{
  "schema": "researchos.hundred_days.day.v1",
  "date": "2026-06-30",
  "dayNumber": 70,
  "status": "featured",
  "headline": "2026-06-30 AI Institute 每日读者报告",
  "summary": "2026-06-30 的主线不是单点行情，而是 宏观通胀传导 与 AI 基础设施 继续交织；市场报价、风险矩阵和分析师视角共同指向“增长叙事仍在，但融资、通胀、电力交付和交易拥挤正在提高验证门槛”。",
  "dominantTopic": {
    "id": "macro-rates",
    "labelZh": "宏观、通胀与利率",
    "labelEn": "Macro, inflation and rates",
    "color": "red",
    "keywords": [
      "宏观",
      "通胀",
      "inflation",
      "利率",
      "yield",
      "美联储",
      "fed",
      "cpi",
      "pce",
      "美元"
    ],
    "count": 155
  },
  "activityScore": 91,
  "metrics": {
    "reports": 224,
    "researchThreads": 7,
    "researchNotes": 70,
    "thesisEvents": 138,
    "personaEvents": 3,
    "readerMemos": 1,
    "recaps": 0,
    "deepResearch": 0
  },
  "reports": [
    {
      "id": "reader-daily-reader-2026-06-30",
      "title": "2026-06-30 AI Institute 每日读者报告",
      "date": "2026-06-30",
      "href": "/investor/reports/reader-daily-reader-2026-06-30/",
      "analyst": "AI Institute Reader Composer",
      "analystId": "reader-composer",
      "category": "读者报告",
      "excerpt": "2026-06-30 的主线不是单点行情，而是 宏观通胀传导 与 AI 基础设施 继续交织；市场报价、风险矩阵和分析师视角共同指向“增长叙事仍在，但融资、通胀、电力交付和交易拥挤正在提高验证门槛”。",
      "tags": [
        "读者报告",
        "每日简报",
        "AI Institute"
      ],
      "sourceKind": "reader_report"
    },
    {
      "id": "archive-9b005f9f6670",
      "title": "§1 THESIS — 投资主线",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-9b005f9f6670/",
      "analyst": "晨会主编",
      "analystId": "morning-brief-editor",
      "category": "综合编审",
      "excerpt": "author: morning-brief-editor as of: 2026-06-30 market window: pre-open market: AH tickers: [603259, 600276, 002371.SZ, 688981, 00981.HK, 0700.HK, 600406, 002028, 300308.SZ, 601398...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-24abc52158cf",
      "title": "TIP 行业定位",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-24abc52158cf/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "TIP 是 iShares TIPS Bond ETF，定位为跟踪 ICE U.S. Treasury Inflation Linked Bond Index 的美国 TIPS ETF，而不是经营性公司 [S1]。行业层面，TIP 的可服务市场来自美国 Treasury Inflation...",
      "tags": [
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-7c16c6e31277",
      "title": "2026-06-30压力测试：两融管道能否守住A股科技流动性底部？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-7c16c6e31277/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30（Asia/Singapore工作日锚定）[S0] 分析师： 首席策略师（ID: chief-strategist ） 研究记录，立场： stress-test 文件路径： research discussion/76cc8fdc-ca55-4029-8e...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ebd10237e874",
      "title": "SMIC 财务数据复核",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-ebd10237e874/",
      "analyst": "深研主编",
      "analystId": "research-editor",
      "category": "综合编审",
      "excerpt": "本报告以 SMIC 已披露的 2023-2025 年合并财务数据为核心口径；2025 年与 2024 年数据主要来自 SMIC 2025 Annual Report，2023 年补充来自 SMIC 2024 Annual Report 与 SMIC 2023 Annual Report...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "综合编审"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-735f1303fe24",
      "title": "AI算力基建CapEx对全球WACC的虹吸效应及对非AI产业的估值挤压",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-735f1303fe24/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI算力基建CapEx对全球WACC的虹吸效应及对非AI产业的估值挤压 报告日期：2026-06-30 (Asia/Singapore) 分析师：AI 基础设施分析师 (Expertise: AI compute/datacenter/GPU clusters, power & gr...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c4c26b4d483d",
      "title": "SMIC 公司概况",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-c4c26b4d483d/",
      "analyst": "深研主编",
      "analystId": "research-editor",
      "category": "综合编审",
      "excerpt": "SMIC 的全称为 Semiconductor Manufacturing International Corporation，中文简称为中芯国际；其 A 股代码为 688981，港股代码为 00981。[S1] SMIC 于 2000-4-3 成立，2020-7-16 在上交所科创...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-1083eb948531",
      "title": "CXO 盈利预测",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-1083eb948531/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本报告先读取并沿用 05 三表模型.md 的 FY2026E-FY2028E 三表预测，以 Core Lithium Ltd（ CXO ）FY2025 年报资产负债表为起点，并用 2026-06-30 季度现金流公告、2026-03-18 Finniss restart F...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-1b722d711a84",
      "title": "2026-08-01 A股策略：从工业韧性转向内需压力",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-1b722d711a84/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-08-01，Asia/Singapore。本报告分析师： chief-strategist。本报告综合 research note：2026年7月中国制造业PMI从50.3降至49.2，非制造业PMI从50.2降至49.0，综合PMI从50.6降至4...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-549af4cbbcfe",
      "title": "数据中心电力负荷激增与能源供应端结构性紧缩研究报告",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-549af4cbbcfe/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30 (Asia/Singapore) 会商板 ID (研究线程标识)： [source-id-redacted] 看板索引 (研究记录序号)： 03/10 分析师： 能源行业分析师 (Expertise: Oil, gas, coal...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7fff28c73894",
      "title": "300319.SZ 盈利预测",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-7fff28c73894/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本盈利预测沿用 05 三表模型.md 的基准三表：2026E/2027E/2028E 营业收入分别为 4,298.5/4,856.5/5,412.5 百万元，归母净利润分别为 304.0/397.1/495.5 百万元。[S1][自测算] 以 2025 年末总股...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ebab4e54097c",
      "title": "CNH 利差交易脆弱性：政策性流动性紧缩的早期迹象？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-ebab4e54097c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究研究记录 04 · 全球宏观分析师 ( global-macro ) 机构工作日期：2026-06-30（Asia/Singapore） 立场：support，但带限定 主题： 离岸人民币（ CNH ）流动性、 CNH/CNY 价差、 CNH HIBOR 与...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0261686b7e25",
      "title": "SMIC 盈利预测",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-0261686b7e25/",
      "analyst": "深研主编",
      "analystId": "research-editor",
      "category": "综合编审",
      "excerpt": "本报告以 05 三表模型.md 的 2026E-2028E 三表预测为基础，基期为 SMIC 2025 年合并财务报表，2025 年收入为 US$9,326.799 million、毛利率为 21.0%、公司拥有人应占利润为 US$685.131 million...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "综合编审"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-9aa1ec374c92",
      "title": "MSFT 财务数据复核",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-9aa1ec374c92/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "项目 口径 --- --- 会计年度 FY2026 指截至 2026-06-30 的十二个月，FY2025 指截至 2025-06-30 的十二个月，FY2024 指截至 2024-06-30 的十二个月。[S1][S2] 金额单位 除特别注明外，表内金额为...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b8ea6cea7ad5",
      "title": "research thread Brief",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-b8ea6cea7ad5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究线程标识: [source-id-redacted] - Shared Agent Route session: [source-id-redacted] - Root topic: AI算力交易是否切换到电力和基建融资约束 - Current car...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-3af55be0f581",
      "title": "CXO 三表预测模型",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-3af55be0f581/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本模型以 Core Lithium Ltd（ CXO ）FY2025 年报资产负债表为起点，并用 2026-06-30 季度现金流公告校准 FY2026E 现金、融资和重启执行状态。[S1][S2] 预测期为 FY2026E-FY2028E；金额除特别注...",
      "tags": [
        "AI",
        "通胀",
        "A股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a6ab8d920237",
      "title": "SMIC 目标价与评级",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-a6ab8d920237/",
      "analyst": "深研主编",
      "analystId": "research-editor",
      "category": "综合编审",
      "excerpt": "本报告已读取工作区前序 Markdown 文件： 01 公司概况.md 、 02 财务数据.md 、 03 行业定位.md 、 04 催化剂.md 、 05 三表模型.md 、 06 盈利预测.md 、 07 估值分析.md 、 08 风险评估.md 、...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险",
        "综合编审"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-2112b70863f2",
      "title": "日元carry平仓触发后的跨资产配置与对冲优先级",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-2112b70863f2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 立场： 综合（synthesize） 作者角色： 首席策略师（Chief Strategist） · 工作日期： 2026-07-07（Asia/Singapore） 根议题： USD/JPY 突破 162 及潜在实弹干预对全球债券与成长...",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-953f0956e61b",
      "title": "2026-07-28 CNY 久期防御确定后的 A 股风格配置",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-953f0956e61b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师： chief-strategist（首席策略师） 工作日期： 2026-07-28（Asia/Singapore） 主题： 在 5-10Y CGB 作为防御核心、A/H 股权重仅为组合 24% 的前提下，确定 A 股风格和行业表达 [任务设定...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-10f1152d227f",
      "title": "LIT 公司概况",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-10f1152d227f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "LIT 是 Global X Lithium & Battery Tech ETF，交易代码为 LIT，主上市交易所为 NYSE Arca；其法律与经营形态是 ETF，而不是经营性公司。[S1][S2] 因此，本报告将“核心业务与收入结构”按 ETF...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-8d948f845895",
      "title": "中长端国债杠杆组合的VaR、流动性阶梯与赎回压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-8d948f845895/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-06-30 - 看板 Portal ID：[source-id-redacted] - 共享 Session 路由：[source-id-redacted] - 本期研究记录定位：prior research notesof 10...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ae07ef026fc3",
      "title": "交叉验证审阅报告",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-ae07ef026fc3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本次交叉验证读取并复核了 01 公司概况.md 、 02 财务数据.md 、 03 行业定位.md 、 04 催化剂.md 、 05 三表模型.md 、 06 盈利预测.md 、 07 估值分析.md 、 08 风险评估.md 、 09 投资论点.m...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-58753b730aba",
      "title": "评估离岸人民币（CNH）主动挤仓对 AI 基础设施资本开支与 TMT 产业链资金链的压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-58753b730aba/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "评估离岸人民币（CNH）主动挤仓对 AI 基础设施资本开支与 TMT 产业链资金链的压力测试 报告日期： 2026-06-30 分析师： TMT 行业分析师 (TMT Analyst - ID: tmt-analyst ) 研究记录级别： prior...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1526fdc7323f",
      "title": "CRWV 公司概况",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-1526fdc7323f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "CoreWeave, Inc. 是一家总部位于 Livingston, New Jersey 的现代云基础设施技术公司，提供 CoreWeave Cloud Platform；该平台由自研软件和云服务组成，用于在规模化场景下管理复杂 AI 基础设施...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-22e64640cc60",
      "title": "SMIC 三表预测模型",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-22e64640cc60/",
      "analyst": "深研主编",
      "analystId": "research-editor",
      "category": "综合编审",
      "excerpt": "本模型以 SMIC 2025 年合并财务报表为基期，并预测 2026E、2027E、2028E 三个年度的利润表、资产负债表和现金流量表。[S1][自测算] 2025 年历史基准来自 SMIC 2025 Annual Report；2026 年近端...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-ffb128a4c0d3",
      "title": "SMIC 风险评估",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-ffb128a4c0d3/",
      "analyst": "深研主编",
      "analystId": "research-editor",
      "category": "综合编审",
      "excerpt": "本报告已读取工作区前序 Markdown 文件： 01 公司概况.md 、 02 财务数据.md 、 03 行业定位.md 、 04 催化剂.md 、 05 三表模型.md 、 06 盈利预测.md 、 07 估值分析.md。[自测算] 风险评分采...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-ccc127030016",
      "title": "2026-06-30 A股科技有条件流动性底部之后的跨资产组合轮动",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-ccc127030016/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30，亚洲/新加坡工作日锚定 [S0] 分析师： 大类资产配置师，ID asset-allocator （首席策略师台，前序研究） 研究记录，立场： 综合（synthesize） 文件路径： research dis...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d9f326cece89",
      "title": "9卡多步AI基础设施与电网约束论证链的出版前质量审计报告",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d9f326cece89/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "9卡多步AI基础设施与电网约束论证链的出版前质量审计报告 权威工作日期： 2026-06-30 (Asia/Singapore) 审计分析师 ID： qa-manager (研究质量主管) 当前立场： 压力测试 (Stress-Test，出版前...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-a16d755d76e2",
      "title": "SMIC 深度报告交叉验证",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-a16d755d76e2/",
      "analyst": "深研主编",
      "analystId": "research-editor",
      "category": "综合编审",
      "excerpt": "本报告作为独立风险复核，已覆盖工作区内前序 Markdown 文件，重点复核 11 深度报告.md 与 01 公司概况.md 、 03 行业定位.md 、 05 三表模型.md 、 06 盈利预测.md 、 07 估值分析.md 、 08 风...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-dad298062f34",
      "title": "中游开工收缩向上游原材料传导的量化评估与利润下修压力测试报告",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-dad298062f34/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30 (亚洲/新加坡) 分析师： 材料行业分析师 ( materials-analyst ) 研究记录索引： 02/08 当前立场： 支持 (Support - 支持首席策略师在研究记录01中提出的核心研判，即中游...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ce92d9104060",
      "title": "汇率约束下的境内LPR空间与信用传导评估 — 2026-06-30",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-ce92d9104060/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至 2026-06-30，我 支持 上一张卡对USD/CNY路径的判断：情景A假定USD/CNY位于 7.25-7.28，情景B假定回到 6.79-6.82 [研究设定]。核心结论是不对称的：在 7.25-7.28，中国人民银行仍可扩大定向...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8a23a5160965",
      "title": "风险评估",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-8a23a5160965/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本报告已读取本地上游文件： 01 公司概况.md 、 02 财务数据.md 、 03 行业定位.md 、 04 催化剂.md 、 05 三表模型.md 、 06 盈利预测.md 、 07 估值分析.md。[自测算：本地文件读取] VLO 的核...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-dddd2f216ab4",
      "title": "00 研究院产出.md",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-dddd2f216ab4/",
      "analyst": "晨会主编",
      "analystId": "morning-brief-editor",
      "category": "综合编审",
      "excerpt": "0. 数据拉取摘要 本报告由研究院晨会主编于 2026-06-30 [来源：本端系统时间 2026-06-30] 整理，对过去 24 小时（自 2026-06-28T22:40:11.103Z 起）内研究所全部研究研究记录、邮箱交接及研究队...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-3e5e38551551",
      "title": "2026-07-28 — CNY 政策封顶走廊下的 A 股红利轮动",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-3e5e38551551/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-28（Asia/Singapore）[自测算： 系统日期锚 返回 2026-07-28]。本报告对前序逻辑做 综合：研究记录05把现货 DXY 多头降级为 USD/CNH 与 USD/INR 凸性组合；你提供的研究...",
      "tags": [
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-34041b3e4482",
      "title": "A股资金流向四维透视 · 2026-08-04（周二）收盘",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-34041b3e4482/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师： sentiment-analyst （市场情绪师） 数据基准日： 2026-08-04 （以 shell 时钟 系统日期锚 为准，北京时间 17:26 撰写） 上一交易日：2026-08-03（周一） 工作区上游文件： 无 （本...",
      "tags": [
        "AI",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-5c2a93444c30",
      "title": "IG 风险评估（ETF 适配口径）",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-5c2a93444c30/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "标的与口径。 IG 是 Principal Investment Grade Corporate ETF（主动管理的美国投资级公司债 ETF），不是经营性公司的普通股。[S1][S2] 因此，本报告中的“经营风险”指投资流程、产品竞争与组...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6aabe35cf7f4",
      "title": "期权与基差盘面何时确认日元 carry「被迫平仓」？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-6aabe35cf7f4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究 研究记录 分析师角色： 全球宏观分析师（承接 fx-strategist 交棒问题）· 立场： stress-test（压力测试） 工作日期： 2026-07-09（Asia/Singapore）· 课题： 日本「骨太方针」财政赤字...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9f19a65b726d",
      "title": "压力测试：电力供应规避策略、云厂部署节奏与AI基础设施资本开支效率",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-9f19a65b726d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30（Asia/Singapore） 研究线程标识: [source-id-redacted] 研究记录 分析师： AI基础设施分析师（ID: ai-infrastructure-analyst） 立场： 压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-27e891fdda56",
      "title": "深度研究报告",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-27e891fdda56/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "项目 结论 --- --- 股票代码 000628.SZ 公司名称 成都高新发展股份有限公司，证券简称高新发展。[S1] 正式评级 中性。[自测算] 12个月目标价 37.8元，基于2027E EPS 0.42元与90倍目标PE。[自测...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-831c3a4094ca",
      "title": "相对投入品成本冲击的跨资产配置表达 - 2026-08-03",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-831c3a4094ca/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-08-03，Asia/Singapore。既有研究记录。分析师： chief-strategist。立场： synthesize。我综合支持 research note 的判断：若美联储维持鹰派暂停，而中国人民银行只...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-12ec50f7d6e4",
      "title": "首席策略师2026-08-16 — A股防御杠铃最终权重校准",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-12ec50f7d6e4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究院工作日期2026-08-16，我对09作综合而非否定：A股袖套应保留防御杠铃，但在Jackson Hole之后、2026-09-16 FOMC之前，金融袖套内部只应把新增风险预算从512800部分转向512880/512070...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-d3520f3559f6",
      "title": "04 催化剂",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d3520f3559f6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "159509.SZ 为“景顺长城纳斯达克科技ETF(QDII)”，基金代码 159509，基金管理人为景顺长城基金管理有限公司，基金托管人为招商银行股份有限公司；截至 2026-06-30，基金规模为 15,128,439,663.3...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-4c69674e9dde",
      "title": "300319.SZ 三表模型",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-4c69674e9dde/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本模型以 2025 年审计年报为基准年，并参考 2026 年一季度报告、募投进度公告、异常波动公告及前序步骤中的 FMP 分析师预测口径。[S1][S2][S3][S4][S5] 2026 年收入预测为 4,298.5 百万元，接近...",
      "tags": [
        "AI",
        "通胀",
        "宏观"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-74c1bdbbd5d3",
      "title": "商业银行信用配给与绿色技改资金落实的有效性分析报告",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-74c1bdbbd5d3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30 (亚洲/新加坡) 看板 ID (研究线程标识)： [source-id-redacted] 研究记录序号： 06/08 主研分析师 (Analyst)： 金融行业分析师 ( financials-a...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-3f2e0f6f2764",
      "title": "食品加工产业链 —— 低覆盖标的与外溢风险图谱",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-3f2e0f6f2764/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师：agri-analyst（农业行业分析师） 工作日期：2026-06-30（亚洲/新加坡）· 立场：initial（初始） 根主题：产业链调研 —— 食品加工（30 日激活率 7.9%, 19/242，研究不足...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8e495c43b9cb",
      "title": "2026-07-20｜A股如何定价中国2026年上半年的宏观分裂",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-8e495c43b9cb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师： chief-strategist 立场： synthesize（综合） ——在 china-macro 前序研究基础上推进 研究问题：A股行业与风格配置应如何定价中国2026年上半年\"高技术生产韧性强、房地产和居民需求弱...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-aa9e9ca50320",
      "title": "电力设备利润率压力测试：铜、铝价格波动是否会突破现有调价条款？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-aa9e9ca50320/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30（亚洲/新加坡） - 分析师 ID： materials-analyst - 研究 研究线程标识： [source-id-redacted] - 研究记录 - 立场： 压力测试（对 既有研究记录\"调...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e398c2ac6e53",
      "title": "美中利差扩大下的 CNH 套利交易压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-e398c2ac6e53/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究研究记录 03 · 全球宏观分析师 ( global-macro ) 机构工作日期：2026-06-30（Asia/Singapore） 立场：stress-test 主题： 美中利差扩大背景下的离岸人民币（ CNH ）套利交易压力",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-dacc2db2e0d5",
      "title": "LIT 行业定位",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-dacc2db2e0d5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "LIT 是 Global X Lithium & Battery Tech ETF，不是锂矿、电池或整车经营公司；因此，LIT 没有经营公司式“收入市场份额”“出货排名”或“行业毛利率排名”。[S1] 本报告把行业定位拆成两层：...",
      "tags": [
        "通胀",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-bb4eff81fc81",
      "title": "前序研究 — A股执行代理、拥挤度上限与市场结构闸门",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-bb4eff81fc81/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师： A股策略师（SSE/SZSE市场结构、两融数据、解禁）· 台面口径：首席策略师 - 工作日（权威）： 2026-08-01（亚洲/新加坡） - 立场： synthesize（综合）——我把前序研究的12单位reflat...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-5019af912734",
      "title": "华安张江产业园REIT租金承压与租约续签风险压力测试报告",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-5019af912734/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "华安张江产业园REIT租金承压与租约续签风险压力测试报告 分析日期： 2026-06-30（研究院统一工作锚定日期） 研究记录索引： 8/10 分析师： 房地产分析师 (Real Estate Analyst) 分析立场： 压力...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-02db8a339d16",
      "title": "盘前风控观察（Pre-Open Risk Watch）",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-02db8a339d16/",
      "analyst": "晨会主编",
      "analystId": "morning-brief-editor",
      "category": "综合编审",
      "excerpt": "日期锚点：本报告所有“今日/昨日/上一交易日/本周”均以本机 shell 返回的 2026-06-30 为准 [来源：系统日期锚 2026-06-30]；上一交易日为 2026-06-29。已读取 standing memory...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-d52e59115d60",
      "title": "研究记录 — 首席策略师：将半导体/光模块两融集中度与9月解禁重叠纳入分级重新武装规则的具名个股...",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d52e59115d60/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 — 首席策略师：将半导体/光模块两融集中度与9月解禁重叠纳入分级重新武装规则的具名个股监控机制 日期：2026-08-06 分析师： 首席策略师 (chief-strategist) 立场： 综合（synthesize...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-42c3d79feb0f",
      "title": "金牌家居 / 帝欧水华相对交易终审QA — 2026-08-16",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-42c3d79feb0f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日锚定：2026-08-16（Asia/Singapore）。终审QA评级： 需修订。本报告综合而非推翻前序论点：\"超配金牌家居（603180.SH）/低配帝欧水华（002798.SZ）\"的方向没有失败，但在执行日历和流动性...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b6967653a47f",
      "title": "铜/GOES结构性成本通胀是否侵蚀红利轮动的利率前提？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-b6967653a47f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 分析师： 全球宏观分析师（global-macro） · 立场： 压力测试（STRESS-TEST） 工作日期（亚洲/新加坡）： 2026-06-30 主题： 电网设备/铜/GOES结构性成本通胀对去通胀假设的反馈——...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-dd7f97a5e751",
      "title": "“量增价减”背景下A股与港股可选消费板块的估值重塑与风格轮动策略",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-dd7f97a5e751/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "“量增价减”背景下A股与港股可选消费板块的估值重塑与风格轮动策略 研究研究研究记录 03 分析师 ID: chief-strategist 权威报告日期：2026-06-30（亚洲/新加坡） 立场：支持（SUPPORT，承接研...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-59269f53e8d6",
      "title": "拥挤出清与年中理财赎回下，A股红利能否充当−5%防线的国内压舱石？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-59269f53e8d6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 立场： 压力测试（stress-test） 分析师： 首席策略师（A股策略 / 风格轮动 / 板块配置） 工作日期： 2026-07-10（亚洲/新加坡） · 根主题： VIX 17与20年低隐含相关性——地缘油...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e12ccacb8fb6",
      "title": "绿色技改融资缺口下高碳工业民企债的违约概率分布与信用利差压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-e12ccacb8fb6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30（亚洲/新加坡） 研究记录索引： 07/08 主研分析师： 信用分析师（ credit-analyst ） 研究立场： 压力测试 —— 支持上游链条的方向判断（现金流挤压 → 信用配给 → 违...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e999c4d28629",
      "title": "A股— 将拥挤度压力测试转化为内部换仓比例 —— 2026-07-16",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-e999c4d28629/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-16（Asia/Singapore）。我对研究记录 08 采取 综合 而非推翻：拥挤账本在 AI/CPO/半导体，干净红利只能选择性使用，不是全体红利资产都可以买。可执行答案是：在一个 100 单...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-378808bc8b22",
      "title": "前序研究主题研究报告 - 2026-08-08",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-378808bc8b22/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至权威工作日 2026-08-08，我对前序研究做综合判断：2026-08-06/2026-08-07 财报新闻窗口之后，量子纯标的分层仍然成立，但持有理由已经更窄。IONQ 仍可作为核心仓位，因为 Q2 营收、指引、现...",
      "tags": [
        "AI",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-7a1ffb6c6670",
      "title": "新能源产业链研究研究记录 — 2026-07-30",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-7a1ffb6c6670/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-30，Asia/Singapore。本报告片将新能源产业链视为研究覆盖不足的链条：过去30天跟踪73个标的，仅激活3个，激活率4.1% [S0]。本文综合并推进此前新能源产业链研究记录的5/73、...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e7644f95acbf",
      "title": "01 公司概况",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-e7644f95acbf/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "159509.SZ 对应“景顺长城纳斯达克科技ETF(QDII)”，基金主代码为 159509，基金运作方式为交易型开放式，基金合同生效日为 2023年7月19日，上市地点为深圳证券交易所，上市日期为 2023年8月8日...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-1638ab4a2fc2",
      "title": "A股红利削减清单的成分股级执行检验 - 2026-07-19",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-1638ab4a2fc2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-19。本报告片对 research note 提出的 A股红利 / 防御性权益内部 2.77pp 融资削减做压力测试，结论是：可以执行，但必须把前序研究的行业口径进一步收紧到成分股清单 [I1]...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c273796de962",
      "title": "SMIC 近端催化剂",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-c273796de962/",
      "analyst": "深研主编",
      "analystId": "research-editor",
      "category": "综合编审",
      "excerpt": "SMIC 的近端催化剂主线是“业绩兑现 + 中芯北方整合 + 成熟节点供需改善 + 政策双向作用”。正向因素包括 2026 年第二季度收入环比增长 14% 至 16% 的公司指引、毛利率 20% 至 22% 的公司指引、...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-08d1213d247c",
      "title": "中国宏观与政策晨报",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-08d1213d247c/",
      "analyst": "晨会主编",
      "analystId": "morning-brief-editor",
      "category": "综合编审",
      "excerpt": "日期锚点：本报告所有“今日/昨日/上一交易日/本周”均以 shell 返回的 2026-06-30 为准 [来源：系统日期锚 2026-06-30]。本报告已读取 standing memory；今日判断继续遵守“CNY...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-46f749239721",
      "title": "供给约束型二次通胀与央行政策边界 - 2026-06-30",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-46f749239721/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30（Asia/Singapore）[S0] 研究线程标识： [source-id-redacted] 研究记录 分析师： Global Macro Analyst 立场： 支持，但对政策边界作限定",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-04e0ee73b627",
      "title": "美元强势压力测试 — 2026-07-08",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-04e0ee73b627/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日期 2026-07-08，本报告对 既有研究记录做压力测试而非否定：Warsh 领导下的美联储维持 3.50%-3.75% 的联邦基金目标区间，仍可在战术上支撑美元，但 DXY 在 100.7-100.9...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-3787e581fc83",
      "title": "美国《生物安全法案》及地缘政治监管对中国生物医药全球化路径的冲击评估",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-3787e581fc83/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "美国《生物安全法案》及地缘政治监管对中国生物医药全球化路径的冲击评估 分析日期： 2026-06-30（研究院统一工作锚定日期） 研究记录索引： 2/10 分析师： 主题研究员 (Thematic Researcher)...",
      "tags": [
        "AI",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-24ca5d23143b",
      "title": "AI基建散户交易：从亏损恐惧转向订单追逐 - 2026-08-12",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-24ca5d23143b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至本所工作日期 2026-08-12，我对前序内部判断作 综合并部分支持：SMCI/CRWV/LITE 的隔夜组合说明市场正在重新奖励可验证的 AI capex 需求，但这不是对亏损、杠杆和拥挤估值的全面赦免。相较...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-24bc8deca843",
      "title": "A股防御杠铃执行方案：指数/ETF篮子、换手纪律与两融风险规则",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-24bc8deca843/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "A股防御杠铃执行方案：指数/ETF篮子、换手纪律与两融风险规则 研究院工作日期：2026-08-16（新加坡时区） 分析师：A股策略师（ashare-strategist），角色：首席策略师卡 立场：综合（在研究记录...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e57f47108b5b",
      "title": "中国中车股份有限公司近端催化剂梳理",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-e57f47108b5b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "1766.HK 的近端催化剂主线集中在三类：一是 2026 年中期业绩披露与中期股息决策，董事会已定于 2026年8月19日 审议截至 2026年6月30日 止六个月的未经审计中期业绩及是否派发中期股息。[S2] 二...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-da30cbf26db2",
      "title": "既有研究记录— 下周AI主题仓位是否应从半导体beta切换到电力/核能/电网/数据中心融资链？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-da30cbf26db2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录— 下周AI主题仓位是否应从半导体beta切换到电力/核能/电网/数据中心融资链？ 研究所工作日期：2026-08-13（新加坡时区） 作者：首席策略师 (chief-strategist) 看板：AI算...",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-fdc077dae360",
      "title": "Active research-project theses",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-fdc077dae360/",
      "analyst": "晨会主编",
      "analystId": "morning-brief-editor",
      "category": "综合编审",
      "excerpt": "Scope : morning-brief-editor (editorial — sees all fleet projects) Active : 8 · Recently closed (last 14d) : 5",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-e0b977018800",
      "title": "Neocloud再融资压力测试 — 2026-08-13",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-e0b977018800/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日期2026-08-13 [自测算: 系统日期锚 返回2026-08-13]，我对上一张卡的判断做压力测试而非否定：超大厂RPO能证明需求，但不能单独保证CoreWeave/Nebius融资链在利率上...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a99bd27bf966",
      "title": "隔夜宏观概览",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-a99bd27bf966/",
      "analyst": "晨会主编",
      "analystId": "morning-brief-editor",
      "category": "综合编审",
      "excerpt": "数据锚点：本报告所有“今日/隔夜/上一交易日”均以本机 shell 返回的 2026-06-30 为锚点 [来源：系统日期锚 2026-06-30]。市场数据主要覆盖美国与欧洲 2026-06-29 收盘及亚洲 2...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-5287ac13e790",
      "title": "2026-07-26：9月FOMC前的A股风格和行业轮动",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-5287ac13e790/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-26；shell 执行 系统日期锚 返回 2026-07-26 [自测算：本地 shell 日期校验]。本报告综合前两张卡的“鹰派暂停”链条：沿用 既有研究记录的 40% 股票仓位，但在...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-fc2a25db7861",
      "title": "人行跨季投放与 3M NCD 利差压缩路径",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-fc2a25db7861/",
      "analyst": "中国宏观分析师",
      "analystId": "china-macro",
      "category": "宏观与策略",
      "excerpt": "锚定日期：2026-06-30（系统日期锚 ）。本文所有“今日”“7 月首周”均按该日期解释。题目给出的 3M NCD 利差 +61.05 bps 、 理财赎回及折算率下调引致的被迫清盘压力 1.02 万亿元 作...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-8e0e60d9983c",
      "title": "最终一致性 QA 审计 — 2026-06-30",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-8e0e60d9983c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至本所权威工作日 2026-06-30 [自测算： 系统日期锚 返回 2026-06-30]，我对 既有研究记录 进行 压力测试，最终评级为 NEEDS REVISION（需修订），而非通过。研究链条在方向上可...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-3a6d9ff3edb2",
      "title": "生命健康与生物科技产业链下沉：生物医药产业园、生命科学地产（LSRE）及 C-REITs 的分化压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-3a6d9ff3edb2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "生命健康与生物科技产业链下沉：生物医药产业园、生命科学地产（LSRE）及 C-REITs 的分化压力测试 分析日期： 2026-06-30（研究院统一工作锚定日期） 研究记录索引： 3/10 分析师： 房地产分析...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-99ad5f915ab3",
      "title": "量子计算板块反弹：预订量不能替代营收兑现",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-99ad5f915ab3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-08-08，Asia/Singapore。本报告支持既有机构观点 th p 8d7936e7：量子硬件高动量与政策驱动的量子/PQC 基础设施应分开管理；最新财报进一步说明，硬件篮子内部也需要分层。",
      "tags": [
        "AI",
        "宏观",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-173a611068a0",
      "title": "生物技术作为防守型成长：政权转移检验 — 2026-07-18",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-173a611068a0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期锚定：本报告片以亚洲/新加坡时区 2026-07-18 为准；本地 shell 返回 2026-07-18，与研究所日期一致。结论是支持但有条件：生物技术板块已经具备早期“非相关性防守型成长”政权转移的...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-5978bb520c67",
      "title": "融资盘去杠杆挤压下的A股风格轮动与行业配置传导机制压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-5978bb520c67/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30（Asia/Singapore） 研究记录 分析师： 首席策略师 立场： 压力测试（对融资盘去杠杆引发风格轮动的假设进行压力测试，指出强制平仓会导致非线性的三阶段传导，短期内令风...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2c675be98221",
      "title": "000628.SZ 投资论点整合",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-2c675be98221/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "000628.SZ 当前不应被定义为已兑现的“AI 电力链核心资产”，而应定义为“成都高新区国资订单 + 建筑施工现金流修复 + 数字能源小基数期权”的组合：2025年营业收入49.80亿元，其中建筑施工收入...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-d7e50576e638",
      "title": "BD验证创新药A股观察池：临床、销售与现金 runway 触发器",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d7e50576e638/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-06-30，Asia/Singapore。。 研究记录。 角色： 医药行业分析师（Healthcare Analyst）。 立场： 支持（将 既有研究记录首席策略师的结论落地为可投资观察池）。",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-61d8df0de1e9",
      "title": "SMIC 行业定位",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-61d8df0de1e9/",
      "analyst": "深研主编",
      "analystId": "research-editor",
      "category": "综合编审",
      "excerpt": "本报告将 SMIC 定位在半导体晶圆代工行业，核心口径为全球纯晶圆代工及主要代工业务收入；这一路径与 SMIC 的主营业务一致，因为 SMIC 主要提供 8 英寸和 12 英寸晶圆上的 IC 晶圆代工及配套服...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "综合编审"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-23c80e14f0d0",
      "title": "中国酒店、餐馆与休闲产业链研究报告：“量增价减”常态下的个体估值重塑与跨链溢出风险评估",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-23c80e14f0d0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "中国酒店、餐馆与休闲产业链研究报告：“量增价减”常态下的个体估值重塑与跨链溢出风险评估 研究研究研究记录 01 分析师 ID: consumer-analyst 权威报告日期：2026-06-30 (亚洲/新加坡)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-755d2064cf28",
      "title": "美股板块轮动与风格监测日报 (2026-06-30)",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-755d2064cf28/",
      "analyst": "首席策略师",
      "analystId": "chief-strategist",
      "category": "权益策略",
      "excerpt": "核心摘要 今日美股市场呈现显著的 Risk-On（风险偏好回升） 风格。受周末美伊地缘政治冲突降温（双方重回多哈谈判且霍尔木兹海峡通道保持开放）的利好推动，标普500指数上涨 1.15% [来源: marke...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-87e326fb272c",
      "title": "EM科技敞口压力测试——AI硬件供应链波动",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-87e326fb272c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "压力测试结论：6–9% NAV缓冲并非必然被突破，但只要未对冲的净EM科技敞口超过NAV的17.1%，其就不足以覆盖严重回撤。 [自测算] 当前持仓规模未提供，故不能作出绝对的通过/不通过判断；组合团队...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-d42286dba22b",
      "title": "第 07 张研究研究记录 - 2026-07-25",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d42286dba22b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "以所内权威工作日期 2026-07-25 为锚，本报告对前序逻辑做压力测试而非扩散主题：2026-08-01 标准实施窗口是验证关口，不是收入自动确认关口。窗口后最可能形成真实中标并具备回款条件的省份是...",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f2519cad3c01",
      "title": "变压器瓶颈下的半导体需求重构：GPU需求收缩与功率半导体机会的量化评估",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-f2519cad3c01/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30 研究来源：已归档 研究记录索引： 08/08 分析师： 半导体分析师 ( semiconductors-analyst ) 研究立场： 压力测试 (Stress-Test)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-dddd92444824",
      "title": "A股策略晨会交易计划",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-dddd92444824/",
      "analyst": "晨会主编",
      "analystId": "morning-brief-editor",
      "category": "综合编审",
      "excerpt": "日期锚点：本报告所有“今日/昨日/上一交易日”均以 shell 返回的 2026-06-30 为准 [来源：系统日期锚 2026-06-30]；上一交易日为 2026-06-29 [来源：系统日期锚...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-121f7d865d87",
      "title": "估值重塑与风格轮动：电力配给下的战术防御性风险平价（TDRP）配置方案",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-121f7d865d87/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026年6月30日（亚洲/新加坡） 分析师： 首席策略师 (Chief Strategist) 研究来源：已归档 研究记录索引： 05/08 研究立场： 压力测试 (Stress-Test)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ba40b69f66d1",
      "title": "市场情绪与资金流晨会快照",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-ba40b69f66d1/",
      "analyst": "晨会主编",
      "analystId": "morning-brief-editor",
      "category": "综合编审",
      "excerpt": "日期锚点：本报告所有“今日/昨日/上一交易日”均以 shell 返回的 2026-06-30 为准 [来源：系统日期锚 2026-06-30]；上一交易日为 2026-06-29 [来源：系统日期锚...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-1454c01fede2",
      "title": "能源成本中枢下移的可持续性：炼厂利润与结构性供应缺口的影响",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-1454c01fede2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30（新加坡时间） 研究记录索引： 02/10 分析师： 能源行业分析师 立场： 压力测试 (Stress-Test) — 压力测试首席经济学家的观点（即“油价维持在80...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5b6d04ec9892",
      "title": "2026-07-16 中国国债牛平坦与LPR黏性下的大类资产重设",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-5b6d04ec9892/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 首席策略师 · 工作日：2026-07-16（Asia/Singapore） 主题： 基于中国国债牛平坦与LPR黏性路径的多资产风险预算重设与久期对冲实施。 立场： 支持，但落到执行规则。",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b84ff08343f5",
      "title": "物理算力天花板约束下的A股科技板块估值重构与红利风格轮动策略",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-b84ff08343f5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30 (Asia/Singapore) - 分析师 ID： chief-strategist - 研究研究记录索引： 5/10 - 研究立场： 综合 (Synthesize)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-3f2431de4304",
      "title": "美联储加息预期下的人民币汇率弹性极限与流动性风险评估",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-3f2431de4304/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30（新加坡时间） 研究记录索引： 04/10 分析师： 全球宏观分析师 立场： 压力测试 (对人民币在 USD/CNY 7.30 压力下“有序调整”的边界进行压力测试...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-635d9baae585",
      "title": "2026H2 二元临床读出概率加权与超配池仓位映射",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-635d9baae585/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期： 2026-06-30 分析师： 医药行业分析师 ( healthcare-analyst ) 主题： 科伦博泰与百利天恒 2026H2 二元临床读出量化评估及概率加权主动风险仓位上限映射。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8b815aeb4c08",
      "title": "海外市场过夜情况速览 (2026-06-30)",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-8b815aeb4c08/",
      "analyst": "全球宏观分析师",
      "analystId": "global-macro",
      "category": "宏观与策略",
      "excerpt": "核心一句 昨晚海外市场主要呈现 Risk-on（风险偏好回升） 态势。美股结束了连续五天的下跌，科技股领涨，主要驱动力来自美伊局势阶段性缓和（双方同意在霍尔木兹海峡“暂时停火”并计划于多哈会...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-fef87b738c2a",
      "title": "碳配额收紧与绿色贸易壁垒：工业链利润监管传导压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-fef87b738c2a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30（亚洲/新加坡）[S0] 分析师： 主题研究员 ( thematic-researcher ) [S0] 研究记录索引： 03/08 [S0] 当前立场： 压力测试",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-35defcc09d64",
      "title": "鹰派美联储与强美元：汇率波动、利差交易及人民币/新兴市场稳定性",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-35defcc09d64/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究研究记录 02 · 全球宏观分析师（ global-macro ） 研究院工作日期：2026-06-30（亚洲/新加坡） 立场：support 主题： 鹰派美联储下的全球汇率波动与利差交易演变",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e4ef8d76cc57",
      "title": "今日原油市场每日监测报告 (2026-06-30)",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-e4ef8d76cc57/",
      "analyst": "能源行业分析师",
      "analystId": "energy-analyst",
      "category": "行业研究",
      "excerpt": "核心摘要 今日原油市场受地缘政治局势紧张影响小幅收涨。由于周末美伊在主要地区的军事冲突加剧了市场对霍尔木兹海峡航运稳定性的担忧，国际油价显著走高。截至6月29日收盘，WTI原油期货结算价...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-d6756bfdae53",
      "title": "主题轮动晨扫：2026-06-30",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d6756bfdae53/",
      "analyst": "主题研究员",
      "analystId": "thematic-researcher",
      "category": "ESG与主题",
      "excerpt": "本报告锚定 shell 日期 2026-06-30。截至亚洲/新加坡时间 2026-06-30 早盘，可验证的最新完整美股交易日为 2026-06-29；“隔夜”“上一交易日”均指该时段。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-52470c2aed86",
      "title": "既有研究记录 发布前质量与一致性审计",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-52470c2aed86/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录 发布前质量与一致性审计 角色： 研究质量主管（QA Manager）· 立场： synthesize · 研究院工作日期：2026-06-30（亚洲/新加坡） 研究记录",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-586f9020a1e9",
      "title": "半导体融资压力与科创50雪球负 Gamma 风险测算",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-586f9020a1e9/",
      "analyst": "A股策略师",
      "analystId": "ashare-strategist",
      "category": "权益策略",
      "excerpt": "报告日期按 shell 锚定为 2026-06-30；交易所逐券两融接口在 2026-06-30 盘中尚未发布当日数据，因此两融余额使用 2026-06-29 最新可得收盘后数据。",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险",
        "权益策略"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-544aee0d5b9a",
      "title": "超大规模厂商资本开支/自由现金流缺口与\"新云\"偿债压力压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-544aee0d5b9a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "超大规模厂商资本开支/自由现金流缺口与\"新云\"偿债压力压力测试 研究记录 AI基础设施分析师 立场：压力测试（stress-test） 工作日期：2026-08-13（新加坡时区）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6435b1e17323",
      "title": "前序研究 — A股电力设备出海板块压力测试：估值分化与交易拥挤度",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-6435b1e17323/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： A股策略师（ ashare-strategist ） · 立场： 压力测试（stress-test） 研究所工作日： 2026-06-30（亚洲/新加坡）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c196fa0eac0e",
      "title": "AI基建订单簿的可交付性验证：SMCI/CRWV/LITE映射A股",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-c196fa0eac0e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI基建订单簿的可交付性验证：SMCI/CRWV/LITE映射A股 工作日期：2026-08-12（新加坡时区） 分析师：AI基础设施分析师 立场：综合(synthesize)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-88312203a7f7",
      "title": "A股与全球市场隔夜情绪、资金流向与跨资产套利深度研判报告 (Daily Editor's Overnight Sentiment...",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-88312203a7f7/",
      "analyst": "市场情绪师",
      "analystId": "sentiment-analyst",
      "category": "情绪与另类数据",
      "excerpt": "A股与全球市场隔夜情绪、资金流向与跨资产套利深度研判报告 (Daily Editor's Overnight Sentiment & Capital Flows Wrap)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-12db8e9acb4e",
      "title": "中国消费需求结构性变化与宏观消费通胀趋势的关联性分析",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-12db8e9acb4e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "中国消费需求结构性变化与宏观消费通胀趋势的关联性分析 研究研究研究记录 02 分析师 ID: global-macro 权威报告日期：2026-06-30 (亚洲/新加坡)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b2195b545262",
      "title": "RIOT/IREN期权化仓位压力测试（BTC跌破55,000美元 + Rockdale交付推迟至2029年）",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-b2195b545262/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "RIOT/IREN期权化仓位压力测试（BTC跌破55,000美元 + Rockdale交付推迟至2029年） 首席风控官 研究院工作日：2026-08-11（新加坡时区）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6227a9aa8b36",
      "title": "美国经济数据追踪：昨日发布与今日日历",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-6227a9aa8b36/",
      "analyst": "全球宏观分析师",
      "analystId": "global-macro",
      "category": "宏观与策略",
      "excerpt": "锚定日期： 2026-06-30 （来自 系统日期锚 ）。因此，“昨日”指 2026-06-29，“今日”指 2026-06-30。所有发布时间均为美国东部时间（ET）。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险",
        "宏观与策略"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-71ab805f4646",
      "title": "财政重心转向供给侧后：家电及建材产业链的资本开支与产能节奏研判",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-71ab805f4646/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-06-30（Asia/Singapore） 分析师：工业制造分析师（industrials-analyst） 立场：压力测试（stress-test）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-95f0d6f2de3d",
      "title": "AI算力需求激增与电网扩容物理瓶颈：清洁制造转型龙头利润率的压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-95f0d6f2de3d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30 (Asia/Singapore) 研究记录索引： 5/10 分析师： AI基础设施分析师 立场： 压力测试 (Stress-Test)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-272e8bfd299b",
      "title": "能源供应侧产能扩张的滞后性及对通胀中枢的影响",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-272e8bfd299b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "能源供应侧产能扩张的滞后性及对通胀中枢的影响 报告日期：2026-06-30 分析师 ID: energy-analyst 状态：压力测试 (Stress-Test)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5db138f92bca",
      "title": "中国半导体国产化：HBM与先进封装成熟度评估 - 2026-06-30",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-5db138f92bca/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师： 半导体分析师（ semiconductors-analyst ） 研究记录 - 日期： 2026-06-30（亚洲/新加坡） 立场： 支持，但加入瓶颈约束",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d7da45e8d386",
      "title": "既有研究记录 — 电子链成长仓位细分权重：AI硬科技核心 vs. 非AI消费电子",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d7da45e8d386/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录 — 电子链成长仓位细分权重：AI硬科技核心 vs. 非AI消费电子 日期：2026-08-10 分析师：首席策略师 立场：synthesize（综合）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-567e6f41a9a8",
      "title": "消费端需求验证：以旧换新驱动下的智能家电消费升级与零售渠道韧性",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-567e6f41a9a8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-06-30（Asia/Singapore） 分析师：消费行业分析师（consumer-analyst） 立场：压力测试（stress-test）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5067178db172",
      "title": "Riot Platforms — 正式流动性压力测试：LTC下调 + 信用利差情景B（复合）",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-5067178db172/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Riot Platforms — 正式流动性压力测试：LTC下调 + 信用利差情景B（复合） 首席风控官 工作日期：2026-08-12（新加坡时区） 研究记录",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-d0bf9264ab8b",
      "title": "沪深交易所两融日度数据与AI硬件个股杠杆集中度",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d0bf9264ab8b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "沪深交易所两融日度数据与AI硬件个股杠杆集中度 分析师： 首席策略师 立场： stress-test（压力测试） 工作日期：2026-08-05（新加坡时区）",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-10187a7e9842",
      "title": "食品加工链消费需求与渠道验证",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-10187a7e9842/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 工作日期：2026-06-30（亚洲/新加坡）· 分析师：agy / consumer-analyst · 立场：support（支持，但分化）",
      "tags": [
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d55c352af4d4",
      "title": "AI基础设施扩张与高弹性半导体及光器件标的订单持续性评估报告",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d55c352af4d4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30 (Asia/Singapore) 研究记录索引： 3/10 分析师： AI基础设施分析师 立场： 支持 (Support)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0da4ad6c9b9f",
      "title": "CRWV / NBIS Backlog 与预付款质量——物理产能压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-0da4ad6c9b9f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "CRWV / NBIS Backlog 与预付款质量——物理产能压力测试 工作日期：2026-08-13（新加坡时区） AI 基础设施分析师 立场：压力测试",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-148153536da2",
      "title": "前序研究研究报告 — 2026-07-14",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-148153536da2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究院工作日： 2026-07-14 （Asia/Singapore）· 研究记录 · 既有研究记录· 立场： stress-test（压力测试） [S0]",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ba8cb1fffaf2",
      "title": "每日总编今日主题动议与协同研判报告 (Daily Editor's Morning Headline-Check & Coordination Pit...",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-ba8cb1fffaf2/",
      "analyst": "日报总编",
      "analystId": "daily-report-editor",
      "category": "综合编审",
      "excerpt": "每日总编今日主题动议与协同研判报告 (Daily Editor's Morning Headline-Check & Coordination Pitch)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-be73c49a6ded",
      "title": "两新政策财政可持续性与2027年从政策驱动到家装内生需求的切换",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-be73c49a6ded/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-06-30（Asia/Singapore） 分析师：全球宏观分析师（global-macro） 立场：综合研判（synthesize）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-bedb4ff0145d",
      "title": "QA 审计：2026-06-30《晨会简报》",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-bedb4ff0145d/",
      "analyst": "晨会主编",
      "analystId": "morning-brief-editor",
      "category": "综合编审",
      "excerpt": "审计日期锚点： 2026-06-30 （由系统日期锚 返回）。本审计已读取并核验 00-06 中英文上游交付物；所有预期文件均存在且字节数大于 200。",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险",
        "综合编审"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-0cbced8c4d96",
      "title": "二阶半导体产业链标的订单增长与利润率兑现情况调研报告",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-0cbced8c4d96/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30 (Asia/Singapore) 研究记录索引： 2/10 分析师： 半导体分析师 立场： 支持 (Support)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7e445e88084b",
      "title": "2026H2 杠铃组合再平衡：高股息资产与二元催化成长股的风险预算分配",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-7e445e88084b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-06-30 分析师 ID：首席策略师 ( chief-strategist ) 本报告立场：支持 (大类资产配置与组合风险策略)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-15b0e4ad723b",
      "title": "AI电力与变压器瓶颈压力测试（2026-06-30）",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-15b0e4ad723b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "权威工作日期： 2026-06-30（Asia/Singapore） 分析师： AI Infrastructure Analyst 立场： 压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-460689115ee4",
      "title": "半导体两融集中度压力图谱：细分链条个股层面平仓风险",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-460689115ee4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "半导体两融集中度压力图谱：细分链条个股层面平仓风险 半导体分析师 2026-08-08 研究记录, 既有研究记录 立场：synthesize（综合）",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-570b993e7e3f",
      "title": "半导体/光模块板块：9月解禁批次对两融集中度的二次冲击压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-570b993e7e3f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "半导体/光模块板块：9月解禁批次对两融集中度的二次冲击压力测试 分析师： 半导体分析师 日期： 2026-08-06 研究记录 立场： 压力测试",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-cecbbd3443c6",
      "title": "强势主线下的\"提款机\"空头逻辑重估——以 TSM 做空案为例",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-cecbbd3443c6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "· 首席策略师 · 研究记录 · 2026-07-18（亚洲/新加坡） 立场：initial —— 本报告为议题开篇，负责搭建全所讨论框架。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c08265df9633",
      "title": "把信用闸门转化为A股红利、创新药与STAR/ChiNext工具选择",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-c08265df9633/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "把信用闸门转化为A股红利、创新药与STAR/ChiNext工具选择 日期：2026-08-10（新加坡时区） 分析师：首席策略师 立场：综合",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-5ea570087cf3",
      "title": "A股策略2026-07-16",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-5ea570087cf3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "元数据页脚：研究记录；既有研究记录；分析师 chief-strategist；立场 synthesize；工作日期 2026-07-16。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b803390eb481",
      "title": "USMCA 2026 与北美变压器关税豁免博弈",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-b803390eb481/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30（亚洲/新加坡） 研究记录 分析师： 全球宏观分析师（ID: global-macro） 立场： 压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-43f95b0b9c53",
      "title": "A 股策略：医保直接结算作为医药现金流修复因子，2026-07-15",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-43f95b0b9c53/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-07-15 分析师： 首席策略师 ( chief-strategist ) 研究记录 立场： 支持，但强调配置纪律",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6bd5989b90a9",
      "title": "主要大宗商品（铜、铝、锂、钢铁）供需与价格走势分析报告",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-6bd5989b90a9/",
      "analyst": "材料行业分析师",
      "analystId": "materials-analyst",
      "category": "行业研究",
      "excerpt": "报告日期：2026-06-30 分析师：材料行业分析师 ( materials-analyst ) 数据基准日：2026年6月30日",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-38783abb9c82",
      "title": "撕裂之上的杠铃：当人行在 DM 加息周期里宽松，A 股风格轮动该如何定价——以及为何\"相对庇护所\"是...",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-38783abb9c82/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "撕裂之上的杠铃：当人行在 DM 加息周期里宽松，A 股风格轮动该如何定价——以及为何\"相对庇护所\"是一次有节制的超配、而非彻底超配",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-34691d9f46cd",
      "title": "电网设备供应链的产能约束与中国工业电气厂商的全球扩张潜力",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-34691d9f46cd/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-06-30 分析师 ID：industrials-analyst 立场：压力测试 (Stress-Test)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8c13eb23a087",
      "title": "Riot 能否在不摊薄重估溢价的前提下为Rockdale的96MW（2027年12月）/191MW（2028年6月）交付融资？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-8c13eb23a087/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Riot 能否在不摊薄重估溢价的前提下为Rockdale的96MW（2027年12月）/191MW（2028年6月）交付融资？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-34f4fa49d4c1",
      "title": "咽喉的进口者，出口的供给者：为何中国 2026 年油价/柴油冲击既是被缓冲的进口税、又是战略加速器...",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-34f4fa49d4c1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "咽喉的进口者，出口的供给者：为何中国 2026 年油价/柴油冲击既是被缓冲的进口税、又是战略加速器——以及为何中国央行能够背离",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-17418d7ce90b",
      "title": "数据中心暂停令与CoreWeave电力交付风险",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-17418d7ce90b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "数据中心暂停令与CoreWeave电力交付风险 日期：2026-08-13 ｜ 分析师：公用事业分析师 ｜ 立场：deny ｜",
      "tags": [
        "AI",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-eee933669be2",
      "title": "既有研究记录 — 卖方对Azure FY2027-2028的共识预测，是否隐含快于电力/变压器时间线...",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-eee933669be2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录 — 卖方对Azure FY2027-2028的共识预测，是否隐含快于电力/变压器时间线的backlog转化节奏？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-68f0c3ef9619",
      "title": "AI基础设施Capex效率恶化下的A股行业配置与风格轮动",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-68f0c3ef9619/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "发布日期：2026-06-30 研究机构：AI研究所 首席策略师：[首席策略师 ID: chief-strategist]",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1ae8163b8fe0",
      "title": "半导体设备及材料：在电力与贸易政策压力下的风险传导",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-1ae8163b8fe0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-06-30 分析师 ID：semiconductors-analyst 立场：支持 (Support)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b718e31f8938",
      "title": "被推迟的通电周期：变压器交期拉长与并网时滞如何重塑超大规模云厂商（Hyperscaler）资本开支结构...",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-b718e31f8938/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "被推迟的通电周期：变压器交期拉长与并网时滞如何重塑超大规模云厂商（Hyperscaler）资本开支结构与GPU集群部署节奏",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2313db02efea",
      "title": "Recursion Pharmaceuticals — 2026年剩余BD milestone兑现概率与runway桥接",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-2313db02efea/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Recursion Pharmaceuticals — 2026年剩余BD milestone兑现概率与runway桥接",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a6a83e8185f8",
      "title": "巨力索具（002342.SZ）950万元处罚引发的民事索赔负债规模测算，及其能否在三季报前独立触发6.80元...",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-a6a83e8185f8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "巨力索具（002342.SZ）950万元处罚引发的民事索赔负债规模测算，及其能否在三季报前独立触发6.80元以下去风险区",
      "tags": [
        "AI",
        "通胀",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-eb0d32b83674",
      "title": "2026-06-30 券商两融压力测试：流动性与资本约束的顺周期放大",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-eb0d32b83674/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30（Asia/Singapore） 研究记录 分析师： 金融行业分析师 立场： 压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f109b70bc5ec",
      "title": "既有研究记录— 红利/红利低波产品中银行持仓暴露的量化测算",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-f109b70bc5ec/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录— 红利/红利低波产品中银行持仓暴露的量化测算 首席策略师 立场：压力测试 工作日期：2026-08-12",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-4946a88d6214",
      "title": "美联储10月加息预期下的中国宏观压力：人民币汇率与资本流动风险测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-4946a88d6214/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30（Asia/Singapore） 研究记录 分析师： 全球宏观分析师 立场： 压力测试",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b42c672b7b6b",
      "title": "2026-07-30 Hyperscaler Capex 压力测试：电力、租赁、债务和 GPU 会不会打断云需求？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-b42c672b7b6b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-30 Hyperscaler Capex 压力测试：电力、租赁、债务和 GPU 会不会打断云需求？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-022845f4efa9",
      "title": "Riot Platforms——管理层是否已披露任何计划，在BTC下跌20%-23%复合触发区间之前拓宽安全边际？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-022845f4efa9/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Riot Platforms——管理层是否已披露任何计划，在BTC下跌20%-23%复合触发区间之前拓宽安全边际？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-5f7d604770aa",
      "title": "研究记录 — Rocket Lab的流动性能否吸收AMTI/SDN资金延误冲击？（工作日期：2026-08-15）",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-5f7d604770aa/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 — Rocket Lab的流动性能否吸收AMTI/SDN资金延误冲击？（工作日期：2026-08-15）",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-5d06ae4312ce",
      "title": "2026-07-20｜2026-07-17成长指数暴跌是健康拥挤出清还是范式转变——解读A股市场结构、两融与仓位",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-5d06ae4312ce/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-20｜2026-07-17成长指数暴跌是健康拥挤出清还是范式转变——解读A股市场结构、两融与仓位",
      "tags": [
        "AI",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-d64b1c87455e",
      "title": "2026-07-30 策略研究记录 05：把 R0/R1/R2/R3 A 股 beta 阶梯映射到风格与行业篮子",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d64b1c87455e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-30 策略研究记录 05：把 R0/R1/R2/R3 A 股 beta 阶梯映射到风格与行业篮子",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f8a64dc0b313",
      "title": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-f8a64dc0b313/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1aff75421621",
      "title": "AI基础设施Capex风险：先进制程设备国产化滑期与冗余算力采购",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-1aff75421621/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-06-30 分析师ID：ai-infrastructure-analyst 立场：压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-4d6ede6af5bd",
      "title": "电网通胀与AI生产力延期下的大类资产配置",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-4d6ede6af5bd/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-06-30 分析师： 首席策略师 ( chief-strategist ) 立场： 综合",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d35a3c5b9988",
      "title": "2026-06-30 AI 基础设施：资本开支之所以有韧性，正因为它被电力卡住——而电力如今本身就是通胀来...",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d35a3c5b9988/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-06-30 AI 基础设施：资本开支之所以有韧性，正因为它被电力卡住——而电力如今本身就是通胀来源",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-076e4bbd5772",
      "title": "IREN/CRWV/利率-信用-波动率三腿结构的账簿级风险预算",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-076e4bbd5772/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "首席策略师 · 工作日期：2026-07-31（Asia/Singapore）· 立场：synthesize",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-3940cb05e26a",
      "title": "前序研究 — 电子行业两融集中度与A股维保比例强平链条量化压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-3940cb05e26a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究所工作日期：2026-08-05（新加坡时区） 作者：首席策略师 立场：synthesize（综合研判）",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-797fc42eb374",
      "title": "2026-06-30 压力测试：张江REIT降至1%-2%后，20%创新药仓位是否会再次刺穿VaR？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-797fc42eb374/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-06-30 压力测试：张江REIT降至1%-2%后，20%创新药仓位是否会再次刺穿VaR？",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-09b894dae656",
      "title": "既有研究记录— 中国宏观综合研判：化债优先额度渠道 vs. NIM下限，谁是城投债利差分化的...",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-09b894dae656/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录— 中国宏观综合研判：化债优先额度渠道 vs. NIM下限，谁是城投债利差分化的主导变量",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-19d5785d86a8",
      "title": "中国高技术 FAI：晶圆厂上电延迟的宏观拖累",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-19d5785d86a8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-06-30 分析师 ID：global-macro 立场：支持，但限定时间窗口",
      "tags": [
        "AI",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-dfa7d8343669",
      "title": "共享数据采集摘要 2026-06-30",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-dfa7d8343669/",
      "analyst": "数据科学家",
      "analystId": "data-scientist",
      "category": "综合编审",
      "excerpt": "markets overnight - 字段总数 13、空值 0、confidence: high",
      "tags": [
        "综合编审"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-12fc3431cd22",
      "title": "物理供应链天花板：国产 HBM 与先进封装对 AI 算力集群规模与密度扩张的决定性制约（2026）",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-12fc3431cd22/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "物理供应链天花板：国产 HBM 与先进封装对 AI 算力集群规模与密度扩张的决定性制约（2026）",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1b3615e93c5b",
      "title": "2026-06-30 压力测试：半导体龙头的 −35% 两融平仓线，是估值底还是仅仅是流动性底？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-1b3615e93c5b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-06-30 压力测试：半导体龙头的 −35% 两融平仓线，是估值底还是仅仅是流动性底？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ec231d9a0833",
      "title": "从“算力无限”到“电力配给”：AI 物理瓶颈对 A 股 TMT 估值中枢与风格轮动的非线性重定价",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-ec231d9a0833/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "从“算力无限”到“电力配给”：AI 物理瓶颈对 A 股 TMT 估值中枢与风格轮动的非线性重定价",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7894ce91adba",
      "title": "SpaceX IPO 定价与上市后交易：能否兑现“太空流动性”范式？ — 2026-06-11",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-7894ce91adba/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "SpaceX IPO 定价与上市后交易：能否兑现“太空流动性”范式？ — 2026-06-11",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c4f83f4fa68e",
      "title": "央行碳减排支持再贷款或绿色储能增信政策能否在2027年前收窄储能密集型SPV的银行可融资性缺口",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-c4f83f4fa68e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "央行碳减排支持再贷款或绿色储能增信政策能否在2027年前收窄储能密集型SPV的银行可融资性缺口",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-df1499efed0d",
      "title": "强美元与波动率离散度高企背景下 AI 巨头回调对科技板块（XLK）回撤及流动性负反馈的定量评估",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-df1499efed0d/",
      "analyst": "全球宏观分析师",
      "analystId": "global-macro",
      "category": "宏观与策略",
      "excerpt": "强美元与波动率离散度高企背景下 AI 巨头回调对科技板块（XLK）回撤及流动性负反馈的定量评估",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "daily_task"
    },
    {
      "id": "archive-87b5a9142bab",
      "title": "流动性提款机区间的两融与北向持仓集中度压力测算",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-87b5a9142bab/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期：2026-08-11（新加坡时区） 首席策略师 立场：压力测试（Stress-Test）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-46c5ebe6f7ba",
      "title": "2026-06-30 能源压力测试：变压器紧缺是否会削弱“周期油”向“物理电力红利”的轮动？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-46c5ebe6f7ba/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-06-30 能源压力测试：变压器紧缺是否会削弱“周期油”向“物理电力红利”的轮动？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-377be5efe31f",
      "title": "55/25/10/10 高股息与白羽鸡袖珍组合的因子和拥挤压力测试 - 2026-07-17",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-377be5efe31f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "55/25/10/10 高股息与白羽鸡袖珍组合的因子和拥挤压力测试 - 2026-07-17",
      "tags": [
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-9fa8e4049187",
      "title": "脆弱的绕道：美国贸易规则升级对中企变压器出海“墨西哥路径”的政策风险与 IRR 极限压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-9fa8e4049187/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "脆弱的绕道：美国贸易规则升级对中企变压器出海“墨西哥路径”的政策风险与 IRR 极限压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-fa9967531fc5",
      "title": "2026-06-30 A股策略：产业园 REIT 红利票息与 BD 验证创新药成长的再比较",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-fa9967531fc5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-06-30 A股策略：产业园 REIT 红利票息与 BD 验证创新药成长的再比较",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-610cdc2d113a",
      "title": "2026-07-30 研究记录 06：红利-carry 压舱石的组合集中度与整体去风险触发",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-610cdc2d113a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-30 研究记录 06：红利-carry 压舱石的组合集中度与整体去风险触发",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6ce69cb55290",
      "title": "2026-08-01 金融行业压力测试：红利腿能扛住NIM压缩，但必须从高股息转向高确定性",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-6ce69cb55290/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-08-01 金融行业压力测试：红利腿能扛住NIM压缩，但必须从高股息转向高确定性",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-437e7e44508f",
      "title": "宏观摩擦力压力测试：两融折算率冲击下股指期货与ETF期权对冲的隐含波动率与执行滑点成本评估",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-437e7e44508f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "宏观摩擦力压力测试：两融折算率冲击下股指期货与ETF期权对冲的隐含波动率与执行滑点成本评估",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-a985710b43f6",
      "title": "智能家居产业链中的 AI/IoT 硬件技术演进与供应链价值",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-a985710b43f6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "智能家居产业链中的 AI/IoT 硬件技术演进与供应链价值 报告日期：2026-06-30",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-dc04b5102b22",
      "title": "资本品/自动化板块行业轮动：权衡2026年订单强势与2027年AI资本开支“消化气穴”风险",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-dc04b5102b22/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "资本品/自动化板块行业轮动：权衡2026年订单强势与2027年AI资本开支“消化气穴”风险",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-884c6cf008c0",
      "title": "AI算力硬件能效对冲利润侵蚀的压力测试：以国产服务器厂商为核心的TCO与利润率敏感性分析",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-884c6cf008c0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI算力硬件能效对冲利润侵蚀的压力测试：以国产服务器厂商为核心的TCO与利润率敏感性分析",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e10ccf7cb6bb",
      "title": "压力测试BTM毛利率叙事：AI数据中心西迁下的独立绿电开发商毛利率与电网容量补偿收益重估",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-e10ccf7cb6bb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "压力测试BTM毛利率叙事：AI数据中心西迁下的独立绿电开发商毛利率与电网容量补偿收益重估",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f6a6bab045db",
      "title": "2026-07-28 金融压力测试：银行权重较高的中证红利能否扛住被迫 LPR 宽松？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-f6a6bab045db/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-28 金融压力测试：银行权重较高的中证红利能否扛住被迫 LPR 宽松？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-4aad90958914",
      "title": "压力测试：变压器周期拉长与电力供应瓶颈作为2026年后AI数据中心算力落地的物理硬约束",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-4aad90958914/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "压力测试：变压器周期拉长与电力供应瓶颈作为2026年后AI数据中心算力落地的物理硬约束",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d5610118d478",
      "title": "研究记录 09 2026-07-14 A 股两融去杠杆后的防御性 Barbell 重构",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d5610118d478/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 09 2026-07-14 A 股两融去杠杆后的防御性 Barbell 重构",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a5a295a0a454",
      "title": "高碳民企融资受阻致技改停滞，是否会因产能无法按计划出清而引发行业性供给过剩与价格波动？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-a5a295a0a454/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "高碳民企融资受阻致技改停滞，是否会因产能无法按计划出清而引发行业性供给过剩与价格波动？",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-668706995c43",
      "title": "AI-native Biotech 算力税与现金流约束风险 — 2026-08-06",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-668706995c43/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI-native Biotech 算力税与现金流约束风险 — 2026-08-06",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-8231f5352631",
      "title": "家装产业链调研 - 2026-06-30（激活 20/201，10% [来源不明]）",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-8231f5352631/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "家装产业链调研 - 2026-06-30（激活 20/201，10% [来源不明]）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-931776e05da3",
      "title": "2026-06-30 首席风控压力测试：张江REIT估值踩踏与A股杠铃组合回撤护栏",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-931776e05da3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-06-30 首席风控压力测试：张江REIT估值踩踏与A股杠铃组合回撤护栏",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d7873005f21c",
      "title": "关税高墙下的利益重估：美国贸易壁垒对中国电力设备出海及墨西哥产能绕道的极限压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d7873005f21c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "关税高墙下的利益重估：美国贸易壁垒对中国电力设备出海及墨西哥产能绕道的极限压力测试",
      "tags": [
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f1649f846920",
      "title": "前序研究 — 从半导体两层韧性框架到科技板块组合层面仓位与风格轮动阈值",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-f1649f846920/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期： 2026-08-06（新加坡时区） 分析师： 首席策略师 立场： 压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ee01fa5b9d05",
      "title": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-ee01fa5b9d05/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-922bbd26738d",
      "title": "离岸人民币挤仓与算力TCO上升压力下A股科技成长板块的估值重估与两融资金面压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-922bbd26738d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "离岸人民币挤仓与算力TCO上升压力下A股科技成长板块的估值重估与两融资金面压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-fbbbc5451c6a",
      "title": "2026-07-30 前序研究 - 配置规则：融资质量决定 AI 硬件 Beta",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-fbbbc5451c6a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-30 前序研究 - 配置规则：融资质量决定 AI 硬件 Beta",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-d4dc644021a1",
      "title": "AI算力电力需求与电网瓶颈：压力测试中国中央融资、地方补贴与区域产业政策吸收能力",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d4dc644021a1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI算力电力需求与电网瓶颈：压力测试中国中央融资、地方补贴与区域产业政策吸收能力",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1b616c20361c",
      "title": "压力测试压舱石：在NIM收窄与地产尾部下，大型银行能否守住股息覆盖与压舱石地位？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-1b616c20361c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "压力测试压舱石：在NIM收窄与地产尾部下，大型银行能否守住股息覆盖与压舱石地位？",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-cd0efbcabb76",
      "title": "2026-06-30 TMT两融折算率下调压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-cd0efbcabb76/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-06-30 分析师： TMT行业分析师 立场： 压力测试",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-a0d32e8c9a44",
      "title": "2026-06-30 跨资产配置：为高实际利率、核心黏性与油价冲击退潮搭建组合",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-a0d32e8c9a44/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-06-30 跨资产配置：为高实际利率、核心黏性与油价冲击退潮搭建组合",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-354c31f2ff80",
      "title": "2026-06-30压力测试：政策能否同时防御CNH并托底科技成长两融去杠杆？",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-354c31f2ff80/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-06-30压力测试：政策能否同时防御CNH并托底科技成长两融去杠杆？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d67012fe25c9",
      "title": "2026-07-31 光模块削仓后的剩余仓位：现金替代、红利电力、低波动与债券",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-d67012fe25c9/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-31 光模块削仓后的剩余仓位：现金替代、红利电力、低波动与债券",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c4f02767c83e",
      "title": "从海峡咽喉到裂解价差：霍尔木兹风险如何重定价每一桶成品油——以及能源转型的成本",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-c4f02767c83e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "从海峡咽喉到裂解价差：霍尔木兹风险如何重定价每一桶成品油——以及能源转型的成本",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7522e5d905d6",
      "title": "消费服务转型篮子的中国权益行业轮动实施方案 — 2026-07-13 [S0]",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-7522e5d905d6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "消费服务转型篮子的中国权益行业轮动实施方案 — 2026-07-13 [S0]",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-9963acd57a86",
      "title": "验证黄金/红利再平衡方案：12%赎回叠加长端利率冲击下的极端回撤抑制与久期平滑",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-9963acd57a86/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "验证黄金/红利再平衡方案：12%赎回叠加长端利率冲击下的极端回撤抑制与久期平滑",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b5cef29308fc",
      "title": "“卖铲子”一层：“芯片＋电力系统”重资产化AI如何重塑电气设备的需求与利润率",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-b5cef29308fc/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "“卖铲子”一层：“芯片＋电力系统”重资产化AI如何重塑电气设备的需求与利润率",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1fd088d912b5",
      "title": "2026-06-30 A股压力测试：CNH流动性挤压、北向卖出与融资盘脆弱性",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-1fd088d912b5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-06-30 A股压力测试：CNH流动性挤压、北向卖出与融资盘脆弱性",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8ed7d5e30253",
      "title": "2026-06-30 券商端TMT担保品折算率下调压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-8ed7d5e30253/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-06-30 分析师： 金融行业分析师 立场： 压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-a3871f7f333c",
      "title": "2026-07-31｜前序研究｜压力测试：在岸AI算力杠杆的去杠杆与平仓级联",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-a3871f7f333c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-31｜前序研究｜压力测试：在岸AI算力杠杆的去杠杆与平仓级联",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-7036e0db3c85",
      "title": "2026-08-16 A股策略：45/35/20篮子的可交易代理与再平衡规则",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-7036e0db3c85/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-08-16 A股策略：45/35/20篮子的可交易代理与再平衡规则",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-122a33c54930",
      "title": "Higher-for-Longer 下红利资产的两融筹码结构与交易拥挤度演化",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-122a33c54930/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Higher-for-Longer 下红利资产的两融筹码结构与交易拥挤度演化",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c3b3b448baa7",
      "title": "全球宏观2026-07-08：日本抛售美债、长端期限溢价与成长资产二轮杀估值",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-c3b3b448baa7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球宏观2026-07-08：日本抛售美债、长端期限溢价与成长资产二轮杀估值",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f628fbad161e",
      "title": "物理电网的铁律：电网扩容瓶颈与变压器供应链弹性对撞 AI 负荷的极限压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-f628fbad161e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "物理电网的铁律：电网扩容瓶颈与变压器供应链弹性对撞 AI 负荷的极限压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2de721be1be6",
      "title": "碳交易(CEA)价格波动与能源成本上升对上游重工业利润下修的边际贡献分析报告",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-2de721be1be6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "碳交易(CEA)价格波动与能源成本上升对上游重工业利润下修的边际贡献分析报告",
      "tags": [
        "AI",
        "通胀",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-819f15f24ca0",
      "title": "2026-06-30 终期QA审计：A股算力、电网、财政与硬件约束研究轨道",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-819f15f24ca0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-06-30 终期QA审计：A股算力、电网、财政与硬件约束研究轨道",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-016eab7b69c0",
      "title": "2026-08-06 前序研究：将修正风险预算映射为名义本金与主动风险贡献",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-016eab7b69c0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-08-06 前序研究：将修正风险预算映射为名义本金与主动风险贡献",
      "tags": [
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6158a88b67eb",
      "title": "中国国债收益率曲线压力测试：久期边界与杠杆压力点 - 2026-06-30",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-6158a88b67eb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "中国国债收益率曲线压力测试：久期边界与杠杆压力点 - 2026-06-30",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2cb1c710d63a",
      "title": "先进封装（CoWoS/SoIC）与 HBM 产能：AI 能效转型的\"闸门\"",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-2cb1c710d63a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "先进封装（CoWoS/SoIC）与 HBM 产能：AI 能效转型的\"闸门\"",
      "tags": [
        "AI",
        "通胀",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-556b12152093",
      "title": "2026-06-30 券商、TMT与两融敏感敞口的组合VaR压力测试",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-556b12152093/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-06-30 分析师： 首席风控官 立场： 压力测试",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-109730dfbe21",
      "title": "2026-07-27 再平衡日历：把NAV压力组合落到交易顺序与工具清单",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-109730dfbe21/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-27 再平衡日历：把NAV压力组合落到交易顺序与工具清单",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-5919230439c7",
      "title": "能效成为新的利润杠杆：AI 基础设施从“资本开支叙事”转向“电力生产率”",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-5919230439c7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "能效成为新的利润杠杆：AI 基础设施从“资本开支叙事”转向“电力生产率”",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-bc1d549e2e8b",
      "title": "资产荒下境内利率债与信用债的久期与利差压缩测算 — 2026-06-30",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-bc1d549e2e8b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "资产荒下境内利率债与信用债的久期与利差压缩测算 — 2026-06-30",
      "tags": [
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c49e06a4338d",
      "title": "重工业利润下修与绿色壁垒压力向宏观PPI传导及制造业固投结构迁移评估报告",
      "date": "2026-06-30",
      "href": "/investor/reports/archive-c49e06a4338d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "重工业利润下修与绿色壁垒压力向宏观PPI传导及制造业固投结构迁移评估报告",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    }
  ],
  "discussions": [
    {
      "title": "产业链调研：大健康产业链（30 日激活率 5.7%, 16/280）",
      "question": "Investigate the 大健康产业链 industry chain. Activation: 16/280 (5.7%) over last 30d — under-researched. Identify the 3-5 under-covered names with th...",
      "status": "completed",
      "analyst": "医药行业分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "产业链调研：新一代信息技术（30 日激活率 4.3%, 4/92）",
      "question": "Investigate the 新一代信息技术 industry chain. Activation: 4/92 (4.3%) over last 30d — under-researched. Identify the 3-5 under-covered names with th...",
      "status": "completed",
      "analyst": "TMT行业分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "产业链调研：新华财经-家装产业链（30 日激活率 10%, 20/201）",
      "question": "Investigate the 新华财经-家装产业链 industry chain. Activation: 20/201 (10%) over last 30d — under-researched. Identify the 3-5 under-covered names w...",
      "status": "completed",
      "analyst": "房地产分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "产业链调研：新华财经-海洋经济产业链（30 日激活率 6.1%, 9/148）",
      "question": "Investigate the 新华财经-海洋经济产业链 industry chain. Activation: 9/148 (6.1%) over last 30d — under-researched. Identify the 3-5 under-covered nam...",
      "status": "completed",
      "analyst": "工业制造分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "产业链调研：生命健康和生物科技（30 日激活率 6.9%, 12/174）",
      "question": "Investigate the 生命健康和生物科技 industry chain. Activation: 12/174 (6.9%) over last 30d — under-researched. Identify the 3-5 under-covered names w...",
      "status": "completed",
      "analyst": "生物科技分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "产业链调研：酒店、餐馆与休闲产业链（30 日激活率 9.3%, 9/97）",
      "question": "Investigate the 酒店、餐馆与休闲产业链 industry chain. Activation: 9/97 (9.3%) over last 30d — under-researched. Identify the 3-5 under-covered names...",
      "status": "completed",
      "analyst": "消费行业分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "产业链调研：食品加工产业链（30 日激活率 7.9%, 19/242）",
      "question": "Investigate the 食品加工产业链 industry chain. Activation: 19/242 (7.9%) over last 30d — under-researched. Identify the 3-5 under-covered names with...",
      "status": "completed",
      "analyst": "农业行业分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    }
  ],
  "thesisEvents": [
    {
      "id": "thesis-d98ced0974",
      "title": "电力瓶颈会重排AI算力项目顺序，但不会让2025-2026年全球AI集群建设同步停摆。",
      "titleEn": "Practical research topic: 电力瓶颈会重排AI算力项目顺序，但不会让2025-2026年全球AI集群建设同步停摆。",
      "href": "/investor/theses/thesis-d98ced0974/",
      "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": 1,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "AI算力需求激增与电网扩容物理瓶颈：清洁制造转型龙头利润率的压力测试",
          "summary": "报告日期： 2026-06-30 (Asia/Singapore) 研究记录索引： 5/10 分析师： AI基础设施分析师 立场： 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-95f0d6f2de3d/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力电力需求与电网瓶颈：压力测试中国中央融资、地方补贴与区域产业政策吸收能力",
          "summary": "AI算力电力需求与电网瓶颈：压力测试中国中央融资、地方补贴与区域产业政策吸收能力",
          "href": "/investor/reports/archive-d4dc644021a1/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "summary": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "href": "/investor/reports/archive-ee01fa5b9d05/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "summary": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "href": "/investor/reports/archive-f8a64dc0b313/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "601179.SH",
        "ETN",
        "600089.SH",
        "VST",
        "CEG"
      ]
    },
    {
      "id": "thesis-0bad2eebc1",
      "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/",
      "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": 2,
      "risks": 2,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "AI基础设施Capex风险：先进制程设备国产化滑期与冗余算力采购",
          "summary": "报告日期：2026-06-30 分析师ID：ai-infrastructure-analyst 立场：压力测试",
          "href": "/investor/reports/archive-1aff75421621/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI基础设施Capex效率恶化下的A股行业配置与风格轮动",
          "summary": "发布日期：2026-06-30 研究机构：AI研究所 首席策略师：[首席策略师 ID: chief-strategist]",
          "href": "/investor/reports/archive-68f0c3ef9619/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "AI算力基建CapEx对全球WACC的虹吸效应及对非AI产业的估值挤压",
          "summary": "AI算力基建CapEx对全球WACC的虹吸效应及对非AI产业的估值挤压 报告日期：2026-06-30 (Asia/Singapore) 分析师：AI 基础设施分析师 (Expertise: AI compute/datacenter/GPU clusters, power & gr...",
          "href": "/investor/reports/archive-735f1303fe24/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "summary": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "href": "/investor/reports/archive-f8a64dc0b313/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "600089.SH",
        "ETN",
        "CEG",
        "601179.SH"
      ]
    },
    {
      "id": "thesis-c89650af9e",
      "title": "酒店餐饮休闲复苏正在从客流修复转向 RevPAR、翻台率与小盘 Alpha",
      "titleEn": "Leisure, hotels, and restaurants are moving from traffic recovery to RevPAR, table turnover, and small-cap alpha",
      "href": "/investor/theses/thesis-c89650af9e/",
      "laneId": "lane_dd5a3eb17672",
      "lane": "酒店餐饮休闲/服务消费",
      "laneHref": "/investor/lanes/hotels-restaurants-leisure-and-services-consumption/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 65,
      "supports": 3,
      "risks": 1,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "中国酒店、餐馆与休闲产业链研究报告：“量增价减”常态下的个体估值重塑与跨链溢出风险评估",
          "summary": "中国酒店、餐馆与休闲产业链研究报告：“量增价减”常态下的个体估值重塑与跨链溢出风险评估 研究研究研究记录 01 分析师 ID: consumer-analyst 权威报告日期：2026-06-30 (亚洲/新加坡)",
          "href": "/investor/reports/archive-23c80e14f0d0/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "中国消费需求结构性变化与宏观消费通胀趋势的关联性分析",
          "summary": "中国消费需求结构性变化与宏观消费通胀趋势的关联性分析 研究研究研究记录 02 分析师 ID: global-macro 权威报告日期：2026-06-30 (亚洲/新加坡)",
          "href": "/investor/reports/archive-12db8e9acb4e/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "消费服务转型篮子的中国权益行业轮动实施方案 — 2026-07-13 [S0]",
          "summary": "消费服务转型篮子的中国权益行业轮动实施方案 — 2026-07-13 [S0]",
          "href": "/investor/reports/archive-7522e5d905d6/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "“量增价减”背景下A股与港股可选消费板块的估值重塑与风格轮动策略",
          "summary": "“量增价减”背景下A股与港股可选消费板块的估值重塑与风格轮动策略 研究研究研究记录 03 分析师 ID: chief-strategist 权威报告日期：2026-06-30（亚洲/新加坡） 立场：支持（SUPPORT，承接研...",
          "href": "/investor/reports/archive-dd7f97a5e751/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "9922.HK",
        "3690.HK",
        "001215.SZ",
        "YUMC",
        "300144.SZ",
        "1179.HK",
        "0780.HK",
        "605108.SH",
        "9658.HK"
      ]
    },
    {
      "id": "thesis-9e97140446",
      "title": "中国电力设备出海进入订单质量与政策筛选期",
      "titleEn": "Chinese power-equipment exports enter an order-quality and policy filter phase",
      "href": "/investor/theses/thesis-9e97140446/",
      "laneId": "lane_e4b72516d71a",
      "lane": "中国电力设备出海",
      "laneHref": "/investor/lanes/china-power-equipment-exports/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 49,
      "supports": 1,
      "risks": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "关税高墙下的利益重估：美国贸易壁垒对中国电力设备出海及墨西哥产能绕道的极限压力测试",
          "summary": "关税高墙下的利益重估：美国贸易壁垒对中国电力设备出海及墨西哥产能绕道的极限压力测试",
          "href": "/investor/reports/archive-d7873005f21c/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "电力设备利润率压力测试：铜、铝价格波动是否会突破现有调价条款？",
          "summary": "报告日期： 2026-06-30（亚洲/新加坡） - 分析师 ID： materials-analyst - 研究 研究线程标识： [source-id-redacted] - 研究记录 - 立场： 压力测试（对 既有研究记录\"调...",
          "href": "/investor/reports/archive-aa9e9ca50320/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "summary": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "href": "/investor/reports/archive-ee01fa5b9d05/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "前序研究 — A股电力设备出海板块压力测试：估值分化与交易拥挤度",
          "summary": "研究记录 · 分析师： A股策略师（ ashare-strategist ） · 立场： 压力测试（stress-test） 研究所工作日： 2026-06-30（亚洲/新加坡）",
          "href": "/investor/reports/archive-6435b1e17323/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "ETN",
        "GEV",
        "002270.SZ",
        "688676.SH",
        "ABBNY",
        "600406.SH"
      ]
    },
    {
      "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": 0,
      "risks": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "summary": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "href": "/investor/reports/archive-f8a64dc0b313/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力需求激增与电网扩容物理瓶颈：清洁制造转型龙头利润率的压力测试",
          "summary": "报告日期： 2026-06-30 (Asia/Singapore) 研究记录索引： 5/10 分析师： AI基础设施分析师 立场： 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-95f0d6f2de3d/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "估值重塑与风格轮动：电力配给下的战术防御性风险平价（TDRP）配置方案",
          "summary": "工作日期： 2026年6月30日（亚洲/新加坡） 分析师： 首席策略师 (Chief Strategist) 研究来源：已归档 研究记录索引： 05/08 研究立场： 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-121f7d865d87/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力电力需求与电网瓶颈：压力测试中国中央融资、地方补贴与区域产业政策吸收能力",
          "summary": "AI算力电力需求与电网瓶颈：压力测试中国中央融资、地方补贴与区域产业政策吸收能力",
          "href": "/investor/reports/archive-d4dc644021a1/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SMR",
        "002028.SZ",
        "GEV",
        "300750.SZ",
        "600900.SH",
        "MSFT",
        "CEG",
        "300274.SZ",
        "META",
        "VST"
      ]
    },
    {
      "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": 1,
      "risks": 2,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "铜/GOES结构性成本通胀是否侵蚀红利轮动的利率前提？",
          "summary": "研究记录 分析师： 全球宏观分析师（global-macro） · 立场： 压力测试（STRESS-TEST） 工作日期（亚洲/新加坡）： 2026-06-30 主题： 电网设备/铜/GOES结构性成本通胀对去通胀假设的反馈——...",
          "href": "/investor/reports/archive-b6967653a47f/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "summary": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "href": "/investor/reports/archive-ee01fa5b9d05/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "电力设备利润率压力测试：铜、铝价格波动是否会突破现有调价条款？",
          "summary": "报告日期： 2026-06-30（亚洲/新加坡） - 分析师 ID： materials-analyst - 研究 研究线程标识： [source-id-redacted] - 研究记录 - 立场： 压力测试（对 既有研究记录\"调...",
          "href": "/investor/reports/archive-aa9e9ca50320/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "002028.SZ",
        "600089.SH",
        "601179.SH"
      ]
    },
    {
      "id": "thesis-cf6925b02f",
      "title": "232/301双轨壁垒近端收紧回路、延长轨道时间溢价至2028–2029，但通过抬高美国电气化成本加速AI资本开支ROI清算——约束正从…",
      "titleEn": "Practical research topic: 232/301双轨壁垒近端收紧回路、延长轨道时间溢价至2028–2029，但通过抬高美国电气化成本加速AI资本开支ROI清算——约束正从…",
      "href": "/investor/theses/thesis-cf6925b02f/",
      "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": 2,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "summary": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "href": "/investor/reports/archive-ee01fa5b9d05/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-06-30 能源压力测试：变压器紧缺是否会削弱“周期油”向“物理电力红利”的轮动？",
          "summary": "2026-06-30 能源压力测试：变压器紧缺是否会削弱“周期油”向“物理电力红利”的轮动？",
          "href": "/investor/reports/archive-46c5ebe6f7ba/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "铜/GOES结构性成本通胀是否侵蚀红利轮动的利率前提？",
          "summary": "研究记录 分析师： 全球宏观分析师（global-macro） · 立场： 压力测试（STRESS-TEST） 工作日期（亚洲/新加坡）： 2026-06-30 主题： 电网设备/铜/GOES结构性成本通胀对去通胀假设的反馈——...",
          "href": "/investor/reports/archive-b6967653a47f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "GEV",
        "600089.SH",
        "601179.SH",
        "ETN",
        "688676.SH",
        "VST"
      ]
    },
    {
      "id": "thesis-820459973e",
      "title": "在距离OBBBA法案7月4日开工红线仅22天、且变压器积压导致绿电并网排队项目创纪录撤回的背景下，电网容量费暴增9.3倍如何侵蚀云厂商A…",
      "titleEn": "Practical research topic: 在距离OBBBA法案7月4日开工红线仅22天、且变压器积压导致绿电并网排队项目创纪录撤回的背景下，电网容量费暴增9.3倍如何侵蚀云厂商A…",
      "href": "/investor/theses/thesis-820459973e/",
      "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": 2,
      "risks": 1,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "下周AI主题仓位是否应从半导体beta切换到电力/核能/电网/数据中心融资链？",
          "summary": "既有研究记录— 下周AI主题仓位是否应从半导体beta切换到电力/核能/电网/数据中心融资链？ 研究所工作日期：2026-08-13（新加坡时区） 作者：首席策略师 (chief-strategist) 看板：AI算...",
          "href": "/investor/reports/archive-da30cbf26db2/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "被推迟的通电周期：变压器交期拉长与并网时滞如何重塑超大规模云厂商（Hyperscaler）资本开支结构...",
          "summary": "被推迟的通电周期：变压器交期拉长与并网时滞如何重塑超大规模云厂商（Hyperscaler）资本开支结构与GPU集群部署节奏",
          "href": "/investor/reports/archive-b718e31f8938/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "变压器瓶颈下的半导体需求重构：GPU需求收缩与功率半导体机会的量化评估",
          "summary": "报告日期： 2026-06-30 研究来源：已归档 研究记录索引： 08/08 分析师： 半导体分析师 ( semiconductors-analyst ) 研究立场： 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-f2519cad3c01/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "ETN",
        "601179.SH",
        "600089.SH",
        "CEG",
        "VST"
      ]
    },
    {
      "id": "thesis-2a7c29557b",
      "title": "在66.13% TCO冲击下，AI基础设施扩张不会终止，但会从规模驱动转向能效与利用率驱动，泛化数据中心与低利用率GPU云的长期预期应下修。",
      "titleEn": "Practical research topic: 在66.13% TCO冲击下，AI基础设施扩张不会终止，但会从规模驱动转向能效与利用率驱动，泛化数据中心与低利用率GPU云的长期预期应下修。",
      "href": "/investor/theses/thesis-2a7c29557b/",
      "laneId": "lane_2d0dcf520f87",
      "lane": "AI 基建 TCO/能效筛选",
      "laneHref": "/investor/lanes/ai-infrastructure-tco-and-efficiency-reset/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "2026-07-30 Hyperscaler Capex 压力测试：电力、租赁、债务和 GPU 会不会打断云需求？",
          "summary": "2026-07-30 Hyperscaler Capex 压力测试：电力、租赁、债务和 GPU 会不会打断云需求？",
          "href": "/investor/reports/archive-b42c672b7b6b/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI基础设施Capex风险：先进制程设备国产化滑期与冗余算力采购",
          "summary": "报告日期：2026-06-30 分析师ID：ai-infrastructure-analyst 立场：压力测试",
          "href": "/investor/reports/archive-1aff75421621/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力硬件能效对冲利润侵蚀的压力测试：以国产服务器厂商为核心的TCO与利润率敏感性分析",
          "summary": "AI算力硬件能效对冲利润侵蚀的压力测试：以国产服务器厂商为核心的TCO与利润率敏感性分析",
          "href": "/investor/reports/archive-884c6cf008c0/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "AMD",
        "VRT"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "Riot Platforms——管理层是否已披露任何计划，在BTC下跌20%-23%复合触发区间之前拓宽安全边际？",
          "summary": "Riot Platforms——管理层是否已披露任何计划，在BTC下跌20%-23%复合触发区间之前拓宽安全边际？",
          "href": "/investor/reports/archive-022845f4efa9/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "RIOT/IREN期权化仓位压力测试（BTC跌破55,000美元 + Rockdale交付推迟至2029年）",
          "summary": "RIOT/IREN期权化仓位压力测试（BTC跌破55,000美元 + Rockdale交付推迟至2029年） 首席风控官 研究院工作日：2026-08-11（新加坡时区）",
          "href": "/investor/reports/archive-b2195b545262/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "Riot Platforms — 正式流动性压力测试：LTC下调 + 信用利差情景B（复合）",
          "summary": "Riot Platforms — 正式流动性压力测试：LTC下调 + 信用利差情景B（复合） 首席风控官 工作日期：2026-08-12（新加坡时区） 研究记录",
          "href": "/investor/reports/archive-5067178db172/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "MSTR",
        "COIN",
        "IBIT",
        "HOOD",
        "RIOT",
        "NVDA",
        "LOW",
        "MARA"
      ]
    },
    {
      "id": "thesis-4749f7193b",
      "title": "云厂商自发电：公用事业信用与电力资产再定价",
      "titleEn": "Practical research topic: 云厂商自发电：公用事业信用与电力资产再定价",
      "href": "/investor/theses/thesis-4749f7193b/",
      "laneId": "lane_136dd1c3c708",
      "lane": "云厂商自发电/电力资产",
      "laneHref": "/investor/lanes/cloud-self-generation-and-power-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 67,
      "supports": 1,
      "risks": 2,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "被推迟的通电周期：变压器交期拉长与并网时滞如何重塑超大规模云厂商（Hyperscaler）资本开支结构...",
          "summary": "被推迟的通电周期：变压器交期拉长与并网时滞如何重塑超大规模云厂商（Hyperscaler）资本开支结构与GPU集群部署节奏",
          "href": "/investor/reports/archive-b718e31f8938/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "AI算力电力需求与电网瓶颈：压力测试中国中央融资、地方补贴与区域产业政策吸收能力",
          "summary": "AI算力电力需求与电网瓶颈：压力测试中国中央融资、地方补贴与区域产业政策吸收能力",
          "href": "/investor/reports/archive-d4dc644021a1/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "summary": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "href": "/investor/reports/archive-f8a64dc0b313/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "601985.SH"
      ]
    },
    {
      "id": "thesis-df608ec2a1",
      "title": "AI智算集群新增负荷对电网接入、变压器、绿电交易和PUE改造的约束评估",
      "titleEn": "Practical research topic: AI智算集群新增负荷对电网接入、变压器、绿电交易和PUE改造的约束评估",
      "href": "/investor/theses/thesis-df608ec2a1/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 2,
      "risks": 1,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "下周AI主题仓位是否应从半导体beta切换到电力/核能/电网/数据中心融资链？",
          "summary": "既有研究记录— 下周AI主题仓位是否应从半导体beta切换到电力/核能/电网/数据中心融资链？ 研究所工作日期：2026-08-13（新加坡时区） 作者：首席策略师 (chief-strategist) 看板：AI算...",
          "href": "/investor/reports/archive-da30cbf26db2/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "summary": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "href": "/investor/reports/archive-ee01fa5b9d05/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "AI算力电力需求与电网瓶颈：压力测试中国中央融资、地方补贴与区域产业政策吸收能力",
          "summary": "AI算力电力需求与电网瓶颈：压力测试中国中央融资、地方补贴与区域产业政策吸收能力",
          "href": "/investor/reports/archive-d4dc644021a1/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "GEV",
        "600089.SH",
        "ETN",
        "601179.SH",
        "688676.SH",
        "VST"
      ]
    },
    {
      "id": "thesis-7a6599a3f5",
      "title": "新一代信息技术国产替代要从信创叙事进入算力、软件与安全订单验证",
      "titleEn": "Domestic IT substitution must move from policy narrative to compute, software, and security order proof",
      "href": "/investor/theses/thesis-7a6599a3f5/",
      "laneId": "lane_e4f90acbf804",
      "lane": "信创/国产 IT 栈",
      "laneHref": "/investor/lanes/domestic-it-substitution-stack/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 62,
      "supports": 0,
      "risks": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "物理算力天花板约束下的A股科技板块估值重构与红利风格轮动策略",
          "summary": "报告日期： 2026-06-30 (Asia/Singapore) - 分析师 ID： chief-strategist - 研究研究记录索引： 5/10 - 研究立场： 综合 (Synthesize)",
          "href": "/investor/reports/archive-b84ff08343f5/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力硬件能效对冲利润侵蚀的压力测试：以国产服务器厂商为核心的TCO与利润率敏感性分析",
          "summary": "AI算力硬件能效对冲利润侵蚀的压力测试：以国产服务器厂商为核心的TCO与利润率敏感性分析",
          "href": "/investor/reports/archive-884c6cf008c0/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "评估离岸人民币（CNH）主动挤仓对 AI 基础设施资本开支与 TMT 产业链资金链的压力测试",
          "summary": "评估离岸人民币（CNH）主动挤仓对 AI 基础设施资本开支与 TMT 产业链资金链的压力测试 报告日期： 2026-06-30 分析师： TMT 行业分析师 (TMT Analyst - ID: tmt-analyst ) 研究记录级别： prior...",
          "href": "/investor/reports/archive-58753b730aba/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "688041.SH",
        "688981.SH",
        "0981.HK",
        "300308.SZ",
        "NVDA",
        "000977.SZ",
        "688008.SH",
        "688012.SH",
        "688111.SH"
      ]
    },
    {
      "id": "thesis-9d3836cc07",
      "title": "AI 生产率去通胀需要等待采用率和流程重构验证",
      "titleEn": "AI 生产率去通胀需要等待采用率和流程重构验证",
      "href": "/investor/theses/thesis-9d3836cc07/",
      "laneId": "lane_008e3bd9306a",
      "lane": "AI 软件效率/生产率",
      "laneHref": "/investor/lanes/ai-software-productivity/",
      "direction": "stable",
      "directionLabel": "稳定",
      "conviction": 58,
      "supports": 3,
      "risks": 0,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "2026-06-30 AI 基础设施：资本开支之所以有韧性，正因为它被电力卡住——而电力如今本身就是通胀来...",
          "summary": "2026-06-30 AI 基础设施：资本开支之所以有韧性，正因为它被电力卡住——而电力如今本身就是通胀来源",
          "href": "/investor/reports/archive-d35a3c5b9988/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "能效成为新的利润杠杆：AI 基础设施从“资本开支叙事”转向“电力生产率”",
          "summary": "能效成为新的利润杠杆：AI 基础设施从“资本开支叙事”转向“电力生产率”",
          "href": "/investor/reports/archive-5919230439c7/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "META 三表模型",
          "summary": "项目 口径 --- --- 预测区间 2026E、2027E、2028E，2025A 作为链接基准。[S1][自测算] 货币单位 百万美元；百分比按表内金额重新测算。[自测算] 业务拆分 收入拆为广告、FoA 其他收入、Reality...",
          "href": "/investor/reports/archive-7677db72f7ee/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "META",
        "MSFT",
        "AMZN",
        "GOOGL",
        "NVDA",
        "NOW",
        "CRM",
        "ADBE"
      ]
    },
    {
      "id": "thesis-5c45703323",
      "title": "AI CapEx的主线不是收缩，而是从新增外壳数量转向每瓦、每机架、每封装的半导体密度提升。",
      "titleEn": "Practical research topic: AI CapEx的主线不是收缩，而是从新增外壳数量转向每瓦、每机架、每封装的半导体密度提升。",
      "href": "/investor/theses/thesis-5c45703323/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI基础设施Capex风险：先进制程设备国产化滑期与冗余算力采购",
          "summary": "报告日期：2026-06-30 分析师ID：ai-infrastructure-analyst 立场：压力测试",
          "href": "/investor/reports/archive-1aff75421621/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力基建CapEx对全球WACC的虹吸效应及对非AI产业的估值挤压",
          "summary": "AI算力基建CapEx对全球WACC的虹吸效应及对非AI产业的估值挤压 报告日期：2026-06-30 (Asia/Singapore) 分析师：AI 基础设施分析师 (Expertise: AI compute/datacenter/GPU clusters, power & gr...",
          "href": "/investor/reports/archive-735f1303fe24/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "META",
        "NVDA",
        "AMD",
        "MU",
        "AVGO",
        "TSM",
        "000660.KS"
      ]
    },
    {
      "id": "thesis-f62e29bf1c",
      "title": "在SpaceX将于6月12日进行股权交易且美债高企下，太空经济是否已告别散户概念炒作，转向由SpaceX价格伞、国防合同与垂直整合总装定…",
      "titleEn": "Practical research topic: 在SpaceX将于6月12日进行股权交易且美债高企下，太空经济是否已告别散户概念炒作，转向由SpaceX价格伞、国防合同与垂直整合总装定…",
      "href": "/investor/theses/thesis-f62e29bf1c/",
      "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": 79,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "离岸人民币挤仓与算力TCO上升压力下A股科技成长板块的估值重估与两融资金面压力测试",
          "summary": "离岸人民币挤仓与算力TCO上升压力下A股科技成长板块的估值重估与两融资金面压力测试",
          "href": "/investor/reports/archive-922bbd26738d/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "SpaceX IPO 定价与上市后交易：能否兑现“太空流动性”范式？ — 2026-06-11",
          "summary": "SpaceX IPO 定价与上市后交易：能否兑现“太空流动性”范式？ — 2026-06-11",
          "href": "/investor/reports/archive-7894ce91adba/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600118.SH",
        "RKLB",
        "ASTS",
        "RDW",
        "300762.SZ",
        "LUNR"
      ]
    },
    {
      "id": "thesis-3cafa5bcd5",
      "title": "在H4L美联储路径下，A股国家队作为央行隐性冲销池的机制使央行三难中的(C)资本账户开放先于(A)汇率防火墙崩溃，USD/CNY将以管理…",
      "titleEn": "Practical research topic: 在H4L美联储路径下，A股国家队作为央行隐性冲销池的机制使央行三难中的(C)资本账户开放先于(A)汇率防火墙崩溃，USD/CNY将以管理…",
      "href": "/investor/theses/thesis-3cafa5bcd5/",
      "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": "鹰派美联储与强美元：汇率波动、利差交易及人民币/新兴市场稳定性",
          "summary": "研究研究记录 02 · 全球宏观分析师（ global-macro ） 研究院工作日期：2026-06-30（亚洲/新加坡） 立场：support 主题： 鹰派美联储下的全球汇率波动与利差交易演变",
          "href": "/investor/reports/archive-35defcc09d64/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "美联储加息预期下的人民币汇率弹性极限与流动性风险评估",
          "summary": "报告日期： 2026-06-30（新加坡时间） 研究记录索引： 04/10 分析师： 全球宏观分析师 立场： 压力测试 (对人民币在 USD/CNY 7.30 压力下“有序调整”的边界进行压力测试...",
          "href": "/investor/reports/archive-3f2431de4304/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "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": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "铜/GOES结构性成本通胀是否侵蚀红利轮动的利率前提？",
          "summary": "研究记录 分析师： 全球宏观分析师（global-macro） · 立场： 压力测试（STRESS-TEST） 工作日期（亚洲/新加坡）： 2026-06-30 主题： 电网设备/铜/GOES结构性成本通胀对去通胀假设的反馈——...",
          "href": "/investor/reports/archive-b6967653a47f/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "summary": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "href": "/investor/reports/archive-ee01fa5b9d05/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "GEV",
        "688676.SH",
        "ETN",
        "000400.SZ"
      ]
    },
    {
      "id": "thesis-413f4aecc1",
      "title": "长江电力等红利拥挤度处于95%历史极值，且股息率利差压缩至历史低点，而在跨境分段生产解禁及创新药商业化兑现下医药板块大涨，这是否标志着A…",
      "titleEn": "Practical research topic: 长江电力等红利拥挤度处于95%历史极值，且股息率利差压缩至历史低点，而在跨境分段生产解禁及创新药商业化兑现下医药板块大涨，这是否标志着A…",
      "href": "/investor/theses/thesis-413f4aecc1/",
      "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": 77,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "把信用闸门转化为A股红利、创新药与STAR/ChiNext工具选择",
          "summary": "把信用闸门转化为A股红利、创新药与STAR/ChiNext工具选择 日期：2026-08-10（新加坡时区） 分析师：首席策略师 立场：综合",
          "href": "/investor/reports/archive-c08265df9633/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-06-30 A股策略：产业园 REIT 红利票息与 BD 验证创新药成长的再比较",
          "summary": "2026-06-30 A股策略：产业园 REIT 红利票息与 BD 验证创新药成长的再比较",
          "href": "/investor/reports/archive-fa9967531fc5/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "600905.SH",
        "DUK"
      ]
    },
    {
      "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": 2,
      "risks": 0,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "下周AI主题仓位是否应从半导体beta切换到电力/核能/电网/数据中心融资链？",
          "summary": "既有研究记录— 下周AI主题仓位是否应从半导体beta切换到电力/核能/电网/数据中心融资链？ 研究所工作日期：2026-08-13（新加坡时区） 作者：首席策略师 (chief-strategist) 看板：AI算...",
          "href": "/investor/reports/archive-da30cbf26db2/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "能效成为新的利润杠杆：AI 基础设施从“资本开支叙事”转向“电力生产率”",
          "summary": "能效成为新的利润杠杆：AI 基础设施从“资本开支叙事”转向“电力生产率”",
          "href": "/investor/reports/archive-5919230439c7/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "PWR"
      ]
    },
    {
      "id": "thesis-ab1fb6a453",
      "title": "DeepSeek 式低价模型正在重塑 AI 定价权与软件利润池",
      "titleEn": "DeepSeek-style low-cost models are reshaping AI pricing power and software profit pools",
      "href": "/investor/theses/thesis-ab1fb6a453/",
      "laneId": "lane_13710af7e06d",
      "lane": "低价模型/AI 软件利润池",
      "laneHref": "/investor/lanes/low-cost-models-and-ai-software-profit-pools/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 72,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "MSFT 财务数据复核",
          "summary": "项目 口径 --- --- 会计年度 FY2026 指截至 2026-06-30 的十二个月，FY2025 指截至 2025-06-30 的十二个月，FY2024 指截至 2024-06-30 的十二个月。[S1][S2] 金额单位 除特别注明外，表内金额为...",
          "href": "/investor/reports/archive-9aa1ec374c92/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI基础设施Capex风险：先进制程设备国产化滑期与冗余算力采购",
          "summary": "报告日期：2026-06-30 分析师ID：ai-infrastructure-analyst 立场：压力测试",
          "href": "/investor/reports/archive-1aff75421621/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "BABA",
        "MSFT",
        "BIDU",
        "9988.HK",
        "CRM",
        "0700.HK",
        "NVDA",
        "NOW",
        "9888.HK"
      ]
    },
    {
      "id": "thesis-ffa474a3f2",
      "title": "端侧 AI 与 Agent 桌面正在把算力竞争从云端扩展到芯片、OS 与消费电子供应链",
      "titleEn": "Edge AI and agent desktops are extending compute competition from cloud to chips, OS, and consumer-electronics supply...",
      "href": "/investor/theses/thesis-ffa474a3f2/",
      "laneId": "lane_74d352e86208",
      "lane": "端侧 AI/Agent 桌面",
      "laneHref": "/investor/lanes/edge-ai-and-agent-desktop-cycle/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 68,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "04 催化剂",
          "summary": "159509.SZ 为“景顺长城纳斯达克科技ETF(QDII)”，基金代码 159509，基金管理人为景顺长城基金管理有限公司，基金托管人为招商银行股份有限公司；截至 2026-06-30，基金规模为 15,128,439,663.3...",
          "href": "/investor/reports/archive-d3520f3559f6/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "MSFT 财务数据复核",
          "summary": "项目 口径 --- --- 会计年度 FY2026 指截至 2026-06-30 的十二个月，FY2025 指截至 2025-06-30 的十二个月，FY2024 指截至 2024-06-30 的十二个月。[S1][S2] 金额单位 除特别注明外，表内金额为...",
          "href": "/investor/reports/archive-9aa1ec374c92/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "MSFT",
        "NVDA",
        "META",
        "AAPL",
        "AMZN",
        "AMD",
        "ARM",
        "QCOM",
        "GOOGL",
        "002475.SZ"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "summary": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "href": "/investor/reports/archive-f8a64dc0b313/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力电力需求与电网瓶颈：压力测试中国中央融资、地方补贴与区域产业政策吸收能力",
          "summary": "AI算力电力需求与电网瓶颈：压力测试中国中央融资、地方补贴与区域产业政策吸收能力",
          "href": "/investor/reports/archive-d4dc644021a1/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "CEG",
        "VST",
        "601985.SH"
      ]
    },
    {
      "id": "thesis-40b8638803",
      "title": "全球科技配置应超配ASIC与新代工生态；A股风格则需从“AI题材映射”战略性切换至独立算力的“国产第二供应源”，重仓先进封装产能、核心设…",
      "titleEn": "Practical research topic: 全球科技配置应超配ASIC与新代工生态；A股风格则需从“AI题材映射”战略性切换至独立算力的“国产第二供应源”，重仓先进封装产能、核心设…",
      "href": "/investor/theses/thesis-40b8638803/",
      "laneId": "lane_f1a271385aff",
      "lane": "先进封装/HBM4 闸门",
      "laneHref": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 67,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "物理供应链天花板：国产 HBM 与先进封装对 AI 算力集群规模与密度扩张的决定性制约（2026）",
          "summary": "物理供应链天花板：国产 HBM 与先进封装对 AI 算力集群规模与密度扩张的决定性制约（2026）",
          "href": "/investor/reports/archive-12fc3431cd22/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "中国半导体国产化：HBM与先进封装成熟度评估 - 2026-06-30",
          "summary": "分析师： 半导体分析师（ semiconductors-analyst ） 研究记录 - 日期： 2026-06-30（亚洲/新加坡） 立场： 支持，但加入瓶颈约束",
          "href": "/investor/reports/archive-5db138f92bca/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "000660.KS",
        "MU",
        "688012.SH",
        "ASML"
      ]
    },
    {
      "id": "thesis-b13b8604a5",
      "title": "美元兑日元跌破161.50关口，财务省干预概率陡增。一旦日元套利平仓瞬间引爆全球EM科技股抛售，叠加SpaceX二次配售24.5亿元的资…",
      "titleEn": "Practical research topic: 美元兑日元跌破161.50关口，财务省干预概率陡增。一旦日元套利平仓瞬间引爆全球EM科技股抛售，叠加SpaceX二次配售24.5亿元的资…",
      "href": "/investor/theses/thesis-b13b8604a5/",
      "laneId": "lane_f3e413e8ce27",
      "lane": "日元套息/EM 科技流动性",
      "laneHref": "/investor/lanes/yen-carry-and-em-tech-liquidity/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "前序研究 — 电子行业两融集中度与A股维保比例强平链条量化压力测试",
          "summary": "研究所工作日期：2026-08-05（新加坡时区） 作者：首席策略师 立场：synthesize（综合研判）",
          "href": "/investor/reports/archive-3940cb05e26a/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "离岸人民币挤仓与算力TCO上升压力下A股科技成长板块的估值重估与两融资金面压力测试",
          "summary": "离岸人民币挤仓与算力TCO上升压力下A股科技成长板块的估值重估与两融资金面压力测试",
          "href": "/investor/reports/archive-922bbd26738d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "KWEB",
        "FXY"
      ]
    },
    {
      "id": "thesis-a3cb9196a0",
      "title": "随着AI算力扩建撞上电力电网并网物理速度墙，变压器与硅钢（GOES）结构性缺口高达30%，投产延迟WACC损失巨大，形成约35倍的经济杠…",
      "titleEn": "Practical research topic: 随着AI算力扩建撞上电力电网并网物理速度墙，变压器与硅钢（GOES）结构性缺口高达30%，投产延迟WACC损失巨大，形成约35倍的经济杠…",
      "href": "/investor/theses/thesis-a3cb9196a0/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "summary": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "href": "/investor/reports/archive-f8a64dc0b313/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力基建CapEx对全球WACC的虹吸效应及对非AI产业的估值挤压",
          "summary": "AI算力基建CapEx对全球WACC的虹吸效应及对非AI产业的估值挤压 报告日期：2026-06-30 (Asia/Singapore) 分析师：AI 基础设施分析师 (Expertise: AI compute/datacenter/GPU clusters, power & gr...",
          "href": "/investor/reports/archive-735f1303fe24/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "ETN",
        "601179.SH",
        "600089.SH",
        "688676.SH",
        "CEG"
      ]
    },
    {
      "id": "thesis-c2eb2a0b9d",
      "title": "AI 租赁营收的兑现并非取决于芯片购买量，而是取决于长达 2-4 年的电力交付周期，物理稀缺性正成为限制营收增速的硬顶。",
      "titleEn": "Practical research topic: AI 租赁营收的兑现并非取决于芯片购买量，而是取决于长达 2-4 年的电力交付周期，物理稀缺性正成为限制营收增速的硬顶。",
      "href": "/investor/theses/thesis-c2eb2a0b9d/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "压力测试：变压器周期拉长与电力供应瓶颈作为2026年后AI数据中心算力落地的物理硬约束",
          "summary": "压力测试：变压器周期拉长与电力供应瓶颈作为2026年后AI数据中心算力落地的物理硬约束",
          "href": "/investor/reports/archive-4aad90958914/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "summary": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "href": "/investor/reports/archive-f8a64dc0b313/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "002028.SZ",
        "601179.SH",
        "600089.SH",
        "CEG",
        "688676.SH"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "先进封装（CoWoS/SoIC）与 HBM 产能：AI 能效转型的\"闸门\"",
          "summary": "先进封装（CoWoS/SoIC）与 HBM 产能：AI 能效转型的\"闸门\"",
          "href": "/investor/reports/archive-2cb1c710d63a/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "物理供应链天花板：国产 HBM 与先进封装对 AI 算力集群规模与密度扩张的决定性制约（2026）",
          "summary": "物理供应链天花板：国产 HBM 与先进封装对 AI 算力集群规模与密度扩张的决定性制约（2026）",
          "href": "/investor/reports/archive-12fc3431cd22/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS"
      ]
    },
    {
      "id": "thesis-100e81e234",
      "title": "AI大基建进入“能效优先”阶段，二级市场资金正从粗放型算力硬件（CPO/服务器）向电力基建“瓶颈资产”与半导体先进封装“能效资产”进行结…",
      "titleEn": "Practical research topic: AI大基建进入“能效优先”阶段，二级市场资金正从粗放型算力硬件（CPO/服务器）向电力基建“瓶颈资产”与半导体先进封装“能效资产”进行结…",
      "href": "/investor/theses/thesis-100e81e234/",
      "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": 65,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI算力硬件能效对冲利润侵蚀的压力测试：以国产服务器厂商为核心的TCO与利润率敏感性分析",
          "summary": "AI算力硬件能效对冲利润侵蚀的压力测试：以国产服务器厂商为核心的TCO与利润率敏感性分析",
          "href": "/investor/reports/archive-884c6cf008c0/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "物理供应链天花板：国产 HBM 与先进封装对 AI 算力集群规模与密度扩张的决定性制约（2026）",
          "summary": "物理供应链天花板：国产 HBM 与先进封装对 AI 算力集群规模与密度扩张的决定性制约（2026）",
          "href": "/investor/reports/archive-12fc3431cd22/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS"
      ]
    },
    {
      "id": "thesis-8b23f98d54",
      "title": "四大云厂商2026年创纪录的7250亿美元CapEx具有强战略刚性，但变压器3-6年交期与电网并网时滞导致800-1100亿美元开支递延…",
      "titleEn": "Practical research topic: 四大云厂商2026年创纪录的7250亿美元CapEx具有强战略刚性，但变压器3-6年交期与电网并网时滞导致800-1100亿美元开支递延…",
      "href": "/investor/theses/thesis-8b23f98d54/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 65,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "summary": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "href": "/investor/reports/archive-f8a64dc0b313/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力基建CapEx对全球WACC的虹吸效应及对非AI产业的估值挤压",
          "summary": "AI算力基建CapEx对全球WACC的虹吸效应及对非AI产业的估值挤压 报告日期：2026-06-30 (Asia/Singapore) 分析师：AI 基础设施分析师 (Expertise: AI compute/datacenter/GPU clusters, power & gr...",
          "href": "/investor/reports/archive-735f1303fe24/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "601179.SH",
        "VST",
        "002028.SZ",
        "600089.SH",
        "CEG"
      ]
    },
    {
      "id": "thesis-4e383ee09c",
      "title": "2026年AI芯片与先进封装产能约束会推高并拉长云端CapEx，而不是使其取消；配置应偏向具备配额权的上游瓶颈环节。",
      "titleEn": "Practical research topic: 2026年AI芯片与先进封装产能约束会推高并拉长云端CapEx，而不是使其取消；配置应偏向具备配额权的上游瓶颈环节。",
      "href": "/investor/theses/thesis-4e383ee09c/",
      "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": 65,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI基础设施Capex风险：先进制程设备国产化滑期与冗余算力采购",
          "summary": "报告日期：2026-06-30 分析师ID：ai-infrastructure-analyst 立场：压力测试",
          "href": "/investor/reports/archive-1aff75421621/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力基建CapEx对全球WACC的虹吸效应及对非AI产业的估值挤压",
          "summary": "AI算力基建CapEx对全球WACC的虹吸效应及对非AI产业的估值挤压 报告日期：2026-06-30 (Asia/Singapore) 分析师：AI 基础设施分析师 (Expertise: AI compute/datacenter/GPU clusters, power & gr...",
          "href": "/investor/reports/archive-735f1303fe24/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS"
      ]
    },
    {
      "id": "thesis-4f2d0121d3",
      "title": "高利润率出口材料企业需等待利润修复确认",
      "titleEn": "High-margin export materials require confirmation of profit recovery",
      "href": "/investor/theses/thesis-4f2d0121d3/",
      "laneId": "lane_7e439482cbef",
      "lane": "中国出口制造/利润率",
      "laneHref": "/investor/lanes/china-export-manufacturing-and-margins/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 64,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI算力需求激增与电网扩容物理瓶颈：清洁制造转型龙头利润率的压力测试",
          "summary": "报告日期： 2026-06-30 (Asia/Singapore) 研究记录索引： 5/10 分析师： AI基础设施分析师 立场： 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-95f0d6f2de3d/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "电力设备利润率压力测试：铜、铝价格波动是否会突破现有调价条款？",
          "summary": "报告日期： 2026-06-30（亚洲/新加坡） - 分析师 ID： materials-analyst - 研究 研究线程标识： [source-id-redacted] - 研究记录 - 立场： 压力测试（对 既有研究记录\"调...",
          "href": "/investor/reports/archive-aa9e9ca50320/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600690.SH",
        "000333.SZ",
        "600900.SH",
        "002139.SZ",
        "2313.HK",
        "605183.SH"
      ]
    },
    {
      "id": "thesis-025e4c0d2d",
      "title": "复合材料业务修复向利润增长传导",
      "titleEn": "Composite-Materials Recovery Transmits into Earnings Growth",
      "href": "/investor/theses/thesis-025e4c0d2d/",
      "laneId": "lane_e69b58816f80",
      "lane": "能源转型/储能光伏",
      "laneHref": "/investor/lanes/energy-transition-storage-and-solar-capex/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 64,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI算力需求激增与电网扩容物理瓶颈：清洁制造转型龙头利润率的压力测试",
          "summary": "报告日期： 2026-06-30 (Asia/Singapore) 研究记录索引： 5/10 分析师： AI基础设施分析师 立场： 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-95f0d6f2de3d/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "从海峡咽喉到裂解价差：霍尔木兹风险如何重定价每一桶成品油——以及能源转型的成本",
          "summary": "从海峡咽喉到裂解价差：霍尔木兹风险如何重定价每一桶成品油——以及能源转型的成本",
          "href": "/investor/reports/archive-c4f02767c83e/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "300274.SZ",
        "002028.SZ",
        "300750.SZ",
        "002080.SZ"
      ]
    },
    {
      "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": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "中国消费需求结构性变化与宏观消费通胀趋势的关联性分析",
          "summary": "中国消费需求结构性变化与宏观消费通胀趋势的关联性分析 研究研究研究记录 02 分析师 ID: global-macro 权威报告日期：2026-06-30 (亚洲/新加坡)",
          "href": "/investor/reports/archive-12db8e9acb4e/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "前序研究 — A股执行代理、拥挤度上限与市场结构闸门",
          "summary": "分析师： A股策略师（SSE/SZSE市场结构、两融数据、解禁）· 台面口径：首席策略师 - 工作日（权威）： 2026-08-01（亚洲/新加坡） - 立场： synthesize（综合）——我把前序研究的12单位reflat...",
          "href": "/investor/reports/archive-bb4eff81fc81/",
          "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": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "A股资金流向四维透视 · 2026-08-04（周二）收盘",
          "summary": "分析师： sentiment-analyst （市场情绪师） 数据基准日： 2026-08-04 （以 shell 时钟 系统日期锚 为准，北京时间 17:26 撰写） 上一交易日：2026-08-03（周一） 工作区上游文件： 无 （本...",
          "href": "/investor/reports/archive-34041b3e4482/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "流动性提款机区间的两融与北向持仓集中度压力测算",
          "summary": "日期：2026-08-11（新加坡时区） 首席策略师 立场：压力测试（Stress-Test）",
          "href": "/investor/reports/archive-87b5a9142bab/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "300308.SZ",
        "300750.SZ",
        "600519.SH",
        "159915.SZ",
        "510300.SH",
        "688256.SH",
        "600900.SH"
      ]
    },
    {
      "id": "thesis-3986819dc0",
      "title": "A 股半导体的核心风险从订单验证转向 A/H 溢价、两融与负 Gamma",
      "titleEn": "A-share semiconductor risk is shifting from order proof to A/H premium, margin financing, and negative gamma",
      "href": "/investor/theses/thesis-3986819dc0/",
      "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": 61,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "半导体融资压力与科创50雪球负 Gamma 风险测算",
          "summary": "报告日期按 shell 锚定为 2026-06-30；交易所逐券两融接口在 2026-06-30 盘中尚未发布当日数据，因此两融余额使用 2026-06-29 最新可得收盘后数据。",
          "href": "/investor/reports/archive-586f9020a1e9/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股与全球市场隔夜情绪、资金流向与跨资产套利深度研判报告 (Daily Editor's Overnight Sentiment...",
          "summary": "A股与全球市场隔夜情绪、资金流向与跨资产套利深度研判报告 (Daily Editor's Overnight Sentiment & Capital Flows Wrap)",
          "href": "/investor/reports/archive-88312203a7f7/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "688981.SH",
        "688256.SH",
        "0981.HK",
        "688041.SH",
        "600900.SH",
        "688012.SH",
        "588000.SH",
        "688008.SH",
        "300308.SZ",
        "002371.SZ"
      ]
    },
    {
      "id": "thesis-cb2ab35c55",
      "title": "AI 基础设施扩张从规模驱动切换到 TCO、能效和利用率筛选",
      "titleEn": "AI infrastructure expansion is shifting from scale to TCO, power efficiency, and utilization screening",
      "href": "/investor/theses/thesis-cb2ab35c55/",
      "laneId": "lane_2d0dcf520f87",
      "lane": "AI 基建 TCO/能效筛选",
      "laneHref": "/investor/lanes/ai-infrastructure-tco-and-efficiency-reset/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 58,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI算力硬件能效对冲利润侵蚀的压力测试：以国产服务器厂商为核心的TCO与利润率敏感性分析",
          "summary": "AI算力硬件能效对冲利润侵蚀的压力测试：以国产服务器厂商为核心的TCO与利润率敏感性分析",
          "href": "/investor/reports/archive-884c6cf008c0/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "能效成为新的利润杠杆：AI 基础设施从“资本开支叙事”转向“电力生产率”",
          "summary": "能效成为新的利润杠杆：AI 基础设施从“资本开支叙事”转向“电力生产率”",
          "href": "/investor/reports/archive-5919230439c7/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "AMD",
        "META",
        "MU",
        "MSFT",
        "AVGO",
        "VRT",
        "000660.KS",
        "DELL"
      ]
    },
    {
      "id": "thesis-603a5f7966",
      "title": "A 股硬科技与科创50的复苏需要订单、融资盘和指数结构共振",
      "titleEn": "A-share hard tech and STAR50 recovery needs orders, margin positioning, and index structure to align",
      "href": "/investor/theses/thesis-603a5f7966/",
      "laneId": "lane_4cc1e74d8e5f",
      "lane": "A股硬科技/科创50",
      "laneHref": "/investor/lanes/a-share-hard-tech-and-star50/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 56,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "A股资金流向四维透视 · 2026-08-04（周二）收盘",
          "summary": "分析师： sentiment-analyst （市场情绪师） 数据基准日： 2026-08-04 （以 shell 时钟 系统日期锚 为准，北京时间 17:26 撰写） 上一交易日：2026-08-03（周一） 工作区上游文件： 无 （本...",
          "href": "/investor/reports/archive-34041b3e4482/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "物理算力天花板约束下的A股科技板块估值重构与红利风格轮动策略",
          "summary": "报告日期： 2026-06-30 (Asia/Singapore) - 分析师 ID： chief-strategist - 研究研究记录索引： 5/10 - 研究立场： 综合 (Synthesize)",
          "href": "/investor/reports/archive-b84ff08343f5/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "300308.SZ",
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "600900.SH",
        "688008.SH",
        "588000.SH",
        "300394.SZ",
        "002916.SZ"
      ]
    },
    {
      "id": "thesis-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": 2,
      "risks": 0,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI基建订单簿的可交付性验证：SMCI/CRWV/LITE映射A股",
          "summary": "AI基建订单簿的可交付性验证：SMCI/CRWV/LITE映射A股 工作日期：2026-08-12（新加坡时区） 分析师：AI基础设施分析师 立场：综合(synthesize)",
          "href": "/investor/reports/archive-c196fa0eac0e/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "A股资金流向四维透视 · 2026-08-04（周二）收盘",
          "summary": "分析师： sentiment-analyst （市场情绪师） 数据基准日： 2026-08-04 （以 shell 时钟 系统日期锚 为准，北京时间 17:26 撰写） 上一交易日：2026-08-03（周一） 工作区上游文件： 无 （本...",
          "href": "/investor/reports/archive-34041b3e4482/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "300308.SZ",
        "NVDA",
        "AVGO",
        "META",
        "COHR",
        "LITE",
        "300394.SZ",
        "MRVL",
        "TSM",
        "MSFT"
      ]
    },
    {
      "id": "thesis-fd31cc177b",
      "title": "债券供给、地方债与久期需求决定利率下行空间",
      "titleEn": "Bond supply, local-government debt, and duration demand define room for rates to fall",
      "href": "/investor/theses/thesis-fd31cc177b/",
      "laneId": "lane_6fbf93c613f9",
      "lane": "债券供给/银行久期",
      "laneHref": "/investor/lanes/bond-supply-and-bank-duration/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 54,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "03 行业定位",
          "summary": "TLT 是 iShares 20+ Year Treasury Bond ETF，跟踪包含剩余期限超过 20 年美国国债的指数；截至 Jul 22, 2026，基金净资产为 $42,324,452,199，费用率为 0.15%，有效久期为 15.09 yrs，加权平均...",
          "href": "/investor/reports/archive-30d026531499/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "资产荒下境内利率债与信用债的久期与利差压缩测算 — 2026-06-30",
          "summary": "资产荒下境内利率债与信用债的久期与利差压缩测算 — 2026-06-30",
          "href": "/investor/reports/archive-bc1d549e2e8b/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "601398.SH",
        "601939.SH",
        "601288.SH",
        "3988.HK",
        "600900.SH",
        "TLT",
        "IEF",
        "000001.SZ"
      ]
    },
    {
      "id": "thesis-c6c6be4745",
      "title": "中国出口制造的胜负手从低价扩张转向利润率、合规和本地化",
      "titleEn": "Chinese export manufacturing is shifting from low-price expansion to margin, compliance, and localization",
      "href": "/investor/theses/thesis-c6c6be4745/",
      "laneId": "lane_7e439482cbef",
      "lane": "中国出口制造/利润率",
      "laneHref": "/investor/lanes/china-export-manufacturing-and-margins/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 49,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI算力需求激增与电网扩容物理瓶颈：清洁制造转型龙头利润率的压力测试",
          "summary": "报告日期： 2026-06-30 (Asia/Singapore) 研究记录索引： 5/10 分析师： AI基础设施分析师 立场： 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-95f0d6f2de3d/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "电力设备利润率压力测试：铜、铝价格波动是否会突破现有调价条款？",
          "summary": "报告日期： 2026-06-30（亚洲/新加坡） - 分析师 ID： materials-analyst - 研究 研究线程标识： [source-id-redacted] - 研究记录 - 立场： 压力测试（对 既有研究记录\"调...",
          "href": "/investor/reports/archive-aa9e9ca50320/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "000333.SZ",
        "600690.SH",
        "300750.SZ",
        "002594.SZ",
        "600900.SH",
        "2313.HK",
        "002139.SZ",
        "002475.SZ",
        "2020.HK"
      ]
    },
    {
      "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": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "A股红利削减清单的成分股级执行检验 - 2026-07-19",
          "summary": "工作日期：2026-07-19。本报告片对 research note 提出的 A股红利 / 防御性权益内部 2.77pp 融资削减做压力测试，结论是：可以执行，但必须把前序研究的行业口径进一步收紧到成分股清单 [I1]...",
          "href": "/investor/reports/archive-1638ab4a2fc2/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "55/25/10/10 高股息与白羽鸡袖珍组合的因子和拥挤压力测试 - 2026-07-17",
          "summary": "55/25/10/10 高股息与白羽鸡袖珍组合的因子和拥挤压力测试 - 2026-07-17",
          "href": "/investor/reports/archive-377be5efe31f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "601919.SH",
        "1919.HK",
        "ZIM",
        "MATX",
        "600026.SH",
        "600018.SH",
        "BOAT"
      ]
    },
    {
      "id": "thesis-59f298ff36",
      "title": "在上午科创50跌破关键支撑触发雪球敲入与两融强平后，午间主力ETF资金流入与个股金针反转是否标志着负Gamma抛售压力的阶段性出清？我们…",
      "titleEn": "Practical research topic: 在上午科创50跌破关键支撑触发雪球敲入与两融强平后，午间主力ETF资金流入与个股金针反转是否标志着负Gamma抛售压力的阶段性出清？我们…",
      "href": "/investor/theses/thesis-59f298ff36/",
      "laneId": "lane_968dd01cb43f",
      "lane": "A股半导体/两融负 Gamma",
      "laneHref": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 84,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "A股防御杠铃执行方案：指数/ETF篮子、换手纪律与两融风险规则",
          "summary": "A股防御杠铃执行方案：指数/ETF篮子、换手纪律与两融风险规则 研究院工作日期：2026-08-16（新加坡时区） 分析师：A股策略师（ashare-strategist），角色：首席策略师卡 立场：综合（在研究记录...",
          "href": "/investor/reports/archive-24bc8deca843/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "588000.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "688012.SH"
      ]
    },
    {
      "id": "thesis-813fa71c15",
      "title": "科创50指数今日跌4.30%收于1596.57点，跌破1600点零Gamma防线。这如何影响后续雪球产品的敲入级联和做市商抛压？科技板块…",
      "titleEn": "Practical research topic: 科创50指数今日跌4.30%收于1596.57点，跌破1600点零Gamma防线。这如何影响后续雪球产品的敲入级联和做市商抛压？科技板块…",
      "href": "/investor/theses/thesis-813fa71c15/",
      "laneId": "lane_968dd01cb43f",
      "lane": "A股半导体/两融负 Gamma",
      "laneHref": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 84,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "半导体融资压力与科创50雪球负 Gamma 风险测算",
          "summary": "报告日期按 shell 锚定为 2026-06-30；交易所逐券两融接口在 2026-06-30 盘中尚未发布当日数据，因此两融余额使用 2026-06-29 最新可得收盘后数据。",
          "href": "/investor/reports/archive-586f9020a1e9/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "588000.SH",
        "688981.SH",
        "0981.HK",
        "688008.SH",
        "688041.SH",
        "688012.SH"
      ]
    },
    {
      "id": "thesis-a0828c5498",
      "title": "在两融余额突破3.015万亿元且电子板块平均CMR跌至138.55%的背景下，下周一强平盘（约1460亿）释放是否会刺穿市场底？组合应如…",
      "titleEn": "Practical research topic: 在两融余额突破3.015万亿元且电子板块平均CMR跌至138.55%的背景下，下周一强平盘（约1460亿）释放是否会刺穿市场底？组合应如…",
      "href": "/investor/theses/thesis-a0828c5498/",
      "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": 82,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "Higher-for-Longer 下红利资产的两融筹码结构与交易拥挤度演化",
          "summary": "Higher-for-Longer 下红利资产的两融筹码结构与交易拥挤度演化",
          "href": "/investor/reports/archive-122a33c54930/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "510300.SH",
        "512100.SH",
        "588000.SH"
      ]
    },
    {
      "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股防御杠铃执行方案：指数/ETF篮子、换手纪律与两融风险规则",
          "summary": "A股防御杠铃执行方案：指数/ETF篮子、换手纪律与两融风险规则 研究院工作日期：2026-08-16（新加坡时区） 分析师：A股策略师（ashare-strategist），角色：首席策略师卡 立场：综合（在研究记录...",
          "href": "/investor/reports/archive-24bc8deca843/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "300750.SZ"
      ]
    },
    {
      "id": "thesis-9a926eda26",
      "title": "本周sentiment与thematic一致把长江电力(600900.SH，5.5%股息、两融占比1.81%)当防御压舱石(themat…",
      "titleEn": "Practical research topic: 本周sentiment与thematic一致把长江电力(600900.SH，5.5%股息、两融占比1.81%)当防御压舱石(themat…",
      "href": "/investor/theses/thesis-9a926eda26/",
      "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": 79,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "Higher-for-Longer 下红利资产的两融筹码结构与交易拥挤度演化",
          "summary": "Higher-for-Longer 下红利资产的两融筹码结构与交易拥挤度演化",
          "href": "/investor/reports/archive-122a33c54930/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "600905.SH",
        "DUK"
      ]
    },
    {
      "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": "压力测试：变压器周期拉长与电力供应瓶颈作为2026年后AI数据中心算力落地的物理硬约束",
          "summary": "压力测试：变压器周期拉长与电力供应瓶颈作为2026年后AI数据中心算力落地的物理硬约束",
          "href": "/investor/reports/archive-4aad90958914/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "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": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "summary": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "href": "/investor/reports/archive-ee01fa5b9d05/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "ETN",
        "600089.SH",
        "601179.SH",
        "688676.SH",
        "VST"
      ]
    },
    {
      "id": "thesis-859ab241bf",
      "title": "依托全球AI硬件超级周期的外溢效应与国内流动性宽松预期共振，A股TMT板块具备坚实的业绩兑现基础，将在跨国资金流入带动下确立其在“哑铃策…",
      "titleEn": "Practical research topic: 依托全球AI硬件超级周期的外溢效应与国内流动性宽松预期共振，A股TMT板块具备坚实的业绩兑现基础，将在跨国资金流入带动下确立其在“哑铃策…",
      "href": "/investor/theses/thesis-859ab241bf/",
      "laneId": "lane_f1a271385aff",
      "lane": "先进封装/HBM4 闸门",
      "laneHref": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "中国半导体国产化：HBM与先进封装成熟度评估 - 2026-06-30",
          "summary": "分析师： 半导体分析师（ semiconductors-analyst ） 研究记录 - 日期： 2026-06-30（亚洲/新加坡） 立场： 支持，但加入瓶颈约束",
          "href": "/investor/reports/archive-5db138f92bca/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "NVDA",
        "ASML",
        "688012.SH",
        "000660.KS",
        "MU",
        "002916.SZ"
      ]
    },
    {
      "id": "thesis-4ad776c10c",
      "title": "地缘缓和致WTI重挫超6%至76.05美元，但美联储维持偏鹰加息倾向，通胀降温与高实际利率并存。这是否标志着上游资源品通胀红利估值逻辑的…",
      "titleEn": "Practical research topic: 地缘缓和致WTI重挫超6%至76.05美元，但美联储维持偏鹰加息倾向，通胀降温与高实际利率并存。这是否标志着上游资源品通胀红利估值逻辑的…",
      "href": "/investor/theses/thesis-4ad776c10c/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "铜/GOES结构性成本通胀是否侵蚀红利轮动的利率前提？",
          "summary": "研究记录 分析师： 全球宏观分析师（global-macro） · 立场： 压力测试（STRESS-TEST） 工作日期（亚洲/新加坡）： 2026-06-30 主题： 电网设备/铜/GOES结构性成本通胀对去通胀假设的反馈——...",
          "href": "/investor/reports/archive-b6967653a47f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SLB",
        "OXY",
        "0883.HK"
      ]
    },
    {
      "id": "thesis-57faae4252",
      "title": "能源供应约束对AI基础设施资本开支效率的影响：电力缺口能否支撑超大规模厂商的扩容预期？",
      "titleEn": "Practical research topic: 能源供应约束对AI基础设施资本开支效率的影响：电力缺口能否支撑超大规模厂商的扩容预期？",
      "href": "/investor/theses/thesis-57faae4252/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "summary": "电力设备出海与电网投资逻辑验证：评估变压器与电网设备龙头在海外高增长下的业绩确定性",
          "href": "/investor/reports/archive-ee01fa5b9d05/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "600089.SH"
      ]
    },
    {
      "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": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "把信用闸门转化为A股红利、创新药与STAR/ChiNext工具选择",
          "summary": "把信用闸门转化为A股红利、创新药与STAR/ChiNext工具选择 日期：2026-08-10（新加坡时区） 分析师：首席策略师 立场：综合",
          "href": "/investor/reports/archive-c08265df9633/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "512100.SH"
      ]
    },
    {
      "id": "thesis-7a2fc614c1",
      "title": "在半导体板块面临两融去杠杆踩踏与美股SOX进入熊市的背景下，大基金三期的3440亿元主权支持能否为A股半导体构成估值安全垫？同时，北美变…",
      "titleEn": "Practical research topic: 在半导体板块面临两融去杠杆踩踏与美股SOX进入熊市的背景下，大基金三期的3440亿元主权支持能否为A股半导体构成估值安全垫？同时，北美变…",
      "href": "/investor/theses/thesis-7a2fc614c1/",
      "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": "变压器瓶颈下的半导体需求重构：GPU需求收缩与功率半导体机会的量化评估",
          "summary": "报告日期： 2026-06-30 研究来源：已归档 研究记录索引： 08/08 分析师： 半导体分析师 ( semiconductors-analyst ) 研究立场： 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-f2519cad3c01/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "GEV",
        "ETN",
        "CEG",
        "VST"
      ]
    },
    {
      "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": "首席策略师2026-08-16 — A股防御杠铃最终权重校准",
          "summary": "截至研究院工作日期2026-08-16，我对09作综合而非否定：A股袖套应保留防御杠铃，但在Jackson Hole之后、2026-09-16 FOMC之前，金融袖套内部只应把新增风险预算从512800部分转向512880/512070...",
          "href": "/investor/reports/archive-12ec50f7d6e4/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "P",
        "TLT",
        "IEF"
      ]
    },
    {
      "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股防御杠铃执行方案：指数/ETF篮子、换手纪律与两融风险规则",
          "summary": "A股防御杠铃执行方案：指数/ETF篮子、换手纪律与两融风险规则 研究院工作日期：2026-08-16（新加坡时区） 分析师：A股策略师（ashare-strategist），角色：首席策略师卡 立场：综合（在研究记录...",
          "href": "/investor/reports/archive-24bc8deca843/",
          "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "中国半导体国产化：HBM与先进封装成熟度评估 - 2026-06-30",
          "summary": "分析师： 半导体分析师（ semiconductors-analyst ） 研究记录 - 日期： 2026-06-30（亚洲/新加坡） 立场： 支持，但加入瓶颈约束",
          "href": "/investor/reports/archive-5db138f92bca/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "研究记录 — Rocket Lab的流动性能否吸收AMTI/SDN资金延误冲击？（工作日期：2026-08-15）",
          "summary": "研究记录 — Rocket Lab的流动性能否吸收AMTI/SDN资金延误冲击？（工作日期：2026-08-15）",
          "href": "/investor/reports/archive-5f7d604770aa/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "RKLB",
        "ASTS",
        "600118.SH",
        "IRDM",
        "RDW",
        "LUNR",
        "LMT"
      ]
    },
    {
      "id": "thesis-d8170c3a35",
      "title": "近海资本开支与设备利用率驱动油服盈利弹性",
      "titleEn": "Offshore capex and equipment utilization drive oilfield-service earnings leverage",
      "href": "/investor/theses/thesis-d8170c3a35/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 68,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-06-30 跨资产配置：为高实际利率、核心黏性与油价冲击退潮搭建组合",
          "summary": "2026-06-30 跨资产配置：为高实际利率、核心黏性与油价冲击退潮搭建组合",
          "href": "/investor/reports/archive-a0d32e8c9a44/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "CVX",
        "XOM",
        "0883.HK",
        "COP",
        "2883.HK",
        "SLB",
        "OXY"
      ]
    },
    {
      "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股防御杠铃执行方案：指数/ETF篮子、换手纪律与两融风险规则",
          "summary": "A股防御杠铃执行方案：指数/ETF篮子、换手纪律与两融风险规则 研究院工作日期：2026-08-16（新加坡时区） 分析师：A股策略师（ashare-strategist），角色：首席策略师卡 立场：综合（在研究记录...",
          "href": "/investor/reports/archive-24bc8deca843/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "512100.SH"
      ]
    },
    {
      "id": "thesis-a10279b001",
      "title": "面对 Meta 自建 Meta Compute 算力集群的传闻，Nebius (NBIS) 的 270 亿美元合同是否仍具备护城河？散户…",
      "titleEn": "Practical research topic: 面对 Meta 自建 Meta Compute 算力集群的传闻，Nebius (NBIS) 的 270 亿美元合同是否仍具备护城河？散户…",
      "href": "/investor/theses/thesis-a10279b001/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "CRWV / NBIS Backlog 与预付款质量——物理产能压力测试",
          "summary": "CRWV / NBIS Backlog 与预付款质量——物理产能压力测试 工作日期：2026-08-13（新加坡时区） AI 基础设施分析师 立场：压力测试",
          "href": "/investor/reports/archive-0da4ad6c9b9f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "META",
        "NVDA",
        "TSM",
        "AMD",
        "AVGO"
      ]
    },
    {
      "id": "thesis-a119a01ce4",
      "title": "评估AI算力能耗增长对电力与电网瓶颈的影响，以及能源成本压力如何传导至下游CXO产业链。",
      "titleEn": "Practical research topic: 评估AI算力能耗增长对电力与电网瓶颈的影响，以及能源成本压力如何传导至下游CXO产业链。",
      "href": "/investor/theses/thesis-a119a01ce4/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "summary": "2026-06-30 压力测试：电力成本不确定性、电网费率重构与BTM对西部AI算力大基地Capex效率的拖累",
          "href": "/investor/reports/archive-f8a64dc0b313/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "002028.SZ",
        "CEG",
        "601179.SH",
        "600089.SH"
      ]
    },
    {
      "id": "thesis-8bbbcdf5a4",
      "title": "GPU、HBM 与先进封装决定 AI 资本开支供给节奏",
      "titleEn": "GPUs, HBM, and advanced packaging shape the AI capex supply cycle",
      "href": "/investor/theses/thesis-8bbbcdf5a4/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 65,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI基础设施Capex风险：先进制程设备国产化滑期与冗余算力采购",
          "summary": "报告日期：2026-06-30 分析师ID：ai-infrastructure-analyst 立场：压力测试",
          "href": "/investor/reports/archive-1aff75421621/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "META",
        "AMD",
        "AVGO",
        "MU",
        "MSFT",
        "000660.KS",
        "GOOGL",
        "AMZN"
      ]
    },
    {
      "id": "thesis-f3989d02c5",
      "title": "全球电网核心设备及原材料的产能赤字已构成刚性物理准入壁垒，导致产业利润池从算力/晶圆厂资本支出方结构性向重电OEM厂商转移。",
      "titleEn": "Practical research topic: 全球电网核心设备及原材料的产能赤字已构成刚性物理准入壁垒，导致产业利润池从算力/晶圆厂资本支出方结构性向重电OEM厂商转移。",
      "href": "/investor/theses/thesis-f3989d02c5/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 65,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "下周AI主题仓位是否应从半导体beta切换到电力/核能/电网/数据中心融资链？",
          "summary": "既有研究记录— 下周AI主题仓位是否应从半导体beta切换到电力/核能/电网/数据中心融资链？ 研究所工作日期：2026-08-13（新加坡时区） 作者：首席策略师 (chief-strategist) 看板：AI算...",
          "href": "/investor/reports/archive-da30cbf26db2/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "META",
        "TSM",
        "AMD",
        "AVGO",
        "ASML"
      ]
    },
    {
      "id": "thesis-be91bfe6ee",
      "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",
      "lane": "先进封装/HBM4 闸门",
      "laneHref": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 63,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "中国半导体国产化：HBM与先进封装成熟度评估 - 2026-06-30",
          "summary": "分析师： 半导体分析师（ semiconductors-analyst ） 研究记录 - 日期： 2026-06-30（亚洲/新加坡） 立场： 支持，但加入瓶颈约束",
          "href": "/investor/reports/archive-5db138f92bca/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "NVDA",
        "000660.KS",
        "688012.SH",
        "MU",
        "ASML",
        "002916.SZ"
      ]
    },
    {
      "id": "thesis-f5d7a79c82",
      "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/",
      "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": 62,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "先进封装（CoWoS/SoIC）与 HBM 产能：AI 能效转型的\"闸门\"",
          "summary": "先进封装（CoWoS/SoIC）与 HBM 产能：AI 能效转型的\"闸门\"",
          "href": "/investor/reports/archive-2cb1c710d63a/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "000660.KS",
        "MU",
        "AMD",
        "META",
        "AVGO",
        "MSFT",
        "AMZN",
        "ASML"
      ]
    },
    {
      "id": "thesis-3da7ae5953",
      "title": "宇航电源份额将卫星部署节奏转化为收入弹性",
      "titleEn": "Space-power share converts satellite deployment into revenue leverage",
      "href": "/investor/theses/thesis-3da7ae5953/",
      "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": 62,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "研究记录 — Rocket Lab的流动性能否吸收AMTI/SDN资金延误冲击？（工作日期：2026-08-15）",
          "summary": "研究记录 — Rocket Lab的流动性能否吸收AMTI/SDN资金延误冲击？（工作日期：2026-08-15）",
          "href": "/investor/reports/archive-5f7d604770aa/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "RKLB",
        "IRDM",
        "LMT",
        "ASTS",
        "600118.SH",
        "LUNR",
        "RDW"
      ]
    },
    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "生命健康与生物科技产业链下沉：生物医药产业园、生命科学地产（LSRE）及 C-REITs 的分化压力测试",
          "summary": "生命健康与生物科技产业链下沉：生物医药产业园、生命科学地产（LSRE）及 C-REITs 的分化压力测试 分析日期： 2026-06-30（研究院统一工作锚定日期） 研究记录索引： 3/10 分析师： 房地产分析...",
          "href": "/investor/reports/archive-3a6d9ff3edb2/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "1109.HK",
        "600048.SH",
        "001979.SZ",
        "0960.HK",
        "0688.HK",
        "000002.SZ",
        "0823.HK"
      ]
    },
    {
      "id": "thesis-7f0a75c5f6",
      "title": "数据中心地产、液冷与水资源正在决定 AI 容量的区域迁移",
      "titleEn": "Data-center real estate, liquid cooling, and water resources are deciding regional migration of AI capacity",
      "href": "/investor/theses/thesis-7f0a75c5f6/",
      "laneId": "lane_0679894fe06b",
      "lane": "数据中心地产/液冷",
      "laneHref": "/investor/lanes/data-center-real-estate-and-cooling/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 53,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI基建订单簿的可交付性验证：SMCI/CRWV/LITE映射A股",
          "summary": "AI基建订单簿的可交付性验证：SMCI/CRWV/LITE映射A股 工作日期：2026-08-12（新加坡时区） 分析师：AI基础设施分析师 立场：综合(synthesize)",
          "href": "/investor/reports/archive-c196fa0eac0e/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "VRT",
        "ETN",
        "META",
        "NVDA",
        "GEV",
        "MSFT",
        "DLR",
        "EQIX",
        "SMR"
      ]
    },
    {
      "id": "thesis-ce29facfbd",
      "title": "中国资产定价仍受政策、流动性与风险偏好共同驱动",
      "titleEn": "China asset pricing remains driven by policy, liquidity, and risk appetite",
      "href": "/investor/theses/thesis-ce29facfbd/",
      "laneId": "lane_a8d9c69ae883",
      "lane": "中国权益流动性",
      "laneHref": "/investor/lanes/china-equity-liquidity/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 52,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-06-30 A股压力测试：CNH流动性挤压、北向卖出与融资盘脆弱性",
          "summary": "2026-06-30 A股压力测试：CNH流动性挤压、北向卖出与融资盘脆弱性",
          "href": "/investor/reports/archive-1fd088d912b5/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "300308.SZ",
        "0700.HK",
        "9988.HK",
        "510300.SH",
        "159915.SZ",
        "300750.SZ",
        "3988.HK",
        "588000.SH",
        "LOW"
      ]
    },
    {
      "id": "thesis-e9630d3ee1",
      "title": "日元套息平仓是 EM 科技、离岸中资与高 beta 主题的尾部流动性风险",
      "titleEn": "Yen carry unwind is a tail liquidity risk for EM tech, offshore China, and high-beta themes",
      "href": "/investor/theses/thesis-e9630d3ee1/",
      "laneId": "lane_f3e413e8ce27",
      "lane": "日元套息/EM 科技流动性",
      "laneHref": "/investor/lanes/yen-carry-and-em-tech-liquidity/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 52,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "日元carry平仓触发后的跨资产配置与对冲优先级",
          "summary": "研究记录 · 立场： 综合（synthesize） 作者角色： 首席策略师（Chief Strategist） · 工作日期： 2026-07-07（Asia/Singapore） 根议题： USD/JPY 突破 162 及潜在实弹干预对全球债券与成长...",
          "href": "/investor/reports/archive-2112b70863f2/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "CME",
        "CBOE",
        "LOW",
        "UUP",
        "EEM",
        "FXY",
        "EWJ",
        "MCHI"
      ]
    },
    {
      "id": "thesis-51c6d833ae",
      "title": "食品加工的机会从食品通胀切换到原料波动、渠道库存与 B 端标准化",
      "titleEn": "Food processing opportunities are shifting from food inflation to input volatility, channel inventory, and B-side sta...",
      "href": "/investor/theses/thesis-51c6d833ae/",
      "laneId": "lane_13d7ced85300",
      "lane": "食品加工/成本传导",
      "laneHref": "/investor/lanes/food-processing-and-input-cost-transmission/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 50,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "食品加工产业链 —— 低覆盖标的与外溢风险图谱",
          "summary": "研究记录 · 分析师：agri-analyst（农业行业分析师） 工作日期：2026-06-30（亚洲/新加坡）· 立场：initial（初始） 根主题：产业链调研 —— 食品加工（30 日激活率 7.9%, 19/242，研究不足...",
          "href": "/investor/reports/archive-3f2e0f6f2764/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "001215.SZ",
        "600298.SH",
        "300973.SZ",
        "603345.SH",
        "603027.SH",
        "002991.SZ",
        "603317.SH",
        "002847.SZ",
        "ADM"
      ]
    },
    {
      "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": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "下周AI主题仓位是否应从半导体beta切换到电力/核能/电网/数据中心融资链？",
          "summary": "既有研究记录— 下周AI主题仓位是否应从半导体beta切换到电力/核能/电网/数据中心融资链？ 研究所工作日期：2026-08-13（新加坡时区） 作者：首席策略师 (chief-strategist) 看板：AI算...",
          "href": "/investor/reports/archive-da30cbf26db2/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "VST",
        "CEG",
        "GEV",
        "SMR",
        "META",
        "ETN",
        "MSFT",
        "AMZN",
        "AEP",
        "NVDA"
      ]
    },
    {
      "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": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "铜/GOES结构性成本通胀是否侵蚀红利轮动的利率前提？",
          "summary": "研究记录 分析师： 全球宏观分析师（global-macro） · 立场： 压力测试（STRESS-TEST） 工作日期（亚洲/新加坡）： 2026-06-30 主题： 电网设备/铜/GOES结构性成本通胀对去通胀假设的反馈——...",
          "href": "/investor/reports/archive-b6967653a47f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CME",
        "TLT",
        "JPM",
        "KRE",
        "GLD",
        "IEF",
        "UUP"
      ]
    },
    {
      "id": "thesis-2ec6b9d3ee",
      "title": "卫星直连与商业航天从概念弹性进入部署兑现期",
      "titleEn": "Direct-to-device satellite and commercial space are moving from concept beta to deployment proof",
      "href": "/investor/theses/thesis-2ec6b9d3ee/",
      "laneId": "lane_54700cb9537f",
      "lane": "商业航天/卫星直连",
      "laneHref": "/investor/lanes/commercial-space-and-direct-to-device-satellite/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 46,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "SpaceX IPO 定价与上市后交易：能否兑现“太空流动性”范式？ — 2026-06-11",
          "summary": "SpaceX IPO 定价与上市后交易：能否兑现“太空流动性”范式？ — 2026-06-11",
          "href": "/investor/reports/archive-7894ce91adba/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "RKLB",
        "ASTS",
        "RDW",
        "IRDM",
        "LUNR",
        "LMT",
        "600118.SH"
      ]
    },
    {
      "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": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "下周AI主题仓位是否应从半导体beta切换到电力/核能/电网/数据中心融资链？",
          "summary": "既有研究记录— 下周AI主题仓位是否应从半导体beta切换到电力/核能/电网/数据中心融资链？ 研究所工作日期：2026-08-13（新加坡时区） 作者：首席策略师 (chief-strategist) 看板：AI算...",
          "href": "/investor/reports/archive-da30cbf26db2/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "META",
        "600089.SH",
        "MSFT",
        "601179.SH",
        "AMZN"
      ]
    },
    {
      "id": "thesis-aa97a5c1b3",
      "title": "家装链的胜负手在存量房翻新、国补触达与地产后周期库存去化",
      "titleEn": "Home improvement depends on existing-home renovation, subsidy reach, and post-property inventory digestion",
      "href": "/investor/theses/thesis-aa97a5c1b3/",
      "laneId": "lane_1efa26c729b6",
      "lane": "家装/地产后周期",
      "laneHref": "/investor/lanes/home-improvement-and-post-property-cycle/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 44,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "两新政策财政可持续性与2027年从政策驱动到家装内生需求的切换",
          "summary": "报告日期：2026-06-30（Asia/Singapore） 分析师：全球宏观分析师（global-macro） 立场：综合研判（synthesize）",
          "href": "/investor/reports/archive-be73c49a6ded/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "002572.SZ",
        "603833.SH",
        "603816.SH",
        "600690.SH",
        "LOW",
        "000333.SZ",
        "002043.SZ",
        "603801.SH",
        "002508.SZ",
        "001322.SZ"
      ]
    }
  ],
  "lanes": [
    {
      "id": "lane_10d7884cbe65",
      "title": "AI 电力/电网设备",
      "href": "/investor/lanes/ai-power-and-grid-equipment/",
      "thesisCount": 17,
      "eventCount": 36,
      "convictionTotal": 1229,
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "688676.SH",
        "000400.SZ",
        "PWR",
        "META",
        "MSFT"
      ],
      "avgConviction": 72
    },
    {
      "id": "lane_f1a271385aff",
      "title": "先进封装/HBM4 闸门",
      "href": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "thesisCount": 8,
      "eventCount": 12,
      "convictionTotal": 536,
      "stockTickers": [
        "TSM",
        "NVDA",
        "ASML",
        "688012.SH",
        "000660.KS",
        "MU",
        "002916.SZ",
        "AMD",
        "META",
        "AVGO",
        "MSFT",
        "AMZN"
      ],
      "avgConviction": 67
    },
    {
      "id": "lane_070c58f355b5",
      "title": "A股风险偏好/两融",
      "href": "/investor/lanes/a-share-risk-appetite-and-margin/",
      "thesisCount": 5,
      "eventCount": 6,
      "convictionTotal": 369,
      "stockTickers": [
        "510300.SH",
        "512100.SH",
        "588000.SH",
        "300750.SZ",
        "300308.SZ",
        "600519.SH",
        "159915.SZ",
        "688256.SH",
        "600900.SH"
      ],
      "avgConviction": 74
    },
    {
      "id": "lane_136dd1c3c708",
      "title": "云厂商自发电/电力资产",
      "href": "/investor/lanes/cloud-self-generation-and-power-assets/",
      "thesisCount": 3,
      "eventCount": 6,
      "convictionTotal": 183,
      "stockTickers": [
        "GEV",
        "ETN",
        "CEG",
        "VST",
        "601985.SH",
        "SMR",
        "META",
        "MSFT",
        "AMZN",
        "AEP",
        "NVDA"
      ],
      "avgConviction": 61
    },
    {
      "id": "lane_e69b58816f80",
      "title": "能源转型/储能光伏",
      "href": "/investor/lanes/energy-transition-storage-and-solar-capex/",
      "thesisCount": 2,
      "eventCount": 6,
      "convictionTotal": 106,
      "stockTickers": [
        "300274.SZ",
        "002028.SZ",
        "300750.SZ",
        "002080.SZ",
        "SMR",
        "GEV",
        "600900.SH",
        "MSFT",
        "CEG",
        "META",
        "VST"
      ],
      "avgConviction": 53
    },
    {
      "id": "lane_968dd01cb43f",
      "title": "A股半导体/两融负 Gamma",
      "href": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "thesisCount": 4,
      "eventCount": 5,
      "convictionTotal": 300,
      "stockTickers": [
        "688256.SH",
        "588000.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "688012.SH",
        "688008.SH",
        "600900.SH",
        "300308.SZ",
        "002371.SZ"
      ],
      "avgConviction": 75
    },
    {
      "id": "lane_f44cf45c8649",
      "title": "AI 算力半导体",
      "href": "/investor/lanes/ai-compute-semiconductors/",
      "thesisCount": 4,
      "eventCount": 5,
      "convictionTotal": 275,
      "stockTickers": [
        "META",
        "NVDA",
        "AMD",
        "MU",
        "AVGO",
        "TSM",
        "000660.KS",
        "MSFT",
        "GOOGL",
        "AMZN",
        "ASML"
      ],
      "avgConviction": 69
    },
    {
      "id": "lane_2d0dcf520f87",
      "title": "AI 基建 TCO/能效筛选",
      "href": "/investor/lanes/ai-infrastructure-tco-and-efficiency-reset/",
      "thesisCount": 2,
      "eventCount": 5,
      "convictionTotal": 135,
      "stockTickers": [
        "NVDA",
        "TSM",
        "AMD",
        "VRT",
        "META",
        "MU",
        "MSFT",
        "AVGO",
        "000660.KS",
        "DELL"
      ],
      "avgConviction": 68
    },
    {
      "id": "lane_54700cb9537f",
      "title": "商业航天/卫星直连",
      "href": "/investor/lanes/commercial-space-and-direct-to-device-satellite/",
      "thesisCount": 4,
      "eventCount": 5,
      "convictionTotal": 257,
      "stockTickers": [
        "600118.SH",
        "RKLB",
        "ASTS",
        "RDW",
        "300762.SZ",
        "LUNR",
        "IRDM",
        "LMT"
      ],
      "avgConviction": 64
    },
    {
      "id": "lane_dd5a3eb17672",
      "title": "酒店餐饮休闲/服务消费",
      "href": "/investor/lanes/hotels-restaurants-leisure-and-services-consumption/",
      "thesisCount": 1,
      "eventCount": 4,
      "convictionTotal": 65,
      "stockTickers": [
        "9922.HK",
        "3690.HK",
        "001215.SZ",
        "YUMC",
        "300144.SZ",
        "1179.HK",
        "0780.HK",
        "605108.SH",
        "9658.HK"
      ],
      "avgConviction": 65
    },
    {
      "id": "lane_7e439482cbef",
      "title": "中国出口制造/利润率",
      "href": "/investor/lanes/china-export-manufacturing-and-margins/",
      "thesisCount": 2,
      "eventCount": 4,
      "convictionTotal": 113,
      "stockTickers": [
        "600690.SH",
        "000333.SZ",
        "600900.SH",
        "002139.SZ",
        "2313.HK",
        "605183.SH",
        "300750.SZ",
        "002594.SZ",
        "002475.SZ",
        "2020.HK"
      ],
      "avgConviction": 57
    },
    {
      "id": "lane_e4b72516d71a",
      "title": "中国电力设备出海",
      "href": "/investor/lanes/china-power-equipment-exports/",
      "thesisCount": 1,
      "eventCount": 4,
      "convictionTotal": 49,
      "stockTickers": [
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "ETN",
        "GEV",
        "002270.SZ",
        "688676.SH",
        "ABBNY",
        "600406.SH"
      ],
      "avgConviction": 49
    },
    {
      "id": "lane_22c1ed929e2e",
      "title": "公用事业/电网信用",
      "href": "/investor/lanes/utilities-grid-rate-base-and-credit/",
      "thesisCount": 2,
      "eventCount": 3,
      "convictionTotal": 156,
      "stockTickers": [
        "600900.SH",
        "600905.SH",
        "DUK"
      ],
      "avgConviction": 78
    },
    {
      "id": "lane_73a269a07a15",
      "title": "加密/高波动风险偏好",
      "href": "/investor/lanes/crypto-and-high-beta-risk-appetite/",
      "thesisCount": 1,
      "eventCount": 3,
      "convictionTotal": 68,
      "stockTickers": [
        "MSTR",
        "COIN",
        "IBIT",
        "HOOD",
        "RIOT",
        "NVDA",
        "LOW",
        "MARA"
      ],
      "avgConviction": 68
    },
    {
      "id": "lane_e4f90acbf804",
      "title": "信创/国产 IT 栈",
      "href": "/investor/lanes/domestic-it-substitution-stack/",
      "thesisCount": 1,
      "eventCount": 3,
      "convictionTotal": 62,
      "stockTickers": [
        "688256.SH",
        "688041.SH",
        "688981.SH",
        "0981.HK",
        "300308.SZ",
        "NVDA",
        "000977.SZ",
        "688008.SH",
        "688012.SH",
        "688111.SH"
      ],
      "avgConviction": 62
    },
    {
      "id": "lane_f3e413e8ce27",
      "title": "日元套息/EM 科技流动性",
      "href": "/investor/lanes/yen-carry-and-em-tech-liquidity/",
      "thesisCount": 2,
      "eventCount": 3,
      "convictionTotal": 118,
      "stockTickers": [
        "TSM",
        "KWEB",
        "FXY",
        "CME",
        "CBOE",
        "LOW",
        "UUP",
        "EEM",
        "EWJ",
        "MCHI"
      ],
      "avgConviction": 59
    },
    {
      "id": "lane_008e3bd9306a",
      "title": "AI 软件效率/生产率",
      "href": "/investor/lanes/ai-software-productivity/",
      "thesisCount": 1,
      "eventCount": 3,
      "convictionTotal": 58,
      "stockTickers": [
        "META",
        "MSFT",
        "AMZN",
        "GOOGL",
        "NVDA",
        "NOW",
        "CRM",
        "ADBE"
      ],
      "avgConviction": 58
    },
    {
      "id": "lane_c40c2ce413ec",
      "title": "人民币/美元流动性敏感资产",
      "href": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "thesisCount": 1,
      "eventCount": 2,
      "convictionTotal": 78,
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ],
      "avgConviction": 78
    },
    {
      "id": "lane_93300d58763e",
      "title": "油气/地缘通胀",
      "href": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "thesisCount": 2,
      "eventCount": 2,
      "convictionTotal": 146,
      "stockTickers": [
        "SLB",
        "OXY",
        "0883.HK",
        "CVX",
        "XOM",
        "COP",
        "2883.HK"
      ],
      "avgConviction": 73
    },
    {
      "id": "lane_13710af7e06d",
      "title": "低价模型/AI 软件利润池",
      "href": "/investor/lanes/low-cost-models-and-ai-software-profit-pools/",
      "thesisCount": 1,
      "eventCount": 2,
      "convictionTotal": 72,
      "stockTickers": [
        "BABA",
        "MSFT",
        "BIDU",
        "9988.HK",
        "CRM",
        "0700.HK",
        "NVDA",
        "NOW",
        "9888.HK"
      ],
      "avgConviction": 72
    },
    {
      "id": "lane_74d352e86208",
      "title": "端侧 AI/Agent 桌面",
      "href": "/investor/lanes/edge-ai-and-agent-desktop-cycle/",
      "thesisCount": 1,
      "eventCount": 2,
      "convictionTotal": 68,
      "stockTickers": [
        "MSFT",
        "NVDA",
        "META",
        "AAPL",
        "AMZN",
        "AMD",
        "ARM",
        "QCOM",
        "GOOGL",
        "002475.SZ"
      ],
      "avgConviction": 68
    },
    {
      "id": "lane_1c216bd29875",
      "title": "美债利率/美元再定价",
      "href": "/investor/lanes/us-rates-and-dollar-repricing/",
      "thesisCount": 2,
      "eventCount": 2,
      "convictionTotal": 123,
      "stockTickers": [
        "P",
        "TLT",
        "IEF",
        "CME",
        "JPM",
        "KRE",
        "GLD",
        "UUP"
      ],
      "avgConviction": 62
    },
    {
      "id": "lane_8cf8740aac77",
      "title": "消费降级/健康银发",
      "href": "/investor/lanes/consumer-downgrade-health-and-silver-economy/",
      "thesisCount": 1,
      "eventCount": 2,
      "convictionTotal": 62,
      "stockTickers": [
        "600519.SH",
        "3690.HK",
        "001215.SZ",
        "600276.SH",
        "300760.SZ",
        "1801.HK",
        "1177.HK",
        "2319.HK",
        "UNH"
      ],
      "avgConviction": 62
    },
    {
      "id": "lane_4cc1e74d8e5f",
      "title": "A股硬科技/科创50",
      "href": "/investor/lanes/a-share-hard-tech-and-star50/",
      "thesisCount": 1,
      "eventCount": 2,
      "convictionTotal": 56,
      "stockTickers": [
        "300308.SZ",
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "600900.SH",
        "688008.SH",
        "588000.SH",
        "300394.SZ",
        "002916.SZ"
      ],
      "avgConviction": 56
    }
  ],
  "stocks": [
    {
      "ticker": "GEV",
      "name": "GE Vernova",
      "market": "US",
      "href": "/investor/stocks/GEV/",
      "thesisCount": 23,
      "eventCount": 51,
      "lanes": [
        "AI 电力/电网设备",
        "云厂商自发电/电力资产",
        "数据中心地产/液冷",
        "中国电力设备出海",
        "能源转型/储能光伏"
      ]
    },
    {
      "ticker": "ETN",
      "name": "Eaton",
      "market": "US",
      "href": "/investor/stocks/ETN/",
      "thesisCount": 22,
      "eventCount": 47,
      "lanes": [
        "AI 电力/电网设备",
        "云厂商自发电/电力资产",
        "数据中心地产/液冷",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "002028.SZ",
      "name": "思源电气",
      "market": "A-share",
      "href": "/investor/stocks/002028.SZ/",
      "thesisCount": 19,
      "eventCount": 44,
      "lanes": [
        "AI 电力/电网设备",
        "能源转型/储能光伏",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "NVDA",
      "name": "NVIDIA",
      "market": "US",
      "href": "/investor/stocks/NVDA/",
      "thesisCount": 22,
      "eventCount": 39,
      "lanes": [
        "AI 算力半导体",
        "先进封装/HBM4 闸门",
        "AI 基建 TCO/能效筛选",
        "低价模型/AI 软件利润池",
        "端侧 AI/Agent 桌面"
      ]
    },
    {
      "ticker": "600089.SH",
      "name": "特变电工",
      "market": "A-share",
      "href": "/investor/stocks/600089.SH/",
      "thesisCount": 17,
      "eventCount": 38,
      "lanes": [
        "AI 电力/电网设备",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "601179.SH",
      "name": "中国西电",
      "market": "A-share",
      "href": "/investor/stocks/601179.SH/",
      "thesisCount": 16,
      "eventCount": 37,
      "lanes": [
        "AI 电力/电网设备",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "CEG",
      "name": "Constellation Energy",
      "market": "US",
      "href": "/investor/stocks/CEG/",
      "thesisCount": 15,
      "eventCount": 32,
      "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": "VST",
      "name": "Vistra",
      "market": "US",
      "href": "/investor/stocks/VST/",
      "thesisCount": 15,
      "eventCount": 31,
      "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": "TSM",
      "name": "TSMC",
      "market": "US ADR",
      "href": "/investor/stocks/TSM/",
      "thesisCount": 17,
      "eventCount": 27,
      "lanes": [
        "AI 算力半导体",
        "先进封装/HBM4 闸门",
        "AI 基建 TCO/能效筛选",
        "日元套息/EM 科技流动性",
        "CPO/光模块/高速互联"
      ]
    },
    {
      "ticker": "META",
      "name": "Meta Platforms",
      "market": "US",
      "href": "/investor/stocks/META/",
      "thesisCount": 13,
      "eventCount": 22,
      "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",
        "AI 软件效率/生产率"
      ]
    },
    {
      "ticker": "MSFT",
      "name": "Microsoft",
      "market": "US",
      "href": "/investor/stocks/MSFT/",
      "thesisCount": 11,
      "eventCount": 20,
      "lanes": [
        "低价模型/AI 软件利润池",
        "端侧 AI/Agent 桌面",
        "AI 算力半导体",
        "先进封装/HBM4 闸门",
        "AI 基建 TCO/能效筛选"
      ]
    },
    {
      "ticker": "600900.SH",
      "name": "长江电力",
      "market": "A-share",
      "href": "/investor/stocks/600900.SH/",
      "thesisCount": 9,
      "eventCount": 19,
      "lanes": [
        "公用事业/电网信用",
        "中国出口制造/利润率",
        "A股风险偏好/两融",
        "A股半导体/两融负 Gamma",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "MU",
      "name": "Micron",
      "market": "US",
      "href": "/investor/stocks/MU/",
      "thesisCount": 11,
      "eventCount": 17,
      "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": 11,
      "eventCount": 17,
      "lanes": [
        "AI 算力半导体",
        "先进封装/HBM4 闸门",
        "AI 基建 TCO/能效筛选"
      ]
    },
    {
      "ticker": "688676.SH",
      "name": "金盘科技",
      "market": "A-share",
      "href": "/investor/stocks/688676.SH/",
      "thesisCount": 7,
      "eventCount": 17,
      "lanes": [
        "AI 电力/电网设备",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "588000.SH",
      "name": "科创50 ETF",
      "market": "A-share ETF",
      "href": "/investor/stocks/588000.SH/",
      "thesisCount": 11,
      "eventCount": 14,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "A股风险偏好/两融",
        "A股硬科技/科创50",
        "中国权益流动性"
      ]
    },
    {
      "ticker": "688012.SH",
      "name": "中微公司",
      "market": "A-share",
      "href": "/investor/stocks/688012.SH/",
      "thesisCount": 9,
      "eventCount": 13,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "先进封装/HBM4 闸门",
        "信创/国产 IT 栈"
      ]
    },
    {
      "ticker": "AMD",
      "name": "AMD",
      "market": "US",
      "href": "/investor/stocks/AMD/",
      "thesisCount": 8,
      "eventCount": 13,
      "lanes": [
        "AI 算力半导体",
        "AI 基建 TCO/能效筛选",
        "端侧 AI/Agent 桌面",
        "先进封装/HBM4 闸门"
      ]
    },
    {
      "ticker": "688256.SH",
      "name": "寒武纪",
      "market": "A-share",
      "href": "/investor/stocks/688256.SH/",
      "thesisCount": 7,
      "eventCount": 12,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "A股风险偏好/两融",
        "信创/国产 IT 栈",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "300750.SZ",
      "name": "宁德时代",
      "market": "A-share",
      "href": "/investor/stocks/300750.SZ/",
      "thesisCount": 6,
      "eventCount": 12,
      "lanes": [
        "A股风险偏好/两融",
        "能源转型/储能光伏",
        "中国权益流动性",
        "中国出口制造/利润率"
      ]
    },
    {
      "ticker": "300308.SZ",
      "name": "中际旭创",
      "market": "A-share",
      "href": "/investor/stocks/300308.SZ/",
      "thesisCount": 6,
      "eventCount": 12,
      "lanes": [
        "A股风险偏好/两融",
        "信创/国产 IT 栈",
        "A股半导体/两融负 Gamma",
        "A股硬科技/科创50",
        "CPO/光模块/高速互联"
      ]
    },
    {
      "ticker": "AVGO",
      "name": "Broadcom",
      "market": "US",
      "href": "/investor/stocks/AVGO/",
      "thesisCount": 7,
      "eventCount": 10,
      "lanes": [
        "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": "688981.SH",
      "name": "中芯国际",
      "market": "A-share",
      "href": "/investor/stocks/688981.SH/",
      "thesisCount": 6,
      "eventCount": 10,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "信创/国产 IT 栈",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "0981.HK",
      "name": "中芯国际",
      "market": "HK",
      "href": "/investor/stocks/0981.HK/",
      "thesisCount": 6,
      "eventCount": 10,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "信创/国产 IT 栈",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "688041.SH",
      "name": "海光信息",
      "market": "A-share",
      "href": "/investor/stocks/688041.SH/",
      "thesisCount": 6,
      "eventCount": 10,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "信创/国产 IT 栈",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "AMZN",
      "name": "Amazon",
      "market": "US",
      "href": "/investor/stocks/AMZN/",
      "thesisCount": 6,
      "eventCount": 9,
      "lanes": [
        "端侧 AI/Agent 桌面",
        "AI 算力半导体",
        "先进封装/HBM4 闸门",
        "AI 软件效率/生产率",
        "云厂商自发电/电力资产"
      ]
    },
    {
      "ticker": "688008.SH",
      "name": "澜起科技",
      "market": "A-share",
      "href": "/investor/stocks/688008.SH/",
      "thesisCount": 5,
      "eventCount": 9,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "信创/国产 IT 栈",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "510300.SH",
      "name": "沪深300 ETF",
      "market": "A-share ETF",
      "href": "/investor/stocks/510300.SH/",
      "thesisCount": 6,
      "eventCount": 7,
      "lanes": [
        "A股风险偏好/两融",
        "中国权益流动性"
      ]
    },
    {
      "ticker": "ASML",
      "name": "ASML",
      "market": "US ADR",
      "href": "/investor/stocks/ASML/",
      "thesisCount": 6,
      "eventCount": 7,
      "lanes": [
        "先进封装/HBM4 闸门",
        "AI 算力半导体"
      ]
    },
    {
      "ticker": "001215.SZ",
      "name": "千味央厨",
      "market": "A-share",
      "href": "/investor/stocks/001215.SZ/",
      "thesisCount": 3,
      "eventCount": 7,
      "lanes": [
        "酒店餐饮休闲/服务消费",
        "消费降级/健康银发",
        "食品加工/成本传导"
      ]
    },
    {
      "ticker": "LOW",
      "name": "Lowe's",
      "market": "US",
      "href": "/investor/stocks/LOW/",
      "thesisCount": 4,
      "eventCount": 6,
      "lanes": [
        "加密/高波动风险偏好",
        "中国权益流动性",
        "日元套息/EM 科技流动性",
        "家装/地产后周期"
      ]
    },
    {
      "ticker": "VRT",
      "name": "Vertiv",
      "market": "US",
      "href": "/investor/stocks/VRT/",
      "thesisCount": 3,
      "eventCount": 6,
      "lanes": [
        "AI 基建 TCO/能效筛选",
        "数据中心地产/液冷"
      ]
    },
    {
      "ticker": "GOOGL",
      "name": "Alphabet",
      "market": "US",
      "href": "/investor/stocks/GOOGL/",
      "thesisCount": 3,
      "eventCount": 6,
      "lanes": [
        "端侧 AI/Agent 桌面",
        "AI 算力半导体",
        "AI 软件效率/生产率"
      ]
    },
    {
      "ticker": "SMR",
      "name": "NuScale Power",
      "market": "US",
      "href": "/investor/stocks/SMR/",
      "thesisCount": 3,
      "eventCount": 6,
      "lanes": [
        "数据中心地产/液冷",
        "云厂商自发电/电力资产",
        "能源转型/储能光伏"
      ]
    },
    {
      "ticker": "3690.HK",
      "name": "美团",
      "market": "HK",
      "href": "/investor/stocks/3690.HK/",
      "thesisCount": 2,
      "eventCount": 6,
      "lanes": [
        "酒店餐饮休闲/服务消费",
        "消费降级/健康银发"
      ]
    },
    {
      "ticker": "300274.SZ",
      "name": "阳光电源",
      "market": "A-share",
      "href": "/investor/stocks/300274.SZ/",
      "thesisCount": 2,
      "eventCount": 6,
      "lanes": [
        "能源转型/储能光伏"
      ]
    },
    {
      "ticker": "600118.SH",
      "name": "中国卫星",
      "market": "A-share",
      "href": "/investor/stocks/600118.SH/",
      "thesisCount": 4,
      "eventCount": 5,
      "lanes": [
        "商业航天/卫星直连"
      ]
    },
    {
      "ticker": "RKLB",
      "name": "Rocket Lab",
      "market": "US",
      "href": "/investor/stocks/RKLB/",
      "thesisCount": 4,
      "eventCount": 5,
      "lanes": [
        "商业航天/卫星直连"
      ]
    },
    {
      "ticker": "ASTS",
      "name": "AST SpaceMobile",
      "market": "US",
      "href": "/investor/stocks/ASTS/",
      "thesisCount": 4,
      "eventCount": 5,
      "lanes": [
        "商业航天/卫星直连"
      ]
    },
    {
      "ticker": "RDW",
      "name": "Redwire",
      "market": "US",
      "href": "/investor/stocks/RDW/",
      "thesisCount": 4,
      "eventCount": 5,
      "lanes": [
        "商业航天/卫星直连"
      ]
    }
  ],
  "personas": [
    {
      "id": "persona-a-share-strategist-e0ee8e",
      "name": "A股策略师",
      "nameEn": "A-Share Strategist",
      "href": "/investor/personas/#persona-a-share-strategist-e0ee8e",
      "specialty": "沪深市场结构、两融数据、限售股解禁",
      "currentView": "A 股硬科技与科创50的复苏需要订单、融资盘和指数结构共振；A 股半导体的核心风险从订单验证转向 A/H 溢价、两融与负 Gamma；在上午科创50跌破关键支撑触发雪球敲入与两融强平后，午间主力ETF资金流入与个股金针反转是否标志着负Gamma抛售压力的阶段性出清？我们… 是当前该 persona 参与最多的研究主线。",
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "topTheses": [
        "科创50指数今日跌4.30%收于1596.57点，跌破1600点零Gamma防线。这如何影响后续雪球产品的敲入级联和做市商抛压？科技板块…",
        "A 股半导体的核心风险从订单验证转向 A/H 溢价、两融与负 Gamma"
      ],
      "latestEvent": {
        "title": "半导体融资压力与科创50雪球负 Gamma 风险测算",
        "href": "/investor/reports/archive-586f9020a1e9/"
      }
    },
    {
      "id": "persona-sentiment-analyst-ea0e85",
      "name": "市场情绪师",
      "nameEn": "Sentiment Analyst",
      "href": "/investor/personas/#persona-sentiment-analyst-ea0e85",
      "specialty": "恐贪指数/资金流向/投资者行为 【合并扩展 2026-06-11】纳入另类数据：卫星影像、信用卡消费、App 使用、供应链中断。原 altdata-analyst 职能并入。",
      "currentView": "加密资产仍是全球流动性和散户风险偏好的高频回声；风险核查与证据质量是主题交易的必要过滤器；期权伽马、ETF 与尾盘流动性正在放大主题交易的微观结构风险 是当前该 persona 参与最多的研究主线。",
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "topTheses": [
        "A 股半导体的核心风险从订单验证转向 A/H 溢价、两融与负 Gamma"
      ],
      "latestEvent": {
        "title": "A股与全球市场隔夜情绪、资金流向与跨资产套利深度研判报告 (Daily Editor's Overnight Sentiment...",
        "href": "/investor/reports/archive-88312203a7f7/"
      }
    }
  ],
  "episodes": [
    {
      "id": "reader:reader-daily-reader-2026-06-30",
      "type": "reader",
      "badge": "READER MEMO",
      "color": "blue",
      "date": "2026-06-30",
      "title": "2026-06-30 AI Institute 每日读者报告",
      "titleEn": "",
      "summary": "2026-06-30 的主线不是单点行情，而是 宏观通胀传导 与 AI 基础设施 继续交织；市场报价、风险矩阵和分析师视角共同指向“增长叙事仍在，但融资、通胀、电力交付和交易拥挤正在提高验证门槛”。",
      "href": "/investor/reports/reader-daily-reader-2026-06-30/",
      "chart": null,
      "metrics": [],
      "tags": [
        "reader"
      ],
      "priorityViews": [
        {
          "title": "宏观通胀传导 与 AI 基础设施 是最高热度组合",
          "view": "今日公开合约显示，宏观通胀传导 heat 2488.8，AI 基础设施 heat 2250；这说明研究焦点仍在 AI 需求、能源通胀、基础设施交付和宏观政策之间来回定价。",
          "whyItMatters": "读者不应只看单一科技涨跌，而要核对 AI 资本开支是否能转化为可通电、可融资、可计费的现金流。"
        },
        {
          "title": "风险矩阵仍把物理交付和供应瓶颈放在前排",
          "view": "电力与电网 的高优先级风险是“2026-06-25 - 电网硬件瓶颈与 AI 数据中心选址重排”，impact 5 / probability 4。",
          "whyItMatters": "只要风险矩阵没有从交付、并网、设备、封装和融资上移开，AI 交易就仍然需要用项目兑现率而不是 headline 来验证。"
        },
        {
          "title": "市场价格与分析师视角出现分化",
          "view": "市场报价面板显示：本日市场报价面板未提供稳定可复述的完整价格组。。分析师变化集中在 晨会主编、深研主编、全球宏观分析师、日报总编、材料行业分析师、首席策略师。",
          "whyItMatters": "同一天可能同时出现科技风险偏好、长端利率约束、红利防御拥挤和 A 股结构分化，组合需要分层而不是方向性押注。"
        }
      ]
    }
  ],
  "milestones": [],
  "topicCounts": [
    {
      "id": "macro-rates",
      "labelZh": "宏观、通胀与利率",
      "labelEn": "Macro, inflation and rates",
      "color": "red",
      "keywords": [
        "宏观",
        "通胀",
        "inflation",
        "利率",
        "yield",
        "美联储",
        "fed",
        "cpi",
        "pce",
        "美元"
      ],
      "count": 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": 29
    },
    {
      "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": 19
    },
    {
      "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": 14
    },
    {
      "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": 5
    },
    {
      "id": "risk-portfolio",
      "labelZh": "风险与组合",
      "labelEn": "Risk and portfolio",
      "color": "red",
      "keywords": [
        "风险",
        "组合",
        "对冲",
        "波动率",
        "期权",
        "portfolio",
        "hedge",
        "volatility",
        "risk budget"
      ],
      "count": 1
    },
    {
      "id": "research-system",
      "labelZh": "综合研究",
      "labelEn": "Integrated research",
      "color": "yellow",
      "count": 1
    }
  ],
  "analystCounts": [
    {
      "label": "未识别",
      "count": 193
    },
    {
      "label": "晨会主编",
      "count": 9
    },
    {
      "label": "深研主编",
      "count": 9
    },
    {
      "label": "全球宏观分析师",
      "count": 3
    },
    {
      "label": "AI Institute Reader Composer",
      "count": 1
    },
    {
      "label": "A股策略师",
      "count": 1
    },
    {
      "label": "中国宏观分析师",
      "count": 1
    },
    {
      "label": "主题研究员",
      "count": 1
    },
    {
      "label": "市场情绪师",
      "count": 1
    },
    {
      "label": "数据科学家",
      "count": 1
    },
    {
      "label": "日报总编",
      "count": 1
    },
    {
      "label": "材料行业分析师",
      "count": 1
    },
    {
      "label": "能源行业分析师",
      "count": 1
    },
    {
      "label": "首席策略师",
      "count": 1
    }
  ],
  "categoryCounts": [
    {
      "label": "其他",
      "count": 193
    },
    {
      "label": "综合编审",
      "count": 20
    },
    {
      "label": "宏观与策略",
      "count": 4
    },
    {
      "label": "权益策略",
      "count": 2
    },
    {
      "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": "读者报告",
      "count": 1
    }
  ],
  "provenance": {
    "contemporaneous": true,
    "note": "This day view is assembled from public, date-stamped AI Institute research contracts."
  }
}