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      "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": 9,
      "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": 9,
      "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": 5,
      "href": "/investor/console/#operations"
    }
  ],
  "thesisEvents": [
    {
      "id": "thesis-b6f59efde4",
      "title": "包装油占比与原料顺价驱动利润率修复",
      "titleEn": "Packaged-oil mix and input-cost pass-through drive margin recovery",
      "href": "/investor/theses/thesis-b6f59efde4/",
      "laneId": "lane_13d7ced85300",
      "lane": "食品加工/成本传导",
      "laneHref": "/investor/lanes/food-processing-and-input-cost-transmission/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 65,
      "supports": 1,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "研究记录 05 消费行业压力测试 — 2026-07-01",
          "summary": "工作日期：2026-07-01（亚洲/新加坡；已用 系统日期锚 本地确认）[自测算] · 分析师：consumer-analyst · 立场：stress-test。 截至 2026-07-01，我支持前序“食品加工链只能选择性做多”...",
          "href": "/investor/reports/archive-1254577162bd/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "策略专题 —— “食品链剪刀差”下食品饮料板块的风格轮动与仓位重配",
          "summary": "报告日期： 2026-07-01 (Asia/Singapore) 研究记录索引： 4/10 分析师： chief-strategist (首席策略师) 当前立场： 支持 (Support)",
          "href": "/investor/reports/archive-218043054be8/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "食品加工产业链 —— 低覆盖扫描与深度研究排队",
          "summary": "研究研究记录 · 分析师：agri-analyst（农业行业分析师） 工作日期：2026-07-01（亚洲/新加坡） · 立场：initial（初始）",
          "href": "/investor/reports/archive-a175cbcd1f0d/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "产业链调研报告：食品加工产业链（30 日激活率 7.9%，19/242）",
          "summary": "产业链调研报告：食品加工产业链（30 日激活率 7.9%，19/242） 报告日期：2026-07-01 分析师：agri-analyst (农业行业分析师)",
          "href": "/investor/reports/archive-d246776b9abd/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
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        "001215.SZ",
        "600298.SH",
        "603027.SH",
        "300973.SZ",
        "603317.SH",
        "002852.SZ",
        "002847.SZ"
      ]
    },
    {
      "id": "thesis-66eb42380e",
      "title": "海洋经济的政策催化需要落到船舶订单、海工装备与海上资源现金流",
      "titleEn": "Marine-economy policy support must convert into ship orders, offshore equipment, and offshore-resource cash flow",
      "href": "/investor/theses/thesis-66eb42380e/",
      "laneId": "lane_f8b4918fe5b3",
      "lane": "海洋经济/船舶海工",
      "laneHref": "/investor/lanes/marine-economy-shipbuilding-and-offshore-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 53,
      "supports": 1,
      "risks": 5,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
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          "summary": "报告日期：2026-07-01 (新加坡/东八区 - 研究院官方工作日) [S3] - 看板 Portal ID：[source-id-redacted] - 当前研究记录：既有研究记录 - 研究立场：支持 (Suppo...",
          "href": "/investor/reports/archive-c3aeb813ddad/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "中国船舶两融清算与航运红利风格轮动风险评估报告",
          "summary": "报告日期： 2026-07-01 (亚洲/新加坡 - 研究院官方工作日) [S3] - 看板 Portal ID： [source-id-redacted] - 当前研究记录： 既有研究记录 - 研究分析师： 首席策...",
          "href": "/investor/reports/archive-016863d96fcb/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "两用物项出口管制与海防制裁政策对海洋经济供应链的冲击压力测试（既有研究记录）",
          "summary": "两用物项出口管制与海防制裁政策对海洋经济供应链的冲击压力测试（既有研究记录）",
          "href": "/investor/reports/archive-9a4eb0808370/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "出口运价持续性与全球关税壁垒：中国海洋经济产业链宏观冲击评估",
          "summary": "报告日期： 2026-07-01（亚洲/新加坡 — 研究院官方工作日）[S6] - 看板 Portal ID： [source-id-redacted] - 当前研究记录： 既有研究记录 - 研究分析师： 全球宏...",
          "href": "/investor/reports/archive-d9d00e1155b5/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "601890.SH",
        "600150.SH",
        "600938.SH",
        "600583.SH",
        "603727.SH",
        "000039.SZ",
        "0883.HK",
        "300589.SZ",
        "601919.SH"
      ]
    },
    {
      "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": 2,
      "risks": 6,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "产业链调研报告：食品加工产业链（30 日激活率 7.9%，19/242）",
          "summary": "产业链调研报告：食品加工产业链（30 日激活率 7.9%，19/242） 报告日期：2026-07-01 分析师：agri-analyst (农业行业分析师)",
          "href": "/investor/reports/archive-d246776b9abd/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "食品加工产业链 —— 低覆盖扫描与深度研究排队",
          "summary": "研究研究记录 · 分析师：agri-analyst（农业行业分析师） 工作日期：2026-07-01（亚洲/新加坡） · 立场：initial（初始）",
          "href": "/investor/reports/archive-a175cbcd1f0d/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-01 压力测试：食品加工企业能否传导 2026/27 年糖蜜成本冲击？",
          "summary": "2026-07-01 压力测试：食品加工企业能否传导 2026/27 年糖蜜成本冲击？",
          "href": "/investor/reports/archive-448bf7b1f152/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "食品CPI通缩与B端餐饮需求：宏观验证",
          "summary": "工作日期：2026-07-01（亚洲/新加坡） · 分析师：global-macro · 立场：synthesize（综合）",
          "href": "/investor/reports/archive-052bd0d47b15/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "001215.SZ",
        "600298.SH",
        "300973.SZ",
        "603345.SH",
        "603027.SH",
        "002991.SZ",
        "603317.SH",
        "002847.SZ",
        "ADM"
      ]
    },
    {
      "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": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "产业链调研：新华财经-家装产业链（30 日激活率 10%, 20/201）",
          "summary": "产业链调研：新华财经-家装产业链（30 日激活率 10%, 20/201） 报告日期：2026-07-01 (Asia/Singapore) 分析师：房地产分析师 (Real Estate Analyst) 研究记录级别：既有研究记录",
          "href": "/investor/reports/archive-2d244cc2cb2b/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "产业链扫描 — 新华财经\"家装产业链\"",
          "summary": "研究记录 · 报告日期： 2026-07-01（Asia/Singapore） 分析师： 房地产分析师（realestate-analyst） 覆盖标记： 30 日激活率 10%（20/201）——结构性欠研究。",
          "href": "/investor/reports/archive-82d18c3416a3/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "钛白粉价格走势 — 对家装成本端的压力测试",
          "summary": "研究记录 · 报告日期： 2026-07-01（Asia/Singapore） 分析师： 材料行业分析师（materials-analyst） 立场： 对 research note 跨链\"原材料成本挤压\"风险提示的 压力测试（stress-test）。",
          "href": "/investor/reports/archive-06a506615584/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "能源供给端是否存在结构性瓶颈？气—煤—电成本冲击的持续性及对家装链利润的压力",
          "summary": "能源供给端是否存在结构性瓶颈？气—煤—电成本冲击的持续性及对家装链利润的压力",
          "href": "/investor/reports/archive-7ceda1a88609/",
          "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"
      ]
    },
    {
      "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": 6,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "USD/CNH 汇率走势与波动率风险对红利资产（尤其是航运）的影响评估",
          "summary": "既有研究记录: USD/CNH 汇率走势与波动率风险对红利资产（尤其是航运）的影响评估",
          "href": "/investor/reports/archive-8b4a8fb1d49a/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "中国船舶两融清算与航运红利风格轮动风险评估报告",
          "summary": "报告日期： 2026-07-01 (亚洲/新加坡 - 研究院官方工作日) [S3] - 看板 Portal ID： [source-id-redacted] - 当前研究记录： 既有研究记录 - 研究分析师： 首席策...",
          "href": "/investor/reports/archive-016863d96fcb/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "USD/CNH 流动性陷阱：买卖价差爆炸与凸性封顶是否会掏空前瞻性对冲的收益？",
          "summary": "USD/CNH 流动性陷阱：买卖价差爆炸与凸性封顶是否会掏空前瞻性对冲的收益？",
          "href": "/investor/reports/archive-2f412cb650d5/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "针对 2026 下半年关税悬崖与运价 Beta 尾部，对海运红利分片（601919.SH）进行规模测算与对冲报告",
          "summary": "针对 2026 下半年关税悬崖与运价 Beta 尾部，对海运红利分片（601919.SH）进行规模测算与对冲报告",
          "href": "/investor/reports/archive-858558b16141/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "601919.SH",
        "1919.HK",
        "ZIM",
        "MATX",
        "600026.SH",
        "600018.SH",
        "BOAT"
      ]
    },
    {
      "id": "thesis-f23572dfb8",
      "title": "Advance th_p_2ca41751 (能源价格冲突引发的全球通胀路径分化): 若 Brent 在停火提案与航运威胁之间维持 85…",
      "titleEn": "Practical research topic: Advance th_p_2ca41751 (能源价格冲突引发的全球通胀路径分化): 若 Brent 在停火提案与航运威胁之间维持 85…",
      "href": "/investor/theses/thesis-f23572dfb8/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "USD/CNH 汇率走势与波动率风险对红利资产（尤其是航运）的影响评估",
          "summary": "既有研究记录: USD/CNH 汇率走势与波动率风险对红利资产（尤其是航运）的影响评估",
          "href": "/investor/reports/archive-8b4a8fb1d49a/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "能源商品与黄金作为“21-58-21”杠铃核心通胀对冲载体",
          "summary": "工作日期： 2026-07-01 研究线程标识： [source-id-redacted] 研究记录 分析师： 能源行业分析师 立场： 支持，但附带执行约束",
          "href": "/investor/reports/archive-9371ed44d154/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "0857.HK",
        "SLB"
      ]
    },
    {
      "id": "thesis-b6e4c7b469",
      "title": "核能/SMR：算力电力瓶颈的高波动映射",
      "titleEn": "Practical research topic: 核能/SMR：算力电力瓶颈的高波动映射",
      "href": "/investor/theses/thesis-b6e4c7b469/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "电网是否构成AI数据中心并网的真实\"硬约束\"？——对配电网建设滞后与新型储能缺口的压力测试",
          "summary": "电网是否构成AI数据中心并网的真实\"硬约束\"？——对配电网建设滞后与新型储能缺口的压力测试",
          "href": "/investor/reports/archive-c12ecdb473b9/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-01 研究记录09：以电力与电网供给瓶颈对AI算力需求的承压测试",
          "summary": "2026-07-01 研究记录09：以电力与电网供给瓶颈对AI算力需求的承压测试 研究研究研究记录09 分析师ID：ai-infrastructure-analyst 权威工作日：2026-07-01（亚洲/新加坡；已用 系统日期锚 核...",
          "href": "/investor/reports/archive-f8a9c937c3f3/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "600089.SH",
        "601179.SH"
      ]
    },
    {
      "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": "AI算力电力需求对发电供给与电网交付能力的压力测试",
          "summary": "分析日期： 2026-07-01 研究记录索引： 5/10 分析师： Energy Analyst（能源行业分析师） 分析立场： 压力测试（Stress-test）",
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          "stance": "risk",
          "stanceLabel": "风险"
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        {
          "title": "2026-07-01 研究记录09：以电力与电网供给瓶颈对AI算力需求的承压测试",
          "summary": "2026-07-01 研究记录09：以电力与电网供给瓶颈对AI算力需求的承压测试 研究研究研究记录09 分析师ID：ai-infrastructure-analyst 权威工作日：2026-07-01（亚洲/新加坡；已用 系统日期锚 核...",
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        "ETN",
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    {
      "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": 2,
      "risks": 0,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "食品CPI通缩与B端餐饮需求：宏观验证",
          "summary": "工作日期：2026-07-01（亚洲/新加坡） · 分析师：global-macro · 立场：synthesize（综合）",
          "href": "/investor/reports/archive-052bd0d47b15/",
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        },
        {
          "title": "中国居民消费与餐饮复苏节奏：食品加工链需求侧拐点信号",
          "summary": "研究记录 · 工作日期：2026-07-01（亚洲/新加坡）· 分析师：global-macro · 立场：synthesize（综合）",
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        "3690.HK",
        "001215.SZ",
        "YUMC",
        "300144.SZ",
        "1179.HK",
        "0780.HK",
        "605108.SH",
        "9658.HK"
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    {
      "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。",
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      "lane": "AI 算力半导体",
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      "directionLabel": "分歧",
      "conviction": 65,
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      "events": [
        {
          "title": "电力/电网能否支撑中国2026–2028 AI算力爬坡？——压力测试",
          "summary": "研究记录 · 分析师：AI基础设施（ai-infrastructure-analyst）· 工作日期：2026-07-01（Asia/Singapore） 立场：压力测试（stress-test）· 根主题：产业链调研——新一代信息技术（30日激活...",
          "href": "/investor/reports/archive-531489737540/",
          "stance": "risk",
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        },
        {
          "title": "超大规模厂商AI资本开支+电网瓶颈能否把先进节点材料需求撑到2027，还是一次H2-2026算力硬件Capex...",
          "summary": "超大规模厂商AI资本开支+电网瓶颈能否把先进节点材料需求撑到2027，还是一次H2-2026算力硬件Capex下修会封住SABIC替代窗口？",
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      "stockTickers": [
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        "TSM",
        "AMD",
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      "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",
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      "directionLabel": "分歧",
      "conviction": 61,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-07-03 — A股两融信用杠杆集中度与尾部强平风险微观流动性压力测试报告",
          "summary": "2026-07-03 — A股两融信用杠杆集中度与尾部强平风险微观流动性压力测试报告",
          "href": "/investor/reports/archive-75b57a3d7244/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "国产替代材料篮子在A股行业配置中的定位与2027年Capex拐点的轮动信号",
          "summary": "国产替代材料篮子在A股行业配置中的定位与2027年Capex拐点的轮动信号",
          "href": "/investor/reports/archive-d649d66a26fa/",
          "stance": "supports",
          "stanceLabel": "支持"
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      "stockTickers": [
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        "688256.SH",
        "0981.HK",
        "688041.SH",
        "600900.SH",
        "688012.SH",
        "588000.SH",
        "688008.SH",
        "300308.SZ",
        "002371.SZ"
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    },
    {
      "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",
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      "conviction": 58,
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      "eventCount": 2,
      "events": [
        {
          "title": "2026-07-01 压力测试：USD/CNH、HIBOR 与 AI 基础设施海外 CapEx",
          "summary": "2026-07-01 压力测试：USD/CNH、HIBOR 与 AI 基础设施海外 CapEx",
          "href": "/investor/reports/archive-a057acc05f4c/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "液冷即核心驱动力：规模化交付、标准收敛，与存量改造的资本套利",
          "summary": "报告日期： 2026-07-01（亚洲/新加坡 —— 权威工作日） - 研究来源：已归档 - 共享会话 Route： [source-id-redacted] - 研究记录序号：...",
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        "META",
        "MU",
        "MSFT",
        "AVGO",
        "VRT",
        "000660.KS",
        "DELL"
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    },
    {
      "id": "thesis-44cf9d91f6",
      "title": "中国大健康 Alpha 正从医保压价转向创新药出海、临床确定性与设备刚需",
      "titleEn": "China healthcare alpha is moving from reimbursement pressure to overseas licensing, clinical certainty, and equipment...",
      "href": "/investor/theses/thesis-44cf9d91f6/",
      "laneId": "lane_640d21327d8b",
      "lane": "中国大健康/创新药出海",
      "laneHref": "/investor/lanes/china-healthcare-and-overseas-innovation-drug-monetization/",
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      "conviction": 57,
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      "events": [
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          "title": "生命健康与生物科技产业链调研：创新药与生物技术的分化",
          "summary": "生命健康与生物科技产业链调研：创新药与生物技术的分化 分析日期： 2026-07-01 [S8] 分析师： Healthcare Analyst (医药行业分析师)",
          "href": "/investor/reports/archive-44188b405e6f/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "地缘监管常态化下的创新药与CXO板块估值重塑与资产配置策略",
          "summary": "研究记录 · 首席策略师（综合立场） 工作日期：2026-07-01（Asia/Singapore）",
          "href": "/investor/reports/archive-f2304dedb1a6/",
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          "stanceLabel": "风险"
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      "stockTickers": [
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        "600276.SH",
        "1801.HK",
        "2269.HK",
        "9926.HK",
        "6990.HK",
        "300760.SZ",
        "603259.SH",
        "1177.HK",
        "002821.SZ"
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    },
    {
      "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": "2026-07-03 — A股两融信用杠杆集中度与尾部强平风险微观流动性压力测试报告",
          "summary": "2026-07-03 — A股两融信用杠杆集中度与尾部强平风险微观流动性压力测试报告",
          "href": "/investor/reports/archive-75b57a3d7244/",
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          "stanceLabel": "风险"
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        "588000.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "688012.SH"
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    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "中国船舶两融清算与航运红利风格轮动风险评估报告",
          "summary": "报告日期： 2026-07-01 (亚洲/新加坡 - 研究院官方工作日) [S3] - 看板 Portal ID： [source-id-redacted] - 当前研究记录： 既有研究记录 - 研究分析师： 首席策...",
          "href": "/investor/reports/archive-016863d96fcb/",
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          "stanceLabel": "风险"
        }
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      "stockTickers": [
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        "512100.SH",
        "588000.SH"
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    {
      "id": "thesis-f5f184ba4e",
      "title": "在美联储偏鹰暂停、美债收益率攀升至4.66%的背景下，国内电子行业两融余额高悬至5722.82亿元是否面临负Gamma清算压力？如何重构…",
      "titleEn": "Practical research topic: 在美联储偏鹰暂停、美债收益率攀升至4.66%的背景下，国内电子行业两融余额高悬至5722.82亿元是否面临负Gamma清算压力？如何重构…",
      "href": "/investor/theses/thesis-f5f184ba4e/",
      "laneId": "lane_bf77fb66551a",
      "lane": "A股红利/硬科技杠铃",
      "laneHref": "/investor/lanes/a-share-dividend-and-hard-tech-barbell/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-03 — A股两融信用杠杆集中度与尾部强平风险微观流动性压力测试报告",
          "summary": "2026-07-03 — A股两融信用杠杆集中度与尾部强平风险微观流动性压力测试报告",
          "href": "/investor/reports/archive-75b57a3d7244/",
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          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "688981.SH",
        "601088.SH",
        "601398.SH",
        "588000.SH"
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    },
    {
      "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": "2026年下半年A股硬科技与医药板块的风格轮动与仓位再平衡：估值重构、两融压力测试与战略配置路径",
          "summary": "2026年下半年A股硬科技与医药板块的风格轮动与仓位再平衡：估值重构、两融压力测试与战略配置路径",
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        "510300.SH",
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    {
      "id": "thesis-7e7e42edce",
      "title": "随着SpaceX即将于6月12日IPO且估值高达2万亿美元，散户疯狂将SPCE作为交易代理并引发暴涨，而同期的RKLB和ASTS已开始暴…",
      "titleEn": "Practical research topic: 随着SpaceX即将于6月12日IPO且估值高达2万亿美元，散户疯狂将SPCE作为交易代理并引发暴涨，而同期的RKLB和ASTS已开始暴…",
      "href": "/investor/theses/thesis-7e7e42edce/",
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      "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": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "创纪录的 7.95 万亿美元货基：蓄势弹簧，还是利率驱动的结构性停泊现金？",
          "summary": "创纪录的 7.95 万亿美元货基：蓄势弹簧，还是利率驱动的结构性停泊现金？",
          "href": "/investor/reports/archive-3911850c5147/",
          "stance": "risk",
          "stanceLabel": "风险"
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      ],
      "stockTickers": [
        "RKLB",
        "ASTS",
        "RDW",
        "LUNR"
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    {
      "id": "thesis-5c45703323",
      "title": "AI CapEx的主线不是收缩，而是从新增外壳数量转向每瓦、每机架、每封装的半导体密度提升。",
      "titleEn": "Practical research topic: AI CapEx的主线不是收缩，而是从新增外壳数量转向每瓦、每机架、每封装的半导体密度提升。",
      "href": "/investor/theses/thesis-5c45703323/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "超大规模厂商AI资本开支+电网瓶颈能否把先进节点材料需求撑到2027，还是一次H2-2026算力硬件Capex...",
          "summary": "超大规模厂商AI资本开支+电网瓶颈能否把先进节点材料需求撑到2027，还是一次H2-2026算力硬件Capex下修会封住SABIC替代窗口？",
          "href": "/investor/reports/archive-4ece347eb134/",
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          "stanceLabel": "风险"
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      "stockTickers": [
        "META",
        "NVDA",
        "AMD",
        "MU",
        "AVGO",
        "TSM",
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    {
      "id": "thesis-4ad776c10c",
      "title": "地缘缓和致WTI重挫超6%至76.05美元，但美联储维持偏鹰加息倾向，通胀降温与高实际利率并存。这是否标志着上游资源品通胀红利估值逻辑的…",
      "titleEn": "Practical research topic: 地缘缓和致WTI重挫超6%至76.05美元，但美联储维持偏鹰加息倾向，通胀降温与高实际利率并存。这是否标志着上游资源品通胀红利估值逻辑的…",
      "href": "/investor/theses/thesis-4ad776c10c/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
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      "directionLabel": "分歧",
      "conviction": 78,
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      "events": [
        {
          "title": "全球多资产配置策略：高利率与能源通胀环境下的风险再平衡与锁汇成本优化",
          "summary": "分析日期： 2026-07-01 研究记录索引： 9/10 分析师： Chief Strategist (首席策略师) 分析立场： 综合 (Synthesize)",
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          "stanceLabel": "风险"
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      "stockTickers": [
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    {
      "id": "thesis-3156277f22",
      "title": "哑铃权益仓位在多资产框架下的定位：低利率债券、黄金与现金的再平衡",
      "titleEn": "Practical research topic: 哑铃权益仓位在多资产框架下的定位：低利率债券、黄金与现金的再平衡",
      "href": "/investor/theses/thesis-3156277f22/",
      "laneId": "lane_c40c2ce413ec",
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      "events": [
        {
          "title": "USD/CNH 汇率走势与波动率风险对红利资产（尤其是航运）的影响评估",
          "summary": "既有研究记录: USD/CNH 汇率走势与波动率风险对红利资产（尤其是航运）的影响评估",
          "href": "/investor/reports/archive-8b4a8fb1d49a/",
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          "stanceLabel": "风险"
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      "stockTickers": [
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    {
      "id": "thesis-e12bcc0d59",
      "title": "PBOC汇率防守情景下的A股两融微观结构",
      "titleEn": "Practical research topic: PBOC汇率防守情景下的A股两融微观结构",
      "href": "/investor/theses/thesis-e12bcc0d59/",
      "laneId": "lane_070c58f355b5",
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      "events": [
        {
          "title": "2026-07-03 — A股两融信用杠杆集中度与尾部强平风险微观流动性压力测试报告",
          "summary": "2026-07-03 — A股两融信用杠杆集中度与尾部强平风险微观流动性压力测试报告",
          "href": "/investor/reports/archive-75b57a3d7244/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
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      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "512100.SH"
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    },
    {
      "id": "thesis-db003202fc",
      "title": "国有大行分红韧性是建立在本币贬值副作用之上的“幻觉”；在-230bp利差背景下，汇率调整后的总收益无法支撑红利策略作为防御性资产的逻辑，…",
      "titleEn": "Practical research topic: 国有大行分红韧性是建立在本币贬值副作用之上的“幻觉”；在-230bp利差背景下，汇率调整后的总收益无法支撑红利策略作为防御性资产的逻辑，…",
      "href": "/investor/theses/thesis-db003202fc/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
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      "events": [
        {
          "title": "USD/CNH 汇率走势与波动率风险对红利资产（尤其是航运）的影响评估",
          "summary": "既有研究记录: USD/CNH 汇率走势与波动率风险对红利资产（尤其是航运）的影响评估",
          "href": "/investor/reports/archive-8b4a8fb1d49a/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
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        "UUP",
        "FXI"
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    },
    {
      "id": "thesis-ace402c8b6",
      "title": "科创板极端护盘对A股整体流动性的虹吸效应与跨板块资产配置调整 研究日期： 2026 05 22 作者： 首席策略师 (Chief Str…",
      "titleEn": "Practical research topic: 科创板极端护盘对A股整体流动性的虹吸效应与跨板块资产配置调整 研究日期： 2026 05 22 作者： 首席策略师 (Chief Str…",
      "href": "/investor/theses/thesis-ace402c8b6/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "A股大家装与智能卫浴龙头：大股东质押风险、两融资金流向及机构持仓挤压评估",
          "summary": "A股大家装与智能卫浴龙头：大股东质押风险、两融资金流向及机构持仓挤压评估",
          "href": "/investor/reports/archive-baeef8a31de2/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "P",
        "TLT",
        "IEF"
      ]
    },
    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI算力电力需求对发电供给与电网交付能力的压力测试",
          "summary": "分析日期： 2026-07-01 研究记录索引： 5/10 分析师： Energy Analyst（能源行业分析师） 分析立场： 压力测试（Stress-test）",
          "href": "/investor/reports/archive-8ea86770710c/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "601179.SH",
        "ETN",
        "600089.SH",
        "VST",
        "CEG"
      ]
    },
    {
      "id": "thesis-662985737d",
      "title": "在12% HIBOR极端挤空及离岸流动性收紧传导下，将USD/CNH期权套保释放的5374万人民币全额转配至离岸存款以锁定12%高息Ca…",
      "titleEn": "Practical research topic: 在12% HIBOR极端挤空及离岸流动性收紧传导下，将USD/CNH期权套保释放的5374万人民币全额转配至离岸存款以锁定12%高息Ca…",
      "href": "/investor/theses/thesis-662985737d/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "USD/CNH 汇率走势与波动率风险对红利资产（尤其是航运）的影响评估",
          "summary": "既有研究记录: USD/CNH 汇率走势与波动率风险对红利资产（尤其是航运）的影响评估",
          "href": "/investor/reports/archive-8b4a8fb1d49a/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
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    },
    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "超大规模厂商AI资本开支+电网瓶颈能否把先进节点材料需求撑到2027，还是一次H2-2026算力硬件Capex...",
          "summary": "超大规模厂商AI资本开支+电网瓶颈能否把先进节点材料需求撑到2027，还是一次H2-2026算力硬件Capex下修会封住SABIC替代窗口？",
          "href": "/investor/reports/archive-4ece347eb134/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "600089.SH",
        "ETN",
        "CEG",
        "601179.SH"
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    },
    {
      "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": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI 算力需求侧的“折旧竞赛”与 IDC 利用率风险分析",
          "summary": "报告日期： 2026-07-01 (亚洲/新加坡 - 研究院基准工作日) - 共享会话路由： [source-id-redacted] - 研究记录位置： prior research notesof 10 立场：压力测试 (Stress-Test)...",
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          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "AMD",
        "VRT"
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    {
      "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,
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      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026年下半年A股硬科技与医药板块的风格轮动与仓位再平衡：估值重构、两融压力测试与战略配置路径",
          "summary": "2026年下半年A股硬科技与医药板块的风格轮动与仓位再平衡：估值重构、两融压力测试与战略配置路径",
          "href": "/investor/reports/archive-d8b029a79aca/",
          "stance": "risk",
          "stanceLabel": "风险"
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      ],
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        "688008.SH",
        "688012.SH",
        "688041.SH"
      ]
    },
    {
      "id": "thesis-d8170c3a35",
      "title": "近海资本开支与设备利用率驱动油服盈利弹性",
      "titleEn": "Offshore capex and equipment utilization drive oilfield-service earnings leverage",
      "href": "/investor/theses/thesis-d8170c3a35/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 68,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "XOM 风险评估",
          "summary": "本报告已读取本地前序 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: 本地逐文件读...",
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      ],
      "stockTickers": [
        "CVX",
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        "COP",
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        "SLB",
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    },
    {
      "id": "thesis-8c5a9690a0",
      "title": "Mag7 在 AI 时代从平台垄断转向基础设施再分层",
      "titleEn": "Mag7 shifts from platform monopoly to AI infrastructure re-layering",
      "href": "/investor/theses/thesis-8c5a9690a0/",
      "laneId": "lane_f21fc181388a",
      "lane": "Mag7 AI 平台再分层",
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      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 67,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-01 压力测试：USD/CNH、HIBOR 与 AI 基础设施海外 CapEx",
          "summary": "2026-07-01 压力测试：USD/CNH、HIBOR 与 AI 基础设施海外 CapEx",
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      "stockTickers": [
        "META",
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        "NVDA",
        "AMZN",
        "GOOGL",
        "TSM",
        "AVGO",
        "AAPL",
        "TSLA"
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    },
    {
      "id": "thesis-34ed317472",
      "title": "A股实施篮子的两融拥挤与流动性承载压力测试",
      "titleEn": "Practical research topic: A股实施篮子的两融拥挤与流动性承载压力测试",
      "href": "/investor/theses/thesis-34ed317472/",
      "laneId": "lane_070c58f355b5",
      "lane": "A股风险偏好/两融",
      "laneHref": "/investor/lanes/a-share-risk-appetite-and-margin/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 67,
      "supports": 0,
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      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-03 — A股两融信用杠杆集中度与尾部强平风险微观流动性压力测试报告",
          "summary": "2026-07-03 — A股两融信用杠杆集中度与尾部强平风险微观流动性压力测试报告",
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          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
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        "510300.SH",
        "512100.SH"
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    {
      "id": "thesis-31f32af77b",
      "title": "中国云与国产算力栈的关键不是模型热度，而是训练/推理订单、服务器交付和生态锁定",
      "titleEn": "China cloud and local compute stacks depend less on model hype than training/inference orders, server delivery, and e...",
      "href": "/investor/theses/thesis-31f32af77b/",
      "laneId": "lane_2997650d0638",
      "lane": "中国云/国产算力栈",
      "laneHref": "/investor/lanes/china-cloud-and-local-compute-stack/",
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      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 1,
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      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
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          "href": "/investor/reports/archive-202913703eb9/",
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          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
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    },
    {
      "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…",
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          "title": "超大规模厂商AI资本开支+电网瓶颈能否把先进节点材料需求撑到2027，还是一次H2-2026算力硬件Capex...",
          "summary": "超大规模厂商AI资本开支+电网瓶颈能否把先进节点材料需求撑到2027，还是一次H2-2026算力硬件Capex下修会封住SABIC替代窗口？",
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      "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…",
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      "titleEn": "Hog cycle, grain, and agricultural prices define the elasticity of China's low-inflation repair",
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          "summary": "2026-07-01 压力测试：食品加工企业能否传导 2026/27 年糖蜜成本冲击？",
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          "summary": "两用物项出口管制与海防制裁政策对海洋经济供应链的冲击压力测试（既有研究记录）",
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}