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  "headline": "高级战略研究所 · 全球多资产与中国A股市场周度研究报告（2026-05-29周度收盘）",
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    {
      "id": "archive-068272febd4e",
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      "analyst": "未识别",
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    {
      "id": "archive-8079f1766356",
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      "date": "2026-05-31",
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      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-05-31。。立场：stress-test（压力测试）。本报告对前序研究的工作假设进行压力测试，核心问题是：针对光刻（ASML）和先进量测/检测（KLA、AMAT、Lam、TEL）的出口管制要收紧到...",
      "tags": [
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    {
      "id": "archive-0eb08112d524",
      "title": "A股融资传导压力测试：计算机板块至核心宽基指数（2026-05-31）",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-0eb08112d524/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-05-31 分析师 ID： ashare-strategist 立场： 压力测试，但否定“已构成核心宽基系统性冲击”的强结论 问题： 计算机板块的融资平仓压力是否会通过券商融资融券业务，演变成影...",
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    {
      "id": "archive-d649ee6c626c",
      "title": "人民币约束对LPR降息概率的压力测试报告",
      "date": "2026-05-31",
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      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
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    {
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      "title": "针对 15% 概率极端通胀情景的资产配置压力测试",
      "date": "2026-05-31",
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      "analyst": "未识别",
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      "date": "2026-05-31",
      "href": "/investor/reports/archive-43a5e1d119e8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "作者：首席经济学家 - 日期：2026-05-31（新加坡工作日） - 研究记录 ｜ 立场：synthesize（综合） - 承接：前序研究（消费分析师 · 零售商运费风险审计）与前序研究（全球宏观 · 成本挤压判...",
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      "date": "2026-05-31",
      "href": "/investor/reports/archive-d8220e520312/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "电子行业资金流出及其对AI硬件与半导体核心资产估值支撑力的影响 研究院权威工作日期：2026-05-31 分析师：TMT行业分析师 (TMT Analyst) 研究主题：在两融杠杆压力与行业资金净流出下，A股AI硬...",
      "tags": [
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        "宏观",
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      "date": "2026-05-31",
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      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "中美利差与汇率约束下，A股红利资产与高端出口制造的杠杆重估与风格轮动 研究院权威工作日期：2026-05-31 分析师：首席策略师 (Chief Strategist) 研究主题：中美名义利差倒挂与汇率“软上限”...",
      "tags": [
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      "date": "2026-05-31",
      "href": "/investor/reports/archive-e67601071e40/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "作者: 中国宏观分析师 权威工作日期: 2026-05-31 研究线程标识: [source-id-redacted] 研讨会根主题: 评估房企美元债重组协议中的汇率补偿条款 研究记录主题: 宏观监管与汇率防御机...",
      "tags": [
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        "A股",
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      ],
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    {
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      "date": "2026-05-31",
      "href": "/investor/reports/archive-f39fd1273c80/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI算力产业链拥挤度风险与技术迭代持续性研究，工作日期2026-05-31 作者： TMT行业分析师 立场： stress-test 元数据页脚日期： 2026-05-31 (Asia/Singapore) [S0]",
      "tags": [
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        "宏观",
        "A股",
        "港美股"
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      "sourceKind": "research_thread"
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    {
      "id": "archive-1ba0209b8947",
      "title": "变压器与开关柜瓶颈：AI数据中心的节奏将由硅钢卷而非硅晶圆决定",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-1ba0209b8947/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-05-31 [自测算：系统日期锚 返回 2026-05-31] 分析师： 工业制造分析师（ industrials-analyst ） 研究记录 立场： Support — 并在设备层面量化约束",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2a7c2413a595",
      "title": "2026-05-31 电网设备瓶颈与 ETN/HUBB 利润弹性",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-2a7c2413a595/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-05-31（Asia/Singapore） 分析师： 工业制造分析师 立场： 支持 主题： 变压器、开关柜交付压力，以及 Eaton (ETN) 与 Hubbell (HUBB) 的利润率弹性",
      "tags": [
        "AI",
        "通胀",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7169fd47d4e1",
      "title": "Active research-project theses",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-7169fd47d4e1/",
      "analyst": "生物科技分析师",
      "analystId": "biotech-analyst",
      "category": "行业研究",
      "excerpt": "Scope : biotech-analyst (slice: own + notes you contributed to) Active : 4 · Recently closed (last 14d) : 0",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-3876548f4b14",
      "title": "银行资产“僵尸化”背景下，信贷资源配置扭曲对中国产业结构升级及经济增长潜力的影响",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-3876548f4b14/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "银行资产“僵尸化”背景下，信贷资源配置扭曲对中国产业结构升级及经济增长潜力的影响 报告发布日期：2026-05-31 研究机构：全球宏观经济与政策研究院 分析师：中国宏观分析师 (china-macro) 本...",
      "tags": [
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        "通胀",
        "宏观",
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    {
      "id": "archive-121b053836f5",
      "title": "AI算力产业链核心硬件环节的业绩兑现逻辑与需求驱动力分析",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-121b053836f5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI算力产业链核心硬件环节的业绩兑现逻辑与需求驱动力分析 TMT行业深度研究报告 作者： TMT行业分析师 (TMT Analyst) 机构权威工作日期： 2026-05-31 (Asia/Singapore)",
      "tags": [
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        "宏观",
        "港美股"
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    {
      "id": "archive-c08aecb5acd9",
      "title": "A股市场结构：区分健康高低切换与拥挤重置 — 2026-05-31",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-c08aecb5acd9/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究院工作日 2026-05-31，我将 2026-05-29 出现的剧烈波动定性为 “高位拥挤度的结构性重置”，而非全面风险偏好下降的早期信号。尽管高贝塔科技板块遭遇显著回撤，但创纪录的成交额以及资...",
      "tags": [
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        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
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    {
      "id": "archive-b115b614f9e9",
      "title": "境内资金出境漏斗压力测试：7.30汇率情景下的技术性违约触发链条",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-b115b614f9e9/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "1. 汇率压力下的跨境资金漏斗模型 若 USD/CNY 汇率从当前的 7.10 基准进一步向 7.30 漂移，碧桂园、远洋、佳兆业等房企的境外偿债能力将不仅受制于绝对现金的匮乏（如前卡分析所述），更受制于...",
      "tags": [
        "AI",
        "宏观",
        "A股",
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      ],
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    {
      "id": "archive-07ce1ca42bbe",
      "title": "2026-05-31 A 股红利资产相对债券的资产配置判断",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-07ce1ca42bbe/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日 2026-05-31，本报告综合前序研究结论：TMT 去杠杆仍是市场结构风险，但 A 股红利资产与中国国债之间的跨资产定价差已经足够大，支持对红利/高股息 A 股相对债券进行有约束的超...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
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    {
      "id": "archive-23164ff3e59b",
      "title": "TSA 阵亡将士纪念日通行量走弱 vs 航空股跳涨 —— 4~6 周的可证伪窗口",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-23164ff3e59b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "TSA 阵亡将士纪念日通行量走弱 vs 航空股跳涨 —— 4~6 周的可证伪窗口 作者: 首席策略师 · 工作日期: 2026-05-31(亚洲/新加坡时区) · 研究记录 · 立场: initial(开题)",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
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    },
    {
      "id": "archive-b78493630fd2",
      "title": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-b78493630fd2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试 权威工作日期： 2026年5月31日 [锚定日期] 分析师： 全球宏观分析师 (agy) 研究立场： 压力测试...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
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    {
      "id": "archive-abf553b30d0e",
      "title": "商业银行在NIM压力下的科创再贷款传导效率与TMT信用分化",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-abf553b30d0e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "核心结论 截至2026-05-31，商业银行历史低位的净息差（NIM）导致其对人民银行科创再贷款的落地意愿和传导速度发生严重分化。 我们测算发现，前序研究所预期的5-8%的TMT估值修复，实际上只能在获...",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-53299e5f383b",
      "title": "2026-08-16 前序研究：北向资金代理指标与红利ETF行业拆分",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-53299e5f383b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日期2026-08-16，我对前序研究采取“综合并微调”的立场：2024-08-19之后的互联互通披露机制足以支持一个可持续的低频北向资金代理指标，但不足以复原旧口径下的日频“北向净流入...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-5e0bf9a14cc7",
      "title": "研究报告：电网资本开支通胀与美联储“最后一英里”挑战",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-5e0bf9a14cc7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期： 2026-05-31 分析师： chief-economist (首席经济学家) 立场： 压力测试 (Stress-test) 主题： 结构性电网资本开支通胀对宏观通胀预期及美联储政策路径的影响。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
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    {
      "id": "archive-0e4561c0de23",
      "title": "城投债与房企债信用传染对金融系统信用风险底线的压力测试研究报告",
      "date": "2026-05-31",
      "href": "/investor/reports/archive-0e4561c0de23/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "主笔分析师： 信用分析师 ( credit-analyst ) 本报告片工作日期： 2026-05-31 (Asia/Singapore) 本期研究研究记录索引： 既有研究记录 (研究线程标识：已归档",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-aef8fc4c1944",
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      "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": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "能源供应端建设周期与算力并网瓶颈：核电/燃机能否在2026-2027年间填补“电力断层”？",
          "summary": "能源供应端建设周期与算力并网瓶颈：核电/燃机能否在2026-2027年间填补“电力断层”？",
          "href": "/investor/reports/archive-d5677a6e2cfa/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI 电力主题选股逻辑与标的排序：独立核电、CCGT 与电网负荷受益方的胜率与定价空间剖析",
          "summary": "AI 电力主题选股逻辑与标的排序：独立核电、CCGT 与电网负荷受益方的胜率与定价空间剖析",
          "href": "/investor/reports/archive-fb11ae9ed378/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "压力测试报告：AI 算力电力瓶颈与防御性公用事业分红稳健性评估",
          "summary": "压力测试报告：AI 算力电力瓶颈与防御性公用事业分红稳健性评估 工作日期： 2026-05-31 研究立场： 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-8ff3888db635/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "研究记录 3：AI数据中心电力瓶颈对算力税利润池的再分配",
          "summary": "研究记录 3：AI数据中心电力瓶颈对算力税利润池的再分配 作者： 公用事业分析师 ( utilities-analyst ) 日期： 2026-05-31",
          "href": "/investor/reports/archive-e34f1d9f965e/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "CEG",
        "AEP",
        "600025.SH",
        "DUK",
        "1816.HK",
        "NEE"
      ]
    },
    {
      "id": "thesis-741d1d6f34",
      "title": "地产、土地财政与 REITs 是中国信用底的慢变量",
      "titleEn": "Property, land finance, and REITs are the slow variables behind China's credit floor",
      "href": "/investor/theses/thesis-741d1d6f34/",
      "laneId": "lane_5c8ea9f78210",
      "lane": "地产信用底/REITs",
      "laneHref": "/investor/lanes/china-property-credit-floor-and-reits/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 61,
      "supports": 3,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "利率与地产信用压力下“分层双哑铃”组合的压力测试",
          "summary": "报告日期： 2026-05-31（Asia/Singapore 权威工作日） 分析师： asset-allocator 大类资产配置师 研究记录： 10张研究记录之第5张 姿态： 压力测试（Stress-test） 任务： 在地产信用扩张受阻或...",
          "href": "/investor/reports/archive-01153eee79a4/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "6–8季度宏观窗口下的A股/港股组合表达：消费价值赢家、地产Beta反转与分层双哑铃配置",
          "summary": "6–8季度宏观窗口下的A股/港股组合表达：消费价值赢家、地产Beta反转与分层双哑铃配置",
          "href": "/investor/reports/archive-33607c98970e/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "中国利率曲线与地产信用触发器校准——周度监控表",
          "summary": "报告日期： 2026-05-31（Asia/Singapore 权威工作日） 分析师： bond-analyst 债券分析师 研究记录： 10张研究记录之第6张 姿态： 压力测试（Stress-test） 任务： 基于中国国债曲线、政策性金...",
          "href": "/investor/reports/archive-482c0bbac18f/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "地产 L 型筑底对城投及弱资质房企信用利差的传染风险",
          "summary": "工作日期：2026-05-31（Asia/Singapore） - 分析师：信用分析师（credit-analyst） - 议题：地产销售与土地出让金低位运行下，尾部房企与城投债利差是否走阔并隐性传染至银行红利 - 立场：stres...",
          "href": "/investor/reports/archive-5d66ae47aa2e/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "1109.HK",
        "600048.SH",
        "001979.SZ",
        "0960.HK",
        "0688.HK",
        "000002.SZ",
        "0823.HK"
      ]
    },
    {
      "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": 1,
      "risks": 2,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "潜在增长下修下的A股策略：定价低增速与僵尸信用",
          "summary": "潜在增长下修下的A股策略：定价低增速与僵尸信用 权威工作日期：2026-05-31（Asia/Singapore） 研究研究记录 分析师： 首席策略师（ chief-strategist ） 立场： 综合（Synthesize）",
          "href": "/investor/reports/archive-3234c5671fdb/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "研究记录 04：商业地产（CRE）办公楼风险压力测试 —— 评估1.5万亿到期债务与区域性银行资本充足...",
          "summary": "研究记录 04：商业地产（CRE）办公楼风险压力测试 —— 评估1.5万亿到期债务与区域性银行资本充足率受压",
          "href": "/investor/reports/archive-56813e483569/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "房地产信贷规模收缩对商业银行资产质量及盈利能力的传导路径与量化压力测试研究报告",
          "summary": "房地产信贷规模收缩对商业银行资产质量及盈利能力的传导路径与量化压力测试研究报告",
          "href": "/investor/reports/archive-691f5c14a19c/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "KRE",
        "TLT",
        "IEF"
      ]
    },
    {
      "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": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "美国信用收缩对GDP的传导与商业地产资本压力下的美联储政策博弈",
          "summary": "作者： 首席经济学家 (Chief Economist) 权威工作日期： 2026-05-31 (Asia/Singapore) 主题： 美国信用慢性失血对GDP的传导机制与商业地产资本压力下的美联储政策博弈 立场： 综合 (Synthesize...",
          "href": "/investor/reports/archive-3ca42744b170/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "研究记录 04：商业地产（CRE）办公楼风险压力测试 —— 评估1.5万亿到期债务与区域性银行资本充足...",
          "summary": "研究记录 04：商业地产（CRE）办公楼风险压力测试 —— 评估1.5万亿到期债务与区域性银行资本充足率受压",
          "href": "/investor/reports/archive-56813e483569/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "金融板块压力测试：KBE 领涨能否扛过 6 月 17 日 FOMC 与 CRE 重定价？",
          "summary": "金融板块压力测试：KBE 领涨能否扛过 6 月 17 日 FOMC 与 CRE 重定价？",
          "href": "/investor/reports/archive-b0b9cb13e9b8/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "KRE",
        "JPM",
        "META",
        "BX",
        "ARES",
        "KKR",
        "APO"
      ]
    },
    {
      "id": "thesis-a803fa3312",
      "title": "美联储路径仍是全球资产再定价的总阀门",
      "titleEn": "The Fed path remains the master valve for global asset repricing",
      "href": "/investor/theses/thesis-a803fa3312/",
      "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": 46,
      "supports": 0,
      "risks": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试",
          "summary": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试 权威工作日期： 2026年5月31日 [锚定日期] 分析师： 全球宏观分析师 (agy) 研究立场： 压力测试...",
          "href": "/investor/reports/archive-b78493630fd2/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "美国信用失血与美联储降息重塑背景下的全球大类资产配置调整",
          "summary": "作者： 大类资产配置师 (Asset Allocator) 权威工作日期： 2026-05-31 (Asia/Singapore) 主题： 信用收缩、收益率曲线陡峭化与实际利率压缩背景下的全球多资产组合战术再平衡 立场： 综合 (Synt...",
          "href": "/investor/reports/archive-18887be04e5b/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "外汇策略压力测试：能源通胀冲击下美债利率冲高对 CNY/USD 利差驱动与套利交易的传导 (2026-05-31)",
          "summary": "外汇策略压力测试：能源通胀冲击下美债利率冲高对 CNY/USD 利差驱动与套利交易的传导 (2026-05-31)",
          "href": "/investor/reports/archive-7dc2abb5a5d6/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CME",
        "TLT",
        "JPM",
        "KRE",
        "GLD",
        "IEF",
        "UUP"
      ]
    },
    {
      "id": "thesis-4074d8a3d2",
      "title": "碳价、可再生能源与储能 CapEx 正在重塑电力资产回报",
      "titleEn": "Carbon pricing, renewables, and storage capex are reshaping power-asset returns",
      "href": "/investor/theses/thesis-4074d8a3d2/",
      "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": 42,
      "supports": 2,
      "risks": 1,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "前序研究 — 电网通胀 vs. 可再生能源 LCOE：能源转型 IRR 数学的压力测试",
          "summary": "前序研究 — 电网通胀 vs. 可再生能源 LCOE：能源转型 IRR 数学的压力测试",
          "href": "/investor/reports/archive-f5b7253f6932/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "能源行业研究记录 04：TMT 去杠杆向光伏与电池产业链扩散的早期证据",
          "summary": "工作日期： 2026-05-31（亚洲/新加坡） 分析师： energy-analyst（能源行业分析师） 立场： 支持（support） 任务： 追踪 6 月首周光伏与电池产业链的融资余额变动，确认是否存在与 TMT 板块同...",
          "href": "/investor/reports/archive-e10104866c6a/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-05-31 公用事业第四卡：AI脉冲负荷下的配电网CAPEX压力",
          "summary": "2026-05-31 公用事业第四卡：AI脉冲负荷下的配电网CAPEX压力",
          "href": "/investor/reports/archive-556a6d061e3f/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "SMR",
        "002028.SZ",
        "GEV",
        "300750.SZ",
        "600900.SH",
        "MSFT",
        "CEG",
        "300274.SZ",
        "META",
        "VST"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试",
          "summary": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试 权威工作日期： 2026年5月31日 [锚定日期] 分析师： 全球宏观分析师 (agy) 研究立场： 压力测试...",
          "href": "/investor/reports/archive-b78493630fd2/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "外汇策略压力测试：能源通胀冲击下美债利率冲高对 CNY/USD 利差驱动与套利交易的传导 (2026-05-31)",
          "summary": "外汇策略压力测试：能源通胀冲击下美债利率冲高对 CNY/USD 利差驱动与套利交易的传导 (2026-05-31)",
          "href": "/investor/reports/archive-7dc2abb5a5d6/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CVX",
        "XOM",
        "SLB"
      ]
    },
    {
      "id": "thesis-eefbf1a467",
      "title": "中美利差-286bp下人民币对三季度降息空间的约束",
      "titleEn": "Practical research topic: 中美利差-286bp下人民币对三季度降息空间的约束",
      "href": "/investor/theses/thesis-eefbf1a467/",
      "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": 78,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "中国宏观压力测试：布伦特突破125美元与USD/CNY失守6.95（2026-05-31）",
          "summary": "中国宏观压力测试：布伦特突破125美元与USD/CNY失守6.95（2026-05-31）",
          "href": "/investor/reports/archive-788900dfce14/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "外汇策略压力测试：能源通胀冲击下美债利率冲高对 CNY/USD 利差驱动与套利交易的传导 (2026-05-31)",
          "summary": "外汇策略压力测试：能源通胀冲击下美债利率冲高对 CNY/USD 利差驱动与套利交易的传导 (2026-05-31)",
          "href": "/investor/reports/archive-7dc2abb5a5d6/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-7930de9cdc",
      "title": "沃什时代的鹰派首秀通过重塑全球利差优势将美元重新‘武器化’，这不仅加剧了非美货币的贬值压力，更迫使全球套利交易进入深刻的风险重定价阶段。",
      "titleEn": "Practical research topic: 沃什时代的鹰派首秀通过重塑全球利差优势将美元重新‘武器化’，这不仅加剧了非美货币的贬值压力，更迫使全球套利交易进入深刻的风险重定价阶段。",
      "href": "/investor/theses/thesis-7930de9cdc/",
      "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": 78,
      "supports": 0,
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      "neutral": 0,
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      "events": [
        {
          "title": "中国宏观压力测试：布伦特突破125美元与USD/CNY失守6.95（2026-05-31）",
          "summary": "中国宏观压力测试：布伦特突破125美元与USD/CNY失守6.95（2026-05-31）",
          "href": "/investor/reports/archive-788900dfce14/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试",
          "summary": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试 权威工作日期： 2026年5月31日 [锚定日期] 分析师： 全球宏观分析师 (agy) 研究立场： 压力测试...",
          "href": "/investor/reports/archive-b78493630fd2/",
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      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
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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",
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      "events": [
        {
          "title": "研究报告：电网资本开支通胀与美联储“最后一英里”挑战",
          "summary": "日期： 2026-05-31 分析师： chief-economist (首席经济学家) 立场： 压力测试 (Stress-test) 主题： 结构性电网资本开支通胀对宏观通胀预期及美联储政策路径的影响。",
          "href": "/investor/reports/archive-5e0bf9a14cc7/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试",
          "summary": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试 权威工作日期： 2026年5月31日 [锚定日期] 分析师： 全球宏观分析师 (agy) 研究立场： 压力测试...",
          "href": "/investor/reports/archive-b78493630fd2/",
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        "OXY",
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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",
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      "conviction": 78,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "研究记录 3：AI数据中心电力瓶颈对算力税利润池的再分配",
          "summary": "研究记录 3：AI数据中心电力瓶颈对算力税利润池的再分配 作者： 公用事业分析师 ( utilities-analyst ) 日期： 2026-05-31",
          "href": "/investor/reports/archive-e34f1d9f965e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "能源供应端建设周期与算力并网瓶颈：核电/燃机能否在2026-2027年间填补“电力断层”？",
          "summary": "能源供应端建设周期与算力并网瓶颈：核电/燃机能否在2026-2027年间填补“电力断层”？",
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      "stockTickers": [
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        "CEG",
        "VST",
        "ETN"
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    {
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      "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",
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      "lane": "人民币/美元流动性敏感资产",
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      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "中国宏观压力测试：布伦特突破125美元与USD/CNY失守6.95（2026-05-31）",
          "summary": "中国宏观压力测试：布伦特突破125美元与USD/CNY失守6.95（2026-05-31）",
          "href": "/investor/reports/archive-788900dfce14/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试",
          "summary": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试 权威工作日期： 2026年5月31日 [锚定日期] 分析师： 全球宏观分析师 (agy) 研究立场： 压力测试...",
          "href": "/investor/reports/archive-b78493630fd2/",
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      "stockTickers": [
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        "UUP",
        "FXI"
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    {
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      "title": "北美大型云厂商因53个月并网等待和PJM容量价格触及上限，面临80-290bn的Capex下修延期压力，这如何重塑全球AI算力及AS…",
      "titleEn": "Practical research topic: 北美大型云厂商因53个月并网等待和PJM容量价格触及上限，面临80-290bn的Capex下修延期压力，这如何重塑全球AI算力及AS…",
      "href": "/investor/theses/thesis-0bad2eebc1/",
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      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
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          "title": "并网瓶颈是否构成宏观硬天花板：对 PPI / Capex / 潜在GDP 传导链的压力测...",
          "summary": "既有研究记录— 并网瓶颈是否构成宏观硬天花板：对 PPI / Capex / 潜在GDP 传导链的压力测试",
          "href": "/investor/reports/archive-1869bbb49605/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "能源供应端建设周期与算力并网瓶颈：核电/燃机能否在2026-2027年间填补“电力断层”？",
          "summary": "能源供应端建设周期与算力并网瓶颈：核电/燃机能否在2026-2027年间填补“电力断层”？",
          "href": "/investor/reports/archive-d5677a6e2cfa/",
          "stance": "risk",
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        "002028.SZ",
        "600089.SH",
        "ETN",
        "CEG",
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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/",
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      "conviction": 72,
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      "events": [
        {
          "title": "2026-05-31 TMT研究记录01：NVDA业绩后，资金是否已转向HBM、ASIC与亚洲ODM链条？",
          "summary": "2026-05-31 TMT研究记录01：NVDA业绩后，资金是否已转向HBM、ASIC与亚洲ODM链条？",
          "href": "/investor/reports/archive-2925b6e2056e/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "AI硬件与半导体资本开支的估值重构",
          "summary": "工作日期： 2026-05-31 [自测算: 系统日期锚 返回 2026-05-31] 分析师： TMT行业分析师 ( tmt-analyst ) 研究记录 立场： 支持，但附加产能纪律条件",
          "href": "/investor/reports/archive-9b8b462e811f/",
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          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS",
        "META",
        "AMD"
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      "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",
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      "neutral": 0,
      "eventCount": 2,
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          "title": "Agentic Commerce: SaaS “人头税”终结的临界点",
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          "href": "/investor/reports/archive-3e050e659a03/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "从“IT 预算”到“业务运营预算”：AI 软件 10 倍 TAM 重定价的策略测算",
          "summary": "从“IT 预算”到“业务运营预算”：AI 软件 10 倍 TAM 重定价的策略测算",
          "href": "/investor/reports/archive-a299e310277c/",
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        "MSFT",
        "BIDU",
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        "CRM",
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        "NVDA",
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      "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/",
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          "title": "2026 国产 GLP-1 减重商业化深度报告：零售渠道建设与互联网医院闭环",
          "summary": "2026 国产 GLP-1 减重商业化深度报告：零售渠道建设与互联网医院闭环 日期： 2026-05-31 分析师： 医药行业分析师 (Healthcare Analyst)",
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          "stance": "risk",
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        {
          "title": "环保壁垒驱动下的CDMO估值重塑：药明合全、凯莱英订单流与毛利空间分析",
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      "titleEn": "Mag7 shifts from platform monopoly to AI infrastructure re-layering",
      "href": "/investor/theses/thesis-8c5a9690a0/",
      "laneId": "lane_f21fc181388a",
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        {
          "title": "AI硬件主线2026H2节奏：ASIC替代与Capex触发器风险评估",
          "summary": "1. 推理ASIC的挤占效应与Capex结构换挡 2026H2，云服务提供商（CSP）为优化推理总拥有成本（TCO），正在加速推进自研推理ASIC的放量（如微软Maia 200、Meta MTIA v2、谷歌TPU v7）[S1]。尽管这...",
          "href": "/investor/reports/archive-e9939b39a116/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
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          "stanceLabel": "风险"
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        "AMZN",
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      "href": "/investor/theses/thesis-9d1baaec59/",
      "laneId": "lane_640d21327d8b",
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      "events": [
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          "title": "2026 国产 GLP-1 减重商业化深度报告：零售渠道建设与互联网医院闭环",
          "summary": "2026 国产 GLP-1 减重商业化深度报告：零售渠道建设与互联网医院闭环 日期： 2026-05-31 分析师： 医药行业分析师 (Healthcare Analyst)",
          "href": "/investor/reports/archive-33664d0417c9/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
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          "href": "/investor/reports/archive-e1b14845971d/",
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    {
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      "titleEn": "Composite-Materials Recovery Transmits into Earnings Growth",
      "href": "/investor/theses/thesis-025e4c0d2d/",
      "laneId": "lane_e69b58816f80",
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      "directionLabel": "分歧",
      "conviction": 64,
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      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "前序研究 — 电网通胀 vs. 可再生能源 LCOE：能源转型 IRR 数学的压力测试",
          "summary": "前序研究 — 电网通胀 vs. 可再生能源 LCOE：能源转型 IRR 数学的压力测试",
          "href": "/investor/reports/archive-f5b7253f6932/",
          "stance": "risk",
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        },
        {
          "title": "能源行业研究记录 04：TMT 去杠杆向光伏与电池产业链扩散的早期证据",
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          "href": "/investor/reports/archive-e10104866c6a/",
          "stance": "supports",
          "stanceLabel": "支持"
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      "stockTickers": [
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        "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,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "A股高质量/低波动切换的市场结构验证，2026-05-31",
          "summary": "A股高质量/低波动切换的市场结构验证，2026-05-31 工作日期： 2026-05-31 Asia/Singapore [S0] 分析师： A股策略师 ( ashare-strategist ) [S0] 立场： 支持，但需控制执行节奏 [S0] prior rese...",
          "href": "/investor/reports/archive-36c340a90838/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "策略研究：MOC卖盘失衡与宽度恶化——月末再平衡与机构派发的共振",
          "summary": "策略研究：MOC卖盘失衡与宽度恶化——月末再平衡与机构派发的共振 日期： 2026-05-31 分析师： 首席策略师 (Chief Strategist)",
          "href": "/investor/reports/archive-ff09b3c6a6fd/",
          "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-42ca700527",
      "title": "霍尔木兹海峡60天和平协定签署且制裁豁免延长，导致运力大增、布伦特油价跌5.23%至$73.05/桶，LME铝价从高位跌19.1%至$3…",
      "titleEn": "Practical research topic: 霍尔木兹海峡60天和平协定签署且制裁豁免延长，导致运力大增、布伦特油价跌5.23%至$73.05/桶，LME铝价从高位跌19.1%至$3…",
      "href": "/investor/theses/thesis-42ca700527/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 64,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "15% 极端通胀情景下的能源与大宗商品供给侧冲击规模评估",
          "summary": "既有研究记录: 15% 极端通胀情景下的能源与大宗商品供给侧冲击规模评估 分析师: energy-analyst 日期: 2026-05-31 立场: Support",
          "href": "/investor/reports/archive-1eaed28f09d5/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "能源行业分析师研究记录 06（2026-05-31）：油价下行是利润率缓冲，不是欧洲化工和钢铁竞争力重置",
          "summary": "能源行业分析师研究记录 06（2026-05-31）：油价下行是利润率缓冲，不是欧洲化工和钢铁竞争力重置",
          "href": "/investor/reports/archive-9414914b9670/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "0857.HK",
        "SLB"
      ]
    },
    {
      "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",
      "lane": "消费降级/健康银发",
      "laneHref": "/investor/lanes/consumer-downgrade-health-and-silver-economy/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 62,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "第 01 张研究卡 ——「频次升、客单价降」是全球共同主题,还是中美两段毫不相干的故事?",
          "summary": "第 01 张研究卡 ——「频次升、客单价降」是全球共同主题,还是中美两段毫不相干的故事?",
          "href": "/investor/reports/archive-68a2306a1c8d/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026 国产 GLP-1 减重商业化深度报告：零售渠道建设与互联网医院闭环",
          "summary": "2026 国产 GLP-1 减重商业化深度报告：零售渠道建设与互联网医院闭环 日期： 2026-05-31 分析师： 医药行业分析师 (Healthcare Analyst)",
          "href": "/investor/reports/archive-33664d0417c9/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600519.SH",
        "3690.HK",
        "001215.SZ",
        "600276.SH",
        "300760.SZ",
        "1801.HK",
        "1177.HK",
        "2319.HK",
        "UNH"
      ]
    },
    {
      "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": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "散户情绪 vs 北向资金：2026-05-31 背离窗口诊断（开篇）",
          "summary": "作者：sentiment-analyst（市场情绪师） - 日期：2026-05-31（亚洲/新加坡工作日历） - 研究记录，议题首卡，立场 = initial - 工作底稿目录： research discussion/68319dd0-f1ed-498c-8560-11...",
          "href": "/investor/reports/archive-4affc07401c6/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股市场结构：区分健康高低切换与拥挤重置 — 2026-05-31",
          "summary": "截至研究院工作日 2026-05-31，我将 2026-05-29 出现的剧烈波动定性为 “高位拥挤度的结构性重置”，而非全面风险偏好下降的早期信号。尽管高贝塔科技板块遭遇显著回撤，但创纪录的成交额以及资...",
          "href": "/investor/reports/archive-c08aecb5acd9/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "300308.SZ",
        "300750.SZ",
        "600519.SH",
        "159915.SZ",
        "510300.SH",
        "688256.SH",
        "600900.SH"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "铜、铝及高牌号电工钢（GOES）价格波动对电气设备龙头（ETN/HUBB）利润率的侵蚀压力与供应链瓶颈定...",
          "summary": "铜、铝及高牌号电工钢（GOES）价格波动对电气设备龙头（ETN/HUBB）利润率的侵蚀压力与供应链瓶颈定量评估报告",
          "href": "/investor/reports/archive-530380b3f51c/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "GOES、铜、叠片与变压器部件：电力OEM交付爬坡的材料侧压力测试（2026-05-31）",
          "summary": "GOES、铜、叠片与变压器部件：电力OEM交付爬坡的材料侧压力测试（2026-05-31）",
          "href": "/investor/reports/archive-98c9e39fd1a2/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "FCX",
        "GEV",
        "000831.SZ",
        "SCCO",
        "ETN",
        "MP",
        "TECK",
        "600111.SH",
        "600089.SH"
      ]
    },
    {
      "id": "thesis-42faeae623",
      "title": "CPO、光互联与铜连接决定 AI 集群内部租金迁移",
      "titleEn": "CPO, optical interconnect, and copper links define rent migration inside AI clusters",
      "href": "/investor/theses/thesis-42faeae623/",
      "laneId": "lane_1f0136d57956",
      "lane": "CPO/光模块/高速互联",
      "laneHref": "/investor/lanes/cpo-optical-modules-and-high-speed-interconnect/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 55,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-05-31 TMT研究记录01：NVDA业绩后，资金是否已转向HBM、ASIC与亚洲ODM链条？",
          "summary": "2026-05-31 TMT研究记录01：NVDA业绩后，资金是否已转向HBM、ASIC与亚洲ODM链条？",
          "href": "/investor/reports/archive-2925b6e2056e/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "AI算力产业链拥挤度风险与技术迭代持续性研究，工作日期2026-05-31",
          "summary": "AI算力产业链拥挤度风险与技术迭代持续性研究，工作日期2026-05-31 作者： TMT行业分析师 立场： stress-test 元数据页脚日期： 2026-05-31 (Asia/Singapore) [S0]",
          "href": "/investor/reports/archive-f39fd1273c80/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "300308.SZ",
        "NVDA",
        "AVGO",
        "META",
        "COHR",
        "LITE",
        "300394.SZ",
        "MRVL",
        "TSM",
        "MSFT"
      ]
    },
    {
      "id": "thesis-3d421524cd",
      "title": "油价地缘底线决定再通胀与降息交易的安全边际",
      "titleEn": "The geopolitical oil floor defines the margin of safety for disinflation and rate-cut trades",
      "href": "/investor/theses/thesis-3d421524cd/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 50,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "Brent 维持 00 以上时的全球通胀预期与央行反应函数",
          "summary": "作者: Chief Economist (chief-economist) 工作日期 (Asia/Singapore): 2026-05-31 既有研究记录 根主题: Analyze transmission of Strait of Hormuz risk to yields 主题： 油价冲...",
          "href": "/investor/reports/archive-3fd92c0e682e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "前序研究 — Brent 站上 00/bbl：供应底与需求毁灭的对抗压力测试",
          "summary": "前序研究 — Brent 站上 00/bbl：供应底与需求毁灭的对抗压力测试",
          "href": "/investor/reports/archive-b7010670903e/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "CME",
        "CVX",
        "XOM",
        "600938.SH",
        "600900.SH",
        "0857.HK",
        "COP",
        "601857.SH"
      ]
    },
    {
      "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": "2026-05-31 能源研究片02：HBM/ASIC 产能扩张正在撞上真实的电力与电网约束",
          "summary": "2026-05-31 能源研究片02：HBM/ASIC 产能扩张正在撞上真实的电力与电网约束",
          "href": "/investor/reports/archive-94bde18b0211/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "能源供应端建设周期与算力并网瓶颈：核电/燃机能否在2026-2027年间填补“电力断层”？",
          "summary": "能源供应端建设周期与算力并网瓶颈：核电/燃机能否在2026-2027年间填补“电力断层”？",
          "href": "/investor/reports/archive-d5677a6e2cfa/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "VST",
        "CEG",
        "GEV",
        "SMR",
        "META",
        "ETN",
        "MSFT",
        "AMZN",
        "AEP",
        "NVDA"
      ]
    },
    {
      "id": "thesis-1aaa752ed4",
      "title": "AI 电力与电网瓶颈仍是基础设施主线",
      "titleEn": "AI power and grid bottlenecks remain the infrastructure core",
      "href": "/investor/theses/thesis-1aaa752ed4/",
      "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": 45,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-05-31 能源研究片02：HBM/ASIC 产能扩张正在撞上真实的电力与电网约束",
          "summary": "2026-05-31 能源研究片02：HBM/ASIC 产能扩张正在撞上真实的电力与电网约束",
          "href": "/investor/reports/archive-94bde18b0211/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "研究记录 3：AI数据中心电力瓶颈对算力税利润池的再分配",
          "summary": "研究记录 3：AI数据中心电力瓶颈对算力税利润池的再分配 作者： 公用事业分析师 ( utilities-analyst ) 日期： 2026-05-31",
          "href": "/investor/reports/archive-e34f1d9f965e/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "META",
        "600089.SH",
        "MSFT",
        "601179.SH",
        "AMZN"
      ]
    },
    {
      "id": "thesis-d6b2c23ed6",
      "title": "航运与物流成本是油价、关税和供应链再通胀的二阶传导器",
      "titleEn": "Shipping and logistics costs are a second-order transmission channel for oil, tariffs, and supply-chain reflation",
      "href": "/investor/theses/thesis-d6b2c23ed6/",
      "laneId": "lane_79a55cd8530e",
      "lane": "航运物流/再通胀传导",
      "laneHref": "/investor/lanes/shipping-logistics-and-reflation-transmission/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 44,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "前序研究：截至2026-05-31的4 mbpd能源供应中断地缘政治可行性评估",
          "summary": "前序研究：截至2026-05-31的4 mbpd能源供应中断地缘政治可行性评估",
          "href": "/investor/reports/archive-d6fcb3ab6253/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "霍尔木兹海峡地缘政治风险与能源供应链制裁政策压力测试",
          "summary": "既有研究记录— 霍尔木兹海峡地缘政治风险与能源供应链制裁政策压力测试",
          "href": "/investor/reports/archive-c9ebcd05db0b/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "601919.SH",
        "1919.HK",
        "ZIM",
        "MATX",
        "600026.SH",
        "600018.SH",
        "BOAT"
      ]
    },
    {
      "id": "thesis-f5f184ba4e",
      "title": "在美联储偏鹰暂停、美债收益率攀升至4.66%的背景下，国内电子行业两融余额高悬至5722.82亿元是否面临负Gamma清算压力？如何重构…",
      "titleEn": "Practical research topic: 在美联储偏鹰暂停、美债收益率攀升至4.66%的背景下，国内电子行业两融余额高悬至5722.82亿元是否面临负Gamma清算压力？如何重构…",
      "href": "/investor/theses/thesis-f5f184ba4e/",
      "laneId": "lane_bf77fb66551a",
      "lane": "A股红利/硬科技杠铃",
      "laneHref": "/investor/lanes/a-share-dividend-and-hard-tech-barbell/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "中美利差与汇率约束下，A股红利资产与高端出口制造的杠杆重估与风格轮动",
          "summary": "中美利差与汇率约束下，A股红利资产与高端出口制造的杠杆重估与风格轮动 研究院权威工作日期：2026-05-31 分析师：首席策略师 (Chief Strategist) 研究主题：中美名义利差倒挂与汇率“软上限”...",
          "href": "/investor/reports/archive-cfed48330b35/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "688981.SH",
        "601088.SH",
        "601398.SH",
        "588000.SH"
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    },
    {
      "id": "thesis-f23572dfb8",
      "title": "Advance th_p_2ca41751 (能源价格冲突引发的全球通胀路径分化): 若 Brent 在停火提案与航运威胁之间维持 85…",
      "titleEn": "Practical research topic: Advance th_p_2ca41751 (能源价格冲突引发的全球通胀路径分化): 若 Brent 在停火提案与航运威胁之间维持 85…",
      "href": "/investor/theses/thesis-f23572dfb8/",
      "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": "Brent 维持 00 以上时的全球通胀预期与央行反应函数",
          "summary": "作者: Chief Economist (chief-economist) 工作日期 (Asia/Singapore): 2026-05-31 既有研究记录 根主题: Analyze transmission of Strait of Hormuz risk to yields 主题： 油价冲...",
          "href": "/investor/reports/archive-3fd92c0e682e/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "0857.HK",
        "SLB"
      ]
    },
    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "A股两融杠杆重构、ETF申赎分化与微观流动性压力测试",
          "summary": "分析师：A股策略师 (ashare-strategist) - 工作日期：2026-05-31（亚洲/新加坡） - 立场：stress-test（对哑铃策略的\"红利防御腿\"在微观流动性层面进行二次压力测试） - 研究记录（基于 researc...",
          "href": "/investor/reports/archive-7ccba2daf7b0/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "300750.SZ"
      ]
    },
    {
      "id": "thesis-07b4ef2695",
      "title": "地缘利好引发的油价下跌能否抵消美联储新主席 Warsh 的鹰派立场？当前的‘高价高偏斜’是否暗示结构性崩塌风险？",
      "titleEn": "Practical research topic: 地缘利好引发的油价下跌能否抵消美联储新主席 Warsh 的鹰派立场？当前的‘高价高偏斜’是否暗示结构性崩塌风险？",
      "href": "/investor/theses/thesis-07b4ef2695/",
      "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": "前序研究片 — 原油突破 00 对 MOVE 指数及 10Y 美债利率的传导",
          "summary": "前序研究片 — 原油突破 00 对 MOVE 指数及 10Y 美债利率的传导",
          "href": "/investor/reports/archive-d3609fd0e282/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "CVX",
        "XOM"
      ]
    },
    {
      "id": "thesis-86be10e7fb",
      "title": "为应对外交预期透支与高油价冲击，宏观组合必须激进缩短美债久期、超配原油与铜期货，并对冲多头人民币头寸，以配合A股15-20%的“真防御”…",
      "titleEn": "Practical research topic: 为应对外交预期透支与高油价冲击，宏观组合必须激进缩短美债久期、超配原油与铜期货，并对冲多头人民币头寸，以配合A股15-20%的“真防御”…",
      "href": "/investor/theses/thesis-86be10e7fb/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "中国宏观压力测试：布伦特突破125美元与USD/CNY失守6.95（2026-05-31）",
          "summary": "中国宏观压力测试：布伦特突破125美元与USD/CNY失守6.95（2026-05-31）",
          "href": "/investor/reports/archive-788900dfce14/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "CVX",
        "XOM"
      ]
    },
    {
      "id": "thesis-f0b8d44918",
      "title": "美国更高更久与偏强美元约束下，中国2026年下半年的货币宽松空间及其向人民币与A股流动性的传导",
      "titleEn": "Practical research topic: 美国更高更久与偏强美元约束下，中国2026年下半年的货币宽松空间及其向人民币与A股流动性的传导",
      "href": "/investor/theses/thesis-f0b8d44918/",
      "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": 79,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "中国宏观压力测试：布伦特突破125美元与USD/CNY失守6.95（2026-05-31）",
          "summary": "中国宏观压力测试：布伦特突破125美元与USD/CNY失守6.95（2026-05-31）",
          "href": "/investor/reports/archive-788900dfce14/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "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": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "能源供应端建设周期与算力并网瓶颈：核电/燃机能否在2026-2027年间填补“电力断层”？",
          "summary": "能源供应端建设周期与算力并网瓶颈：核电/燃机能否在2026-2027年间填补“电力断层”？",
          "href": "/investor/reports/archive-d5677a6e2cfa/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "600089.SH",
        "601179.SH"
      ]
    },
    {
      "id": "thesis-30acb22a10",
      "title": "电气设备与电力变压器OEM在跨部门稀缺下的定价权与产能填缺口时点",
      "titleEn": "Practical research topic: 电气设备与电力变压器OEM在跨部门稀缺下的定价权与产能填缺口时点",
      "href": "/investor/theses/thesis-30acb22a10/",
      "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": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "GOES、铜、叠片与变压器部件：电力OEM交付爬坡的材料侧压力测试（2026-05-31）",
          "summary": "GOES、铜、叠片与变压器部件：电力OEM交付爬坡的材料侧压力测试（2026-05-31）",
          "href": "/investor/reports/archive-98c9e39fd1a2/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "002028.SZ",
        "600089.SH",
        "601179.SH"
      ]
    },
    {
      "id": "thesis-08b70be7bf",
      "title": "在2026-06-23，我们认为高压试验大厅与核心供应链瓶颈限制了全球电网关键设备的扩产节奏，推动具备交期和全产业链优势的中国头部制造厂…",
      "titleEn": "Practical research topic: 在2026-06-23，我们认为高压试验大厅与核心供应链瓶颈限制了全球电网关键设备的扩产节奏，推动具备交期和全产业链优势的中国头部制造厂…",
      "href": "/investor/theses/thesis-08b70be7bf/",
      "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": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "关键路径：电力设备极长交期锁定AI算力部署时间表",
          "summary": "日期: 2026-05-31 作者: 工业制造分析师 ( industrials-analyst ) 立场: 支持 (Support)",
          "href": "/investor/reports/archive-bb6a92bc39e0/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "ETN",
        "600089.SH",
        "601179.SH",
        "688676.SH",
        "VST"
      ]
    },
    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试",
          "summary": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试 权威工作日期： 2026年5月31日 [锚定日期] 分析师： 全球宏观分析师 (agy) 研究立场： 压力测试...",
          "href": "/investor/reports/archive-b78493630fd2/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "id": "thesis-b3e89f22e6",
      "title": "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…",
      "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…",
      "href": "/investor/theses/thesis-b3e89f22e6/",
      "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,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "特种取向硅钢(GOES)与变压器供应链：AI物理层资产扩张的产能约束",
          "summary": "权威工作日期： 2026年5月31日 分析师： materials-analyst (材料行业分析师) 选定红手： codex 研究立场： 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-6f6dffd1a1ee/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "GEV",
        "688676.SH",
        "ETN",
        "000400.SZ"
      ]
    },
    {
      "id": "thesis-97f10202a2",
      "title": "中美利差走宽对中国货币政策空间及人民币汇率稳定性的影响分析",
      "titleEn": "Practical research topic: 中美利差走宽对中国货币政策空间及人民币汇率稳定性的影响分析",
      "href": "/investor/theses/thesis-97f10202a2/",
      "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": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "中国宏观压力测试：布伦特突破125美元与USD/CNY失守6.95（2026-05-31）",
          "summary": "中国宏观压力测试：布伦特突破125美元与USD/CNY失守6.95（2026-05-31）",
          "href": "/investor/reports/archive-788900dfce14/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-2ee6c1cf01",
      "title": "39%债券仓位应做流动性加真实收益率杠铃：中债不追1-10Y拥挤牛平，美债不拉长名义久期，美元仓位基准只套保一半以保留6.87压力阈值上…",
      "titleEn": "Practical research topic: 39%债券仓位应做流动性加真实收益率杠铃：中债不追1-10Y拥挤牛平，美债不拉长名义久期，美元仓位基准只套保一半以保留6.87压力阈值上…",
      "href": "/investor/theses/thesis-2ee6c1cf01/",
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "外汇策略压力测试：能源通胀冲击下美债利率冲高对 CNY/USD 利差驱动与套利交易的传导 (2026-05-31)",
          "summary": "外汇策略压力测试：能源通胀冲击下美债利率冲高对 CNY/USD 利差驱动与套利交易的传导 (2026-05-31)",
          "href": "/investor/reports/archive-7dc2abb5a5d6/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-3156277f22",
      "title": "哑铃权益仓位在多资产框架下的定位：低利率债券、黄金与现金的再平衡",
      "titleEn": "Practical research topic: 哑铃权益仓位在多资产框架下的定位：低利率债券、黄金与现金的再平衡",
      "href": "/investor/theses/thesis-3156277f22/",
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试",
          "summary": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试 权威工作日期： 2026年5月31日 [锚定日期] 分析师： 全球宏观分析师 (agy) 研究立场： 压力测试...",
          "href": "/investor/reports/archive-b78493630fd2/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "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": "中美利差与汇率约束下，A股红利资产与高端出口制造的杠杆重估与风格轮动",
          "summary": "中美利差与汇率约束下，A股红利资产与高端出口制造的杠杆重估与风格轮动 研究院权威工作日期：2026-05-31 分析师：首席策略师 (Chief Strategist) 研究主题：中美名义利差倒挂与汇率“软上限”...",
          "href": "/investor/reports/archive-cfed48330b35/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "512100.SH"
      ]
    },
    {
      "id": "thesis-2aa156c4c9",
      "title": "2026-07-06的核心判断是：防御组合必须从红利和长债的收益率防御，转向红利、长债、人民币黄金三者更均衡且黄金显著加权的汇率防御。",
      "titleEn": "Practical research topic: 2026-07-06的核心判断是：防御组合必须从红利和长债的收益率防御，转向红利、长债、人民币黄金三者更均衡且黄金显著加权的汇率防御。",
      "href": "/investor/theses/thesis-2aa156c4c9/",
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "中国宏观压力测试：布伦特突破125美元与USD/CNY失守6.95（2026-05-31）",
          "summary": "中国宏观压力测试：布伦特突破125美元与USD/CNY失守6.95（2026-05-31）",
          "href": "/investor/reports/archive-788900dfce14/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-77134b90a1",
      "title": "2026年7月拐点：7月24日Section 122关税悬崖与2026年伊朗战争能源冲击消退相撞，如何把美联储钉在“更高更久”",
      "titleEn": "Practical research topic: 2026年7月拐点：7月24日Section 122关税悬崖与2026年伊朗战争能源冲击消退相撞，如何把美联储钉在“更高更久”",
      "href": "/investor/theses/thesis-77134b90a1/",
      "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": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试",
          "summary": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试 权威工作日期： 2026年5月31日 [锚定日期] 分析师： 全球宏观分析师 (agy) 研究立场： 压力测试...",
          "href": "/investor/reports/archive-b78493630fd2/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "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": "A股哑铃策略失效与汇率软上限下人行工具传导机制最终质量审核与连贯性检查报告",
          "summary": "A股哑铃策略失效与汇率软上限下人行工具传导机制最终质量审核与连贯性检查报告 研究院权威工作日期：2026-05-31 分析师：研究质量主管 (QA Manager) 研究主题：整个多步骤研究逻辑（prior resea...",
          "href": "/investor/reports/archive-fc1d1a6bbeb1/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "P",
        "TLT",
        "IEF"
      ]
    },
    {
      "id": "thesis-56d9baf47d",
      "title": "2026年伊朗战争能源冲击：供给扰动见顶与美联储/日本央行的滞后鹰派转向",
      "titleEn": "Practical research topic: 2026年伊朗战争能源冲击：供给扰动见顶与美联储/日本央行的滞后鹰派转向",
      "href": "/investor/theses/thesis-56d9baf47d/",
      "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": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试",
          "summary": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试 权威工作日期： 2026年5月31日 [锚定日期] 分析师： 全球宏观分析师 (agy) 研究立场： 压力测试...",
          "href": "/investor/reports/archive-b78493630fd2/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "id": "thesis-f9ce8d294d",
      "title": "人民币汇率 6.70–6.88 区间稳定性分析",
      "titleEn": "Practical research topic: 人民币汇率 6.70–6.88 区间稳定性分析",
      "href": "/investor/theses/thesis-f9ce8d294d/",
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试",
          "summary": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试 权威工作日期： 2026年5月31日 [锚定日期] 分析师： 全球宏观分析师 (agy) 研究立场： 压力测试...",
          "href": "/investor/reports/archive-b78493630fd2/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-c71e511c1c",
      "title": "电力成本上升和并网延迟不会终结AI芯片周期，但会把赢家从峰值算力叙事筛选为能在稀缺MW下交付最高有效token产出的全栈能效架构。",
      "titleEn": "Practical research topic: 电力成本上升和并网延迟不会终结AI芯片周期，但会把赢家从峰值算力叙事筛选为能在稀缺MW下交付最高有效token产出的全栈能效架构。",
      "href": "/investor/theses/thesis-c71e511c1c/",
      "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": 77,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-31 能源研究片02：HBM/ASIC 产能扩张正在撞上真实的电力与电网约束",
          "summary": "2026-05-31 能源研究片02：HBM/ASIC 产能扩张正在撞上真实的电力与电网约束",
          "href": "/investor/reports/archive-94bde18b0211/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "PWR"
      ]
    },
    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "A股两融杠杆重构、ETF申赎分化与微观流动性压力测试",
          "summary": "分析师：A股策略师 (ashare-strategist) - 工作日期：2026-05-31（亚洲/新加坡） - 立场：stress-test（对哑铃策略的\"红利防御腿\"在微观流动性层面进行二次压力测试） - 研究记录（基于 researc...",
          "href": "/investor/reports/archive-7ccba2daf7b0/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688008.SH",
        "688012.SH",
        "688041.SH"
      ]
    },
    {
      "id": "thesis-b13c7cf092",
      "title": "高纯石英材料受益于先进封装扩产，但兑现取决于认证与产品结构",
      "titleEn": "High-purity quartz can benefit from advanced-packaging expansion, conditional on qualification and mix",
      "href": "/investor/theses/thesis-b13c7cf092/",
      "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": 70,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI硬件与半导体资本开支的估值重构",
          "summary": "工作日期： 2026-05-31 [自测算: 系统日期锚 返回 2026-05-31] 分析师： TMT行业分析师 ( tmt-analyst ) 研究记录 立场： 支持，但附加产能纪律条件",
          "href": "/investor/reports/archive-9b8b462e811f/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "TSM",
        "NVDA",
        "MU",
        "000660.KS",
        "ASML",
        "688012.SH",
        "002916.SZ"
      ]
    },
    {
      "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": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "大扩散时代：商业航天与边缘 AI 如何重构算力疆界",
          "summary": "日期： 2026年5月31日 立场： 战略支持 (Support) 分析师： 主题研究员 (codex)",
          "href": "/investor/reports/archive-165b5adb7ce6/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "RKLB",
        "ASTS",
        "600118.SH",
        "IRDM",
        "RDW",
        "LUNR",
        "LMT"
      ]
    },
    {
      "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": "2026全球资金大轮动：“超级IPO”虹吸效应与权益定价逻辑重构",
          "summary": "作者： 首席策略师 ( chief-strategist ) 日期： 2026年5月31日 研究记录索引： 01/08 当前立场： 初始策略框架",
          "href": "/investor/reports/archive-2eb7f73f0c6e/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "MSTR",
        "COIN",
        "IBIT",
        "HOOD",
        "RIOT",
        "NVDA",
        "LOW",
        "MARA"
      ]
    },
    {
      "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": "A股两融杠杆重构、ETF申赎分化与微观流动性压力测试",
          "summary": "分析师：A股策略师 (ashare-strategist) - 工作日期：2026-05-31（亚洲/新加坡） - 立场：stress-test（对哑铃策略的\"红利防御腿\"在微观流动性层面进行二次压力测试） - 研究记录（基于 researc...",
          "href": "/investor/reports/archive-7ccba2daf7b0/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "512100.SH"
      ]
    },
    {
      "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,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-31 能源研究片02：HBM/ASIC 产能扩张正在撞上真实的电力与电网约束",
          "summary": "2026-05-31 能源研究片02：HBM/ASIC 产能扩张正在撞上真实的电力与电网约束",
          "href": "/investor/reports/archive-94bde18b0211/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "CEG",
        "VST",
        "601985.SH"
      ]
    },
    {
      "id": "thesis-83a30b141f",
      "title": "美伊直接交火导致原油暴涨5-6%，布伦特突破79美元逼近80。这是否会引燃二次通胀，推翻债市对美联储‘因分裂而暂停加息’的假设，并在9月…",
      "titleEn": "Practical research topic: 美伊直接交火导致原油暴涨5-6%，布伦特突破79美元逼近80。这是否会引燃二次通胀，推翻债市对美联储‘因分裂而暂停加息’的假设，并在9月…",
      "href": "/investor/theses/thesis-83a30b141f/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 67,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试",
          "summary": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试 权威工作日期： 2026年5月31日 [锚定日期] 分析师： 全球宏观分析师 (agy) 研究立场： 压力测试...",
          "href": "/investor/reports/archive-b78493630fd2/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SLB",
        "OXY",
        "0883.HK"
      ]
    },
    {
      "id": "thesis-31f32af77b",
      "title": "中国云与国产算力栈的关键不是模型热度，而是训练/推理订单、服务器交付和生态锁定",
      "titleEn": "China cloud and local compute stacks depend less on model hype than training/inference orders, server delivery, and e...",
      "href": "/investor/theses/thesis-31f32af77b/",
      "laneId": "lane_2997650d0638",
      "lane": "中国云/国产算力栈",
      "laneHref": "/investor/lanes/china-cloud-and-local-compute-stack/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 0,
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      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI硬件与半导体板块拥挤度释放的需求端压力测试：从资金流出到基本面下行的传导评估",
          "summary": "AI硬件与半导体板块拥挤度释放的需求端压力测试：从资金流出到基本面下行的传导评估 发布日期：2026-05-31 分析师：TMT行业分析师 (tmt-analyst)",
          "href": "/investor/reports/archive-df1814075e05/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "688041.SH",
        "300308.SZ",
        "601138.SH",
        "0981.HK",
        "688981.SH",
        "000977.SZ",
        "9988.HK",
        "NVDA",
        "0700.HK"
      ]
    },
    {
      "id": "thesis-612f83a611",
      "title": "地缘原油冲击导致的通胀传导（推升核心PCE至4.16%）将促使无前瞻指引的沃什美联储通过在9月和年底连续加息两次（至4.00%–4.25…",
      "titleEn": "Practical research topic: 地缘原油冲击导致的通胀传导（推升核心PCE至4.16%）将促使无前瞻指引的沃什美联储通过在9月和年底连续加息两次（至4.00%–4.25…",
      "href": "/investor/theses/thesis-612f83a611/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
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      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试",
          "summary": "全球宏观研究报告：能源通胀驱动的“更高更久”美联储利率路径与强势美元对全球流动性的压力测试 权威工作日期： 2026年5月31日 [锚定日期] 分析师： 全球宏观分析师 (agy) 研究立场： 压力测试...",
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      "stockTickers": [
        "SLB",
        "OXY",
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    },
    {
      "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/",
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      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
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      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 0,
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      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "TMT 前序研究 — 美元与利率下行对 AI 硬件估值扩张的驱动",
          "summary": "作者： TMT行业分析师 权威工作日期： 2026-05-31 (Asia/Singapore) 主题： 美元指数回落至 94.50 与利率下行，是否能降低全球半导体供应链融资成本、提升 AI 硬件资本开支并支撑估值扩张 立场...",
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          "stanceLabel": "风险"
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      "stockTickers": [
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      "id": "thesis-d1f5e35b43",
      "title": "2026年AI芯片竞争格局：NVIDIA Rubin对阵云巨头ASIC",
      "titleEn": "Practical research topic: 2026年AI芯片竞争格局：NVIDIA Rubin对阵云巨头ASIC",
      "href": "/investor/theses/thesis-d1f5e35b43/",
      "laneId": "lane_f1a271385aff",
      "lane": "先进封装/HBM4 闸门",
      "laneHref": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-31 TMT研究记录01：NVDA业绩后，资金是否已转向HBM、ASIC与亚洲ODM链条？",
          "summary": "2026-05-31 TMT研究记录01：NVDA业绩后，资金是否已转向HBM、ASIC与亚洲ODM链条？",
          "href": "/investor/reports/archive-2925b6e2056e/",
          "stance": "supports",
          "stanceLabel": "支持"
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      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS"
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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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-31 能源研究片02：HBM/ASIC 产能扩张正在撞上真实的电力与电网约束",
          "summary": "2026-05-31 能源研究片02：HBM/ASIC 产能扩张正在撞上真实的电力与电网约束",
          "href": "/investor/reports/archive-94bde18b0211/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS"
      ]
    },
    {
      "id": "thesis-8bbbcdf5a4",
      "title": "GPU、HBM 与先进封装决定 AI 资本开支供给节奏",
      "titleEn": "GPUs, HBM, and advanced packaging shape the AI capex supply cycle",
      "href": "/investor/theses/thesis-8bbbcdf5a4/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
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      "conviction": 65,
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      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-31 TMT研究记录01：NVDA业绩后，资金是否已转向HBM、ASIC与亚洲ODM链条？",
          "summary": "2026-05-31 TMT研究记录01：NVDA业绩后，资金是否已转向HBM、ASIC与亚洲ODM链条？",
          "href": "/investor/reports/archive-2925b6e2056e/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
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        "TSM",
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        "AMZN"
      ]
    },
    {
      "id": "thesis-f3989d02c5",
      "title": "全球电网核心设备及原材料的产能赤字已构成刚性物理准入壁垒，导致产业利润池从算力/晶圆厂资本支出方结构性向重电OEM厂商转移。",
      "titleEn": "Practical research topic: 全球电网核心设备及原材料的产能赤字已构成刚性物理准入壁垒，导致产业利润池从算力/晶圆厂资本支出方结构性向重电OEM厂商转移。",
      "href": "/investor/theses/thesis-f3989d02c5/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
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      "directionLabel": "分歧",
      "conviction": 65,
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      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-05-31 能源研究片02：HBM/ASIC 产能扩张正在撞上真实的电力与电网约束",
          "summary": "2026-05-31 能源研究片02：HBM/ASIC 产能扩张正在撞上真实的电力与电网约束",
          "href": "/investor/reports/archive-94bde18b0211/",
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        "AMD",
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      "id": "thesis-8b23f98d54",
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      "titleEn": "Practical research topic: 四大云厂商2026年创纪录的7250亿美元CapEx具有强战略刚性，但变压器3-6年交期与电网并网时滞导致800-1100亿美元开支递延…",
      "href": "/investor/theses/thesis-8b23f98d54/",
      "laneId": "lane_10d7884cbe65",
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      "directionLabel": "分歧",
      "conviction": 65,
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      "eventCount": 1,
      "events": [
        {
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          "summary": "既有研究记录— 并网瓶颈是否构成宏观硬天花板：对 PPI / Capex / 潜在GDP 传导链的压力测试",
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      "id": "thesis-23a6e00e51",
      "title": "BOJ 正常化超调不是基础概率最高的宏观意外，但它最符合“JPY 升值 + CNH 贬值 + SPX 跌破零 gamma”的三条件 FX…",
      "titleEn": "Practical research topic: BOJ 正常化超调不是基础概率最高的宏观意外，但它最符合“JPY 升值 + CNH 贬值 + SPX 跌破零 gamma”的三条件 FX…",
      "href": "/investor/theses/thesis-23a6e00e51/",
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      "lane": "信用再融资/私募信贷",
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      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 65,
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      "events": [
        {
          "title": "美国信用收缩对GDP的传导与商业地产资本压力下的美联储政策博弈",
          "summary": "作者： 首席经济学家 (Chief Economist) 权威工作日期： 2026-05-31 (Asia/Singapore) 主题： 美国信用慢性失血对GDP的传导机制与商业地产资本压力下的美联储政策博弈 立场： 综合 (Synthesize...",
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      "stockTickers": [
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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",
      "href": "/investor/theses/thesis-be91bfe6ee/",
      "laneId": "lane_f1a271385aff",
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      "conviction": 63,
      "supports": 0,
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      "events": [
        {
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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": [
        {
          "title": "2026-05-31 TMT研究记录01：NVDA业绩后，资金是否已转向HBM、ASIC与亚洲ODM链条？",
          "summary": "2026-05-31 TMT研究记录01：NVDA业绩后，资金是否已转向HBM、ASIC与亚洲ODM链条？",
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    {
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      "titleEn": "Display-material recovery requires joint margin and cash-flow confirmation",
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      "eventCount": 1,
      "events": [
        {
          "title": "AI硬件与半导体资本开支的估值重构",
          "summary": "工作日期： 2026-05-31 [自测算: 系统日期锚 返回 2026-05-31] 分析师： TMT行业分析师 ( tmt-analyst ) 研究记录 立场： 支持，但附加产能纪律条件",
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      "events": [
        {
          "title": "算力税与 AI 基础设施利润池重塑",
          "summary": "算力税与 AI 基础设施利润池重塑 工作日期： 2026-05-31（Asia/Singapore） 分析师： tmt-analyst 立场： stress-test",
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      "title": "AI 资本开支通过能源、设备和利率进入通胀定价",
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      "laneId": "lane_c0702fb29e08",
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        {
          "title": "美国信用失血与美联储降息重塑背景下的全球大类资产配置调整",
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      "title": "航空航天与国防供应链错配正在形成政策驱动的制造业弹性",
      "titleEn": "Aerospace and defense supply-chain mismatch is creating policy-driven manufacturing beta",
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        "中国电力设备出海"
      ]
    },
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      "ticker": "600900.SH",
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        "A股红利/硬科技杠铃",
        "公用事业/电网信用",
        "指数调仓/被动资金事件",
        "A股风险偏好/两融",
        "债券供给/银行久期"
      ]
    },
    {
      "ticker": "3988.HK",
      "name": "中国银行",
      "market": "HK",
      "href": "/investor/stocks/3988.HK/",
      "thesisCount": 10,
      "eventCount": 13,
      "lanes": [
        "人民币/美元流动性敏感资产",
        "债券供给/银行久期"
      ]
    },
    {
      "ticker": "VST",
      "name": "Vistra",
      "market": "US",
      "href": "/investor/stocks/VST/",
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      "lanes": [
        "AI 电力/电网设备",
        "云厂商自发电/电力资产",
        "能源转型/储能光伏"
      ]
    },
    {
      "ticker": "AMZN",
      "name": "Amazon",
      "market": "US",
      "href": "/investor/stocks/AMZN/",
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      "eventCount": 13,
      "lanes": [
        "端侧 AI/Agent 桌面",
        "Mag7 AI 平台再分层",
        "AI 算力半导体",
        "先进封装/HBM4 闸门",
        "AI 再通胀/利率敏感资产"
      ]
    },
    {
      "ticker": "FXI",
      "name": "iShares China Large-Cap ETF",
      "market": "US ETF",
      "href": "/investor/stocks/FXI/",
      "thesisCount": 9,
      "eventCount": 12,
      "lanes": [
        "人民币/美元流动性敏感资产"
      ]
    },
    {
      "ticker": "600089.SH",
      "name": "特变电工",
      "market": "A-share",
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      "lanes": [
        "AI 电力/电网设备",
        "关键材料/稀土铜铝",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "TLT",
      "name": "iShares 20+ Year Treasury Bond ETF",
      "market": "US ETF",
      "href": "/investor/stocks/TLT/",
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      "eventCount": 12,
      "lanes": [
        "美债利率/美元再定价",
        "AI 再通胀/利率敏感资产",
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      ]
    },
    {
      "ticker": "0883.HK",
      "name": "中国海洋石油",
      "market": "HK",
      "href": "/investor/stocks/0883.HK/",
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      "lanes": [
        "油气/地缘通胀"
      ]
    },
    {
      "ticker": "IEF",
      "name": "iShares 7-10 Year Treasury Bond ETF",
      "market": "US ETF",
      "href": "/investor/stocks/IEF/",
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      "lanes": [
        "美债利率/美元再定价",
        "债券供给/银行久期"
      ]
    },
    {
      "ticker": "AMD",
      "name": "AMD",
      "market": "US",
      "href": "/investor/stocks/AMD/",
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      "eventCount": 11,
      "lanes": [
        "AI 算力半导体",
        "端侧 AI/Agent 桌面",
        "先进封装/HBM4 闸门",
        "AI 基建 TCO/能效筛选"
      ]
    },
    {
      "ticker": "MU",
      "name": "Micron",
      "market": "US",
      "href": "/investor/stocks/MU/",
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      "eventCount": 10,
      "lanes": [
        "AI 算力半导体",
        "先进封装/HBM4 闸门",
        "AI 基建 TCO/能效筛选"
      ]
    },
    {
      "ticker": "000660.KS",
      "name": "SK hynix",
      "market": "Korea",
      "href": "/investor/stocks/000660.KS/",
      "thesisCount": 9,
      "eventCount": 10,
      "lanes": [
        "AI 算力半导体",
        "先进封装/HBM4 闸门",
        "AI 基建 TCO/能效筛选"
      ]
    },
    {
      "ticker": "601179.SH",
      "name": "中国西电",
      "market": "A-share",
      "href": "/investor/stocks/601179.SH/",
      "thesisCount": 8,
      "eventCount": 10,
      "lanes": [
        "AI 电力/电网设备",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "KRE",
      "name": "SPDR S&P Regional Banking ETF",
      "market": "US ETF",
      "href": "/investor/stocks/KRE/",
      "thesisCount": 4,
      "eventCount": 10,
      "lanes": [
        "美债利率/美元再定价",
        "信用再融资/私募信贷"
      ]
    },
    {
      "ticker": "AVGO",
      "name": "Broadcom",
      "market": "US",
      "href": "/investor/stocks/AVGO/",
      "thesisCount": 7,
      "eventCount": 9,
      "lanes": [
        "Mag7 AI 平台再分层",
        "AI 算力半导体",
        "先进封装/HBM4 闸门",
        "AI 基建 TCO/能效筛选",
        "CPO/光模块/高速互联"
      ]
    },
    {
      "ticker": "SLB",
      "name": "SLB",
      "market": "US",
      "href": "/investor/stocks/SLB/",
      "thesisCount": 6,
      "eventCount": 9,
      "lanes": [
        "油气/地缘通胀"
      ]
    },
    {
      "ticker": "300750.SZ",
      "name": "宁德时代",
      "market": "A-share",
      "href": "/investor/stocks/300750.SZ/",
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      "eventCount": 8,
      "lanes": [
        "A股风险偏好/两融",
        "能源转型/储能光伏"
      ]
    },
    {
      "ticker": "GOOGL",
      "name": "Alphabet",
      "market": "US",
      "href": "/investor/stocks/GOOGL/",
      "thesisCount": 4,
      "eventCount": 8,
      "lanes": [
        "端侧 AI/Agent 桌面",
        "Mag7 AI 平台再分层",
        "AI 算力半导体",
        "AI 再通胀/利率敏感资产"
      ]
    },
    {
      "ticker": "588000.SH",
      "name": "科创50 ETF",
      "market": "A-share ETF",
      "href": "/investor/stocks/588000.SH/",
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      "eventCount": 7,
      "lanes": [
        "A股红利/硬科技杠铃",
        "A股风险偏好/两融",
        "A股半导体/两融负 Gamma"
      ]
    },
    {
      "ticker": "510300.SH",
      "name": "沪深300 ETF",
      "market": "A-share ETF",
      "href": "/investor/stocks/510300.SH/",
      "thesisCount": 5,
      "eventCount": 7,
      "lanes": [
        "A股风险偏好/两融",
        "指数调仓/被动资金事件"
      ]
    },
    {
      "ticker": "300308.SZ",
      "name": "中际旭创",
      "market": "A-share",
      "href": "/investor/stocks/300308.SZ/",
      "thesisCount": 4,
      "eventCount": 7,
      "lanes": [
        "中国云/国产算力栈",
        "指数调仓/被动资金事件",
        "A股风险偏好/两融",
        "CPO/光模块/高速互联"
      ]
    },
    {
      "ticker": "JPM",
      "name": "JPMorgan Chase",
      "market": "US",
      "href": "/investor/stocks/JPM/",
      "thesisCount": 3,
      "eventCount": 7,
      "lanes": [
        "信用再融资/私募信贷",
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      ]
    },
    {
      "ticker": "CVX",
      "name": "Chevron",
      "market": "US",
      "href": "/investor/stocks/CVX/",
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      "eventCount": 6,
      "lanes": [
        "油气/地缘通胀"
      ]
    },
    {
      "ticker": "XOM",
      "name": "Exxon Mobil",
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      "lanes": [
        "油气/地缘通胀"
      ]
    },
    {
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      "name": "信达生物",
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      "href": "/investor/stocks/1801.HK/",
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        "中国大健康/创新药出海",
        "消费降级/健康银发"
      ]
    },
    {
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      "name": "恒瑞医药",
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        "消费降级/健康银发"
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    },
    {
      "ticker": "CME",
      "name": "CME Group",
      "market": "US",
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        "油气/地缘通胀",
        "美债利率/美元再定价",
        "组合风控/证据质量"
      ]
    },
    {
      "ticker": "AAPL",
      "name": "Apple",
      "market": "US",
      "href": "/investor/stocks/AAPL/",
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      "lanes": [
        "端侧 AI/Agent 桌面",
        "Mag7 AI 平台再分层"
      ]
    },
    {
      "ticker": "AEP",
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      "market": "US",
      "href": "/investor/stocks/AEP/",
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      "lanes": [
        "公用事业/电网信用",
        "云厂商自发电/电力资产"
      ]
    },
    {
      "ticker": "ASML",
      "name": "ASML",
      "market": "US ADR",
      "href": "/investor/stocks/ASML/",
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      "eventCount": 5,
      "lanes": [
        "先进封装/HBM4 闸门",
        "AI 算力半导体"
      ]
    },
    {
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      "href": "/investor/stocks/0857.HK/",
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      ]
    }
  ],
  "personas": [],
  "episodes": [],
  "milestones": [],
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    {
      "id": "macro-rates",
      "labelZh": "宏观、通胀与利率",
      "labelEn": "Macro, inflation and rates",
      "color": "red",
      "keywords": [
        "宏观",
        "通胀",
        "inflation",
        "利率",
        "yield",
        "美联储",
        "fed",
        "cpi",
        "pce",
        "美元"
      ],
      "count": 155
    },
    {
      "id": "ai-infrastructure",
      "labelZh": "AI 基础设施",
      "labelEn": "AI infrastructure",
      "color": "blue",
      "keywords": [
        "ai 基础设施",
        "ai infrastructure",
        "算力",
        "gpu",
        "数据中心",
        "data center",
        "nvda",
        "nvidia"
      ],
      "count": 30
    },
    {
      "id": "semis-memory",
      "labelZh": "半导体、存储与光互联",
      "labelEn": "Semis, memory and optical",
      "color": "yellow",
      "keywords": [
        "半导体",
        "hbm",
        "存储",
        "memory",
        "cpo",
        "光模块",
        "先进封装",
        "micron",
        "mu"
      ],
      "count": 17
    },
    {
      "id": "power-grid",
      "labelZh": "电力与电网",
      "labelEn": "Power and grid",
      "color": "green",
      "keywords": [
        "电力",
        "电网",
        "power",
        "grid",
        "变压器",
        "并网",
        "ppa",
        "核电",
        "电气设备"
      ],
      "count": 15
    },
    {
      "id": "china-assets",
      "labelZh": "中国资产与市场结构",
      "labelEn": "China assets and market structure",
      "color": "orange",
      "keywords": [
        "a股",
        "港股",
        "科创50",
        "star50",
        "中国资产",
        "msci",
        "两融",
        "人民币"
      ],
      "count": 7
    },
    {
      "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": 2
    },
    {
      "id": "platforms-agents",
      "labelZh": "平台、软件与 Agent",
      "labelEn": "Platforms, software and agents",
      "color": "blue",
      "keywords": [
        "mag7",
        "microsoft",
        "apple",
        "tesla",
        "meta",
        "amazon",
        "google",
        "alphabet",
        "office",
        "windows",
        "agent"
      ],
      "count": 1
    }
  ],
  "analystCounts": [
    {
      "label": "未识别",
      "count": 222
    },
    {
      "label": "A股策略师",
      "count": 1
    },
    {
      "label": "另类数据分析师",
      "count": 1
    },
    {
      "label": "房地产分析师",
      "count": 1
    },
    {
      "label": "政策分析师",
      "count": 1
    },
    {
      "label": "生物科技分析师",
      "count": 1
    }
  ],
  "categoryCounts": [
    {
      "label": "其他",
      "count": 222
    },
    {
      "label": "行业研究",
      "count": 2
    },
    {
      "label": "ESG与主题",
      "count": 1
    },
    {
      "label": "情绪与另类数据",
      "count": 1
    },
    {
      "label": "权益策略",
      "count": 1
    }
  ],
  "provenance": {
    "contemporaneous": true,
    "note": "This day view is assembled from public, date-stamped AI Institute research contracts."
  }
}