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  "headline": "ERCOT 数据中心接入规则变化：对 2026/27 独立发电商盈利的影响",
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      "title": "2026-07-09 把算力基建韧性映射成A股AI交易分层",
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      "excerpt": "以研究所工作日 2026-07-09 为锚，本报告对前序推理做综合而非反转：AI基建订单仍有韧性，但A股承接力已经变薄，组合答案必须分层，而不是广谱risk-on。[S1][S2][S3][S5][S6] 实盘工作区不完整...",
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      "title": "ERCOT 数据中心接入规则变化：对 2026/27 独立发电商盈利的影响",
      "date": "2026-05-01",
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      "title": "“好消息就是好消息”模式是否已终结？",
      "question": "随着利率长期高企，就业市场的韧性是否正从利好转变为估值杀手？",
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      "question": "罗素2000午盘的爆发是单纯的流动性修复，还是意味着2024年集中度溢价的终结？",
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      "question": "七巨头本季『capex 上调但收入指引未跟上』的家数若达到 3 家或以上，是否构成 2023 年以来这一交易拥挤度的第一个真实裂口？跨 TMT / 策略 / 因子 / 情绪四视角...",
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      "question": "Is the explosion in county-level tourism a temporary dividend or a permanent reshaping of Chinese middle-class consumption habits?",
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      "title": "The End of SaaS Valuation in the Agentic Era",
      "question": "As AI agents achieve tasks with near-zero marginal human cost, is the 'per-seat' pricing model fundamentally dead?",
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      "title": "VIX P/C 0.21：极致贪婪还是新常态？",
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      "question": "货运费率与卫星港口滞留时间同步反弹，是否意味着我们低估了通胀的中期韧性？",
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      "question": "当边际推理成本趋近于零，AI 行业的价值捕获点将如何从模型层向数据/工作流层漂移？",
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      "title": "石油美元的‘后阿联酋时代’：能源定价权与人民币重构",
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      "question": "How can we implement a conditional guard in the research discussion QA-step prompt to prevent over-routing to chief-risk?",
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