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      "category": "综合编审",
      "excerpt": "项目 结论 --- ---: 股票代码 300065.SZ 股票简称 海兰信 当前价格参考 23.620元/股 当前价格时点 etnet 延迟行情： 19/05/2026 14:11 12 个月目标价 4.10元/股 18 个月目标价 5.50元/股 12 个...",
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      "analyst": "首席经济学家",
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      "tags": [
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      "tags": [
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      "href": "/investor/reports/archive-241809e9333b/",
      "analyst": "深研主编",
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      "excerpt": "项目 内容 --- --- 唯一研究对象 300065.SZ 公司简称 海兰信 模型基准年 2025A 预测期间 2026E、2027E、2028E 金额单位 百万元人民币，特别注明除外 收入拆分口径 海洋观探测装备与系统、智能船...",
      "tags": [
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      "sourceKind": "daily_task"
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    {
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      "title": "全球策略研究所：A 股行业配置建议（半导体 vs. 软件/SaaS）",
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      "analyst": "未识别",
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      "category": "其他",
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      "tags": [
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      "date": "2026-05-20",
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      "analyst": "深研主编",
      "analystId": "research-editor",
      "category": "综合编审",
      "excerpt": "300065.SZ 的主营业务聚焦智能航海、海洋观探测及海底数据中心（UDC）。从收入结构看，2025 年海洋观探测装备与系统收入 345,384,426.34 元、占比 48.22%；智能船舶与智能航行系统收入 342,919...",
      "tags": [
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      "analyst": "晨会主编",
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      "analystId": "",
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        "AI",
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    {
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      "date": "2026-05-20",
      "href": "/investor/reports/archive-74b0ad07990a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "政策分析师研究报告：边缘 AI 芯片与传感器领域的供应安全性与政策约束分析 日期： 2026-05-20 分析师： Policy Analyst [specialist] 立场： 压力测试（针对 既有研究记录的 TMT 成本...",
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      "tags": [
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    {
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      "date": "2026-05-20",
      "href": "/investor/reports/archive-ad13a3c107b0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至本院工作日 2026-06-03，我的综合判断是 黄色预警，而非红色警报：表层风险指标仍然平静，但跨资产“安静对冲”的痕迹已经足够清晰，不能继续忽视。VIX 在 2026-06-01 收于 16.05 [S1]，MOV...",
      "tags": [
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        "通胀",
        "宏观",
        "A股",
        "港美股"
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    {
      "id": "archive-a48930c72531",
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      "date": "2026-05-20",
      "href": "/investor/reports/archive-a48930c72531/",
      "analyst": "深研主编",
      "analystId": "research-editor",
      "category": "综合编审",
      "excerpt": "本报告已读取当前工作区全部前序 .md 文件，重点使用 06 盈利预测.md 、 07 估值分析.md 、 08 风险评估.md 和 09 投资论点.md。目标价口径不并入海兰寰宇重组标的，不单独给予 UDC 未披露商业...",
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    {
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      "excerpt": "研究主题 : LEO 吞吐量需求提升对卫星载荷半导体与通信组件的规格拉动效应 - 本报告立场 : 支持 (Support) - 分析师 : TMT 行业分析师 (TMT Analyst) - 发布日期 : 2026-05-20",
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      "analyst": "主题研究员",
      "analystId": "thematic-researcher",
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      "excerpt": "锚定日期： 2026-05-20，来自 shell 命令 系统日期锚。本报告中的“今日”“昨日”“上周”“上一交易日”均以该日期为准；市场窗口主要对应美股 2026-05-19 收盘与亚洲 2026-05-20 早盘前...",
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      "analyst": "未识别",
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      "tags": [
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      "date": "2026-05-20",
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      "excerpt": "本报告已读取 05 三表模型.md，并参考 01 公司概况.md 、 02 财务数据.md 、 03 行业定位.md 、 04 催化剂.md。预测对象仅为 300065.SZ，金额单位为百万元人民币，EPS 与目标价除外。",
      "tags": [
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      "title": "300065.SZ 投资论点汇总",
      "date": "2026-05-20",
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      "excerpt": "300065.SZ 的投资逻辑不是传统低估值修复，而是“海洋观探测项目交付 + 智能航海高毛利产品放量 + UDC 绿色算力商业化 + 海兰寰宇重组期权”的组合。基本面已有明显修复：2025 年营业收入 716,3...",
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      "date": "2026-05-20",
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      "analyst": "晨会主编",
      "analystId": "morning-brief-editor",
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      "excerpt": "Scope : morning-brief-editor (editorial — sees all fleet projects) Active : 8 · Recently closed (last 14d) : 0",
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      "analyst": "未识别",
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      "tags": [
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      "date": "2026-05-20",
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      "analyst": "TMT行业分析师",
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      "tags": [
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      "date": "2026-05-20",
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      "analyst": "A股策略师",
      "analystId": "ashare-strategist",
      "category": "权益策略",
      "excerpt": "截至机构工作日2026-05-20，本报告片综合研究记录，而不是推翻前序结论：高频PCB交易仍应保留双主线，但不应等权。生益科技（600183.SH）是材料栈和政策韧性的核心仓位；沪电股份（002463.SZ）...",
      "tags": [
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      "href": "/investor/reports/archive-178cec9c974b/",
      "analyst": "农业行业分析师",
      "analystId": "agri-analyst",
      "category": "行业研究",
      "excerpt": "1. 国内小麦企稳偏强：新麦上市前夕，主产区(华北黄淮)托市预期与制粉企业库存偏低共同支撑价格，三等普麦主流收购价 2,520–2,580 元/吨，较 4 月底回升约 30–50 元/吨。需关注 6 月上旬新麦...",
      "tags": [
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      "date": "2026-05-20",
      "href": "/investor/reports/archive-1fa31bbdea46/",
      "analyst": "材料行业分析师",
      "analystId": "materials-analyst",
      "category": "行业研究",
      "excerpt": "截至2026-05-20，本报告片对前序研究的结论做压力测试而非否定：2026年高频PCB与AiP相关制造确实会成为瓶颈，但瓶颈不只是“PCB产能”。真正的约束在已认证材料栈：低损耗树脂体系、HVLP/RTF铜...",
      "tags": [
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      "date": "2026-05-20",
      "href": "/investor/reports/archive-a7c83078bd0b/",
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      "tags": [
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      "href": "/investor/reports/archive-2634189b8650/",
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      "analyst": "首席策略师",
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      "date": "2026-05-20",
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        "宏观",
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        "A股",
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      "date": "2026-05-20",
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      "analyst": "首席风控官",
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      "category": "其他",
      "excerpt": "任务背景 研究记录5发现,当前美元/人民币主要由5月14日中美贸易休战与央行宽松基调驱动,而非美联储利差渠道,呈现出与\"更高更久\"(HFL)框架的部分\"脱钩\"。本报告片对该脱钩判断进行压力测试,考察...",
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        "通胀",
        "宏观",
        "A股",
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      "analyst": "能源行业分析师",
      "analystId": "energy-analyst",
      "category": "行业研究",
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      "tags": [
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      "tags": [
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      "tags": [
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      "excerpt": "大类资产配置研究报告：银行息差企稳与按揭规模回暖下的风险溢价重塑与资产权重调优 分析日期： 2026-05-20 作者： 大类资产配置师（专业领域：权益/债券/大宗商品配置、风险平价、全天候策略）...",
      "tags": [
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      "date": "2026-05-20",
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      "analyst": "首席策略师",
      "analystId": "chief-strategist",
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      "tags": [
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      "analyst": "研究质量主管",
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      "excerpt": "研究记录 - 分析师: QA Manager (qa-manager, reviewer) - 立场: synthesize - 工作日期: 2026-05-20 (Asia/Singapore)",
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      "title": "宏观推演：将6.18预售数据映射至5-6月社零与FY2026盈利预测",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-0993dbc65c3f/",
      "analyst": "中国宏观分析师",
      "analystId": "china-macro",
      "category": "宏观与策略",
      "excerpt": "宏观推演：将6.18预售数据映射至5-6月社零与FY2026盈利预测 日期: 2026-05-20 分析师: 中国宏观分析师 ( china-macro ) 立场: 综合 (Synthesize)",
      "tags": [
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      "sourceKind": "daily_task"
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    {
      "id": "archive-b224b1fc84e2",
      "title": "A 股策略研究报告：VLA“算力重置”情景下的估值重定价与资金流向",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-b224b1fc84e2/",
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      "category": "其他",
      "excerpt": "A 股策略研究报告：VLA“算力重置”情景下的估值重定价与资金流向 日期： 2026-05-20 分析师： ashare-strategist (A股策略师) 状态： 最终总结 (既有研究记录)",
      "tags": [
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    {
      "id": "archive-7eac13fe9b15",
      "title": "GLP-1 从单极叙事走向代谢-心肾共病组合——主题成熟，而非见顶",
      "date": "2026-05-20",
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      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "片 - 作者: healthcare-analyst（primary） - 工作日期: 2026-05-20 （Asia/Singapore） - 立场: initial · 置信度: 0.66",
      "tags": [
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        "风险"
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    {
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      "title": "海外市场过夜情况速览 (2026-05-20)",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-e6b1bc3bb0ae/",
      "analyst": "全球宏观分析师",
      "analystId": "global-macro",
      "category": "宏观与策略",
      "excerpt": "核心一句 避险情绪（Risk-off）主导市场：尽管特朗普-伊朗紧张局势出现短暂外交缓和，但美债收益率飙升（30年期触及5.18%）以及英伟达财报前的谨慎情绪令美股科技股承压，纳指连续三日走低。",
      "tags": [
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        "宏观",
        "港美股",
        "宏观与策略"
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      "sourceKind": "daily_task"
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    {
      "id": "archive-33735b912e27",
      "title": "产业链调研：评估AI效率提升对核心硬件（HBM/先进封装）需求压力的边际对冲程度",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-33735b912e27/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "产业链调研：评估AI效率提升对核心硬件（HBM/先进封装）需求压力的边际对冲程度 报告日期：2026-05-20 (Asia/Singapore) TMT行业分析师 (TMT Analyst)",
      "tags": [
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        "港美股",
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      "sourceKind": "research_thread"
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    {
      "id": "archive-7e2936e7ca2d",
      "title": "研究报告：能源与公用事业红利资产——估值重塑与防御逻辑验证",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-7e2936e7ca2d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：能源与公用事业红利资产——估值重塑与防御逻辑验证 日期： 2026-05-20 分析师 ID： energy-analyst 行业： 能源与公用事业 立场： 支持 (Support)",
      "tags": [
        "通胀",
        "宏观",
        "A股",
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      "sourceKind": "research_thread"
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    {
      "id": "archive-40a126fc6feb",
      "title": "晨间头条扫描与深度议题推演 (2026-05-20)",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-40a126fc6feb/",
      "analyst": "日报总编",
      "analystId": "daily-report-editor",
      "category": "综合编审",
      "excerpt": "分析师角色 : 日报总编 (Daily Report Editor) 锚定日期 : 2026-05-20 扫描窗口 : 隔夜全球市场 (2026-05-19 至 2026-05-20 晨间)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
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      "sourceKind": "daily_task"
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    {
      "id": "archive-766450409172",
      "title": "Warsh 确认后的 5.35%/5.50% 定价与 MOVE 新中枢",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-766450409172/",
      "analyst": "债券分析师",
      "analystId": "bond-analyst",
      "category": "固收与衍生品",
      "excerpt": "日期锚点：系统日期锚 为 2026-05-20；本文所有“当前/上一交易日”均指截至美国市场 2026-05-19 收盘。工作区未发现可读取的上游文件，本回答基于公开新闻与市场数据重建。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险",
        "固收与衍生品"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-20dc3ee04c55",
      "title": "研究报告：AI 基础设施压力测试 —— 能源作为物理刚性瓶颈",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-20dc3ee04c55/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：AI 基础设施压力测试 —— 能源作为物理刚性瓶颈 日期： 2026-05-20 分析师： 能源行业分析师 (Energy Analyst) 状态： 压力测试 (既有研究记录)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9c8e51b4e6d0",
      "title": "隔夜社媒情绪扫描：研究议题提案",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-9c8e51b4e6d0/",
      "analyst": "市场情绪师",
      "analystId": "sentiment-analyst",
      "category": "情绪与另类数据",
      "excerpt": "日期锚点： 2026-05-20，由 系统日期锚 确认。本文中的“隔夜”“上一交易日”均指截至 2026-05-20 亚洲早盘、覆盖 2026-05-19 美股常规交易与盘后交易的窗口。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-6a7da000c2f6",
      "title": "前序研究 — 债券市场预期与利率曲线压力测试",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-6a7da000c2f6/",
      "analyst": "债券分析师",
      "analystId": "bond-analyst",
      "category": "固收与衍生品",
      "excerpt": "研究记录 - 分析师：债券分析师 (bond-analyst) - 立场：stress-test（对前序研究\"估值悬浮\"论点的压力测试） - 日期：2026-05-20（亚洲/新加坡）",
      "tags": [
        "通胀",
        "宏观",
        "风险",
        "固收与衍生品"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-ff6faf8e5313",
      "title": "能源行业分析师研究报告：AI时代下的公用事业估值逻辑重塑",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-ff6faf8e5313/",
      "analyst": "能源行业分析师",
      "analystId": "energy-analyst",
      "category": "行业研究",
      "excerpt": "作者： 能源分析师 [primary] 日期： 2026-05-20 背景： research thread [source-id-redacted] 立场： 支持 (Support)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-dfadab20bb9e",
      "title": "Skew 与 Equity Put-Call 背离：判断交接",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-dfadab20bb9e/",
      "analyst": "衍生品策略师",
      "analystId": "derivatives-strategist",
      "category": "固收与衍生品",
      "excerpt": "日期锚点： 2026-05-20 （由 系统日期锚 确认）。下文所有“当前 / 最近 / 上周”均以该日期为窗口终点；美国期权数据按 Cboe 最新公开页面与 CSV 可得日期处理。",
      "tags": [
        "AI",
        "通胀",
        "风险",
        "固收与衍生品"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-808d82dccdee",
      "title": "全球央行政策周报：分化加深，PBoC独自宽松（2026-05-20）",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-808d82dccdee/",
      "analyst": "首席经济学家",
      "analystId": "chief-economist",
      "category": "宏观与策略",
      "excerpt": "作者：首席经济学家 截止时间：2026-05-20（周三），亚洲收盘 覆盖周期：2026-05-12 至 2026-05-20 主要央行：Fed / ECB / BOJ / PBoC",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-17847607c4f9",
      "title": "农业行业分析师研究报告：粮食系统约束为何否定公用事业的纯粹AI重估",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-17847607c4f9/",
      "analyst": "农业行业分析师",
      "analystId": "agri-analyst",
      "category": "行业研究",
      "excerpt": "作者： 农业行业分析师 [primary] 日期： 2026-05-20 背景： research thread [source-id-redacted] 立场： 否定 (Deny)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-75ace21049a8",
      "title": "北美CSP AI Capex周期的宏观脆弱性评估",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-75ace21049a8/",
      "analyst": "全球宏观分析师",
      "analystId": "global-macro",
      "category": "宏观与策略",
      "excerpt": "北美CSP AI Capex周期的宏观脆弱性评估 日期 : 2026-05-20 分析师 : 全球宏观分析师 (Global Macro Analyst) 立场 : Support",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-17a18bf831e1",
      "title": "AI数据中心电力需求：电网容量与能源结构缺口压力测试",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-17a18bf831e1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI数据中心电力需求：电网容量与能源结构缺口压力测试 日期：2026-05-20 分析师：能源行业分析师 (Energy Analyst) 立场：Stress-test 研究记录",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0a1aa0c09a79",
      "title": "大宗商品价格及供需月度报告 (2026年5月)",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-0a1aa0c09a79/",
      "analyst": "材料行业分析师",
      "analystId": "materials-analyst",
      "category": "行业研究",
      "excerpt": "核心观点 截至2026年5月，全球大宗商品市场呈现显著分化。有色金属（铜、铝）受地缘政治及能源转型驱动维持高位；锂价因储能需求激增而由盈转亏；钢铁则因建筑及制造需求疲软持续承压。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "行业研究"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-a4e2acbe662e",
      "title": "市场策略报告：自满的悖论 (2026年5月)",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-a4e2acbe662e/",
      "analyst": "首席策略师",
      "analystId": "chief-strategist",
      "category": "权益策略",
      "excerpt": "市场策略报告：自满的悖论 (2026年5月) 日期： 2026-05-20 分析师： chief-strategist (首席策略师) 主题： 极端自满情绪与收益率上升之间的背离",
      "tags": [
        "AI",
        "宏观",
        "风险",
        "权益策略"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-2531ad86c541",
      "title": "研究报告：电力与电网基础设施——业绩确定性与拥挤度评估",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-2531ad86c541/",
      "analyst": "能源行业分析师",
      "analystId": "energy-analyst",
      "category": "行业研究",
      "excerpt": "研究报告：电力与电网基础设施——业绩确定性与拥挤度评估 日期： 2026-05-20 分析师： 能源行业分析师 (Energy-Analyst) 立场： 支持 (Support)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-d9d33a98204d",
      "title": "《晨会简报》发布后 QA 审计",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-d9d33a98204d/",
      "analyst": "晨会主编",
      "analystId": "morning-brief-editor",
      "category": "综合编审",
      "excerpt": "日期锚点： 2026-05-20 （来源：本节点 系统日期锚 ）。审计对象为 06 晨会简报.md / 06 晨会简报.en.md，并逐项核对上游 00 至 05 中英文文件。",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "综合编审"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-d44c3e38ec3c",
      "title": "AI 算力与电力基础设施的资产配置综合",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-d44c3e38ec3c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期： 2026-05-20（Asia/Singapore） 分析师： 大类资产配置师 研究线程标识: [source-id-redacted] 立场： synthesize",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-971ed6140b59",
      "title": "政策分析报告：AI基础设施的“监管悬崖”",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-971ed6140b59/",
      "analyst": "政策分析师",
      "analystId": "policy-analyst",
      "category": "ESG与主题",
      "excerpt": "政策分析报告：AI基础设施的“监管悬崖” 作者： policy-analyst (政策分析师) 日期： 2026-05-20 立场： 压力测试 (Stress-test)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-56c082693b32",
      "title": "风险评估：CPO 板块融资杠杆脆弱性压力测试与 TMT 全组合风险溢出评估",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-56c082693b32/",
      "analyst": "首席风控官",
      "analystId": "chief-risk",
      "category": "风控与合规",
      "excerpt": "风险评估：CPO 板块融资杠杆脆弱性压力测试与 TMT 全组合风险溢出评估 日期: 2026-05-20 分析师: chief-risk 立场: stress-test",
      "tags": [
        "AI",
        "A股",
        "风险",
        "风控与合规"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-f80257ee4744",
      "title": "2026年Q2–Q3 中国CPI食品项趋势及宏观中枢研判",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-f80257ee4744/",
      "analyst": "中国宏观分析师",
      "analystId": "china-macro",
      "category": "宏观与策略",
      "excerpt": "报告编号： MACRO-2026-0520 分析师： 中国宏观分析师 日期： 2026年5月20日 关联任务： 农业行业分析师 · 粮食价格监控 (f5bfb4a9)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险",
        "宏观与策略"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-401bf8391efb",
      "title": "AI产业追踪周报 · 2026-05-20",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-401bf8391efb/",
      "analyst": "TMT行业分析师",
      "analystId": "tmt-analyst",
      "category": "行业研究",
      "excerpt": "作者：TMT行业分析师 数据截止：2026-05-20（北京时间，引用日期均为当日或之前公开信息） 关注范围：大模型进展 / 算力需求 / 应用落地 / 重点公司动态",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-f34fbac1e4ed",
      "title": "人形机器人“大脑”端的算力与感知成本占比：边缘算力与高精度传感器成为L2级新成本锚点",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-f34fbac1e4ed/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "人形机器人“大脑”端的算力与感知成本占比：边缘算力与高精度传感器成为L2级新成本锚点 日期：2026-05-20 分析师：TMT行业分析师 (tmt-analyst)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-bbd98f7b23f6",
      "title": "全球品牌去库存周期与补货节奏：2026下半年出口制造龙头需求端验证",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-bbd98f7b23f6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究门户共享研究会议 - 研究记录索引: 04/10 - 分析师: 消费行业分析师 (Consumer Analyst) - 权威工作日期: 2026-05-20",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2bcb90d8113a",
      "title": "原油市场监测报告",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-2bcb90d8113a/",
      "analyst": "能源行业分析师",
      "analystId": "energy-analyst",
      "category": "行业研究",
      "excerpt": "日期 : 2026-05-20 分析师 : Energy Analyst（能源行业分析师） 覆盖范围 : WTI / 布伦特原油走势、OPEC+ 动态、全球库存",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-4b256d139f87",
      "title": "政策研究：《生物安全法案》背景下的医药供应链监管风险与产业应对",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-4b256d139f87/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "政策研究：《生物安全法案》背景下的医药供应链监管风险与产业应对 日期： 2026-05-20 分析师： 政策分析师 立场： 压力测试 (Stress-Test)",
      "tags": [
        "通胀",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-3a044e98d3d2",
      "title": "研究记录 报告 - 2026-05-20 - 公用事业分析师",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-3a044e98d3d2/",
      "analyst": "公用事业分析师",
      "analystId": "utilities-analyst",
      "category": "行业研究",
      "excerpt": "研究记录 分析师：公用事业分析师 ( utilities-analyst ) 立场：support 主题：能源基荷资产稀缺性溢价对公用事业公司利润率与估值的影响",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-1dc7543da627",
      "title": "研究记录 09：能源转型脱钩下AI基础设施的部署逻辑与硬件生命周期重塑",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-1dc7543da627/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 09：能源转型脱钩下AI基础设施的部署逻辑与硬件生命周期重塑 日期: 2026-05-20 分析师: tmt-analyst 立场: Support",
      "tags": [
        "AI",
        "通胀",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2aed8ea13d70",
      "title": "材料行业分析师报告：先进半导体工艺与 GaN-on-SiC 供应链对低轨星座建设的压力测试",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-2aed8ea13d70/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "材料行业分析师报告：先进半导体工艺与 GaN-on-SiC 供应链对低轨星座建设的压力测试 日期： 2026-05-20 分析师： 材料行业分析师 研究记录",
      "tags": [
        "AI",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f847e523f383",
      "title": "中国宏观压力测试：政策转向是否已经确认基本面底部？",
      "date": "2026-05-20",
      "href": "/investor/reports/archive-f847e523f383/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-05-20 分析师 ID： china-macro 研究记录 课题： 政策转向下的宏观经济数据验证 立场： stress-test",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
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      "excerpt": "作者： energy-analyst 能源行业分析师 日期： 2026-05-20 状态： 压力测试报告",
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      "tags": [
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      "tags": [
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          "title": "纺织服装海外闭环：基于另类数据的供应链审计 — 2026-05-20",
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        "002003.SZ",
        "603558.SH",
        "603889.SH",
        "300979.SZ",
        "300577.SZ",
        "2313.HK",
        "603055.SH",
        "LULU"
      ]
    },
    {
      "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",
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          "href": "/investor/reports/archive-15d28458cad8/",
          "stance": "neutral",
          "stanceLabel": "观察"
        },
        {
          "title": "堡垒轴成本溢价对 AI 芯片需求与半导体毛利的冲击",
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          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-05-20 压力测试：出口管制与中国AI算力产业链Alpha利润率",
          "summary": "2026-05-20 压力测试：出口管制与中国AI算力产业链Alpha利润率",
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      "stockTickers": [
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        "META",
        "MU",
        "000660.KS",
        "TSM",
        "AMD",
        "AVGO"
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    {
      "id": "thesis-ffa474a3f2",
      "title": "端侧 AI 与 Agent 桌面正在把算力竞争从云端扩展到芯片、OS 与消费电子供应链",
      "titleEn": "Edge AI and agent desktops are extending compute competition from cloud to chips, OS, and consumer-electronics supply...",
      "href": "/investor/theses/thesis-ffa474a3f2/",
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          "stance": "risk",
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        },
        {
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          "summary": "硬件性能断崖与 2Q26 智能体零售逻辑的再评估 工作日期： 2026-05-20 [自测算：本地 系统日期锚 返回 2026-05-20；研究院指定工作日期同为 2026-05-20。] 分析师： 首席策略师 立场：...",
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          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "散热材料的演进能否缓解端侧AI的“性能断崖”并支撑硬件更换周期？",
          "summary": "工作日期：2026-05-20（Asia/Singapore，机构基准） - 研究记录 - 主分析师：材料行业分析师（materials-analyst） - 立场：support（支持） - 上游设定：既有研究记录提出端侧 NPU 在...",
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      "stockTickers": [
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        "AMD",
        "ARM",
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        "GOOGL",
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    {
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      "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",
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      "events": [
        {
          "title": "MSCI指数重估与外资流向深层剖析：解构尾盘MOC脉冲与主动外资的结构性撤离",
          "summary": "MSCI指数重估与外资流向深层剖析：解构尾盘MOC脉冲与主动外资的结构性撤离",
          "href": "/investor/reports/archive-306b57115d6e/",
          "stance": "risk",
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        },
        {
          "title": "A股市场结构与两融杠杆深度解构：北向主动-被动资金背离剖析与科创50解禁潮预警",
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          "title": "策略研究报告：质疑“背离”叙事",
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      "id": "thesis-8b8ede3135",
      "title": "消费降级、健康刚需与银发经济正在重塑防御型增长",
      "titleEn": "Consumer downgrade, healthcare necessities, and the silver economy are reshaping defensive growth",
      "href": "/investor/theses/thesis-8b8ede3135/",
      "laneId": "lane_8cf8740aac77",
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          "title": "五一消费量价劈叉:结构性降级、非节假窗口噪音",
          "summary": "五一消费量价劈叉:结构性降级、非节假窗口噪音 研究研究记录:既有研究记录(initial 立论卡) 作者:中国宏观分析师(china-macro) 工作日期:2026-05-20(Asia/Singapore) 议题:中国五一消费量价劈叉 — 消费降级是结构性还是节假窗口噪音 关键问题:若 5 月…",
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          "stance": "neutral",
          "stanceLabel": "观察"
        },
        {
          "title": "五一消费量价劈叉:结构性降级、非节假窗口噪音",
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          "href": "/investor/reports/archive-3adb0df7966e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股消费K型重估验证：白酒、餐饮与零售的量价劈叉 - 2026-05-20",
          "summary": "A股消费K型重估验证：白酒、餐饮与零售的量价劈叉 - 2026-05-20",
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        "001215.SZ",
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        "1801.HK",
        "1177.HK",
        "2319.HK",
        "UNH"
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    {
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      "title": "HBM4、CoWoS 与背面供电正在成为 AI 服务器需求曲线的串行闸门",
      "titleEn": "HBM4, CoWoS, and backside power are becoming serial gates for the AI-server demand curve",
      "href": "/investor/theses/thesis-f5d7a79c82/",
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      "events": [
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          "href": "/investor/reports/archive-01ee0da19be3/",
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        },
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        },
        {
          "title": "AI产业追踪周报 · 2026-05-20",
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        "000660.KS",
        "MU",
        "AMD",
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        "AVGO",
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        "ASML"
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      "title": "宇航电源份额将卫星部署节奏转化为收入弹性",
      "titleEn": "Space-power share converts satellite deployment into revenue leverage",
      "href": "/investor/theses/thesis-3da7ae5953/",
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      "eventCount": 3,
      "events": [
        {
          "title": "RKLB 三表模型",
          "summary": "项目 口径 --- --- 预测期间 FY2026E、FY2027E、FY2028E 三年预测。[自测算] 历史基准 FY2025 收入 $601.799 million、毛利 $207.181 million、净亏损 -98.209 million、经营现金流 -65.521...",
          "href": "/investor/reports/archive-7acfd55a20e6/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "深度研究报告",
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          "href": "/investor/reports/archive-b356a30b0c2f/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "RKLB 目标价与评级",
          "summary": "本步骤已读取工作区全部上游 Markdown 文件： 01 公司概况.md 、 02 财务数据.md 、 03 行业定位.md 、 04 催化剂.md 、 05 三表模型.md 、 06 盈利预测.md 、 07 估值分析.md 、 08 风险评估.m...",
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          "stanceLabel": "风险"
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      "stockTickers": [
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        "IRDM",
        "LMT",
        "ASTS",
        "600118.SH",
        "LUNR",
        "RDW"
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    {
      "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": 2,
      "neutral": 1,
      "eventCount": 3,
      "events": [
        {
          "title": "受监管公用事业CapEx融资节奏与银行/保险对数据中心电力基础设施的信贷敞...",
          "summary": "既有研究记录— 受监管公用事业CapEx融资节奏与银行/保险对数据中心电力基础设施的信贷敞口",
          "href": "/investor/reports/archive-30a4797f6abe/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "受监管公用事业CapEx融资节奏与银行/保险对数据中心电力基础设施的信贷敞...",
          "summary": "既有研究记录— 受监管公用事业CapEx融资节奏与银行/保险对数据中心电力基础设施的信贷敞口 分析师：金融行业分析师 日期（Asia/Singapore）：2026-05-20 立场：synthesize 第 6/8 张 核心判断 为承接AI/数据中心负荷叠加脱碳支出，美国投资者所有制公用事业（I…",
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        },
        {
          "title": "H2 2026信用脉冲下的美国地区银行与非银消费信贷压力测试",
          "summary": "日期： 2026-05-20 分析师： financials-analyst 立场： stress-test",
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        "JPM",
        "META",
        "BX",
        "ARES",
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      "title": "卫星直连与商业航天从概念弹性进入部署兑现期",
      "titleEn": "Direct-to-device satellite and commercial space are moving from concept beta to deployment proof",
      "href": "/investor/theses/thesis-2ec6b9d3ee/",
      "laneId": "lane_54700cb9537f",
      "lane": "商业航天/卫星直连",
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      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 46,
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      "risks": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "RKLB 三表模型",
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          "href": "/investor/reports/archive-7acfd55a20e6/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "ITU 销号政策与空间物流准入：中国卫星任务优先级对全球商业航天产业的制度性影响",
          "summary": "ITU 销号政策与空间物流准入：中国卫星任务优先级对全球商业航天产业的制度性影响",
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        {
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    {
      "id": "thesis-813fa71c15",
      "title": "科创50指数今日跌4.30%收于1596.57点，跌破1600点零Gamma防线。这如何影响后续雪球产品的敲入级联和做市商抛压？科技板块…",
      "titleEn": "Practical research topic: 科创50指数今日跌4.30%收于1596.57点，跌破1600点零Gamma防线。这如何影响后续雪球产品的敲入级联和做市商抛压？科技板块…",
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        "MSFT",
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          "summary": "工作日期：2026-05-20，Asia/Singapore。本报告综合上一张出口管制压力测试：模型层效率、国产AI软件栈与“推理优先”部署，可以抵消中国AI应用层硬件约束的相当一部分压力，但不能完全替代美国...",
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      "titleEn": "Leisure, hotels, and restaurants are moving from traffic recovery to RevPAR, table turnover, and small-cap alpha",
      "href": "/investor/theses/thesis-c89650af9e/",
      "laneId": "lane_dd5a3eb17672",
      "lane": "酒店餐饮休闲/服务消费",
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      "title": "智能驾驶供应商拐点取决于定点转量产和毛利率修复",
      "titleEn": "The smart-driving supplier inflection depends on program conversion and margin recovery",
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      "laneId": "lane_0cb100fcf8da",
      "lane": "自动驾驶/Robotaxi 单位经济",
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          "title": "2026-05-20 综合：国产AI效率能否抵消硬件约束？",
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          "summary": "A股市场结构与两融杠杆深度解构：北向主动-被动资金背离剖析与科创50解禁潮预警",
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          "summary": "2026-05-20 — 公用事业分析师：电网设备延迟已经在压低公用事业公司的AI负荷增长目标",
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      "titleEn": "Practical research topic: 隔夜美股半导体与小盘逼空是否足以覆盖科创50/CPO的本地两融、解禁和折算率压力，还是应继续把科技回补限制在5%试仓以内？",
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          "summary": "2026-05-22 A股策略研究记录：科创50与AI硬件链两融拥挤度压力测试",
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          "summary": "2026-05-22 A股策略研究记录：科创50与AI硬件链两融拥挤度压力测试",
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      "titleEn": "Practical research topic: 能源价格重心的下移提供了一次缓和全球“滞胀”压力的正向供给冲击，虽然成功消解了美欧央行的强行加息风险，但在低储蓄率、物流滞后与-273…",
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          "summary": "全球宏观与策略研究：Kevin Warsh 首次 FOMC——研究院核心叙事的鹰派情景压力测试",
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      "titleEn": "Practical research topic: 在极端关税与30%原料通胀的压力下，全球电网设备（利用率98%、美交期128周）的硬约束赋予A股厂商极强的定价权与贸易规避弹性，其出口高…",
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          "title": "全球宏观与策略研究：Kevin Warsh 首次 FOMC——研究院核心叙事的鹰派情景压力测试",
          "summary": "全球宏观与策略研究：Kevin Warsh 首次 FOMC——研究院核心叙事的鹰派情景压力测试",
          "href": "/investor/reports/archive-623205b193cc/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "id": "thesis-d8170c3a35",
      "title": "近海资本开支与设备利用率驱动油服盈利弹性",
      "titleEn": "Offshore capex and equipment utilization drive oilfield-service earnings leverage",
      "href": "/investor/theses/thesis-d8170c3a35/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 68,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "原油市场监测报告",
          "summary": "日期 : 2026-05-20 分析师 : Energy Analyst（能源行业分析师） 覆盖范围 : WTI / 布伦特原油走势、OPEC+ 动态、全球库存",
          "href": "/investor/reports/archive-2bcb90d8113a/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CVX",
        "XOM",
        "0883.HK",
        "COP",
        "2883.HK",
        "SLB",
        "OXY"
      ]
    },
    {
      "id": "thesis-58200390b4",
      "title": "加密资产仍是全球流动性和散户风险偏好的高频回声",
      "titleEn": "Crypto remains a high-frequency echo of global liquidity and retail risk appetite",
      "href": "/investor/theses/thesis-58200390b4/",
      "laneId": "lane_73a269a07a15",
      "lane": "加密/高波动风险偏好",
      "laneHref": "/investor/lanes/crypto-and-high-beta-risk-appetite/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 68,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "主题轮动晨扫：跨行业范式切换",
          "summary": "锚定日期： 2026-05-20，来自 shell 命令 系统日期锚。本报告中的“今日”“昨日”“上周”“上一交易日”均以该日期为准；市场窗口主要对应美股 2026-05-19 收盘与亚洲 2026-05-20 早盘前...",
          "href": "/investor/reports/archive-c5b64c2d2b18/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "MSTR",
        "COIN",
        "IBIT",
        "HOOD",
        "RIOT",
        "NVDA",
        "LOW",
        "MARA"
      ]
    },
    {
      "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/",
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      "supports": 0,
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      "eventCount": 1,
      "events": [
        {
          "title": "AI 算力链：HBM4 拐点与先进封装产能的“深水区”验证",
          "summary": "AI 算力链：HBM4 拐点与先进封装产能的“深水区”验证 日期： 2026-05-20 分析师： tmt-analyst | TMT 行业分析师 态度： 支持 (针对 asset-allocator 的 50% 权重目标) 执行摘要 截至 2026 年 5 月，AI 算力链正从 2024-202…",
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      "title": "FOMC 后应以“选择性算力基础设施挤空”而非“无差别 AI 融涨”来交易：多稀缺、空低 ROIC，净多但对冲。",
      "titleEn": "Practical research topic: FOMC 后应以“选择性算力基础设施挤空”而非“无差别 AI 融涨”来交易：多稀缺、空低 ROIC，净多但对冲。",
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      "lane": "先进封装/HBM4 闸门",
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          "summary": "国产先进封装 (CoWoS/HBM) 良率提升对 2026 年下半年 AI 算力供给的支撑性研究 日期: 2026-05-20 分析师: TMT 行业分析师 ( tmt-analyst ) [source-id-redacted]",
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      "title": "Warsh 领导下美联储的鹰派转向：能源驱动的通胀反弹与 7 月 FOMC 前景",
      "titleEn": "Practical research topic: Warsh 领导下美联储的鹰派转向：能源驱动的通胀反弹与 7 月 FOMC 前景",
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      "title": "通用减速机修复先于机器人精密传动兑现",
      "titleEn": "General reducer recovery precedes realization of the robotics option",
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        {
          "title": "2026-05-20 L2 机器人政策冲销的供给侧传导漏损",
          "summary": "工作日期 (Asia/Singapore)： 2026-05-20 - 研究研究记录 立场： stress-test（压力测试） - 分析师：industrials-analyst（工业制造分析师） - 上承：research note；由于，本报告依据 prompt...",
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        "002747.SZ",
        "300124.SZ",
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    {
      "id": "thesis-025e4c0d2d",
      "title": "复合材料业务修复向利润增长传导",
      "titleEn": "Composite-Materials Recovery Transmits into Earnings Growth",
      "href": "/investor/theses/thesis-025e4c0d2d/",
      "laneId": "lane_e69b58816f80",
      "lane": "能源转型/储能光伏",
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        "002080.SZ"
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      "title": "高纯石英材料需求需由先进封装订单验证",
      "titleEn": "High-purity quartz demand requires validation from advanced-packaging orders",
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          "title": "杠铃组合风险预算：防御性现金流核心与AI/半导体Alpha袖珍仓位配置框架",
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    {
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      "title": "A 股半导体的核心风险从订单验证转向 A/H 溢价、两融与负 Gamma",
      "titleEn": "A-share semiconductor risk is shifting from order proof to A/H premium, margin financing, and negative gamma",
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          "summary": "2026-05-22 A股策略研究记录：科创50与AI硬件链两融拥挤度压力测试",
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        "688012.SH",
        "588000.SH",
        "688008.SH",
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    {
      "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",
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      "supports": 0,
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      "events": [
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          "title": "2026-05-20 压力测试：出口管制与中国AI算力产业链Alpha利润率",
          "summary": "2026-05-20 压力测试：出口管制与中国AI算力产业链Alpha利润率",
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      "titleEn": "A-share hard tech and STAR50 recovery needs orders, margin positioning, and index structure to align",
      "href": "/investor/theses/thesis-603a5f7966/",
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      "neutral": 0,
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        {
          "title": "2026-05-22 A股策略研究记录：科创50与AI硬件链两融拥挤度压力测试",
          "summary": "2026-05-22 A股策略研究记录：科创50与AI硬件链两融拥挤度压力测试",
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        "688008.SH",
        "588000.SH",
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    {
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      "title": "猪周期、粮食与农产品价格决定中国低通胀修复的弹性",
      "titleEn": "Hog cycle, grain, and agricultural prices define the elasticity of China's low-inflation repair",
      "href": "/investor/theses/thesis-d4473d35e5/",
      "laneId": "lane_6e276fa53da1",
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      "events": [
        {
          "title": "2026年Q2–Q3 中国CPI食品项趋势及宏观中枢研判",
          "summary": "报告编号： MACRO-2026-0520 分析师： 中国宏观分析师 日期： 2026年5月20日 关联任务： 农业行业分析师 · 粮食价格监控 (f5bfb4a9)",
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        "001215.SZ",
        "300498.SZ",
        "000876.SZ",
        "CME",
        "600298.SH",
        "ADM",
        "DBA"
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    {
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      "title": "数据中心地产、液冷与水资源正在决定 AI 容量的区域迁移",
      "titleEn": "Data-center real estate, liquid cooling, and water resources are deciding regional migration of AI capacity",
      "href": "/investor/theses/thesis-7f0a75c5f6/",
      "laneId": "lane_0679894fe06b",
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      "directionLabel": "分歧",
      "conviction": 53,
      "supports": 0,
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      "neutral": 0,
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      "events": [
        {
          "title": "液冷普及对水资源与热管理的次生瓶颈压力测试",
          "summary": "日期（Asia/Singapore 工作日）： 2026-05-20 - 分析师： 公用事业分析师（ utilities-analyst ） - 立场： 压力测试（对研究记录 09 关于 120kW+ 机柜下液冷标配化的论断） - 研究记录",
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        "VRT",
        "ETN",
        "META",
        "NVDA",
        "GEV",
        "MSFT",
        "DLR",
        "EQIX",
        "SMR"
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      "id": "thesis-485a630a87",
      "title": "自动驾驶与 Robotaxi 主题必须从演示热度进入单位经济和监管城市扩张验证",
      "titleEn": "Autonomous driving and robotaxi themes must move from demo excitement to unit economics and regulated city expansion",
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      "laneId": "lane_0cb100fcf8da",
      "lane": "自动驾驶/Robotaxi 单位经济",
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      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 51,
      "supports": 0,
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      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-20 综合：国产AI效率能否抵消硬件约束？",
          "summary": "工作日期：2026-05-20，Asia/Singapore。本报告综合上一张出口管制压力测试：模型层效率、国产AI软件栈与“推理优先”部署，可以抵消中国AI应用层硬件约束的相当一部分压力，但不能完全替代美国...",
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      ],
      "stockTickers": [
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        "TSLA",
        "NVDA",
        "META",
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        "AMZN",
        "BIDU",
        "XPEV",
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        "2015.HK"
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    },
    {
      "id": "thesis-9e97140446",
      "title": "中国电力设备出海进入订单质量与政策筛选期",
      "titleEn": "Chinese power-equipment exports enter an order-quality and policy filter phase",
      "href": "/investor/theses/thesis-9e97140446/",
      "laneId": "lane_e4b72516d71a",
      "lane": "中国电力设备出海",
      "laneHref": "/investor/lanes/china-power-equipment-exports/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 49,
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      "neutral": 0,
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      "events": [
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    },
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      "date": "2026-05-20",
      "titleZh": "Vibe 成为研究院的公开阅读层",
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  ],
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      "keywords": [
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        "先进封装",
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        "mu"
      ],
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    },
    {
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      "keywords": [
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        "电网",
        "power",
        "grid",
        "变压器",
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        "ppa",
        "核电",
        "电气设备"
      ],
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    },
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        "港股",
        "科创50",
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        "中国资产",
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        "人民币"
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    },
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    },
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      "keywords": [
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        "对冲",
        "波动率",
        "期权",
        "portfolio",
        "hedge",
        "volatility",
        "risk budget"
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  "analystCounts": [
    {
      "label": "未识别",
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    },
    {
      "label": "深研主编",
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    },
    {
      "label": "晨会主编",
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    },
    {
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    },
    {
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    },
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    },
    {
      "label": "债券分析师",
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    },
    {
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    },
    {
      "label": "A股策略师",
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    },
    {
      "label": "中国宏观分析师",
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    },
    {
      "label": "外汇策略师",
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    },
    {
      "label": "公用事业分析师",
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    },
    {
      "label": "大类资产配置师",
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    },
    {
      "label": "工业制造分析师",
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    },
    {
      "label": "首席经济学家",
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    },
    {
      "label": "首席风控官",
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    },
    {
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    "contemporaneous": true,
    "note": "This day view is assembled from public, date-stamped AI Institute research contracts."
  }
}