China Alternative-Data Desk中国另类数据台

Seven independent A-share feeds, each rank-scored across the market, then read as one signed convergence: where consensus, valuation, financing, main-force flow, retail attention, hot-money and block trades line up. The seal-strip shows which feeds are constructive (green) or cautionary (red) per name.七个独立的A股数据源各自在全市场排名评分，再合并为一个带符号的共振：一致预期、估值、融资、主力资金、散户关注、龙虎榜与大宗交易在何处一致。印记条显示每只个股上各数据源是偏建设性（绿）还是偏谨慎（红）。

China's most distinctive microstructure signal, with no US analogue: which names are sealing daily limit-ups, how many boards in a row, and how well the seal held. Consecutive boards and a heavy seal fund mean momentum; a froth flag means the move is late — don't chase.中国最具特色、且美股没有对应物的微观结构信号：哪些个股在封涨停、连了几个板、封单是否牢固。连板与大额封单代表动能；过热标记意味着行情已晚——别追。

Where the story money is going: THS concept baskets ranked by 3-month return, each tagged with a cycle position (from washout to overheated) and, where a global read confirms it, a cross-market momentum chip. Overheated + far above trend is a warning, not an invitation.故事资金的去向：同花顺概念板块按3个月收益排序，各自标注周期位置（从洗盘到过热），若有全球读数印证则附跨市场动能标记。过热且远高于趋势是警告，而非邀请。

Cycle position: washout → building → strong → overheated. Overheated (red) = crowded and extended.周期位置：洗盘 → 蓄势 → 强势 → 过热。过热（红）＝拥挤且乖离过大。 · 2026-09-09

Hard, disclosed events that move A-share names: share unlocks, exchange inquiry letters, corporate buybacks, pledge stress and ST-board changes. Ranked by disclosed size and exchange-published type — no directional score, just the calendar.推动A股个股的、已披露的硬性事件：限售解禁、交易所问询函、公司回购、质押压力与ST变动。按披露规模与交易所公布类型排序——不作方向性评分，只呈现日历。

The other side of momentum. Names where leverage, pledge risk, limit-up froth, an attention spike and a rich valuation stack up together are fragile — a small shock unwinds them fast. This is a caution list, not a short list.动能的另一面。当杠杆、质押风险、涨停过热、关注度飙升与高估值同时叠加，个股即脆弱——小冲击也会令其快速瓦解。这是警示名单，不是做空名单。

Chinese sell-side is near-universally "buy", so the rating is noise. Two things carry signal: which names the most desks put on their monthly gold-stock list, and which companies pre-announce the biggest earnings surprises.中国卖方近乎全为“买入”，评级本身是噪音。两处有信号：当月被最多研究所列入金股名单的个股，以及预告业绩变动最大的公司。

The ledger behind this desk. Every China signal is placed on an honest tier — scored (it earns weight in the allocator), confirmer, display-only, still on trial, or killed. Nothing gets promoted to sizing until it has earned it on forward returns.这张台面背后的账本。每个中国信号都被放到一个诚实的层级——已评分（在配置中获得权重）、确认器、仅展示、仍在试用、或已淘汰。任何信号在用前瞻收益证明自己之前，都不会被提升为仓位依据。