Remove D/E cap

How the Filters Address Your Request

Your latest request was: “移除筛选条件中的D/E限制”（remove the D/E filter).

In the current criteria, there is no debt_equity filter anymore, so your request has been correctly implemented. All other filters remain to keep the search focused.

Below is an explanation of each remaining filter and why it still makes sense for your P/E–focused search.

Screening Filters

1. Volume ≥ 100,000 (volume: {'min': '100000'})

   • Purpose: Ensure the stocks are liquid and tradable.
   • Rationale: With higher daily volume, bid–ask spreads are usually tighter and it’s easier to enter/exit positions when you’re comparing and trading based on P/E and other fundamentals.

2. RSI in “overbought” zone (rsi_category: ['overbought'])

   • Purpose: Focus on stocks that are technically stretched to the upside.
   • Rationale: When you’re analyzing valuation (P/E), “overbought” names are often where P/E expansion has already happened. This helps you find stocks where price may have run ahead of fundamentals, making valuation metrics like P/E more interesting to examine (e.g., for mean-reversion or risk assessment).

3. Sector filter
   (sector: ['Consumer Non-Cyclicals', 'Consumer Cyclicals', 'Healthcare', 'Financials', 'Industrials', 'Energy', 'Utilities', 'Real Estate', 'Retailers', 'Telecommunications Services'])

   • Purpose: Restrict results to major, liquid, economically significant sectors.
   • Rationale: P/E and leverage comparisons are more meaningful in sectors with stable business models and established accounting norms. These sectors cover the bulk of investable large/mid caps where valuation analysis is most commonly applied.

4. Exchange filter
   (list_exchange: ['XNYS', 'XNAS'])

   • Purpose: Limit to US-listed (NYSE & NASDAQ) stocks.
   • Rationale: Ensures consistent disclosure standards and comparability of P/E and other financial ratios, avoiding complications from different accounting regimes or very illiquid OTC markets.

5. Gross margin ≤ 45% (gross_margin: {'max': '45'})

   • Purpose: Exclude ultra-high-margin, “super-quality” businesses.
   • Rationale: Very high margins often justify structurally higher P/E ratios. By capping gross margin, you focus on companies with more “normal” profitability, so differences in P/E are less likely to be explained purely by exceptional business quality.

6. Net margin ≤ 12% (net_margin: {'max': '12'})

   • Purpose: Similar to gross margin cap: avoid extremely high bottom-line profitability.
   • Rationale: This keeps you in a universe where P/E is not just high because the company is extraordinarily profitable. It makes it easier to compare P/E across firms of broadly similar profitability.

7. Return on Equity (ROE) ≤ 15% (return_on_equity: {'max': '15'})

   • Purpose: Filter out the very high-ROE outliers.
   • Rationale: High ROE often commands a premium P/E. By limiting ROE, you keep the set of companies more “average quality,” so valuation differences (P/E, P/S) and leverage differences (now unconstrained) are more directly comparable instead of being dominated by quality effects.

8. P/E (TTM) between 16 and 22
   (pe_ttm: {'min': '16', 'max': '22'})

   • Purpose: Directly target the P/E range you’re interested in.
   • Rationale: Since your initial focus was P/E & D/E, this range keeps you in a zone that is neither very cheap nor extremely expensive. It allows you to analyze companies that trade around a “moderate-to-slightly-premium” P/E band.

9. Price-to-Sales (P/S) between 1.5 and 3.5
   (ps_ratio: {'min': '1.5', 'max': '3.5'})

   • Purpose: Add a secondary valuation check based on revenue.
   • Rationale: P/S helps confirm that P/E isn’t artificially low or high due to unusual margins or accounting items. Keeping P/S in a moderate band further narrows the universe to normally valued businesses, making your P/E comparisons cleaner.

Why the Results Match Your Intent

• D/E filter has been removed:
  In the previous step there was a constraint debt_equity: {'max': '2.0'}. In the current criteria this is entirely gone, so leverage is no longer restricted, exactly as you requested (“移除筛选条件中的D/E限制”).

• Your original focus on P/E is preserved:
  The P/E range filter (16–22) is still active, so the screen continues to target the valuation area you care about while allowing all leverage levels.

• Other filters control for comparability:
  By keeping liquidity, sector, exchange, and “non-extreme profitability” filters, the screener still provides a stable, comparable universe for examining P/E (and now a wide range of D/E) without random noise from tiny, illiquid, or ultra-high-quality outliers.

If you’d like, the next refinement could be to sort by D/E (instead of filtering it) so you can see, within this P/E band, which names are the highest- and lowest-leverage.