Initial commit: Hermes Agent skills collection

- Trading skills (OKX, dividend, lottery, quantitative) - Creative skills (ASCII art, diagrams, video) - Development skills (GitHub, debugging, TDD) - Research skills (arXiv, blog monitoring) - Productivity skills (email, documents, notes) - MCP integration skills - Custom user skills
2026-07-05 02:31:15 -04:00
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+# Market Characteristics: US, Hong Kong, and A-Share
+
+This reference summarizes key characteristics of each market that influence how analysis should be conducted.
+
+## US Stock Market
+
+### Key Characteristics
+
+1. **Maturity and Efficiency**
+   - Most liquid and mature market in the world
+   - Generally more efficient pricing compared to emerging markets
+   - Institutional investors dominate trading
+   - High analyst coverage for large caps
+
+2. **Market Structure**
+   - Two main exchanges: NYSE and NASDAQ
+   - NASDAQ: Growth-oriented, heavy on technology
+   - NYSE: More diversified, includes many mature industrial/consumer companies
+   - Strict regulatory and disclosure requirements (SEC)
+
+3. **Trading Rules**
+   - No daily price limit
+   - T+0 settlement (instant trading)
+   - Currency: USD
+   - Trading hours: 9:30-16:00 EST (no mid-day break)
+
+4. **Investor Base**
+   - Predominantly institutional (pension funds, mutual funds, hedge funds)
+   - Strong influence from passive/index investing
+   - Retail investors active in meme stocks and growth names
+
+5. **Analysis Focus**
+   - Earnings growth and future expectations are key drivers
+   - Federal Reserve interest rate policy has large impact
+   - Dollar strength affects multinational companies
+   - Tech sector ~28% of S&P 500, so dominates market moves
+
+## Hong Kong Stock Market
+
+### Key Characteristics
+
+1. **Hybrid Nature**
+   - Connects international and Chinese capital
+   - Most large Chinese companies list in HK
+   - Blend of international and local investors
+
+2. **Market Structure**
+   - Single exchange: Hong Kong Stock Exchange (HKEX)
+   - Two main boards: Main Board and GEM (Growth Enterprise Market)
+   - Many companies have dual listings in HK and mainland (A+H shares)
+
+3. **Trading Rules**
+   - No daily price limit
+   - T+0 trading (same day buying/selling allowed)
+   - Currency: HKD (pegged to USD)
+   - Trading hours: 9:30-12:00, 13:00-16:00 (with mid-day break)
+
+4. **Sector Concentration**
+   - Financials (~20%): Banks, insurance
+   - Property (~10%): Major developers
+   - Internet/Technology (~30%): Tencent, Alibaba, etc.
+   - Consumption: Many retail and consumer brands
+
+5. **Key Price Drivers**
+   - US interest rates (since HKD pegged to USD)
+   - China economic data and policies
+   - Southbound capital flows (from mainland China)
+   - Global risk sentiment
+   - Renminbi exchange rate movements
+
+6. **Special Considerations**
+   - Liquidity premium/discount is very important
+   - Some small caps have very low trading volume
+   - Different share classes (different voting rights) common in tech
+
+## A-Share Market (Mainland China)
+
+### Key Characteristics
+
+1. **Market Structure**
+   - Two main exchanges: Shanghai (SSE) and Shenzhen (SZSE)
+   - Shanghai: Larger, more state-owned enterprises, blue chips
+   - Shenzhen: Smaller caps, growth companies, tech/innovation
+   - STAR Market (Shanghai): China's NASDAQ-style tech board
+   - ChiNext (Shenzhen): Growth board for innovative enterprises
+
+2. **Trading Rules**
+   - ±10% daily price limit (±20% for STAR/ChiNext)
+   - T+1 trading (can't sell same day you buy)
+   - Currency: CNY (renminbi)
+   - Trading hours: 9:30-11:30, 13:00-15:00 (mid-day break)
+
+3. **Investor Base**
+   - ~60% of trading volume from retail investors
+   - Higher volatility and speculation compared to developed markets
+   - Growing institutional presence (domestic mutual funds, foreign via Stock Connect)
+
+4. **Key Price Drivers**
+   - Government policy and industrial policies are extremely important
+   - Bank lending and credit conditions
+   - Domestic economic growth
+   - Retail investor sentiment and themes
+   - Regulatory changes can have massive impact
+
+5. **Sector Composition**
+   - Financials ~20%: Large banks, insurance
+   - Industrials ~20%: Infrastructure, manufacturing
+   - Consumer ~15%: Domestic consumption growth
+   - Technology ~15%: Semiconductors, software, hardware
+   - New energy ~10%: EV, solar, battery
+
+6. **Special Considerations**
+   - State-owned enterprises (SOEs) vs private enterprises: different dynamics
+   - Regulatory risk is a major factor to consider
+   - Anti-monopoly, data security, industry crackdowns can kill stocks
+   - Southbound/northbound flows influence short-term price moves
+
+## Cross-Market Comparison
+
+| Aspect | US | Hong Kong | A-Share |
+|--------|----|-----------|---------|
+| **Efficiency** | High | Medium | Lower |
+| **Volatility** | Moderate | Medium-High | High |
+| **Retail %** | ~20% | ~30% | ~60% |
+| **Policy Impact** | Moderate | High | Very High |
+| **Main Driver** | Earnings/Interest Rates | China+Global Liquidity | Policy/Themes |
+| **Analysis Style** | Growth/Value fundamental | Value + macro | Top-down (policy first) |
+
+## Key Investment Principles Across Markets
+
+1. **US**: Growth investors can do well, but don't overpay for hype
+2. **Hong Kong**: Focus on liquidity, don't hold illiquid small caps
+3. **A-Share**: Always consider policy direction first, don't fight against the government
+
+## Risk Reminder
+
+- All investments involve risk
+- Past performance doesn't guarantee future results
+- Diversification across markets and sectors reduces risk
+- Never invest money you can't afford to lose