PHASE 2 · SUBAGENT RESEARCH DEEPDIVES

Top 10 Subagent Independent Deepdives

10 位独立 subagent 深度调研成果：每篇研报平均达 38,000+ 字符，一手挖掘 2026 最新电话会细节、完整解构 A–M 13 大模块、严谨执行反向 DCF 与 Pre-Mortem 演化推演。

BUY

CRM

Salesforce, Inc.

$259.23

Subsector: Enterprise Apps & SaaS
Market Cap: $213.3B
Trailing PE: 23.6x
Subagent Chars: 39,610 字
3M Return: +36.6%
3Y Weighted IRR: +15.4%

BUY

NOW

ServiceNow, Inc.

$141.26

Subsector: Enterprise Apps & SaaS
Market Cap: $146.1B
Trailing PE: 88.2x
Subagent Chars: 41,134 字
3M Return: +18.5%
3Y Weighted IRR: +18.6%

BUY

VEEV

Veeva Systems Inc. Class A

$275.09

Subsector: Vertical SaaS & Engineering
Market Cap: $44.5B
Trailing PE: 45.3x
Subagent Chars: 32,000 字
3M Return: +51.8%
3Y Weighted IRR: +14.4%

HOLD

WDAY

Workday, Inc. Class A

$195.79

Subsector: Enterprise Apps & SaaS
Market Cap: $47.2B
Trailing PE: 39.7x
Subagent Chars: 38,221 字
3M Return: +31.1%
3Y Weighted IRR: +14.2%

HOLD

SNOW

Snowflake, Inc.

$337.18

Subsector: Data & Cloud Infra
Market Cap: $116.9B
Trailing PE: —
Subagent Chars: 36,172 字
3M Return: +39.2%
3Y Weighted IRR: +0.5%

BUY

ESTC

Elastic NV

$91.81

Subsector: Data & Cloud Infra
Market Cap: $9.6B
Trailing PE: 25.7x
Subagent Chars: 36,574 字
3M Return: +41.3%
3Y Weighted IRR: +17.8%

HOLD

CRWD

CrowdStrike Holdings, Inc. Class A

$213.10

Subsector: Cybersecurity
Market Cap: $218.2B
Trailing PE: 5969.2x
Subagent Chars: 43,665 字
3M Return: +22.3%
3Y Weighted IRR: +15.2%

HOLD

FTNT

Fortinet, Inc.

$156.29

Subsector: Cybersecurity
Market Cap: $114.7B
Trailing PE: 55.1x
Subagent Chars: 40,090 字
3M Return: +5.3%
3Y Weighted IRR: +11.8%

HOLD

ADP

Automatic Data Processing, Inc.

$277.62

Subsector: HCM & Financial Tech
Market Cap: $110.3B
Trailing PE: 25.4x
Subagent Chars: 39,278 字
3M Return: +19.1%
3Y Weighted IRR: +9.8%

BUY

ZM

Zoom Communications, Inc. Class A

$101.33

Subsector: Enterprise Apps & SaaS
Market Cap: $29.6B
Trailing PE: 9.4x
Subagent Chars: 44,634 字
3M Return: -4.1%
3Y Weighted IRR: +18.6%

COMPLETENESS AUDIT · 子代理研报审查清单

Subagent Verification Scorecard

Ticker	公司名称	投资立场	研报字符数	A-M 模块	晨星护城河协议	3Y IRR	Action Price
CRM	Salesforce, Inc.	BUY	39,610 字	13 / 13 完整	已通过 (Subagent 独立提取)	+15.4%	已标定 (6区间)
NOW	ServiceNow, Inc.	BUY 核心底仓	41,134 字	13 / 13 完整	已通过 (Subagent 独立提取)	+18.6%	已标定 (6区间)
VEEV	Veeva Systems Inc. Class A	BUY 逢低配置	32,000 字	13 / 13 完整	已通过 (Subagent 独立提取)	+14.4%	已标定 (6区间)
WDAY	Workday, Inc. Class A	HOLD	38,221 字	13 / 13 完整	已通过 (Subagent 独立提取)	+14.2%	已标定 (6区间)
SNOW	Snowflake, Inc.	HOLD	36,172 字	13 / 13 完整	已通过 (Subagent 独立提取)	+0.5%	已标定 (6区间)
ESTC	Elastic NV	BUY	36,574 字	13 / 13 完整	已通过 (Subagent 独立提取)	+17.8%	已标定 (6区间)
CRWD	CrowdStrike Holdings, Inc. Class A	HOLD 核心观察	43,665 字	13 / 13 完整	已通过 (Subagent 独立提取)	+15.2%	已标定 (6区间)
FTNT	Fortinet, Inc.	HOLD 观望回撤	40,090 字	13 / 13 完整	已通过 (Subagent 独立提取)	+11.8%	已标定 (6区间)
ADP	Automatic Data Processing, Inc.	HOLD 核心防御	39,278 字	13 / 13 完整	已通过 (Subagent 独立提取)	+9.8%	已标定 (6区间)
ZM	Zoom Communications, Inc. Class A	BUY 深度价值	44,634 字	13 / 13 完整	已通过 (Subagent 独立提取)	+18.6%	已标定 (6区间)