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's research rests on one consistent, checkable analytical framework. The objective is not simply to state a view, but to show explicitly which assumptions the investment conclusion is built on, and which facts would change or overturn it.
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 takes a concentrated approach to coverage. The number of names is not the objective. We select companies with a significant position in their industry, a clearly identifiable earnings driver, or a material disagreement over valuation, and we track their fundamentals, valuation, catalysts and risks continuously.
HighRock 采取集中覆盖的研究方式。我们不以覆盖数量为目标，而是选择具有重要行业地位、清晰盈利驱动因素或显著估值分歧的公司，持续跟踪其基本面、估值、催化剂与风险。
Since 2026 we have established research coverage on more than 30 U.S.-listed companies and ADRs. A representative selection follows.
自 2026 年起，我们已对 30 余家美国上市公司及 ADR 建立研究覆盖。以下为部分具有代表性的公司。
GPUs, CPUs, advanced process nodes, semiconductor equipment, custom silicon, high-speed interconnect, AI cloud computing and data centre infrastructure.
涵盖 GPU、CPU、先进制程、半导体设备、定制芯片、高速互连、AI 云计算及数据中心基础设施。
Cloud infrastructure, enterprise software, data platforms, databases and enterprise AI applications, with attention to cloud migration, data infrastructure and the long-run effect of generative AI on enterprise IT spending.
覆盖云基础设施、企业软件、数据平台、数据库及 AI 企业应用，重点关注云迁移、数据基础设施与生成式 AI 对企业 IT 支出的长期影响。
Endpoint, network and cloud security, zero-trust architecture and edge network platforms, tracking platform consolidation, AI-driven security demand and structural change in enterprise security budgets.
覆盖终端安全、网络安全、云安全、零信任架构及边缘网络平台，重点跟踪平台整合、AI 安全需求及企业安全支出的结构性变化。
Digital asset trading and custody, stablecoin infrastructure, retail brokerage and emerging capital markets platforms.
覆盖数字资产交易与托管、稳定币基础设施、零售经纪及新型资本市场平台。
E-commerce, digital advertising, streaming and large internet platforms, with attention to user growth, monetization, margins and capital allocation.
覆盖电商、数字广告、流媒体及大型互联网平台，关注用户增长、变现能力、利润率及资本配置。
Aircraft manufacturing, uncrewed systems, defense technology and the air transport cycle, with attention to orders, capacity, supply chain, government budgets and cycle position.
覆盖航空制造、无人系统、国防科技及航空运输周期，关注订单、产能、供应链、政府预算与行业周期变化。
HighRock's research coverage changes as fundamentals, valuation levels, industry structure and new investment opportunities change. The objective is not the longest possible list of tickers, but sustained, verifiable research depth on the companies that matter.
HighRock 的研究覆盖会随着基本面变化、估值水平、行业结构及新的投资机会动态调整。我们的目标不是建立尽可能庞大的股票清单，而是对重点公司保持持续、可验证的研究深度。
The above is a selected, representative list of research coverage and is not a complete list. Company and security names are shown solely to illustrate the scope of HighRock's research and do not constitute a recommendation to buy, sell or hold any security. 以上仅列示部分代表性研究覆盖，并非完整清单。公司或证券名称的列示仅用于说明 HighRock 的研究范围，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@highrockcapitalmgmt.com.
取消或停止续订通知可通过电子邮件发送至 info@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。