603365 水星家纺 · AI 价值研究

研究日:2026-09-14 · 结论:error · 版本:value-research-v2

RuntimeError:claude 调用失败(退出码 1):leted":0,"failed":0,"killed":{"parent":0,"user":0,"system":0},"refused":{"depth_limit":0,"concurrency_limit":0,"budget":0},"by_type":{}},"is_error":true,"num_turns":1,"subtype":"success","api_error_status":429,"result":"You've hit your session limit · resets 9pm (Asia/Shanghai)","type":"result","duration_ms":1743,"uuid":"f3357c2f-64f2-4132-bfaf-56fa2aa1201f","queued_turn_count":0,"result_index":0}

本报告是模型判断与前向观察起点,不是成交指令。情景收益不代表已获得的超额收益。

一手来源

- 2025年年度报告 · 公告日 2026-04-24 · SHA256 14e0c5f17a492bd0cff5c1753d0a4dbd1677de3a94f967ac3b3e8e4ab1750c86

- 2026年度半年报 · 公告日 2026-08-26 · SHA256 f644fb5e376dc81c390e4a87ce2498f02c10cdea3817f6666dd47d29e65e2260

- 2026年第一季度报告 · 公告日 2026-04-24 · SHA256 2a652e9d6f50b4649122d63a5a2399c64a5355f4da3c6574ea9bd54b68c61b7f

运行假设

{

  "benchmark": "H00300",

  "benchmark_assumed_return": 0.08,

  "cli": "claude",

  "effort": "medium",

  "enabled": true,

  "horizon_years": 3,

  "market": "CN",

  "max_budget_usd_per_call": 2.0,

  "max_chars_per_page": 3500,

  "max_daily_budget_usd": 59.867307000000004,

  "max_documents": 3,

  "max_financial_age_days": 550,

  "max_new_symbols_per_day": 16,

  "max_pages_per_document": 10,

  "max_price_age_days": 7,

  "max_retries_per_day": 8,

  "max_share_age_days": 90,

  "maximum_bear_loss": 0.35,

  "min_cost_samples": 5,

  "min_reserve_usd": 1.0,

  "minimum_expected_excess": 0.03,

  "minimum_margin": 0.2,

  "require_value_case": true,

  "required_return": 0.12,

  "review_after_days": 30,

  "round_trip_cost_bps": 30.0,

  "timeout_seconds": 600

}

前向收益与经营验收

完整参数、原始判断与披露摘录

展开可核对三情景输入、逐年现金流、引用纠正及全部取证页。来源 PDF 可从报告链接打开。