InvAssistant

> Multi-asset investment portfolio management framework — current version v2.1.2 (2026-06-06).

> Core philosophy: portfolio before stock-picking, discipline before inspiration. Rules are guardrails, not cages.

1. Asset Classification (Three Tiers)

This is the foundation of v2.1+. Different assets use different exit logic.

| Tier | Definition | Rules | When To Sell |

|------|-----------|-------|-------------|

| A-Class (Platform Core) | Long-moat, cash-flow-stable platform companies | HOLD, no trailing stop; DCA entries | Only 3 reasons: ① fundamental deterioration (2+ quarters) ② narrative change ③ portfolio limit breach |

| B-Class (High-Beta Cyclical) | High-beta, narrative-driven growth | Trailing stop + position management | QMS < 40 triggers review |

| C-Class (Low-Volatility Income) | Broad-market/dividend ETFs, utilities | DCA + rebalancing | No active timing |

Key insight: A-class price drawdowns ≠ sell signals. Using trailing stops on A-class washes out long-term compounders.

2. Portfolio Risk Controls: 7 Red Lines (Non-Overridable)

| # | Rule | Threshold | Action |

|---|------|-----------|--------|

| 1 | Single position concentration | >25% | Reduce to ≤20% within 3 months |

| 2 | Single sector concentration | >35% | Reduce to ≤30% within 3 months |

| 3 | AI single-narrative | >50% | Reduce to ≤40% within 6 months |

| 4 | Portfolio drawdown (mild) | >-12% | Halve satellite positions |

| 5 | Portfolio drawdown (severe) | >-15% | Total position ≤60% |

| 6 | VIX systemic risk | ≥40 | Reduce total to ≤50% |

| 7 | Pre-Trade Log compliance | <100% | Log immediately |

3. US Stock Strategy

Entry Modes

| Mode | Applies To | Logic |

|------|-----------|-------|

| A (Panic Mispricing) | B-Class (TSLA/NVDA extreme) | Emotion release + technical support + VIX <25 |

| B (Trend Confirmation) | B-Class | Price > MA50 + breakout + fundamentals + valuation |

| C (Rebalancing) | Portfolio-level | Triggered by Red Lines 1-3 only |

| D (A-Class Candidate Zone Entry) | Candidate pool (non-tech diversification targets) | Callback-based, no observation delay |

Mode D: A-Class Candidate Zone Entry (v2.1.1)

Applied to new A-class candidates before they join the core portfolio. Designed to solve the "observation delay misses entry window" problem.

Principle: No observation delay. A -10% pullback from 20D high on an A-class candidate is itself a complete entry signal — the underlying moat business doesn't change with share price.

| Zone | Trigger | Allocation | Execution |

|------|---------|------------|-----------|

| First tranche | -10% from 20D high | 50% of target | Execute immediately |

| Add | -15% (or >3% further drop after first) | 30% | Execute on trigger |

| Final | -20% (or 5+ days sideways without new low) | 20% | Within zone |

Constraints: total ≤2% portfolio; MCO requires PE percentile <60%; no chasing after rebound.

Why Different from TSLA Mode A

TSLA (B-Class satellite) needs bottom confirmation — the drop might be fundamentally justified. A-class candidates (moat compounders) only need price confirmation — a -10% discount on a quality business is self-evidently an opportunity.

4. A-Share Strategy (3-Condition Engine)

All three conditions must pass for entry:

| Condition | Standard |

|-----------|----------|

| ① Engine score ≥80 + 3 consecutive days on list | Core selection pool |

| ② Current price ≤ dynamic target (with floor) | max(static×0.85, min(static, MA20×0.95)) |

| ③ MA20 flat or turning up | MA20 delta ≥ -0.05 |

Flex window: 2/3 conditions met + 3rd deviation ≤10% → half-position trial.

Time stop: 6 months max in selection pool without entry → forced review.

5. HK Stock Strategy

| Source | Framework |

|--------|-----------|

| Actively bought | Follow A/B/C classification rules |

| Company allocation/incentive | Warning line + reduction framework (not hard stop) |

Warning line (not hard stop): Triggers 48h review upon breach.

Time limit: 18 months post-vesting with remaining position → unconditional full exit.

6. QMS Scoring (4-Factor)

QMS = 0.35 × Earnings Trend
    + 0.25 × Sector Relative Strength
    + 0.25 × EPS Revision
    + 0.15 × Price Structure

| Score | Meaning | Action |

|-------|---------|--------|

| ≥70 | High quality + good timing | Hold / observe entry |

| 50-70 | Healthy, not at entry point | HOLD |

| <50 | Quality or timing issues | No new positions |

| <40 | Review exit queue | Evaluate reduction (B-Class only) |

Boundary: QMS is entry reference for A-Class, NOT an exit trigger. Only B-Class uses QMS <40 as reduction signal.

7. Monthly KPIs

| KPI | Threshold | Type |

|-----|-----------|------|

| Monthly turnover rate | ≤15% | Red line |

| Pre-Trade Log compliance | =100% | Red line |

| A-Class sold on price volatility | =0 | Red line |

| Panic-period reduction (VIX≥30) | =0 | Red line |

| System execution rate | ≥80% | KPI |

8. Hard Rules Summary

1. Asset classification determines action semantics: A-Class no trailing stop, B-Class uses trailing stop
2. Held vs. watchlist semantics must not be mixed
3. A-share 3-condition is a filter: all pass → entry (flex window = 2/3 + deviation + half-size)
4. US B-Class dual-mode: Mode A (3 red lines all pass) / Mode B (4 conditions all pass)
5. Unfilled ≠ holding: portfolio data must reflect actual positions
6. Never fabricate data: all indicators must come from live data sources
7. A-Class only sells on 3 fundamental reasons (never price)
8. 7 Red Lines triggered = must follow, no override
9. Allocation/incentive positions do not use standard stops
10. Every override must be logged
11. Max 2 overrides per ticker per quarter; 3rd is void
12. Daily self-check: 5 questions, all "no" = no trade today

9. Data Sources

| Data Type | Primary | Fallback |

|-----------|---------|----------|

| US stock quotes/technicals | westock-data | Yahoo Finance |

| A-share K-line/technicals | westock-data | AKShare |

| HK stock quotes | westock-data | Yahoo Finance |

| VIX | westock-data | Yahoo Finance |

| North-bound capital | NeoData | AKShare |

| Financial reports/consensus | westock-data | NeoData |

10. Common Mistakes

| # | Mistake | Fix |

|---|---------|-----|

| P1 | Treating A-Class as B-Class (v2.0's worst error) | Ask "Is this A or B?" before acting |

| P2 | Writing "reduce" for watchlist stocks | Ask "Is this held?" first |

| P3 | Cross-market strategy pushed to sub-pages | Cross-market → main page; specific rules → sub-page |

| P4 | LaTeX $xxx swallows first digit | Use US$ / HK$ / ¥ / \$ |

| P5 | Wrong code block language ('plain') | Must use 'plain text' (with space) |

Version History

| Version | Date | Summary |

|---------|------|---------|

| v2.1.2 | 2026-06-06 | Audit cleanup: bilingual README, remove legacy files |

| v2.1.1 | 2026-06-04 | Mode D: A-class candidate zone entry (no observation delay) |

| v2.1 | 2026-05-18 | A/B/C asset classification; 7 red lines; 4-factor QMS; trailing stop removed from A-class |

| v2.0 | 2026-05-18 | Full rebuild: decision pyramid, 5-factor QMS, 10 red lines (replaced) |

| v1.5 | 2026 Q1-Q2 | 3-condition engine, dual-mode entry, trailing stops |

> 中文简介：InvAssistant 是一个多市场投资组合管理框架。按资产三层分类（A/B/C）执行差异化规则，7 条组合红线不可覆盖，4 因子 QMS 评分辅助决策。覆盖美股、A 股、港股。核心信念：组合优先于选股，纪律优先于灵感。规则是栏杆，不是牢笼。