{
  "status": "success",
  "provider": "codex",
  "model": "gpt-5.4",
  "priority_order": [
    "005930.KS",
    "000660.KS",
    "012450.KS",
    "042700.KS",
    "278470.KS"
  ],
  "portfolio_note": "All five candidates are BULLISH but WAIT, so this is a watchlist arbitration rather than an execution list. Available cash of 1000010 KRW is below the 2500000 KRW minimum buffer, and the batch is wait-heavy with multiple high-fallback/data-quality flags; therefore no immediate buys should be prioritized. Keep existing positions, require trigger confirmation before any add, and be especially cautious about adding further semiconductor/HBM exposure unless cash buffer and sector concentration constraints are restored.",
  "reason_by_ticker": {
    "005930.KS": {
      "summary": "Highest priority hold/watch because the large-cap semiconductor thesis is constructive, liquidity and balance-sheet quality are strongest, and current setup has the best confidence/readiness mix. No add until 215500 breakout with volume or a controlled pullback holds near 200000-201000; cash buffer breach keeps action conservative.",
      "reason_codes": [
        "constructive_medium_term_thesis",
        "highest_quality_large_cap",
        "entry_wait_state",
        "breakout_not_confirmed",
        "volume_confirmation_missing",
        "cash_buffer_below_minimum",
        "review_required_for_data_flags"
      ],
      "review_required": true
    },
    "000660.KS": {
      "summary": "Second priority hold/watch with strong HBM and memory-cycle thesis, but fast rebound into 1100000 resistance, high beta, and semiconductor concentration argue against chasing. Add only after a confirmed high-volume breakout or pullback support near 1000000-1020000.",
      "reason_codes": [
        "constructive_medium_term_thesis",
        "hbm_memory_cycle_strength",
        "near_resistance_after_fast_rebound",
        "high_volatility_position_sizing_needed",
        "sector_concentration_risk",
        "entry_wait_for_confirmation",
        "cash_buffer_below_minimum"
      ],
      "review_required": true
    },
    "012450.KS": {
      "summary": "Raised ahead of smaller high-beta names because it diversifies away from the semiconductor cluster and has tangible defense catalysts, but current portfolio weight is already large and price is near resistance with softening momentum. Maintain hold/watch; do not add without 1559000 volume-backed close or confirmed pullback demand.",
      "reason_codes": [
        "portfolio_diversification_benefit",
        "held_position_core_hold",
        "large_existing_weight",
        "resistance_nearby",
        "momentum_softening",
        "event_confirmation_pending",
        "cash_buffer_below_minimum"
      ],
      "review_required": true
    },
    "042700.KS": {
      "summary": "Constructive HBM equipment exposure remains valid, but it is a smaller, higher-beta semiconductor-adjacent holding with unconfirmed 316000-323000 breakout, missing volume confirmation, and same-day data gaps. Keep watch-only behind larger semiconductor leaders and diversified defense exposure.",
      "reason_codes": [
        "bullish_thesis_wait_entry",
        "semiconductor_supply_chain_concentration",
        "high_beta_volatility",
        "breakout_not_confirmed",
        "volume_confirmation_missing",
        "intraday_snapshot_missing",
        "cash_buffer_below_minimum"
      ],
      "review_required": true
    },
    "278470.KS": {
      "summary": "Lowest priority despite strong profitability because price is extended versus moving averages, ATR/RSI risk is elevated, fallback count is highest, and no disclosure support was present. Existing exposure can be held, but adds require either high-volume acceptance above 413000-417000 or a controlled pullback reversal near 386000-399500.",
      "reason_codes": [
        "bullish_medium_term_thesis",
        "extended_from_moving_averages",
        "high_atr_volatility",
        "volume_confirmation_missing",
        "highest_fallback_count",
        "event_confirmation_pending",
        "cash_buffer_below_minimum"
      ],
      "review_required": true
    }
  }
}