Independent research, not driven by investment banking relationships.
独立研究，不受投行业务关系驱动。
HighRock's research is built from public information, company disclosure, and our own analysis. We do not base coverage decisions or investment views on underwriting, financing, or any other investment banking relationship.
HighRock 的研究基于公开信息、公司披露及自主分析形成。我们不以承销、融资或其他投行业务关系作为研究覆盖或观点形成的基础。
HighRock follows a research process that is top-down in setting direction and bottom-up in selecting companies.
We begin with the macro environment and the industry cycle — interest rates and liquidity, the earnings cycle, policy, and technological change — to identify the sectors and structural themes with more favorable medium- to long-term conditions, and we set our research priorities accordingly.
Within those areas, we turn to the individual company: we study its business model, revenue mix, margins, return on capital, and balance sheet, then weigh these against industry competitive dynamics and market expectations to form an independent view of the company.
Macro and industry analysis determine where we look for opportunities and inform our valuation ranges and risk weightings; the final investment conclusion, however, rests on our research into the company itself.
HighRock 采用“自上而下确定方向、自下而上选择公司”的研究路径。
我们首先从宏观环境与产业周期出发——利率与流动性、盈利周期、政策与技术变革——判断哪些行业和结构性主题具备更有利的中长期条件，并据此确定研究重心。
在选定的方向内，我们回到单个企业：研究商业模式、收入结构、利润率、资本回报率与资产负债表，再结合行业竞争格局与市场预期，形成对公司的独立判断。
宏观与行业决定我们在哪里寻找机会，并影响估值区间与风险权重；但最终的投资结论，建立在对企业本身的研究之上。
On that foundation, HighRock's research follows a consistent, verifiable analytical framework. Our aim is not simply to state a view, but to make explicit the assumptions behind every conclusion—and the facts that would change or overturn it.
在此基础上，HighRock 的研究建立在一套一致、可复核的分析框架之上。我们的目标不是简单给出观点，而是明确展示：投资结论基于哪些假设形成，以及哪些事实可能改变或推翻这一判断。
For each company we build bear, base and bull cases, each with its own assumptions for revenue growth, margins, capital investment and valuation level, and each carrying a probability weight. The base case represents our central judgment after the research, not a predetermined outcome.
对每家公司分别建立 Bear / Base / Bull 三种情景，并对收入增长、利润率、资本投入及估值水平作出独立假设，同时赋予相应概率权重。基准情景代表研究后的核心判断，而非预设结果。
We select the valuation methods that fit the business model and the industry — EV/Revenue, forward EV/Sales, P/E, and EV/EBITDA where applicable. Every basis is stated explicitly, whether GAAP trailing, non-GAAP forward or NTM, together with the key EPS assumption, the valuation benchmark and the share-price timestamp.
根据公司商业模式和行业特征选择适用的估值方法，包括 EV/Revenue、Forward EV/Sales、P/E，以及适用时的 EV/EBITDA。所有估值口径均明确标示，包括 GAAP Trailing、Non-GAAP Forward 或 NTM，并列示关键 EPS 假设、估值基准及股价时间戳。
Earnings, product launches, regulatory decisions, lock-up expiries, index changes and other events capable of moving valuation or expectations are tracked with dates, together with an assessment of likely direction, magnitude and investment significance.
对财报、产品发布、监管决定、锁定期到期、指数调整及其他可能影响估值与预期的重要事件进行日期化跟踪，并评估其潜在方向、影响程度及投资意义。
Risk analysis focuses on the specific variables capable of affecting the investment case, and every risk carries a metric that can be tracked. The question is which fundamental changes would weaken, alter or overturn the judgment — not a generic list of market volatility.
风险分析聚焦于可能影响投资逻辑的具体变量，并为每项风险设置可跟踪指标。我们关注的是哪些基本面变化可能削弱、改变或推翻原有判断，而不是笼统罗列市场波动。
A report may set out reference levels for entry, adding, trimming, reassessment and thesis invalidation, derived from the fundamental and valuation framework, together with the basis for each. Such levels are impersonal research content and do not constitute personalized investment advice to any particular subscriber.
报告可根据基本面与估值框架列示入场、加仓、减仓、重新评估及投资逻辑失效的参考价位，并说明相应依据。此类价位属于非个性化研究内容，不构成针对任何特定订阅者的个性化投资建议。
Research reflects HighRock's judgment as at the publication date of the report, based on the information available at that time. All research is impersonal investment research, prepared without regard to the financial situation, investment objectives, risk tolerance or other individual circumstances of any particular subscriber. 研究反映 HighRock 在报告发布日期基于当时可获得信息形成的判断。所有研究均为非个性化投资研究，编制过程中不考虑任何特定订阅者的财务状况、投资目标、风险承受能力或其他个人情况。
HighRock's research universe is U.S.-listed companies and ADRs across all eleven GICS sectors. Starting from industry structure, competitive advantage, earnings drivers and valuation, we identify the companies that merit deep work, and we track the fundamentals, catalysts and risks of those companies continuously.
HighRock 的研究视野面向美国上市公司及 ADR，覆盖全部 11 个 GICS 一级行业。我们从行业结构、竞争优势、盈利驱动与估值出发，筛选值得深入研究的企业，持续跟踪重点公司的基本面、催化剂与风险。
Our research scope covers the following sectors and their principal sub-industries.
我们的研究范围包括以下行业及主要细分领域。
Semiconductors and chip design, wafer fabrication, semiconductor equipment and materials, servers and computing hardware, data storage, networking equipment, cloud computing, enterprise software, databases, cybersecurity, IT services and electronics manufacturing.
半导体与芯片设计、晶圆制造、半导体设备与材料、服务器与计算硬件、数据存储、网络设备、云计算、企业软件、数据库、网络安全、IT 服务及电子制造。
Internet platforms, search, social media, digital advertising, streaming, film and entertainment, video games, telecom carriers, broadband and wireless services.
互联网平台、搜索引擎、社交媒体、数字广告、流媒体、影视与娱乐、电子游戏、电信运营商、宽带及无线通信服务。
E-commerce and retail, automobiles and electric vehicles, auto parts, homebuilding and home furnishings, apparel and luxury, restaurants, hotels, travel, cruise lines and leisure.
电商与零售、汽车与新能源汽车、汽车零部件、住宅建造与家居、服装与奢侈品、餐饮、酒店、旅游、邮轮及休闲娱乐。
Food and beverages, agricultural processing, household and personal care, everyday consumer goods, tobacco, food retail and staples distribution.
食品与饮料、农产品加工、家庭与个人护理用品、日用消费品、烟草、食品零售及必需消费品分销。
Innovative and established pharmaceuticals, biotechnology, medical devices, diagnostics and genetic testing, life-science tools, healthcare services, managed care, drug distribution and digital health.
创新药、传统制药、生物技术、医疗器械、诊断与基因检测、生命科学工具、医疗服务、医疗保险、医药流通及数字医疗。
Banks, insurance, asset management, wealth management, brokerage, investment banking, exchanges, financial data, consumer finance, payments, fintech, digital-asset trading and stablecoin infrastructure.
银行、保险、资产管理、财富管理、证券经纪、投资银行、交易所、金融数据、消费金融、支付、金融科技、数字资产交易及稳定币基础设施。
Aerospace and defense, airlines, rail and logistics, construction machinery, industrial equipment, robotics and automation, electrical equipment, building products, engineering and construction, environmental services and professional business services.
航空航天与国防、航空运输、铁路与物流、工程机械、工业设备、机器人与自动化、电气设备、建筑产品、工程建设、环境服务及专业商业服务。
Oil and gas exploration and production, integrated energy, oilfield equipment and services, refining and marketing, pipelines, storage and transport, LNG and energy-transition businesses.
石油与天然气勘探开发、综合能源、油气设备与服务、炼化与销售、管道运输、储运设施、液化天然气及能源转型相关业务。
Chemicals and specialty materials, industrial gases, steel, aluminum, copper, lithium and other critical minerals, precious metals, fertilizers, construction materials, paper and packaging.
化工与特种材料、工业气体、钢铁、铝、铜、锂与其他关键矿产、贵金属、化肥、建筑材料、纸制品及包装材料。
Electric, gas and water utilities, independent power producers, renewable generation and multi-utilities.
电力、天然气与水务公用事业、独立发电商、可再生能源发电及综合公用事业。
Residential, office, retail, industrial and logistics, data centers, cell towers, healthcare and senior living, and self-storage assets, together with REITs, real estate development, operations and services.
住宅、办公、零售、工业物流、数据中心、通信塔、医疗养老及自助仓储等房地产资产，以及房地产投资信托基金（REITs）、房地产开发、运营与服务。
Alongside sector research, HighRock follows themes that cut across industries and studies how technological progress and structural change flow through to corporate earnings and long-term value.
在行业研究基础上，HighRock 同时关注跨行业主题，研究技术进步与结构性变化如何影响企业盈利和长期价值。
As of the third quarter of 2026, HighRock maintains continuous research coverage on more than 30 U.S.-listed companies and ADRs. Current work is concentrated in six areas — AI compute and semiconductors, cloud and enterprise software, cybersecurity, digital finance and capital markets platforms, internet and consumer platforms, and aerospace and defense — and is extending progressively into health care, energy and utilities.
We value depth and verifiability over the number of names covered. One complete Deep Research report is released free each quarter as a sample of our depth and format; request it by email at info@highrockcapitalmgmt.com.
截至 2026 年第三季度，HighRock 对 30 余家美国上市公司及 ADR 保持持续研究覆盖。当前研究重心集中在六个领域——AI 算力与半导体、云计算与企业软件、网络安全、数字金融与资本市场平台、互联网与消费平台、航空航天与国防——并逐步向医疗保健、能源与公用事业延伸。
我们重视研究的深度与可验证性，不以覆盖数量为目标。每季度免费公开一份完整的 Deep Research 报告，作为研究深度与格式的样本，发送邮件至 info@highrockcapitalmgmt.com 即可索取。
Taking account of industry characteristics and each company's stage of development, we use Bear / Base / Bull scenario analysis to assess the earnings path, the valuation range, the potential return and the downside risk, and we apply the valuation methods appropriate to the business.
The sectors above define HighRock's research and stock-selection universe. Continuous coverage of individual companies is adjusted dynamically according to research priority, changes in fundamentals and the investment opportunities available.
我们结合行业特点与企业发展阶段，通过 Bear／Base／Bull 情景分析，评估盈利路径、估值区间、潜在回报与下行风险，并选择适合相关业务的估值方法。
上述行业构成 HighRock 的研究与选股范围，具体公司的持续覆盖根据研究优先级、基本面变化及投资机会动态调整。
The above describes the scope of HighRock's research. It does not mean that continuous coverage has been established on every company in each sector, does not represent positions held by HighRock or related accounts or the actual allocation of any client account, and does not constitute a recommendation to buy, sell or hold any security. 以上用于说明 HighRock 的研究范围，不代表已对各行业全部公司建立持续覆盖，不代表 HighRock 或其关联账户对相关证券的持仓或任何客户账户的实际配置，也不构成对任何证券的买入、卖出或持有建议。
HighRock publishes a Real-Time Research Alert when the fundamental judgment, the valuation and the technical structure together form an attractive investment opportunity.
当基本面判断、估值与技术结构同时形成具有吸引力的投资机会时，HighRock 发布 Real-Time Research Alert。
Fundamentals set the direction, valuation defines the potential room, and technical structure helps locate the timing.
基本面决定方向，估值定义潜在空间，技术结构帮助判断时点。
An alert may include:
研究提示可能包括：
Every subscriber receives the same impersonal research content. HighRock does not access a research subscriber's brokerage account and does not execute transactions on a subscriber's behalf.
所有订阅者收到相同的非个性化研究内容。HighRock 不访问研究订阅者的证券账户，也不代表订阅者执行交易。
Real-Time Research Alert and Portfolio Management are two different layers of service.
A Real-Time Research Alert tells a subscriber: “How does HighRock view this investment opportunity?”
Portfolio Management goes further: “Is that view appropriate for your account, and how much should be allocated?”
Real-Time Research Alert 与 Portfolio Management 是两个不同层次的服务。
Real-Time Research Alert 告诉订阅者：「HighRock 如何看待这项投资机会？」
Portfolio Management 则进一步回答：「这一观点是否适合你的账户，以及应该配置多少？」
A Real-Time Research Alert is an impersonal investment research service. It is prepared without regard to the financial situation, investment objectives, time horizon, tax position or risk tolerance of any particular subscriber, and therefore does not constitute personalized investment advice to any particular subscriber. Real-Time Research Alert 属于非个性化投资研究服务。研究内容在编制时不考虑任何特定订阅者的财务状况、投资目标、投资期限、税务状况或风险承受能力，因此不构成针对任何特定订阅者的个性化投资建议。
| Service服务 | What it contains核心内容 | The question it answers回答的问题 |
|---|---|---|
| Deep ResearchDeep Research｜深度研究报告 | Bear / base / bull scenario analysis, valuation, catalysts, risk matrix, financial and competitive analysis.Bear / Base / Bull 情景分析、估值、催化剂、风险矩阵，以及财务与竞争格局分析。 | Is this company worth investing in over the medium to long term?这家公司是否值得中长期投资？ |
| Real-Time Research AlertReal-Time Research Alert｜实时研究提示 | A research alert published promptly by email when price, valuation, fundamentals or technical structure change in a way that warrants attention.当价格、估值、基本面或技术结构出现值得关注的变化时，通过邮件及时发布研究提示。 | Is this price and this moment worth attention or action?现在这个价格和时点是否值得关注或采取行动？ |
| Portfolio ManagementPortfolio Management｜投资组合管理 | For a specific client account, which research views suit that client once risk, position sizing and overall allocation are taken together; the client approves each transaction.针对具体客户账户，在综合考虑风险、仓位与整体资产配置后，决定哪些研究观点适合该客户；交易由客户批准。 | Is this investment right for your account, and how much?这项投资是否适合你的账户，以及应该配置多少？ |
We publish one complete Deep Research report per quarter at no cost.
我们每季度免费公开一份完整的 Deep Research 报告。
Not a summary, and not a version cut down for marketing — the same research framework and analytical standard as the reports paying research subscribers receive.
不是摘要，也不是为了营销而制作的删减版本——而是与付费研究订阅者收到的报告采用相同的研究框架与分析标准。
Sample reports are provided to illustrate HighRock's research method and report format, and reflect our analysis as at the date stated on the report. The views expressed may change as market prices, company fundamentals and other information change. 样本报告仅用于展示 HighRock 的研究方法与报告形式，并反映报告标注日期时的分析。报告中的观点可能随着市场价格、公司基本面及其他信息变化而发生改变。
| FreeFree｜免费 | Deep ResearchDeep Research｜深度研究 | Research + AlertsResearch + Alerts｜研究 + 实时提示 | |
|---|---|---|---|
| Price价格 | Free免费 | $300 per quarter/ 季 billed quarterly in advance ($1,200 annualized)按季预收（$1,200 年化） |
$129 per month/ 月 billed monthly in advance ($1,548 annualized)按月预收（$1,548 年化） |
| For适合 | Readers getting to know HighRock's research method希望先了解 HighRock 研究方法的读者 | Investors who want continuing company-level depth希望持续获得公司级深度研究的投资者 | Investors to whom both the fundamental work and the timing matter同时重视基本面研究与投资时点的投资者 |
| Market commentary市场评论 | ✓ | ✓ | ✓ |
| Quarterly public sample report每季度公开样本报告 | ✓ | ✓ | ✓ |
| All Deep Research reports全部 Deep Research 深度研究报告 | — | ✓ | ✓ |
| Earnings updates财报更新 | — | ✓ | ✓ |
| Ongoing coverage持续覆盖 | — | ✓ | ✓ |
| Real-Time Research AlertReal-Time Research Alert 实时研究提示 | — | — | ✓ |
Source: HighRock Capital Management. Research subscription fees are those disclosed in HighRock's Form ADV Part 2A, Item 5, as then in effect.来源：HighRock Capital Management。研究订阅费用应与 HighRock 当前有效的 Form ADV Part 2A Item 5 所披露费用保持一致。
Subscription fees are billed in advance — quarterly for the Research tier, monthly for the Research + Alerts tier — and collected by credit card or ACH through a third-party payment processor.
订阅费用均为预收：研究档按季度预收，研究 + 实时提示档按月预收，并通过第三方支付服务商以信用卡或 ACH 方式收取。
A first quarterly subscription runs from the service effective date and the fee covers only the remainder of the current calendar quarter; it is charged by calendar quarter thereafter. A monthly subscriber is billed on the subscription start date and on the corresponding day of each following month.
首次按季订阅自服务生效日起计算，费用仅覆盖当期日历季度的剩余期间，此后按日历季度收取。按月订阅者于订阅起始日收费，此后于每月的对应日期收费。
HighRock neither requires nor accepts prepayment of subscription fees for any period longer than one calendar quarter. Subscription fees are not deducted from any brokerage account or investment management account.
HighRock 不要求或接受超过一个日历季度的预付订阅费用。订阅费用不会从任何券商账户或投资管理账户中扣取。
Notice of cancellation or of stopping renewal may be sent by email to info [at] highrockcapitalmgmt.com.
取消或停止续订通知可通过电子邮件发送至 info [at] highrockcapitalmgmt.com。
Any applicable refund is processed within thirty (30) days of HighRock receiving a valid cancellation notice.
适用的退款将在 HighRock 收到有效取消通知后三十（30）日内处理。