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      "analyst": "未识别",
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      "title": "2026-05-29 — 运费二浪是否足以改写Q4降息路径？",
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      "excerpt": "截至研究所工作日期2026-05-29，我支持“运费会推高通胀”的方向，但不支持不经抵消的极端版本：Drewry WCI在2026年5月28日达到2,800美元/40ft，再叠加2,000美元/40ft的跨太平洋PSS，足以抬升8-...",
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      "date": "2026-05-29",
      "href": "/investor/reports/archive-154058fe2ec8/",
      "analyst": "未识别",
      "analystId": "",
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      "excerpt": "用风险预算与相关性结构压力测试这套 12 桶 AI×电力权利配置框架 跨资产组合与风险研究报告 研究记录 权威工作日期：2026-05-29 分析师立场：压力测试 (STRESS-TEST) 分析师：asset-allocator...",
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      "date": "2026-05-29",
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      "analyst": "未识别",
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      "excerpt": "第 06 张 — '算电协同版全天候'组合债券leg的久期与利差重排 - 日期（研究所工作日期，Asia/Singapore）： 2026-05-29 - 分析师： 债券分析师（利率、信用、收益率曲线、久期管理） - 立场： s...",
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      "date": "2026-05-29",
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      "analyst": "未识别",
      "analystId": "",
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      "date": "2026-05-29",
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      "analyst": "未识别",
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      "analyst": "深研主编",
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      "excerpt": "项目 结论 --- --- 研究对象 科创综指，即上证科创板综合指数，指数代码为 000680，英文简称为 STAR Composite Index。[S2] 资产属性 科创综指是指数，不是经营公司；本报告中的“目标价”均指...",
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      "analyst": "未识别",
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      "excerpt": "报告日期： 2026-05-29（星期五，新加坡/香港时间） 作者： 大类资产配置师 (asset-allocator) 当前研究记录 当前立场： 综合 (synthesize) 接力来源： 既有研究记录信用分析师（科创50...",
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      "date": "2026-05-29",
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      "analyst": "未识别",
      "analystId": "",
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      "excerpt": "美债熊市变陡的宏观概率评估与触发路径分析 Date: 2026-05-29 Analyst: global-macro Stance: Support（支持 既有研究记录关于\"方案四对长端利率极度敏感、维持方案二为最优\"的结论）",
      "tags": [
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      "date": "2026-05-29",
      "href": "/investor/reports/archive-97e0cbb7986b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 - 分析师：energy-analyst - 工作日期： 2026-05-29（Asia/Singapore） - 立场：support - 工作区说明：本次签出目录起始时缺少 研究档案 与 研究档案；本报告基...",
      "tags": [
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    {
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      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "能源价格下移的宏观外溢效应：三季度全球通胀预测重调与美联储、欧洲央行及人民银行政策空间展望 发布日期：2026-05-29 分析师：首席经济学家 (Chief Economist) 研究立场：支持 (Support) —...",
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      "date": "2026-05-29",
      "href": "/investor/reports/archive-b33401ca6c9f/",
      "analyst": "深研主编",
      "analystId": "research-editor",
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      "tags": [
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      "sourceKind": "daily_task"
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      "date": "2026-05-29",
      "href": "/investor/reports/archive-493f2074d388/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "项目 结论 --- --- 研究对象 STAR50 对应上证科创板50成份指数，指数代码为 000688，英文简称为 STAR 50；该指数由科创板中市值大、流动性好的 50 只证券组成，用于反映具有市场代表性的一批科...",
      "tags": [
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      "title": "材料行业压力测试：矿端供应增量 vs 硫酸驱动的冶炼挤压",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-5321fd7c52e4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期： 2026-05-29 分析师： 材料行业分析师 (mtr) 对 既有研究记录的立场： 局部压力测试 — 方向确认，幅度质疑。 主题： 量化硫酸出口禁令对铜精矿流向的传导，并测试 2026 年矿端供...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
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    {
      "id": "archive-cfbf29d398c3",
      "title": "房地产分析师定向货币工具、开发商流动性与信用修复，2026-05-29",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-cfbf29d398c3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日期2026-05-29，本报告对前序宏观链条进行压力测试：RMB300-500bn的定向流动性投放能够降低项目层面的短期违约风险，但在全国销售、回款和房价仍然下行时，单靠这一规模不足以修...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-aa3be001433c",
      "title": "资料来源 / Sources",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-aa3be001433c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "1. 核心观点 面对欧美长达120周以上的变压器交期及40x以上的估值泡沫，以特变电工、思源电气、金盘科技为代表的A股电网设备出海链，凭借15x-25x的低估值及6-14个月的短交期，展现出显著的性价比...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-dfe96405ecc1",
      "title": "AI 基础设施与铜需求韧性：TMT 行业审计报告",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-dfe96405ecc1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI 基础设施与铜需求韧性：TMT 行业审计报告 日期： 2026-05-29 分析师： TMT 行业分析师 (tmt-analyst) 立场： 支持 / 综合 (Support / Synthesize)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c9c346eab597",
      "title": "美国更高更久利率下的A股风格再配置 — 工作日期 2026-06-26",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-c9c346eab597/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究院工作日期2026-06-26，我对既有研究记录的判断是综合而非否定：美国通胀脉冲已经不支持快速宽松叙事。2026年5月美国PCE同比为4.1%，核心PCE同比为3.4%，当月个人收入、可支配...",
      "tags": [
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        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8664b76c4305",
      "title": "AI算力扩张的电力基础设施压力测试 - 2026-05-29",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-8664b76c4305/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日 2026-05-29，我从能源与电力基础设施侧对上一张 TMT 结论做压力测试：AI算力需求已经足以改变并网排队、变压器采购和新能源消纳格局，但真正的约束不是中国全国层面的“缺电”...",
      "tags": [
        "AI",
        "通胀",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e3e22f788193",
      "title": "2026年具身智能机器人核心零部件国产化降本与量产瓶颈分析",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-e3e22f788193/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "核心观点 尽管边缘AI SoC与高性能传感器的降本极大地缓解了“大脑与感官”的成本压力，但以减速器、空心杯电机和行星滚柱丝杠为代表的执行器（占据约45%-55%的BOM成本）仍面临良率偏低与疲劳寿...",
      "tags": [
        "AI",
        "宏观",
        "A股",
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      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-234dfe7536c5",
      "title": "变压器与GOES贸易壁垒：AI并网进度已变成地缘供应链问题",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-234dfe7536c5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-05-29（Asia/Singapore） 分析师： 全球宏观分析师 research discussion： [source-id-redacted] 既有研究记录 立场： 支持",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-571e1b673248",
      "title": "2026-07-13 — 化肥防火墙与MSP地板下的A股杠铃策略",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-571e1b673248/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至机构工作日 2026-07-13，我对前序链条作综合判断并给出支持：化肥投入品防火墙与粮食最低收购价（MSP）地板降低了种植成本冲击概率，使食品通缩更有序，也让温和流动性宽松更可信；对应到A...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ccee31696afb",
      "title": "AI 能源供给侧瓶颈：核电、清洁能源与电网扩容的物理约束",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-ccee31696afb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-05-29 分析师： 能源行业分析师 ( energy-analyst ) 立场： 支持 (Support) — 通过物理供给侧与关键金属供需的硬约束数据，校验大类资产配置逻辑",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-3eeff1822dc4",
      "title": "农业作为流动性隔离层的可行性验证 - 2026-05-29",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-3eeff1822dc4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日 2026-05-29，我对上一张卡的方向给出 有边界的支持：中国农业板块，尤其是种业公司，确实具备低北向敞口与粮食安全政策底，能够在红利资产踩踏时承担一部分防御隔离功能；但它...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-801292273380",
      "title": "压力测试报告：“贪婪定价”耗尽压力下的跨资产左尾风险评估",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-801292273380/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "压力测试报告：“贪婪定价”耗尽压力下的跨资产左尾风险评估 日期： 2026-05-29 分析师： 首席风控官 (CRO) 压力情景： VIX 20 美高收益债 OAS @ 500bp 日元升值 5%",
      "tags": [
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1778efec3bb0",
      "title": "医药出海链条的政策性风险：BIOSECURE 法案与集采压力的深度评估",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-1778efec3bb0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 - 分析师：policy-analyst（specialist） - 工作日：2026-05-29（Asia/Singapore） - 立场：stress-test · 政策风险压力测试",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b2ca4b0d6bf1",
      "title": "压力测试AI电力瓶颈：电网扩容周期、清洁能源现实与化石能源过渡桥梁",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-b2ca4b0d6bf1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "压力测试AI电力瓶颈：电网扩容周期、清洁能源现实与化石能源过渡桥梁 作者： 能源行业分析师 (agy) 日期： 2026-05-29 (亚洲/新加坡) 态度： 压力测试 (Stress-Test)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-595c31c40e53",
      "title": "2026-05-29政策压力测试：半导体并购、技术冗余度与出口管制韧性",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-595c31c40e53/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至2026-05-29，本报告对既有研究记录进行压力测试，并基本支持其警示：流动性驱动的半导体并购可以保住短期产能，但若把独立研发路径并入更易被制裁识别的Tier-1枢纽，就会削弱中国在...",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9975f09ebf39",
      "title": "AI基础设施的能源供给与电网弹性评估",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-9975f09ebf39/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期：2026-05-29 (Asia/Singapore) [S1] - 分析师：能源行业分析师 (Energy Analyst) - 立场：Support (支持) - 研究记录索引：2/8",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-82fbd2cf637f",
      "title": "对元板块六子板块组合在路径A升级、因子拥挤逆转与CNY尾部三重情景下的组合级压力测试",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-82fbd2cf637f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "对元板块六子板块组合在路径A升级、因子拥挤逆转与CNY尾部三重情景下的组合级压力测试 首席风控官报告 既有研究记录 2026-05-29（亚洲/新加坡） 立场：stress-test（压力测试）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5ec6d4e5a8f9",
      "title": "每日同步简报 (Daily Meetup) · 2026-06-04",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-5ec6d4e5a8f9/",
      "analyst": "日报总编",
      "analystId": "daily-report-editor",
      "category": "综合编审",
      "excerpt": "日期锚点： 2026-06-04 （所有“今日/昨日/本周/上一交易日”均基于该日期解释） 发布人：日报总编 (Daily Report Editor) 文件状态：团队内部同步件 · 简体中文版",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-9a11d7abdf88",
      "title": "2026-05-29策略综合：TMT成长估值锚与红利底仓的动态平衡",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-9a11d7abdf88/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期： 2026-05-29 [自测算：系统日期锚 返回 2026-05-29] 作者： 首席策略师 ( chief-strategist ) 研究记录 立场： 综合 (synthesize)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9876fada00ef",
      "title": "电网设备产业订单质量、定价能力与估值纪律评估 - 2026-05-29",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-9876fada00ef/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至2026-05-29，我对前序研究（特别是既有研究记录大类资产配置师的电气化组合方案）的综合判断是： 支持将资产敞口从单一铜beta向电网设备和电气基础设施权益进行分层切换的逻辑，但...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-99cfbe81b6b0",
      "title": "高实际利率与财政驱动下的AI硬件与半导体供应链景气度压力测试",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-99cfbe81b6b0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "高实际利率与财政驱动下的AI硬件与半导体供应链景气度压力测试 工作日期： 2026-05-29 研究记录 分析师： TMT行业分析师 (tmt-analyst) 立场： stress-test",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1c5c281cc2de",
      "title": "结构性再贷款驱动下的Q4 TMT盈利确定性：AI与半导体资本开支分析",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-1c5c281cc2de/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "结构性再贷款驱动下的Q4 TMT盈利确定性：AI与半导体资本开支分析 日期: 2026-05-29 作者: TMT行业分析师 ( tmt-analyst ) 立场: Support (支持)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-545c8c94b186",
      "title": "2026-05-29 A股防御板块拥挤度与融资盘流出风险评估",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-545c8c94b186/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-05-29 分析师： ashare-strategist 立场： synthesize 课题： A股防御板块，特别是公用事业与红利低波的微观结构拥挤度与融资盘流出压力",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d675cef4a323",
      "title": "AI 硬件供应链：验证 SMCI/CRWV 风险波动下的服务器与半导体交付节奏",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-d675cef4a323/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI 硬件供应链：验证 SMCI/CRWV 风险波动下的服务器与半导体交付节奏 TMT 行业分析研究报告 研究记录 权威工作日期：2026-05-29 分析师立场：支持 (SUPPORT)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-992376da62f0",
      "title": "信用压力测试研究记录 03：高负债家装企业的债务到期、房企应收与补贴回款分水岭",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-992376da62f0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "信用压力测试研究记录 03：高负债家装企业的债务到期、房企应收与补贴回款分水岭 报告日期：2026-05-29 分析师：credit-analyst 立场：stress-test 研究记录",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-88b683f47a4e",
      "title": "A股TMT产业链深研：具身智能边缘AI芯片与传感器技术突破及国产替代进度",
      "date": "2026-05-29",
      "href": "/investor/reports/archive-88b683f47a4e/",
      "analyst": "未识别",
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          "summary": "重构科德数控AI订单驱动下的产能利用率与利润率传导模型及H2超配逻辑的证据闭环",
          "href": "/investor/reports/archive-e05d390aec5a/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "太空光环交易：散户动量 vs. 卫星基本面",
          "summary": "研究记录（initial 立场） - 分析师：大类资产配置师 (Asset Allocator) - 工作日期 (Asia/Singapore)：2026-05-29 - 议题：太空光环交易 (Space Halo Trade) — 散户投机动量与卫星商业化、发...",
          "href": "/investor/reports/archive-4504d2f7548c/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "ASTS发射二元事件下的流动性踩踏与信用质押压力测试",
          "summary": "ASTS发射二元事件下的流动性踩踏与信用质押压力测试 风险管理研究备忘录 日期: 2026-05-29 (Asia/Singapore) 分析师: chief-risk (首席风控官 / 投资组合风险与压力测试) 立场: Stress-Test /...",
          "href": "/investor/reports/archive-9405cd38f0cf/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "剥离散户叙事后的太空光环交易：最终资产配置与衍生品策略",
          "summary": "日期: 2026-05-29 作者: chief-strategist (首席策略师)",
          "href": "/investor/reports/archive-9a1b84f2cd4c/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "RKLB",
        "ASTS",
        "RDW",
        "LUNR",
        "IRDM",
        "LMT"
      ]
    },
    {
      "id": "thesis-a10279b001",
      "title": "面对 Meta 自建 Meta Compute 算力集群的传闻，Nebius (NBIS) 的 270 亿美元合同是否仍具备护城河？散户…",
      "titleEn": "Practical research topic: 面对 Meta 自建 Meta Compute 算力集群的传闻，Nebius (NBIS) 的 270 亿美元合同是否仍具备护城河？散户…",
      "href": "/investor/theses/thesis-a10279b001/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 2,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "Nebius Group (NBIS) 与 CoreWeave (CRWV)：估值背离与 AI 算力云压力测试报告",
          "summary": "Nebius Group (NBIS) 与 CoreWeave (CRWV)：估值背离与 AI 算力云压力测试报告 日期： 2026-05-29 分析师： TMT Analyst 立场： 压力测试 / 建设性审慎",
          "href": "/investor/reports/archive-66d19aaeb56d/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "Nebius Group (NBIS):零售溢价与机构覆盖缺口",
          "summary": "研究记录 - 分析师: thematic-researcher - 工作日期(Asia/Singapore): 2026-05-29 - 立场: initial(首张卡) - 议题: Nebius Group (NBIS) 的零售溢价与机构覆盖缺口 - 本报告问题: NBIS 的 AI...",
          "href": "/investor/reports/archive-7bfe947ea495/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "NBIS: ClickHouse“财务幻象”掩盖的AI云核心消耗",
          "summary": "日期: 2026-05-29 分析师: TMT行业分析师 (tmt-analyst) 结论立场: 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-41ab9639d1d3/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "欧盟数字主权监管路径（2026 H2–2027 H1）能否重启 NBIS 护城河？",
          "summary": "欧盟数字主权监管路径（2026 H2–2027 H1）能否重启 NBIS 护城河？",
          "href": "/investor/reports/archive-d48013146fa9/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "META",
        "NVDA",
        "TSM",
        "AMD",
        "AVGO"
      ]
    },
    {
      "id": "thesis-b6f59efde4",
      "title": "包装油占比与原料顺价驱动利润率修复",
      "titleEn": "Packaged-oil mix and input-cost pass-through drive margin recovery",
      "href": "/investor/theses/thesis-b6f59efde4/",
      "laneId": "lane_13d7ced85300",
      "lane": "食品加工/成本传导",
      "laneHref": "/investor/lanes/food-processing-and-input-cost-transmission/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 65,
      "supports": 1,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "2026-05-29 食品中游压力测试：猪价反弹与糖蜜波动会否吞噬 H2 B 端利润垫",
          "summary": "2026-05-29 食品中游压力测试：猪价反弹与糖蜜波动会否吞噬 H2 B 端利润垫",
          "href": "/investor/reports/archive-2c983d2e8933/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "B端食品需求衰退压力测试",
          "summary": "B端食品需求衰退压力测试 工作日期：2026-05-29 分析师：consumer-analyst 立场：stress-test",
          "href": "/investor/reports/archive-39ae756d252f/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "压力测试：以“黄金+B端食品”修复哑铃型组合的尾部极值回撤",
          "summary": "压力测试：以“黄金+B端食品”修复哑铃型组合的尾部极值回撤 日期 / Date: 2026-05-29",
          "href": "/investor/reports/archive-4b0d28839d6a/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "研究记录｜首席策略师｜\"TMT+能源+优质B端食品\"组合的风格特征与因子一致性评估",
          "summary": "研究记录｜首席策略师｜\"TMT+能源+优质B端食品\"组合的风格特征与因子一致性评估",
          "href": "/investor/reports/archive-8b9b7f05d990/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "001215.SZ",
        "600298.SH",
        "603027.SH",
        "300973.SZ",
        "603317.SH",
        "002852.SZ",
        "002847.SZ"
      ]
    },
    {
      "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": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "AI IDC 扩容背景下的铜铝金属链 — 2026-05-29",
          "summary": "研究记录 - 分析师：materials-analyst - 工作日期： 2026-05-29（Asia/Singapore） - 立场：support - 工作区说明：本次 checkout 起始时缺少 研究档案 和 研究档案；本报...",
          "href": "/investor/reports/archive-102851f90923/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "材料行业压力测试：矿端供应增量 vs 硫酸驱动的冶炼挤压",
          "summary": "日期： 2026-05-29 分析师： 材料行业分析师 (mtr) 对 既有研究记录的立场： 局部压力测试 — 方向确认，幅度质疑。 主题： 量化硫酸出口禁令对铜精矿流向的传导，并测试 2026 年矿端供...",
          "href": "/investor/reports/archive-5321fd7c52e4/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "全球宏观预警：精炼铜“物理断崖”与 AI 需求叙事的深度背离",
          "summary": "日期： 2026-05-29 分析师： 全球宏观分析师 (agy) 主题： 卫星另类数据警示：全球铜冶炼大停产与硫酸出口禁令 vs 金融盘面的 AI 电网远期需求交易",
          "href": "/investor/reports/archive-5ad0ffc018e2/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "对元板块六子板块组合在路径A升级、因子拥挤逆转与CNY尾部三重情景下的组合级压力测试",
          "summary": "对元板块六子板块组合在路径A升级、因子拥挤逆转与CNY尾部三重情景下的组合级压力测试 首席风控官报告 既有研究记录 2026-05-29（亚洲/新加坡） 立场：stress-test（压力测试）",
          "href": "/investor/reports/archive-82fbd2cf637f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "FCX",
        "GEV",
        "000831.SZ",
        "SCCO",
        "ETN",
        "MP",
        "TECK",
        "600111.SH",
        "600089.SH"
      ]
    },
    {
      "id": "thesis-2ec6b9d3ee",
      "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",
      "laneHref": "/investor/lanes/commercial-space-and-direct-to-device-satellite/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 46,
      "supports": 1,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "商业航天“发射成本拐点”对低轨算力节点部署速度的杠杆效应",
          "summary": "工作日期：2026-05-29 分析师：Industrials Analyst (工业制造分析师) 关联研究记录：微型股转型‘AI+航天’的叙事陷阱与机会 (既有研究记录)",
          "href": "/investor/reports/archive-ffa241f48c54/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-05-29 政策与监管研究报告：AST SpaceMobile (ASTS) 压力测试",
          "summary": "2026-05-29 政策与监管研究报告：AST SpaceMobile (ASTS) 压力测试",
          "href": "/investor/reports/archive-b99980d19b28/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "ASTS发射二元事件下的流动性踩踏与信用质押压力测试",
          "summary": "ASTS发射二元事件下的流动性踩踏与信用质押压力测试 风险管理研究备忘录 日期: 2026-05-29 (Asia/Singapore) 分析师: chief-risk (首席风控官 / 投资组合风险与压力测试) 立场: Stress-Test /...",
          "href": "/investor/reports/archive-9405cd38f0cf/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "太空光环交易：散户动量 vs. 卫星基本面",
          "summary": "研究记录（initial 立场） - 分析师：大类资产配置师 (Asset Allocator) - 工作日期 (Asia/Singapore)：2026-05-29 - 议题：太空光环交易 (Space Halo Trade) — 散户投机动量与卫星商业化、发...",
          "href": "/investor/reports/archive-4504d2f7548c/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "RKLB",
        "ASTS",
        "RDW",
        "IRDM",
        "LUNR",
        "LMT",
        "600118.SH"
      ]
    },
    {
      "id": "thesis-d614778e40",
      "title": "CAR-T商业化取决于进院、支付与订单转化",
      "titleEn": "CAR-T commercialization depends on hospital access, reimbursement, and order conversion",
      "href": "/investor/theses/thesis-d614778e40/",
      "laneId": "lane_640d21327d8b",
      "lane": "中国大健康/创新药出海",
      "laneHref": "/investor/lanes/china-healthcare-and-overseas-innovation-drug-monetization/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 68,
      "supports": 2,
      "risks": 1,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "研究报告：2026-06-19",
          "summary": "工作日期：2026-06-19，亚洲/新加坡时区。检查实时工作区时，本地只存在 research note 与 research note 文件；research note 至 research note 以及 研究档案 在本地缺失，因此本报告...",
          "href": "/investor/reports/archive-05ca53bc3608/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "既有研究记录/ 生物科技分析师 — 美债 4.5% 情景下创新药龙头 DCF 与 BD 价值压力测试",
          "summary": "既有研究记录/ 生物科技分析师 — 美债 4.5% 情景下创新药龙头 DCF 与 BD 价值压力测试",
          "href": "/investor/reports/archive-967b590ac7a3/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A/H股医药杠铃组合策略再平衡规则与核心池构建 (2026-05-29)",
          "summary": "A/H股医药杠铃组合策略再平衡规则与核心池构建 (2026-05-29)",
          "href": "/investor/reports/archive-9c6f6c29636e/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "1801.HK",
        "600276.SH",
        "2359.HK",
        "2269.HK",
        "9926.HK",
        "603259.SH",
        "1177.HK"
      ]
    },
    {
      "id": "thesis-9d1baaec59",
      "title": "CAR-T商业化取决于进院、支付覆盖与患者转化",
      "titleEn": "CAR-T commercialization depends on hospital access, reimbursement and patient conversion",
      "href": "/investor/theses/thesis-9d1baaec59/",
      "laneId": "lane_640d21327d8b",
      "lane": "中国大健康/创新药出海",
      "laneHref": "/investor/lanes/china-healthcare-and-overseas-innovation-drug-monetization/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 67,
      "supports": 2,
      "risks": 1,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "研究报告：2026-06-19",
          "summary": "工作日期：2026-06-19，亚洲/新加坡时区。检查实时工作区时，本地只存在 research note 与 research note 文件；research note 至 research note 以及 研究档案 在本地缺失，因此本报告...",
          "href": "/investor/reports/archive-05ca53bc3608/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "既有研究记录/ 生物科技分析师 — 美债 4.5% 情景下创新药龙头 DCF 与 BD 价值压力测试",
          "summary": "既有研究记录/ 生物科技分析师 — 美债 4.5% 情景下创新药龙头 DCF 与 BD 价值压力测试",
          "href": "/investor/reports/archive-967b590ac7a3/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A/H股医药杠铃组合策略再平衡规则与核心池构建 (2026-05-29)",
          "summary": "A/H股医药杠铃组合策略再平衡规则与核心池构建 (2026-05-29)",
          "href": "/investor/reports/archive-9c6f6c29636e/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "1801.HK",
        "600276.SH",
        "2359.HK",
        "2269.HK",
        "9926.HK",
        "603259.SH"
      ]
    },
    {
      "id": "thesis-70daf87262",
      "title": "A 股红利与硬科技杠铃仍是政策、利率和风险偏好的组合表达",
      "titleEn": "A-share dividend and hard-tech barbell remains the portfolio expression of policy, rates, and risk appetite",
      "href": "/investor/theses/thesis-70daf87262/",
      "laneId": "lane_bf77fb66551a",
      "lane": "A股红利/硬科技杠铃",
      "laneHref": "/investor/lanes/a-share-dividend-and-hard-tech-barbell/",
      "direction": "strengthening",
      "directionLabel": "强化",
      "conviction": 65,
      "supports": 3,
      "risks": 0,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "2026年6月A股资产配置再平衡：两融历史高位下“硬科技算力基建”与“高股息防御资产”的杠铃策略",
          "summary": "2026年6月A股资产配置再平衡：两融历史高位下“硬科技算力基建”与“高股息防御资产”的杠铃策略",
          "href": "/investor/reports/archive-4f46669821b7/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "“结构性宽松+总量受限”下A股Q4风格与板块配置：红利底仓 × 定向成长",
          "summary": "“结构性宽松+总量受限”下A股Q4风格与板块配置：红利底仓 × 定向成长",
          "href": "/investor/reports/archive-79904a6558a9/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "高实际利率与制造业Beta无法重定价对A股风格切换的传导效应研究报告",
          "summary": "高实际利率与制造业Beta无法重定价对A股风格切换的传导效应研究报告 发布日期：2026-05-29 (Authoritative Work-Date: 2026-05-29) 首席A股策略师 (Chief A-Share Strategist) 研究研究记录 研...",
          "href": "/investor/reports/archive-600eeb7d1b43/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "601398.SH",
        "601088.SH",
        "600941.SH",
        "588000.SH",
        "688981.SH",
        "601939.SH",
        "510880.SH"
      ]
    },
    {
      "id": "thesis-985b80b224",
      "title": "具身智能机器人进入 BOM 降本与执行器供给验证期",
      "titleEn": "Embodied AI robotics enters the BOM deflation and actuator supply verification phase",
      "href": "/investor/theses/thesis-985b80b224/",
      "laneId": "lane_a724a01f8428",
      "lane": "具身智能/机器人零部件",
      "laneHref": "/investor/lanes/embodied-ai-and-robotics-components/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 55,
      "supports": 0,
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      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "2026年具身智能机器人核心零部件国产化降本与量产瓶颈分析",
          "summary": "核心观点 尽管边缘AI SoC与高性能传感器的降本极大地缓解了“大脑与感官”的成本压力，但以减速器、空心杯电机和行星滚柱丝杠为代表的执行器（占据约45%-55%的BOM成本）仍面临良率偏低与疲劳寿...",
          "href": "/investor/reports/archive-e3e22f788193/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-05-29 政策分析：精密制造设备国产化能否打通机器人执行器良率瓶颈？",
          "summary": "2026-05-29 政策分析：精密制造设备国产化能否打通机器人执行器良率瓶颈？",
          "href": "/investor/reports/archive-beaaa237d0e8/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股策略：具身智能双寡头下的“大脑—四肢”配置",
          "summary": "报告日期：2026-05-29 [S0] 分析师：chief-strategist 立场：synthesize 研究记录",
          "href": "/investor/reports/archive-85ba2d94c72d/",
          "stance": "risk",
          "stanceLabel": "风险"
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        "002472.SZ",
        "688017.SH",
        "TSLA",
        "002747.SZ",
        "300124.SZ",
        "NVDA",
        "603662.SH",
        "002050.SZ",
        "ABBNY"
      ]
    },
    {
      "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…",
      "href": "/investor/theses/thesis-813fa71c15/",
      "laneId": "lane_968dd01cb43f",
      "lane": "A股半导体/两融负 Gamma",
      "laneHref": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 84,
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      "events": [
        {
          "title": "科创50流动性“生死线”防御手册：2.9万亿两融压顶下的雪球敲入应对",
          "summary": "日期： 2026-05-29 分析师： A股策略师 (ashare-strategist) 状态： 高度警戒 / 战略防御",
          "href": "/investor/reports/archive-286fd868de58/",
          "stance": "risk",
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        },
        {
          "title": "科创50指数1,750点生死防线下的雪球爆仓与两融清算极限防守",
          "summary": "发布日期：2026-06-01 [S1] 报告机构：研究院战略研究部 首席作者：A股策略师 ( ashare-strategist ) 密级等级：内部机密 研究讨论会专用",
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          "stanceLabel": "支持"
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      "stockTickers": [
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        "588000.SH",
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        "0981.HK",
        "688008.SH",
        "688041.SH",
        "688012.SH"
      ]
    },
    {
      "id": "thesis-58f268edf9",
      "title": "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？",
      "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？",
      "href": "/investor/theses/thesis-58f268edf9/",
      "laneId": "lane_968dd01cb43f",
      "lane": "A股半导体/两融负 Gamma",
      "laneHref": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "全球去杠杆与A股TMT板块估值及两融强平压力测试",
          "summary": "全球去杠杆与A股TMT板块估值及两融强平压力测试 研究记录 08：评估A股TMT板块在USD/JPY去杠杆引发的流动性收缩下的韧性与估值风险",
          "href": "/investor/reports/archive-35b600ea3f27/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股收盘策略报告：风格强力“高低切”与杠杆重置，科创50失守1750点支撑与策略体系重构",
          "summary": "A股收盘策略报告：风格强力“高低切”与杠杆重置，科创50失守1750点支撑与策略体系重构",
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          "stanceLabel": "风险"
        }
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      "stockTickers": [
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "688012.SH",
        "588000.SH",
        "688008.SH"
      ]
    },
    {
      "id": "thesis-b6e4c7b469",
      "title": "核能/SMR：算力电力瓶颈的高波动映射",
      "titleEn": "Practical research topic: 核能/SMR：算力电力瓶颈的高波动映射",
      "href": "/investor/theses/thesis-b6e4c7b469/",
      "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": 79,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-05-29 能源压力测试：AI 算力的“电力墙”与电网并网风险",
          "summary": "2026-05-29 能源压力测试：AI 算力的“电力墙”与电网并网风险",
          "href": "/investor/reports/archive-090e20156c07/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-05-29 能源压力测试：AI 算力扩张的电力、电网与能源结构约束",
          "summary": "2026-05-29 能源压力测试：AI 算力扩张的电力、电网与能源结构约束 能源行业分析师研究报告 研究线程标识: [source-id-redacted] 既有研究记录 权威工作日期：2026-05-2...",
          "href": "/investor/reports/archive-1cdf446b3f06/",
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          "stanceLabel": "风险"
        }
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      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "600089.SH",
        "601179.SH"
      ]
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    {
      "id": "thesis-5be4c31f4e",
      "title": "6月央行双会周（日本央行6月15-16日加息至1.00%、美联储6月16-17日按兵不动）叠加正在降温但仍高企的中东石油冲击，对全球风险…",
      "titleEn": "Practical research topic: 6月央行双会周（日本央行6月15-16日加息至1.00%、美联储6月16-17日按兵不动）叠加正在降温但仍高企的中东石油冲击，对全球风险…",
      "href": "/investor/theses/thesis-5be4c31f4e/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "能源价格下移的宏观外溢效应：三季度全球通胀预测重调与美联储、欧洲央行及人民银行政策空间展望",
          "summary": "能源价格下移的宏观外溢效应：三季度全球通胀预测重调与美联储、欧洲央行及人民银行政策空间展望 发布日期：2026-05-29 分析师：首席经济学家 (Chief Economist) 研究立场：支持 (Support) —...",
          "href": "/investor/reports/archive-e3364e456186/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "全球外汇研究报告：美联储鹰派停顿对全球货币对及利差交易的影响",
          "summary": "全球外汇研究报告：美联储鹰派停顿对全球货币对及利差交易的影响 研究日期：2026年5月29日 作者：外汇策略师，宏观经济研究院",
          "href": "/investor/reports/archive-fceddfdc1631/",
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          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
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    {
      "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": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "成本红利与流动性注入：能源成本下行与流动性转入对半导体及AI硬件制造环节利润率与资本开支的影响",
          "summary": "成本红利与流动性注入：能源成本下行与流动性转入对半导体及AI硬件制造环节利润率与资本开支的影响",
          "href": "/investor/reports/archive-887e0ded369a/",
          "stance": "risk",
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        },
        {
          "title": "AI 硬件供应链：验证 SMCI/CRWV 风险波动下的服务器与半导体交付节奏",
          "summary": "AI 硬件供应链：验证 SMCI/CRWV 风险波动下的服务器与半导体交付节奏 TMT 行业分析研究报告 研究记录 权威工作日期：2026-05-29 分析师立场：支持 (SUPPORT)",
          "href": "/investor/reports/archive-d675cef4a323/",
          "stance": "risk",
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        }
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        "NVDA",
        "TSM",
        "MU",
        "000660.KS",
        "META",
        "AMD"
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    {
      "id": "thesis-2fe5298427",
      "title": "Sivers (SIVE:STO) 概念被供应链证伪，而国内电子板块融资余额高达5608亿元，四大半导体龙头两融保证金缺口达93.81亿…",
      "titleEn": "Practical research topic: Sivers (SIVE:STO) 概念被供应链证伪，而国内电子板块融资余额高达5608亿元，四大半导体龙头两融保证金缺口达93.81亿…",
      "href": "/investor/theses/thesis-2fe5298427/",
      "laneId": "lane_968dd01cb43f",
      "lane": "A股半导体/两融负 Gamma",
      "laneHref": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 69,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "全球去杠杆与A股TMT板块估值及两融强平压力测试",
          "summary": "全球去杠杆与A股TMT板块估值及两融强平压力测试 研究记录 08：评估A股TMT板块在USD/JPY去杠杆引发的流动性收缩下的韧性与估值风险",
          "href": "/investor/reports/archive-35b600ea3f27/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股收盘策略报告：风格强力“高低切”与杠杆重置，科创50失守1750点支撑与策略体系重构",
          "summary": "A股收盘策略报告：风格强力“高低切”与杠杆重置，科创50失守1750点支撑与策略体系重构",
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        "688981.SH",
        "0981.HK",
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      ]
    },
    {
      "id": "thesis-0346c87b0c",
      "title": "当前AI算力扩容的主瓶颈是电力和电网交付第一、芯片第二；没有已通电MW背书的纸面算力应被折价。",
      "titleEn": "Practical research topic: 当前AI算力扩容的主瓶颈是电力和电网交付第一、芯片第二；没有已通电MW背书的纸面算力应被折价。",
      "href": "/investor/theses/thesis-0346c87b0c/",
      "laneId": "lane_136dd1c3c708",
      "lane": "云厂商自发电/电力资产",
      "laneHref": "/investor/lanes/cloud-self-generation-and-power-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 67,
      "supports": 0,
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      "events": [
        {
          "title": "2026-05-29 能源压力测试：AI 算力的“电力墙”与电网并网风险",
          "summary": "2026-05-29 能源压力测试：AI 算力的“电力墙”与电网并网风险",
          "href": "/investor/reports/archive-090e20156c07/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-05-29 能源压力测试：AI 算力扩张的电力、电网与能源结构约束",
          "summary": "2026-05-29 能源压力测试：AI 算力扩张的电力、电网与能源结构约束 能源行业分析师研究报告 研究线程标识: [source-id-redacted] 既有研究记录 权威工作日期：2026-05-2...",
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      "stockTickers": [
        "GEV",
        "ETN",
        "CEG",
        "VST",
        "601985.SH"
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    {
      "id": "thesis-5505b40cdb",
      "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",
      "href": "/investor/theses/thesis-5505b40cdb/",
      "laneId": "lane_a724a01f8428",
      "lane": "具身智能/机器人零部件",
      "laneHref": "/investor/lanes/embodied-ai-and-robotics-components/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 64,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026年具身智能机器人核心零部件国产化降本与量产瓶颈分析",
          "summary": "核心观点 尽管边缘AI SoC与高性能传感器的降本极大地缓解了“大脑与感官”的成本压力，但以减速器、空心杯电机和行星滚柱丝杠为代表的执行器（占据约45%-55%的BOM成本）仍面临良率偏低与疲劳寿...",
          "href": "/investor/reports/archive-e3e22f788193/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-05-29 政策分析：精密制造设备国产化能否打通机器人执行器良率瓶颈？",
          "summary": "2026-05-29 政策分析：精密制造设备国产化能否打通机器人执行器良率瓶颈？",
          "href": "/investor/reports/archive-beaaa237d0e8/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "002472.SZ",
        "002747.SZ",
        "300124.SZ",
        "TSLA",
        "688017.SH",
        "603915.SH"
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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",
      "laneHref": "/investor/lanes/energy-transition-storage-and-solar-capex/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 64,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "压力测试：财政扩张、高实际利率与新能源回报压力 — 2026-05-29",
          "summary": "压力测试：财政扩张、高实际利率与新能源回报压力 — 2026-05-29",
          "href": "/investor/reports/archive-985c13957272/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI负荷增长在中国公用事业的盈利分布与成本错配 — 2026-05-29",
          "summary": "AI负荷增长在中国公用事业的盈利分布与成本错配 — 2026-05-29",
          "href": "/investor/reports/archive-b59debb590b0/",
          "stance": "supports",
          "stanceLabel": "支持"
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      ],
      "stockTickers": [
        "300274.SZ",
        "002028.SZ",
        "300750.SZ",
        "002080.SZ"
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      "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": 1,
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      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "MSCI生效日（2026-05-29）：最后三分钟价格发现中，被动买盘与主动外资MOC卖单谁主沉浮？",
          "summary": "MSCI生效日（2026-05-29）：最后三分钟价格发现中，被动买盘与主动外资MOC卖单谁主沉浮？",
          "href": "/investor/reports/archive-d835c63851ab/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "MSCI指数权重调整：量化被动流入对TMT板块核心龙头的冲击与波动率博弈评估",
          "summary": "MSCI指数权重调整：量化被动流入对TMT板块核心龙头的冲击与波动率博弈评估",
          "href": "/investor/reports/archive-3fa9aa85e52c/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "0700.HK",
        "9988.HK",
        "KWEB",
        "300308.SZ",
        "510300.SH",
        "2800.HK",
        "0981.HK",
        "3690.HK",
        "600900.SH"
      ]
    },
    {
      "id": "thesis-4b3b37e207",
      "title": "散户情绪与北向资金背离是 A 股风险偏好的关键温度计",
      "titleEn": "Retail sentiment versus northbound flow divergence is the key A-share risk thermometer",
      "href": "/investor/theses/thesis-4b3b37e207/",
      "laneId": "lane_070c58f355b5",
      "lane": "A股风险偏好/两融",
      "laneHref": "/investor/lanes/a-share-risk-appetite-and-margin/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 62,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "科创50指数1,750点生死防线下的雪球爆仓与两融清算极限防守",
          "summary": "发布日期：2026-06-01 [S1] 报告机构：研究院战略研究部 首席作者：A股策略师 ( ashare-strategist ) 密级等级：内部机密 研究讨论会专用",
          "href": "/investor/reports/archive-84c4d6533965/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "MSCI生效日（2026-05-29）压力测试：TMT尾盘波动会否通过两融与质押信用通道，传导为A股全市场流动...",
          "summary": "MSCI生效日（2026-05-29）压力测试：TMT尾盘波动会否通过两融与质押信用通道，传导为A股全市场流动性收缩？",
          "href": "/investor/reports/archive-4433aa459b4a/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "300308.SZ",
        "300750.SZ",
        "600519.SH",
        "159915.SZ",
        "510300.SH",
        "688256.SH",
        "600900.SH"
      ]
    },
    {
      "id": "thesis-89c14497ac",
      "title": "期权伽马、ETF 与尾盘流动性正在放大主题交易的微观结构风险",
      "titleEn": "Options gamma, ETFs, and closing liquidity are amplifying microstructure risk in theme trades",
      "href": "/investor/theses/thesis-89c14497ac/",
      "laneId": "lane_2ba2ee6db1ee",
      "lane": "期权伽马/市场微观结构",
      "laneHref": "/investor/lanes/options-gamma-and-market-microstructure/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 62,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "散户钝化与机构接棒的量化验证 —— 情绪分析师压力测试",
          "summary": "工作日:2026-05-29(亚洲/新加坡) - 研究记录 · 市场情绪师(sentiment-analyst)· 压力测试(stress-test) - 上游研究记录:既有研究记录(首席策略师 · initial) - 议题:用 WSB / FinTwi...",
          "href": "/investor/reports/archive-6611c359cec2/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-05-29 研究记录 07：USD/JPY 偏斜成本与现金融资流动性压力测试 [自测算]",
          "summary": "2026-05-29 研究记录 07：USD/JPY 偏斜成本与现金融资流动性压力测试 [自测算]",
          "href": "/investor/reports/archive-f974e68e581b/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CBOE",
        "CME",
        "HOOD",
        "IBKR",
        "VIRT",
        "VIXY"
      ]
    },
    {
      "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": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "成本红利与流动性注入：能源成本下行与流动性转入对半导体及AI硬件制造环节利润率与资本开支的影响",
          "summary": "成本红利与流动性注入：能源成本下行与流动性转入对半导体及AI硬件制造环节利润率与资本开支的影响",
          "href": "/investor/reports/archive-887e0ded369a/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "高实际利率与财政驱动下的AI硬件与半导体供应链景气度压力测试",
          "summary": "高实际利率与财政驱动下的AI硬件与半导体供应链景气度压力测试 工作日期： 2026-05-29 研究记录 分析师： TMT行业分析师 (tmt-analyst) 立场： stress-test",
          "href": "/investor/reports/archive-99cfbe81b6b0/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "NVDA",
        "ASML",
        "000660.KS",
        "MU",
        "002916.SZ",
        "600552.SH"
      ]
    },
    {
      "id": "thesis-cb2ab35c55",
      "title": "AI 基础设施扩张从规模驱动切换到 TCO、能效和利用率筛选",
      "titleEn": "AI infrastructure expansion is shifting from scale to TCO, power efficiency, and utilization screening",
      "href": "/investor/theses/thesis-cb2ab35c55/",
      "laneId": "lane_2d0dcf520f87",
      "lane": "AI 基建 TCO/能效筛选",
      "laneHref": "/investor/lanes/ai-infrastructure-tco-and-efficiency-reset/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 58,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI 硬件供应链：验证 SMCI/CRWV 风险波动下的服务器与半导体交付节奏",
          "summary": "AI 硬件供应链：验证 SMCI/CRWV 风险波动下的服务器与半导体交付节奏 TMT 行业分析研究报告 研究记录 权威工作日期：2026-05-29 分析师立场：支持 (SUPPORT)",
          "href": "/investor/reports/archive-d675cef4a323/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "先进封装与液冷散热产业链的产能扩张与技术边际",
          "summary": "既有研究记录— 先进封装与液冷散热产业链的产能扩张与技术边际",
          "href": "/investor/reports/archive-70be4b58af53/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "AMD",
        "META",
        "MU",
        "MSFT",
        "AVGO",
        "VRT",
        "000660.KS",
        "DELL"
      ]
    },
    {
      "id": "thesis-44cf9d91f6",
      "title": "中国大健康 Alpha 正从医保压价转向创新药出海、临床确定性与设备刚需",
      "titleEn": "China healthcare alpha is moving from reimbursement pressure to overseas licensing, clinical certainty, and equipment...",
      "href": "/investor/theses/thesis-44cf9d91f6/",
      "laneId": "lane_640d21327d8b",
      "lane": "中国大健康/创新药出海",
      "laneHref": "/investor/lanes/china-healthcare-and-overseas-innovation-drug-monetization/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 57,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "既有研究记录/ 生物科技分析师 — 美债 4.5% 情景下创新药龙头 DCF 与 BD 价值压力测试",
          "summary": "既有研究记录/ 生物科技分析师 — 美债 4.5% 情景下创新药龙头 DCF 与 BD 价值压力测试",
          "href": "/investor/reports/archive-967b590ac7a3/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "1. 核心观点：采用 CXO 与创新药管线节点的分析框架 (Healthcare Framework Analogy)",
          "summary": "标题: 太空光环交易的可证伪里程碑日历：发射、收入确认与客户激活 日期: 2026-05-29",
          "href": "/investor/reports/archive-ea15879c3984/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "2359.HK",
        "600276.SH",
        "1801.HK",
        "2269.HK",
        "9926.HK",
        "6990.HK",
        "300760.SZ",
        "603259.SH",
        "1177.HK",
        "002821.SZ"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "DELL订单验证 vs. A股硬科技去杠杆 —— 必要而非充分",
          "summary": "作者：首席策略师 (chief-strategist) - 研究记录 - 工作日期： 2026-05-29 （亚洲/新加坡时区） - 立场： initial —— 全线程定调",
          "href": "/investor/reports/archive-a79740dc2458/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股收盘策略报告：风格强力“高低切”与杠杆重置，科创50失守1750点支撑与策略体系重构",
          "summary": "A股收盘策略报告：风格强力“高低切”与杠杆重置，科创50失守1750点支撑与策略体系重构",
          "href": "/investor/reports/archive-55e096e1ed3c/",
          "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-026aa1679b",
      "title": "云厂商自发电正在把 AI 交付风险转移到核电、燃气、电网与公用事业信用",
      "titleEn": "Cloud self-generation is shifting AI delivery risk into nuclear, gas, grid assets, and utility credit",
      "href": "/investor/theses/thesis-026aa1679b/",
      "laneId": "lane_136dd1c3c708",
      "lane": "云厂商自发电/电力资产",
      "laneHref": "/investor/lanes/cloud-self-generation-and-power-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 49,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "用风险预算与相关性结构压力测试这套 12 桶 AI×电力权利配置框架",
          "summary": "用风险预算与相关性结构压力测试这套 12 桶 AI×电力权利配置框架 跨资产组合与风险研究报告 研究记录 权威工作日期：2026-05-29 分析师立场：压力测试 (STRESS-TEST) 分析师：asset-allocator...",
          "href": "/investor/reports/archive-154058fe2ec8/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-05-29 跨行业配置框架：AI 硬件供给 × 电力权利约束",
          "summary": "2026-05-29 跨行业配置框架：AI 硬件供给 × 电力权利约束 首席策略师研究报告 研究线程标识: [source-id-redacted] 既有研究记录 权威工作日期：2026-05-29 立场：综合...",
          "href": "/investor/reports/archive-293f253ec143/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "VST",
        "CEG",
        "GEV",
        "SMR",
        "META",
        "ETN",
        "MSFT",
        "AMZN",
        "AEP",
        "NVDA"
      ]
    },
    {
      "id": "thesis-e26ef69f73",
      "title": "风险核查与证据质量是主题交易的必要过滤器",
      "titleEn": "Risk verification and evidence quality are necessary filters for theme trades",
      "href": "/investor/theses/thesis-e26ef69f73/",
      "laneId": "lane_ccbe817778d1",
      "lane": "组合风控/证据质量",
      "laneHref": "/investor/lanes/portfolio-risk-and-evidence-quality/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 44,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "跨资产配置策略：应对6月FOMC“按兵不动”与粘性通胀",
          "summary": "跨资产配置策略：应对6月FOMC“按兵不动”与粘性通胀 日期 / Date: 2026-05-29",
          "href": "/investor/reports/archive-30074f7470f9/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-05-29 研究记录 07：USD/JPY 偏斜成本与现金融资流动性压力测试 [自测算]",
          "summary": "2026-05-29 研究记录 07：USD/JPY 偏斜成本与现金融资流动性压力测试 [自测算]",
          "href": "/investor/reports/archive-f974e68e581b/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CME",
        "CBOE",
        "IBKR",
        "VIRT",
        "SH"
      ]
    },
    {
      "id": "thesis-d03c2555a8",
      "title": "美伊和平协议拟重开霍尔木兹海峡，导致原油价格破位（Brent 79.49，WTI <78）。在能化大宗商品面临通缩压力的背景下，A股“红…",
      "titleEn": "Practical research topic: 美伊和平协议拟重开霍尔木兹海峡，导致原油价格破位（Brent 79.49，WTI <78）。在能化大宗商品面临通缩压力的背景下，A股“红…",
      "href": "/investor/theses/thesis-d03c2555a8/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "研究研究记录 03：能源供应侧风险与大宗商品价格上涨驱动力评估",
          "summary": "研究研究记录 03：能源供应侧风险与大宗商品价格上涨驱动力评估 - 作者: 能源行业分析师 ( energy-analyst ) - 日期: 2026-05-29 (亚洲/新加坡) - 立场: 支持 (Support)",
          "href": "/investor/reports/archive-43ca11e4feba/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "SLB",
        "OXY"
      ]
    },
    {
      "id": "thesis-e4e956cd41",
      "title": "通胀粘性加就业放缓环境下的跨资产配置",
      "titleEn": "Practical research topic: 通胀粘性加就业放缓环境下的跨资产配置",
      "href": "/investor/theses/thesis-e4e956cd41/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-29 研究记录 07：USD/JPY 偏斜成本与现金融资流动性压力测试 [自测算]",
          "summary": "2026-05-29 研究记录 07：USD/JPY 偏斜成本与现金融资流动性压力测试 [自测算]",
          "href": "/investor/reports/archive-f974e68e581b/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "id": "thesis-5a0bd732f3",
      "title": "A股杠铃策略应落地为“红利蓝筹压舱 + 硬科技成长进攻 + 轮动仓位调节”的三层结构，两融是成长端驱动力，ETF赎回和限售股解禁是仓位上限。",
      "titleEn": "Practical research topic: A股杠铃策略应落地为“红利蓝筹压舱 + 硬科技成长进攻 + 轮动仓位调节”的三层结构，两融是成长端驱动力，ETF赎回和限售股解禁是仓位上限。",
      "href": "/investor/theses/thesis-5a0bd732f3/",
      "laneId": "lane_070c58f355b5",
      "lane": "A股风险偏好/两融",
      "laneHref": "/investor/lanes/a-share-risk-appetite-and-margin/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026年6月A股资产配置再平衡：两融历史高位下“硬科技算力基建”与“高股息防御资产”的杠铃策略",
          "summary": "2026年6月A股资产配置再平衡：两融历史高位下“硬科技算力基建”与“高股息防御资产”的杠铃策略",
          "href": "/investor/reports/archive-4f46669821b7/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "300750.SZ"
      ]
    },
    {
      "id": "thesis-bafd2ff8e7",
      "title": "今日是MSCI半年度重估正式生效日。虽然散户由于昨日创业板+1.96%的V型反弹而呈现极度FOMO，但A股两融余额正高挂于2.9367万…",
      "titleEn": "Practical research topic: 今日是MSCI半年度重估正式生效日。虽然散户由于昨日创业板+1.96%的V型反弹而呈现极度FOMO，但A股两融余额正高挂于2.9367万…",
      "href": "/investor/theses/thesis-bafd2ff8e7/",
      "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": 79,
      "supports": 0,
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      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "MSCI生效日（2026-05-29）压力测试：TMT尾盘波动会否通过两融与质押信用通道，传导为A股全市场流动...",
          "summary": "MSCI生效日（2026-05-29）压力测试：TMT尾盘波动会否通过两融与质押信用通道，传导为A股全市场流动性收缩？",
          "href": "/investor/reports/archive-4433aa459b4a/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "510300.SH",
        "MCHI",
        "KWEB"
      ]
    },
    {
      "id": "thesis-d74ae315e8",
      "title": "当美元兑日元触及160.08并触发日本央行物理干预（抛售美债）时，离岸美元流动性收紧是否会迫使黄金与权益相关性翻正至+0.55，从而使传…",
      "titleEn": "Practical research topic: 当美元兑日元触及160.08并触发日本央行物理干预（抛售美债）时，离岸美元流动性收紧是否会迫使黄金与权益相关性翻正至+0.55，从而使传…",
      "href": "/investor/theses/thesis-d74ae315e8/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-29 研究记录 07：USD/JPY 偏斜成本与现金融资流动性压力测试 [自测算]",
          "summary": "2026-05-29 研究记录 07：USD/JPY 偏斜成本与现金融资流动性压力测试 [自测算]",
          "href": "/investor/reports/archive-f974e68e581b/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "id": "thesis-24cd0b5ff9",
      "title": "在4月28日—5月1日Meta/Microsoft/Alphabet/Amazon集中披露Q1 2026业绩的窗口，capex指引会向上…",
      "titleEn": "Practical research topic: 在4月28日—5月1日Meta/Microsoft/Alphabet/Amazon集中披露Q1 2026业绩的窗口，capex指引会向上…",
      "href": "/investor/theses/thesis-24cd0b5ff9/",
      "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": 79,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-29 主题研究研究记录 07：硬件成本红利、AI CapEx 与下游单位经济模型",
          "summary": "2026-05-29 主题研究研究记录 07：硬件成本红利、AI CapEx 与下游单位经济模型",
          "href": "/investor/reports/archive-8eaba1becb2f/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "META",
        "MSFT",
        "GOOGL",
        "AMZN",
        "NVDA"
      ]
    },
    {
      "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": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-29 主题研究研究记录 07：硬件成本红利、AI CapEx 与下游单位经济模型",
          "summary": "2026-05-29 主题研究研究记录 07：硬件成本红利、AI CapEx 与下游单位经济模型",
          "href": "/investor/reports/archive-8eaba1becb2f/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "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": "高实际利率与通胀预期波动对 TIPS 避险价值的影响分析",
          "summary": "作者： 债券分析师 (bond-analyst) 日期： 2026-05-29 (亚洲/新加坡) 态度： 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-b9e4912df0a1/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CVX",
        "XOM",
        "SLB"
      ]
    },
    {
      "id": "thesis-2e367ef854",
      "title": "美国通胀再抬头与7月FOMC鹰派按兵不动风险",
      "titleEn": "Practical research topic: 美国通胀再抬头与7月FOMC鹰派按兵不动风险",
      "href": "/investor/theses/thesis-2e367ef854/",
      "laneId": "lane_c0702fb29e08",
      "lane": "AI 再通胀/利率敏感资产",
      "laneHref": "/investor/lanes/ai-reflation-and-rate-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "跨资产配置策略：应对6月FOMC“按兵不动”与粘性通胀",
          "summary": "跨资产配置策略：应对6月FOMC“按兵不动”与粘性通胀 日期 / Date: 2026-05-29",
          "href": "/investor/reports/archive-30074f7470f9/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "XLE",
        "XLU",
        "TLT"
      ]
    },
    {
      "id": "thesis-6ae5e48f60",
      "title": "折算率冲击目前更像高估值拥挤交易的局部去杠杆，而非已经形成全市场融资平仓链条。",
      "titleEn": "Practical research topic: 折算率冲击目前更像高估值拥挤交易的局部去杠杆，而非已经形成全市场融资平仓链条。",
      "href": "/investor/theses/thesis-6ae5e48f60/",
      "laneId": "lane_968dd01cb43f",
      "lane": "A股半导体/两融负 Gamma",
      "laneHref": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "全球去杠杆与A股TMT板块估值及两融强平压力测试",
          "summary": "全球去杠杆与A股TMT板块估值及两融强平压力测试 研究记录 08：评估A股TMT板块在USD/JPY去杠杆引发的流动性收缩下的韧性与估值风险",
          "href": "/investor/reports/archive-35b600ea3f27/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "688012.SH",
        "588000.SH",
        "688008.SH"
      ]
    },
    {
      "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,
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      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "高实际利率与财政驱动下的AI硬件与半导体供应链景气度压力测试",
          "summary": "高实际利率与财政驱动下的AI硬件与半导体供应链景气度压力测试 工作日期： 2026-05-29 研究记录 分析师： TMT行业分析师 (tmt-analyst) 立场： stress-test",
          "href": "/investor/reports/archive-99cfbe81b6b0/",
          "stance": "risk",
          "stanceLabel": "风险"
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      "stockTickers": [
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        "NVDA",
        "ASML",
        "688012.SH",
        "000660.KS",
        "MU",
        "002916.SZ"
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    {
      "id": "thesis-4ad776c10c",
      "title": "地缘缓和致WTI重挫超6%至76.05美元，但美联储维持偏鹰加息倾向，通胀降温与高实际利率并存。这是否标志着上游资源品通胀红利估值逻辑的…",
      "titleEn": "Practical research topic: 地缘缓和致WTI重挫超6%至76.05美元，但美联储维持偏鹰加息倾向，通胀降温与高实际利率并存。这是否标志着上游资源品通胀红利估值逻辑的…",
      "href": "/investor/theses/thesis-4ad776c10c/",
      "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": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "资本开支热潮下的宏观负反馈：AI基建热潮对结构性通胀与美联储终端利率的挤压效应",
          "summary": "资本开支热潮下的宏观负反馈：AI基建热潮对结构性通胀与美联储终端利率的挤压效应",
          "href": "/investor/reports/archive-768462ac196c/",
          "stance": "supports",
          "stanceLabel": "支持"
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      "stockTickers": [
        "SLB",
        "OXY",
        "0883.HK"
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    {
      "id": "thesis-57faae4252",
      "title": "能源供应约束对AI基础设施资本开支效率的影响：电力缺口能否支撑超大规模厂商的扩容预期？",
      "titleEn": "Practical research topic: 能源供应约束对AI基础设施资本开支效率的影响：电力缺口能否支撑超大规模厂商的扩容预期？",
      "href": "/investor/theses/thesis-57faae4252/",
      "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": 78,
      "supports": 0,
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      "neutral": 0,
      "eventCount": 1,
      "events": [
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          "title": "专题研究报告：电力设备产业链产能瓶颈与AI基础设施并网摩擦",
          "summary": "作者： 工业制造分析师 (Industrials Analyst) 报告日期： 2026年5月29日 [2026-05-29] 研究来源：已归档 研究记录 立场： 支持 (Support - 支持将资产配置从传...",
          "href": "/investor/reports/archive-e530a3053373/",
          "stance": "risk",
          "stanceLabel": "风险"
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      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "600089.SH"
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    {
      "id": "thesis-db4939d8d8",
      "title": "核能/SMR：算力电力瓶颈的高波动映射",
      "titleEn": "Practical research topic: 核能/SMR：算力电力瓶颈的高波动映射",
      "href": "/investor/theses/thesis-db4939d8d8/",
      "laneId": "lane_136dd1c3c708",
      "lane": "云厂商自发电/电力资产",
      "laneHref": "/investor/lanes/cloud-self-generation-and-power-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
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      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-29 能源压力测试：AI 算力扩张的电力、电网与能源结构约束",
          "summary": "2026-05-29 能源压力测试：AI 算力扩张的电力、电网与能源结构约束 能源行业分析师研究报告 研究线程标识: [source-id-redacted] 既有研究记录 权威工作日期：2026-05-2...",
          "href": "/investor/reports/archive-1cdf446b3f06/",
          "stance": "risk",
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        }
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      "stockTickers": [
        "GEV",
        "CEG",
        "VST",
        "ETN"
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    {
      "id": "thesis-91cfb3e0f8",
      "title": "外汇防御若短促且境内冲销则可控；若持续收紧离岸CNH并恢复20%远期准备金，最大二次压力会落在地产信用修复和A股两融偿还，而非银行间总量…",
      "titleEn": "Practical research topic: 外汇防御若短促且境内冲销则可控；若持续收紧离岸CNH并恢复20%远期准备金，最大二次压力会落在地产信用修复和A股两融偿还，而非银行间总量…",
      "href": "/investor/theses/thesis-91cfb3e0f8/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "商业银行表内传导、项目抵押贷款与地产信用风险隔离压力测试报告",
          "summary": "商业银行表内传导、项目抵押贷款与地产信用风险隔离压力测试报告 分析时间： 2026-05-29 (Asia/Singapore) 分析师 ID： financials-analyst 研究立场： 压力测试 (stress-test)",
          "href": "/investor/reports/archive-72929bfed750/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "KRE",
        "TLT",
        "IEF"
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    {
      "id": "thesis-e12bcc0d59",
      "title": "PBOC汇率防守情景下的A股两融微观结构",
      "titleEn": "Practical research topic: PBOC汇率防守情景下的A股两融微观结构",
      "href": "/investor/theses/thesis-e12bcc0d59/",
      "laneId": "lane_070c58f355b5",
      "lane": "A股风险偏好/两融",
      "laneHref": "/investor/lanes/a-share-risk-appetite-and-margin/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "MSCI生效日（2026-05-29）压力测试：TMT尾盘波动会否通过两融与质押信用通道，传导为A股全市场流动...",
          "summary": "MSCI生效日（2026-05-29）压力测试：TMT尾盘波动会否通过两融与质押信用通道，传导为A股全市场流动性收缩？",
          "href": "/investor/reports/archive-4433aa459b4a/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "512100.SH"
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      "id": "thesis-ace402c8b6",
      "title": "科创板极端护盘对A股整体流动性的虹吸效应与跨板块资产配置调整 研究日期： 2026 05 22 作者： 首席策略师 (Chief Str…",
      "titleEn": "Practical research topic: 科创板极端护盘对A股整体流动性的虹吸效应与跨板块资产配置调整 研究日期： 2026 05 22 作者： 首席策略师 (Chief Str…",
      "href": "/investor/theses/thesis-ace402c8b6/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "MSCI生效日（2026-05-29）压力测试：TMT尾盘波动会否通过两融与质押信用通道，传导为A股全市场流动...",
          "summary": "MSCI生效日（2026-05-29）压力测试：TMT尾盘波动会否通过两融与质押信用通道，传导为A股全市场流动性收缩？",
          "href": "/investor/reports/archive-4433aa459b4a/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "P",
        "TLT",
        "IEF"
      ]
    },
    {
      "id": "thesis-979591277f",
      "title": "能源通胀粘性背景下美联储政策路径与美元走势及利差交易风险",
      "titleEn": "Practical research topic: 能源通胀粘性背景下美联储政策路径与美元走势及利差交易风险",
      "href": "/investor/theses/thesis-979591277f/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "能源价格下移的宏观外溢效应：三季度全球通胀预测重调与美联储、欧洲央行及人民银行政策空间展望",
          "summary": "能源价格下移的宏观外溢效应：三季度全球通胀预测重调与美联储、欧洲央行及人民银行政策空间展望 发布日期：2026-05-29 分析师：首席经济学家 (Chief Economist) 研究立场：支持 (Support) —...",
          "href": "/investor/reports/archive-e3364e456186/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "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": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "中概股与 ADR 隔夜监测报告 (2026-06-01)",
          "summary": "1. 核心结论 (Executive Summary) 市场情绪： 隔夜美股中概股表现分化且剧烈波动。纳斯达克金龙中国指数 (HXC) 下跌 2.2%，收报 6,586.58 点。 监管重击： 证监会 (CSRC) 联合多部门严厉打击未...",
          "href": "/investor/reports/archive-daf9566c0d5c/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "BABA",
        "MSFT",
        "BIDU",
        "9988.HK",
        "CRM",
        "0700.HK",
        "NVDA",
        "NOW",
        "9888.HK"
      ]
    },
    {
      "id": "thesis-10f0672291",
      "title": "科创50单日+8.41%后，团队应把硬科技升为中期主线，还是在两融、广度、ETF申赎确认前按拥挤反弹处理？",
      "titleEn": "Practical research topic: 科创50单日+8.41%后，团队应把硬科技升为中期主线，还是在两融、广度、ETF申赎确认前按拥挤反弹处理？",
      "href": "/investor/theses/thesis-10f0672291/",
      "laneId": "lane_968dd01cb43f",
      "lane": "A股半导体/两融负 Gamma",
      "laneHref": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 71,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026年6月A股资产配置再平衡：两融历史高位下“硬科技算力基建”与“高股息防御资产”的杠铃策略",
          "summary": "2026年6月A股资产配置再平衡：两融历史高位下“硬科技算力基建”与“高股息防御资产”的杠铃策略",
          "href": "/investor/reports/archive-4f46669821b7/",
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          "stanceLabel": "支持"
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      ],
      "stockTickers": [
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        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688008.SH",
        "688012.SH",
        "688041.SH"
      ]
    },
    {
      "id": "thesis-2a12467f9b",
      "title": "卫星电源壁垒需由发射节奏和单星价值量持续验证",
      "titleEn": "Satellite-power barriers require continued validation through launch cadence and content per spacecraft",
      "href": "/investor/theses/thesis-2a12467f9b/",
      "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": 70,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "重构科德数控AI订单驱动下的产能利用率与利润率传导模型及H2超配逻辑的证据闭环",
          "summary": "重构科德数控AI订单驱动下的产能利用率与利润率传导模型及H2超配逻辑的证据闭环",
          "href": "/investor/reports/archive-e05d390aec5a/",
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          "stanceLabel": "风险"
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      "stockTickers": [
        "RKLB",
        "ASTS",
        "600118.SH",
        "IRDM",
        "RDW",
        "LUNR",
        "LMT"
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    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI 硬件供应链：验证 SMCI/CRWV 风险波动下的服务器与半导体交付节奏",
          "summary": "AI 硬件供应链：验证 SMCI/CRWV 风险波动下的服务器与半导体交付节奏 TMT 行业分析研究报告 研究记录 权威工作日期：2026-05-29 分析师立场：支持 (SUPPORT)",
          "href": "/investor/reports/archive-d675cef4a323/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "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/",
      "laneId": "lane_74d352e86208",
      "lane": "端侧 AI/Agent 桌面",
      "laneHref": "/investor/lanes/edge-ai-and-agent-desktop-cycle/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 68,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "A股TMT产业链深研：具身智能边缘AI芯片与传感器技术突破及国产替代进度",
          "summary": "A股TMT产业链深研：具身智能边缘AI芯片与传感器技术突破及国产替代进度 报告日期： 2026-05-29 (亚洲/新加坡) 分析师 ID： TMT行业分析师 (tmt-analyst)",
          "href": "/investor/reports/archive-88b683f47a4e/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "MSFT",
        "NVDA",
        "META",
        "AAPL",
        "AMZN",
        "AMD",
        "ARM",
        "QCOM",
        "GOOGL",
        "002475.SZ"
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    },
    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "散户钝化与机构接棒的量化验证 —— 情绪分析师压力测试",
          "summary": "工作日:2026-05-29(亚洲/新加坡) - 研究记录 · 市场情绪师(sentiment-analyst)· 压力测试(stress-test) - 上游研究记录:既有研究记录(首席策略师 · initial) - 议题:用 WSB / FinTwi...",
          "href": "/investor/reports/archive-6611c359cec2/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "MSTR",
        "COIN",
        "IBIT",
        "HOOD",
        "RIOT",
        "NVDA",
        "LOW",
        "MARA"
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    {
      "id": "thesis-34ed317472",
      "title": "A股实施篮子的两融拥挤与流动性承载压力测试",
      "titleEn": "Practical research topic: A股实施篮子的两融拥挤与流动性承载压力测试",
      "href": "/investor/theses/thesis-34ed317472/",
      "laneId": "lane_070c58f355b5",
      "lane": "A股风险偏好/两融",
      "laneHref": "/investor/lanes/a-share-risk-appetite-and-margin/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 67,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "全球去杠杆与A股TMT板块估值及两融强平压力测试",
          "summary": "全球去杠杆与A股TMT板块估值及两融强平压力测试 研究记录 08：评估A股TMT板块在USD/JPY去杠杆引发的流动性收缩下的韧性与估值风险",
          "href": "/investor/reports/archive-35b600ea3f27/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "512100.SH"
      ]
    },
    {
      "id": "thesis-4749f7193b",
      "title": "云厂商自发电：公用事业信用与电力资产再定价",
      "titleEn": "Practical research topic: 云厂商自发电：公用事业信用与电力资产再定价",
      "href": "/investor/theses/thesis-4749f7193b/",
      "laneId": "lane_136dd1c3c708",
      "lane": "云厂商自发电/电力资产",
      "laneHref": "/investor/lanes/cloud-self-generation-and-power-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 67,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-29 能源压力测试：AI 算力的“电力墙”与电网并网风险",
          "summary": "2026-05-29 能源压力测试：AI 算力的“电力墙”与电网并网风险",
          "href": "/investor/reports/archive-090e20156c07/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "601985.SH"
      ]
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    {
      "id": "thesis-3f6ee4feb9",
      "title": "核电容量机制可改善现金流，但资本开支约束仍在",
      "titleEn": "Nuclear capacity mechanisms may improve cash flow, but capex remains binding",
      "href": "/investor/theses/thesis-3f6ee4feb9/",
      "laneId": "lane_22c1ed929e2e",
      "lane": "公用事业/电网信用",
      "laneHref": "/investor/lanes/utilities-grid-rate-base-and-credit/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI电力需求：‘表后发电’威胁与大类资产配置优化策略",
          "summary": "日期： 2026-05-29 分析师： asset-allocator (大类资产配置师) 状态： 初始策略报告",
          "href": "/investor/reports/archive-f0fe227e32ba/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "CEG",
        "AEP",
        "600025.SH",
        "DUK",
        "1816.HK",
        "NEE"
      ]
    },
    {
      "id": "thesis-a3cb9196a0",
      "title": "随着AI算力扩建撞上电力电网并网物理速度墙，变压器与硅钢（GOES）结构性缺口高达30%，投产延迟WACC损失巨大，形成约35倍的经济杠…",
      "titleEn": "Practical research topic: 随着AI算力扩建撞上电力电网并网物理速度墙，变压器与硅钢（GOES）结构性缺口高达30%，投产延迟WACC损失巨大，形成约35倍的经济杠…",
      "href": "/investor/theses/thesis-a3cb9196a0/",
      "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": 66,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-29 能源压力测试：AI 算力的“电力墙”与电网并网风险",
          "summary": "2026-05-29 能源压力测试：AI 算力的“电力墙”与电网并网风险",
          "href": "/investor/reports/archive-090e20156c07/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "ETN",
        "601179.SH",
        "600089.SH",
        "688676.SH",
        "CEG"
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    },
    {
      "id": "thesis-c2eb2a0b9d",
      "title": "AI 租赁营收的兑现并非取决于芯片购买量，而是取决于长达 2-4 年的电力交付周期，物理稀缺性正成为限制营收增速的硬顶。",
      "titleEn": "Practical research topic: AI 租赁营收的兑现并非取决于芯片购买量，而是取决于长达 2-4 年的电力交付周期，物理稀缺性正成为限制营收增速的硬顶。",
      "href": "/investor/theses/thesis-c2eb2a0b9d/",
      "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": 66,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-29 能源压力测试：AI 算力的“电力墙”与电网并网风险",
          "summary": "2026-05-29 能源压力测试：AI 算力的“电力墙”与电网并网风险",
          "href": "/investor/reports/archive-090e20156c07/",
          "stance": "risk",
          "stanceLabel": "风险"
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        "002028.SZ",
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        "600089.SH",
        "CEG",
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    },
    {
      "id": "thesis-a119a01ce4",
      "title": "评估AI算力能耗增长对电力与电网瓶颈的影响，以及能源成本压力如何传导至下游CXO产业链。",
      "titleEn": "Practical research topic: 评估AI算力能耗增长对电力与电网瓶颈的影响，以及能源成本压力如何传导至下游CXO产业链。",
      "href": "/investor/theses/thesis-a119a01ce4/",
      "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": 66,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-29 能源压力测试：AI 算力的“电力墙”与电网并网风险",
          "summary": "2026-05-29 能源压力测试：AI 算力的“电力墙”与电网并网风险",
          "href": "/investor/reports/archive-090e20156c07/",
          "stance": "risk",
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        "VST",
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        "CEG",
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        "600089.SH"
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    {
      "id": "thesis-b37a11e5a3",
      "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。",
      "href": "/investor/theses/thesis-b37a11e5a3/",
      "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": "2026-06-18 策略综合：FOMC 后 AI 算力复合体如何排兵布阵",
          "summary": "2026-06-18 策略综合：FOMC 后 AI 算力复合体如何排兵布阵",
          "href": "/investor/reports/archive-2fa1b0c03a18/",
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          "stanceLabel": "支持"
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      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS"
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    {
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      "count": 5
    },
    {
      "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": 4
    },
    {
      "id": "research-system",
      "labelZh": "综合研究",
      "labelEn": "Integrated research",
      "color": "yellow",
      "count": 1
    }
  ],
  "analystCounts": [
    {
      "label": "未识别",
      "count": 212
    },
    {
      "label": "深研主编",
      "count": 7
    },
    {
      "label": "日报总编",
      "count": 3
    },
    {
      "label": "债券分析师",
      "count": 1
    },
    {
      "label": "全球宏观分析师",
      "count": 1
    },
    {
      "label": "另类数据分析师",
      "count": 1
    },
    {
      "label": "能源行业分析师",
      "count": 1
    }
  ],
  "categoryCounts": [
    {
      "label": "其他",
      "count": 212
    },
    {
      "label": "综合编审",
      "count": 10
    },
    {
      "label": "固收与衍生品",
      "count": 1
    },
    {
      "label": "宏观与策略",
      "count": 1
    },
    {
      "label": "情绪与另类数据",
      "count": 1
    },
    {
      "label": "行业研究",
      "count": 1
    }
  ],
  "provenance": {
    "contemporaneous": true,
    "note": "This day view is assembled from public, date-stamped AI Institute research contracts."
  }
}