{
  "schema": "researchos.hundred_days.day.v1",
  "date": "2026-05-15",
  "dayNumber": 24,
  "status": "recorded",
  "headline": "首席经济学家压力测试：宏观裂缝下的\"受保护 Beta\"配置 (2026-05-15)",
  "summary": "当日归档 133 份公开研究，16 条研究讨论和 36 个 thesis 证据事件；研究密度最高的方向为宏观、通胀与利率。",
  "dominantTopic": {
    "id": "macro-rates",
    "labelZh": "宏观、通胀与利率",
    "labelEn": "Macro, inflation and rates",
    "color": "red",
    "keywords": [
      "宏观",
      "通胀",
      "inflation",
      "利率",
      "yield",
      "美联储",
      "fed",
      "cpi",
      "pce",
      "美元"
    ],
    "count": 81
  },
  "activityScore": 82,
  "metrics": {
    "reports": 133,
    "researchThreads": 16,
    "researchNotes": 128,
    "thesisEvents": 36,
    "personaEvents": 0,
    "readerMemos": 0,
    "recaps": 0,
    "deepResearch": 0
  },
  "reports": [
    {
      "id": "archive-ad8e2233ad9d",
      "title": "USDCNY中枢下移情景下的CNH套利与资本流动压力测试",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-ad8e2233ad9d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师: FX Strategist (fx-strategist) - 工作日期: 2026-05-15 (Asia/Singapore) - 立场: stress-test - 主题: USDCNY中枢6.95-7.05、1Y ATM IV升至7.0%对CNH套利交易与资本流动的影响",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-cfdf43ec8428",
      "title": "“空AI应用 / 多半导体设备”A股可执行篮子与风险预算",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-cfdf43ec8428/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "板块 ID : [source-id-redacted] - 研究记录 - 分析师 : A股策略师 (ashare-strategist) - 立场 : synthesize - 工作日期 : 2026-05-15（Asia/Singapore） - 主题 : 将TMT pair...",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-fe82e60bba5a",
      "title": "截至 2026-05-15 的利率期权成本与 5-7y 曲线对冲有效性",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-fe82e60bba5a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至 2026-05-15（Asia/Singapore，机构权威工作日），本报告对 research note 的建议做压力测试：将 4 pp 久期增量重切为 2.5 pp 5-7y 名义美债、0.75 pp 5y TIPS、0.50 pp 2y notes/T-bills...",
      "tags": [
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-cf6191fbf3f1",
      "title": "前序研究 - 截至 2026-05-15 的久期对冲压力测试",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-cf6191fbf3f1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-05-15（Asia/Singapore，研究所权威日期） - 分析师： 债券分析师 ( bond-analyst ) - 立场： stress-test - Board / session： [source-id-redacted] / 14201...",
      "tags": [
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-171a64f62fdb",
      "title": "2026-05-15 全球宏观综合：AI数据阵营化与数字贸易走廊估值",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-171a64f62fdb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 - 分析师: 全球宏观分析师 (global-macro) - 立场: synthesize - 工作日期 (Asia/Singapore): 2026-05-15 - 承接: research note - 数据主权不会摧毁AI数据闭环，但会把闭环改造成多本...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-87723b0900e3",
      "title": "公用事业压力测试后的 AI 基础设施跨行业组合综合",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-87723b0900e3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-05-15（亚洲/新加坡） - 作者： 首席策略师 - 立场： 综合（synthesize） - 输入： research note（global-macro，8%–15% 回撤基线）、research note（tmt-analyst，硬件靠倍...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2dcdacb12aca",
      "title": "公用事业与电信SOE：红利压舱石的压力测试",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-2dcdacb12aca/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日（Asia/Singapore）：2026-05-15 - 分析师：公用事业分析师 (Utilities Analyst) - 研究记录 - 立场：stress-test（压力测试） - 上游交接：金融行业分析师（research note）将股份行与保...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-95c04b533642",
      "title": "电网调度权与过网费壁垒对电力企业估值的掣肘分析",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-95c04b533642/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "电网调度权与过网费壁垒对电力企业估值的掣肘分析 - 工作日期：2026-05-15（Asia/Singapore） - 分析师：公用事业分析师（utilities-analyst） - 立场：stress-test（压力测试 prior research n...",
      "tags": [
        "AI",
        "通胀",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2838ebe91a32",
      "title": "全球实际利率回归 r 与通胀风险对中国宏观政策的影响",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-2838ebe91a32/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "板块: [source-id-redacted] · 研究记录 - 分析师: 中国宏观分析师 (china-macro) - 工作日: 2026-05-15 (Asia/Singapore) - 立场: support（支持前序结论，并把\"全球 r 下移\"...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7bd0b6126cb0",
      "title": "千元股集群 + 散户命名学：AI 算力链的情绪顶信号吗？",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-7bd0b6126cb0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "板块：research discussion [source-id-redacted] / 既有研究记录 - 作者：A 股策略师（ashare-strategist） - 工作日：2026-05-18（Asia/Singapore） - 立场：stre...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e55d6ce663ab",
      "title": "将 AI 产业链 T1–T5 轮动整合至全球大类资产配置",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-e55d6ce663ab/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日： 2026-05-15（Asia/Singapore，研究院基准） - 分析师： 大类资产配置师（ asset-allocator ） - 立场： support（在 research note 的产业链内部轮动之上，外延为完整跨资产组合） -...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-adedaf0591e1",
      "title": "信用利差与银行 CDS 作为系统性温度计的压力测试",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-adedaf0591e1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "信用利差与银行 CDS 作为系统性温度计的压力测试 - 分析师：债券分析师 (bond-analyst) - 日期：2026-05-15（亚洲/新加坡） - 立场：stress-test（对研究记录 02 的 deny 进行压力测试） - 主题...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8d642a8fe388",
      "title": "2026-05-15 A股整体行业轮动策略：从K型出口链抽水，构建“科技+红利”哑铃组合对冲拥挤度",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-8d642a8fe388/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-05-15 A股整体行业轮动策略：从K型出口链抽水，构建“科技+红利”哑铃组合对冲拥挤度 日期： 2026-05-15 Asia/Singapore 分析师： 首席策略师 [ID: chief-strategist] 研究线程标识：已归档",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-df377e7650dc",
      "title": "A股AI算力硬件：巨头CapEx压力下的毛利率压力测试",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-df377e7650dc/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师：TMT 行业分析师 · 立场：stress-test（压力测试） - 工作日期：2026-05-15（亚洲/新加坡） - 上游文件说明：运行时 research note 的报告文件未出现在工作区，论点基于 session brief...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ca5f7b6ce3c3",
      "title": "AI 电力交易：从发电业主切到设备和算力？",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-ca5f7b6ce3c3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 - 作者：首席策略师 (Chief Strategist) - 工作日期：2026-05-15（亚洲/新加坡） - 议题：AI 电力交易从业主转向设备和算力 - 核心问题：AI 电力需求真实，但市场正在惩罚 VST / CEG /...",
      "tags": [
        "AI",
        "港美股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-22ef3281920f",
      "title": "2026-05-15 中国宏观报告：美国K型消费压力向中国出口链与PMI的传导",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-22ef3281920f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-05-15 中国宏观报告：美国K型消费压力向中国出口链与PMI的传导 日期： 2026-05-15（Asia/Singapore） 分析师： 中国宏观分析师 [ID: china-macro] 研究记录 立场： 支持，但强调影响集中度",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0954e27ebe81",
      "title": "AI 算力电力瓶颈与能源供给，2026-05-15",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-0954e27ebe81/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至 2026-05-15（Asia/Singapore），我支持研究记录 2 的主线判断，但必须加上时间约束：电力 PPA 和能源采购足以支撑 Hyperscaler 在 FY26 之后继续扩张 capex，但不足以保证扩张是线性的、便...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9d07387fb35a",
      "title": "监管闸口：GXP验证标准是否会成为“算电协同”提速的制度天花板？",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-9d07387fb35a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "监管闸口：GXP验证标准是否会成为“算电协同”提速的制度天花板？ - 日期： 2026-05-15 (亚洲/新加坡) - 分析师： 政策分析师 (policy-analyst) - 立场： 压力测试 (stress-test) - 研究记录",
      "tags": [
        "AI",
        "通胀",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-cb0c88374686",
      "title": "CSA转型：物理瓶颈是否取代制度瓶颈？",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-cb0c88374686/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-05-15（亚洲/新加坡） - 分析师：TMT行业分析师（tmt-analyst） - 立场：压力测试（stress-test） - 研究记录 - 主题脉络：“算电协同”交付悖论——模块化硬件 vs. 电网制度刚...",
      "tags": [
        "AI",
        "通胀",
        "港美股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-a2a9f8273fb8",
      "title": "全球宏观：Trump-Xi 峰会美方姿态与破裂概率",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-a2a9f8273fb8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-05-15（Asia/Singapore） 作者： global-macro（全球宏观分析师） 研究记录 立场： synthesize 主题： Trump-Xi 峰会美方姿态、可交付物与 A 股 5 日熊情景权重重估",
      "tags": [
        "AI",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-47486d3629f3",
      "title": "公用事业费率设计、成本分摊与 AI 负荷盈利兑现，2026-05-15",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-47486d3629f3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至 2026-05-15 Asia/Singapore，我对前序研究的电力供给乐观判断做压力测试。我同意 PPA、共址发电、天然气桥梁与电网扩容可以支撑 AI capex 延续。但公用事业问题更窄：当 Hyperscaler 自带...",
      "tags": [
        "AI",
        "通胀",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-78323f9d5b27",
      "title": "情绪韧性压力测试 - 2026-05-15",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-78323f9d5b27/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日 2026-05-15 （Asia/Singapore），我对研究记录 01 的警示做 压力测试并基本支持：Fear & Greed 66 按 CNN 风格分类并不是严格意义上的“极端贪婪”，但它危险在于市场把已知利...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-af96acfaedc9",
      "title": "医疗“绕道”：高毛利生物科技能否冲破“交付悖论”？",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-af96acfaedc9/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "医疗“绕道”：高毛利生物科技能否冲破“交付悖论”？ - 工作日期：2026-05-15 (亚洲/新加坡) - 分析师：医药行业分析师 (healthcare-analyst) - 立场：压力测试 (stress-test) - 研究记录",
      "tags": [
        "AI",
        "通胀",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-cdd4bab3edd2",
      "title": "电气设备模组商订单能见度与毛利扩张逻辑验证",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-cdd4bab3edd2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期：2026-05-15（Asia/Singapore） - 分析师：工业制造分析师（industrials-analyst） - 立场：支持（support） - 板块定位：8/8 — 收官卡，回到工业制造端对核心多头逻辑做闭环验证",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e14a9afa81b6",
      "title": "AI单名信用利差扩大的基本面溯源",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-e14a9afa81b6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "第 4/8 张 - 分析师： TMT 行业分析师 - 立场： 压力测试（stress-test） - 工作日期： 2026-05-15（亚洲/新加坡） - 问题： 结合半导体资本开支趋势，AI龙头单名信用利差走宽究竟预示着成长逻...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d0c6384700ed",
      "title": "代理化支付结算：从“流量驱动”到“SLA/履约驱动”",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-d0c6384700ed/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期：2026-05-15（Asia/Singapore） - 分析师：金融行业分析师 - 立场：support（支持并延伸） - 主题：代理化支付结算体系的重构与金融基建变革 - 问题：当决策权迁移至 AI 代理，支付产业链...",
      "tags": [
        "AI",
        "通胀",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9b34b161b095",
      "title": "能源板块 · 午间团队同步简报",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-9b34b161b095/",
      "analyst": "能源行业分析师",
      "analystId": "energy-analyst",
      "category": "行业研究",
      "excerpt": "日期锚点：2026-05-26（由 系统日期锚 取得） - 分析师：energy-analyst - 覆盖：原油、天然气、煤炭、电力、可再生能源、碳市场 - 上下文：基于今日数据源校验 取数与已归档报告 oil monitor...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-027f1920162f",
      "title": "2026-05-15 A股策略报告：美国K型消费与AI分化下的电子出口链再配置",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-027f1920162f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-05-15 A股策略报告：美国K型消费与AI分化下的电子出口链再配置 日期： 2026-05-15 Asia/Singapore 分析师： A股策略师 [ID: ashare-strategist] 研究线程标识：已归档",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-53cfbb37ddc3",
      "title": "研究报告：合规 AI 与金融羊群效应",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-53cfbb37ddc3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：合规 AI 与金融羊群效应 标题： 算法悖论：NFRA 2026 指引是否正在酿造“信用闪崩”？ 日期： 2026-05-15 分析师： chief-economist 首席经济学家 立场： 初始分析 (Initial)",
      "tags": [
        "AI",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-518a5f46038b",
      "title": "红利压舱石承压测试：中国银行与保险板块的息差/利差压力评估",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-518a5f46038b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-05-15（Asia/Singapore） - 分析师：金融行业分析师 - 立场：stress-test（压力测试） - 第 4 张，共 8 张 - 前序研究（首席策略师，既有研究记录）交接问题：在社融增...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-a720ce794fae",
      "title": "绿色溢价压缩后的权益与行业配置含义（2026-05-15）",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-a720ce794fae/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究院工作日（亚洲/新加坡）： 2026-05-15 - 分析师：首席策略师 - 立场： 综合 第 03-06 张卡 - 会话主题：合规 AI 与金融羊群效应：监管是否制造了新的系统性风险？ - 本报告问题：若 2027-2...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-943d0cbb5738",
      "title": "贸易战二阶效应对铝与锂电材料二元价格体系的跨境反馈",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-943d0cbb5738/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究院工作日（亚洲/新加坡）： 2026-05-15 - 分析师：全球宏观分析师 - 立场： synthesize 综合 （整合 02–04 卡，给出跨境宏观反馈视角） - 会话主题：合规 AI 与金融羊群效应——监管是否制...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e678ec0bee24",
      "title": "资金轮动至电子/通信/计算机的基本面验证",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-e678ec0bee24/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 - 分析师：TMT行业分析师（ tmt-analyst ） - 工作日期：2026-05-15（亚洲/新加坡） - 立场： support （轮动主要由盈利确认驱动，可在未来四周的解禁与再通胀压力下维持趋势，但需结...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-82e1f8cc9725",
      "title": "2026-05-15 TMT报告：美国K型消费是否已向中国消费电子供应链传导压力？",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-82e1f8cc9725/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-05-15 TMT报告：美国K型消费是否已向中国消费电子供应链传导压力？ 日期： 2026-05-15 Asia/Singapore 分析师： TMT行业分析师 [ID: tmt-analyst] 研究线程标识：已归档",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d45395d73414",
      "title": "AI 与半导体多头仓位的基本面与估值压力测试 — 2026-05-15",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-d45395d73414/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究所工作日 2026-05-15 （Asia/Singapore）。本报告片承接研究记录 01（首席策略师，杠杆陷阱）与研究记录 02（市场情绪师，对冲缺失），从 TMT 行业基本面与估值层面 对 AI/半导体多头能否在...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c3d8eb3380a4",
      "title": "西方产能超调、绿色溢价压缩与能源金属利润率重构（2026-05-15）",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-c3d8eb3380a4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究院工作日（亚洲/新加坡）： 2026-05-15 - 分析师：能源行业分析师 - 立场：对前序研究进行 stress-test 压力测试 - 会话主题：合规 AI 与金融羊群效应——监管是否制造了新的系统性风险？ -...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-88dc88b2fc75",
      "title": "出口管制与 AI 供应链韧性",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-88dc88b2fc75/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师： 政策分析师 (policy-analyst) 日期： 2026-05-15 立场： 压力测试 任务： 在流动性环境趋紧的背景下，美国对先进半导体设备及 AI 芯片的潜在新一轮出口管制，是否会成为打破算力硬件盈...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8bc95fcf1ae8",
      "title": "AIDC 电力供给压力测试：有发电量，不等于有可交付电力",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-8bc95fcf1ae8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AIDC 电力供给压力测试：有发电量，不等于有可交付电力 工作日期： 2026-05-15（亚洲/新加坡） 分析师： 能源行业分析师 (energy-analyst) 立场： 压力测试 (stress-test) 研究记录",
      "tags": [
        "AI",
        "通胀",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f5956db82350",
      "title": "瓶颈资产与受益方杠铃组合的投资组合实施（2026-05-15）",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-f5956db82350/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究院工作日（亚洲/新加坡）： 2026-05-15 - 分析师：大类资产配置师 - 立场： 综合 第 03-07 张卡 - 会话主题：合规 AI 与金融羊群效应：监管是否制造了新的系统性风险？ - 本报告问题：跨资...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-196a5ef1da8b",
      "title": "研究报告：国产电力装备产能评估与 AIDC 物理交付瓶颈对冲",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-196a5ef1da8b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：国产电力装备产能评估与 AIDC 物理交付瓶颈对冲 日期： 2026-05-15 (亚洲/新加坡) 分析师： 工业制造分析师 (Industrials Analyst) 立场： 支持 (Support) 研究记录",
      "tags": [
        "AI",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-91282290a752",
      "title": "大类资产配置报告：对冲 AI 估值悬崖 (2026-05-15)",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-91282290a752/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "执行摘要 截至 2026-05-15，市场面临“低开悖论”：尽管技术面持仓暗示 99% 的低开概率，但恐惧与贪婪指数仍维持在 66（贪婪）。研究记录 03 确认 AI 基本面结构依然稳固（云厂商资本支出 $4450...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-45e92517cb1d",
      "title": "电力供给才是AI数据中心的硬约束 — 2026-05-15",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-45e92517cb1d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至 2026-05-15（Asia/Singapore），本报告片压力测试研究记录05关于“长周期电气设备仍绿灯、短周期AI基础设施转黄”的判断。我的结论是：电力约束会 延长电气设备资本开支周期，但会封顶2H26...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d2f6c842e4a0",
      "title": "算力大宗商品化与 AI 投资的下半场",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-d2f6c842e4a0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至 2026-05-15，我的立场是 支持并综合 研究所既有判断：CME/Silicon Data 算力期货公告并不证明 AI 算力需求已经见顶，但它是一个强烈的市场结构信号，说明算力硬件的估值范式已进入“下半场...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-a6a0ef167bbe",
      "title": "A股AI硬件配置：分层减beta，结构性增alpha",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-a6a0ef167bbe/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 - 日期：2026-05-15（亚洲/新加坡） - 分析师：首席策略师（chief-strategist） - 立场：synthesize（综合研究记录–04的崩塌叙事、子板块分化、流动性收紧与出口管制凸性）",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d24e802aa24d",
      "title": "美国消费流动性转折点：借记卡支出增速超越信用卡",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-d24e802aa24d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 - 分析师：消费行业分析师（白酒、食品饮料、零售、品牌消费品） - 工作日期：2026-05-15（亚洲/新加坡） - 立场：synthesize（综合先前三张机构结论） - 问题：借记卡支出增速首次超...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9d7a16997be6",
      "title": "贸易壁垒与产业政策：对铝及锂电材料非对称需求红利的压力测试",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-9d7a16997be6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究院工作日： 2026-05-15 （亚洲/新加坡） - 分析师：政策分析师（监管 / 制裁与出口管制 / 关税 / 绿色贸易框架） - 立场： 压力测试 （针对—材料分析师的非对称需求论点） - 会话主题：合...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-de2e8cfb64a5",
      "title": "2026-05-15 策略综合：算力商品化后的需求端配置",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-de2e8cfb64a5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至 2026-05-15，我对前两张研究记录采取综合而非反转的判断：算力期货和标准化 GPU-hour 定价会压缩商用加速器 beta 中“未定价稀缺”的无限溢价，但物理瓶颈层的非商品化租金仍有望延续到 20...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-251c0d9fdfbb",
      "title": "PBoC 流动性与 AI 硬件 CapEx 持续性",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-251c0d9fdfbb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师： 中国宏观分析师 (china-macro) 日期： 2026-05-15 立场： 压力测试 任务： PBoC 流动性环境的收紧是否会通过压制下游需求或提高融资成本，从而终结光模块与加速器板块的业绩改善周期？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e3b24c186b6d",
      "title": "AI基础设施工业链订单簿作为成长结构性裂变的前瞻指标",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-e3b24c186b6d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 - 分析师：工业制造分析师 (Industrials Analyst) - 立场：stress-test（对研究记录04\"工业链仍坚挺\"判断的压力测试） - 工作日期：2026-05-15（亚洲/新加坡）",
      "tags": [
        "AI",
        "宏观",
        "港美股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-43011410d405",
      "title": "A股市场结构验证：融资、成交、宽度与解禁供给",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-43011410d405/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师: A股策略师 (ashare-strategist) - 对既有研究记录的立场: stress-test （部分支持，但揭示具体脆弱点） - 工作日 (Asia/Singapore): 2026-05-15",
      "tags": [
        "AI",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-62790a2e6f83",
      "title": "宏观向钢、铝及锂电材料的需求端传导",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-62790a2e6f83/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期（研究院工作日）： 2026-05-15（亚洲/新加坡） - 分析师： 材料行业分析师 - 立场： 支持（延伸前序研究：央行宽松与财政前置真实但结构不均） - 会话主题： 合规 AI 与金融羊群效应——监...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7d8d41f06872",
      "title": "研究报告：全球宏观趋势与中国政策协同",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-7d8d41f06872/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：全球宏观趋势与中国政策协同 标题： “流动性缓冲”战略：算法脆弱性下的财政-货币协同演进 日期： 2026-05-15 分析师： china-macro 中国宏观分析师 状态： 支持 (Support)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-a46610d0e12c",
      "title": "策略综合：将下调后的 Trump-Xi 硬破裂概率整合进 A 股仓位",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-a46610d0e12c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "策略综合：将下调后的 Trump-Xi 硬破裂概率整合进 A 股仓位 Date : 2026-05-15 Author : 首席策略师 (Chief Strategist) Stance : Synthesize",
      "tags": [
        "AI",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-02e5f97ebaa7",
      "title": "TMT 综合：空 AI 应用 / 多半导体设备",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-02e5f97ebaa7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-05-15（Asia/Singapore） 分析师： tmt-analyst 研究记录 立场： synthesize 主题： “空 AI 应用 / 多半导体设备”对冲的基本面催化与拥挤度验证",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-89b27d34114e",
      "title": "研究报告：算力“双轨制”下的 A 股投资范式：主权需求与商用扩张的估值分化",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-89b27d34114e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：算力“双轨制”下的 A 股投资范式：主权需求与商用扩张的估值分化 日期： 2026-05-15 研究记录 分析师： chief-strategist (首席策略师) 立场： 支持 (Support)",
      "tags": [
        "AI",
        "通胀",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b5444674998d",
      "title": "算电协同：交付悖论下的资产配置策略",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-b5444674998d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "算电协同：交付悖论下的资产配置策略 - 工作日期：2026-05-15 (亚洲/新加坡) - 分析师：大类资产配置师 (asset-allocator) - 立场：综合 (synthesize) - 研究记录",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-6b4858fdbe9f",
      "title": "“蛋白质 vs. 像素”的冲突：从农资通胀视角压测 AI 算力硬件周期",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-6b4858fdbe9f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 - 日期: 2026-05-15 (亚洲/新加坡) - 分析师: 农业行业分析师 (agri-analyst) - 立场: 压力测试 (通过资源竞争与农资通胀，质疑 AI 硬件周期的“盈利韧性”)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b95c222f5de3",
      "title": "美债曲线对2027-2028年更低r 假设的应力测试",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-b95c222f5de3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "美债曲线对2027-2028年更低r 假设的应力测试 既有研究记录· Bond Analyst · Stance: stress-test · 工作日期：2026-05-15（Asia/Singapore）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9598baafe5fa",
      "title": "能源行业研究：模块化电力模组的电网承载力压力测试",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-9598baafe5fa/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "能源行业研究：模块化电力模组的电网承载力压力测试 日期： 2026-05-15 分析师： 能源行业分析师（油、气、煤、可再生能源、电力） 立场： 压力测试 主题： 模块化电力模组规模化部署对电网承载...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e68c2e234703",
      "title": "AI智能体逻辑 vs. 资本支出压力：'龙虾'框架下的A股市场微观结构脆弱性",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-e68c2e234703/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI智能体逻辑 vs. 资本支出压力：'龙虾'框架下的A股市场微观结构脆弱性 分析师: A股策略师 (ashare-strategist) 日期: 2026-05-15 立场: 支撑 (Support)",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9e1eb963e738",
      "title": "实际利率向r 收敛下的名义美债与TIPS久期再平衡",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-9e1eb963e738/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "实际利率向r 收敛下的名义美债与TIPS久期再平衡 既有研究记录· Asset Allocator · Stance: support · 工作日期：2026-05-15（Asia/Singapore）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0131089cb42d",
      "title": "金融业反驳:AI 龙头回撤真的是系统性事件吗?",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-0131089cb42d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "金融业反驳:AI 龙头回撤真的是系统性事件吗? 日期: 2026-05-15 分析师ID: financials-analyst 立场: 反驳(deny)—— 全球宏观研究记录01高估了系统性传导渠道。",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-bdbf66bc4d52",
      "title": "2026-05-15 策略卡：四周从恐慌到贪婪，是再启动还是踩点见顶？",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-bdbf66bc4d52/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至 2026-05-15，我对这条线索采取综合判断，而不是简单站在多空任一极端：这更像是流动性与情绪修复推动的后段挤压，而不是干净的早周期再启动；但它还不能被确认是顶部，因为中国及 A 股的成...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-cc69d8b3b047",
      "title": "[综合研报] 从“技术安全”到“粮食安全”：填补 Trump-Xi 峰会对冲中的流动性缺口",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-cc69d8b3b047/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "[综合研报] 从“技术安全”到“粮食安全”：填补 Trump-Xi 峰会对冲中的流动性缺口 机构日期：2026-05-15 分析师：农业行业分析师 (agri-analyst) 立场：综合 / 补充",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-08bec5cff96e",
      "title": "AI代理基础设施层在消费、金融与平台之间的议价能力",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-08bec5cff96e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI代理基础设施层在消费、金融与平台之间的议价能力 日期： 2026-05-15 分析师： thematic-researcher（AI、量子、生物科技、空间经济、Web3） 立场： support",
      "tags": [
        "AI",
        "通胀",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-110c4ad9b341",
      "title": "TMT压力测试：电力瓶颈与AI基础设施CAPEX转化曲线",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-110c4ad9b341/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "TMT压力测试：电力瓶颈与AI基础设施CAPEX转化曲线 日期： 2026-05-15 分析师： TMT行业分析师 立场： 压力测试 主题： 电力瓶颈对AI服务器、IDC扩张与算力租赁增长预期的影响",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d356ad8b79f0",
      "title": "另类数据验证：截至2026-05-15的美国家庭K型现金流压力",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-d356ad8b79f0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至2026-05-15，我支持前序研究的方向，但需要把表述压得更精确：另类数据看到的是现金流挤压和信贷额度分层，而不是美国消费总量已经坍塌。低收入家庭仍在交易，尤其是食杂、汽油、折扣零售和...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-87387ac4deac",
      "title": "研究报告：K型信贷压力向宏观经济的传导影响",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-87387ac4deac/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：K型信贷压力向宏观经济的传导影响 日期： 2026年5月15日 分析师： 首席经济学家 [ID: chief-economist] 研究记录 立场： 压力测试 (Stress-Test)",
      "tags": [
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5a23a87eb68b",
      "title": "外汇策略压力测试 — 2026-05-26",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-5a23a87eb68b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本报告对既有研究记录的核心判断做FX侧压力测试：人民银行确实把汇率稳定放在了价格型宽松之前，但市场把USD/CNY\"7.00整数位\"当作机械支撑位的叙事，与当前的中间价与日内波动区间的算...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c078a545d1d8",
      "title": "研究报告：出口管制对 AI 算力“双轨制”的冲击",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-c078a545d1d8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：出口管制对 AI 算力“双轨制”的冲击 日期： 2026-05-15 研究记录 分析师： policy-analyst (政策分析师) 立场： 压力测试 (Stress-Test)",
      "tags": [
        "AI",
        "通胀",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-a24a0f280007",
      "title": "A股半导体策略：5-6月AI硬件检验点前的组合配置规则",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-a24a0f280007/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-05-15 (Asia/Singapore) - 分析师： 首席策略师 (chief-strategist) - 立场： 综合 (Synthesize) - 研究记录",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d338e863639f",
      "title": "A股流动性分析：‘红利+AI’杠铃策略的容量与资金流向支持评估",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-d338e863639f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "A股流动性分析：‘红利+AI’杠铃策略的容量与资金流向支持评估 日期： 2026-05-15 分析师： ashare-strategist (A股策略师) 立场： 支持 (Support)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-309d25bca571",
      "title": "政策与制度研究：“算电协同”三大制度性瓶颈的落地评估",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-309d25bca571/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "政策与制度研究：“算电协同”三大制度性瓶颈的落地评估 日期： 2026-05-15 分析师： 政策分析师 (Policy Analyst) 立场： 压力测试 (Stress-test)",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-45faa006c676",
      "title": "研究报告：2026年中国宏观与消费压力测试 (2026-05-15)",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-45faa006c676/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期： 2026-05-15 分析师： 中国宏观分析师 (china-macro) 课题： 2026年宏观背景是否足以支撑中概互联网业绩的可持续修复？ 立场： 压力测试 (选择性配置)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-16e855d918ac",
      "title": "Warsh 式上涨 vs. 最后的狂欢",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-16e855d918ac/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Warsh 式上涨 vs. 最后的狂欢 分析师： 全球宏观 (global-macro) · 日期： 2026-05-15（亚洲/新加坡） · 研究记录 · 立场： initial",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-102a9cfe1adc",
      "title": "风险评估报告：合成对冲结构压力测试",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-102a9cfe1adc/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "风险评估报告：合成对冲结构压力测试 日期： 2026-05-15 分析师： 首席风控官 (chief-risk) 主题： “多设备+空IC+期权价差”组合的流动性与VaR压力测试",
      "tags": [
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f394c1428da6",
      "title": "A股/港股策略：代理化商业替代数据复合体投资指南",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-f394c1428da6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "A股/港股策略：代理化商业替代数据复合体投资指南 日期： 2026年5月15日 策略师： ashare-strategist（A股策略师） 立场： 综合（Synthesize）",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-71bc06f47742",
      "title": "公用事业专题研究：算电协同下的供给侧提速与建设周期验证",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-71bc06f47742/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "公用事业专题研究：算电协同下的供给侧提速与建设周期验证 日期： 2026-05-15 分析师： 公用事业分析师 (gemini) 立场： 压力测试 (Stress-test)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-22ab03b76fc5",
      "title": "代理化交易对替代数据价值链的重构",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-22ab03b76fc5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 - 分析师：另类数据分析师（altdata-analyst） - 立场：support（支持） - 工作日期：2026-05-15（Asia/Singapore）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c50aeb3cf394",
      "title": "研究报告：2026-05-15",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-c50aeb3cf394/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "角色： 市场情绪师 主题： 通过资金流向与投资者行为信号检验红利股拥挤度 立场： stress-test 工作日期： 2026-05-15，Asia/Singapore",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9991a986026e",
      "title": "AI 代理消费逻辑对金融板块的影响",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-9991a986026e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI 代理消费逻辑对金融板块的影响 日期： 2026-05-15 分析师： financials-analyst（银行、保险、券商、金融科技） 立场： support",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-a5d1ec879657",
      "title": "AI 通缩、全球 TFP 与 2027–2028 中性利率",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-a5d1ec879657/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI 通缩、全球 TFP 与 2027–2028 中性利率 既有研究记录· 首席经济学家 · 立场：support · 工作日期：2026-05-15（新加坡时区）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8d31950f7c05",
      "title": "“大脱钩”时代：CSP ASIC 的规模化扩张与 NVIDIA 利润率拐点研判",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-8d31950f7c05/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "“大脱钩”时代：CSP ASIC 的规模化扩张与 NVIDIA 利润率拐点研判 日期： 2026-05-15 职位： TMT 行业分析师 状态： 机构内部绝密研究",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-4a074c8c81d6",
      "title": "全球宏观研究报告：半导体与AI龙头回撤风险分析",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-4a074c8c81d6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球宏观研究报告：半导体与AI龙头回撤风险分析 日期： 2026-05-15 分析师 ID： global-macro 主题： 半导体与AI龙头回撤的连锁反应机制",
      "tags": [
        "AI",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-de1793f81ddd",
      "title": "电力基础设施与电网容量的物理瓶颈",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-de1793f81ddd/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "电力基础设施与电网容量的物理瓶颈 日期： 2026-05-15 分析师： 公用事业分析师 (utilities-analyst) 立场： Support (支持)",
      "tags": [
        "AI",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1c30c5dea048",
      "title": "研究报告：2026-05-15",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-1c30c5dea048/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "角色： TMT行业分析师 主题： TMT与机器人解禁压力和AI基本面支撑的博弈 立场： 压力测试 工作日期： 2026-05-15，Asia/Singapore",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b3a870ba42ee",
      "title": "“哑铃型”策略可行性评估：从TMT切向红利/国企价值",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-b3a870ba42ee/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 - 分析师：大类资产配置师（asset-allocator） - 立场：support（支持） - 工作日：2026-05-15（亚洲/新加坡）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-340c535519df",
      "title": "研究报告：2026-05-15",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-340c535519df/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "角色： 债券分析师 主题： 10年期中国国债收益率路径与红利利差压缩风险 立场： 压力测试 工作日期： 2026-05-15，Asia/Singapore",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5b5f17b48e0d",
      "title": "AI 生产率主线在宏观估值回撤压力下的结构性韧性",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-5b5f17b48e0d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师： TMT 行业 (tmt-analyst) · 日期： 2026-05-15（亚洲/新加坡） · 研究记录 · 立场： stress-test",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-407f36c355b4",
      "title": "专题研究报告：“算电协同”：是AI时代的终极门票还是政策溢价陷阱？",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-407f36c355b4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "专题研究报告：“算电协同”：是AI时代的终极门票还是政策溢价陷阱？ 日期 : 2026-05-15 分析师 : Thematic Researcher",
      "tags": [
        "AI",
        "通胀",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-41a041a6de94",
      "title": "电力约束下的AI基础设施周期与A股行业配置",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-41a041a6de94/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期: 2026-05-15 - 分析师: 首席策略师 (chief-strategist) - 立场: synthesize (综合) - 研究记录",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ead376749016",
      "title": "AI代理时代的消费范式转移：品牌溢价能否经受住“代理可读性”的考验？",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-ead376749016/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期 : 2026-05-15 分析师 : 消费行业分析师 (Consumer Analyst) 立场 : 压力测试 (Stress-test)",
      "tags": [
        "AI",
        "通胀",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-fa23caa308d5",
      "title": "强区域化债的“微循环”摩擦与大消费修复的滞后性",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-fa23caa308d5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Date: 2026-05-15 Analyst: 消费行业分析师 (Consumer Analyst) Stance: Synthesize",
      "tags": [
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-65b52593512e",
      "title": "AI 代理驱动的消费逻辑重构：情绪指标的失效与重塑",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-65b52593512e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI 代理驱动的消费逻辑重构：情绪指标的失效与重塑 日期： 2026-05-15 分析师： chief-strategist (首席策略师)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-471e13106d04",
      "title": "中国宏观经济基本面与人民币汇率风险的联动性分析",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-471e13106d04/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "中国宏观经济基本面与人民币汇率风险的联动性分析 日期：2026-05-15 研究记录 分析师：中国宏观分析师 (china-macro)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7e68835b0f6b",
      "title": "首席策略师报告：“算电协同”的交付悖论",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-7e68835b0f6b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "首席策略师报告：“算电协同”的交付悖论 日期： 2026-05-15 分析师： 首席策略师 立场： 初始 / 综合分析",
      "tags": [
        "AI",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0b372db81e3c",
      "title": "AI 算力链定价范式：从“暴力训练”到“极致推理”的拐点分析",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-0b372db81e3c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI 算力链定价范式：从“暴力训练”到“极致推理”的拐点分析 日期：2026-05-15 级别：机构内部绝密",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9ab52ebcb984",
      "title": "[2026-05-15] 极端融券枯竭下“多设备+空IC+长OTM put”合成结构的成本及对冲效率分析",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-9ab52ebcb984/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "[2026-05-15] 极端融券枯竭下“多设备+空IC+长OTM put”合成结构的成本及对冲效率分析",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-beaa640b5df3",
      "title": "2026-05-15 TMT 压力测试：CoWoS 与 HBM 供应能否支撑台积电 5-6 月收入斜率？",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-beaa640b5df3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-05-15 TMT 压力测试：CoWoS 与 HBM 供应能否支撑台积电 5-6 月收入斜率？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-bcd474a7a2ff",
      "title": "首席策略观点：杠杆陷阱与“已被定价”的悖论",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-bcd474a7a2ff/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "首席策略观点：杠杆陷阱与“已被定价”的悖论 日期： 2026-05-15 研究记录 分析师： 首席策略师",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-834d6f25ad19",
      "title": "2026-05-15 策略压力测试：2026 年下半年中国资产风格轮动，防御性红利 vs 进攻性 AI",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-834d6f25ad19/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-05-15 策略压力测试：2026 年下半年中国资产风格轮动，防御性红利 vs 进攻性 AI",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-71716ffa0e4c",
      "title": "2026-05-15 信用压力测试：AI资本开支传导、电力瓶颈与信用利差的分层（Tiering）",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-71716ffa0e4c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-05-15 信用压力测试：AI资本开支传导、电力瓶颈与信用利差的分层（Tiering）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-6ca48d015f92",
      "title": "AI 硬件收入斜率的定价消化：台韩链与 A股/HK 半导体映射资产比较 - 2026-05-15",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-6ca48d015f92/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI 硬件收入斜率的定价消化：台韩链与 A股/HK 半导体映射资产比较 - 2026-05-15",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2a0b6233defa",
      "title": "外汇策略师压力测试：USD/CNH 7.30 关口与 3% 对冲悖论 (2026-05-15)",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-2a0b6233defa/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "外汇策略师压力测试：USD/CNH 7.30 关口与 3% 对冲悖论 (2026-05-15)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ff8c5df3f23e",
      "title": "AI 投资回报率（ROI）与 CSP 资本支出可持续性：推理效率转型期（2026-2027）",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-ff8c5df3f23e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI 投资回报率（ROI）与 CSP 资本支出可持续性：推理效率转型期（2026-2027）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e8dd66aa6d28",
      "title": "既有研究记录— 「价格锁」与「生态锁」压力测试：订单波动下国产算力的成本优势与生态迁...",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-e8dd66aa6d28/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录— 「价格锁」与「生态锁」压力测试：订单波动下国产算力的成本优势与生态迁移进度",
      "tags": [
        "AI",
        "通胀",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8c9a17c97e93",
      "title": "既有研究记录— H20/MI308 许可证与制造设备出口管制的「政策锁」松动信号压力测试",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-8c9a17c97e93/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录— H20/MI308 许可证与制造设备出口管制的「政策锁」松动信号压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-23327d7b6a6f",
      "title": "2026-05-15 开局研究卡：中概互联网 ADR，是“利空出尽”还是“半场休息”？",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-23327d7b6a6f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-05-15 开局研究卡：中概互联网 ADR，是“利空出尽”还是“半场休息”？",
      "tags": [
        "AI",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-4ce34953df1b",
      "title": "2H2026 AI硬件Alpha与红利防御的大类资产杠铃配置 - 2026-05-15",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-4ce34953df1b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2H2026 AI硬件Alpha与红利防御的大类资产杠铃配置 - 2026-05-15",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-13134c8d3666",
      "title": "前序研究 — 压力测试35% AI/成长仓位：半导体与云算力产业链Capex与毛利传导",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-13134c8d3666/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "前序研究 — 压力测试35% AI/成长仓位：半导体与云算力产业链Capex与毛利传导",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-79a5af227223",
      "title": "截至 2026-05-15 的「订单锁」压力测试：H20 供应预期如何影响中国算力订单",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-79a5af227223/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至 2026-05-15 的「订单锁」压力测试：H20 供应预期如何影响中国算力订单",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-33f2884d0bbc",
      "title": "跨资产策略：捕获AI电力瓶颈收益，对冲交付节奏风险",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-33f2884d0bbc/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期： 2026-05-15 分析师： 大类资产配置师 状态： 综合研判 (研究记录)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1f569d4153fb",
      "title": "首席经济学家压力测试：宏观裂缝下的\"受保护 Beta\"配置 (2026-05-15)",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-1f569d4153fb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "首席经济学家压力测试：宏观裂缝下的\"受保护 Beta\"配置 (2026-05-15)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0db5c2c886a1",
      "title": "2026-05-15 首席经济学家报告：能源-化肥-粮食通胀与 AI 电力需求冲击",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-0db5c2c886a1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-05-15 首席经济学家报告：能源-化肥-粮食通胀与 AI 电力需求冲击",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b00c08bfa8e0",
      "title": "既有研究记录— H20 进口放宽下的订单动态验证：是「订单锁」还是「结构性转移」？",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-b00c08bfa8e0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录— H20 进口放宽下的订单动态验证：是「订单锁」还是「结构性转移」？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-6df40ae69c73",
      "title": "能源供给扩容难以完全解除2H26-2027年AI电力瓶颈 — 2026-05-15",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-6df40ae69c73/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "能源供给扩容难以完全解除2H26-2027年AI电力瓶颈 — 2026-05-15",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c6b56758811b",
      "title": "2026-05-15 TMT压力测试：AI代理夺走日常消费注意力后的电商广告重构",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-c6b56758811b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-05-15 TMT压力测试：AI代理夺走日常消费注意力后的电商广告重构",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f6e3a60ef8f2",
      "title": "2026-05-15 大类资产配置：将AI数字贸易走廊分层落实到股、债、商品组合",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-f6e3a60ef8f2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-05-15 大类资产配置：将AI数字贸易走廊分层落实到股、债、商品组合",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ca51c2966cc4",
      "title": "T2 篮子 A 层拥挤度核查 — 北向、融资、ETF、机构持仓与龙虎榜五维度评估",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-ca51c2966cc4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "T2 篮子 A 层拥挤度核查 — 北向、融资、ETF、机构持仓与龙虎榜五维度评估",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e9b525d69048",
      "title": "既有研究记录— A股市场结构指标如何落地AI硬件alpha与红利防御的动态仓位带",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-e9b525d69048/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录— A股市场结构指标如何落地AI硬件alpha与红利防御的动态仓位带",
      "tags": [
        "AI",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c1e714e008aa",
      "title": "既有研究记录— A股策略：指数高+宽度差结构 vs. Trump-Xi 峰会风险",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-c1e714e008aa/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录— A股策略：指数高+宽度差结构 vs. Trump-Xi 峰会风险",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f48340cc5d2d",
      "title": "2026-05-15压力测试：数据主权与出口管制正在压缩AI数据飞轮的地理半径",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-f48340cc5d2d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-05-15压力测试：数据主权与出口管制正在压缩AI数据飞轮的地理半径",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0c1350511a0e",
      "title": "A股半导体拥挤度与 alpha 子板块的因子交叉验证 - 2026-05-15",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-0c1350511a0e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "A股半导体拥挤度与 alpha 子板块的因子交叉验证 - 2026-05-15",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-278c64eff3f1",
      "title": "研究报告：四周从恐慌到贪婪 —— A股策略闭环路线图 (2026-05-15)",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-278c64eff3f1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：四周从恐慌到贪婪 —— A股策略闭环路线图 (2026-05-15)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5d2fae8487ed",
      "title": "美债流动性冲击下 AI Beta 与半导体脆弱性评估 - 2026-05-15",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-5d2fae8487ed/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "美债流动性冲击下 AI Beta 与半导体脆弱性评估 - 2026-05-15",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-efbbfe81b07e",
      "title": "2026-05-31 策略卡：AI 叙事是否从“算力”转向“边缘与空间”？",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-efbbfe81b07e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-05-31 策略卡：AI 叙事是否从“算力”转向“边缘与空间”？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d241f0dee89e",
      "title": "AI 使用和用电很强，晶圆收入为何没有同步加速？- 2026-05-15",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-d241f0dee89e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI 使用和用电很强，晶圆收入为何没有同步加速？- 2026-05-15",
      "tags": [
        "AI",
        "宏观",
        "港美股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-a593b362516f",
      "title": "既有研究记录: 出口管制升级对AI基础设施层供应链及国产化逻辑的冲击评估",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-a593b362516f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录: 出口管制升级对AI基础设施层供应链及国产化逻辑的冲击评估",
      "tags": [
        "AI",
        "港美股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d342457563e8",
      "title": "既有研究记录— 专有数据飞轮：替代数据如何支撑AI工作流的可衡量闭环",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-d342457563e8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录— 专有数据飞轮：替代数据如何支撑AI工作流的可衡量闭环",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f5077306bb00",
      "title": "既有研究记录— 算力商品化下，先进封装与互联的护城河是否仍然成立？",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-f5077306bb00/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录— 算力商品化下，先进封装与互联的护城河是否仍然成立？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-887f201391f2",
      "title": "既有研究记录— 通胀右尾上移后的 AI 硬件跨资产对冲与组合再平衡",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-887f201391f2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录— 通胀右尾上移后的 AI 硬件跨资产对冲与组合再平衡",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-61062a4fa393",
      "title": "既有研究记录— 出口型消费链作为科技超配“融资来源”的压力测试",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-61062a4fa393/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录— 出口型消费链作为科技超配“融资来源”的压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0a0035677125",
      "title": "既有研究记录外汇压力测试 - 2026-05-17",
      "date": "2026-05-15",
      "href": "/investor/reports/archive-0a0035677125/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录外汇压力测试 - 2026-05-17",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    }
  ],
  "discussions": [
    {
      "title": "“算电协同”：是AI时代的终极门票还是政策溢价陷阱？",
      "question": "在大唐发电7连板背景下，‘电力+算力’的深度融合在未来12个月内能否产生实质性EPS贡献？零售端定价是否已透支未来三年的预期？ Prior related institute work t...",
      "status": "completed",
      "analyst": "主题研究员",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "“算电协同”交付悖论：模块化硬件 vs. 电网制度刚性",
      "question": "模块化电力模组的提速，能否在电网调度和制度瓶颈（过网费、调度权）未突破的情况下，支撑大唐发电等标的的估值重构？ Prior related institute work to acknowl...",
      "status": "completed",
      "analyst": "首席策略师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "2026-05-15 中概互联网 ADR 业绩修复：AI/cloud 增长能否证明利空出尽",
      "question": "截至2026-05-15，阿里、腾讯、京东等最新业绩是否说明中概互联网 ADR 的利空已经被充分吸收，还是反弹只是下一轮考验前的半场休息？",
      "status": "completed",
      "analyst": "TMT行业分析师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "A 股指数高+宽度差，是否错误定价 Trump-Xi 峰会风险",
      "question": "上证逼近 2015 年 7 月以来高点、深成指 -0.9%、北上未防御，峰会议题覆盖关税、AI 出口管制、台海。在峰会冷场/破裂情景下，半导体、AI 应用、出口链中哪个板块...",
      "status": "completed",
      "analyst": "A股策略师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "AI 代理驱动的消费逻辑重构",
      "question": "当超过 40% 的消费行为由 AI Agent 决策而非人类冲动驱动时，传统的‘消费者信心指数’是否已失效？我们该如何重新建模？ Prior related institute work to ackn...",
      "status": "completed",
      "analyst": "首席策略师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "AI 使用和用电很强，晶圆收入为何没有同步加速？",
      "question": "Sensor Tower 的 AI assistant 流量 +86% YoY、美国数据中心供电需求 64.4 GW 且 +25%，但 TSMC 4 月收入仅 +17.5% YoY；这是季节性/汇率噪音，还是 AI 半导体股...",
      "status": "completed",
      "analyst": "主题研究员",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "AI 算力链定价正在从训练范式切换到推理范式吗?",
      "question": "过去 6 周推理 ASIC 与训练 GPU 在 ASP、租赁价、CoWoS 产能分配上的分化是否已达到主题重定价临界点?如果是,NVDA 的利润周期假设需要在哪一个季度被下调?",
      "status": "completed",
      "analyst": "首席策略师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "AI智能体逻辑 vs. 资本支出压力：'龙虾'框架能否拯救财报崩塌？",
      "question": "在大规模资本支出导致阿里等巨头净利骤降95%的背景下，社交媒体追捧的'智能体'（Agent）叙事是否足以支撑当前的估值溢价？ Prior related institute work to ack...",
      "status": "completed",
      "analyst": "A股策略师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "AI电力交易从业主转向设备和算力",
      "question": "AI 电力需求真实，但市场正在惩罚 VST/CEG/XLU、奖励 SMH/GEV/GRID；下周组合应把 AI 电力暴露从发电/公用事业业主切到设备和算力吗？",
      "status": "completed",
      "analyst": "首席策略师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "Warsh 式上涨 vs. 最后的狂欢",
      "question": "在 Put-Call 比率处于 0.50 极值且通胀压力未减的情况下，道指 50,000 点是新牛市的起点还是估值修正的前奏？",
      "status": "completed",
      "analyst": "全球宏观分析师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "半导体与AI龙头回撤风险的连锁反应",
      "question": "If semiconductor and AI leaders reverse, how quickly would correlations jump across cap-weighted indices, MTUM, QUAL, and XLK?",
      "status": "completed",
      "analyst": "全球宏观分析师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "合规 AI 与金融羊群效应：监管是否制造了新的系统性风险？",
      "question": "如果 NFRA 2026 指引导致六大行模型风控逻辑趋同，我们如何应对机器时间尺度下的‘信用闪崩’？ Prior related institute work to acknowledge and BUILD ON (do...",
      "status": "completed",
      "analyst": "首席经济学家",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "四周从恐慌到贪婪：再启动还是踩点见顶",
      "question": "在 CPI 重新加速、10Y 接近 2007 高位、年内降息被定价出局的同时，F&G 从 27 跳到 66、机构 positioning 向 6/9 月上沿延伸——这是再启动早期还是回购+情绪修...",
      "status": "completed",
      "analyst": "首席策略师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "算力大宗商品化：AI投资的范式转移",
      "question": "CME算力期货的推出是否意味着算力投资已进入‘下半场’？在标准化定价面前，硬件龙头的溢价逻辑如何重构？ Prior related institute work to acknowledge and BU...",
      "status": "completed",
      "analyst": "首席策略师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "美国消费流动性转折点：借记卡超越信用卡",
      "question": "借记卡支出增速首次超越信用卡，配合BNPL在必需品中的渗透，是否意味着美国消费周期已进入衰退边缘？ Prior related institute work to acknowledge and BUILD O...",
      "status": "completed",
      "analyst": "消费行业分析师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "贪婪指数 66 与已知低开 99% 的悖论:AI 多头如何定价'已被定价的利空'",
      "question": "当 Fear & Greed 仍在 66、WSB call 流未减、而 Polymarket 周五低开概率已达 99%、futures NDX -1.3%、川习会无突破时,周一亚洲开盘前我们应把'已被定价'当作缓...",
      "status": "completed",
      "analyst": "首席策略师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    }
  ],
  "thesisEvents": [
    {
      "id": "thesis-7a6599a3f5",
      "title": "新一代信息技术国产替代要从信创叙事进入算力、软件与安全订单验证",
      "titleEn": "Domestic IT substitution must move from policy narrative to compute, software, and security order proof",
      "href": "/investor/theses/thesis-7a6599a3f5/",
      "laneId": "lane_e4f90acbf804",
      "lane": "信创/国产 IT 栈",
      "laneHref": "/investor/lanes/domestic-it-substitution-stack/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 62,
      "supports": 2,
      "risks": 2,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "前序研究 — 压力测试35% AI/成长仓位：半导体与云算力产业链Capex与毛利传导",
          "summary": "前序研究 — 压力测试35% AI/成长仓位：半导体与云算力产业链Capex与毛利传导",
          "href": "/investor/reports/archive-13134c8d3666/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股AI算力硬件：巨头CapEx压力下的毛利率压力测试",
          "summary": "分析师：TMT 行业分析师 · 立场：stress-test（压力测试） - 工作日期：2026-05-15（亚洲/新加坡） - 上游文件说明：运行时 research note 的报告文件未出现在工作区，论点基于 session brief...",
          "href": "/investor/reports/archive-df377e7650dc/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "资金轮动至电子/通信/计算机的基本面验证",
          "summary": "研究记录 - 分析师：TMT行业分析师（ tmt-analyst ） - 工作日期：2026-05-15（亚洲/新加坡） - 立场： support （轮动主要由盈利确认驱动，可在未来四周的解禁与再通胀压力下维持趋势，但需结...",
          "href": "/investor/reports/archive-e678ec0bee24/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "千元股集群 + 散户命名学：AI 算力链的情绪顶信号吗？",
          "summary": "板块：research discussion [source-id-redacted] / 既有研究记录 - 作者：A 股策略师（ashare-strategist） - 工作日：2026-05-18（Asia/Singapore） - 立场：stre...",
          "href": "/investor/reports/archive-7bd0b6126cb0/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "688041.SH",
        "688981.SH",
        "0981.HK",
        "300308.SZ",
        "NVDA",
        "000977.SZ",
        "688008.SH",
        "688012.SH",
        "688111.SH"
      ]
    },
    {
      "id": "thesis-40b8638803",
      "title": "全球科技配置应超配ASIC与新代工生态；A股风格则需从“AI题材映射”战略性切换至独立算力的“国产第二供应源”，重仓先进封装产能、核心设…",
      "titleEn": "Practical research topic: 全球科技配置应超配ASIC与新代工生态；A股风格则需从“AI题材映射”战略性切换至独立算力的“国产第二供应源”，重仓先进封装产能、核心设…",
      "href": "/investor/theses/thesis-40b8638803/",
      "laneId": "lane_f1a271385aff",
      "lane": "先进封装/HBM4 闸门",
      "laneHref": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 67,
      "supports": 1,
      "risks": 2,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "A股半导体拥挤度与 alpha 子板块的因子交叉验证 - 2026-05-15",
          "summary": "A股半导体拥挤度与 alpha 子板块的因子交叉验证 - 2026-05-15",
          "href": "/investor/reports/archive-0c1350511a0e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股半导体策略：5-6月AI硬件检验点前的组合配置规则",
          "summary": "工作日期： 2026-05-15 (Asia/Singapore) - 分析师： 首席策略师 (chief-strategist) - 立场： 综合 (Synthesize) - 研究记录",
          "href": "/investor/reports/archive-a24a0f280007/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "算力商品化下，先进封装与互联的护城河是否仍然成立？",
          "summary": "既有研究记录— 算力商品化下，先进封装与互联的护城河是否仍然成立？",
          "href": "/investor/reports/archive-f5077306bb00/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "000660.KS",
        "MU",
        "688012.SH",
        "ASML"
      ]
    },
    {
      "id": "thesis-029ce03da1",
      "title": "MSCI 调整窗口是被动资金与主动减仓相互博弈的流动性事件",
      "titleEn": "MSCI rebalance windows are liquidity events where passive demand meets active exits",
      "href": "/investor/theses/thesis-029ce03da1/",
      "laneId": "lane_122bdfde6ea9",
      "lane": "指数调仓/被动资金事件",
      "laneHref": "/investor/lanes/index-rebalance-and-passive-flow-events/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 64,
      "supports": 0,
      "risks": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "A股/港股策略：代理化商业替代数据复合体投资指南",
          "summary": "A股/港股策略：代理化商业替代数据复合体投资指南 日期： 2026年5月15日 策略师： ashare-strategist（A股策略师） 立场： 综合（Synthesize）",
          "href": "/investor/reports/archive-f394c1428da6/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-05-15 开局研究卡：中概互联网 ADR，是“利空出尽”还是“半场休息”？",
          "summary": "2026-05-15 开局研究卡：中概互联网 ADR，是“利空出尽”还是“半场休息”？",
          "href": "/investor/reports/archive-23327d7b6a6f/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "研究报告：2026年中国宏观与消费压力测试 (2026-05-15)",
          "summary": "日期： 2026-05-15 分析师： 中国宏观分析师 (china-macro) 课题： 2026年宏观背景是否足以支撑中概互联网业绩的可持续修复？ 立场： 压力测试 (选择性配置)",
          "href": "/investor/reports/archive-45faa006c676/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0700.HK",
        "9988.HK",
        "KWEB",
        "300308.SZ",
        "510300.SH",
        "2800.HK",
        "0981.HK",
        "3690.HK",
        "600900.SH"
      ]
    },
    {
      "id": "thesis-dfa08317f5",
      "title": "博通（AVGO）隔夜暴跌12%-15%打破了AI硬件订单无限高增的完美预期，而A股CPO与半导体龙头正面临历史高位两融（科创板4.9%占…",
      "titleEn": "Practical research topic: 博通（AVGO）隔夜暴跌12%-15%打破了AI硬件订单无限高增的完美预期，而A股CPO与半导体龙头正面临历史高位两融（科创板4.9%占…",
      "href": "/investor/theses/thesis-dfa08317f5/",
      "laneId": "lane_1f0136d57956",
      "lane": "CPO/光模块/高速互联",
      "laneHref": "/investor/lanes/cpo-optical-modules-and-high-speed-interconnect/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "A股市场结构指标如何落地AI硬件alpha与红利防御的动态仓位带",
          "summary": "既有研究记录— A股市场结构指标如何落地AI硬件alpha与红利防御的动态仓位带",
          "href": "/investor/reports/archive-e9b525d69048/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股半导体策略：5-6月AI硬件检验点前的组合配置规则",
          "summary": "工作日期： 2026-05-15 (Asia/Singapore) - 分析师： 首席策略师 (chief-strategist) - 立场： 综合 (Synthesize) - 研究记录",
          "href": "/investor/reports/archive-a24a0f280007/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "300308.SZ",
        "300394.SZ",
        "300502.SZ"
      ]
    },
    {
      "id": "thesis-ab1fb6a453",
      "title": "DeepSeek 式低价模型正在重塑 AI 定价权与软件利润池",
      "titleEn": "DeepSeek-style low-cost models are reshaping AI pricing power and software profit pools",
      "href": "/investor/theses/thesis-ab1fb6a453/",
      "laneId": "lane_13710af7e06d",
      "lane": "低价模型/AI 软件利润池",
      "laneHref": "/investor/lanes/low-cost-models-and-ai-software-profit-pools/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 72,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-05-15 策略综合：算力商品化后的需求端配置",
          "summary": "截至 2026-05-15，我对前两张研究记录采取综合而非反转的判断：算力期货和标准化 GPU-hour 定价会压缩商用加速器 beta 中“未定价稀缺”的无限溢价，但物理瓶颈层的非商品化租金仍有望延续到 20...",
          "href": "/investor/reports/archive-de2e8cfb64a5/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-05-15 开局研究卡：中概互联网 ADR，是“利空出尽”还是“半场休息”？",
          "summary": "2026-05-15 开局研究卡：中概互联网 ADR，是“利空出尽”还是“半场休息”？",
          "href": "/investor/reports/archive-23327d7b6a6f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "BABA",
        "MSFT",
        "BIDU",
        "9988.HK",
        "CRM",
        "0700.HK",
        "NVDA",
        "NOW",
        "9888.HK"
      ]
    },
    {
      "id": "thesis-31f32af77b",
      "title": "中国云与国产算力栈的关键不是模型热度，而是训练/推理订单、服务器交付和生态锁定",
      "titleEn": "China cloud and local compute stacks depend less on model hype than training/inference orders, server delivery, and e...",
      "href": "/investor/theses/thesis-31f32af77b/",
      "laneId": "lane_2997650d0638",
      "lane": "中国云/国产算力栈",
      "laneHref": "/investor/lanes/china-cloud-and-local-compute-stack/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-05-15 策略综合：算力商品化后的需求端配置",
          "summary": "截至 2026-05-15，我对前两张研究记录采取综合而非反转的判断：算力期货和标准化 GPU-hour 定价会压缩商用加速器 beta 中“未定价稀缺”的无限溢价，但物理瓶颈层的非商品化租金仍有望延续到 20...",
          "href": "/investor/reports/archive-de2e8cfb64a5/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "「价格锁」与「生态锁」压力测试：订单波动下国产算力的成本优势与生态迁...",
          "summary": "既有研究记录— 「价格锁」与「生态锁」压力测试：订单波动下国产算力的成本优势与生态迁移进度",
          "href": "/investor/reports/archive-e8dd66aa6d28/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "688041.SH",
        "300308.SZ",
        "601138.SH",
        "0981.HK",
        "688981.SH",
        "000977.SZ",
        "9988.HK",
        "NVDA",
        "0700.HK"
      ]
    },
    {
      "id": "thesis-241377c8be",
      "title": "显示材料改善需由利润率与现金流共同确认",
      "titleEn": "Display-material recovery requires joint margin and cash-flow confirmation",
      "href": "/investor/theses/thesis-241377c8be/",
      "laneId": "lane_f1a271385aff",
      "lane": "先进封装/HBM4 闸门",
      "laneHref": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 59,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "“大脱钩”时代：CSP ASIC 的规模化扩张与 NVIDIA 利润率拐点研判",
          "summary": "“大脱钩”时代：CSP ASIC 的规模化扩张与 NVIDIA 利润率拐点研判 日期： 2026-05-15 职位： TMT 行业分析师 状态： 机构内部绝密研究",
          "href": "/investor/reports/archive-8d31950f7c05/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "A股AI算力硬件：巨头CapEx压力下的毛利率压力测试",
          "summary": "分析师：TMT 行业分析师 · 立场：stress-test（压力测试） - 工作日期：2026-05-15（亚洲/新加坡） - 上游文件说明：运行时 research note 的报告文件未出现在工作区，论点基于 session brief...",
          "href": "/investor/reports/archive-df377e7650dc/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "NVDA",
        "ASML",
        "000660.KS",
        "MU",
        "002916.SZ",
        "600552.SH"
      ]
    },
    {
      "id": "thesis-5c45703323",
      "title": "AI CapEx的主线不是收缩，而是从新增外壳数量转向每瓦、每机架、每封装的半导体密度提升。",
      "titleEn": "Practical research topic: AI CapEx的主线不是收缩，而是从新增外壳数量转向每瓦、每机架、每封装的半导体密度提升。",
      "href": "/investor/theses/thesis-5c45703323/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "前序研究 — 压力测试35% AI/成长仓位：半导体与云算力产业链Capex与毛利传导",
          "summary": "前序研究 — 压力测试35% AI/成长仓位：半导体与云算力产业链Capex与毛利传导",
          "href": "/investor/reports/archive-13134c8d3666/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "META",
        "NVDA",
        "AMD",
        "MU",
        "AVGO",
        "TSM",
        "000660.KS"
      ]
    },
    {
      "id": "thesis-0e520ff02a",
      "title": "能源通缩下的主要风险不是油价本身，而是高名义利率叠加下行通胀形成的实质利率冲击，组合防御应以久期和流动性为核心。",
      "titleEn": "Practical research topic: 能源通缩下的主要风险不是油价本身，而是高名义利率叠加下行通胀形成的实质利率冲击，组合防御应以久期和流动性为核心。",
      "href": "/investor/theses/thesis-0e520ff02a/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "实际利率向r 收敛下的名义美债与TIPS久期再平衡",
          "summary": "实际利率向r 收敛下的名义美债与TIPS久期再平衡 既有研究记录· Asset Allocator · Stance: support · 工作日期：2026-05-15（Asia/Singapore）",
          "href": "/investor/reports/archive-9e1eb963e738/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CVX",
        "XOM",
        "SLB"
      ]
    },
    {
      "id": "thesis-859ab241bf",
      "title": "依托全球AI硬件超级周期的外溢效应与国内流动性宽松预期共振，A股TMT板块具备坚实的业绩兑现基础，将在跨国资金流入带动下确立其在“哑铃策…",
      "titleEn": "Practical research topic: 依托全球AI硬件超级周期的外溢效应与国内流动性宽松预期共振，A股TMT板块具备坚实的业绩兑现基础，将在跨国资金流入带动下确立其在“哑铃策…",
      "href": "/investor/theses/thesis-859ab241bf/",
      "laneId": "lane_f1a271385aff",
      "lane": "先进封装/HBM4 闸门",
      "laneHref": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "A股半导体策略：5-6月AI硬件检验点前的组合配置规则",
          "summary": "工作日期： 2026-05-15 (Asia/Singapore) - 分析师： 首席策略师 (chief-strategist) - 立场： 综合 (Synthesize) - 研究记录",
          "href": "/investor/reports/archive-a24a0f280007/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "NVDA",
        "ASML",
        "688012.SH",
        "000660.KS",
        "MU",
        "002916.SZ"
      ]
    },
    {
      "id": "thesis-87af28db3e",
      "title": "宇航电源份额与卫星交付驱动电科蓝天兑现",
      "titleEn": "Space-Power Share and Satellite Deliveries Drive CETC Solar Energy Monetization",
      "href": "/investor/theses/thesis-87af28db3e/",
      "laneId": "lane_54700cb9537f",
      "lane": "商业航天/卫星直连",
      "laneHref": "/investor/lanes/commercial-space-and-direct-to-device-satellite/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 74,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "西方产能超调、绿色溢价压缩与能源金属利润率重构（2026-05-15）",
          "summary": "研究院工作日（亚洲/新加坡）： 2026-05-15 - 分析师：能源行业分析师 - 立场：对前序研究进行 stress-test 压力测试 - 会话主题：合规 AI 与金融羊群效应——监管是否制造了新的系统性风险？ -...",
          "href": "/investor/reports/archive-c3d8eb3380a4/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "RKLB",
        "ASTS",
        "RDW",
        "LUNR",
        "IRDM",
        "LMT"
      ]
    },
    {
      "id": "thesis-d0faeae7f0",
      "title": "NAND价格与产品组合驱动SanDisk盈利弹性",
      "titleEn": "NAND pricing and mix drive SanDisk earnings leverage",
      "href": "/investor/theses/thesis-d0faeae7f0/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 72,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "“大脱钩”时代：CSP ASIC 的规模化扩张与 NVIDIA 利润率拐点研判",
          "summary": "“大脱钩”时代：CSP ASIC 的规模化扩张与 NVIDIA 利润率拐点研判 日期： 2026-05-15 职位： TMT 行业分析师 状态： 机构内部绝密研究",
          "href": "/investor/reports/archive-8d31950f7c05/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS",
        "META",
        "AMD"
      ]
    },
    {
      "id": "thesis-b976d8330e",
      "title": "NAND盈利弹性由价格与产品结构主导，而非单纯出货增长",
      "titleEn": "NAND earnings leverage is driven by pricing and mix rather than shipment growth alone",
      "href": "/investor/theses/thesis-b976d8330e/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 70,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "“大脱钩”时代：CSP ASIC 的规模化扩张与 NVIDIA 利润率拐点研判",
          "summary": "“大脱钩”时代：CSP ASIC 的规模化扩张与 NVIDIA 利润率拐点研判 日期： 2026-05-15 职位： TMT 行业分析师 状态： 机构内部绝密研究",
          "href": "/investor/reports/archive-8d31950f7c05/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "META",
        "MU",
        "000660.KS",
        "TSM",
        "AMD",
        "AVGO"
      ]
    },
    {
      "id": "thesis-8c5a9690a0",
      "title": "Mag7 在 AI 时代从平台垄断转向基础设施再分层",
      "titleEn": "Mag7 shifts from platform monopoly to AI infrastructure re-layering",
      "href": "/investor/theses/thesis-8c5a9690a0/",
      "laneId": "lane_f21fc181388a",
      "lane": "Mag7 AI 平台再分层",
      "laneHref": "/investor/lanes/mag7-ai-platform-re-layering/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 67,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "“大脱钩”时代：CSP ASIC 的规模化扩张与 NVIDIA 利润率拐点研判",
          "summary": "“大脱钩”时代：CSP ASIC 的规模化扩张与 NVIDIA 利润率拐点研判 日期： 2026-05-15 职位： TMT 行业分析师 状态： 机构内部绝密研究",
          "href": "/investor/reports/archive-8d31950f7c05/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "META",
        "MSFT",
        "NVDA",
        "AMZN",
        "GOOGL",
        "TSM",
        "AVGO",
        "AAPL",
        "TSLA"
      ]
    },
    {
      "id": "thesis-d1f5e35b43",
      "title": "2026年AI芯片竞争格局：NVIDIA Rubin对阵云巨头ASIC",
      "titleEn": "Practical research topic: 2026年AI芯片竞争格局：NVIDIA Rubin对阵云巨头ASIC",
      "href": "/investor/theses/thesis-d1f5e35b43/",
      "laneId": "lane_f1a271385aff",
      "lane": "先进封装/HBM4 闸门",
      "laneHref": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "“大脱钩”时代：CSP ASIC 的规模化扩张与 NVIDIA 利润率拐点研判",
          "summary": "“大脱钩”时代：CSP ASIC 的规模化扩张与 NVIDIA 利润率拐点研判 日期： 2026-05-15 职位： TMT 行业分析师 状态： 机构内部绝密研究",
          "href": "/investor/reports/archive-8d31950f7c05/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS"
      ]
    },
    {
      "id": "thesis-8bbbcdf5a4",
      "title": "GPU、HBM 与先进封装决定 AI 资本开支供给节奏",
      "titleEn": "GPUs, HBM, and advanced packaging shape the AI capex supply cycle",
      "href": "/investor/theses/thesis-8bbbcdf5a4/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 65,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "前序研究 — 压力测试35% AI/成长仓位：半导体与云算力产业链Capex与毛利传导",
          "summary": "前序研究 — 压力测试35% AI/成长仓位：半导体与云算力产业链Capex与毛利传导",
          "href": "/investor/reports/archive-13134c8d3666/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "META",
        "AMD",
        "AVGO",
        "MU",
        "MSFT",
        "000660.KS",
        "GOOGL",
        "AMZN"
      ]
    },
    {
      "id": "thesis-f3989d02c5",
      "title": "全球电网核心设备及原材料的产能赤字已构成刚性物理准入壁垒，导致产业利润池从算力/晶圆厂资本支出方结构性向重电OEM厂商转移。",
      "titleEn": "Practical research topic: 全球电网核心设备及原材料的产能赤字已构成刚性物理准入壁垒，导致产业利润池从算力/晶圆厂资本支出方结构性向重电OEM厂商转移。",
      "href": "/investor/theses/thesis-f3989d02c5/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 65,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI 算力电力瓶颈与能源供给，2026-05-15",
          "summary": "截至 2026-05-15（Asia/Singapore），我支持研究记录 2 的主线判断，但必须加上时间约束：电力 PPA 和能源采购足以支撑 Hyperscaler 在 FY26 之后继续扩张 capex，但不足以保证扩张是线性的、便...",
          "href": "/investor/reports/archive-0954e27ebe81/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "META",
        "TSM",
        "AMD",
        "AVGO",
        "ASML"
      ]
    },
    {
      "id": "thesis-8b23f98d54",
      "title": "四大云厂商2026年创纪录的7250亿美元CapEx具有强战略刚性，但变压器3-6年交期与电网并网时滞导致800-1100亿美元开支递延…",
      "titleEn": "Practical research topic: 四大云厂商2026年创纪录的7250亿美元CapEx具有强战略刚性，但变压器3-6年交期与电网并网时滞导致800-1100亿美元开支递延…",
      "href": "/investor/theses/thesis-8b23f98d54/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 65,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "TMT压力测试：电力瓶颈与AI基础设施CAPEX转化曲线",
          "summary": "TMT压力测试：电力瓶颈与AI基础设施CAPEX转化曲线 日期： 2026-05-15 分析师： TMT行业分析师 立场： 压力测试 主题： 电力瓶颈对AI服务器、IDC扩张与算力租赁增长预期的影响",
          "href": "/investor/reports/archive-110c4ad9b341/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "601179.SH",
        "VST",
        "002028.SZ",
        "600089.SH",
        "CEG"
      ]
    },
    {
      "id": "thesis-6f42e0fe6e",
      "title": "稀土、铜铝与关键材料正在成为 AI 与新能源共用的供给约束",
      "titleEn": "Rare earths, copper, aluminum, and key materials are becoming shared supply constraints for AI and energy transition",
      "href": "/investor/theses/thesis-6f42e0fe6e/",
      "laneId": "lane_8c4a3526fcca",
      "lane": "关键材料/稀土铜铝",
      "laneHref": "/investor/lanes/critical-materials-rare-earths-copper-and-aluminum/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 58,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "贸易壁垒与产业政策：对铝及锂电材料非对称需求红利的压力测试",
          "summary": "研究院工作日： 2026-05-15 （亚洲/新加坡） - 分析师：政策分析师（监管 / 制裁与出口管制 / 关税 / 绿色贸易框架） - 立场： 压力测试 （针对—材料分析师的非对称需求论点） - 会话主题：合...",
          "href": "/investor/reports/archive-9d7a16997be6/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "FCX",
        "GEV",
        "000831.SZ",
        "SCCO",
        "ETN",
        "MP",
        "TECK",
        "600111.SH",
        "600089.SH"
      ]
    },
    {
      "id": "thesis-9d3836cc07",
      "title": "AI 生产率去通胀需要等待采用率和流程重构验证",
      "titleEn": "AI 生产率去通胀需要等待采用率和流程重构验证",
      "href": "/investor/theses/thesis-9d3836cc07/",
      "laneId": "lane_008e3bd9306a",
      "lane": "AI 软件效率/生产率",
      "laneHref": "/investor/lanes/ai-software-productivity/",
      "direction": "stable",
      "directionLabel": "稳定",
      "conviction": 58,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI 生产率主线在宏观估值回撤压力下的结构性韧性",
          "summary": "分析师： TMT 行业 (tmt-analyst) · 日期： 2026-05-15（亚洲/新加坡） · 研究记录 · 立场： stress-test",
          "href": "/investor/reports/archive-5b5f17b48e0d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "META",
        "MSFT",
        "AMZN",
        "GOOGL",
        "NVDA",
        "NOW",
        "CRM",
        "ADBE"
      ]
    },
    {
      "id": "thesis-603a5f7966",
      "title": "A 股硬科技与科创50的复苏需要订单、融资盘和指数结构共振",
      "titleEn": "A-share hard tech and STAR50 recovery needs orders, margin positioning, and index structure to align",
      "href": "/investor/theses/thesis-603a5f7966/",
      "laneId": "lane_4cc1e74d8e5f",
      "lane": "A股硬科技/科创50",
      "laneHref": "/investor/lanes/a-share-hard-tech-and-star50/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 56,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "A股AI算力硬件：巨头CapEx压力下的毛利率压力测试",
          "summary": "分析师：TMT 行业分析师 · 立场：stress-test（压力测试） - 工作日期：2026-05-15（亚洲/新加坡） - 上游文件说明：运行时 research note 的报告文件未出现在工作区，论点基于 session brief...",
          "href": "/investor/reports/archive-df377e7650dc/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "300308.SZ",
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "600900.SH",
        "688008.SH",
        "588000.SH",
        "300394.SZ",
        "002916.SZ"
      ]
    },
    {
      "id": "thesis-075017003b",
      "title": "AI 资本开支通过能源、设备和利率进入通胀定价",
      "titleEn": "AI capex enters inflation pricing through energy, equipment, and rates",
      "href": "/investor/theses/thesis-075017003b/",
      "laneId": "lane_c0702fb29e08",
      "lane": "AI 再通胀/利率敏感资产",
      "laneHref": "/investor/lanes/ai-reflation-and-rate-sensitive-assets/",
      "direction": "stable",
      "directionLabel": "稳定",
      "conviction": 55,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "首席经济学家压力测试：宏观裂缝下的\"受保护 Beta\"配置 (2026-05-15)",
          "summary": "首席经济学家压力测试：宏观裂缝下的\"受保护 Beta\"配置 (2026-05-15)",
          "href": "/investor/reports/archive-1f569d4153fb/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "META",
        "MSFT",
        "AMZN",
        "GOOGL",
        "XLE",
        "TLT",
        "XLU",
        "NVDA"
      ]
    },
    {
      "id": "thesis-42faeae623",
      "title": "CPO、光互联与铜连接决定 AI 集群内部租金迁移",
      "titleEn": "CPO, optical interconnect, and copper links define rent migration inside AI clusters",
      "href": "/investor/theses/thesis-42faeae623/",
      "laneId": "lane_1f0136d57956",
      "lane": "CPO/光模块/高速互联",
      "laneHref": "/investor/lanes/cpo-optical-modules-and-high-speed-interconnect/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 55,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "算力商品化下，先进封装与互联的护城河是否仍然成立？",
          "summary": "既有研究记录— 算力商品化下，先进封装与互联的护城河是否仍然成立？",
          "href": "/investor/reports/archive-f5077306bb00/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "300308.SZ",
        "NVDA",
        "AVGO",
        "META",
        "COHR",
        "LITE",
        "300394.SZ",
        "MRVL",
        "TSM",
        "MSFT"
      ]
    },
    {
      "id": "thesis-9a860a8801",
      "title": "信用再融资压力正在把利率风险转化为资产负债表筛选",
      "titleEn": "Credit refinancing pressure is turning rate risk into balance-sheet selection",
      "href": "/investor/theses/thesis-9a860a8801/",
      "laneId": "lane_b29e1d216a21",
      "lane": "信用再融资/私募信贷",
      "laneHref": "/investor/lanes/credit-refinancing-and-private-debt/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 52,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "信用利差与银行 CDS 作为系统性温度计的压力测试",
          "summary": "信用利差与银行 CDS 作为系统性温度计的压力测试 - 分析师：债券分析师 (bond-analyst) - 日期：2026-05-15（亚洲/新加坡） - 立场：stress-test（对研究记录 02 的 deny 进行压力测试） - 主题...",
          "href": "/investor/reports/archive-adedaf0591e1/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "KRE",
        "JPM",
        "META",
        "BX",
        "ARES",
        "KKR",
        "APO"
      ]
    },
    {
      "id": "thesis-5057edfa79",
      "title": "AI-Biology 与医疗效率改善需要从科研突破走向支付和监管兑现",
      "titleEn": "AI biology and healthcare productivity must move from research breakthroughs to reimbursement and regulatory proof",
      "href": "/investor/theses/thesis-5057edfa79/",
      "laneId": "lane_2eefe4e126c6",
      "lane": "AI 医疗/生物科技效率",
      "laneHref": "/investor/lanes/ai-healthcare-and-biology-productivity/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 48,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "医疗“绕道”：高毛利生物科技能否冲破“交付悖论”？",
          "summary": "医疗“绕道”：高毛利生物科技能否冲破“交付悖论”？ - 工作日期：2026-05-15 (亚洲/新加坡) - 分析师：医药行业分析师 (healthcare-analyst) - 立场：压力测试 (stress-test) - 研究记录",
          "href": "/investor/reports/archive-af96acfaedc9/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "300760.SZ",
        "688271.SH",
        "300633.SZ",
        "688212.SH",
        "2359.HK",
        "2269.HK",
        "688617.SH",
        "DHR",
        "SDGR"
      ]
    }
  ],
  "lanes": [
    {
      "id": "lane_f1a271385aff",
      "title": "先进封装/HBM4 闸门",
      "href": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "thesisCount": 4,
      "eventCount": 7,
      "convictionTotal": 270,
      "stockTickers": [
        "TSM",
        "NVDA",
        "ASML",
        "688012.SH",
        "000660.KS",
        "MU",
        "002916.SZ",
        "600552.SH"
      ],
      "avgConviction": 68
    },
    {
      "id": "lane_f44cf45c8649",
      "title": "AI 算力半导体",
      "href": "/investor/lanes/ai-compute-semiconductors/",
      "thesisCount": 5,
      "eventCount": 5,
      "convictionTotal": 351,
      "stockTickers": [
        "META",
        "NVDA",
        "AMD",
        "MU",
        "AVGO",
        "TSM",
        "000660.KS",
        "MSFT",
        "GOOGL",
        "AMZN",
        "ASML"
      ],
      "avgConviction": 70
    },
    {
      "id": "lane_e4f90acbf804",
      "title": "信创/国产 IT 栈",
      "href": "/investor/lanes/domestic-it-substitution-stack/",
      "thesisCount": 1,
      "eventCount": 4,
      "convictionTotal": 62,
      "stockTickers": [
        "688256.SH",
        "688041.SH",
        "688981.SH",
        "0981.HK",
        "300308.SZ",
        "NVDA",
        "000977.SZ",
        "688008.SH",
        "688012.SH",
        "688111.SH"
      ],
      "avgConviction": 62
    },
    {
      "id": "lane_1f0136d57956",
      "title": "CPO/光模块/高速互联",
      "href": "/investor/lanes/cpo-optical-modules-and-high-speed-interconnect/",
      "thesisCount": 2,
      "eventCount": 3,
      "convictionTotal": 134,
      "stockTickers": [
        "300308.SZ",
        "300394.SZ",
        "300502.SZ",
        "NVDA",
        "AVGO",
        "META",
        "COHR",
        "LITE",
        "MRVL",
        "TSM",
        "MSFT"
      ],
      "avgConviction": 67
    },
    {
      "id": "lane_122bdfde6ea9",
      "title": "指数调仓/被动资金事件",
      "href": "/investor/lanes/index-rebalance-and-passive-flow-events/",
      "thesisCount": 1,
      "eventCount": 3,
      "convictionTotal": 64,
      "stockTickers": [
        "0700.HK",
        "9988.HK",
        "KWEB",
        "300308.SZ",
        "510300.SH",
        "2800.HK",
        "0981.HK",
        "3690.HK",
        "600900.SH"
      ],
      "avgConviction": 64
    },
    {
      "id": "lane_13710af7e06d",
      "title": "低价模型/AI 软件利润池",
      "href": "/investor/lanes/low-cost-models-and-ai-software-profit-pools/",
      "thesisCount": 1,
      "eventCount": 2,
      "convictionTotal": 72,
      "stockTickers": [
        "BABA",
        "MSFT",
        "BIDU",
        "9988.HK",
        "CRM",
        "0700.HK",
        "NVDA",
        "NOW",
        "9888.HK"
      ],
      "avgConviction": 72
    },
    {
      "id": "lane_2997650d0638",
      "title": "中国云/国产算力栈",
      "href": "/investor/lanes/china-cloud-and-local-compute-stack/",
      "thesisCount": 1,
      "eventCount": 2,
      "convictionTotal": 66,
      "stockTickers": [
        "688256.SH",
        "688041.SH",
        "300308.SZ",
        "601138.SH",
        "0981.HK",
        "688981.SH",
        "000977.SZ",
        "9988.HK",
        "NVDA",
        "0700.HK"
      ],
      "avgConviction": 66
    },
    {
      "id": "lane_93300d58763e",
      "title": "油气/地缘通胀",
      "href": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 78,
      "stockTickers": [
        "CVX",
        "XOM",
        "SLB"
      ],
      "avgConviction": 78
    },
    {
      "id": "lane_54700cb9537f",
      "title": "商业航天/卫星直连",
      "href": "/investor/lanes/commercial-space-and-direct-to-device-satellite/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 74,
      "stockTickers": [
        "RKLB",
        "ASTS",
        "RDW",
        "LUNR",
        "IRDM",
        "LMT"
      ],
      "avgConviction": 74
    },
    {
      "id": "lane_f21fc181388a",
      "title": "Mag7 AI 平台再分层",
      "href": "/investor/lanes/mag7-ai-platform-re-layering/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 67,
      "stockTickers": [
        "META",
        "MSFT",
        "NVDA",
        "AMZN",
        "GOOGL",
        "TSM",
        "AVGO",
        "AAPL",
        "TSLA"
      ],
      "avgConviction": 67
    },
    {
      "id": "lane_10d7884cbe65",
      "title": "AI 电力/电网设备",
      "href": "/investor/lanes/ai-power-and-grid-equipment/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 65,
      "stockTickers": [
        "GEV",
        "ETN",
        "601179.SH",
        "VST",
        "002028.SZ",
        "600089.SH",
        "CEG"
      ],
      "avgConviction": 65
    },
    {
      "id": "lane_8c4a3526fcca",
      "title": "关键材料/稀土铜铝",
      "href": "/investor/lanes/critical-materials-rare-earths-copper-and-aluminum/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 58,
      "stockTickers": [
        "FCX",
        "GEV",
        "000831.SZ",
        "SCCO",
        "ETN",
        "MP",
        "TECK",
        "600111.SH",
        "600089.SH"
      ],
      "avgConviction": 58
    },
    {
      "id": "lane_008e3bd9306a",
      "title": "AI 软件效率/生产率",
      "href": "/investor/lanes/ai-software-productivity/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 58,
      "stockTickers": [
        "META",
        "MSFT",
        "AMZN",
        "GOOGL",
        "NVDA",
        "NOW",
        "CRM",
        "ADBE"
      ],
      "avgConviction": 58
    },
    {
      "id": "lane_4cc1e74d8e5f",
      "title": "A股硬科技/科创50",
      "href": "/investor/lanes/a-share-hard-tech-and-star50/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 56,
      "stockTickers": [
        "300308.SZ",
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "600900.SH",
        "688008.SH",
        "588000.SH",
        "300394.SZ",
        "002916.SZ"
      ],
      "avgConviction": 56
    },
    {
      "id": "lane_c0702fb29e08",
      "title": "AI 再通胀/利率敏感资产",
      "href": "/investor/lanes/ai-reflation-and-rate-sensitive-assets/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 55,
      "stockTickers": [
        "META",
        "MSFT",
        "AMZN",
        "GOOGL",
        "XLE",
        "TLT",
        "XLU",
        "NVDA"
      ],
      "avgConviction": 55
    },
    {
      "id": "lane_b29e1d216a21",
      "title": "信用再融资/私募信贷",
      "href": "/investor/lanes/credit-refinancing-and-private-debt/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 52,
      "stockTickers": [
        "KRE",
        "JPM",
        "META",
        "BX",
        "ARES",
        "KKR",
        "APO"
      ],
      "avgConviction": 52
    },
    {
      "id": "lane_2eefe4e126c6",
      "title": "AI 医疗/生物科技效率",
      "href": "/investor/lanes/ai-healthcare-and-biology-productivity/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 48,
      "stockTickers": [
        "300760.SZ",
        "688271.SH",
        "300633.SZ",
        "688212.SH",
        "2359.HK",
        "2269.HK",
        "688617.SH",
        "DHR",
        "SDGR"
      ],
      "avgConviction": 48
    }
  ],
  "stocks": [
    {
      "ticker": "NVDA",
      "name": "NVIDIA",
      "market": "US",
      "href": "/investor/stocks/NVDA/",
      "thesisCount": 16,
      "eventCount": 24,
      "lanes": [
        "AI 算力半导体",
        "先进封装/HBM4 闸门",
        "低价模型/AI 软件利润池",
        "Mag7 AI 平台再分层",
        "中国云/国产算力栈"
      ]
    },
    {
      "ticker": "TSM",
      "name": "TSMC",
      "market": "US ADR",
      "href": "/investor/stocks/TSM/",
      "thesisCount": 11,
      "eventCount": 14,
      "lanes": [
        "AI 算力半导体",
        "先进封装/HBM4 闸门",
        "Mag7 AI 平台再分层",
        "CPO/光模块/高速互联"
      ]
    },
    {
      "ticker": "300308.SZ",
      "name": "中际旭创",
      "market": "A-share",
      "href": "/investor/stocks/300308.SZ/",
      "thesisCount": 6,
      "eventCount": 13,
      "lanes": [
        "CPO/光模块/高速互联",
        "中国云/国产算力栈",
        "指数调仓/被动资金事件",
        "信创/国产 IT 栈",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "MU",
      "name": "Micron",
      "market": "US",
      "href": "/investor/stocks/MU/",
      "thesisCount": 8,
      "eventCount": 11,
      "lanes": [
        "AI 算力半导体",
        "先进封装/HBM4 闸门"
      ]
    },
    {
      "ticker": "000660.KS",
      "name": "SK hynix",
      "market": "Korea",
      "href": "/investor/stocks/000660.KS/",
      "thesisCount": 8,
      "eventCount": 11,
      "lanes": [
        "AI 算力半导体",
        "先进封装/HBM4 闸门"
      ]
    },
    {
      "ticker": "META",
      "name": "Meta Platforms",
      "market": "US",
      "href": "/investor/stocks/META/",
      "thesisCount": 10,
      "eventCount": 10,
      "lanes": [
        "AI 算力半导体",
        "Mag7 AI 平台再分层",
        "AI 软件效率/生产率",
        "AI 再通胀/利率敏感资产",
        "CPO/光模块/高速互联"
      ]
    },
    {
      "ticker": "0981.HK",
      "name": "中芯国际",
      "market": "HK",
      "href": "/investor/stocks/0981.HK/",
      "thesisCount": 4,
      "eventCount": 10,
      "lanes": [
        "中国云/国产算力栈",
        "指数调仓/被动资金事件",
        "信创/国产 IT 栈",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "688012.SH",
      "name": "中微公司",
      "market": "A-share",
      "href": "/investor/stocks/688012.SH/",
      "thesisCount": 3,
      "eventCount": 8,
      "lanes": [
        "先进封装/HBM4 闸门",
        "信创/国产 IT 栈"
      ]
    },
    {
      "ticker": "MSFT",
      "name": "Microsoft",
      "market": "US",
      "href": "/investor/stocks/MSFT/",
      "thesisCount": 6,
      "eventCount": 7,
      "lanes": [
        "低价模型/AI 软件利润池",
        "Mag7 AI 平台再分层",
        "AI 算力半导体",
        "AI 软件效率/生产率",
        "AI 再通胀/利率敏感资产"
      ]
    },
    {
      "ticker": "ASML",
      "name": "ASML",
      "market": "US ADR",
      "href": "/investor/stocks/ASML/",
      "thesisCount": 4,
      "eventCount": 7,
      "lanes": [
        "先进封装/HBM4 闸门",
        "AI 算力半导体"
      ]
    },
    {
      "ticker": "9988.HK",
      "name": "阿里巴巴",
      "market": "HK",
      "href": "/investor/stocks/9988.HK/",
      "thesisCount": 3,
      "eventCount": 7,
      "lanes": [
        "低价模型/AI 软件利润池",
        "中国云/国产算力栈",
        "指数调仓/被动资金事件"
      ]
    },
    {
      "ticker": "0700.HK",
      "name": "腾讯控股",
      "market": "HK",
      "href": "/investor/stocks/0700.HK/",
      "thesisCount": 3,
      "eventCount": 7,
      "lanes": [
        "低价模型/AI 软件利润池",
        "中国云/国产算力栈",
        "指数调仓/被动资金事件"
      ]
    },
    {
      "ticker": "688256.SH",
      "name": "寒武纪",
      "market": "A-share",
      "href": "/investor/stocks/688256.SH/",
      "thesisCount": 3,
      "eventCount": 7,
      "lanes": [
        "中国云/国产算力栈",
        "信创/国产 IT 栈",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "688041.SH",
      "name": "海光信息",
      "market": "A-share",
      "href": "/investor/stocks/688041.SH/",
      "thesisCount": 3,
      "eventCount": 7,
      "lanes": [
        "中国云/国产算力栈",
        "信创/国产 IT 栈",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "688981.SH",
      "name": "中芯国际",
      "market": "A-share",
      "href": "/investor/stocks/688981.SH/",
      "thesisCount": 3,
      "eventCount": 7,
      "lanes": [
        "中国云/国产算力栈",
        "信创/国产 IT 栈",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "AVGO",
      "name": "Broadcom",
      "market": "US",
      "href": "/investor/stocks/AVGO/",
      "thesisCount": 6,
      "eventCount": 6,
      "lanes": [
        "AI 算力半导体",
        "Mag7 AI 平台再分层",
        "CPO/光模块/高速互联"
      ]
    },
    {
      "ticker": "000977.SZ",
      "name": "浪潮信息",
      "market": "A-share",
      "href": "/investor/stocks/000977.SZ/",
      "thesisCount": 2,
      "eventCount": 6,
      "lanes": [
        "中国云/国产算力栈",
        "信创/国产 IT 栈"
      ]
    },
    {
      "ticker": "AMD",
      "name": "AMD",
      "market": "US",
      "href": "/investor/stocks/AMD/",
      "thesisCount": 5,
      "eventCount": 5,
      "lanes": [
        "AI 算力半导体"
      ]
    },
    {
      "ticker": "688008.SH",
      "name": "澜起科技",
      "market": "A-share",
      "href": "/investor/stocks/688008.SH/",
      "thesisCount": 2,
      "eventCount": 5,
      "lanes": [
        "信创/国产 IT 栈",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "AMZN",
      "name": "Amazon",
      "market": "US",
      "href": "/investor/stocks/AMZN/",
      "thesisCount": 4,
      "eventCount": 4,
      "lanes": [
        "Mag7 AI 平台再分层",
        "AI 算力半导体",
        "AI 软件效率/生产率",
        "AI 再通胀/利率敏感资产"
      ]
    },
    {
      "ticker": "GOOGL",
      "name": "Alphabet",
      "market": "US",
      "href": "/investor/stocks/GOOGL/",
      "thesisCount": 4,
      "eventCount": 4,
      "lanes": [
        "Mag7 AI 平台再分层",
        "AI 算力半导体",
        "AI 软件效率/生产率",
        "AI 再通胀/利率敏感资产"
      ]
    },
    {
      "ticker": "300394.SZ",
      "name": "天孚通信",
      "market": "A-share",
      "href": "/investor/stocks/300394.SZ/",
      "thesisCount": 3,
      "eventCount": 4,
      "lanes": [
        "CPO/光模块/高速互联",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "002916.SZ",
      "name": "深南电路",
      "market": "A-share",
      "href": "/investor/stocks/002916.SZ/",
      "thesisCount": 3,
      "eventCount": 4,
      "lanes": [
        "先进封装/HBM4 闸门",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "600900.SH",
      "name": "长江电力",
      "market": "A-share",
      "href": "/investor/stocks/600900.SH/",
      "thesisCount": 2,
      "eventCount": 4,
      "lanes": [
        "指数调仓/被动资金事件",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "688111.SH",
      "name": "金山办公",
      "market": "A-share",
      "href": "/investor/stocks/688111.SH/",
      "thesisCount": 1,
      "eventCount": 4,
      "lanes": [
        "信创/国产 IT 栈"
      ]
    },
    {
      "ticker": "CRM",
      "name": "Salesforce",
      "market": "US",
      "href": "/investor/stocks/CRM/",
      "thesisCount": 2,
      "eventCount": 3,
      "lanes": [
        "低价模型/AI 软件利润池",
        "AI 软件效率/生产率"
      ]
    },
    {
      "ticker": "NOW",
      "name": "ServiceNow",
      "market": "US",
      "href": "/investor/stocks/NOW/",
      "thesisCount": 2,
      "eventCount": 3,
      "lanes": [
        "低价模型/AI 软件利润池",
        "AI 软件效率/生产率"
      ]
    },
    {
      "ticker": "KWEB",
      "name": "KraneShares CSI China Internet ETF",
      "market": "US ETF",
      "href": "/investor/stocks/KWEB/",
      "thesisCount": 1,
      "eventCount": 3,
      "lanes": [
        "指数调仓/被动资金事件"
      ]
    },
    {
      "ticker": "510300.SH",
      "name": "沪深300 ETF",
      "market": "A-share ETF",
      "href": "/investor/stocks/510300.SH/",
      "thesisCount": 1,
      "eventCount": 3,
      "lanes": [
        "指数调仓/被动资金事件"
      ]
    },
    {
      "ticker": "2800.HK",
      "name": "盈富基金",
      "market": "HK ETF",
      "href": "/investor/stocks/2800.HK/",
      "thesisCount": 1,
      "eventCount": 3,
      "lanes": [
        "指数调仓/被动资金事件"
      ]
    },
    {
      "ticker": "3690.HK",
      "name": "美团",
      "market": "HK",
      "href": "/investor/stocks/3690.HK/",
      "thesisCount": 1,
      "eventCount": 3,
      "lanes": [
        "指数调仓/被动资金事件"
      ]
    },
    {
      "ticker": "GEV",
      "name": "GE Vernova",
      "market": "US",
      "href": "/investor/stocks/GEV/",
      "thesisCount": 2,
      "eventCount": 2,
      "lanes": [
        "AI 电力/电网设备",
        "关键材料/稀土铜铝"
      ]
    },
    {
      "ticker": "ETN",
      "name": "Eaton",
      "market": "US",
      "href": "/investor/stocks/ETN/",
      "thesisCount": 2,
      "eventCount": 2,
      "lanes": [
        "AI 电力/电网设备",
        "关键材料/稀土铜铝"
      ]
    },
    {
      "ticker": "600089.SH",
      "name": "特变电工",
      "market": "A-share",
      "href": "/investor/stocks/600089.SH/",
      "thesisCount": 2,
      "eventCount": 2,
      "lanes": [
        "AI 电力/电网设备",
        "关键材料/稀土铜铝"
      ]
    },
    {
      "ticker": "300502.SZ",
      "name": "新易盛",
      "market": "A-share",
      "href": "/investor/stocks/300502.SZ/",
      "thesisCount": 1,
      "eventCount": 2,
      "lanes": [
        "CPO/光模块/高速互联"
      ]
    },
    {
      "ticker": "BABA",
      "name": "Alibaba",
      "market": "US ADR",
      "href": "/investor/stocks/BABA/",
      "thesisCount": 1,
      "eventCount": 2,
      "lanes": [
        "低价模型/AI 软件利润池"
      ]
    },
    {
      "ticker": "BIDU",
      "name": "Baidu",
      "market": "US ADR",
      "href": "/investor/stocks/BIDU/",
      "thesisCount": 1,
      "eventCount": 2,
      "lanes": [
        "低价模型/AI 软件利润池"
      ]
    },
    {
      "ticker": "9888.HK",
      "name": "百度集团",
      "market": "HK",
      "href": "/investor/stocks/9888.HK/",
      "thesisCount": 1,
      "eventCount": 2,
      "lanes": [
        "低价模型/AI 软件利润池"
      ]
    },
    {
      "ticker": "601138.SH",
      "name": "工业富联",
      "market": "A-share",
      "href": "/investor/stocks/601138.SH/",
      "thesisCount": 1,
      "eventCount": 2,
      "lanes": [
        "中国云/国产算力栈"
      ]
    },
    {
      "ticker": "600552.SH",
      "name": "凯盛科技",
      "market": "A-share",
      "href": "/investor/stocks/600552.SH/",
      "thesisCount": 1,
      "eventCount": 2,
      "lanes": [
        "先进封装/HBM4 闸门"
      ]
    }
  ],
  "personas": [],
  "episodes": [],
  "milestones": [],
  "topicCounts": [
    {
      "id": "macro-rates",
      "labelZh": "宏观、通胀与利率",
      "labelEn": "Macro, inflation and rates",
      "color": "red",
      "keywords": [
        "宏观",
        "通胀",
        "inflation",
        "利率",
        "yield",
        "美联储",
        "fed",
        "cpi",
        "pce",
        "美元"
      ],
      "count": 81
    },
    {
      "id": "ai-infrastructure",
      "labelZh": "AI 基础设施",
      "labelEn": "AI infrastructure",
      "color": "blue",
      "keywords": [
        "ai 基础设施",
        "ai infrastructure",
        "算力",
        "gpu",
        "数据中心",
        "data center",
        "nvda",
        "nvidia"
      ],
      "count": 20
    },
    {
      "id": "power-grid",
      "labelZh": "电力与电网",
      "labelEn": "Power and grid",
      "color": "green",
      "keywords": [
        "电力",
        "电网",
        "power",
        "grid",
        "变压器",
        "并网",
        "ppa",
        "核电",
        "电气设备"
      ],
      "count": 14
    },
    {
      "id": "semis-memory",
      "labelZh": "半导体、存储与光互联",
      "labelEn": "Semis, memory and optical",
      "color": "yellow",
      "keywords": [
        "半导体",
        "hbm",
        "存储",
        "memory",
        "cpo",
        "光模块",
        "先进封装",
        "micron",
        "mu"
      ],
      "count": 11
    },
    {
      "id": "china-assets",
      "labelZh": "中国资产与市场结构",
      "labelEn": "China assets and market structure",
      "color": "orange",
      "keywords": [
        "a股",
        "港股",
        "科创50",
        "star50",
        "中国资产",
        "msci",
        "两融",
        "人民币"
      ],
      "count": 6
    },
    {
      "id": "risk-portfolio",
      "labelZh": "风险与组合",
      "labelEn": "Risk and portfolio",
      "color": "red",
      "keywords": [
        "风险",
        "组合",
        "对冲",
        "波动率",
        "期权",
        "portfolio",
        "hedge",
        "volatility",
        "risk budget"
      ],
      "count": 1
    }
  ],
  "analystCounts": [
    {
      "label": "未识别",
      "count": 132
    },
    {
      "label": "能源行业分析师",
      "count": 1
    }
  ],
  "categoryCounts": [
    {
      "label": "其他",
      "count": 132
    },
    {
      "label": "行业研究",
      "count": 1
    }
  ],
  "provenance": {
    "contemporaneous": true,
    "note": "This day view is assembled from public, date-stamped AI Institute research contracts."
  }
}