{
  "schema": "empire.strategy_factors.v1",
  "generated_at": "2026-09-23T13:58:02.770363+00:00",
  "advice": "research_only_no_orders",
  "n_names": 5313,
  "skipped": {
    "no_price": 4,
    "st": 209,
    "empty": 0
  },
  "factor_ids": [
    "value_ep",
    "value_bp",
    "value_ncav_discount",
    "value_epv_mos",
    "quality_accrual",
    "quality_rnoa_proxy",
    "quality_gross_margin",
    "quality_roe",
    "safety_low_debt",
    "safety_coverage",
    "stability_roe",
    "growth_revenue",
    "growth_profit",
    "cash_ocf_yield",
    "size_log_mktcap"
  ],
  "coverage": {
    "value_ep": 4456,
    "value_bp": 5306,
    "value_ncav_discount": 5306,
    "value_epv_mos": 3984,
    "quality_accrual": 5190,
    "quality_rnoa_proxy": 5308,
    "quality_gross_margin": 5210,
    "quality_roe": 5309,
    "safety_low_debt": 5312,
    "safety_coverage": 5312,
    "stability_roe": 5309,
    "growth_revenue": 5311,
    "growth_profit": 5313,
    "cash_ocf_yield": 5311,
    "size_log_mktcap": 5313
  },
  "catalog": {
    "value_ep": {
      "name": "盈利收益率 E/P",
      "family": "value",
      "direction": "higher_better",
      "formula": "eps_ann / price  (or 1/PE)",
      "skills": [
        "graham-earnings-power-value",
        "graham-quantitative-screening"
      ],
      "inputs": [
        "eps",
        "price",
        "pe"
      ]
    },
    "value_bp": {
      "name": "账面市值比 B/P",
      "family": "value",
      "direction": "higher_better",
      "formula": "bps / price  (or 1/PB)",
      "skills": [
        "graham-net-net-ncaV",
        "graham-quantitative-screening"
      ],
      "inputs": [
        "bps",
        "price",
        "pb"
      ]
    },
    "value_ncav_discount": {
      "name": "净净营运资本折价代理",
      "family": "value",
      "direction": "higher_better",
      "formula": "score from cheap PB + NCAV_proxy=0.55*TA-TL",
      "skills": [
        "graham-net-net-ncaV"
      ],
      "inputs": [
        "total_assets",
        "total_liabilities",
        "mktcap",
        "pb",
        "bps",
        "price"
      ]
    },
    "value_epv_mos": {
      "name": "EPV 安全边际",
      "family": "value",
      "direction": "higher_better",
      "formula": "1 - price / (eps_ann / r), r=0.10",
      "skills": [
        "graham-earnings-power-value",
        "graham-margin-of-safety"
      ],
      "inputs": [
        "eps",
        "price"
      ]
    },
    "quality_accrual": {
      "name": "应计质量（低应计更好）",
      "family": "quality",
      "direction": "higher_better",
      "formula": "- (eps - ocfps) / |bps|",
      "skills": [
        "stickney-cash-vs-accrual-screen",
        "stickney-accrual-quality"
      ],
      "inputs": [
        "eps",
        "operating_cash_flow_per_share",
        "bps"
      ]
    },
    "quality_rnoa_proxy": {
      "name": "经营回报质量（去杠杆 ROE）",
      "family": "quality",
      "direction": "higher_better",
      "formula": "roe_ann - 0.15 * max(debt-50,0)/50",
      "skills": [
        "penman-rnoa-leverage-split",
        "penman-roe-growth"
      ],
      "inputs": [
        "roe",
        "debt_asset_ratio",
        "history"
      ]
    },
    "quality_gross_margin": {
      "name": "毛利率",
      "family": "quality",
      "direction": "higher_better",
      "formula": "gross_margin / 100",
      "skills": [
        "buffett-moat-float",
        "xiaoxing-good-company-finance"
      ],
      "inputs": [
        "gross_margin"
      ]
    },
    "quality_roe": {
      "name": "年化 ROE",
      "family": "quality",
      "direction": "higher_better",
      "formula": "prefer FY ROE else period*annualize",
      "skills": [
        "penman-residual-income",
        "graham-stability-quality-gate"
      ],
      "inputs": [
        "roe",
        "history",
        "report_date"
      ]
    },
    "safety_low_debt": {
      "name": "低杠杆安全",
      "family": "safety",
      "direction": "higher_better",
      "formula": "1 - debt_asset_ratio/100  (clipped)",
      "skills": [
        "graham-defensive-investor",
        "graham-bond-selection-coverage"
      ],
      "inputs": [
        "debt_asset_ratio"
      ]
    },
    "safety_coverage": {
      "name": "偿债覆盖代理",
      "family": "safety",
      "direction": "higher_better",
      "formula": "net_profit / max(total_liabilities * 0.04, 1)",
      "skills": [
        "graham-bond-selection-coverage"
      ],
      "inputs": [
        "net_profit",
        "total_liabilities"
      ],
      "note": "proxy ICR; interest_expense not in feed"
    },
    "stability_roe": {
      "name": "ROE 稳定性",
      "family": "stability",
      "direction": "higher_better",
      "formula": "1 / (1 + std(FY ROE)) with mean>0 bonus",
      "skills": [
        "graham-stability-quality-gate"
      ],
      "inputs": [
        "history"
      ]
    },
    "growth_revenue": {
      "name": "营收增长",
      "family": "growth",
      "direction": "higher_better",
      "formula": "revenue_yoy / 100",
      "skills": [
        "penman-growth-fade-riv",
        "bodie-index-model-alpha"
      ],
      "inputs": [
        "revenue_yoy"
      ]
    },
    "growth_profit": {
      "name": "净利增长",
      "family": "growth",
      "direction": "higher_better",
      "formula": "net_profit_yoy / 100",
      "skills": [
        "penman-growth-fade-riv"
      ],
      "inputs": [
        "net_profit_yoy"
      ]
    },
    "cash_ocf_yield": {
      "name": "经营现金流收益率",
      "family": "quality",
      "direction": "higher_better",
      "formula": "ocfps / price",
      "skills": [
        "stickney-cash-vs-accrual-screen",
        "buffett-owner-earnings-intrinsic"
      ],
      "inputs": [
        "operating_cash_flow_per_share",
        "price"
      ]
    },
    "size_log_mktcap": {
      "name": "规模（log 市值）",
      "family": "control",
      "direction": "neutral",
      "formula": "log(mktcap_yuan)",
      "skills": [
        "bodie-factor-apt"
      ],
      "inputs": [
        "mktcap"
      ],
      "note": "control / risk factor, not alpha by default"
    }
  },
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        "symbol": "600000.SH",
        "code": "600000",
        "name": "浦发银行",
        "price": 8.87,
        "pe": 5.836,
        "pb": 0.392,
        "factor_id": "value_ep",
        "z": 3.5226,
        "raw": 0.234498
      },
      {
        "symbol": "600015.SH",
        "code": "600015",
        "name": "华夏银行",
        "price": 6.91,
        "pe": 4.265,
        "pb": 0.342,
        "factor_id": "value_ep",
        "z": 3.5226,
        "raw": 0.17945
      },
      {
        "symbol": "600016.SH",
        "code": "600016",
        "name": "民生银行",
        "price": 3.46,
        "pe": 5.492,
        "pb": 0.263,
        "factor_id": "value_ep",
        "z": 3.5226,
        "raw": 0.300578
      },
      {
        "symbol": "600035.SH",
        "code": "600035",
        "name": "楚天高速",
        "price": 3.56,
        "pe": 10.471,
        "pb": 0.63,
        "factor_id": "value_ep",
        "z": 3.5226,
        "raw": 0.168539
      },
      {
        "symbol": "600064.SH",
        "code": "600064",
        "name": "XD南京高",
        "price": 7.3,
        "pe": 6.9,
        "pb": 0.64,
        "factor_id": "value_ep",
        "z": 3.5226,
        "raw": 0.198356
      },
      {
        "symbol": "600167.SH",
        "code": "600167",
        "name": "联美控股",
        "price": 5.82,
        "pe": 18.872,
        "pb": 1.1,
        "factor_id": "value_ep",
        "z": 3.5226,
        "raw": 0.164605
      },
      {
        "symbol": "600251.SH",
        "code": "600251",
        "name": "冠农股份",
        "price": 8.72,
        "pe": 19.378,
        "pb": 1.677,
        "factor_id": "value_ep",
        "z": 3.5226,
        "raw": 0.172018
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        "symbol": "600332.SH",
        "code": "600332",
        "name": "白云山",
        "price": 22.18,
        "pe": 12.087,
        "pb": 0.912,
        "factor_id": "value_ep",
        "z": 3.5226,
        "raw": 0.197836
      },
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        "symbol": "600638.SH",
        "code": "600638",
        "name": "新黄浦",
        "price": 4.53,
        "pe": 45.12,
        "pb": 0.652,
        "factor_id": "value_ep",
        "z": 3.5226,
        "raw": 0.181369
      },
      {
        "symbol": "600694.SH",
        "code": "600694",
        "name": "大商股份",
        "price": 14.62,
        "pe": 10.296,
        "pb": 0.606,
        "factor_id": "value_ep",
        "z": 3.5226,
        "raw": 0.218878
      },
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        "symbol": "600790.SH",
        "code": "600790",
        "name": "轻纺城",
        "price": 3.16,
        "pe": -316.0,
        "pb": 0.779,
        "factor_id": "value_ep",
        "z": 3.5226,
        "raw": 0.329114
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        "symbol": "600816.SH",
        "code": "600816",
        "name": "建元信托",
        "price": 2.37,
        "pe": 199.16,
        "pb": 1.525,
        "factor_id": "value_ep",
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        "raw": 0.174515
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        "symbol": "600827.SH",
        "code": "600827",
        "name": "百联股份",
        "price": 7.65,
        "pe": 21.857,
        "pb": 0.663,
        "factor_id": "value_ep",
        "z": 3.5226,
        "raw": 0.232052
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        "symbol": "600908.SH",
        "code": "600908",
        "name": "无锡银行",
        "price": 5.45,
        "pe": 5.396,
        "pb": 0.517,
        "factor_id": "value_ep",
        "z": 3.5226,
        "raw": 0.212844
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        "code": "600919",
        "name": "江苏银行",
        "price": 11.31,
        "pe": 6.426,
        "pb": 0.785,
        "factor_id": "value_ep",
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        "raw": 0.205128
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        "symbol": "600000.SH",
        "code": "600000",
        "name": "浦发银行",
        "price": 8.87,
        "pe": 5.836,
        "pb": 0.392,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 2.551761
      },
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        "symbol": "600015.SH",
        "code": "600015",
        "name": "华夏银行",
        "price": 6.91,
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        "pb": 0.342,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 2.922272
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        "symbol": "600016.SH",
        "code": "600016",
        "name": "民生银行",
        "price": 3.46,
        "pe": 5.492,
        "pb": 0.263,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 3.799012
      },
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        "symbol": "600017.SH",
        "code": "600017",
        "name": "日照港",
        "price": 2.7,
        "pe": 16.875,
        "pb": 0.59,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 1.693522
      },
      {
        "symbol": "600019.SH",
        "code": "600019",
        "name": "宝钢股份",
        "price": 5.76,
        "pe": 12.0,
        "pb": 0.602,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 1.660441
      },
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        "symbol": "600048.SH",
        "code": "600048",
        "name": "保利发展",
        "price": 4.86,
        "pe": 54.0,
        "pb": 0.3,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 3.33482
      },
      {
        "symbol": "600051.SH",
        "code": "600051",
        "name": "宁波联合",
        "price": 5.94,
        "pe": 22.0,
        "pb": 0.54,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 1.851936
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        "symbol": "600104.SH",
        "code": "600104",
        "name": "上汽集团",
        "price": 10.39,
        "pe": 11.74,
        "pb": 0.397,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 2.516053
      },
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        "symbol": "600123.SH",
        "code": "600123",
        "name": "兰花科创",
        "price": 6.16,
        "pe": -16.808,
        "pb": 0.6,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 1.665464
      },
      {
        "symbol": "600153.SH",
        "code": "600153",
        "name": "建发股份",
        "price": 8.6,
        "pe": -2.199,
        "pb": 0.579,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 1.727112
      },
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        "symbol": "600208.SH",
        "code": "600208",
        "name": "衢州发展",
        "price": 2.78,
        "pe": 92.667,
        "pb": 0.566,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 1.766632
      },
      {
        "symbol": "600248.SH",
        "code": "600248",
        "name": "陕建股份",
        "price": 2.89,
        "pe": 47.769,
        "pb": 0.386,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 2.572057
      },
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        "symbol": "600266.SH",
        "code": "600266",
        "name": "城建发展",
        "price": 3.87,
        "pe": -13.345,
        "pb": 0.44,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 2.275092
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        "symbol": "600269.SH",
        "code": "600269",
        "name": "赣粤高速",
        "price": 4.01,
        "pe": 7.291,
        "pb": 0.474,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 2.108655
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        "symbol": "600284.SH",
        "code": "600284",
        "name": "浦东建设",
        "price": 5.01,
        "pe": 13.764,
        "pb": 0.61,
        "factor_id": "value_bp",
        "z": 3.2761,
        "raw": 1.640446
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        "symbol": "600000.SH",
        "code": "600000",
        "name": "浦发银行",
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        "pb": 0.392,
        "factor_id": "value_epv_mos",
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        "raw": 0.573558
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        "code": "600015",
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        "factor_id": "value_epv_mos",
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        "raw": 0.442742
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        "code": "600016",
        "name": "民生银行",
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        "pe": 5.492,
        "pb": 0.263,
        "factor_id": "value_epv_mos",
        "z": 0.5413,
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        "symbol": "600035.SH",
        "code": "600035",
        "name": "楚天高速",
        "price": 3.56,
        "pe": 10.471,
        "pb": 0.63,
        "factor_id": "value_epv_mos",
        "z": 0.5413,
        "raw": 0.406667
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        "symbol": "600064.SH",
        "code": "600064",
        "name": "XD南京高",
        "price": 7.3,
        "pe": 6.9,
        "pb": 0.64,
        "factor_id": "value_epv_mos",
        "z": 0.5413,
        "raw": 0.495856
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        "symbol": "600167.SH",
        "code": "600167",
        "name": "联美控股",
        "price": 5.82,
        "pe": 18.872,
        "pb": 1.1,
        "factor_id": "value_epv_mos",
        "z": 0.5413,
        "raw": 0.392484
      },
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        "symbol": "600251.SH",
        "code": "600251",
        "name": "冠农股份",
        "price": 8.72,
        "pe": 19.378,
        "pb": 1.677,
        "factor_id": "value_epv_mos",
        "z": 0.5413,
        "raw": 0.418667
      },
      {
        "symbol": "600332.SH",
        "code": "600332",
        "name": "白云山",
        "price": 22.18,
        "pe": 12.087,
        "pb": 0.912,
        "factor_id": "value_epv_mos",
        "z": 0.5413,
        "raw": 0.494531
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        "symbol": "600638.SH",
        "code": "600638",
        "name": "新黄浦",
        "price": 4.53,
        "pe": 45.12,
        "pb": 0.652,
        "factor_id": "value_epv_mos",
        "z": 0.5413,
        "raw": 0.448637
      },
      {
        "symbol": "600694.SH",
        "code": "600694",
        "name": "大商股份",
        "price": 14.62,
        "pe": 10.296,
        "pb": 0.606,
        "factor_id": "value_epv_mos",
        "z": 0.5413,
        "raw": 0.543125
      },
      {
        "symbol": "600790.SH",
        "code": "600790",
        "name": "轻纺城",
        "price": 3.16,
        "pe": -316.0,
        "pb": 0.779,
        "factor_id": "value_epv_mos",
        "z": 0.5413,
        "raw": 0.696154
      },
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        "symbol": "600816.SH",
        "code": "600816",
        "name": "建元信托",
        "price": 2.37,
        "pe": 199.16,
        "pb": 1.525,
        "factor_id": "value_epv_mos",
        "z": 0.5413,
        "raw": 0.426983
      },
      {
        "symbol": "600827.SH",
        "code": "600827",
        "name": "百联股份",
        "price": 7.65,
        "pe": 21.857,
        "pb": 0.663,
        "factor_id": "value_epv_mos",
        "z": 0.5413,
        "raw": 0.569063
      },
      {
        "symbol": "600908.SH",
        "code": "600908",
        "name": "无锡银行",
        "price": 5.45,
        "pe": 5.396,
        "pb": 0.517,
        "factor_id": "value_epv_mos",
        "z": 0.5413,
        "raw": 0.530172
      },
      {
        "symbol": "600919.SH",
        "code": "600919",
        "name": "江苏银行",
        "price": 11.31,
        "pe": 6.426,
        "pb": 0.785,
        "factor_id": "value_epv_mos",
        "z": 0.5413,
        "raw": 0.5125
      }
    ],
    "quality_accrual": [
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        "symbol": "920152.BJ",
        "code": "920152",
        "name": "昆工科技",
        "price": 13.86,
        "pe": -7.058,
        "pb": 8.583,
        "factor_id": "quality_accrual",
        "z": 2.7621,
        "raw": 0.349591
      },
      {
        "symbol": "920719.BJ",
        "code": "920719",
        "name": "宁新新材",
        "price": 8.1,
        "pe": -1.503,
        "pb": 6.806,
        "factor_id": "quality_accrual",
        "z": 2.7621,
        "raw": 1.721883
      },
      {
        "symbol": "600109.SH",
        "code": "600109",
        "name": "国金证券",
        "price": 8.46,
        "pe": 13.689,
        "pb": 0.868,
        "factor_id": "quality_accrual",
        "z": 2.7621,
        "raw": 0.405733
      },
      {
        "symbol": "600117.SH",
        "code": "600117",
        "name": "西宁特钢",
        "price": 2.22,
        "pe": -7.929,
        "pb": 2.099,
        "factor_id": "quality_accrual",
        "z": 2.7621,
        "raw": 0.303555
      },
      {
        "symbol": "600121.SH",
        "code": "600121",
        "name": "郑州煤电",
        "price": 3.42,
        "pe": -4.493,
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  },
  "sample": {
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    "raw": {
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      "quality_accrual": -0.062947,
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      "quality_roe": 0.1044,
      "safety_low_debt": 0.828713,
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      "size_log_mktcap": 20.806143
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    "z": {
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      "cash_ocf_yield": 0.304,
      "size_log_mktcap": -1.6947
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  },
  "note": "full z-matrix kept in-memory for structured scoring; snapshot is tops+coverage"
}