "agent/src/factors/zoo/qlib158/vsumd5.py", "line": 5, "matched": "VSUMP", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/zoo/qlib158/vsumd5.py#L5", "kind": "源码" } }, { "term": "Qlib 价量关系特征", "english": "CORR, CORD, WVMA", "explanation": "描述价格与成交量或其变化的相关，以及成交量加权波动等。具体公式以每个因子源码为准。", "category": "因子公式与特征名读法", "id": "t0860", "source": { "path": "agent/src/factors/base.py", "line": 9, "matched": "corr", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/base.py#L9", "kind": "源码" } }, { "term": "因子编号与窗口后缀", "english": "alpha101_001, gtja191_001, qlib158_rank30", "explanation": "编号用来定位一份计算配方；窗口后缀常表示使用最近多少期，例如 rank30 是 30 期排名类特征，30 期不一定是 30 个自然日。", "category": "因子公式与特征名读法", "id": "t0861", "source": { "path": "agent/src/factors/cli_handlers.py", "line": 985, "matched": "alpha101_001", "url": "https://github.com/HKUDS/Vibe-Trading/blob/f84b2977a5aadc76fd0e709a2cc3d241f35add33/agent/src/factors/cli_handlers.py#L985", "kind": "源码" } } ] }