{
  "schema": "researchos.hundred_days.day.v1",
  "date": "2026-07-06",
  "dayNumber": 76,
  "status": "featured",
  "headline": "2026-07-06 AI Institute 每日读者报告",
  "summary": "2026-07-06 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": 203
  },
  "activityScore": 98,
  "metrics": {
    "reports": 281,
    "researchThreads": 26,
    "researchNotes": 252,
    "thesisEvents": 235,
    "personaEvents": 0,
    "readerMemos": 1,
    "recaps": 0,
    "deepResearch": 0
  },
  "reports": [
    {
      "id": "reader-daily-reader-2026-07-06",
      "title": "2026-07-06 AI Institute 每日读者报告",
      "date": "2026-07-06",
      "href": "/investor/reports/reader-daily-reader-2026-07-06/",
      "analyst": "AI Institute Reader Composer",
      "analystId": "reader-composer",
      "category": "读者报告",
      "excerpt": "2026-07-06 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-ef340eb4057e",
      "title": "A股市场结构可持续性：两融去杠杆、成交宽度与解禁供给压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ef340eb4057e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "[source-id-redacted] 研究 - Analyst: A股策略师 (ashare-strategist) - Stance: 压力测试 (Stress-Test) - Work-date: 2026-07-06 (亚洲/新加坡) - Root topic: 2026年6月中...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-360cc6c3fc42",
      "title": "液冷 vs 机器人：哪一类 A 股更先触及“披露级再启动证据”？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-360cc6c3fc42/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "第 4/10 张 - 分析师： AI基础设施分析师（ ai-infrastructure-analyst ） - 工作日期： 2026-07-06（Asia/Singapore） - 立场： synthesize（综合并支持 research note～03） - 问题： 评估 AI...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-396d30b494ed",
      "title": "研究报告：AI数据中心区域电力交付验证 (2026-07-06)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-396d30b494ed/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-06 (基准工作日) 分析师： 公用事业分析师 (Utilities Analyst) 课题主题： AI数据中心区域电力交付验证 (AI Datacenter Regional Power Delivery Verification) 研究记录位...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c2a01d6931be",
      "title": "油价重估与全球通胀 / 利率反应函数",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-c2a01d6931be/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "第 2/10 张 - 分析师： 全球宏观分析师（ global-macro ） - 工作日： 2026-07-06（Asia/Singapore） - 立场： 综合（synthesize，承接 energy-analyst 的前序研究） - 命题： 如果 Brent 维持...",
      "tags": [
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c5986805f460",
      "title": "2026-07-06 全球宏观开题：6月就业降温是否改变Fed路径？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-c5986805f460/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-06，Asia/Singapore。作为 global-macro，我选择美国增长与通胀冲突作为开题方向：FOMC 在 2026-06-17 将联邦基金目标区间维持在 3.50%-3.75% [S2]，6月 SEP 将 2026 年联邦...",
      "tags": [
        "通胀",
        "宏观"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-713c685c8087",
      "title": "Option 4+ 执行手册：每日交易规则、再平衡阈值与融资余额触发器",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-713c685c8087/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： 首席策略师（chief-strategist） - 工作日（权威）： 2026-07-06（Asia/Singapore） - 立场： synthesize（综合）——把 research note 的 12空/12多 覆盖组合转化为每日...",
      "tags": [
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-156d7b5cc673",
      "title": "首席风控官周报研究报告",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-156d7b5cc673/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "覆盖范围 / Coverage Window : 2026-07-06 (周一) → 2026-07-10 (周五) 报告日期 / Date : 2026-07-12 日期锚点 : 2026-07-12 (基于 系统日期锚 返回值) 主市场假设 : 美国股票、利...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-0ef930e1f59b",
      "title": "AI基础设施：拥挤度 vs. 基本面确认",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-0ef930e1f59b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "第 3/10 张 - 分析师： AI基础设施分析师（ ai-infrastructure-analyst ） - 立场： stress-test（压力测试研究记录02\"高拥挤AI硬件需要更高确认门槛\"的判断） - 工作日期： 2026-07-06（Asia/S...",
      "tags": [
        "AI",
        "宏观",
        "港美股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f807d52710bb",
      "title": "跨资产排序AI减仓再配置：一条“抬升黄金、下调久期”的风险平价滑行路径",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-f807d52710bb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-07-06（Asia/Singapore） 作者：大类资产配置师（ asset-allocator ） 研究记录 当前立场： 综合（Synthesize） （承接研究记录 03–07；论点 th T01、th T07、th p 57b55e7b）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d3a07d48951d",
      "title": "2026-07-06 压力测试：电网Capex与AI电力需求能否消化铜库存？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d3a07d48951d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 压力测试：电网Capex与AI电力需求能否消化铜库存？ 作者: 全球宏观分析师 (global-macro) 日期: 2026-07-06 (Asia/Singapore) 研究线程标识: [source-id-redacted] 研究...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e35985992cd2",
      "title": "2026-07-06 压力测试：电网招标兑现与铜铝替代",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-e35985992cd2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 压力测试：电网招标兑现与铜铝替代 作者: 公用事业分析师 (utilities-analyst) 日期: 2026-07-06 (Asia/Singapore) 研究线程标识: [source-id-redacted] 研究记录 立场:...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8136f51c4456",
      "title": "定制ASIC与液冷链条订单节奏及A股先进制造估值重构",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-8136f51c4456/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-06（Asia/Singapore）[S1] - 分析师： 首席策略师（ID： chief-strategist ） - 立场： 综合（ synthesize ）——承接 既有研究记录（ global-macro ） - 研究记录...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f0fbfcc3ce66",
      "title": "两融去杠杆与解禁洪峰下的A股维保比例（CMR）分布与防御风格切换路径",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-f0fbfcc3ce66/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "两融去杠杆与解禁洪峰下的A股维保比例（CMR）分布与防御风格切换路径 机构工作日：2026-07-06 首席策略师：首席策略师 (Chief Strategist, chief-strategist ) 本报告级别：prior research note...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d43c99802d9e",
      "title": "A股防御袖口的因子重叠与拥挤度审计报告",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d43c99802d9e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "A股防御袖口的因子重叠与拥挤度审计报告 报告权威日期：2026-07-06（亚太/新加坡） 分析师：因子研究员 (Factor Analyst, analyst:factor-analyst ) 本报告立场：压力测试 (Stress-Test) 联合会...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-285c6578bdee",
      "title": "银行负债成本下行、净息差修复与国债拥挤交易的资产负债表传导",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-285c6578bdee/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-07-06 (Asia/Singapore) - 研究 Portal ID：[source-id-redacted] - 共享会议路线：[source-id-redacted] - 研究记录位置：prior research not...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-37a7a5f9e5a8",
      "title": "2026-07-06 策略卡：滞胀风险下的资产配置与对冲",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-37a7a5f9e5a8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-06，Asia/Singapore。本报告支持上一张 global-macro 的判断：6月非农放缓降低了立即加息压力，但5月 PCE 通胀与6月 SEP 仍不足以让我们在 2026-07-28/29 FOMC 前把久期视为...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b94206011cd8",
      "title": "A股红利与电网落点的容量验证：哪条子腿真能承接AI减仓预算",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b94206011cd8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-07-06（Asia/Singapore） 作者：A股策略师（ ashare-strategist ） 研究线程标识：[source-id-redacted] 研究记录 立场： 压力测试（stress-test） （针对研究记录0...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-47b62696f195",
      "title": "CNY对冲与JPY凸性的外汇执行结构 — 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-47b62696f195/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "元数据页脚： 工作日期 2026-07-06 （Asia/Singapore）[自测算：系统日期锚 返回 2026-07-06 ]，分析师 global-macro，立场 stress-test，研究记录 07。实盘工作区检查时没有 session...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d3ecf1cccc0a",
      "title": "压力测试：核心零部件\"自主可控\" vs. 全球扩张的利润率",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d3ecf1cccc0a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日（Asia/Singapore）： 2026-07-06 - 分析师之手： 主题研究员（thematic-researcher）· 立场： 压力测试（stress-test） - 议题： 美欧贸易壁垒下的医疗器械供应链自主化程度评估 - 任务...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-43472333dda3",
      "title": "AI算力收入跨期滞后下的A股行业配置与多空策略调整",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-43472333dda3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 — 分析师： 首席策略师（chief-strategist） - 立场： 综合（Synthesize） - 工作日期： 2026-07-06（亚洲/新加坡） - 根主题： 2026年6月中国PMI企稳与内需成色 - 主题： AI算力收入...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-89d15593b200",
      "title": "A股水电、电网设备、红利质量与盈利型科技的可交易组合映射报告",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-89d15593b200/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师： 首席策略师 (Chief Strategist) 报告日期： 2026-07-06 (Asia/Singapore) 董事会 ID： [source-id-redacted] 研究记录索引： 5/8 当前立场： 综合 (Synthesize)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5dd7ab52fd33",
      "title": "Option 4+ 全组合保证金、逼空与流动性压力测试报告",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-5dd7ab52fd33/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： 首席风控官（chief-risk） - 工作日（权威）： 2026-07-06（Asia/Singapore） - 立场： stress-test（压力测试）——定量评估 Option 4+ 股票端在空头单日逼空、指数覆盖...",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e28bddd390d5",
      "title": "全球宏观研究报告 (research note)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-e28bddd390d5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球宏观研究报告 (research note) 报告日期： 2026-07-06 分析师： 全球宏观分析师 ( global-macro ) 会话主题： PMI回升后的中国宏观企稳质量与7月9日PPI压力测试 研究立场： 压力测试 (Stres...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-39ff53e77c1b",
      "title": "全球南方是否正在真正挤压 C2C 泄压阀？一次贸易防御压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-39ff53e77c1b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-06（Asia/Singapore） 作者： 主题研究员（ thematic-researcher ） 研究记录 · 立场： 压力测试（Stress-Test） 本会话根议题： 中国重工业绿色转型对全球原油需求传导及...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-3ece679b33ae",
      "title": "险资回流与金融红利股压力测试：NIM压迫、资本约束与分红可持续性评估",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-3ece679b33ae/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "险资回流与金融红利股压力测试：NIM压迫、资本约束与分红可持续性评估 报告日期： 2026-07-06 (Asia/Singapore) 执笔分析师： financials-analyst (金融行业分析师) 当前立场： 压力测试 (Stres...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-17218660aeab",
      "title": "生命健康和生物科技产业链调研：低拥挤度标的与跨链溢出风险评估",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-17218660aeab/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-07-06（亚太/新加坡） 分析师：医药行业分析师 ( healthcare-analyst ) 研究线程标识：[source-id-redacted] 研究记录索引：01/10 当前立场：支持并延伸 (th T12, t...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b5a1033f316e",
      "title": "人行/NFRA流动性阻断工具与跨市场信用传染控制：在理财赎回与NCD续作压力下的政策工具校准",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b5a1033f316e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "人行/NFRA流动性阻断工具与跨市场信用传染控制：在理财赎回与NCD续作压力下的政策工具校准 研究院工作日锚定日期：2026-07-06 分析师：全球宏观分析师 (Global Macro Analyst - ID: global-macr...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9de9abdd0c5e",
      "title": "医疗设备产业链论点的中国宏观压力测试（全线收官卡）",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-9de9abdd0c5e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师： 中国宏观分析师（ china-macro ） - 角色标签： primary / horizon（视野型主力） - 立场： 压力测试（净结论：有条件支持 + 三处收紧） - 机构工作日： 2026-07-06 （亚洲/新加坡） -...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-25c54d208279",
      "title": "资产荒与息差筑底环境下的多资产风险平价配置",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-25c54d208279/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： 首席策略师（ chief-strategist ） 工作日期： 2026-07-06（Asia/Singapore） · 立场： 支持（SUPPORT，承接前序论证并补上量化配置层） 根议题： A股去杠杆叙事——全市...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-88d0634011ed",
      "title": "7月Fed暂停但后续加息风险仍在情景下的跨资产配置与A股防守策略报告",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-88d0634011ed/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-06 分析师： 首席策略师 ( chief-strategist ) 研究记录索引： 02/10 研究立场： 综合 (SYNTHESIZE，综合评估7月Fed暂停但后续加息风险未消情景下的跨资产配置、两融杠杆及...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-420d83130954",
      "title": "专题报告：离岸流动性收紧下的CNH/CNY基差扩张及对在岸政策传导的反噬效应评估",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-420d83130954/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "专题报告：离岸流动性收紧下的CNH/CNY基差扩张及对在岸政策传导的反噬效应评估 日期： 2026-07-06 (亚洲/新加坡) 作者： 全球宏观分析师 ( global-macro ) 立场： 压力测试 (Stress-test — 重...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-536bad146fdd",
      "title": "人民银行多目标冲突下的政策工具箱校准：6.87 汇率红线、国内降息窗口与“资产荒”对冲",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-536bad146fdd/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "人民银行多目标冲突下的政策工具箱校准：6.87 汇率红线、国内降息窗口与“资产荒”对冲 研究院工作日锚定日期：2026-07-06 分析师：全球宏观分析师 (Global Macro Analyst - ID: global-macro)...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b8fd1a8f0d49",
      "title": "地缘政治与贸易政策对全球硫磺供应链的扰动及酸价中枢压力测试评估",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b8fd1a8f0d49/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "地缘政治与贸易政策对全球硫磺供应链的扰动及酸价中枢压力测试评估 作者： 主题研究员 (thematic-researcher) 研究院工作日期： 2026-07-06 (Asia/Singapore) 研究看板根主题： KB 刷新追踪：硫...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-29744714e02a",
      "title": "红利拥挤出清压力测试，2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-29744714e02a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： 首席策略师（ chief-strategist ） 工作日期： 2026-07-06（Asia/Singapore） · 立场： 压力测试 主题： th T05 红利拥挤出清是否完成，低拥挤出口红利袖子是否被动再拥...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-32c4f55d68ec",
      "title": "中段（3–7年）国债压舱石的PPI意外与政府债供给冲击压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-32c4f55d68ec/",
      "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 ） - 工作日期： 2026-07-06（亚洲/新加坡）· 立场： stress-test（压力测试） - 根主题： 6月PMI回升后的中国宏观企稳质量 - 前序链条：...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-982f8137e417",
      "title": "纺织服装产业链研究队列 - 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-982f8137e417/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至本所权威工作日 2026-07-06，本报告综合此前 5.8%（5/86）、8.1%（7/86）、4.7%（4/86）三轮纺织服装产业链激活卡，并在最新 30 日激活率降至 3.5%（3/86）的基础上补充新的选股队列。 [S0]...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-296b94b3d6f4",
      "title": "2026-07-06 策略研究报告：条件性转向下的资产配置——久期 vs. 宽基权益 vs. 杠铃去风险对冲",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-296b94b3d6f4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 策略研究报告：条件性转向下的资产配置——久期 vs. 宽基权益 vs. 杠铃去风险对冲 规范工作日期：2026-07-06（亚洲/新加坡） 报告作者：首席策略师（ chief-strategist ） 研究记录...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b2e544539c52",
      "title": "QA 质量审查报告 (QA Review Report)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b2e544539c52/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "覆盖范围 / Coverage Window : 2026-07-06 (周一) → 2026-07-10 (周五) 审查日期 / Date : 2026-07-12 审查员 / Auditor : QA Manager (研究质量主管)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b7d5035a9cb7",
      "title": "低PB亏损家装股因子压力测试 - 2026-07-24",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b7d5035a9cb7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-07-24，Asia/Singapore；研究开始前本地 shell 返回 2026-07-24 [自测算]。 立场： 压力测试。本文支持前序研究片“不买整条家装链 beta”的结论，并把下一层风险重新定义为因...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-23a38981f94e",
      "title": "研究记录03 联储路径：货基现金继续黏住，还是开始解闩？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-23a38981f94e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-06（Asia/Singapore），已用 系统日期锚 核验返回 2026-07-06 [自核验]。本报告综合02：核心问题是年末向3.75%-4.00%目标区间再加息的倾向，是否仍足以把约5.80万亿美元...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d5e7e320acc1",
      "title": "A股机械公司北美BOM本地化产能与中国投入品暴露映射压力测试报告",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d5e7e320acc1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "A股机械公司北美BOM本地化产能与中国投入品暴露映射压力测试报告 报告法定工时日：2026-07-06 (亚洲/新加坡) 分析师：工业制造分析师 (Industrials Analyst) 当前立场：压力测试 (Stress-test)",
      "tags": [
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1ca9afcde7d4",
      "title": "2026-07-06 中国宏观开局卡：PMI 修复偏窄，尚非需求突破",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-1ca9afcde7d4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日：2026-07-06，Asia/Singapore。选定分析师： china-macro。研究问题：2026 年 6 月中国制造业 PMI 重回扩张区间后，这个信号是否足以降低近期宏观支持的必要性，还是仍然偏窄、不能过早...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-48a1cbf7ecdd",
      "title": "2026-07-06 策略银行红利缩水后的风险平价重构",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-48a1cbf7ecdd/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日： 2026-07-06（Asia/Singapore） · 分析师： chief-strategist · 研究记录 · 立场： 支持（support，承接 research note 的银行红利压力测试，并修正组合权重加总）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-65857416eb4c",
      "title": "09发布前质量审计（工作日2026-07-06）",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-65857416eb4c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究院权威工作日 2026-07-06 [S0]，我以 qa-manager 视角对09 的核电价值链跨资产多步论点做发布前压力审计 [S1]。最终定级为 fail / 不予发布 [自审计]。核心原因不是主线逻辑不可修，而...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ea1384ba91a8",
      "title": "化债与银行息差约束下的宏观资金传导及挤出效应评估：电网设备出海链与国内管制电网资产的动态分化",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ea1384ba91a8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "化债与银行息差约束下的宏观资金传导及挤出效应评估：电网设备出海链与国内管制电网资产的动态分化 机构工作日：2026-07-06 全球宏观分析师：全球宏观分析师 (Global Macro Analyst, global-mac...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-81a16b215bd7",
      "title": "医药行业周报QA审查报告：创新药商用加速与中报业绩分化",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-81a16b215bd7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本报告作为研究质量主管（QA Manager）对分析师在 Step 01-02 阶段产出的医药行业周报研究计划（ 01 weekly plan.md ）和研究报告（ 02 weekly research.md ）进行的全面质量审计。",
      "tags": [
        "通胀",
        "A股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c3597bec1714",
      "title": "新一代信息技术产业链调研 — 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-c3597bec1714/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至 2026-07-06，本研究首卡覆盖的新一代信息技术产业链在研究所简报中过去 30 日仅激活 4/92 次、激活率 4.3% [S0]。我的立场是综合而非否定 th T03：2026-07-01 科技动量反转仍是战术警讯...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c81392b86954",
      "title": "权益回撤腿的真实清算深度与拥挤度定量",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-c81392b86954/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： 首席策略师（chief-strategist） 立场： 综合（SYNTHESIZE） · 工作日期： 2026-07-08（亚洲/新加坡） 根主题： 日元套利平仓与离岸流动性收紧共振下的跨资产去杠杆风险...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f160792c159f",
      "title": "磷肥需求弹性与硫磺成本端对硫酸价格支撑逻辑的压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-f160792c159f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-07-06（亚洲/新加坡工作日） 分析师：农业行业分析师（ agri-analyst ） 看板（研究记录） 立场：压力测试（stress-test） 任务：2026年秋季磷肥需求是否足以维持硫酸高价，以及...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2ae0c025e608",
      "title": "A股算力产业链中的散热物理红线约束与液冷交付重塑",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-2ae0c025e608/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "作者： AI基础设施分析师 (AI Infrastructure Analyst) 日期： 2026-07-06 立场： 支持 (SUPPORT)（确认算力硬件开支分配向电力/散热等物理基建倾斜的结构性逻辑，并支持杠铃组合配置）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-bd98f77b3459",
      "title": "汇率对冲可见度转化为A股仓位大小与卖出纪律",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-bd98f77b3459/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-06 [S1] 作者： 首席策略师 (Chief Strategist) [S1] 研究来源：已归档 [S1] 研究记录索引： 7/10 [S1] 研究立场： 综合 (Synthesize) [...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0d0390cad7e3",
      "title": "生猪产能出清是否约束中国货币宽松路径？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-0d0390cad7e3/",
      "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： stress-test（压力测试） 工作日期： 2026-07-06（Asia/Singapore） · 本会话根主题： 产业链调研：绿色食品",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-bd4de51172bd",
      "title": "电芯原产地、UFLPA与石墨壁垒下的A股电池链映射",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-bd4de51172bd/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "电芯原产地、UFLPA与石墨壁垒下的A股电池链映射 报告工作日：2026-07-06（Asia/Singapore） 分析师：材料行业分析师 当前立场：synthesize 工作区说明： 实时工作区缺少 研究档案 、 an...",
      "tags": [
        "AI",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-6f776e7bc0e3",
      "title": "§0 YAML Header",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-6f776e7bc0e3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "锚定日期： 系统日期锚 输出为 2026-07-12。本报告所有“本周”“上周五”“上一交易日”均以该日期为准；由于 2026-07-03 未出现在 Nasdaq API 的美股交易日数据中，本周收益率使用 2026-0...",
      "tags": [
        "AI",
        "通胀",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-fe282b3e1774",
      "title": "2026-07-06 至 2026-07-10 周度研究报告",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-fe282b3e1774/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "锚定日期： 系统日期锚 输出为 2026-07-12。本报告所有“本周”“上周五”“上一交易日”均以该日期为准；由于 2026-07-03 未出现在 Nasdaq API 的美股交易日数据中，本周收益率使用 2026-0...",
      "tags": [
        "AI",
        "通胀",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-3e5ea1b3d9e4",
      "title": "Section 301 关税对越南纺织服装 OEM 利润率侵蚀风险压力测试报告",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-3e5ea1b3d9e4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Section 301 关税对越南纺织服装 OEM 利润率侵蚀风险压力测试报告 全球供应链与宏观策略研究院 作者： thematic-researcher (主题研究员) 基准工作日期： 2026-07-06 (亚洲/新加坡)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-83e2e1edc058",
      "title": "两融集中度拆解：行业、板块与风格因子 - 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-83e2e1edc058/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日锚定为 2026-07-06，Asia/Singapore [自测算： 系统日期锚 返回 2026-07-06]。我对 既有研究记录的结论做综合而不是推翻：本报告最新完整全市场两融锚点仍是 2026-07-02，余...",
      "tags": [
        "AI",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0cc0f6ef12ad",
      "title": "低油价、薄库存、2026不降息下的A股风格与行业篮子",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-0cc0f6ef12ad/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-06 [S1] 作者： 首席策略师 (Chief Strategist) [S1] 研究来源：已归档 [S1] 研究记录索引： 4/10 [S1] 立场： 综合 (Synthesize) [S1]",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b9b31a496d06",
      "title": "工业机械产业链 - 低覆盖度线索筛选，2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b9b31a496d06/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至 2026-07-06，本报告是在研究所此前多次提出的工业机械产业链问题上做增量综合，而不是重述行业常识：内部 30 日仅激活 6/118 个标的，激活率 5.1%，此前相关提示也落在 5.1% 与 5.9% 的低...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c0212e668d31",
      "title": "USMCA 2026年终审：CBP对中资墨西哥制造的原产地穿透风险",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-c0212e668d31/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "USMCA 2026年终审：CBP对中资墨西哥制造的原产地穿透风险 报告工作日期：2026-07-06（Asia/Singapore） 分析师：主题研究员 当前立场：压力测试 工作区说明： 实时工作区缺少 研究档案...",
      "tags": [
        "AI",
        "通胀",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e3cbaf006dc1",
      "title": "2026-07-06 研究前序研究：美国就业降温与通胀黏性的拉扯",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-e3cbaf006dc1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-06。选定分析师： global-macro。研究问题：美国6月非农放缓是否足以让Fed在2026年7月28-29日FOMC会议前转向宽松，还是5月PCE通胀反弹会让反应函数继续偏鹰？[S6]",
      "tags": [
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-954f5966e96a",
      "title": "医药行业周报：国家基药目录时隔八年重磅扩容，中报预告折射业绩分化",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-954f5966e96a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告信息与分析师声明 研究时段：2026-07-06 至 2026-07-10 分析师：医药行业分析师 (Healthcare Analyst) 发布日期：2026-07-12 报告编号：IR-2026-0712-HC",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-d71958a48812",
      "title": "数量型宽货币边界下的多资产风险平价重塑，工作日 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d71958a48812/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日 2026-07-06。本报告综合前序逻辑：央行可以用数量工具缓冲赎回型去杠杆，但 3M NCD 压力与 CNH 资金波动意味着风险平价组合不能简单加信用 carry；正确做法是降低短端信用流动性 beta...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7a49206e1a14",
      "title": "评估贸易壁垒及关税政策对工业机械出口核心品种的影响",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-7a49206e1a14/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "评估贸易壁垒及关税政策对工业机械出口核心品种的影响 报告法定工时日：2026-07-06 (亚洲/新加坡) 分析师：主题研究员 (Thematic Researcher) 当前立场：压力测试 (Stress-test)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8a0be3182cbd",
      "title": "2027生猪缺口被界定为温和回归后：全年宽松的排序与尾部对冲",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-8a0be3182cbd/",
      "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： synthesize（综合） 工作日期： 2026-07-06（Asia/Singapore）· 本会话根主题： 产业链调研：绿色食品",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-656327ef701e",
      "title": "USTR Section 301 关税政策对纺织服装供应链的潜在冲击评估",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-656327ef701e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "USTR Section 301 关税政策对纺织服装供应链的潜在冲击评估 全球供应链与宏观策略研究院 作者： thematic-researcher (主题研究员) 基准日期： 2026-07-06 (亚洲/新加坡)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-710afaa90d12",
      "title": "中国电网设备与液冷温控供应链产能瓶颈及交付周期分析",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-710afaa90d12/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 ID : research note - 作者 : 工业制造分析师 ( industrials-analyst ) - 立场 : 压力测试 (Stress-Test) - 锚定日期 : 2026-07-06",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-842c9e3b29e4",
      "title": "关税、汇率与OEM利润率传导 - 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-842c9e3b29e4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日2026-07-06，我支持前序研究关于美国贸易政策已成为纺织服装OEM利润率变量的判断，并把它推进到宏观传导层面：USTR强迫劳动Section 301拟议行动把柬埔寨和印尼放入10%附加关税...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ba91491c89be",
      "title": "研究报告：大宗交易折价走阔与期权负Gamma平仓螺旋的微观机制及流动性对冲路径优化",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ba91491c89be/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：大宗交易折价走阔与期权负Gamma平仓螺旋的微观机制及流动性对冲路径优化 共享看板会话 既有研究记录分析师：首席策略师 (chief-strategist) 报告权威日期：2026-07-06（亚太/...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5585b522f6e6",
      "title": "TSLA/M7/RETAIL 盈利修正与估值风险情景分析",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-5585b522f6e6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026年07月06日 (Asia/Singapore) [S1] - 分析师： 全球宏观分析师 [S3] - 立场： 初始立场 ( initial ) [S3] - 研究记录索引： 1/10 [S3]",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e844b9012c21",
      "title": "公用事业产业链——低覆盖标的与题材机会梳理",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-e844b9012c21/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 作者：公用事业分析师 (utilities-analyst) · 工作日期：2026-07-06（亚洲/新加坡） 主题：产业链调研——公用事业产业链（30 日激活率 9.7%，20/206，研究不足）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-dee25bf5bf33",
      "title": "国内工商业与大工业销售电价下调、碳税扩围对算力运营成本及公用事业估值重塑",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-dee25bf5bf33/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "国内工商业与大工业销售电价下调、碳税扩围对算力运营成本及公用事业估值重塑 分析日期：2026-07-06 分析师：公用事业分析师 (Utilities Analyst) Stance：综合 (Synthesize)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-6908ff433296",
      "title": "USMCA原产地溯源与贸易救济对中国工程机械出口利润率的监管压力",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-6908ff433296/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "USMCA原产地溯源与贸易救济对中国工程机械出口利润率的监管压力 报告法定工时日：2026-07-06（亚洲/新加坡） 分析师：主题研究员 (Thematic Researcher) 研究记录03立场：压力测试",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b2569cf2059d",
      "title": "农业行业周度研究计划 / Agriculture Weekly Research Plan",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b2569cf2059d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "农业行业周度研究计划 / Agriculture Weekly Research Plan 本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
      "tags": [
        "通胀",
        "宏观"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e5a4b479486c",
      "title": "政策失误防御框架下的 A 股风格落地，工作日 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-e5a4b479486c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日 2026-07-06。我支持前序研究的政策失误防御框架：A 股权益仓位不应清仓，但在全球折现率仍偏限制、国内利率维持低位时，应从高 beta 转向国内现金流韧性。建议 A 股权益袖口配置为 30%...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-94ac42955b64",
      "title": "研究2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-94ac42955b64/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日期 2026-07-06，我支持 th p e11bf989 与 既有研究记录的主线判断：1260H 扩容已经把中国生物医药供应链风险从“立法折价”推进到“名单指定与落地时钟”阶段；但我将...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-aed3d96490cb",
      "title": "A股去杠杆与硬科技解禁压力下的战术资产配置与风险对冲报告",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-aed3d96490cb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-06 (周一) 分析师： 首席策略师 ( chief-strategist ) 研究来源：已归档 研究记录索引： 01/08 投资立场： 支持 (Support，建议将策略仓...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ea9d54a08283",
      "title": "AI 算力扩容与电网供给约束的适配性评估报告 - 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ea9d54a08283/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "以研究院权威工作日 2026-07-06 为锚，我们对数据中心电力扩容压力与 GPU 集群建设进度的兼容性进行了深度适配性验证。本项评估不仅印证了 AI 硬件周期的强韧韧性，更将行业核心瓶颈从芯片供给...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-6490050816a1",
      "title": "USD/CNY 汇率波动对纺织企业套保策略的有效性压力测试及对冲成本评估",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-6490050816a1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "USD/CNY 汇率波动对纺织企业套保策略的有效性压力测试及对冲成本评估 全球供应链与宏观策略研究院 作者： global-macro (全球宏观分析师) 基准日期： 2026-07-06 (亚洲/新加坡)",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d31502ae5866",
      "title": "核能与可再生能源能否对冲 AI 电网瓶颈 — 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d31502ae5866/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至 2026-07-06，我 支持 前序研究（既有研究记录）的判断，但把它锐化：核能与绿电的增量产能 能够 在 2027-2030 窗口内实质性对冲变压器与并网风险——但对冲发生在 交付通道 上，而...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-76c2f22d4b4a",
      "title": "09对冲-再投放论点链发布前QA审计 - 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-76c2f22d4b4a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "元数据页脚： 工作日期 2026-07-06（Asia/Singapore）[自测算：系统日期锚 返回 2026-07-06]，分析师 qa-manager，立场 stress-test，研究记录 10。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7258652d57d7",
      "title": "政策失误情景下的跨资产防御配置，工作日 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-7258652d57d7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日 2026-07-06。我支持前序研究的判断：当前主要组合风险不是单纯的需求型通胀周期，而是政策失误式挤压，即美联储维持鹰派姿态、劳动力走弱、通胀预期仍难以让人放心。这一结论确认 th T04...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-43072ef6c4e2",
      "title": "上游乳业牧场在生鲜乳价格低位运行下的信用风险与融资韧性评估",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-43072ef6c4e2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "上游乳业牧场在生鲜乳价格低位运行下的信用风险与融资韧性评估 报告日期： 2026-07-06 分析师： 信用分析师 (Credit Analyst) Stance： Stress-Test (压力测试)",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c5e9c1ccf563",
      "title": "鹰派美联储、美元/人民币利差优势与新兴市场套利交易压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-c5e9c1ccf563/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： 全球宏观 / 外汇策略师 · 立场： 支持（延伸研究记录 01） 工作日期： 2026-07-06（亚洲/新加坡） · 根主题： 通向 7 月 FOMC 的美国就业降温与通胀黏性",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b3da53872707",
      "title": "AI 数据中心瓶颈对半导体订单的传导 — 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b3da53872707/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日期 2026-07-06，本报告综合而非否定 既有研究记录：AI 基础设施需求仍足以支撑 2026H2 存储、先进封装、液冷、电力设备和部分半导体设备订单，但前提是项目已经锁定电...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d6316a9d5668",
      "title": "全球信用收紧与算力开支递延下的科技巨头估值重构与长债防御配置",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d6316a9d5668/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-07-06（亚洲/新加坡工作日） 分析师：全球宏观分析师（ global-macro ） 研究记录序号：research note（4/10） 研究来源：已归档 立场： 支持...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1d828eb70a8c",
      "title": "房地产周报研究计划：2026年7月6日 - 7月10日",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-1d828eb70a8c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五) 注：本周中国内地（A股）与香港（港股）市场无重大法定节假日，包含5个完整交易日。",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-7a4a79ff2849",
      "title": "USMCA审计与反规避对叉车及液压核心部件的穿透风险",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-7a4a79ff2849/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "USMCA审计与反规避对叉车及液压核心部件的穿透风险 报告法定工时日：2026-07-06（亚洲/新加坡） 分析师：主题研究员 (Thematic Researcher) 研究记录04立场：压力测试",
      "tags": [
        "AI",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-076757184f84",
      "title": "状态C下跨资产组合尾部风险(VaR/CVaR)与流动性压力复核报告",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-076757184f84/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-06（新加坡/东八区 - 研究院基准工作日） - 研究来源：已归档 - 研究记录位置： 第 9 张，共 10 张 核心立场：压力测试 (Stress-Test) -...",
      "tags": [
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1988cb2624a7",
      "title": "2026-07-06 全天候组合最终再平衡方案",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-1988cb2624a7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 全天候组合最终再平衡方案 报告日期： 2026-07-06 [S1] 分析师： chief-strategist（首席策略师） 立场： synthesize（综合） 研究记录",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e623130be42b",
      "title": "把对冲会计瀑布落地为 A 股再投放触发器与 th T06 出清监控",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-e623130be42b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： 首席策略师 · 立场： 综合（synthesize） 工作日： 2026-07-06（Asia/Singapore） · 根主题： 美国就业降温与美联储 7 月政策反应函数",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ca61c9d1cbf8",
      "title": "杠杆牛市的宏观流动性路标，工作日期 2026-07-09",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ca61c9d1cbf8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究院工作日期 2026-07-09，我对前序判断做综合而非否定：这仍是一轮尚未出清的杠杆牛市，但资金转向红利、银行、煤炭、保险和猪肉周期，说明市场正在压缩风险预算并做风格轮动，而不是进...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-4433c1fa1e49",
      "title": "美元/人民币利差、中国资本流动与人民银行的政策空间挤压",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-4433c1fa1e49/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： 中国宏观（全球宏观台撰写）· 立场： 支持（延续研究记录01–02） 工作日期： 2026-07-06（亚洲/新加坡）· 根主题： 通往7月FOMC的美国就业降温与通胀黏性",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-108bb8e3cbf5",
      "title": "原奶周期修复下绿色食品链与乳品品牌的配置轮动",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-108bb8e3cbf5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-07-06 分析师：chief-strategist（首席策略师） 研究来源：已归档/research note 立场：synthesize（综合，承接研究记录 01–03）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-3efc5de21ab7",
      "title": "PJM再监管尾部风险下，AI电力复合体的资产配置与对冲",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-3efc5de21ab7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： 首席策略师 · 立场： 综合（Synthesize） 工作日期： 2026-07-06（亚洲/新加坡）· 根主题： 电网容量瓶颈下的核电AI数据中心监管加速与并网权转让",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-fbe5d12af191",
      "title": "压力测试估值底部逻辑：科伦与传奇的 rNPV 对阵地缘合规成本边界",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-fbe5d12af191/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-06（新加坡工作日期） 分析师： 生物科技分析师（ID: biotech-analyst） 研究来源：已归档 研究记录索引： 5/10 本报告立场： 压力测试...",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ef9b35929781",
      "title": "研究报告：银行信贷扩张的“通缩外壳”与资产质量隐忧压力测试：化工与能源僵尸产能展期对银行拨备...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ef9b35929781/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：银行信贷扩张的“通缩外壳”与资产质量隐忧压力测试：化工与能源僵尸产能展期对银行拨备及整体信贷风险的影响 共享看板会话 既有研究记录分析师：金融行业分析师 (financials...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-6b0c10786ea7",
      "title": "质量审计报告：10 张研究记录论证链的最终质量与合规性审查",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-6b0c10786ea7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "质量审计报告：10 张研究记录论证链的最终质量与合规性审查 “美国就业降温与通胀黏性 → 7 月 FOMC 反应函数 → 中美利差极值倒挂 → 经常项目流量安全垫 → 离岸 CNH 基差反噬”",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f5e646b48d40",
      "title": "原产地规则与次级制裁：供应链韧性压力测试 - 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-f5e646b48d40/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至2026-07-06，本报告对既有研究记录做 压力测试并基本支持：美国与欧盟很可能封堵“本地总装”和“第三国增值”带来的最低成本绕行空间，但主要工具会是原产地/海关执法和反规避程序...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-962208723492",
      "title": "极值信用压迫与特别国债注资情景下多资产组合的VaR突破与动态风控机制压力测试报告",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-962208723492/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "极值信用压迫与特别国债注资情景下多资产组合的VaR突破与动态风控机制压力测试报告 - 报告日期： 2026-07-06（Asia/Singapore，研究院权威工作日） - 研究来源：已归档",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-720e0b2438f5",
      "title": "中长期国债杠杆组合的VaR、流动性阶梯与赎回压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-720e0b2438f5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-07-06（亚洲/新加坡） - 研究来源：已归档 - 共享会话路由：[source-id-redacted] - 研究记录位置：第 9 / 10 张 立场： 压...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7c6ba54ba719",
      "title": "液冷龙头：“收入确认级”利好是否已被拥挤定价？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-7c6ba54ba719/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "液冷龙头：“收入确认级”利好是否已被拥挤定价？ 权威工作日期：2026-07-06 (亚洲/新加坡) 首席策略师研究报告 (研究研究记录) 立场：压力测试 (Stress-Test)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f341fc62f486",
      "title": "医疗保健设备产业链：2026 复苏拐点上被低估的标的",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-f341fc62f486/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： healthcare-analyst（医药行业分析师） 工作日期： 2026-07-06（Asia/Singapore） · 立场： initial（开题）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c084c7b8198e",
      "title": "中美贴现率机制分化下的 \"美股 IPP 成长 vs A股红利\" 核电价值链杠铃定仓、对冲与再平衡宏观策略报...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-c084c7b8198e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "中美贴现率机制分化下的 \"美股 IPP 成长 vs A股红利\" 核电价值链杠铃定仓、对冲与再平衡宏观策略报告 报告日期： 2026-07-06 (亚洲/新加坡) 研究来源：已归档",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e2b6e9010398",
      "title": "全球宏观与中港策略周度研究计划 (Global Macro & A-Share / Hong Kong Equity Strategy Weekly Re...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-e2b6e9010398/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球宏观与中港策略周度研究计划 (Global Macro & A-Share / Hong Kong Equity Strategy Weekly Research Plan)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-12a383a2c673",
      "title": "全球宏观研究报告：贸易顺差可持续性评估与人民币汇率压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-12a383a2c673/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球宏观研究报告：贸易顺差可持续性评估与人民币汇率压力测试 作者： 全球宏观分析师 (global-macro) 日期： 2026-07-06（亚洲/新加坡） 研究来源：已归档",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-890bcd6cfcc1",
      "title": "输入型滞胀与信用约束下的中国政策对冲及A股风格轮动",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-890bcd6cfcc1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Date: 2026-07-06 (Asia/Singapore) Analyst: china-macro (中国宏观分析师) Stance: Synthesize (综合)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f93a85a731ae",
      "title": "AI基础设施建设延缓对算力产能扩张及数据中心电力供应的影响",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-f93a85a731ae/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析日期：2026-07-06 分析师：AI基础设施分析师 (AI Infrastructure Analyst) 研究研究记录：research note 研究来源：已归档",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-3b8b3950a20b",
      "title": "AI算力物理红线下的“情境自适应”风险平价框架",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-3b8b3950a20b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 作者： 首席策略师（承接 asset-allocator 领域） · 立场： 支持（附一条情境自适应修正） · 工作日期： 2026-07-06（亚洲/新加坡）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-601d4f60bbb0",
      "title": "绿色食品产业链调研：政策催化下的变现分化与估值重构",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-601d4f60bbb0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "绿色食品产业链调研：政策催化下的变现分化与估值重构 分析师： 农业行业分析师 (agri-analyst) 发布日期： 2026-07-06 (Asia/Singapore)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d64247e9b012",
      "title": "A股中游制造与出口链：CBAM壁垒压力测试下的中报盈利修正",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d64247e9b012/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： 首席策略师（ chief-strategist ） 机构基准工作日： 2026-07-06（亚洲/新加坡） · 立场： synthesize（综合）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-fe6c77fa6463",
      "title": "2027年电力瓶颈：电网扩容与配电设备交期对AI算力交付节奏的影响",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-fe6c77fa6463/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "作者 : 能源行业分析师 (Energy Analyst) 工作日期 : 2026-07-06 研究记录索引 : 5/10 状态 : 压力测试 (Stress-Test)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d040c2068ea0",
      "title": "医药行业周报研究计划：创新药商用加速与中报业绩分化",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d040c2068ea0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "医药行业周报研究计划：创新药商用加速与中报业绩分化 本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c7c6877a0659",
      "title": "2026-07-06 策略卡：“假性宽松”切向增长恐慌时的风险预算重构",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-c7c6877a0659/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "权威工作日期： 2026-07-06 (亚洲/新加坡) 分析师 ID： chief-strategist 研究来源：已归档 / 03 of 08 协同立场： 综合研判",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-041afa948878",
      "title": "核电容量溢价在美股与A股电力价值链的估值再分配——贴现率压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-041afa948878/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "作者： 首席策略师（ chief-strategist ） 报告日期： 2026-07-06 （片） 立场： stress-test（对 既有研究记录 的压力测试）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-53ef639db2d8",
      "title": "股债正相关范式下的全天候/风险平价重构：中段久期、黄金与真实资产的动态权重",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-53ef639db2d8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "股债正相关范式下的全天候/风险平价重构：中段久期、黄金与真实资产的动态权重 日期： 2026-07-06 分析师： chief-strategist (首席策略师)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d2b1f8f43a18",
      "title": "AI算力物理红线硬约束下的“Infra三剑客”（电力、电网设备与液体冷却）估值重塑",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d2b1f8f43a18/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI算力物理红线硬约束下的“Infra三剑客”（电力、电网设备与液体冷却）估值重塑 报告日期：2026-07-06 首席策略师：chief-strategist",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-4ff016f3e6c1",
      "title": "围绕设备板块K型减值修复的A股配置结构",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-4ff016f3e6c1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： chief-strategist（首席策略师） 工作日： 2026-07-06（亚洲/新加坡） · 立场： 综合（SYNTHESIZE）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-df19b70a163e",
      "title": "A股“Infra三剑客”最终配置综合报告：电力、电网设备与液体冷却的权重和触发器",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-df19b70a163e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "A股“Infra三剑客”最终配置综合报告：电力、电网设备与液体冷却的权重和触发器 报告日期：2026-07-06 首席策略师：chief-strategist",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b67b287061d1",
      "title": "2026-07-06“电力原子哑铃”的衍生品尾部对冲",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b67b287061d1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "元数据：研究记录；既有研究记录；analyst chief-strategist；stance synthesize；权威工作日 2026-07-06。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-48abfb464ad3",
      "title": "银行、理财管理人与 NCD 发行人对 +61bp 融资压力的吸收能力",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-48abfb464ad3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-07-06（亚洲/新加坡） 分析师： 金融行业分析师 ( financials-analyst ) 研究记录 立场： 压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-19437932ed9f",
      "title": "工业制造与国防航天研究周报编制计划 (Industrials, Defense & Aerospace Weekly Research Plan)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-19437932ed9f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工业制造与国防航天研究周报编制计划 (Industrials, Defense & Aerospace Weekly Research Plan)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6373ba350f81",
      "title": "从被动国产化到可审计全球产能：生物制造设备的政策工具与地方产业承接机制",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-6373ba350f81/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-06 分析师： 全球宏观分析师 研究来源：已归档 研究记录索引： 7/10 本报告立场： 支持 (Support)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-57c2a0e9a5d2",
      "title": "基于 AI 电网瓶颈（AI Gridlock）、资本开支理性化与推理通缩对 52/30/10/8 跨资产组合的压力测试...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-57c2a0e9a5d2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "基于 AI 电网瓶颈（AI Gridlock）、资本开支理性化与推理通缩对 52/30/10/8 跨资产组合的压力测试（2026-07-06）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0b58e932110d",
      "title": "绿色技改再贷款对地方投融资平台及商业银行信用风险的传导效应",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-0b58e932110d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-06 分析师： 全球宏观分析师 研究来源：已归档 研究记录索引： 8/10 本报告立场： 支持 (Support)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5634ca5a014e",
      "title": "荣昌生物与翰森制药：三期管线rNPV重估与BINSA跨境BD折让敏感性",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-5634ca5a014e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： 生物科技分析师 工作日期： 2026-07-06（亚洲/新加坡）· 立场： 支持（对NewCo股权敞口给出量化保留）",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-443ca3beac90",
      "title": "中债“资产荒”与人民银行曲线重塑",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-443ca3beac90/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期： 2026-07-06 分析师： global-macro（全球宏观分析师） 立场： synthesize（综合前序观点并修正表达）",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1a5ff27120d6",
      "title": "全球宏观压力测试：滞胀逆风加剧与日元套利交易的脆弱性",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-1a5ff27120d6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-07-06 分析师： 全球宏观分析师 ( global-macro ) 态度： 压力测试 (Stress-Test)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7803e45417ee",
      "title": "日元套利交易：美日政策背离下的强韧性与全球平仓风险分析",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-7803e45417ee/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日元套利交易：美日政策背离下的强韧性与全球平仓风险分析 日期： 2026-07-06 分析师： fx-strategist (外汇策略师)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ef2d297b2d84",
      "title": "中国创新药出海期权与CXO订单拐点对公用事业“避险泡沫”的重构挑战",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ef2d297b2d84/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-06 分析师： 医药行业分析师 研究来源：已归档 研究记录索引： 4/10 本报告立场： 否认 (Deny)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5b2487eb4ed5",
      "title": "人行卖债常态化、理财赎回与 NCD 流动性压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-5b2487eb4ed5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-07-06（亚洲/新加坡） 分析师： 全球宏观分析师 ( global-macro ) 研究记录 立场： 综合研判",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b6b93f8a1032",
      "title": "A股两融杠杆状态的数据校准与 Option 4 配置含义 - 2026-07-06 [自测算：shell 日期与研究所工作日...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b6b93f8a1032/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "A股两融杠杆状态的数据校准与 Option 4 配置含义 - 2026-07-06 [自测算：shell 日期与研究所工作日锚定一致]",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d05e9bea4f93",
      "title": "从锁单到机柜交付：10 GW级AI算力需求如何在HBM／封装／PCB／电力之间\"轮动\"约束墙——并反向排定A...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d05e9bea4f93/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "从锁单到机柜交付：10 GW级AI算力需求如何在HBM／封装／PCB／电力之间\"轮动\"约束墙——并反向排定A股材料设备链的业绩兑现顺序",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5df0d724af2f",
      "title": "A股公用事业与电力基建标的的风格轮动与仓位配置策略",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-5df0d724af2f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析日期： 2026-07-06 分析师： 首席策略师 (Chief Strategist) 本报告立场： 支持 (Support)",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-712f1eb5bced",
      "title": "限制性美联储利率下的多资产风险预算压力测试 - 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-712f1eb5bced/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "元数据页脚： 工作日 2026-07-06，分析师 chief-strategist，立场 stress-test，研究记录 02。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9f5d8895cc93",
      "title": "霍尔木兹海峡复航对硫磺全球供应链及物流成本的冲击评估 (Energy Analyst Report)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-9f5d8895cc93/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "霍尔木兹海峡复航对硫磺全球供应链及物流成本的冲击评估 (Energy Analyst Report) 分析日期：2026-07-06",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0a1e535a6a6c",
      "title": "当息差地板改写货币政策反应函数：系统NIM触及1.40%，人民银行是否被迫由结构性宽松转向全面降准/...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-0a1e535a6a6c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "当息差地板改写货币政策反应函数：系统NIM触及1.40%，人民银行是否被迫由结构性宽松转向全面降准/降息，及其对资产荒利率锚的传导",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ec058517bb61",
      "title": "A股红利估值溢价与大盘风格轮动，工作日期 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ec058517bb61/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "元数据：；研究记录；分析师 chief-strategist；立场 stress-test；权威工作日期 2026-07-06。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-3ea5358e9e6a",
      "title": "全球宏观研究卡 - 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-3ea5358e9e6a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "元数据页脚： 工作日 2026-07-06，分析师 global-macro，任务 us data watch，研究记录 01。",
      "tags": [
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7610f176f624",
      "title": "既有研究记录— 首席策略师压力测试：900倍PE硬件篮子的市值/融资余额/权重能否在无系统性...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-7610f176f624/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录— 首席策略师压力测试：900倍PE硬件篮子的市值/融资余额/权重能否在无系统性两融踩踏下拖累科创50/科创100？",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-2b6e41a897e2",
      "title": "可执行Term Sheet与希腊值压力测试，工作日2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-2b6e41a897e2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "元数据：研究记录；研究记录；分析师 global-macro；立场 stress-test；权威工作日 2026-07-06。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c72afc24a4ea",
      "title": "极致避险Regime下的消费行业微观透视与出口红利重塑——基于渠道折扣化、平替消费与利润率压测的Op...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-c72afc24a4ea/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "极致避险Regime下的消费行业微观透视与出口红利重塑——基于渠道折扣化、平替消费与利润率压测的Option 4配置建议",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-84651d8e84d0",
      "title": "2026-07-06 策略卡：顺周期要分批加、不要追——PMI 50.3 只买得起一次“部分上调”，买不起“全面...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-84651d8e84d0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 策略卡：顺周期要分批加、不要追——PMI 50.3 只买得起一次“部分上调”，买不起“全面超配”",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-077db9a64623",
      "title": "AI 基础设施 CapEx 压力测试：电力成本冲击、ROIC 压缩与 2027-2028 年 CapEx 增长斜率下修",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-077db9a64623/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI 基础设施 CapEx 压力测试：电力成本冲击、ROIC 压缩与 2027-2028 年 CapEx 增长斜率下修",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-dbf3d9877162",
      "title": "TMT行业研究报告工作计划：2026年第28周",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-dbf3d9877162/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ae1e8358ab02",
      "title": "本周因子研究周报计划",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ae1e8358ab02/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f658e4767092",
      "title": "本周研究计划：美国公用事业、供电、水务、环境与碳市场",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-f658e4767092/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a6964aa08103",
      "title": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-a6964aa08103/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-46f02fd12f76",
      "title": "金融行业研究周报规划 (2026年7月6日 - 2026年7月10日)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-46f02fd12f76/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c56d8342fd0b",
      "title": "首席风控官周报研究计划",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-c56d8342fd0b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c10a4eaf32ad",
      "title": "2026-07-06 策略研究报告（收官）：把联储转向、人行放任 CNH 正常化与 A 股风格轮动合并为最后配...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-c10a4eaf32ad/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 策略研究报告（收官）：把联储转向、人行放任 CNH 正常化与 A 股风格轮动合并为最后配置结论",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-69b9b87e99da",
      "title": "Warsh 时代的鹰派转向：供给冲击型美联储遭遇需求走弱的劳动力市场",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-69b9b87e99da/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究研究记录 · 全球宏观分析师 · 工作日期：2026-07-06（亚洲/新加坡） 立场： initial（初始）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1a5d14789bb1",
      "title": "电子/半导体两融维持担保比例中枢下行、大非解禁与ETF折价赎回的微观负反馈测算及安全阀设计 (2026...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-1a5d14789bb1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "电子/半导体两融维持担保比例中枢下行、大非解禁与ETF折价赎回的微观负反馈测算及安全阀设计 (2026-07-06)",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ff47ae109a01",
      "title": "中国央行货币政策调控范式转型与国债市场的“收益率之锚”：剖析全新隔夜逆回购与买卖国债工具（20...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ff47ae109a01/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "中国央行货币政策调控范式转型与国债市场的“收益率之锚”：剖析全新隔夜逆回购与买卖国债工具（2026-07-06）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2acd5a053462",
      "title": "政策核心硬科技相对红利质量的因子分解",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-2acd5a053462/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "政策核心硬科技相对红利质量的因子分解 因子研究员 2026-08-08 立场：压力测试（stress-test）",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-d8b838cfb2f1",
      "title": "USD/CNY波动率回落与USD/VND远期收敛：纺织OEM的VND红利能否重现？ — 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d8b838cfb2f1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "USD/CNY波动率回落与USD/VND远期收敛：纺织OEM的VND红利能否重现？ — 2026-07-06",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-35585bff15dc",
      "title": "将CRO修订后的期权化对冲折回52/30/10/8：现金腿规模、再平衡区间与回撤闸门（2026-07-06）",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-35585bff15dc/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "将CRO修订后的期权化对冲折回52/30/10/8：现金腿规模、再平衡区间与回撤闸门（2026-07-06）",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-4e51987e1ff4",
      "title": "既有研究记录-07-06收益率锚企稳后的55/35/10 A股仓位融资结构 [自测算：承接prior resear...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-4e51987e1ff4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录-07-06收益率锚企稳后的55/35/10 A股仓位融资结构 [自测算：承接既有研究记录配置]",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-666493e1bb57",
      "title": "2026-07-06 — 研究记录03：CoWoS、FoCoS、EMIB与玻璃基板路线的可替代性及A股映射",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-666493e1bb57/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 — 研究记录03：CoWoS、FoCoS、EMIB与玻璃基板路线的可替代性及A股映射",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e16da4391115",
      "title": "全球宏观周报研究与分析计划 (Global Macro Research & Analysis Plan)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-e16da4391115/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球宏观周报研究与分析计划 (Global Macro Research & Analysis Plan)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ecdb4dba0889",
      "title": "沿海铜冶炼厂局部停产对全球铜精矿贸易流向与库存压力的传导机制及预期压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ecdb4dba0889/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "沿海铜冶炼厂局部停产对全球铜精矿贸易流向与库存压力的传导机制及预期压力测试 分析日期：2026-07-06",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-56b9c86b2338",
      "title": "研究报告：评估 Hyperscaler Capex 波动对光模块组合毛利垫的侵蚀风险及汇率破位下的业绩韧性",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-56b9c86b2338/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：评估 Hyperscaler Capex 波动对光模块组合毛利垫的侵蚀风险及汇率破位下的业绩韧性",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-03f0b0c10ad3",
      "title": "科创50与全市场宽度背离：沙漏是可交易的阶段性制度，而非一日压力形态 —— 工作日 2026-07-09",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-03f0b0c10ad3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "科创50与全市场宽度背离：沙漏是可交易的阶段性制度，而非一日压力形态 —— 工作日 2026-07-09",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b82fe313669e",
      "title": "西部算力枢纽绿色电力直供与“电-算协同”物理并网瓶颈的公用事业侧压力测试 (research note)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b82fe313669e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "西部算力枢纽绿色电力直供与“电-算协同”物理并网瓶颈的公用事业侧压力测试 (research note)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2e7aac701ada",
      "title": "2026-07-06 全球宏观研究报告：美联储转向窗口内人行对 CNH 流动性与人民币中间价的反应函数",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-2e7aac701ada/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 全球宏观研究报告：美联储转向窗口内人行对 CNH 流动性与人民币中间价的反应函数",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e3722c85de40",
      "title": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-e3722c85de40/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远影响",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-acd08b5ec481",
      "title": "A股银行红利可持续性压力测试：息差与资产质量能否守住4%+股息？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-acd08b5ec481/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-06 作者： 金融行业分析师 立场： 压力测试 (Stress-Test)",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-6c3abb85dc30",
      "title": "当人民银行\"就着赎回潮\"降准、10Y下探1.60–1.65%：研究记录05核电价值链杠铃对冲层的重定仓",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-6c3abb85dc30/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "当人民银行\"就着赎回潮\"降准、10Y下探1.60–1.65%：研究记录05核电价值链杠铃对冲层的重定仓",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d79608abd9d6",
      "title": "2026年7月6日 - 7月10日房地产周度研究报告 (02 weekly research.md)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d79608abd9d6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026年7月6日 - 7月10日房地产周度研究报告 (02 weekly research.md)",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f828643d1dcf",
      "title": "7月解禁窗口下两融去杠杆深渊与双引擎杠铃防御之极致避险——市场轮动阈值与Option 4避险压测报告",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-f828643d1dcf/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "7月解禁窗口下两融去杠杆深渊与双引擎杠铃防御之极致避险——市场轮动阈值与Option 4避险压测报告",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-cd64c032f65b",
      "title": "不利利率路径下 3×T + 1×TL 国债期货组合的追加保证金与组合止损治理（2026-07-06）",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-cd64c032f65b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "不利利率路径下 3×T + 1×TL 国债期货组合的追加保证金与组合止损治理（2026-07-06）",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-fe963ea762c7",
      "title": "人民币贬值、出口退税与产能转移能否对冲 CBAM 叠加反补贴关税对中游出口链的毛利侵蚀？一次压力测...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-fe963ea762c7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "人民币贬值、出口退税与产能转移能否对冲 CBAM 叠加反补贴关税对中游出口链的毛利侵蚀？一次压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e382db7fde1b",
      "title": "研究报告：在USD/CNY 6.60及光模块销量增速递延双重压力下组合回撤风险与流动性冲击的压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-e382db7fde1b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：在USD/CNY 6.60及光模块销量增速递延双重压力下组合回撤风险与流动性冲击的压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-693215d6bfcd",
      "title": "限制性Fed、稳定人民币与日元carry尾部下的跨资产风险预算 — 2026-07-06 [自测算]",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-693215d6bfcd/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "限制性Fed、稳定人民币与日元carry尾部下的跨资产风险预算 — 2026-07-06 [自测算]",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9afb048b2951",
      "title": "研究报告：电网扩容与绿电供应对 Hyperscaler 算力部署及 AI 光模块销量的瓶颈压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-9afb048b2951/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：电网扩容与绿电供应对 Hyperscaler 算力部署及 AI 光模块销量的瓶颈压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-dd08aaef113b",
      "title": "2026-07-06 策略跨资产的答案：买顺周期的“carry”、削长端久期、留短端国债做压舱石",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-dd08aaef113b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 策略跨资产的答案：买顺周期的“carry”、削长端久期、留短端国债做压舱石",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-6cd90df56763",
      "title": "全球宏观2026-07-09：油价逼近 $80、美联储鹰派期权与 10Y 美债 4.60% 对决",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-6cd90df56763/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球宏观2026-07-09：油价逼近 $80、美联储鹰派期权与 10Y 美债 4.60% 对决",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-792816145bd9",
      "title": "国内AIDC资本开支与国产ASIC放量，能否让A股液冷/供配电订单在美系云厂商之外获得独立兑现？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-792816145bd9/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "国内AIDC资本开支与国产ASIC放量，能否让A股液冷/供配电订单在美系云厂商之外获得独立兑现？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-16db12a99137",
      "title": "2026-07-06 半导体压力测试：科创50触及1,516点会否打断AI资本开支与国产替代？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-16db12a99137/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 半导体压力测试：科创50触及1,516点会否打断AI资本开支与国产替代？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-42edd151f7a3",
      "title": "2026-07-06 研究研究记录 08：CNH/CNY基差、套利回补与USD/CNY政策传导",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-42edd151f7a3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 研究研究记录 08：CNH/CNY基差、套利回补与USD/CNY政策传导",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-fb5f109adf2c",
      "title": "半导体基本面支撑力与去杠杆分层安全阀策略：基于在手订单、产能利用率与国产替代验证的个股筛查报...",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-fb5f109adf2c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "半导体基本面支撑力与去杠杆分层安全阀策略：基于在手订单、产能利用率与国产替代验证的个股筛查报告",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2ad75693b80d",
      "title": "外汇综合：PBoC 政策空间、人民币约束与日元 carry 尾部风险 — 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-2ad75693b80d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "外汇综合：PBoC 政策空间、人民币约束与日元 carry 尾部风险 — 2026-07-06",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7afee2cc0513",
      "title": "美欧AD/CVD调查会否彻底堵塞C2C海外\"泄压阀\"、在2025年后强制触发大规模物理性关停？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-7afee2cc0513/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "美欧AD/CVD调查会否彻底堵塞C2C海外\"泄压阀\"、在2025年后强制触发大规模物理性关停？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-56e9a8cc9111",
      "title": "2026-07-06 公用事业压力测试：前表核电PPA下PJM输电消纳红线与NITS费率传导",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-56e9a8cc9111/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 公用事业压力测试：前表核电PPA下PJM输电消纳红线与NITS费率传导",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-399e0d0ef689",
      "title": "2026-07-06 农业研究记录 07：猪肉产能出清、食品 CPI beta 与供给侧政策",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-399e0d0ef689/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 农业研究记录 07：猪肉产能出清、食品 CPI beta 与供给侧政策",
      "tags": [
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-eb77641c756d",
      "title": "2026-07-06 外汇压力测试：Fed暂停但未转向情景下的人民币反应函数与A股杠铃触发线",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-eb77641c756d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 外汇压力测试：Fed暂停但未转向情景下的人民币反应函数与A股杠铃触发线",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-a521a60ae939",
      "title": "2026-07-06 研究研究记录06：7.30-7.50 USD/CNY防线的市场确认信号",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-a521a60ae939/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 研究研究记录06：7.30-7.50 USD/CNY防线的市场确认信号",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0e7f20658ade",
      "title": "2026-07-07 半导体研究记录08：科创板折算率下调、AI芯片去杠杆与先进封装估值重构",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-0e7f20658ade/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-07 半导体研究记录08：科创板折算率下调、AI芯片去杠杆与先进封装估值重构",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-586a463b167b",
      "title": "A股策略综合报告：原产地规则升级与电网瓶颈约束下的投资组合最终重构 (2026-07-06)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-586a463b167b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "A股策略综合报告：原产地规则升级与电网瓶颈约束下的投资组合最终重构 (2026-07-06)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-df56a1ced278",
      "title": "全球宏观分析报告：限制性美元利率下 PBoC 宽松空间与 th T06 赎回冲击的出清时间表",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-df56a1ced278/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球宏观分析报告：限制性美元利率下 PBoC 宽松空间与 th T06 赎回冲击的出清时间表",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-88ee0d9de216",
      "title": "半导体分析师专题研究报告：电力交付延迟对AI芯片部署周期的重塑评估 — 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-88ee0d9de216/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "半导体分析师专题研究报告：电力交付延迟对AI芯片部署周期的重塑评估 — 2026-07-06",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-4c027ae773f8",
      "title": "理财赎回与同业存单利差走阔冲击下，中国商业银行负债端稳定性与净息差（NIM）收窄压力量化评估",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-4c027ae773f8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "理财赎回与同业存单利差走阔冲击下，中国商业银行负债端稳定性与净息差（NIM）收窄压力量化评估",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-0a1f3d232b1e",
      "title": "研究研究研究记录 05：PJM容量成本传导、电力通胀与再监管尾部风险（2026-07-06）",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-0a1f3d232b1e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究研究研究记录 05：PJM容量成本传导、电力通胀与再监管尾部风险（2026-07-06）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-536855d903ff",
      "title": "离岸人民币资金面波动阈值与出口价值袖口的防御策略：远期对冲、直接降仓与内需价值轮动的动态抉择",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-536855d903ff/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "离岸人民币资金面波动阈值与出口价值袖口的防御策略：远期对冲、直接降仓与内需价值轮动的动态抉择",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2118ee9d9513",
      "title": "铜精矿与精炼铜定价背离下的大类资产组合压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-2118ee9d9513/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析日期：2026-07-06 · 研究记录 · 分析师：大类资产配置师 · 立场：压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2d7cb5d206dc",
      "title": "2026-07-06 多资产权重：先偏滞胀，后升级久期",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-2d7cb5d206dc/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-06 分析师： chief-strategist 立场： 综合",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8d8e2ddc2f06",
      "title": "2026-08-07的A股银行：股息可持续性较强，但险资增配更像稳定器，尚非决定性资金催化",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-8d8e2ddc2f06/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-08-07的A股银行：股息可持续性较强，但险资增配更像稳定器，尚非决定性资金催化",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c72e1bc33ae3",
      "title": "588000/588080科创50ETF期权套保的L3风控压力测试（2026-07-06）",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-c72e1bc33ae3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "588000/588080科创50ETF期权套保的L3风控压力测试（2026-07-06）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b08318466c67",
      "title": "从“硅滞留”到组合再平衡：为 Mag7 资本开支/估值下修定价，并向刚性需求的电力红利轮动",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b08318466c67/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "从“硅滞留”到组合再平衡：为 Mag7 资本开支/估值下修定价，并向刚性需求的电力红利轮动",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-dc06748a3219",
      "title": "价格型调控转型与国债利率走廊：利率路径概率加权与久期对冲结构重塑 (2026-07-06)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-dc06748a3219/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "价格型调控转型与国债利率走廊：利率路径概率加权与久期对冲结构重塑 (2026-07-06)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-cdcc7117d7d1",
      "title": "因子验证：A股杠铃组合的“出口质量”腿与“第二层红利”腿，是否真的分散了拥挤度/杠杆风险？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-cdcc7117d7d1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "因子验证：A股杠铃组合的“出口质量”腿与“第二层红利”腿，是否真的分散了拥挤度/杠杆风险？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-77e4f81637d0",
      "title": "广钢气体解禁窗口（2026-08-17至08-20）实际数据事后核验",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-77e4f81637d0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "作者：首席策略师 工作日期： 2026-08-13 研究记录 立场：stress-test",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-9b7062c52a2f",
      "title": "研究报告：取向硅钢(GOES)会成为电力设备交付的下一个物理墙吗？（2026-07-06）",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-9b7062c52a2f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：取向硅钢(GOES)会成为电力设备交付的下一个物理墙吗？（2026-07-06）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-13d9e91ee795",
      "title": "研究研究研究记录 08：AI硬件CapEx下修对半导体产业链的传导（2026-07-06）",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-13d9e91ee795/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究研究研究记录 08：AI硬件CapEx下修对半导体产业链的传导（2026-07-06）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-be05defe6ce3",
      "title": "美国232条款与欧盟GOES保障调查：能否压制中国变压器成本优势？- 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-be05defe6ce3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "美国232条款与欧盟GOES保障调查：能否压制中国变压器成本优势？- 2026-07-06",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-04906c128c47",
      "title": "2026-07-06 — 压力测试：BINSA式安全审查会否外溢至AI硬件与半导体设备？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-04906c128c47/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 — 压力测试：BINSA式安全审查会否外溢至AI硬件与半导体设备？",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8c752b43ba6f",
      "title": "2026-07-06 材料行业研究记录：变压器原材料价格敏感性与液冷氟化液国产化弹性评估",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-8c752b43ba6f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 材料行业研究记录：变压器原材料价格敏感性与液冷氟化液国产化弹性评估",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f1693bbe39a4",
      "title": "2026-07-06 研究研究记录 07：CNH 流动性挤压与 USD/CNY 政策防线",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-f1693bbe39a4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 研究研究记录 07：CNH 流动性挤压与 USD/CNY 政策防线",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-6916911307b6",
      "title": "2026-07-06 首席风控审计：Option 4的极值VaR、MDD与流动性阻断边界",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-6916911307b6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 首席风控审计：Option 4的极值VaR、MDD与流动性阻断边界",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-eff7b7a09576",
      "title": "2026-07-07 首席策略师研究记录09：ETF买盘能否吸收科创AI芯片担保品抛压？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-eff7b7a09576/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-07 首席策略师研究记录09：ETF买盘能否吸收科创AI芯片担保品抛压？",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5c7220e174a4",
      "title": "专题报告：电力与交付能力约束下先进封装（OSAT）与Retimer芯片毛利率韧性压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-5c7220e174a4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "专题报告：电力与交付能力约束下先进封装（OSAT）与Retimer芯片毛利率韧性压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8c91581a4a98",
      "title": "僵尸运行 C2C/炼化产能的宏观扛持成本：财政补贴、银行信贷质量与中国贸易顺差的\"质量\"",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-8c91581a4a98/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "僵尸运行 C2C/炼化产能的宏观扛持成本：财政补贴、银行信贷质量与中国贸易顺差的\"质量\"",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-4c77116382c6",
      "title": "既有研究记录-07-06 — 高端医疗影像设备“共同底座”芯片国产化极限评估与利润率压测",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-4c77116382c6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录-07-06 — 高端医疗影像设备“共同底座”芯片国产化极限评估与利润率压测",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9e2b02c82a51",
      "title": "研究报告：把电力交付命题落地为具体的 A 股 / 跨市场行业配置（2026-07-06）",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-9e2b02c82a51/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究报告：把电力交付命题落地为具体的 A 股 / 跨市场行业配置（2026-07-06）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f7a0ca7d8079",
      "title": "2026-07-06 公用事业研究记录：中国有电力总量，但AI算力真正稀缺的是按期通电",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-f7a0ca7d8079/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 公用事业研究记录：中国有电力总量，但AI算力真正稀缺的是按期通电",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-bd3b4d8f8cff",
      "title": "2026-07-06 能源分析师开局卡：OPEC+恢复供给与Hormuz正常化的再定价",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-bd3b4d8f8cff/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 能源分析师开局卡：OPEC+恢复供给与Hormuz正常化的再定价",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-37378fabb80e",
      "title": "中国货币政策非对称传传导与地方公用事业补贴现金流信用风险评估 (2026-07-06)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-37378fabb80e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "中国货币政策非对称传传导与地方公用事业补贴现金流信用风险评估 (2026-07-06)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8c20c26f91ab",
      "title": "核电燃料供应与能源资源供给对 AI 扩能路径的制约：核电复兴背景下的前端供应链压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-8c20c26f91ab/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "核电燃料供应与能源资源供给对 AI 扩能路径的制约：核电复兴背景下的前端供应链压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f9a354f11400",
      "title": "2026-07-06 — 研究记录02：玻璃布与玻璃基板设备交期如何约束AI先进封装",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-f9a354f11400/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 — 研究记录02：玻璃布与玻璃基板设备交期如何约束AI先进封装",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b3d10349641b",
      "title": "2026-07-06 A股策略研究记录：PMI企稳可买，但不能当成全面周期再通胀来买",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b3d10349641b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 A股策略研究记录：PMI企稳可买，但不能当成全面周期再通胀来买",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7bdc935e4854",
      "title": "2026-07-06 全球宏观压力测试：乳业/畜牧业去产能、食品CPI与农业信用传导",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-7bdc935e4854/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 全球宏观压力测试：乳业/畜牧业去产能、食品CPI与农业信用传导",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-18b6cb414cca",
      "title": "2026-07-06 首席策略师：低油价、薄库存、2026不降息下的跨资产不对称定仓",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-18b6cb414cca/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 首席策略师：低油价、薄库存、2026不降息下的跨资产不对称定仓",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-3dd2b42fb79d",
      "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-3dd2b42fb79d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-4f2059191ebe",
      "title": "Option 4+低配篮子的因子中性化压力测试 - 2026-07-06 [自测算]",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-4f2059191ebe/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Option 4+低配篮子的因子中性化压力测试 - 2026-07-06 [自测算]",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b4d4b7fd961e",
      "title": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b4d4b7fd961e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
      "tags": [
        "AI",
        "宏观",
        "港美股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-a64cf9944ea6",
      "title": "压力测试 2027 能繁母猪产能重建周期：生物学滞后会否形成扭转通胀预期的供给冲击？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-a64cf9944ea6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "压力测试 2027 能繁母猪产能重建周期：生物学滞后会否形成扭转通胀预期的供给冲击？",
      "tags": [
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d03f69fa4dbc",
      "title": "压力测试：PJM容量电价上涨与NOx审批趋严，是否真的侵蚀AI电力交付资产的利润率？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d03f69fa4dbc/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "压力测试：PJM容量电价上涨与NOx审批趋严，是否真的侵蚀AI电力交付资产的利润率？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-9a756d6422a4",
      "title": "前序研究 — 化债腾挪的钱真能缩短基层医院DSO吗？又如何传导至设备龙头减值拨备？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-9a756d6422a4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "前序研究 — 化债腾挪的钱真能缩短基层医院DSO吗？又如何传导至设备龙头减值拨备？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5a34912cb3f6",
      "title": "半导体压力测试：\"Exit code 0\" 不是投资论点 - 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-5a34912cb3f6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "半导体压力测试：\"Exit code 0\" 不是投资论点 - 2026-07-06",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-550b8924b290",
      "title": "既有研究记录-07-06 — 美欧 IPI 与关税对中国医疗设备出口龙头的压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-550b8924b290/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录-07-06 — 美欧 IPI 与关税对中国医疗设备出口龙头的压力测试",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-c93e61164fc6",
      "title": "钢铁、电解铝、水泥行业的实际碳配额盈缺、技改Capex回报率与上游材料价差分层研究",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-c93e61164fc6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "钢铁、电解铝、水泥行业的实际碳配额盈缺、技改Capex回报率与上游材料价差分层研究",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-8c362af04edb",
      "title": "首席风控压力测试：截至2026-07-06的并网延期、HBM约束与AI电价下限上移",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-8c362af04edb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "首席风控压力测试：截至2026-07-06的并网延期、HBM约束与AI电价下限上移",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ad37df0258e9",
      "title": "2026-07-06 公用事业研究记录：绿电直供、智算微电网、容量电价与物理套利",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ad37df0258e9/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 公用事业研究记录：绿电直供、智算微电网、容量电价与物理套利",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-e88a71c220eb",
      "title": "2026-07-06 质量审计跨资产防御链条最终质量与合规审计（研究记录–09）",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-e88a71c220eb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 质量审计跨资产防御链条最终质量与合规审计（研究记录–09）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-fbb77538799b",
      "title": "主题研究研究记录 - 2026-07-06 - 机器人与液冷公告级再启动观察清单",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-fbb77538799b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "主题研究研究记录 - 2026-07-06 - 机器人与液冷公告级再启动观察清单",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7f5c2334a5d7",
      "title": "把 CNY 与 JPY 期权 P&L 映射回现金、红利锚与硬科技 beta 预算",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-7f5c2334a5d7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "把 CNY 与 JPY 期权 P&L 映射回现金、红利锚与硬科技 beta 预算",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d1fba01a2577",
      "title": "把外汇触发线翻译成可实时确认杠铃翻转的A股市场结构信号 (2026-07-06)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d1fba01a2577/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "把外汇触发线翻译成可实时确认杠铃翻转的A股市场结构信号 (2026-07-06)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-85d52e51fa34",
      "title": "既有研究记录-07-06 — 医疗ASIC的BCD与成熟模拟晶圆代工产能安全评估",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-85d52e51fa34/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录-07-06 — 医疗ASIC的BCD与成熟模拟晶圆代工产能安全评估",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-5e6ffd917e89",
      "title": "长江电力 2.98% 股息率红线遭遇电网物理卡口：防御溢价重估与吸纳容量压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-5e6ffd917e89/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "长江电力 2.98% 股息率红线遭遇电网物理卡口：防御溢价重估与吸纳容量压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ca6d2b595ee1",
      "title": "2026-07-06 TMT行业压力测试：出口科技硬件订单韧性与人民币升值风险",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ca6d2b595ee1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 TMT行业压力测试：出口科技硬件订单韧性与人民币升值风险",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-bc62ab0d5122",
      "title": "2026-07-06 中国宏观研究记录：6月PMI企稳是真，但尚未构成内需拐点",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-bc62ab0d5122/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 中国宏观研究记录：6月PMI企稳是真，但尚未构成内需拐点",
      "tags": [
        "通胀",
        "宏观",
        "A股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-285b473cae84",
      "title": "2026-07-06 全球宏观判断：AI资本开支递延、滞胀风险与股债相关性符号",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-285b473cae84/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 全球宏观判断：AI资本开支递延、滞胀风险与股债相关性符号",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-6fd387640fef",
      "title": "2026-07-06 全球宏观压力测试：人民币路径、对冲比例与出口科技折算风险",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-6fd387640fef/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 全球宏观压力测试：人民币路径、对冲比例与出口科技折算风险",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-df49917560b2",
      "title": "QA Review：2026-07-06 至 2026-07-10 周度研究包",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-df49917560b2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "QA Review：2026-07-06 至 2026-07-10 周度研究包",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e040bed4f419",
      "title": "把股票/长债杠铃形式化为风险预算权重，并对压舱石做年中5.8%赎回冲击压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-e040bed4f419/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "把股票/长债杠铃形式化为风险预算权重，并对压舱石做年中5.8%赎回冲击压力测试",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-3747c9719568",
      "title": "研究记录 10 · 公用事业分析师 — 对电网与电力设备资产重估逻辑的压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-3747c9719568/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 10 · 公用事业分析师 — 对电网与电力设备资产重估逻辑的压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ff778aad9fef",
      "title": "纺织服装OEM汇率套保比例与100bp毛利率压力测试 - 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ff778aad9fef/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "纺织服装OEM汇率套保比例与100bp毛利率压力测试 - 2026-07-06",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d96da405da2f",
      "title": "美国PJM电网硬约束下商用核电增容、机组重启与SMR容量的现实可交付性压力测试",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d96da405da2f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "美国PJM电网硬约束下商用核电增容、机组重启与SMR容量的现实可交付性压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1ee5af452b70",
      "title": "2026-07-06 - 压力测试：AI电力交易背后的能源供给与电网可交付性",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-1ee5af452b70/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 - 压力测试：AI电力交易背后的能源供给与电网可交付性",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-a2bc870d35d1",
      "title": "2026-07-06 中国宏观综合：Fed风险未消时，数量型支持优于大幅降息",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-a2bc870d35d1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 中国宏观综合：Fed风险未消时，数量型支持优于大幅降息",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-901f6bab3381",
      "title": "2026-07-06 宏观综合：中国银行、寿险、长期低利率与化债的净利息终局",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-901f6bab3381/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 宏观综合：中国银行、寿险、长期低利率与化债的净利息终局",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-867983810d66",
      "title": "2026-07-06 研究研究记录05：经常账户缓冲收窄下的防御组合权重重置",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-867983810d66/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 研究研究记录05：经常账户缓冲收窄下的防御组合权重重置",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-4ddebeaa2d13",
      "title": "Section 301/USMCA 穿透性执法范式向新能源产业链的扩散性评估",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-4ddebeaa2d13/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Section 301/USMCA 穿透性执法范式向新能源产业链的扩散性评估",
      "tags": [
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f649b93f20df",
      "title": "Section 301向柬埔寨与印尼扩张的风险评估 - 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-f649b93f20df/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Section 301向柬埔寨与印尼扩张的风险评估 - 2026-07-06",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-71ec66ca4834",
      "title": "先进封装与宽禁带功率半导体对AI电力瓶颈的对冲评估 — 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-71ec66ca4834/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "先进封装与宽禁带功率半导体对AI电力瓶颈的对冲评估 — 2026-07-06",
      "tags": [
        "AI",
        "宏观",
        "港美股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1385a773b5f6",
      "title": "全球宏观与权益策略周度研究计划 (Weekly Research Plan)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-1385a773b5f6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球宏观与权益策略周度研究计划 (Weekly Research Plan)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6140c8e8d306",
      "title": "去杠杆安全阀下的科技仓位再分配与科创50期权套保边界（2026-07-06）",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-6140c8e8d306/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "去杠杆安全阀下的科技仓位再分配与科创50期权套保边界（2026-07-06）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-4b1472828c76",
      "title": "既有研究记录-07-06 — 医疗设备半导体卡点的A股定价与质量杠铃配置策略",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-4b1472828c76/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录-07-06 — 医疗设备半导体卡点的A股定价与质量杠铃配置策略",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-de6ea112a60a",
      "title": "限制性美元利率下承接 A 股剩余股票风险的风格选择 — 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-de6ea112a60a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "限制性美元利率下承接 A 股剩余股票风险的风格选择 — 2026-07-06",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-fbff5da23028",
      "title": "风险偏好回归，还是拥挤资产的最后一段挤仓？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-fbff5da23028/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 首席策略师 · 工作日期：2026-07-06（亚洲/新加坡）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-6c88f27bb6ed",
      "title": "§0 YAML HEADER",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-6c88f27bb6ed/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026年7月6日 - 7月10日房地产周度研究报告 (06 周报.md)",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-3a33a61f3ab7",
      "title": "2026-07-06 全球宏观启动卡：美国增长缓冲变薄，但通胀尚未完全过关",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-3a33a61f3ab7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 全球宏观启动卡：美国增长缓冲变薄，但通胀尚未完全过关",
      "tags": [
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-80019d509a81",
      "title": "2026-07-06 宏观综合：碳市场扩围、煤电容量电价与制造业PPI传导",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-80019d509a81/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 宏观综合：碳市场扩围、煤电容量电价与制造业PPI传导",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1986d370c0c2",
      "title": "2026-07-06 策略研究报告：鸽派转向下的中美债券配置与期限结构选择",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-1986d370c0c2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-06 策略研究报告：鸽派转向下的中美债券配置与期限结构选择",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-03060a239e39",
      "title": "年中理财赎回潮与两融去杠杆共振下的政策流动性后手：宽货币边界与信贷通缩阻尼",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-03060a239e39/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "年中理财赎回潮与两融去杠杆共振下的政策流动性后手：宽货币边界与信贷通缩阻尼",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-b7fe4c242660",
      "title": "建筑材料产业链研究：高端AI材料脱钩、全球化出海扩张与日本丰田织机设备瓶颈",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-b7fe4c242660/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "建筑材料产业链研究：高端AI材料脱钩、全球化出海扩张与日本丰田织机设备瓶颈",
      "tags": [
        "AI",
        "通胀",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-ac2b7390ff0d",
      "title": "把50/35/15资金来源栈转化为总组合跨资产权重（2026-07-06）",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-ac2b7390ff0d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "把50/35/15资金来源栈转化为总组合跨资产权重（2026-07-06）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d5566564235f",
      "title": "收益率曲线牛平与熊陡分化下40%利率债久期袖子的期限结构与中美利率套保优化",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d5566564235f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "收益率曲线牛平与熊陡分化下40%利率债久期袖子的期限结构与中美利率套保优化",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-2682a4808619",
      "title": "核能与天然气过渡期约束下的 AI 算力 CapEx 增长斜率与板块轮动对冲",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-2682a4808619/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "核能与天然气过渡期约束下的 AI 算力 CapEx 增长斜率与板块轮动对冲",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-1cb479f4ca01",
      "title": "美国AI数据中心电网硬约束：超大规模厂商向“前表模式”与核电直供的战略转轨",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-1cb479f4ca01/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "美国AI数据中心电网硬约束：超大规模厂商向“前表模式”与核电直供的战略转轨",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-d97ebae030ca",
      "title": "银行红利板块承接力与险资买盘容量验证压力测试报告 (2026-07-06)",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-d97ebae030ca/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "银行红利板块承接力与险资买盘容量验证压力测试报告 (2026-07-06)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-150bf00dd1dc",
      "title": "黄金与国债同涨：跨资产配置该如何定位“良性通胀缓和”与“增长恐慌”的分叉？",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-150bf00dd1dc/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "黄金与国债同涨：跨资产配置该如何定位“良性通胀缓和”与“增长恐慌”的分叉？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-aa1c917f6529",
      "title": "AI基础设施“监管免疫”节点筛选：电力、液冷与数据中心设计的监管韧性评估",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-aa1c917f6529/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI基础设施“监管免疫”节点筛选：电力、液冷与数据中心设计的监管韧性评估",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-f3fff3f523c3",
      "title": "A股去杠杆叙事：屹唐股份巨额解禁下国产半导体设备去拥挤度与国产化弹性评估",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-f3fff3f523c3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "A股去杠杆叙事：屹唐股份巨额解禁下国产半导体设备去拥挤度与国产化弹性评估",
      "tags": [
        "AI",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-26aea34c64af",
      "title": "GB200级智算中心的电网扩容与电力设备瓶颈评估（2026-07-06）",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-26aea34c64af/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "GB200级智算中心的电网扩容与电力设备瓶颈评估（2026-07-06）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-37fad4012bbd",
      "title": "Option 4+ 跨资产风险预算 - 2026-07-06 [自测算]",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-37fad4012bbd/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Option 4+ 跨资产风险预算 - 2026-07-06 [自测算]",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-558c7ea870b8",
      "title": "从汇率毛利率修复到持仓判断：上市纺织OEM组合 — 2026-07-06",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-558c7ea870b8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "从汇率毛利率修复到持仓判断：上市纺织OEM组合 — 2026-07-06",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-4c93ebb3f660",
      "title": "极端流动性冲击下的跨资产缓冲垫重建 - 2026-07-06 [自测算]",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-4c93ebb3f660/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "极端流动性冲击下的跨资产缓冲垫重建 - 2026-07-06 [自测算]",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-202e0748efe5",
      "title": "美联储鸽派转向 × 日银QT共振：美元/离岸人民币掉期点与套保成本的演变",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-202e0748efe5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "美联储鸽派转向 × 日银QT共振：美元/离岸人民币掉期点与套保成本的演变",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    },
    {
      "id": "archive-7101c5ce9f85",
      "title": "质疑：绿色再贷款不会通过 既有研究记录所建模的路径击穿区域性银行",
      "date": "2026-07-06",
      "href": "/investor/reports/archive-7101c5ce9f85/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "质疑：绿色再贷款不会通过 既有研究记录所建模的路径击穿区域性银行",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "research_thread"
    }
  ],
  "discussions": [
    {
      "title": "2026年6月中国PMI企稳与内需成色",
      "question": "2026年6月PMI回升，代表中国经济进入自发修复，还是仅代表出口和民营部门阶段性企稳、仍需要政策托底？",
      "status": "completed",
      "analyst": "中国宏观分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "6月PMI回升后的中国宏观企稳质量",
      "question": "2026年6月制造业PMI重回扩张区间后，是否足以降低近期宏观支持的必要性，还是仍需等待需求扩散度确认？",
      "status": "completed",
      "analyst": "中国宏观分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "OPEC+八月增产与Hormuz正常化下的油价重估",
      "question": "OPEC+在2026-07-05宣布的188千桶/日八月增产，是原油持续利空，还是市场对Strait of Hormuz更快重开的确认式定价？",
      "status": "completed",
      "analyst": "能源行业分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "Warsh 时代美联储的鹰派转向：供给冲击型美联储遭遇需求走弱的劳动力市场",
      "question": "在伊朗战争石油冲击推高通胀、而 6 月劳动力市场（非农仅 +5.7 万、参与率创五年低点）走弱的背景下，美联储 2026 年真正加息的概率有多大，其跨资产含义如何？",
      "status": "completed",
      "analyst": "首席经济学家",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "中国央行货币政策调控范式转型与国债市场的“收益率之锚”：剖析全新隔夜逆回购与买卖国债工具",
      "question": "中国人民银行在2026年年中推出的隔夜逆回购与国债买卖工具如何重塑流动性调控机制，并对当前处于1.74%历史低位的十年期国债收益率产生何种锚定效应？",
      "status": "completed",
      "analyst": "中国宏观分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "产业链调研：公用事业产业链（30 日激活率 9.7%, 20/206）",
      "question": "Investigate the 公用事业产业链 industry chain. Activation: 20/206 (9.7%) over last 30d — under-researched. Identify the 3-5 under-covered names with...",
      "status": "completed",
      "analyst": "公用事业分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "产业链调研：医疗保健设备产业链（30 日激活率 4.6%, 8/174）",
      "question": "Investigate the 医疗保健设备产业链 industry chain. Activation: 8/174 (4.6%) over last 30d — under-researched. Identify the 3-5 under-covered names wi...",
      "status": "completed",
      "analyst": "医药行业分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "产业链调研：工业机械产业链（30 日激活率 5.1%, 6/118）",
      "question": "Investigate the 工业机械产业链 industry chain. Activation: 6/118 (5.1%) over last 30d — under-researched. Identify the 3-5 under-covered names with t...",
      "status": "completed",
      "analyst": "工业制造分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "产业链调研：建筑材料产业链（30 日激活率 7%, 11/157）",
      "question": "Investigate the 建筑材料产业链 industry chain. Activation: 11/157 (7%) over last 30d — under-researched. Identify the 3-5 under-covered names with th...",
      "status": "completed",
      "analyst": "房地产分析师",
      "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：生命健康和生物科技（30 日激活率 4%, 7/174）",
      "question": "Investigate the 生命健康和生物科技 industry chain. Activation: 7/174 (4%) over last 30d — under-researched. Identify the 3-5 under-covered names with...",
      "status": "completed",
      "analyst": "生物科技分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "产业链调研：纺织服装产业链（30 日激活率 3.5%, 3/86）",
      "question": "Investigate the 纺织服装产业链 industry chain. Activation: 3/86 (3.5%) over last 30d — under-researched. Identify the 3-5 under-covered names with th...",
      "status": "completed",
      "analyst": "消费行业分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "产业链调研：绿色食品（30 日激活率 4.5%, 3/67）",
      "question": "Investigate the 绿色食品 industry chain. Activation: 3/67 (4.5%) over last 30d — under-researched. Identify the 3-5 under-covered names with the most...",
      "status": "completed",
      "analyst": "农业行业分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "截至2026-07-06的美国就业降温与通胀黏性：7月FOMC反应函数",
      "question": "美国6月非农放缓是否足以让Fed在2026年7月28-29日FOMC会议前转向宽松，还是5月PCE通胀反弹会让反应函数继续偏鹰？",
      "status": "completed",
      "analyst": "首席经济学家",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "推进 TSLA/M7/RETAIL 盈利修正研究",
      "question": "下午需要进入估值、盈利修正和风险情景，而不是继续堆叠背景材料。参考“与 research-editor 协作”部分。",
      "status": "completed",
      "analyst": "深研主编",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "日元套利交易：美日政策背离下的强韧性与全球平仓风险分析 日期： 2026 07 06 分析师： fx strategist (外汇策略师) 执行摘要 截...",
      "question": "Use fresh search to choose one concrete, timely research topic inside Oil, gas, coal, renewables, power generation / Oil Price Monitor, then explain w...",
      "status": "completed",
      "analyst": "外汇策略师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "电网容量瓶颈下的核电AI数据中心监管加速与并网权转让 (2026-07-06)",
      "question": "FERC在2026年6月批准的Eddystone容量并网权转移豁免如何解决微软Crane清洁能源中心（三哩岛）的并网延迟？这对抗辩PJM电网容量短缺与高企的容量电价有何战略启示...",
      "status": "completed",
      "analyst": "AI基础设施分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "美国AI数据中心电网并网瓶颈与核电/SMR转轨",
      "question": "在电网面临数年延迟的背景下，超大规模厂商从表后共址核电向前表零售购电协议及机组重启转轨的装机进度与投资经济性应如何量化评估？",
      "status": "completed",
      "analyst": "AI基础设施分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "美国增长放缓与通胀粘性的Fed路径冲突",
      "question": "2026年6月非农放缓是否足以让市场淡化Fed的鹰派倾向，还是通胀数据仍然过粘，使7月FOMC会议前难以转向鸽派？",
      "status": "completed",
      "analyst": "全球宏观分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "美国增长缓冲变薄但通胀尚未完全过关：7月Fed暂停与后续政策风险",
      "question": "2026年7月初的美国宏观数据，是支持干净的通胀降温式放缓，还是指向Fed 7月可暂停但2026年后续仍有加息风险的更棘手组合？",
      "status": "completed",
      "analyst": "全球宏观分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "美国就业降温与美联储 7 月政策反应函数",
      "question": "美国 6 月劳动力市场降温，是否足以支持美联储在 2026 年 7 月转向鸽派，还是 5 月通胀背景仍使委员会维持“按兵不动、暂不宽松”的政策姿态？",
      "status": "completed",
      "analyst": "全球宏观分析师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "跟踪机器人、液冷、ST 新规首日交易信息",
      "question": "仅在出现订单、公告、融资异常或供货链证据时新开 research discussion。参考“今日收盘后”部分。",
      "status": "completed",
      "analyst": "市场情绪师",
      "noteCount": 10,
      "href": "/investor/console/#operations"
    },
    {
      "title": "AI算力物理红线硬约束下的“Infra三剑客”（电力、电网设备与液体冷却）估值重塑",
      "question": "随着全球AI算力瓶颈从芯片制程转向 firm power 与散热物理红线，红利与电网资产在组合中应如何重新定位，以对冲成长股的估值折损？",
      "status": "completed",
      "analyst": "首席策略师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "A股去杠杆叙事：全市场崩盘还是硬科技局部负Gamma？",
      "question": "在两融余额可核口径约3.0万亿元、科创50盘中深V、但解禁与融资拥挤仍在的情况下，今日收盘后仓位框架应从Option 4极致防御调到哪一级？",
      "status": "completed",
      "analyst": "首席策略师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "油价下跌、黄金上涨、长端利率回落意味着什么？",
      "question": "OPEC+ 增产与 Strait of Hormuz 复航叙事压油价，但黄金和国债同时被买入，市场到底在交易通胀缓和、增长放缓，还是中东/航运尾部风险？",
      "status": "completed",
      "analyst": "全球宏观分析师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    },
    {
      "title": "风险偏好回归还是拥挤资产最后一段挤仓？",
      "question": "如果期货、BTC、期权仓位显示追涨，但 AAII、货基和股票基金流向显示防守，今天应把它定性为可加仓的广度改善，还是需要减仓的情绪背离？",
      "status": "completed",
      "analyst": "首席策略师",
      "noteCount": 8,
      "href": "/investor/console/#operations"
    }
  ],
  "thesisEvents": [
    {
      "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": 0,
      "risks": 5,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "研究报告：取向硅钢(GOES)会成为电力设备交付的下一个物理墙吗？（2026-07-06）",
          "summary": "研究报告：取向硅钢(GOES)会成为电力设备交付的下一个物理墙吗？（2026-07-06）",
          "href": "/investor/reports/archive-9b7062c52a2f/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "GB200级智算中心的电网扩容与电力设备瓶颈评估（2026-07-06）",
          "summary": "GB200级智算中心的电网扩容与电力设备瓶颈评估（2026-07-06）",
          "href": "/investor/reports/archive-26aea34c64af/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "研究记录 10 · 公用事业分析师 — 对电网与电力设备资产重估逻辑的压力测试",
          "summary": "研究记录 10 · 公用事业分析师 — 对电网与电力设备资产重估逻辑的压力测试",
          "href": "/investor/reports/archive-3747c9719568/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力物理红线硬约束下的“Infra三剑客”（电力、电网设备与液体冷却）估值重塑",
          "summary": "AI算力物理红线硬约束下的“Infra三剑客”（电力、电网设备与液体冷却）估值重塑 报告日期：2026-07-06 首席策略师：chief-strategist",
          "href": "/investor/reports/archive-d2b1f8f43a18/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "ETN",
        "600089.SH",
        "601179.SH",
        "688676.SH",
        "VST"
      ]
    },
    {
      "id": "thesis-5be4c31f4e",
      "title": "6月央行双会周（日本央行6月15-16日加息至1.00%、美联储6月16-17日按兵不动）叠加正在降温但仍高企的中东石油冲击，对全球风险…",
      "titleEn": "Practical research topic: 6月央行双会周（日本央行6月15-16日加息至1.00%、美联储6月16-17日按兵不动）叠加正在降温但仍高企的中东石油冲击，对全球风险…",
      "href": "/investor/theses/thesis-5be4c31f4e/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "美联储鸽派转向 × 日银QT共振：美元/离岸人民币掉期点与套保成本的演变",
          "summary": "美联储鸽派转向 × 日银QT共振：美元/离岸人民币掉期点与套保成本的演变",
          "href": "/investor/reports/archive-202e0748efe5/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-06 策略研究报告：鸽派转向下的中美债券配置与期限结构选择",
          "summary": "2026-07-06 策略研究报告：鸽派转向下的中美债券配置与期限结构选择",
          "href": "/investor/reports/archive-1986d370c0c2/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "Warsh 时代的鹰派转向：供给冲击型美联储遭遇需求走弱的劳动力市场",
          "summary": "研究研究记录 · 全球宏观分析师 · 工作日期：2026-07-06（亚洲/新加坡） 立场： initial（初始）",
          "href": "/investor/reports/archive-69b9b87e99da/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "鹰派美联储、美元/人民币利差优势与新兴市场套利交易压力测试",
          "summary": "研究记录 · 分析师： 全球宏观 / 外汇策略师 · 立场： 支持（延伸研究记录 01） 工作日期： 2026-07-06（亚洲/新加坡） · 根主题： 通向 7 月 FOMC 的美国就业降温与通胀黏性",
          "href": "/investor/reports/archive-c5e9c1ccf563/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "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": 2,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "AI算力物理红线硬约束下的“Infra三剑客”（电力、电网设备与液体冷却）估值重塑",
          "summary": "AI算力物理红线硬约束下的“Infra三剑客”（电力、电网设备与液体冷却）估值重塑 报告日期：2026-07-06 首席策略师：chief-strategist",
          "href": "/investor/reports/archive-d2b1f8f43a18/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2027年电力瓶颈：电网扩容与配电设备交期对AI算力交付节奏的影响",
          "summary": "作者 : 能源行业分析师 (Energy Analyst) 工作日期 : 2026-07-06 研究记录索引 : 5/10 状态 : 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-fe6c77fa6463/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "西部算力枢纽绿色电力直供与“电-算协同”物理并网瓶颈的公用事业侧压力测试 (research note)",
          "summary": "西部算力枢纽绿色电力直供与“电-算协同”物理并网瓶颈的公用事业侧压力测试 (research note)",
          "href": "/investor/reports/archive-b82fe313669e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股水电、电网设备、红利质量与盈利型科技的可交易组合映射报告",
          "summary": "分析师： 首席策略师 (Chief Strategist) 报告日期： 2026-07-06 (Asia/Singapore) 董事会 ID： [source-id-redacted] 研究记录索引： 5/8 当前立场： 综合 (Synthesize)",
          "href": "/investor/reports/archive-89d15593b200/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "GEV",
        "600089.SH",
        "601179.SH",
        "ETN",
        "688676.SH",
        "VST"
      ]
    },
    {
      "id": "thesis-2aa156c4c9",
      "title": "2026-07-06的核心判断是：防御组合必须从红利和长债的收益率防御，转向红利、长债、人民币黄金三者更均衡且黄金显著加权的汇率防御。",
      "titleEn": "Practical research topic: 2026-07-06的核心判断是：防御组合必须从红利和长债的收益率防御，转向红利、长债、人民币黄金三者更均衡且黄金显著加权的汇率防御。",
      "href": "/investor/theses/thesis-2aa156c4c9/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "USD/CNY波动率回落与USD/VND远期收敛：纺织OEM的VND红利能否重现？ — 2026-07-06",
          "summary": "USD/CNY波动率回落与USD/VND远期收敛：纺织OEM的VND红利能否重现？ — 2026-07-06",
          "href": "/investor/reports/archive-d8b838cfb2f1/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-06 研究研究记录 08：CNH/CNY基差、套利回补与USD/CNY政策传导",
          "summary": "2026-07-06 研究研究记录 08：CNH/CNY基差、套利回补与USD/CNY政策传导",
          "href": "/investor/reports/archive-42edd151f7a3/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-06 研究研究记录06：7.30-7.50 USD/CNY防线的市场确认信号",
          "summary": "2026-07-06 研究研究记录06：7.30-7.50 USD/CNY防线的市场确认信号",
          "href": "/investor/reports/archive-a521a60ae939/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-06 研究研究记录 07：CNH 流动性挤压与 USD/CNY 政策防线",
          "summary": "2026-07-06 研究研究记录 07：CNH 流动性挤压与 USD/CNY 政策防线",
          "href": "/investor/reports/archive-f1693bbe39a4/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "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算力物理红线硬约束下的“Infra三剑客”（电力、电网设备与液体冷却）估值重塑",
          "summary": "AI算力物理红线硬约束下的“Infra三剑客”（电力、电网设备与液体冷却）估值重塑 报告日期：2026-07-06 首席策略师：chief-strategist",
          "href": "/investor/reports/archive-d2b1f8f43a18/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "压力测试：PJM容量电价上涨与NOx审批趋严，是否真的侵蚀AI电力交付资产的利润率？",
          "summary": "压力测试：PJM容量电价上涨与NOx审批趋严，是否真的侵蚀AI电力交付资产的利润率？",
          "href": "/investor/reports/archive-d03f69fa4dbc/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股“Infra三剑客”最终配置综合报告：电力、电网设备与液体冷却的权重和触发器",
          "summary": "A股“Infra三剑客”最终配置综合报告：电力、电网设备与液体冷却的权重和触发器 报告日期：2026-07-06 首席策略师：chief-strategist",
          "href": "/investor/reports/archive-df19b70a163e/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2027年电力瓶颈：电网扩容与配电设备交期对AI算力交付节奏的影响",
          "summary": "作者 : 能源行业分析师 (Energy Analyst) 工作日期 : 2026-07-06 研究记录索引 : 5/10 状态 : 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-fe6c77fa6463/",
          "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": 5,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远...",
          "summary": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远影响",
          "href": "/investor/reports/archive-e3722c85de40/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "国内AIDC资本开支与国产ASIC放量，能否让A股液冷/供配电订单在美系云厂商之外获得独立兑现？",
          "summary": "国内AIDC资本开支与国产ASIC放量，能否让A股液冷/供配电订单在美系云厂商之外获得独立兑现？",
          "href": "/investor/reports/archive-792816145bd9/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "核能与天然气过渡期约束下的 AI 算力 CapEx 增长斜率与板块轮动对冲",
          "summary": "核能与天然气过渡期约束下的 AI 算力 CapEx 增长斜率与板块轮动对冲",
          "href": "/investor/reports/archive-2682a4808619/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股算力产业链中的散热物理红线约束与液冷交付重塑",
          "summary": "作者： AI基础设施分析师 (AI Infrastructure Analyst) 日期： 2026-07-06 立场： 支持 (SUPPORT)（确认算力硬件开支分配向电力/散热等物理基建倾斜的结构性逻辑，并支持杠铃组合配置）",
          "href": "/investor/reports/archive-2ae0c025e608/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "600089.SH",
        "ETN",
        "CEG",
        "601179.SH"
      ]
    },
    {
      "id": "thesis-b13c7cf092",
      "title": "高纯石英材料受益于先进封装扩产，但兑现取决于认证与产品结构",
      "titleEn": "High-purity quartz can benefit from advanced-packaging expansion, conditional on qualification and mix",
      "href": "/investor/theses/thesis-b13c7cf092/",
      "laneId": "lane_f1a271385aff",
      "lane": "先进封装/HBM4 闸门",
      "laneHref": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 70,
      "supports": 1,
      "risks": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "2026-07-06 — 研究记录03：CoWoS、FoCoS、EMIB与玻璃基板路线的可替代性及A股映射",
          "summary": "2026-07-06 — 研究记录03：CoWoS、FoCoS、EMIB与玻璃基板路线的可替代性及A股映射",
          "href": "/investor/reports/archive-666493e1bb57/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "研究研究研究记录 08：AI硬件CapEx下修对半导体产业链的传导（2026-07-06）",
          "summary": "研究研究研究记录 08：AI硬件CapEx下修对半导体产业链的传导（2026-07-06）",
          "href": "/investor/reports/archive-13d9e91ee795/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "AI 数据中心瓶颈对半导体订单的传导 — 2026-07-06",
          "summary": "截至研究所工作日期 2026-07-06，本报告综合而非否定 既有研究记录：AI 基础设施需求仍足以支撑 2026H2 存储、先进封装、液冷、电力设备和部分半导体设备订单，但前提是项目已经锁定电...",
          "href": "/investor/reports/archive-b3da53872707/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "先进封装与宽禁带功率半导体对AI电力瓶颈的对冲评估 — 2026-07-06",
          "summary": "先进封装与宽禁带功率半导体对AI电力瓶颈的对冲评估 — 2026-07-06",
          "href": "/investor/reports/archive-71ec66ca4834/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "NVDA",
        "MU",
        "000660.KS",
        "ASML",
        "688012.SH",
        "002916.SZ"
      ]
    },
    {
      "id": "thesis-3f6ee4feb9",
      "title": "核电容量机制可改善现金流，但资本开支约束仍在",
      "titleEn": "Nuclear capacity mechanisms may improve cash flow, but capex remains binding",
      "href": "/investor/theses/thesis-3f6ee4feb9/",
      "laneId": "lane_22c1ed929e2e",
      "lane": "公用事业/电网信用",
      "laneHref": "/investor/lanes/utilities-grid-rate-base-and-credit/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 2,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "核电容量溢价在美股与A股电力价值链的估值再分配——贴现率压力测试",
          "summary": "作者： 首席策略师（ chief-strategist ） 报告日期： 2026-07-06 （片） 立场： stress-test（对 既有研究记录 的压力测试）",
          "href": "/investor/reports/archive-041afa948878/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "压力测试：PJM容量电价上涨与NOx审批趋严，是否真的侵蚀AI电力交付资产的利润率？",
          "summary": "压力测试：PJM容量电价上涨与NOx审批趋严，是否真的侵蚀AI电力交付资产的利润率？",
          "href": "/investor/reports/archive-d03f69fa4dbc/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "当人民银行\"就着赎回潮\"降准、10Y下探1.60–1.65%：研究记录05核电价值链杠铃对冲层的重定仓",
          "summary": "当人民银行\"就着赎回潮\"降准、10Y下探1.60–1.65%：研究记录05核电价值链杠铃对冲层的重定仓",
          "href": "/investor/reports/archive-6c3abb85dc30/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "中美贴现率机制分化下的 \"美股 IPP 成长 vs A股红利\" 核电价值链杠铃定仓、对冲与再平衡宏观策略报...",
          "summary": "中美贴现率机制分化下的 \"美股 IPP 成长 vs A股红利\" 核电价值链杠铃定仓、对冲与再平衡宏观策略报告 报告日期： 2026-07-06 (亚洲/新加坡) 研究来源：已归档",
          "href": "/investor/reports/archive-c084c7b8198e/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "CEG",
        "AEP",
        "600025.SH",
        "DUK",
        "1816.HK",
        "NEE"
      ]
    },
    {
      "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": 1,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "GB200级智算中心的电网扩容与电力设备瓶颈评估（2026-07-06）",
          "summary": "GB200级智算中心的电网扩容与电力设备瓶颈评估（2026-07-06）",
          "href": "/investor/reports/archive-26aea34c64af/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股水电、电网设备、红利质量与盈利型科技的可交易组合映射报告",
          "summary": "分析师： 首席策略师 (Chief Strategist) 报告日期： 2026-07-06 (Asia/Singapore) 董事会 ID： [source-id-redacted] 研究记录索引： 5/8 当前立场： 综合 (Synthesize)",
          "href": "/investor/reports/archive-89d15593b200/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "研究记录 10 · 公用事业分析师 — 对电网与电力设备资产重估逻辑的压力测试",
          "summary": "研究记录 10 · 公用事业分析师 — 对电网与电力设备资产重估逻辑的压力测试",
          "href": "/investor/reports/archive-3747c9719568/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远...",
          "summary": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远影响",
          "href": "/investor/reports/archive-e3722c85de40/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "GEV",
        "600089.SH",
        "ETN",
        "601179.SH",
        "688676.SH",
        "VST"
      ]
    },
    {
      "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": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远...",
          "summary": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远影响",
          "href": "/investor/reports/archive-e3722c85de40/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "西部算力枢纽绿色电力直供与“电-算协同”物理并网瓶颈的公用事业侧压力测试 (research note)",
          "summary": "西部算力枢纽绿色电力直供与“电-算协同”物理并网瓶颈的公用事业侧压力测试 (research note)",
          "href": "/investor/reports/archive-b82fe313669e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力物理红线硬约束下的“Infra三剑客”（电力、电网设备与液体冷却）估值重塑",
          "summary": "AI算力物理红线硬约束下的“Infra三剑客”（电力、电网设备与液体冷却）估值重塑 报告日期：2026-07-06 首席策略师：chief-strategist",
          "href": "/investor/reports/archive-d2b1f8f43a18/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2027年电力瓶颈：电网扩容与配电设备交期对AI算力交付节奏的影响",
          "summary": "作者 : 能源行业分析师 (Energy Analyst) 工作日期 : 2026-07-06 研究记录索引 : 5/10 状态 : 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-fe6c77fa6463/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "002028.SZ",
        "601179.SH",
        "600089.SH",
        "CEG",
        "688676.SH"
      ]
    },
    {
      "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": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "summary": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "href": "/investor/reports/archive-b4d4b7fd961e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "专题报告：电力与交付能力约束下先进封装（OSAT）与Retimer芯片毛利率韧性压力测试",
          "summary": "专题报告：电力与交付能力约束下先进封装（OSAT）与Retimer芯片毛利率韧性压力测试",
          "href": "/investor/reports/archive-5c7220e174a4/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "先进封装与宽禁带功率半导体对AI电力瓶颈的对冲评估 — 2026-07-06",
          "summary": "先进封装与宽禁带功率半导体对AI电力瓶颈的对冲评估 — 2026-07-06",
          "href": "/investor/reports/archive-71ec66ca4834/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "从锁单到机柜交付：10 GW级AI算力需求如何在HBM／封装／PCB／电力之间\"轮动\"约束墙——并反向排定A...",
          "summary": "从锁单到机柜交付：10 GW级AI算力需求如何在HBM／封装／PCB／电力之间\"轮动\"约束墙——并反向排定A股材料设备链的业绩兑现顺序",
          "href": "/investor/reports/archive-d05e9bea4f93/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "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": 1,
      "risks": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "极致避险Regime下的消费行业微观透视与出口红利重塑——基于渠道折扣化、平替消费与利润率压测的Op...",
          "summary": "极致避险Regime下的消费行业微观透视与出口红利重塑——基于渠道折扣化、平替消费与利润率压测的Option 4配置建议",
          "href": "/investor/reports/archive-c72afc24a4ea/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "Section 301 关税对越南纺织服装 OEM 利润率侵蚀风险压力测试报告",
          "summary": "Section 301 关税对越南纺织服装 OEM 利润率侵蚀风险压力测试报告 全球供应链与宏观策略研究院 作者： thematic-researcher (主题研究员) 基准工作日期： 2026-07-06 (亚洲/新加坡)",
          "href": "/investor/reports/archive-3e5ea1b3d9e4/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "USMCA原产地溯源与贸易救济对中国工程机械出口利润率的监管压力",
          "summary": "USMCA原产地溯源与贸易救济对中国工程机械出口利润率的监管压力 报告法定工时日：2026-07-06（亚洲/新加坡） 分析师：主题研究员 (Thematic Researcher) 研究记录03立场：压力测试",
          "href": "/investor/reports/archive-6908ff433296/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "关税、汇率与OEM利润率传导 - 2026-07-06",
          "summary": "截至研究所工作日2026-07-06，我支持前序研究关于美国贸易政策已成为纺织服装OEM利润率变量的判断，并把它推进到宏观传导层面：USTR强迫劳动Section 301拟议行动把柬埔寨和印尼放入10%附加关税...",
          "href": "/investor/reports/archive-842c9e3b29e4/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600690.SH",
        "000333.SZ",
        "600900.SH",
        "002139.SZ",
        "2313.HK",
        "605183.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": 2,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "半导体基本面支撑力与去杠杆分层安全阀策略：基于在手订单、产能利用率与国产替代验证的个股筛查报...",
          "summary": "半导体基本面支撑力与去杠杆分层安全阀策略：基于在手订单、产能利用率与国产替代验证的个股筛查报告",
          "href": "/investor/reports/archive-fb5f109adf2c/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "研究报告：大宗交易折价走阔与期权负Gamma平仓螺旋的微观机制及流动性对冲路径优化",
          "summary": "研究报告：大宗交易折价走阔与期权负Gamma平仓螺旋的微观机制及流动性对冲路径优化 共享看板会话 既有研究记录分析师：首席策略师 (chief-strategist) 报告权威日期：2026-07-06（亚太/...",
          "href": "/investor/reports/archive-ba91491c89be/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-06 半导体压力测试：科创50触及1,516点会否打断AI资本开支与国产替代？",
          "summary": "2026-07-06 半导体压力测试：科创50触及1,516点会否打断AI资本开支与国产替代？",
          "href": "/investor/reports/archive-16db12a99137/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股去杠杆叙事：屹唐股份巨额解禁下国产半导体设备去拥挤度与国产化弹性评估",
          "summary": "A股去杠杆叙事：屹唐股份巨额解禁下国产半导体设备去拥挤度与国产化弹性评估",
          "href": "/investor/reports/archive-f3fff3f523c3/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "688981.SH",
        "688256.SH",
        "0981.HK",
        "688041.SH",
        "600900.SH",
        "688012.SH",
        "588000.SH",
        "688008.SH",
        "300308.SZ",
        "002371.SZ"
      ]
    },
    {
      "id": "thesis-241377c8be",
      "title": "显示材料改善需由利润率与现金流共同确认",
      "titleEn": "Display-material recovery requires joint margin and cash-flow confirmation",
      "href": "/investor/theses/thesis-241377c8be/",
      "laneId": "lane_f1a271385aff",
      "lane": "先进封装/HBM4 闸门",
      "laneHref": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 59,
      "supports": 1,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "从锁单到机柜交付：10 GW级AI算力需求如何在HBM／封装／PCB／电力之间\"轮动\"约束墙——并反向排定A...",
          "summary": "从锁单到机柜交付：10 GW级AI算力需求如何在HBM／封装／PCB／电力之间\"轮动\"约束墙——并反向排定A股材料设备链的业绩兑现顺序",
          "href": "/investor/reports/archive-d05e9bea4f93/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "建筑材料产业链研究：高端AI材料脱钩、全球化出海扩张与日本丰田织机设备瓶颈",
          "summary": "建筑材料产业链研究：高端AI材料脱钩、全球化出海扩张与日本丰田织机设备瓶颈",
          "href": "/investor/reports/archive-b7fe4c242660/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "本周因子研究周报计划",
          "summary": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
          "href": "/investor/reports/archive-ae1e8358ab02/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-06 — 研究记录03：CoWoS、FoCoS、EMIB与玻璃基板路线的可替代性及A股映射",
          "summary": "2026-07-06 — 研究记录03：CoWoS、FoCoS、EMIB与玻璃基板路线的可替代性及A股映射",
          "href": "/investor/reports/archive-666493e1bb57/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "NVDA",
        "ASML",
        "000660.KS",
        "MU",
        "002916.SZ",
        "600552.SH"
      ]
    },
    {
      "id": "thesis-bef6966fdd",
      "title": "工业机械的出口订单质量和设备更新周期决定制造业 CapEx 弹性",
      "titleEn": "Industrial machinery beta depends on export-order quality and equipment-upgrade capex",
      "href": "/investor/theses/thesis-bef6966fdd/",
      "laneId": "lane_6e2dcaab093e",
      "lane": "工业机械/设备更新出海",
      "laneHref": "/investor/lanes/industrial-machinery-equipment-upgrade-and-exports/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 59,
      "supports": 1,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "工业制造与国防航天研究周报编制计划 (Industrials, Defense & Aerospace Weekly Research Plan)",
          "summary": "工业制造与国防航天研究周报编制计划 (Industrials, Defense & Aerospace Weekly Research Plan)",
          "href": "/investor/reports/archive-19437932ed9f/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "工业机械产业链 - 低覆盖度线索筛选，2026-07-06",
          "summary": "截至 2026-07-06，本报告是在研究所此前多次提出的工业机械产业链问题上做增量综合，而不是重述行业常识：内部 30 日仅激活 6/118 个标的，激活率 5.1%，此前相关提示也落在 5.1% 与 5.9% 的低...",
          "href": "/investor/reports/archive-b9b31a496d06/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股机械公司北美BOM本地化产能与中国投入品暴露映射压力测试报告",
          "summary": "A股机械公司北美BOM本地化产能与中国投入品暴露映射压力测试报告 报告法定工时日：2026-07-06 (亚洲/新加坡) 分析师：工业制造分析师 (Industrials Analyst) 当前立场：压力测试 (Stress-test)",
          "href": "/investor/reports/archive-d5e7e320acc1/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "评估贸易壁垒及关税政策对工业机械出口核心品种的影响",
          "summary": "评估贸易壁垒及关税政策对工业机械出口核心品种的影响 报告法定工时日：2026-07-06 (亚洲/新加坡) 分析师：主题研究员 (Thematic Researcher) 当前立场：压力测试 (Stress-test)",
          "href": "/investor/reports/archive-7a49206e1a14/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600031.SH",
        "600761.SH",
        "002747.SZ",
        "000425.SZ",
        "603338.SH",
        "603298.SH",
        "000157.SZ",
        "601100.SH",
        "300124.SZ"
      ]
    },
    {
      "id": "thesis-6f42e0fe6e",
      "title": "稀土、铜铝与关键材料正在成为 AI 与新能源共用的供给约束",
      "titleEn": "Rare earths, copper, aluminum, and key materials are becoming shared supply constraints for AI and energy transition",
      "href": "/investor/theses/thesis-6f42e0fe6e/",
      "laneId": "lane_8c4a3526fcca",
      "lane": "关键材料/稀土铜铝",
      "laneHref": "/investor/lanes/critical-materials-rare-earths-copper-and-aluminum/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 58,
      "supports": 0,
      "risks": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "2026-07-06 压力测试：电网招标兑现与铜铝替代",
          "summary": "2026-07-06 压力测试：电网招标兑现与铜铝替代 作者: 公用事业分析师 (utilities-analyst) 日期: 2026-07-06 (Asia/Singapore) 研究线程标识: [source-id-redacted] 研究记录 立场:...",
          "href": "/investor/reports/archive-e35985992cd2/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "研究报告：取向硅钢(GOES)会成为电力设备交付的下一个物理墙吗？（2026-07-06）",
          "summary": "研究报告：取向硅钢(GOES)会成为电力设备交付的下一个物理墙吗？（2026-07-06）",
          "href": "/investor/reports/archive-9b7062c52a2f/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "霍尔木兹海峡复航对硫磺全球供应链及物流成本的冲击评估 (Energy Analyst Report)",
          "summary": "霍尔木兹海峡复航对硫磺全球供应链及物流成本的冲击评估 (Energy Analyst Report) 分析日期：2026-07-06",
          "href": "/investor/reports/archive-9f5d8895cc93/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "沿海铜冶炼厂局部停产对全球铜精矿贸易流向与库存压力的传导机制及预期压力测试",
          "summary": "沿海铜冶炼厂局部停产对全球铜精矿贸易流向与库存压力的传导机制及预期压力测试 分析日期：2026-07-06",
          "href": "/investor/reports/archive-ecdb4dba0889/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "FCX",
        "GEV",
        "000831.SZ",
        "SCCO",
        "ETN",
        "MP",
        "TECK",
        "600111.SH",
        "600089.SH"
      ]
    },
    {
      "id": "thesis-cb2ab35c55",
      "title": "AI 基础设施扩张从规模驱动切换到 TCO、能效和利用率筛选",
      "titleEn": "AI infrastructure expansion is shifting from scale to TCO, power efficiency, and utilization screening",
      "href": "/investor/theses/thesis-cb2ab35c55/",
      "laneId": "lane_2d0dcf520f87",
      "lane": "AI 基建 TCO/能效筛选",
      "laneHref": "/investor/lanes/ai-infrastructure-tco-and-efficiency-reset/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 58,
      "supports": 1,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "从锁单到机柜交付：10 GW级AI算力需求如何在HBM／封装／PCB／电力之间\"轮动\"约束墙——并反向排定A...",
          "summary": "从锁单到机柜交付：10 GW级AI算力需求如何在HBM／封装／PCB／电力之间\"轮动\"约束墙——并反向排定A股材料设备链的业绩兑现顺序",
          "href": "/investor/reports/archive-d05e9bea4f93/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "summary": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "href": "/investor/reports/archive-b4d4b7fd961e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI 数据中心瓶颈对半导体订单的传导 — 2026-07-06",
          "summary": "截至研究所工作日期 2026-07-06，本报告综合而非否定 既有研究记录：AI 基础设施需求仍足以支撑 2026H2 存储、先进封装、液冷、电力设备和部分半导体设备订单，但前提是项目已经锁定电...",
          "href": "/investor/reports/archive-b3da53872707/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "国内AIDC资本开支与国产ASIC放量，能否让A股液冷/供配电订单在美系云厂商之外获得独立兑现？",
          "summary": "国内AIDC资本开支与国产ASIC放量，能否让A股液冷/供配电订单在美系云厂商之外获得独立兑现？",
          "href": "/investor/reports/archive-792816145bd9/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "AMD",
        "META",
        "MU",
        "MSFT",
        "AVGO",
        "VRT",
        "000660.KS",
        "DELL"
      ]
    },
    {
      "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": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "AI基础设施“监管免疫”节点筛选：电力、液冷与数据中心设计的监管韧性评估",
          "summary": "AI基础设施“监管免疫”节点筛选：电力、液冷与数据中心设计的监管韧性评估",
          "href": "/investor/reports/archive-aa1c917f6529/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "中国电网设备与液冷温控供应链产能瓶颈及交付周期分析",
          "summary": "研究记录 ID : research note - 作者 : 工业制造分析师 ( industrials-analyst ) - 立场 : 压力测试 (Stress-Test) - 锚定日期 : 2026-07-06",
          "href": "/investor/reports/archive-710afaa90d12/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-06 材料行业研究记录：变压器原材料价格敏感性与液冷氟化液国产化弹性评估",
          "summary": "2026-07-06 材料行业研究记录：变压器原材料价格敏感性与液冷氟化液国产化弹性评估",
          "href": "/investor/reports/archive-8c752b43ba6f/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "AI算力收入跨期滞后下的A股行业配置与多空策略调整",
          "summary": "研究记录 — 分析师： 首席策略师（chief-strategist） - 立场： 综合（Synthesize） - 工作日期： 2026-07-06（亚洲/新加坡） - 根主题： 2026年6月中国PMI企稳与内需成色 - 主题： AI算力收入...",
          "href": "/investor/reports/archive-43472333dda3/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "VRT",
        "ETN",
        "META",
        "NVDA",
        "GEV",
        "MSFT",
        "DLR",
        "EQIX",
        "SMR"
      ]
    },
    {
      "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": 1,
      "risks": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "极致避险Regime下的消费行业微观透视与出口红利重塑——基于渠道折扣化、平替消费与利润率压测的Op...",
          "summary": "极致避险Regime下的消费行业微观透视与出口红利重塑——基于渠道折扣化、平替消费与利润率压测的Option 4配置建议",
          "href": "/investor/reports/archive-c72afc24a4ea/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "Section 301 关税对越南纺织服装 OEM 利润率侵蚀风险压力测试报告",
          "summary": "Section 301 关税对越南纺织服装 OEM 利润率侵蚀风险压力测试报告 全球供应链与宏观策略研究院 作者： thematic-researcher (主题研究员) 基准工作日期： 2026-07-06 (亚洲/新加坡)",
          "href": "/investor/reports/archive-3e5ea1b3d9e4/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "USMCA原产地溯源与贸易救济对中国工程机械出口利润率的监管压力",
          "summary": "USMCA原产地溯源与贸易救济对中国工程机械出口利润率的监管压力 报告法定工时日：2026-07-06（亚洲/新加坡） 分析师：主题研究员 (Thematic Researcher) 研究记录03立场：压力测试",
          "href": "/investor/reports/archive-6908ff433296/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "关税、汇率与OEM利润率传导 - 2026-07-06",
          "summary": "截至研究所工作日2026-07-06，我支持前序研究关于美国贸易政策已成为纺织服装OEM利润率变量的判断，并把它推进到宏观传导层面：USTR强迫劳动Section 301拟议行动把柬埔寨和印尼放入10%附加关税...",
          "href": "/investor/reports/archive-842c9e3b29e4/",
          "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-5057edfa79",
      "title": "AI-Biology 与医疗效率改善需要从科研突破走向支付和监管兑现",
      "titleEn": "AI biology and healthcare productivity must move from research breakthroughs to reimbursement and regulatory proof",
      "href": "/investor/theses/thesis-5057edfa79/",
      "laneId": "lane_2eefe4e126c6",
      "lane": "AI 医疗/生物科技效率",
      "laneHref": "/investor/lanes/ai-healthcare-and-biology-productivity/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 48,
      "supports": 0,
      "risks": 5,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "07-06 — 医疗设备半导体卡点的A股定价与质量杠铃配置策略",
          "summary": "既有研究记录-07-06 — 医疗设备半导体卡点的A股定价与质量杠铃配置策略",
          "href": "/investor/reports/archive-4b1472828c76/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "07-06 — 高端医疗影像设备“共同底座”芯片国产化极限评估与利润率压测",
          "summary": "既有研究记录-07-06 — 高端医疗影像设备“共同底座”芯片国产化极限评估与利润率压测",
          "href": "/investor/reports/archive-4c77116382c6/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "07-06 — 美欧 IPI 与关税对中国医疗设备出口龙头的压力测试",
          "summary": "既有研究记录-07-06 — 美欧 IPI 与关税对中国医疗设备出口龙头的压力测试",
          "href": "/investor/reports/archive-550b8924b290/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "医疗保健设备产业链：2026 复苏拐点上被低估的标的",
          "summary": "研究记录 · 分析师： healthcare-analyst（医药行业分析师） 工作日期： 2026-07-06（Asia/Singapore） · 立场： initial（开题）",
          "href": "/investor/reports/archive-f341fc62f486/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "300760.SZ",
        "688271.SH",
        "300633.SZ",
        "688212.SH",
        "2359.HK",
        "2269.HK",
        "688617.SH",
        "DHR",
        "SDGR"
      ]
    },
    {
      "id": "thesis-d1c60d5af6",
      "title": "纺织服装出口链的 Alpha 取决于棉价、库存周期、品牌折扣与合规转移",
      "titleEn": "Textile and apparel export alpha depends on cotton, inventory cycles, brand discounting, and compliance relocation",
      "href": "/investor/theses/thesis-d1c60d5af6/",
      "laneId": "lane_856b47b8b1d9",
      "lane": "纺织服装/出口库存周期",
      "laneHref": "/investor/lanes/textile-apparel-export-and-inventory-cycle/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 38,
      "supports": 1,
      "risks": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "Section 301 关税对越南纺织服装 OEM 利润率侵蚀风险压力测试报告",
          "summary": "Section 301 关税对越南纺织服装 OEM 利润率侵蚀风险压力测试报告 全球供应链与宏观策略研究院 作者： thematic-researcher (主题研究员) 基准工作日期： 2026-07-06 (亚洲/新加坡)",
          "href": "/investor/reports/archive-3e5ea1b3d9e4/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "纺织服装产业链研究队列 - 2026-07-06",
          "summary": "截至本所权威工作日 2026-07-06，本报告综合此前 5.8%（5/86）、8.1%（7/86）、4.7%（4/86）三轮纺织服装产业链激活卡，并在最新 30 日激活率降至 3.5%（3/86）的基础上补充新的选股队列。 [S0]...",
          "href": "/investor/reports/archive-982f8137e417/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "USTR Section 301 关税政策对纺织服装供应链的潜在冲击评估",
          "summary": "USTR Section 301 关税政策对纺织服装供应链的潜在冲击评估 全球供应链与宏观策略研究院 作者： thematic-researcher (主题研究员) 基准日期： 2026-07-06 (亚洲/新加坡)",
          "href": "/investor/reports/archive-656327ef701e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "纺织服装OEM汇率套保比例与100bp毛利率压力测试 - 2026-07-06",
          "summary": "纺织服装OEM汇率套保比例与100bp毛利率压力测试 - 2026-07-06",
          "href": "/investor/reports/archive-ff778aad9fef/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NKE",
        "002003.SZ",
        "603558.SH",
        "603889.SH",
        "300979.SZ",
        "300577.SZ",
        "2313.HK",
        "603055.SH",
        "LULU"
      ]
    },
    {
      "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": 1,
      "risks": 2,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远...",
          "summary": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远影响",
          "href": "/investor/reports/archive-e3722c85de40/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力物理红线硬约束下的“Infra三剑客”（电力、电网设备与液体冷却）估值重塑",
          "summary": "AI算力物理红线硬约束下的“Infra三剑客”（电力、电网设备与液体冷却）估值重塑 报告日期：2026-07-06 首席策略师：chief-strategist",
          "href": "/investor/reports/archive-d2b1f8f43a18/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI基础设施建设延缓对算力产能扩张及数据中心电力供应的影响",
          "summary": "分析日期：2026-07-06 分析师：AI基础设施分析师 (AI Infrastructure Analyst) 研究研究记录：research note 研究来源：已归档",
          "href": "/investor/reports/archive-f93a85a731ae/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "600089.SH",
        "601179.SH"
      ]
    },
    {
      "id": "thesis-6ae5e48f60",
      "title": "折算率冲击目前更像高估值拥挤交易的局部去杠杆，而非已经形成全市场融资平仓链条。",
      "titleEn": "Practical research topic: 折算率冲击目前更像高估值拥挤交易的局部去杠杆，而非已经形成全市场融资平仓链条。",
      "href": "/investor/theses/thesis-6ae5e48f60/",
      "laneId": "lane_968dd01cb43f",
      "lane": "A股半导体/两融负 Gamma",
      "laneHref": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "A股市场结构可持续性：两融去杠杆、成交宽度与解禁供给压力测试",
          "summary": "[source-id-redacted] 研究 - Analyst: A股策略师 (ashare-strategist) - Stance: 压力测试 (Stress-Test) - Work-date: 2026-07-06 (亚洲/新加坡) - Root topic: 2026年6月中...",
          "href": "/investor/reports/archive-ef340eb4057e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "两融去杠杆与解禁洪峰下的A股维保比例（CMR）分布与防御风格切换路径",
          "summary": "两融去杠杆与解禁洪峰下的A股维保比例（CMR）分布与防御风格切换路径 机构工作日：2026-07-06 首席策略师：首席策略师 (Chief Strategist, chief-strategist ) 本报告级别：prior research note...",
          "href": "/investor/reports/archive-f0fbfcc3ce66/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股去杠杆叙事：屹唐股份巨额解禁下国产半导体设备去拥挤度与国产化弹性评估",
          "summary": "A股去杠杆叙事：屹唐股份巨额解禁下国产半导体设备去拥挤度与国产化弹性评估",
          "href": "/investor/reports/archive-f3fff3f523c3/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "688012.SH",
        "588000.SH",
        "688008.SH"
      ]
    },
    {
      "id": "thesis-859ab241bf",
      "title": "依托全球AI硬件超级周期的外溢效应与国内流动性宽松预期共振，A股TMT板块具备坚实的业绩兑现基础，将在跨国资金流入带动下确立其在“哑铃策…",
      "titleEn": "Practical research topic: 依托全球AI硬件超级周期的外溢效应与国内流动性宽松预期共振，A股TMT板块具备坚实的业绩兑现基础，将在跨国资金流入带动下确立其在“哑铃策…",
      "href": "/investor/theses/thesis-859ab241bf/",
      "laneId": "lane_f1a271385aff",
      "lane": "先进封装/HBM4 闸门",
      "laneHref": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "summary": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "href": "/investor/reports/archive-b4d4b7fd961e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-06 — 压力测试：BINSA式安全审查会否外溢至AI硬件与半导体设备？",
          "summary": "2026-07-06 — 压力测试：BINSA式安全审查会否外溢至AI硬件与半导体设备？",
          "href": "/investor/reports/archive-04906c128c47/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股去杠杆叙事：屹唐股份巨额解禁下国产半导体设备去拥挤度与国产化弹性评估",
          "summary": "A股去杠杆叙事：屹唐股份巨额解禁下国产半导体设备去拥挤度与国产化弹性评估",
          "href": "/investor/reports/archive-f3fff3f523c3/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "NVDA",
        "ASML",
        "688012.SH",
        "000660.KS",
        "MU",
        "002916.SZ"
      ]
    },
    {
      "id": "thesis-56d9baf47d",
      "title": "2026年伊朗战争能源冲击：供给扰动见顶与美联储/日本央行的滞后鹰派转向",
      "titleEn": "Practical research topic: 2026年伊朗战争能源冲击：供给扰动见顶与美联储/日本央行的滞后鹰派转向",
      "href": "/investor/theses/thesis-56d9baf47d/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "美联储鸽派转向 × 日银QT共振：美元/离岸人民币掉期点与套保成本的演变",
          "summary": "美联储鸽派转向 × 日银QT共振：美元/离岸人民币掉期点与套保成本的演变",
          "href": "/investor/reports/archive-202e0748efe5/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "Warsh 时代的鹰派转向：供给冲击型美联储遭遇需求走弱的劳动力市场",
          "summary": "研究研究记录 · 全球宏观分析师 · 工作日期：2026-07-06（亚洲/新加坡） 立场： initial（初始）",
          "href": "/investor/reports/archive-69b9b87e99da/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "鹰派美联储、美元/人民币利差优势与新兴市场套利交易压力测试",
          "summary": "研究记录 · 分析师： 全球宏观 / 外汇策略师 · 立场： 支持（延伸研究记录 01） 工作日期： 2026-07-06（亚洲/新加坡） · 根主题： 通向 7 月 FOMC 的美国就业降温与通胀黏性",
          "href": "/investor/reports/archive-c5e9c1ccf563/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "id": "thesis-d0faeae7f0",
      "title": "NAND价格与产品组合驱动SanDisk盈利弹性",
      "titleEn": "NAND pricing and mix drive SanDisk earnings leverage",
      "href": "/investor/theses/thesis-d0faeae7f0/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 72,
      "supports": 3,
      "risks": 0,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "研究研究研究记录 08：AI硬件CapEx下修对半导体产业链的传导（2026-07-06）",
          "summary": "研究研究研究记录 08：AI硬件CapEx下修对半导体产业链的传导（2026-07-06）",
          "href": "/investor/reports/archive-13d9e91ee795/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
          "summary": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
          "href": "/investor/reports/archive-a6964aa08103/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "全球宏观与中港策略周度研究计划 (Global Macro & A-Share / Hong Kong Equity Strategy Weekly Re...",
          "summary": "全球宏观与中港策略周度研究计划 (Global Macro & A-Share / Hong Kong Equity Strategy Weekly Research Plan)",
          "href": "/investor/reports/archive-e2b6e9010398/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS",
        "META",
        "AMD"
      ]
    },
    {
      "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": 1,
      "risks": 2,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远...",
          "summary": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远影响",
          "href": "/investor/reports/archive-e3722c85de40/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "研究报告：电网扩容与绿电供应对 Hyperscaler 算力部署及 AI 光模块销量的瓶颈压力测试",
          "summary": "研究报告：电网扩容与绿电供应对 Hyperscaler 算力部署及 AI 光模块销量的瓶颈压力测试",
          "href": "/investor/reports/archive-9afb048b2951/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI基础设施建设延缓对算力产能扩张及数据中心电力供应的影响",
          "summary": "分析日期：2026-07-06 分析师：AI基础设施分析师 (AI Infrastructure Analyst) 研究研究记录：research note 研究来源：已归档",
          "href": "/investor/reports/archive-f93a85a731ae/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "002028.SZ",
        "CEG",
        "601179.SH",
        "600089.SH"
      ]
    },
    {
      "id": "thesis-70daf87262",
      "title": "A 股红利与硬科技杠铃仍是政策、利率和风险偏好的组合表达",
      "titleEn": "A-share dividend and hard-tech barbell remains the portfolio expression of policy, rates, and risk appetite",
      "href": "/investor/theses/thesis-70daf87262/",
      "laneId": "lane_bf77fb66551a",
      "lane": "A股红利/硬科技杠铃",
      "laneHref": "/investor/lanes/a-share-dividend-and-hard-tech-barbell/",
      "direction": "strengthening",
      "directionLabel": "强化",
      "conviction": 65,
      "supports": 1,
      "risks": 2,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "2026-07-06 策略银行红利缩水后的风险平价重构",
          "summary": "工作日： 2026-07-06（Asia/Singapore） · 分析师： chief-strategist · 研究记录 · 立场： 支持（support，承接 research note 的银行红利压力测试，并修正组合权重加总）",
          "href": "/investor/reports/archive-48a1cbf7ecdd/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "把外汇触发线翻译成可实时确认杠铃翻转的A股市场结构信号 (2026-07-06)",
          "summary": "把外汇触发线翻译成可实时确认杠铃翻转的A股市场结构信号 (2026-07-06)",
          "href": "/investor/reports/archive-d1fba01a2577/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "A股去杠杆与硬科技解禁压力下的战术资产配置与风险对冲报告",
          "summary": "报告日期： 2026-07-06 (周一) 分析师： 首席策略师 ( chief-strategist ) 研究来源：已归档 研究记录索引： 01/08 投资立场： 支持 (Support，建议将策略仓...",
          "href": "/investor/reports/archive-aed3d96490cb/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "601398.SH",
        "601088.SH",
        "600941.SH",
        "588000.SH",
        "688981.SH",
        "601939.SH",
        "510880.SH"
      ]
    },
    {
      "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": 0,
      "risks": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远...",
          "summary": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远影响",
          "href": "/investor/reports/archive-e3722c85de40/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-06 压力测试：电网Capex与AI电力需求能否消化铜库存？",
          "summary": "2026-07-06 压力测试：电网Capex与AI电力需求能否消化铜库存？ 作者: 全球宏观分析师 (global-macro) 日期: 2026-07-06 (Asia/Singapore) 研究线程标识: [source-id-redacted] 研究...",
          "href": "/investor/reports/archive-d3a07d48951d/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "核能与天然气过渡期约束下的 AI 算力 CapEx 增长斜率与板块轮动对冲",
          "summary": "核能与天然气过渡期约束下的 AI 算力 CapEx 增长斜率与板块轮动对冲",
          "href": "/investor/reports/archive-2682a4808619/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "601179.SH",
        "VST",
        "002028.SZ",
        "600089.SH",
        "CEG"
      ]
    },
    {
      "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": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "2026-07-06 — 研究记录03：CoWoS、FoCoS、EMIB与玻璃基板路线的可替代性及A股映射",
          "summary": "2026-07-06 — 研究记录03：CoWoS、FoCoS、EMIB与玻璃基板路线的可替代性及A股映射",
          "href": "/investor/reports/archive-666493e1bb57/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "先进封装与宽禁带功率半导体对AI电力瓶颈的对冲评估 — 2026-07-06",
          "summary": "先进封装与宽禁带功率半导体对AI电力瓶颈的对冲评估 — 2026-07-06",
          "href": "/investor/reports/archive-71ec66ca4834/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "summary": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "href": "/investor/reports/archive-b4d4b7fd961e/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "NVDA",
        "000660.KS",
        "688012.SH",
        "MU",
        "ASML",
        "002916.SZ"
      ]
    },
    {
      "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": 1,
      "risks": 2,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "半导体基本面支撑力与去杠杆分层安全阀策略：基于在手订单、产能利用率与国产替代验证的个股筛查报...",
          "summary": "半导体基本面支撑力与去杠杆分层安全阀策略：基于在手订单、产能利用率与国产替代验证的个股筛查报告",
          "href": "/investor/reports/archive-fb5f109adf2c/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-06 半导体压力测试：科创50触及1,516点会否打断AI资本开支与国产替代？",
          "summary": "2026-07-06 半导体压力测试：科创50触及1,516点会否打断AI资本开支与国产替代？",
          "href": "/investor/reports/archive-16db12a99137/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "专题报告：电力与交付能力约束下先进封装（OSAT）与Retimer芯片毛利率韧性压力测试",
          "summary": "专题报告：电力与交付能力约束下先进封装（OSAT）与Retimer芯片毛利率韧性压力测试",
          "href": "/investor/reports/archive-5c7220e174a4/",
          "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-e26ef69f73",
      "title": "风险核查与证据质量是主题交易的必要过滤器",
      "titleEn": "Risk verification and evidence quality are necessary filters for theme trades",
      "href": "/investor/theses/thesis-e26ef69f73/",
      "laneId": "lane_ccbe817778d1",
      "lane": "组合风控/证据质量",
      "laneHref": "/investor/lanes/portfolio-risk-and-evidence-quality/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 44,
      "supports": 1,
      "risks": 2,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
          "summary": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
          "href": "/investor/reports/archive-a6964aa08103/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-06 全球宏观启动卡：美国增长缓冲变薄，但通胀尚未完全过关",
          "summary": "2026-07-06 全球宏观启动卡：美国增长缓冲变薄，但通胀尚未完全过关",
          "href": "/investor/reports/archive-3a33a61f3ab7/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-06 策略卡：“假性宽松”切向增长恐慌时的风险预算重构",
          "summary": "权威工作日期： 2026-07-06 (亚洲/新加坡) 分析师 ID： chief-strategist 研究来源：已归档 / 03 of 08 协同立场： 综合研判",
          "href": "/investor/reports/archive-c7c6877a0659/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CME",
        "CBOE",
        "IBKR",
        "VIRT",
        "SH"
      ]
    },
    {
      "id": "thesis-07b4ef2695",
      "title": "地缘利好引发的油价下跌能否抵消美联储新主席 Warsh 的鹰派立场？当前的‘高价高偏斜’是否暗示结构性崩塌风险？",
      "titleEn": "Practical research topic: 地缘利好引发的油价下跌能否抵消美联储新主席 Warsh 的鹰派立场？当前的‘高价高偏斜’是否暗示结构性崩塌风险？",
      "href": "/investor/theses/thesis-07b4ef2695/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "Warsh 时代的鹰派转向：供给冲击型美联储遭遇需求走弱的劳动力市场",
          "summary": "研究研究记录 · 全球宏观分析师 · 工作日期：2026-07-06（亚洲/新加坡） 立场： initial（初始）",
          "href": "/investor/reports/archive-69b9b87e99da/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "油价重估与全球通胀 / 利率反应函数",
          "summary": "分析师： 全球宏观分析师（ global-macro ） - 工作日： 2026-07-06（Asia/Singapore） - 立场： 综合（synthesize，承接 energy-analyst 的前序研究） - 命题： 如果 Brent 维持...",
          "href": "/investor/reports/archive-c2a01d6931be/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "CVX",
        "XOM"
      ]
    },
    {
      "id": "thesis-307b7fe2cb",
      "title": "美联储7月两难：Warsh鹰派点阵图 vs 开裂的劳动力市场与消退的伊朗油价冲击",
      "titleEn": "Practical research topic: 美联储7月两难：Warsh鹰派点阵图 vs 开裂的劳动力市场与消退的伊朗油价冲击",
      "href": "/investor/theses/thesis-307b7fe2cb/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "Warsh 时代的鹰派转向：供给冲击型美联储遭遇需求走弱的劳动力市场",
          "summary": "研究研究记录 · 全球宏观分析师 · 工作日期：2026-07-06（亚洲/新加坡） 立场： initial（初始）",
          "href": "/investor/reports/archive-69b9b87e99da/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "油价重估与全球通胀 / 利率反应函数",
          "summary": "分析师： 全球宏观分析师（ global-macro ） - 工作日： 2026-07-06（Asia/Singapore） - 立场： 综合（synthesize，承接 energy-analyst 的前序研究） - 命题： 如果 Brent 维持...",
          "href": "/investor/reports/archive-c2a01d6931be/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SLB",
        "OXY",
        "0883.HK"
      ]
    },
    {
      "id": "thesis-bafd2ff8e7",
      "title": "今日是MSCI半年度重估正式生效日。虽然散户由于昨日创业板+1.96%的V型反弹而呈现极度FOMO，但A股两融余额正高挂于2.9367万…",
      "titleEn": "Practical research topic: 今日是MSCI半年度重估正式生效日。虽然散户由于昨日创业板+1.96%的V型反弹而呈现极度FOMO，但A股两融余额正高挂于2.9367万…",
      "href": "/investor/theses/thesis-bafd2ff8e7/",
      "laneId": "lane_122bdfde6ea9",
      "lane": "指数调仓/被动资金事件",
      "laneHref": "/investor/lanes/index-rebalance-and-passive-flow-events/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "去杠杆安全阀下的科技仓位再分配与科创50期权套保边界（2026-07-06）",
          "summary": "去杠杆安全阀下的科技仓位再分配与科创50期权套保边界（2026-07-06）",
          "href": "/investor/reports/archive-6140c8e8d306/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "588000/588080科创50ETF期权套保的L3风控压力测试（2026-07-06）",
          "summary": "588000/588080科创50ETF期权套保的L3风控压力测试（2026-07-06）",
          "href": "/investor/reports/archive-c72e1bc33ae3/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "510300.SH",
        "MCHI",
        "KWEB"
      ]
    },
    {
      "id": "thesis-30acb22a10",
      "title": "电气设备与电力变压器OEM在跨部门稀缺下的定价权与产能填缺口时点",
      "titleEn": "Practical research topic: 电气设备与电力变压器OEM在跨部门稀缺下的定价权与产能填缺口时点",
      "href": "/investor/theses/thesis-30acb22a10/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-07-06 压力测试：电网Capex与AI电力需求能否消化铜库存？",
          "summary": "2026-07-06 压力测试：电网Capex与AI电力需求能否消化铜库存？ 作者: 全球宏观分析师 (global-macro) 日期: 2026-07-06 (Asia/Singapore) 研究线程标识: [source-id-redacted] 研究...",
          "href": "/investor/reports/archive-d3a07d48951d/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "研究报告：取向硅钢(GOES)会成为电力设备交付的下一个物理墙吗？（2026-07-06）",
          "summary": "研究报告：取向硅钢(GOES)会成为电力设备交付的下一个物理墙吗？（2026-07-06）",
          "href": "/investor/reports/archive-9b7062c52a2f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "002028.SZ",
        "600089.SH",
        "601179.SH"
      ]
    },
    {
      "id": "thesis-eefbf1a467",
      "title": "中美利差-286bp下人民币对三季度降息空间的约束",
      "titleEn": "Practical research topic: 中美利差-286bp下人民币对三季度降息空间的约束",
      "href": "/investor/theses/thesis-eefbf1a467/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "美元/人民币利差、中国资本流动与人民银行的政策空间挤压",
          "summary": "研究记录 · 分析师： 中国宏观（全球宏观台撰写）· 立场： 支持（延续研究记录01–02） 工作日期： 2026-07-06（亚洲/新加坡）· 根主题： 通往7月FOMC的美国就业降温与通胀黏性",
          "href": "/investor/reports/archive-4433c1fa1e49/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-594ba5e705",
      "title": "在中美利差走阔且输入型AI信用冲击升级的情形下，USD/CNY能否守住6.85缓冲翻转线",
      "titleEn": "Practical research topic: 在中美利差走阔且输入型AI信用冲击升级的情形下，USD/CNY能否守住6.85缓冲翻转线",
      "href": "/investor/theses/thesis-594ba5e705/",
      "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": "2026-07-06 研究研究记录 08：CNH/CNY基差、套利回补与USD/CNY政策传导",
          "summary": "2026-07-06 研究研究记录 08：CNH/CNY基差、套利回补与USD/CNY政策传导",
          "href": "/investor/reports/archive-42edd151f7a3/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-06 研究研究记录 07：CNH 流动性挤压与 USD/CNY 政策防线",
          "summary": "2026-07-06 研究研究记录 07：CNH 流动性挤压与 USD/CNY 政策防线",
          "href": "/investor/reports/archive-f1693bbe39a4/",
          "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": 2,
      "risks": 0,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "A股水电、电网设备、红利质量与盈利型科技的可交易组合映射报告",
          "summary": "分析师： 首席策略师 (Chief Strategist) 报告日期： 2026-07-06 (Asia/Singapore) 董事会 ID： [source-id-redacted] 研究记录索引： 5/8 当前立场： 综合 (Synthesize)",
          "href": "/investor/reports/archive-89d15593b200/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "A股“Infra三剑客”最终配置综合报告：电力、电网设备与液体冷却的权重和触发器",
          "summary": "A股“Infra三剑客”最终配置综合报告：电力、电网设备与液体冷却的权重和触发器 报告日期：2026-07-06 首席策略师：chief-strategist",
          "href": "/investor/reports/archive-df19b70a163e/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "GEV",
        "688676.SH",
        "ETN",
        "000400.SZ"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "summary": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "href": "/investor/reports/archive-b4d4b7fd961e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "两融去杠杆与解禁洪峰下的A股维保比例（CMR）分布与防御风格切换路径",
          "summary": "两融去杠杆与解禁洪峰下的A股维保比例（CMR）分布与防御风格切换路径 机构工作日：2026-07-06 首席策略师：首席策略师 (Chief Strategist, chief-strategist ) 本报告级别：prior research note...",
          "href": "/investor/reports/archive-f0fbfcc3ce66/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "GEV",
        "ETN",
        "CEG",
        "VST"
      ]
    },
    {
      "id": "thesis-11523cabbd",
      "title": "熊陡通过创纪录的负利差与套息渠道在结构上利空人民币，但其即期传导当前被经常账户顺差、地缘避险与央行逆周期管理三重对冲，使贬值压力潜伏待发…",
      "titleEn": "Practical research topic: 熊陡通过创纪录的负利差与套息渠道在结构上利空人民币，但其即期传导当前被经常账户顺差、地缘避险与央行逆周期管理三重对冲，使贬值压力潜伏待发…",
      "href": "/investor/theses/thesis-11523cabbd/",
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-07-06 研究研究记录 08：CNH/CNY基差、套利回补与USD/CNY政策传导",
          "summary": "2026-07-06 研究研究记录 08：CNH/CNY基差、套利回补与USD/CNY政策传导",
          "href": "/investor/reports/archive-42edd151f7a3/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-979591277f",
      "title": "能源通胀粘性背景下美联储政策路径与美元走势及利差交易风险",
      "titleEn": "Practical research topic: 能源通胀粘性背景下美联储政策路径与美元走势及利差交易风险",
      "href": "/investor/theses/thesis-979591277f/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "美元/人民币利差、中国资本流动与人民银行的政策空间挤压",
          "summary": "研究记录 · 分析师： 中国宏观（全球宏观台撰写）· 立场： 支持（延续研究记录01–02） 工作日期： 2026-07-06（亚洲/新加坡）· 根主题： 通往7月FOMC的美国就业降温与通胀黏性",
          "href": "/investor/reports/archive-4433c1fa1e49/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "鹰派美联储、美元/人民币利差优势与新兴市场套利交易压力测试",
          "summary": "研究记录 · 分析师： 全球宏观 / 外汇策略师 · 立场： 支持（延伸研究记录 01） 工作日期： 2026-07-06（亚洲/新加坡） · 根主题： 通向 7 月 FOMC 的美国就业降温与通胀黏性",
          "href": "/investor/reports/archive-c5e9c1ccf563/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "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": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI基础设施建设延缓对算力产能扩张及数据中心电力供应的影响",
          "summary": "分析日期：2026-07-06 分析师：AI基础设施分析师 (AI Infrastructure Analyst) 研究研究记录：research note 研究来源：已归档",
          "href": "/investor/reports/archive-f93a85a731ae/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "从锁单到机柜交付：10 GW级AI算力需求如何在HBM／封装／PCB／电力之间\"轮动\"约束墙——并反向排定A...",
          "summary": "从锁单到机柜交付：10 GW级AI算力需求如何在HBM／封装／PCB／电力之间\"轮动\"约束墙——并反向排定A股材料设备链的业绩兑现顺序",
          "href": "/investor/reports/archive-d05e9bea4f93/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "AMD",
        "VRT"
      ]
    },
    {
      "id": "thesis-c71e511c1c",
      "title": "电力成本上升和并网延迟不会终结AI芯片周期，但会把赢家从峰值算力叙事筛选为能在稀缺MW下交付最高有效token产出的全栈能效架构。",
      "titleEn": "Practical research topic: 电力成本上升和并网延迟不会终结AI芯片周期，但会把赢家从峰值算力叙事筛选为能在稀缺MW下交付最高有效token产出的全栈能效架构。",
      "href": "/investor/theses/thesis-c71e511c1c/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "summary": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "href": "/investor/reports/archive-b4d4b7fd961e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "从锁单到机柜交付：10 GW级AI算力需求如何在HBM／封装／PCB／电力之间\"轮动\"约束墙——并反向排定A...",
          "summary": "从锁单到机柜交付：10 GW级AI算力需求如何在HBM／封装／PCB／电力之间\"轮动\"约束墙——并反向排定A股材料设备链的业绩兑现顺序",
          "href": "/investor/reports/archive-d05e9bea4f93/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "PWR"
      ]
    },
    {
      "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",
      "laneHref": "/investor/lanes/mag7-ai-platform-re-layering/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 67,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "TSLA/M7/RETAIL 盈利修正与估值风险情景分析",
          "summary": "报告日期： 2026年07月06日 (Asia/Singapore) [S1] - 分析师： 全球宏观分析师 [S3] - 立场： 初始立场 ( initial ) [S3] - 研究记录索引： 1/10 [S3]",
          "href": "/investor/reports/archive-5585b522f6e6/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "首席风控压力测试：截至2026-07-06的并网延期、HBM约束与AI电价下限上移",
          "summary": "首席风控压力测试：截至2026-07-06的并网延期、HBM约束与AI电价下限上移",
          "href": "/investor/reports/archive-8c362af04edb/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "META",
        "MSFT",
        "NVDA",
        "AMZN",
        "GOOGL",
        "TSM",
        "AVGO",
        "AAPL",
        "TSLA"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "A股市场结构可持续性：两融去杠杆、成交宽度与解禁供给压力测试",
          "summary": "[source-id-redacted] 研究 - Analyst: A股策略师 (ashare-strategist) - Stance: 压力测试 (Stress-Test) - Work-date: 2026-07-06 (亚洲/新加坡) - Root topic: 2026年6月中...",
          "href": "/investor/reports/archive-ef340eb4057e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "两融去杠杆与解禁洪峰下的A股维保比例（CMR）分布与防御风格切换路径",
          "summary": "两融去杠杆与解禁洪峰下的A股维保比例（CMR）分布与防御风格切换路径 机构工作日：2026-07-06 首席策略师：首席策略师 (Chief Strategist, chief-strategist ) 本报告级别：prior research note...",
          "href": "/investor/reports/archive-f0fbfcc3ce66/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "512100.SH"
      ]
    },
    {
      "id": "thesis-a3cb9196a0",
      "title": "随着AI算力扩建撞上电力电网并网物理速度墙，变压器与硅钢（GOES）结构性缺口高达30%，投产延迟WACC损失巨大，形成约35倍的经济杠…",
      "titleEn": "Practical research topic: 随着AI算力扩建撞上电力电网并网物理速度墙，变压器与硅钢（GOES）结构性缺口高达30%，投产延迟WACC损失巨大，形成约35倍的经济杠…",
      "href": "/investor/theses/thesis-a3cb9196a0/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远...",
          "summary": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远影响",
          "href": "/investor/reports/archive-e3722c85de40/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2027年电力瓶颈：电网扩容与配电设备交期对AI算力交付节奏的影响",
          "summary": "作者 : 能源行业分析师 (Energy Analyst) 工作日期 : 2026-07-06 研究记录索引 : 5/10 状态 : 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-fe6c77fa6463/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "ETN",
        "601179.SH",
        "600089.SH",
        "688676.SH",
        "CEG"
      ]
    },
    {
      "id": "thesis-d1f5e35b43",
      "title": "2026年AI芯片竞争格局：NVIDIA Rubin对阵云巨头ASIC",
      "titleEn": "Practical research topic: 2026年AI芯片竞争格局：NVIDIA Rubin对阵云巨头ASIC",
      "href": "/investor/theses/thesis-d1f5e35b43/",
      "laneId": "lane_f1a271385aff",
      "lane": "先进封装/HBM4 闸门",
      "laneHref": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "国内AIDC资本开支与国产ASIC放量，能否让A股液冷/供配电订单在美系云厂商之外获得独立兑现？",
          "summary": "国内AIDC资本开支与国产ASIC放量，能否让A股液冷/供配电订单在美系云厂商之外获得独立兑现？",
          "href": "/investor/reports/archive-792816145bd9/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "首席风控压力测试：截至2026-07-06的并网延期、HBM约束与AI电价下限上移",
          "summary": "首席风控压力测试：截至2026-07-06的并网延期、HBM约束与AI电价下限上移",
          "href": "/investor/reports/archive-8c362af04edb/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS"
      ]
    },
    {
      "id": "thesis-8bbbcdf5a4",
      "title": "GPU、HBM 与先进封装决定 AI 资本开支供给节奏",
      "titleEn": "GPUs, HBM, and advanced packaging shape the AI capex supply cycle",
      "href": "/investor/theses/thesis-8bbbcdf5a4/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 65,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "summary": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "href": "/investor/reports/archive-b4d4b7fd961e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "研究研究研究记录 08：AI硬件CapEx下修对半导体产业链的传导（2026-07-06）",
          "summary": "研究研究研究记录 08：AI硬件CapEx下修对半导体产业链的传导（2026-07-06）",
          "href": "/investor/reports/archive-13d9e91ee795/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "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": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI 算力扩容与电网供给约束的适配性评估报告 - 2026-07-06",
          "summary": "以研究院权威工作日 2026-07-06 为锚，我们对数据中心电力扩容压力与 GPU 集群建设进度的兼容性进行了深度适配性验证。本项评估不仅印证了 AI 硬件周期的强韧韧性，更将行业核心瓶颈从芯片供给...",
          "href": "/investor/reports/archive-ea9d54a08283/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "summary": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "href": "/investor/reports/archive-b4d4b7fd961e/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "META",
        "TSM",
        "AMD",
        "AVGO",
        "ASML"
      ]
    },
    {
      "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": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "summary": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "href": "/investor/reports/archive-b4d4b7fd961e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "研究研究研究记录 08：AI硬件CapEx下修对半导体产业链的传导（2026-07-06）",
          "summary": "研究研究研究记录 08：AI硬件CapEx下修对半导体产业链的传导（2026-07-06）",
          "href": "/investor/reports/archive-13d9e91ee795/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "summary": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "href": "/investor/reports/archive-b4d4b7fd961e/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "从锁单到机柜交付：10 GW级AI算力需求如何在HBM／封装／PCB／电力之间\"轮动\"约束墙——并反向排定A...",
          "summary": "从锁单到机柜交付：10 GW级AI算力需求如何在HBM／封装／PCB／电力之间\"轮动\"约束墙——并反向排定A股材料设备链的业绩兑现顺序",
          "href": "/investor/reports/archive-d05e9bea4f93/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "000660.KS",
        "MU",
        "AMD",
        "META",
        "AVGO",
        "MSFT",
        "AMZN",
        "ASML"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "房地产周报研究计划：2026年7月6日 - 7月10日",
          "summary": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五) 注：本周中国内地（A股）与香港（港股）市场无重大法定节假日，包含5个完整交易日。",
          "href": "/investor/reports/archive-1d828eb70a8c/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026年7月6日 - 7月10日房地产周度研究报告 (02 weekly research.md)",
          "summary": "2026年7月6日 - 7月10日房地产周度研究报告 (02 weekly research.md)",
          "href": "/investor/reports/archive-d79608abd9d6/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "1109.HK",
        "600048.SH",
        "001979.SZ",
        "0960.HK",
        "0688.HK",
        "000002.SZ",
        "0823.HK"
      ]
    },
    {
      "id": "thesis-d4473d35e5",
      "title": "猪周期、粮食与农产品价格决定中国低通胀修复的弹性",
      "titleEn": "Hog cycle, grain, and agricultural prices define the elasticity of China's low-inflation repair",
      "href": "/investor/theses/thesis-d4473d35e5/",
      "laneId": "lane_6e276fa53da1",
      "lane": "食品农业/猪周期",
      "laneHref": "/investor/lanes/food-agriculture-and-hog-cycle/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 56,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "农业行业周度研究计划 / Agriculture Weekly Research Plan",
          "summary": "农业行业周度研究计划 / Agriculture Weekly Research Plan 本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
          "href": "/investor/reports/archive-b2569cf2059d/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "磷肥需求弹性与硫磺成本端对硫酸价格支撑逻辑的压力测试",
          "summary": "报告日期：2026-07-06（亚洲/新加坡工作日） 分析师：农业行业分析师（ agri-analyst ） 看板（研究记录） 立场：压力测试（stress-test） 任务：2026年秋季磷肥需求是否足以维持硫酸高价，以及...",
          "href": "/investor/reports/archive-f160792c159f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "002714.SZ",
        "001215.SZ",
        "300498.SZ",
        "000876.SZ",
        "CME",
        "600298.SH",
        "ADM",
        "DBA"
      ]
    },
    {
      "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": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "险资回流与金融红利股压力测试：NIM压迫、资本约束与分红可持续性评估",
          "summary": "险资回流与金融红利股压力测试：NIM压迫、资本约束与分红可持续性评估 报告日期： 2026-07-06 (Asia/Singapore) 执笔分析师： financials-analyst (金融行业分析师) 当前立场： 压力测试 (Stres...",
          "href": "/investor/reports/archive-3ece679b33ae/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "收益率曲线牛平与熊陡分化下40%利率债久期袖子的期限结构与中美利率套保优化",
          "summary": "收益率曲线牛平与熊陡分化下40%利率债久期袖子的期限结构与中美利率套保优化",
          "href": "/investor/reports/archive-d5566564235f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "601398.SH",
        "601939.SH",
        "601288.SH",
        "3988.HK",
        "600900.SH",
        "TLT",
        "IEF",
        "000001.SZ"
      ]
    },
    {
      "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": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "美国232条款与欧盟GOES保障调查：能否压制中国变压器成本优势？- 2026-07-06",
          "summary": "美国232条款与欧盟GOES保障调查：能否压制中国变压器成本优势？- 2026-07-06",
          "href": "/investor/reports/archive-be05defe6ce3/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "研究记录 10 · 公用事业分析师 — 对电网与电力设备资产重估逻辑的压力测试",
          "summary": "研究记录 10 · 公用事业分析师 — 对电网与电力设备资产重估逻辑的压力测试",
          "href": "/investor/reports/archive-3747c9719568/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "ETN",
        "GEV",
        "002270.SZ",
        "688676.SH",
        "ABBNY",
        "600406.SH"
      ]
    },
    {
      "id": "thesis-740e729f22",
      "title": "人民币、美元与套息交易决定跨境风险资产的流动性折价",
      "titleEn": "RMB, USD, and carry trades define the liquidity discount across cross-border risk assets",
      "href": "/investor/theses/thesis-740e729f22/",
      "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": 47,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "限制性Fed、稳定人民币与日元carry尾部下的跨资产风险预算 — 2026-07-06 [自测算]",
          "summary": "限制性Fed、稳定人民币与日元carry尾部下的跨资产风险预算 — 2026-07-06 [自测算]",
          "href": "/investor/reports/archive-693215d6bfcd/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "鹰派美联储、美元/人民币利差优势与新兴市场套利交易压力测试",
          "summary": "研究记录 · 分析师： 全球宏观 / 外汇策略师 · 立场： 支持（延伸研究记录 01） 工作日期： 2026-07-06（亚洲/新加坡） · 根主题： 通向 7 月 FOMC 的美国就业降温与通胀黏性",
          "href": "/investor/reports/archive-c5e9c1ccf563/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CME",
        "3988.HK",
        "0700.HK",
        "UUP",
        "2800.HK",
        "9988.HK",
        "FXI"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "核能与可再生能源能否对冲 AI 电网瓶颈 — 2026-07-06",
          "summary": "截至 2026-07-06，我 支持 前序研究（既有研究记录）的判断，但把它锐化：核能与绿电的增量产能 能够 在 2027-2030 窗口内实质性对冲变压器与并网风险——但对冲发生在 交付通道 上，而...",
          "href": "/investor/reports/archive-d31502ae5866/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "西部算力枢纽绿色电力直供与“电-算协同”物理并网瓶颈的公用事业侧压力测试 (research note)",
          "summary": "西部算力枢纽绿色电力直供与“电-算协同”物理并网瓶颈的公用事业侧压力测试 (research note)",
          "href": "/investor/reports/archive-b82fe313669e/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SMR",
        "002028.SZ",
        "GEV",
        "300750.SZ",
        "600900.SH",
        "MSFT",
        "CEG",
        "300274.SZ",
        "META",
        "VST"
      ]
    },
    {
      "id": "thesis-bb46b0c3de",
      "title": "USD/JPY与USD/CNY不是直接拉爆A股硬件链融资盘的拉绳，而是通过SOX估值代理与人民币波动率→券商折算率传导的放大器，CNH/…",
      "titleEn": "Practical research topic: USD/JPY与USD/CNY不是直接拉爆A股硬件链融资盘的拉绳，而是通过SOX估值代理与人民币波动率→券商折算率传导的放大器，CNH/…",
      "href": "/investor/theses/thesis-bb46b0c3de/",
      "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": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "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": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "年中理财赎回潮与两融去杠杆共振下的政策流动性后手：宽货币边界与信贷通缩阻尼",
          "summary": "年中理财赎回潮与两融去杠杆共振下的政策流动性后手：宽货币边界与信贷通缩阻尼",
          "href": "/investor/reports/archive-03060a239e39/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "688981.SH",
        "601088.SH",
        "601398.SH",
        "588000.SH"
      ]
    },
    {
      "id": "thesis-f23572dfb8",
      "title": "Advance th_p_2ca41751 (能源价格冲突引发的全球通胀路径分化): 若 Brent 在停火提案与航运威胁之间维持 85…",
      "titleEn": "Practical research topic: Advance th_p_2ca41751 (能源价格冲突引发的全球通胀路径分化): 若 Brent 在停火提案与航运威胁之间维持 85…",
      "href": "/investor/theses/thesis-f23572dfb8/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "油价重估与全球通胀 / 利率反应函数",
          "summary": "分析师： 全球宏观分析师（ global-macro ） - 工作日： 2026-07-06（Asia/Singapore） - 立场： 综合（synthesize，承接 energy-analyst 的前序研究） - 命题： 如果 Brent 维持...",
          "href": "/investor/reports/archive-c2a01d6931be/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "0857.HK",
        "SLB"
      ]
    },
    {
      "id": "thesis-4f541b33ff",
      "title": "美联储'更高更久'与坚挺美元对人民币、日元及新兴市场货币的传导",
      "titleEn": "Practical research topic: 美联储'更高更久'与坚挺美元对人民币、日元及新兴市场货币的传导",
      "href": "/investor/theses/thesis-4f541b33ff/",
      "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": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-4b64fc19f4",
      "title": "日元套利交易无序平仓（USD/JPY跌破158）与离岸CNH HIBOR骤升至12%共振下，人民币-权益相关性翻转至+0.35且组合Va…",
      "titleEn": "Practical research topic: 日元套利交易无序平仓（USD/JPY跌破158）与离岸CNH HIBOR骤升至12%共振下，人民币-权益相关性翻转至+0.35且组合Va…",
      "href": "/investor/theses/thesis-4b64fc19f4/",
      "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": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "FXY",
        "UUP"
      ]
    },
    {
      "id": "thesis-e4e956cd41",
      "title": "通胀粘性加就业放缓环境下的跨资产配置",
      "titleEn": "Practical research topic: 通胀粘性加就业放缓环境下的跨资产配置",
      "href": "/investor/theses/thesis-e4e956cd41/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "id": "thesis-5a0bd732f3",
      "title": "A股杠铃策略应落地为“红利蓝筹压舱 + 硬科技成长进攻 + 轮动仓位调节”的三层结构，两融是成长端驱动力，ETF赎回和限售股解禁是仓位上限。",
      "titleEn": "Practical research topic: A股杠铃策略应落地为“红利蓝筹压舱 + 硬科技成长进攻 + 轮动仓位调节”的三层结构，两融是成长端驱动力，ETF赎回和限售股解禁是仓位上限。",
      "href": "/investor/theses/thesis-5a0bd732f3/",
      "laneId": "lane_070c58f355b5",
      "lane": "A股风险偏好/两融",
      "laneHref": "/investor/lanes/a-share-risk-appetite-and-margin/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "电子/半导体两融维持担保比例中枢下行、大非解禁与ETF折价赎回的微观负反馈测算及安全阀设计 (2026...",
          "summary": "电子/半导体两融维持担保比例中枢下行、大非解禁与ETF折价赎回的微观负反馈测算及安全阀设计 (2026-07-06)",
          "href": "/investor/reports/archive-1a5d14789bb1/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "300750.SZ"
      ]
    },
    {
      "id": "thesis-950a54ea98",
      "title": "保留 65–70% 远期/NDF 锁 carry，用 USD/JPY 价差看跌+敲入条件 call、USD/CNH 区间远期、HKD/C…",
      "titleEn": "Practical research topic: 保留 65–70% 远期/NDF 锁 carry，用 USD/JPY 价差看跌+敲入条件 call、USD/CNH 区间远期、HKD/C…",
      "href": "/investor/theses/thesis-950a54ea98/",
      "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": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-80c15f4a7d",
      "title": "再配置后 AI 上游租金篮子的 JPY/USD/HKD/CNH 对冲比例",
      "titleEn": "Practical research topic: 再配置后 AI 上游租金篮子的 JPY/USD/HKD/CNH 对冲比例",
      "href": "/investor/theses/thesis-80c15f4a7d/",
      "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": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "长江电力 2.98% 股息率红线遭遇电网物理卡口：防御溢价重估与吸纳容量压力测试",
          "summary": "长江电力 2.98% 股息率红线遭遇电网物理卡口：防御溢价重估与吸纳容量压力测试",
          "href": "/investor/reports/archive-5e6ffd917e89/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "600905.SH",
        "DUK"
      ]
    },
    {
      "id": "thesis-86be10e7fb",
      "title": "为应对外交预期透支与高油价冲击，宏观组合必须激进缩短美债久期、超配原油与铜期货，并对冲多头人民币头寸，以配合A股15-20%的“真防御”…",
      "titleEn": "Practical research topic: 为应对外交预期透支与高油价冲击，宏观组合必须激进缩短美债久期、超配原油与铜期货，并对冲多头人民币头寸，以配合A股15-20%的“真防御”…",
      "href": "/investor/theses/thesis-86be10e7fb/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "CVX",
        "XOM"
      ]
    },
    {
      "id": "thesis-f0b8d44918",
      "title": "美国更高更久与偏强美元约束下，中国2026年下半年的货币宽松空间及其向人民币与A股流动性的传导",
      "titleEn": "Practical research topic: 美国更高更久与偏强美元约束下，中国2026年下半年的货币宽松空间及其向人民币与A股流动性的传导",
      "href": "/investor/theses/thesis-f0b8d44918/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "USD/CNY波动率回落与USD/VND远期收敛：纺织OEM的VND红利能否重现？ — 2026-07-06",
          "summary": "USD/CNY波动率回落与USD/VND远期收敛：纺织OEM的VND红利能否重现？ — 2026-07-06",
          "href": "/investor/reports/archive-d8b838cfb2f1/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-a3440bf2a4",
      "title": "中东停火信号下的油价风险应如何重定价",
      "titleEn": "Practical research topic: 中东停火信号下的油价风险应如何重定价",
      "href": "/investor/theses/thesis-a3440bf2a4/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "全球宏观2026-07-09：油价逼近 $80、美联储鹰派期权与 10Y 美债 4.60% 对决",
          "summary": "全球宏观2026-07-09：油价逼近 $80、美联储鹰派期权与 10Y 美债 4.60% 对决",
          "href": "/investor/reports/archive-6cd90df56763/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "SLB",
        "OXY"
      ]
    },
    {
      "id": "thesis-0e8748c14f",
      "title": "科创50指数存在2207.86点与1596.57点两个报价口径（相差611点），直接导致对雪球敲入（1516-1550点）和两融强平压力…",
      "titleEn": "Practical research topic: 科创50指数存在2207.86点与1596.57点两个报价口径（相差611点），直接导致对雪球敲入（1516-1550点）和两融强平压力…",
      "href": "/investor/theses/thesis-0e8748c14f/",
      "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": 79,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-06 半导体压力测试：科创50触及1,516点会否打断AI资本开支与国产替代？",
          "summary": "2026-07-06 半导体压力测试：科创50触及1,516点会否打断AI资本开支与国产替代？",
          "href": "/investor/reports/archive-16db12a99137/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "588000.SH",
        "688008.SH",
        "688012.SH"
      ]
    },
    {
      "id": "thesis-e58a9e8746",
      "title": "日元carry平仓触发后的全球债券与成长股配置冲击",
      "titleEn": "Practical research topic: 日元carry平仓触发后的全球债券与成长股配置冲击",
      "href": "/investor/theses/thesis-e58a9e8746/",
      "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": 79,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "FXY",
        "UUP"
      ]
    },
    {
      "id": "thesis-a13f19ec2d",
      "title": "红利资产已从极端拥挤降温为高位防御底仓，成长端也已杠杆拥挤，因此当前应维持杠铃而非单边切换。",
      "titleEn": "Practical research topic: 红利资产已从极端拥挤降温为高位防御底仓，成长端也已杠杆拥挤，因此当前应维持杠铃而非单边切换。",
      "href": "/investor/theses/thesis-a13f19ec2d/",
      "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": 79,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "A股银行红利可持续性压力测试：息差与资产质量能否守住4%+股息？",
          "summary": "报告日期： 2026-07-06 作者： 金融行业分析师 立场： 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-acd08b5ec481/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "601398.SH",
        "688981.SH",
        "510880.SH",
        "600941.SH",
        "601088.SH"
      ]
    },
    {
      "id": "thesis-d09a741710",
      "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-d09a741710/",
      "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": "GB200级智算中心的电网扩容与电力设备瓶颈评估（2026-07-06）",
          "summary": "GB200级智算中心的电网扩容与电力设备瓶颈评估（2026-07-06）",
          "href": "/investor/reports/archive-26aea34c64af/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "688676.SH",
        "VST"
      ]
    },
    {
      "id": "thesis-d74ae315e8",
      "title": "当美元兑日元触及160.08并触发日本央行物理干预（抛售美债）时，离岸美元流动性收紧是否会迫使黄金与权益相关性翻正至+0.55，从而使传…",
      "titleEn": "Practical research topic: 当美元兑日元触及160.08并触发日本央行物理干预（抛售美债）时，离岸美元流动性收紧是否会迫使黄金与权益相关性翻正至+0.55，从而使传…",
      "href": "/investor/theses/thesis-d74ae315e8/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "id": "thesis-24cd0b5ff9",
      "title": "在4月28日—5月1日Meta/Microsoft/Alphabet/Amazon集中披露Q1 2026业绩的窗口，capex指引会向上…",
      "titleEn": "Practical research topic: 在4月28日—5月1日Meta/Microsoft/Alphabet/Amazon集中披露Q1 2026业绩的窗口，capex指引会向上…",
      "href": "/investor/theses/thesis-24cd0b5ff9/",
      "laneId": "lane_f21fc181388a",
      "lane": "Mag7 AI 平台再分层",
      "laneHref": "/investor/lanes/mag7-ai-platform-re-layering/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "研究研究研究记录 08：AI硬件CapEx下修对半导体产业链的传导（2026-07-06）",
          "summary": "研究研究研究记录 08：AI硬件CapEx下修对半导体产业链的传导（2026-07-06）",
          "href": "/investor/reports/archive-13d9e91ee795/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "META",
        "MSFT",
        "GOOGL",
        "AMZN",
        "NVDA"
      ]
    },
    {
      "id": "thesis-0011ad682c",
      "title": "美国过度紧缩/政策错误尾部向中国政策空间与A股的传导，及对th_p_2e6514df分红+久期定位的验证",
      "titleEn": "Practical research topic: 美国过度紧缩/政策错误尾部向中国政策空间与A股的传导，及对th_p_2e6514df分红+久期定位的验证",
      "href": "/investor/theses/thesis-0011ad682c/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 79,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "JPM",
        "TLT",
        "IEF"
      ]
    },
    {
      "id": "thesis-29b1c0d6c7",
      "title": "日银本周加息至1.0%、美联储维持3.50–3.75%不变的双向利差收敛背景下,USD/JPY ~160的日元套利交易是有序拆解还是面临…",
      "titleEn": "Practical research topic: 日银本周加息至1.0%、美联储维持3.50–3.75%不变的双向利差收敛背景下,USD/JPY ~160的日元套利交易是有序拆解还是面临…",
      "href": "/investor/theses/thesis-29b1c0d6c7/",
      "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": 79,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "FXY",
        "UUP"
      ]
    },
    {
      "id": "thesis-0e520ff02a",
      "title": "能源通缩下的主要风险不是油价本身，而是高名义利率叠加下行通胀形成的实质利率冲击，组合防御应以久期和流动性为核心。",
      "titleEn": "Practical research topic: 能源通缩下的主要风险不是油价本身，而是高名义利率叠加下行通胀形成的实质利率冲击，组合防御应以久期和流动性为核心。",
      "href": "/investor/theses/thesis-0e520ff02a/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "油价重估与全球通胀 / 利率反应函数",
          "summary": "分析师： 全球宏观分析师（ global-macro ） - 工作日： 2026-07-06（Asia/Singapore） - 立场： 综合（synthesize，承接 energy-analyst 的前序研究） - 命题： 如果 Brent 维持...",
          "href": "/investor/reports/archive-c2a01d6931be/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CVX",
        "XOM",
        "SLB"
      ]
    },
    {
      "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": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-06 外汇压力测试：Fed暂停但未转向情景下的人民币反应函数与A股杠铃触发线",
          "summary": "2026-07-06 外汇压力测试：Fed暂停但未转向情景下的人民币反应函数与A股杠铃触发线",
          "href": "/investor/reports/archive-eb77641c756d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-4be65dd130",
      "title": "基准配置应优先通过久期表达去通胀与政策失误风险，权益只做选择性低贝塔，商品低配整体贝塔但保留油价重上100美元的显式尾部对冲。",
      "titleEn": "Practical research topic: 基准配置应优先通过久期表达去通胀与政策失误风险，权益只做选择性低贝塔，商品低配整体贝塔但保留油价重上100美元的显式尾部对冲。",
      "href": "/investor/theses/thesis-4be65dd130/",
      "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": "Warsh 时代的鹰派转向：供给冲击型美联储遭遇需求走弱的劳动力市场",
          "summary": "研究研究记录 · 全球宏观分析师 · 工作日期：2026-07-06（亚洲/新加坡） 立场： initial（初始）",
          "href": "/investor/reports/archive-69b9b87e99da/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SLB",
        "OXY",
        "0883.HK"
      ]
    },
    {
      "id": "thesis-e40b25962e",
      "title": "A股“大行+红利/稀缺成长”哑铃配置在低杠杆与高可视度Backlog支撑下并未拥挤，而弱区域中小银行因资产质量二阶传导滞后与重度稀释风险…",
      "titleEn": "Practical research topic: A股“大行+红利/稀缺成长”哑铃配置在低杠杆与高可视度Backlog支撑下并未拥挤，而弱区域中小银行因资产质量二阶传导滞后与重度稀释风险…",
      "href": "/investor/theses/thesis-e40b25962e/",
      "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": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "A股银行红利可持续性压力测试：息差与资产质量能否守住4%+股息？",
          "summary": "报告日期： 2026-07-06 作者： 金融行业分析师 立场： 压力测试 (Stress-Test)",
          "href": "/investor/reports/archive-acd08b5ec481/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "601398.SH",
        "601088.SH",
        "600941.SH"
      ]
    },
    {
      "id": "thesis-7930de9cdc",
      "title": "沃什时代的鹰派首秀通过重塑全球利差优势将美元重新‘武器化’，这不仅加剧了非美货币的贬值压力，更迫使全球套利交易进入深刻的风险重定价阶段。",
      "titleEn": "Practical research topic: 沃什时代的鹰派首秀通过重塑全球利差优势将美元重新‘武器化’，这不仅加剧了非美货币的贬值压力，更迫使全球套利交易进入深刻的风险重定价阶段。",
      "href": "/investor/theses/thesis-7930de9cdc/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-c951442d7f",
      "title": "日元套利拆仓与跨境流动性的实弹压力测试",
      "titleEn": "Practical research topic: 日元套利拆仓与跨境流动性的实弹压力测试",
      "href": "/investor/theses/thesis-c951442d7f/",
      "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": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "FXY",
        "UUP"
      ]
    },
    {
      "id": "thesis-fe66302bd9",
      "title": "美联储'静默'转向与油价供给回落对中国货币政策与人民币汇率的传导效应",
      "titleEn": "Practical research topic: 美联储'静默'转向与油价供给回落对中国货币政策与人民币汇率的传导效应",
      "href": "/investor/theses/thesis-fe66302bd9/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-06 全球宏观研究报告：美联储转向窗口内人行对 CNH 流动性与人民币中间价的反应函数",
          "summary": "2026-07-06 全球宏观研究报告：美联储转向窗口内人行对 CNH 流动性与人民币中间价的反应函数",
          "href": "/investor/reports/archive-2e7aac701ada/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-57faae4252",
      "title": "能源供应约束对AI基础设施资本开支效率的影响：电力缺口能否支撑超大规模厂商的扩容预期？",
      "titleEn": "Practical research topic: 能源供应约束对AI基础设施资本开支效率的影响：电力缺口能否支撑超大规模厂商的扩容预期？",
      "href": "/investor/theses/thesis-57faae4252/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远...",
          "summary": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远影响",
          "href": "/investor/reports/archive-e3722c85de40/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "600089.SH"
      ]
    },
    {
      "id": "thesis-db4939d8d8",
      "title": "核能/SMR：算力电力瓶颈的高波动映射",
      "titleEn": "Practical research topic: 核能/SMR：算力电力瓶颈的高波动映射",
      "href": "/investor/theses/thesis-db4939d8d8/",
      "laneId": "lane_136dd1c3c708",
      "lane": "云厂商自发电/电力资产",
      "laneHref": "/investor/lanes/cloud-self-generation-and-power-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "美国AI数据中心电网硬约束：超大规模厂商向“前表模式”与核电直供的战略转轨",
          "summary": "美国AI数据中心电网硬约束：超大规模厂商向“前表模式”与核电直供的战略转轨",
          "href": "/investor/reports/archive-1cb479f4ca01/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "CEG",
        "VST",
        "ETN"
      ]
    },
    {
      "id": "thesis-91cfb3e0f8",
      "title": "外汇防御若短促且境内冲销则可控；若持续收紧离岸CNH并恢复20%远期准备金，最大二次压力会落在地产信用修复和A股两融偿还，而非银行间总量…",
      "titleEn": "Practical research topic: 外汇防御若短促且境内冲销则可控；若持续收紧离岸CNH并恢复20%远期准备金，最大二次压力会落在地产信用修复和A股两融偿还，而非银行间总量…",
      "href": "/investor/theses/thesis-91cfb3e0f8/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-06 全球宏观研究报告：美联储转向窗口内人行对 CNH 流动性与人民币中间价的反应函数",
          "summary": "2026-07-06 全球宏观研究报告：美联储转向窗口内人行对 CNH 流动性与人民币中间价的反应函数",
          "href": "/investor/reports/archive-2e7aac701ada/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "KRE",
        "TLT",
        "IEF"
      ]
    },
    {
      "id": "thesis-27c1e713e6",
      "title": "日元兑美元突破162.052，若日本官方实施抛售美债进行实际干预，是否会推动10Y美债收益率（当前4.49%）飙升？如何传导并冲击全球高…",
      "titleEn": "Practical research topic: 日元兑美元突破162.052，若日本官方实施抛售美债进行实际干预，是否会推动10Y美债收益率（当前4.49%）飙升？如何传导并冲击全球高…",
      "href": "/investor/theses/thesis-27c1e713e6/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "id": "thesis-3bf2a3ec55",
      "title": "请先统一事实读数与压力情景：CNH HIBOR 12.00%和USD/JPY 162.18应否进入今日基准？若仅为情景，A股β≈0.28…",
      "titleEn": "Practical research topic: 请先统一事实读数与压力情景：CNH HIBOR 12.00%和USD/JPY 162.18应否进入今日基准？若仅为情景，A股β≈0.28…",
      "href": "/investor/theses/thesis-3bf2a3ec55/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "summary": "6.87 USD/CNY 与 158 USD/JPY 阈值的可交易性及期权行权价校准",
          "href": "/investor/reports/archive-3dd2b42fb79d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-3156277f22",
      "title": "哑铃权益仓位在多资产框架下的定位：低利率债券、黄金与现金的再平衡",
      "titleEn": "Practical research topic: 哑铃权益仓位在多资产框架下的定位：低利率债券、黄金与现金的再平衡",
      "href": "/investor/theses/thesis-3156277f22/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-06 全球宏观研究报告：美联储转向窗口内人行对 CNH 流动性与人民币中间价的反应函数",
          "summary": "2026-07-06 全球宏观研究报告：美联储转向窗口内人行对 CNH 流动性与人民币中间价的反应函数",
          "href": "/investor/reports/archive-2e7aac701ada/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "长江电力 2.98% 股息率红线遭遇电网物理卡口：防御溢价重估与吸纳容量压力测试",
          "summary": "长江电力 2.98% 股息率红线遭遇电网物理卡口：防御溢价重估与吸纳容量压力测试",
          "href": "/investor/reports/archive-5e6ffd917e89/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "600905.SH",
        "DUK"
      ]
    },
    {
      "id": "thesis-a7f43e67af",
      "title": "在5月CPI受地缘政治能源冲击飙升至4.2%的背景下，新任美联储主席Warsh将在6月16-17日的FOMC会议上作何政策反应？",
      "titleEn": "Practical research topic: 在5月CPI受地缘政治能源冲击飙升至4.2%的背景下，新任美联储主席Warsh将在6月16-17日的FOMC会议上作何政策反应？",
      "href": "/investor/theses/thesis-a7f43e67af/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "Warsh 时代的鹰派转向：供给冲击型美联储遭遇需求走弱的劳动力市场",
          "summary": "研究研究记录 · 全球宏观分析师 · 工作日期：2026-07-06（亚洲/新加坡） 立场： initial（初始）",
          "href": "/investor/reports/archive-69b9b87e99da/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SLB",
        "OXY",
        "0883.HK"
      ]
    },
    {
      "id": "thesis-9cd2a72630",
      "title": "在 6 月非农仅 +5.7 万、CPI 升至三年高位 4.2%、Warsh 领导的美联储将点阵图从降息翻转为加息倾向的背景下，美国是否已…",
      "titleEn": "Practical research topic: 在 6 月非农仅 +5.7 万、CPI 升至三年高位 4.2%、Warsh 领导的美联储将点阵图从降息翻转为加息倾向的背景下，美国是否已…",
      "href": "/investor/theses/thesis-9cd2a72630/",
      "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": "Warsh 时代的鹰派转向：供给冲击型美联储遭遇需求走弱的劳动力市场",
          "summary": "研究研究记录 · 全球宏观分析师 · 工作日期：2026-07-06（亚洲/新加坡） 立场： initial（初始）",
          "href": "/investor/reports/archive-69b9b87e99da/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "JPM",
        "TLT",
        "IEF"
      ]
    },
    {
      "id": "thesis-f9ce8d294d",
      "title": "人民币汇率 6.70–6.88 区间稳定性分析",
      "titleEn": "Practical research topic: 人民币汇率 6.70–6.88 区间稳定性分析",
      "href": "/investor/theses/thesis-f9ce8d294d/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-06 研究研究记录 08：CNH/CNY基差、套利回补与USD/CNY政策传导",
          "summary": "2026-07-06 研究研究记录 08：CNH/CNY基差、套利回补与USD/CNY政策传导",
          "href": "/investor/reports/archive-42edd151f7a3/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远...",
          "summary": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远影响",
          "href": "/investor/reports/archive-e3722c85de40/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "ETN",
        "601179.SH",
        "600089.SH",
        "CEG",
        "VST"
      ]
    },
    {
      "id": "thesis-b976d8330e",
      "title": "NAND盈利弹性由价格与产品结构主导，而非单纯出货增长",
      "titleEn": "NAND earnings leverage is driven by pricing and mix rather than shipment growth alone",
      "href": "/investor/theses/thesis-b976d8330e/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 70,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "研究研究研究记录 08：AI硬件CapEx下修对半导体产业链的传导（2026-07-06）",
          "summary": "研究研究研究记录 08：AI硬件CapEx下修对半导体产业链的传导（2026-07-06）",
          "href": "/investor/reports/archive-13d9e91ee795/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "META",
        "MU",
        "000660.KS",
        "TSM",
        "AMD",
        "AVGO"
      ]
    },
    {
      "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": "油价重估与全球通胀 / 利率反应函数",
          "summary": "分析师： 全球宏观分析师（ global-macro ） - 工作日： 2026-07-06（Asia/Singapore） - 立场： 综合（synthesize，承接 energy-analyst 的前序研究） - 命题： 如果 Brent 维持...",
          "href": "/investor/reports/archive-c2a01d6931be/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CVX",
        "XOM",
        "0883.HK",
        "COP",
        "2883.HK",
        "SLB",
        "OXY"
      ]
    },
    {
      "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": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "TMT行业研究报告工作计划：2026年第28周",
          "summary": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
          "href": "/investor/reports/archive-dbf3d9877162/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "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": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远...",
          "summary": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远影响",
          "href": "/investor/reports/archive-e3722c85de40/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "CEG",
        "VST",
        "601985.SH"
      ]
    },
    {
      "id": "thesis-4749f7193b",
      "title": "云厂商自发电：公用事业信用与电力资产再定价",
      "titleEn": "Practical research topic: 云厂商自发电：公用事业信用与电力资产再定价",
      "href": "/investor/theses/thesis-4749f7193b/",
      "laneId": "lane_136dd1c3c708",
      "lane": "云厂商自发电/电力资产",
      "laneHref": "/investor/lanes/cloud-self-generation-and-power-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 67,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远...",
          "summary": "AI算力基础设施建设与电力供应瓶颈研究：并网排队、电网建设进度及其对超大规模云厂商CAPEX的深远影响",
          "href": "/investor/reports/archive-e3722c85de40/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "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": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "summary": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "href": "/investor/reports/archive-b4d4b7fd961e/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "000660.KS",
        "MU",
        "688012.SH",
        "ASML"
      ]
    },
    {
      "id": "thesis-31f32af77b",
      "title": "中国云与国产算力栈的关键不是模型热度，而是训练/推理订单、服务器交付和生态锁定",
      "titleEn": "China cloud and local compute stacks depend less on model hype than training/inference orders, server delivery, and e...",
      "href": "/investor/theses/thesis-31f32af77b/",
      "laneId": "lane_2997650d0638",
      "lane": "中国云/国产算力栈",
      "laneHref": "/investor/lanes/china-cloud-and-local-compute-stack/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "研究报告：评估 Hyperscaler Capex 波动对光模块组合毛利垫的侵蚀风险及汇率破位下的业绩韧性",
          "summary": "研究报告：评估 Hyperscaler Capex 波动对光模块组合毛利垫的侵蚀风险及汇率破位下的业绩韧性",
          "href": "/investor/reports/archive-56b9c86b2338/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "688041.SH",
        "300308.SZ",
        "601138.SH",
        "0981.HK",
        "688981.SH",
        "000977.SZ",
        "9988.HK",
        "NVDA",
        "0700.HK"
      ]
    },
    {
      "id": "thesis-b37a11e5a3",
      "title": "FOMC 后应以“选择性算力基础设施挤空”而非“无差别 AI 融涨”来交易：多稀缺、空低 ROIC，净多但对冲。",
      "titleEn": "Practical research topic: FOMC 后应以“选择性算力基础设施挤空”而非“无差别 AI 融涨”来交易：多稀缺、空低 ROIC，净多但对冲。",
      "href": "/investor/theses/thesis-b37a11e5a3/",
      "laneId": "lane_f1a271385aff",
      "lane": "先进封装/HBM4 闸门",
      "laneHref": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "summary": "半导体先进封装与HBM供应节奏对下游算力基础设施交付周期的影响及电网并网压力测试报告",
          "href": "/investor/reports/archive-b4d4b7fd961e/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS"
      ]
    },
    {
      "id": "thesis-3cb5657bb3",
      "title": "智能驾驶供应商拐点取决于定点转量产和毛利率修复",
      "titleEn": "The smart-driving supplier inflection depends on program conversion and margin recovery",
      "href": "/investor/theses/thesis-3cb5657bb3/",
      "laneId": "lane_0cb100fcf8da",
      "lane": "自动驾驶/Robotaxi 单位经济",
      "laneHref": "/investor/lanes/autonomous-driving-and-robotaxi-unit-economics/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 65,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "TSLA/M7/RETAIL 盈利修正与估值风险情景分析",
          "summary": "报告日期： 2026年07月06日 (Asia/Singapore) [S1] - 分析师： 全球宏观分析师 [S3] - 立场： 初始立场 ( initial ) [S3] - 研究记录索引： 1/10 [S3]",
          "href": "/investor/reports/archive-5585b522f6e6/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSLA",
        "NVDA",
        "GOOGL",
        "1274.HK",
        "002594.SZ",
        "XPEV"
      ]
    },
    {
      "id": "thesis-5505b40cdb",
      "title": "通用减速机修复先于机器人精密传动兑现",
      "titleEn": "General reducer recovery precedes realization of the robotics option",
      "href": "/investor/theses/thesis-5505b40cdb/",
      "laneId": "lane_a724a01f8428",
      "lane": "具身智能/机器人零部件",
      "laneHref": "/investor/lanes/embodied-ai-and-robotics-components/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 64,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "主题研究研究记录 - 2026-07-06 - 机器人与液冷公告级再启动观察清单",
          "summary": "主题研究研究记录 - 2026-07-06 - 机器人与液冷公告级再启动观察清单",
          "href": "/investor/reports/archive-fbb77538799b/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "002472.SZ",
        "002747.SZ",
        "300124.SZ",
        "TSLA",
        "688017.SH",
        "603915.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": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "A股策略综合报告：原产地规则升级与电网瓶颈约束下的投资组合最终重构 (2026-07-06)",
          "summary": "A股策略综合报告：原产地规则升级与电网瓶颈约束下的投资组合最终重构 (2026-07-06)",
          "href": "/investor/reports/archive-586a463b167b/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "300274.SZ",
        "002028.SZ",
        "300750.SZ",
        "002080.SZ"
      ]
    },
    {
      "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": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "把外汇触发线翻译成可实时确认杠铃翻转的A股市场结构信号 (2026-07-06)",
          "summary": "把外汇触发线翻译成可实时确认杠铃翻转的A股市场结构信号 (2026-07-06)",
          "href": "/investor/reports/archive-d1fba01a2577/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "300308.SZ",
        "300750.SZ",
        "600519.SH",
        "159915.SZ",
        "510300.SH",
        "688256.SH",
        "600900.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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "首席风控压力测试：截至2026-07-06的并网延期、HBM约束与AI电价下限上移",
          "summary": "首席风控压力测试：截至2026-07-06的并网延期、HBM约束与AI电价下限上移",
          "href": "/investor/reports/archive-8c362af04edb/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "META",
        "MSFT",
        "AMZN",
        "GOOGL",
        "NVDA",
        "NOW",
        "CRM",
        "ADBE"
      ]
    },
    {
      "id": "thesis-44cf9d91f6",
      "title": "中国大健康 Alpha 正从医保压价转向创新药出海、临床确定性与设备刚需",
      "titleEn": "China healthcare alpha is moving from reimbursement pressure to overseas licensing, clinical certainty, and equipment...",
      "href": "/investor/theses/thesis-44cf9d91f6/",
      "laneId": "lane_640d21327d8b",
      "lane": "中国大健康/创新药出海",
      "laneHref": "/investor/lanes/china-healthcare-and-overseas-innovation-drug-monetization/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 57,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "中国创新药出海期权与CXO订单拐点对公用事业“避险泡沫”的重构挑战",
          "summary": "报告日期： 2026-07-06 分析师： 医药行业分析师 研究来源：已归档 研究记录索引： 4/10 本报告立场： 否认 (Deny)",
          "href": "/investor/reports/archive-ef2d297b2d84/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "2359.HK",
        "600276.SH",
        "1801.HK",
        "2269.HK",
        "9926.HK",
        "6990.HK",
        "300760.SZ",
        "603259.SH",
        "1177.HK",
        "002821.SZ"
      ]
    },
    {
      "id": "thesis-603a5f7966",
      "title": "A 股硬科技与科创50的复苏需要订单、融资盘和指数结构共振",
      "titleEn": "A-share hard tech and STAR50 recovery needs orders, margin positioning, and index structure to align",
      "href": "/investor/theses/thesis-603a5f7966/",
      "laneId": "lane_4cc1e74d8e5f",
      "lane": "A股硬科技/科创50",
      "laneHref": "/investor/lanes/a-share-hard-tech-and-star50/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 56,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "政策核心硬科技相对红利质量的因子分解",
          "summary": "政策核心硬科技相对红利质量的因子分解 因子研究员 2026-08-08 立场：压力测试（stress-test）",
          "href": "/investor/reports/archive-2acd5a053462/",
          "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-075017003b",
      "title": "AI 资本开支通过能源、设备和利率进入通胀定价",
      "titleEn": "AI capex enters inflation pricing through energy, equipment, and rates",
      "href": "/investor/theses/thesis-075017003b/",
      "laneId": "lane_c0702fb29e08",
      "lane": "AI 再通胀/利率敏感资产",
      "laneHref": "/investor/lanes/ai-reflation-and-rate-sensitive-assets/",
      "direction": "stable",
      "directionLabel": "稳定",
      "conviction": 55,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "首席风控官周报研究计划",
          "summary": "本周覆盖范围 / Coverage window: 2026-07-06 (周一) → 2026-07-10 (周五)",
          "href": "/investor/reports/archive-c56d8342fd0b/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "META",
        "MSFT",
        "AMZN",
        "GOOGL",
        "XLE",
        "TLT",
        "XLU",
        "NVDA"
      ]
    },
    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "研究报告：评估 Hyperscaler Capex 波动对光模块组合毛利垫的侵蚀风险及汇率破位下的业绩韧性",
          "summary": "研究报告：评估 Hyperscaler Capex 波动对光模块组合毛利垫的侵蚀风险及汇率破位下的业绩韧性",
          "href": "/investor/reports/archive-56b9c86b2338/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "300308.SZ",
        "NVDA",
        "AVGO",
        "META",
        "COHR",
        "LITE",
        "300394.SZ",
        "MRVL",
        "TSM",
        "MSFT"
      ]
    },
    {
      "id": "thesis-985b80b224",
      "title": "具身智能机器人进入 BOM 降本与执行器供给验证期",
      "titleEn": "Embodied AI robotics enters the BOM deflation and actuator supply verification phase",
      "href": "/investor/theses/thesis-985b80b224/",
      "laneId": "lane_a724a01f8428",
      "lane": "具身智能/机器人零部件",
      "laneHref": "/investor/lanes/embodied-ai-and-robotics-components/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 55,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "主题研究研究记录 - 2026-07-06 - 机器人与液冷公告级再启动观察清单",
          "summary": "主题研究研究记录 - 2026-07-06 - 机器人与液冷公告级再启动观察清单",
          "href": "/investor/reports/archive-fbb77538799b/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "002472.SZ",
        "688017.SH",
        "TSLA",
        "002747.SZ",
        "300124.SZ",
        "NVDA",
        "603662.SH",
        "002050.SZ",
        "ABBNY"
      ]
    },
    {
      "id": "thesis-21dd72c1b1",
      "title": "航空航天与国防供应链错配正在形成政策驱动的制造业弹性",
      "titleEn": "Aerospace and defense supply-chain mismatch is creating policy-driven manufacturing beta",
      "href": "/investor/theses/thesis-21dd72c1b1/",
      "laneId": "lane_1514a60f727a",
      "lane": "国防航空航天供应链",
      "laneHref": "/investor/lanes/defense-and-aerospace-supply-chain/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 55,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "工业制造与国防航天研究周报编制计划 (Industrials, Defense & Aerospace Weekly Research Plan)",
          "summary": "工业制造与国防航天研究周报编制计划 (Industrials, Defense & Aerospace Weekly Research Plan)",
          "href": "/investor/reports/archive-19437932ed9f/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "LMT",
        "RTX",
        "NOC",
        "RKLB",
        "BA",
        "CAT",
        "IRDM",
        "ASTS",
        "HWM"
      ]
    },
    {
      "id": "thesis-08dd090dc9",
      "title": "公用事业从防御红利切换到电网扩容、容量费与信用再定价",
      "titleEn": "Utilities are shifting from defensive dividends to grid expansion, capacity fees, and credit repricing",
      "href": "/investor/theses/thesis-08dd090dc9/",
      "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": 53,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "A股水电、电网设备、红利质量与盈利型科技的可交易组合映射报告",
          "summary": "分析师： 首席策略师 (Chief Strategist) 报告日期： 2026-07-06 (Asia/Singapore) 董事会 ID： [source-id-redacted] 研究记录索引： 5/8 当前立场： 综合 (Synthesize)",
          "href": "/investor/reports/archive-89d15593b200/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "AEP",
        "600900.SH",
        "CEG",
        "DUK",
        "VST",
        "XLU",
        "META",
        "NEE",
        "SMR",
        "GEV"
      ]
    },
    {
      "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": "2026-07-06 外汇压力测试：Fed暂停但未转向情景下的人民币反应函数与A股杠铃触发线",
          "summary": "2026-07-06 外汇压力测试：Fed暂停但未转向情景下的人民币反应函数与A股杠铃触发线",
          "href": "/investor/reports/archive-eb77641c756d/",
          "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-485a630a87",
      "title": "自动驾驶与 Robotaxi 主题必须从演示热度进入单位经济和监管城市扩张验证",
      "titleEn": "Autonomous driving and robotaxi themes must move from demo excitement to unit economics and regulated city expansion",
      "href": "/investor/theses/thesis-485a630a87/",
      "laneId": "lane_0cb100fcf8da",
      "lane": "自动驾驶/Robotaxi 单位经济",
      "laneHref": "/investor/lanes/autonomous-driving-and-robotaxi-unit-economics/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 51,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "TSLA/M7/RETAIL 盈利修正与估值风险情景分析",
          "summary": "报告日期： 2026年07月06日 (Asia/Singapore) [S1] - 分析师： 全球宏观分析师 [S3] - 立场： 初始立场 ( initial ) [S3] - 研究记录索引： 1/10 [S3]",
          "href": "/investor/reports/archive-5585b522f6e6/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GOOGL",
        "TSLA",
        "NVDA",
        "META",
        "MSFT",
        "AMZN",
        "BIDU",
        "XPEV",
        "002594.SZ",
        "2015.HK"
      ]
    },
    {
      "id": "thesis-3d421524cd",
      "title": "油价地缘底线决定再通胀与降息交易的安全边际",
      "titleEn": "The geopolitical oil floor defines the margin of safety for disinflation and rate-cut trades",
      "href": "/investor/theses/thesis-3d421524cd/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 50,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "油价重估与全球通胀 / 利率反应函数",
          "summary": "分析师： 全球宏观分析师（ global-macro ） - 工作日： 2026-07-06（Asia/Singapore） - 立场： 综合（synthesize，承接 energy-analyst 的前序研究） - 命题： 如果 Brent 维持...",
          "href": "/investor/reports/archive-c2a01d6931be/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "CME",
        "CVX",
        "XOM",
        "600938.SH",
        "600900.SH",
        "0857.HK",
        "COP",
        "601857.SH"
      ]
    },
    {
      "id": "thesis-026aa1679b",
      "title": "云厂商自发电正在把 AI 交付风险转移到核电、燃气、电网与公用事业信用",
      "titleEn": "Cloud self-generation is shifting AI delivery risk into nuclear, gas, grid assets, and utility credit",
      "href": "/investor/theses/thesis-026aa1679b/",
      "laneId": "lane_136dd1c3c708",
      "lane": "云厂商自发电/电力资产",
      "laneHref": "/investor/lanes/cloud-self-generation-and-power-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 49,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "PJM再监管尾部风险下，AI电力复合体的资产配置与对冲",
          "summary": "研究记录 · 分析师： 首席策略师 · 立场： 综合（Synthesize） 工作日期： 2026-07-06（亚洲/新加坡）· 根主题： 电网容量瓶颈下的核电AI数据中心监管加速与并网权转让",
          "href": "/investor/reports/archive-3efc5de21ab7/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "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": "限制性美联储利率下的多资产风险预算压力测试 - 2026-07-06",
          "summary": "元数据页脚： 工作日 2026-07-06，分析师 chief-strategist，立场 stress-test，研究记录 02。",
          "href": "/investor/reports/archive-712f1eb5bced/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CME",
        "TLT",
        "JPM",
        "KRE",
        "GLD",
        "IEF",
        "UUP"
      ]
    },
    {
      "id": "thesis-1aaa752ed4",
      "title": "AI 电力与电网瓶颈仍是基础设施主线",
      "titleEn": "AI power and grid bottlenecks remain the infrastructure core",
      "href": "/investor/theses/thesis-1aaa752ed4/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 45,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "研究记录 10 · 公用事业分析师 — 对电网与电力设备资产重估逻辑的压力测试",
          "summary": "研究记录 10 · 公用事业分析师 — 对电网与电力设备资产重估逻辑的压力测试",
          "href": "/investor/reports/archive-3747c9719568/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "META",
        "600089.SH",
        "MSFT",
        "601179.SH",
        "AMZN"
      ]
    },
    {
      "id": "thesis-d6b2c23ed6",
      "title": "航运与物流成本是油价、关税和供应链再通胀的二阶传导器",
      "titleEn": "Shipping and logistics costs are a second-order transmission channel for oil, tariffs, and supply-chain reflation",
      "href": "/investor/theses/thesis-d6b2c23ed6/",
      "laneId": "lane_79a55cd8530e",
      "lane": "航运物流/再通胀传导",
      "laneHref": "/investor/lanes/shipping-logistics-and-reflation-transmission/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 44,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "霍尔木兹海峡复航对硫磺全球供应链及物流成本的冲击评估 (Energy Analyst Report)",
          "summary": "霍尔木兹海峡复航对硫磺全球供应链及物流成本的冲击评估 (Energy Analyst Report) 分析日期：2026-07-06",
          "href": "/investor/reports/archive-9f5d8895cc93/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "601919.SH",
        "1919.HK",
        "ZIM",
        "MATX",
        "600026.SH",
        "600018.SH",
        "BOAT"
      ]
    }
  ],
  "lanes": [
    {
      "id": "lane_10d7884cbe65",
      "title": "AI 电力/电网设备",
      "href": "/investor/lanes/ai-power-and-grid-equipment/",
      "thesisCount": 18,
      "eventCount": 47,
      "convictionTotal": 1308,
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "688676.SH",
        "000400.SZ",
        "PWR",
        "META",
        "MSFT"
      ],
      "avgConviction": 73
    },
    {
      "id": "lane_f1a271385aff",
      "title": "先进封装/HBM4 闸门",
      "href": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "thesisCount": 10,
      "eventCount": 26,
      "convictionTotal": 661,
      "stockTickers": [
        "TSM",
        "NVDA",
        "ASML",
        "688012.SH",
        "000660.KS",
        "MU",
        "002916.SZ",
        "AMD",
        "META",
        "AVGO",
        "MSFT",
        "AMZN"
      ],
      "avgConviction": 66
    },
    {
      "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": 17,
      "eventCount": 25,
      "convictionTotal": 1303,
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI",
        "CME",
        "0700.HK",
        "2800.HK",
        "9988.HK"
      ],
      "avgConviction": 77
    },
    {
      "id": "lane_1c216bd29875",
      "title": "美债利率/美元再定价",
      "href": "/investor/lanes/us-rates-and-dollar-repricing/",
      "thesisCount": 9,
      "eventCount": 14,
      "convictionTotal": 673,
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP",
        "JPM",
        "KRE",
        "CME",
        "GLD"
      ],
      "avgConviction": 75
    },
    {
      "id": "lane_93300d58763e",
      "title": "油气/地缘通胀",
      "href": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "thesisCount": 10,
      "eventCount": 12,
      "convictionTotal": 750,
      "stockTickers": [
        "0883.HK",
        "0857.HK",
        "SLB",
        "CVX",
        "XOM",
        "OXY",
        "COP",
        "2883.HK",
        "CME",
        "600938.SH",
        "600900.SH",
        "601857.SH"
      ],
      "avgConviction": 75
    },
    {
      "id": "lane_968dd01cb43f",
      "title": "A股半导体/两融负 Gamma",
      "href": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "thesisCount": 3,
      "eventCount": 8,
      "convictionTotal": 218,
      "stockTickers": [
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "588000.SH",
        "688008.SH",
        "688012.SH",
        "600900.SH",
        "300308.SZ",
        "002371.SZ"
      ],
      "avgConviction": 73
    },
    {
      "id": "lane_f44cf45c8649",
      "title": "AI 算力半导体",
      "href": "/investor/lanes/ai-compute-semiconductors/",
      "thesisCount": 4,
      "eventCount": 8,
      "convictionTotal": 272,
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS",
        "META",
        "AMD",
        "AVGO",
        "MSFT",
        "GOOGL",
        "AMZN",
        "ASML"
      ],
      "avgConviction": 68
    },
    {
      "id": "lane_7e439482cbef",
      "title": "中国出口制造/利润率",
      "href": "/investor/lanes/china-export-manufacturing-and-margins/",
      "thesisCount": 2,
      "eventCount": 8,
      "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_22c1ed929e2e",
      "title": "公用事业/电网信用",
      "href": "/investor/lanes/utilities-grid-rate-base-and-credit/",
      "thesisCount": 4,
      "eventCount": 7,
      "convictionTotal": 275,
      "stockTickers": [
        "600900.SH",
        "600905.SH",
        "DUK",
        "CEG",
        "AEP",
        "600025.SH",
        "1816.HK",
        "NEE",
        "VST",
        "XLU",
        "META",
        "SMR"
      ],
      "avgConviction": 69
    },
    {
      "id": "lane_bf77fb66551a",
      "title": "A股红利/硬科技杠铃",
      "href": "/investor/lanes/a-share-dividend-and-hard-tech-barbell/",
      "thesisCount": 4,
      "eventCount": 6,
      "convictionTotal": 303,
      "stockTickers": [
        "600900.SH",
        "688981.SH",
        "601088.SH",
        "601398.SH",
        "588000.SH",
        "510880.SH",
        "600941.SH",
        "601939.SH"
      ],
      "avgConviction": 76
    },
    {
      "id": "lane_2d0dcf520f87",
      "title": "AI 基建 TCO/能效筛选",
      "href": "/investor/lanes/ai-infrastructure-tco-and-efficiency-reset/",
      "thesisCount": 2,
      "eventCount": 6,
      "convictionTotal": 135,
      "stockTickers": [
        "NVDA",
        "TSM",
        "AMD",
        "VRT",
        "META",
        "MU",
        "MSFT",
        "AVGO",
        "000660.KS",
        "DELL"
      ],
      "avgConviction": 68
    },
    {
      "id": "lane_f3e413e8ce27",
      "title": "日元套息/EM 科技流动性",
      "href": "/investor/lanes/yen-carry-and-em-tech-liquidity/",
      "thesisCount": 4,
      "eventCount": 4,
      "convictionTotal": 317,
      "stockTickers": [
        "TSM",
        "FXY",
        "UUP"
      ],
      "avgConviction": 79
    },
    {
      "id": "lane_070c58f355b5",
      "title": "A股风险偏好/两融",
      "href": "/investor/lanes/a-share-risk-appetite-and-margin/",
      "thesisCount": 3,
      "eventCount": 4,
      "convictionTotal": 210,
      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "300750.SZ",
        "512100.SH",
        "300308.SZ",
        "600519.SH",
        "159915.SZ",
        "688256.SH",
        "600900.SH"
      ],
      "avgConviction": 70
    },
    {
      "id": "lane_136dd1c3c708",
      "title": "云厂商自发电/电力资产",
      "href": "/investor/lanes/cloud-self-generation-and-power-assets/",
      "thesisCount": 4,
      "eventCount": 4,
      "convictionTotal": 261,
      "stockTickers": [
        "GEV",
        "CEG",
        "VST",
        "ETN",
        "601985.SH",
        "SMR",
        "META",
        "MSFT",
        "AMZN",
        "AEP",
        "NVDA"
      ],
      "avgConviction": 65
    },
    {
      "id": "lane_6e2dcaab093e",
      "title": "工业机械/设备更新出海",
      "href": "/investor/lanes/industrial-machinery-equipment-upgrade-and-exports/",
      "thesisCount": 1,
      "eventCount": 4,
      "convictionTotal": 59,
      "stockTickers": [
        "600031.SH",
        "600761.SH",
        "002747.SZ",
        "000425.SZ",
        "603338.SH",
        "603298.SH",
        "000157.SZ",
        "601100.SH",
        "300124.SZ"
      ],
      "avgConviction": 59
    },
    {
      "id": "lane_8c4a3526fcca",
      "title": "关键材料/稀土铜铝",
      "href": "/investor/lanes/critical-materials-rare-earths-copper-and-aluminum/",
      "thesisCount": 1,
      "eventCount": 4,
      "convictionTotal": 58,
      "stockTickers": [
        "FCX",
        "GEV",
        "000831.SZ",
        "SCCO",
        "ETN",
        "MP",
        "TECK",
        "600111.SH",
        "600089.SH"
      ],
      "avgConviction": 58
    },
    {
      "id": "lane_0679894fe06b",
      "title": "数据中心地产/液冷",
      "href": "/investor/lanes/data-center-real-estate-and-cooling/",
      "thesisCount": 1,
      "eventCount": 4,
      "convictionTotal": 53,
      "stockTickers": [
        "VRT",
        "ETN",
        "META",
        "NVDA",
        "GEV",
        "MSFT",
        "DLR",
        "EQIX",
        "SMR"
      ],
      "avgConviction": 53
    },
    {
      "id": "lane_2eefe4e126c6",
      "title": "AI 医疗/生物科技效率",
      "href": "/investor/lanes/ai-healthcare-and-biology-productivity/",
      "thesisCount": 1,
      "eventCount": 4,
      "convictionTotal": 48,
      "stockTickers": [
        "300760.SZ",
        "688271.SH",
        "300633.SZ",
        "688212.SH",
        "2359.HK",
        "2269.HK",
        "688617.SH",
        "DHR",
        "SDGR"
      ],
      "avgConviction": 48
    },
    {
      "id": "lane_856b47b8b1d9",
      "title": "纺织服装/出口库存周期",
      "href": "/investor/lanes/textile-apparel-export-and-inventory-cycle/",
      "thesisCount": 1,
      "eventCount": 4,
      "convictionTotal": 38,
      "stockTickers": [
        "NKE",
        "002003.SZ",
        "603558.SH",
        "603889.SH",
        "300979.SZ",
        "300577.SZ",
        "2313.HK",
        "603055.SH",
        "LULU"
      ],
      "avgConviction": 38
    },
    {
      "id": "lane_f21fc181388a",
      "title": "Mag7 AI 平台再分层",
      "href": "/investor/lanes/mag7-ai-platform-re-layering/",
      "thesisCount": 2,
      "eventCount": 3,
      "convictionTotal": 146,
      "stockTickers": [
        "META",
        "MSFT",
        "GOOGL",
        "AMZN",
        "NVDA",
        "TSM",
        "AVGO",
        "AAPL",
        "TSLA"
      ],
      "avgConviction": 73
    },
    {
      "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_e69b58816f80",
      "title": "能源转型/储能光伏",
      "href": "/investor/lanes/energy-transition-storage-and-solar-capex/",
      "thesisCount": 2,
      "eventCount": 3,
      "convictionTotal": 106,
      "stockTickers": [
        "300274.SZ",
        "002028.SZ",
        "300750.SZ",
        "002080.SZ",
        "SMR",
        "GEV",
        "600900.SH",
        "MSFT",
        "CEG",
        "META",
        "VST"
      ],
      "avgConviction": 53
    },
    {
      "id": "lane_ccbe817778d1",
      "title": "组合风控/证据质量",
      "href": "/investor/lanes/portfolio-risk-and-evidence-quality/",
      "thesisCount": 1,
      "eventCount": 3,
      "convictionTotal": 44,
      "stockTickers": [
        "CME",
        "CBOE",
        "IBKR",
        "VIRT",
        "SH"
      ],
      "avgConviction": 44
    },
    {
      "id": "lane_122bdfde6ea9",
      "title": "指数调仓/被动资金事件",
      "href": "/investor/lanes/index-rebalance-and-passive-flow-events/",
      "thesisCount": 1,
      "eventCount": 2,
      "convictionTotal": 79,
      "stockTickers": [
        "510300.SH",
        "MCHI",
        "KWEB"
      ],
      "avgConviction": 79
    }
  ],
  "stocks": [
    {
      "ticker": "GEV",
      "name": "GE Vernova",
      "market": "US",
      "href": "/investor/stocks/GEV/",
      "thesisCount": 27,
      "eventCount": 64,
      "lanes": [
        "AI 电力/电网设备",
        "云厂商自发电/电力资产",
        "关键材料/稀土铜铝",
        "公用事业/电网信用",
        "数据中心地产/液冷"
      ]
    },
    {
      "ticker": "ETN",
      "name": "Eaton",
      "market": "US",
      "href": "/investor/stocks/ETN/",
      "thesisCount": 25,
      "eventCount": 61,
      "lanes": [
        "AI 电力/电网设备",
        "云厂商自发电/电力资产",
        "关键材料/稀土铜铝",
        "数据中心地产/液冷",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "NVDA",
      "name": "NVIDIA",
      "market": "US",
      "href": "/investor/stocks/NVDA/",
      "thesisCount": 29,
      "eventCount": 59,
      "lanes": [
        "Mag7 AI 平台再分层",
        "先进封装/HBM4 闸门",
        "AI 基建 TCO/能效筛选",
        "AI 算力半导体",
        "端侧 AI/Agent 桌面"
      ]
    },
    {
      "ticker": "600089.SH",
      "name": "特变电工",
      "market": "A-share",
      "href": "/investor/stocks/600089.SH/",
      "thesisCount": 19,
      "eventCount": 51,
      "lanes": [
        "AI 电力/电网设备",
        "关键材料/稀土铜铝",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "002028.SZ",
      "name": "思源电气",
      "market": "A-share",
      "href": "/investor/stocks/002028.SZ/",
      "thesisCount": 20,
      "eventCount": 50,
      "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": "TSM",
      "name": "TSMC",
      "market": "US ADR",
      "href": "/investor/stocks/TSM/",
      "thesisCount": 22,
      "eventCount": 47,
      "lanes": [
        "日元套息/EM 科技流动性",
        "先进封装/HBM4 闸门",
        "AI 基建 TCO/能效筛选",
        "AI 算力半导体",
        "Mag7 AI 平台再分层"
      ]
    },
    {
      "ticker": "601179.SH",
      "name": "中国西电",
      "market": "A-share",
      "href": "/investor/stocks/601179.SH/",
      "thesisCount": 17,
      "eventCount": 46,
      "lanes": [
        "AI 电力/电网设备",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "UUP",
      "name": "Invesco DB US Dollar Index Bullish Fund",
      "market": "US ETF",
      "href": "/investor/stocks/UUP/",
      "thesisCount": 27,
      "eventCount": 40,
      "lanes": [
        "人民币/美元流动性敏感资产",
        "日元套息/EM 科技流动性",
        "美债利率/美元再定价"
      ]
    },
    {
      "ticker": "CEG",
      "name": "Constellation Energy",
      "market": "US",
      "href": "/investor/stocks/CEG/",
      "thesisCount": 18,
      "eventCount": 39,
      "lanes": [
        "AI 电力/电网设备",
        "云厂商自发电/电力资产",
        "公用事业/电网信用",
        "能源转型/储能光伏"
      ]
    },
    {
      "ticker": "VST",
      "name": "Vistra",
      "market": "US",
      "href": "/investor/stocks/VST/",
      "thesisCount": 18,
      "eventCount": 38,
      "lanes": [
        "AI 电力/电网设备",
        "云厂商自发电/电力资产",
        "公用事业/电网信用",
        "能源转型/储能光伏"
      ]
    },
    {
      "ticker": "000660.KS",
      "name": "SK hynix",
      "market": "Korea",
      "href": "/investor/stocks/000660.KS/",
      "thesisCount": 14,
      "eventCount": 36,
      "lanes": [
        "先进封装/HBM4 闸门",
        "AI 算力半导体",
        "AI 基建 TCO/能效筛选"
      ]
    },
    {
      "ticker": "MU",
      "name": "Micron",
      "market": "US",
      "href": "/investor/stocks/MU/",
      "thesisCount": 14,
      "eventCount": 36,
      "lanes": [
        "先进封装/HBM4 闸门",
        "AI 算力半导体",
        "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": 16,
      "eventCount": 32,
      "lanes": [
        "A股红利/硬科技杠铃",
        "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"
      ]
    },
    {
      "ticker": "META",
      "name": "Meta Platforms",
      "market": "US",
      "href": "/investor/stocks/META/",
      "thesisCount": 18,
      "eventCount": 31,
      "lanes": [
        "Mag7 AI 平台再分层",
        "AI 算力半导体",
        "端侧 AI/Agent 桌面",
        "先进封装/HBM4 闸门",
        "AI 基建 TCO/能效筛选"
      ]
    },
    {
      "ticker": "3988.HK",
      "name": "中国银行",
      "market": "HK",
      "href": "/investor/stocks/3988.HK/",
      "thesisCount": 19,
      "eventCount": 28,
      "lanes": [
        "人民币/美元流动性敏感资产",
        "债券供给/银行久期",
        "中国权益流动性"
      ]
    },
    {
      "ticker": "FXI",
      "name": "iShares China Large-Cap ETF",
      "market": "US ETF",
      "href": "/investor/stocks/FXI/",
      "thesisCount": 17,
      "eventCount": 25,
      "lanes": [
        "人民币/美元流动性敏感资产"
      ]
    },
    {
      "ticker": "MSFT",
      "name": "Microsoft",
      "market": "US",
      "href": "/investor/stocks/MSFT/",
      "thesisCount": 14,
      "eventCount": 24,
      "lanes": [
        "Mag7 AI 平台再分层",
        "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": "688676.SH",
      "name": "金盘科技",
      "market": "A-share",
      "href": "/investor/stocks/688676.SH/",
      "thesisCount": 8,
      "eventCount": 23,
      "lanes": [
        "AI 电力/电网设备",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "688012.SH",
      "name": "中微公司",
      "market": "A-share",
      "href": "/investor/stocks/688012.SH/",
      "thesisCount": 8,
      "eventCount": 22,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "先进封装/HBM4 闸门",
        "信创/国产 IT 栈"
      ]
    },
    {
      "ticker": "ASML",
      "name": "ASML",
      "market": "US ADR",
      "href": "/investor/stocks/ASML/",
      "thesisCount": 7,
      "eventCount": 19,
      "lanes": [
        "先进封装/HBM4 闸门",
        "AI 算力半导体"
      ]
    },
    {
      "ticker": "588000.SH",
      "name": "科创50 ETF",
      "market": "A-share ETF",
      "href": "/investor/stocks/588000.SH/",
      "thesisCount": 10,
      "eventCount": 18,
      "lanes": [
        "A股红利/硬科技杠铃",
        "A股风险偏好/两融",
        "A股半导体/两融负 Gamma",
        "A股硬科技/科创50",
        "中国权益流动性"
      ]
    },
    {
      "ticker": "688981.SH",
      "name": "中芯国际",
      "market": "A-share",
      "href": "/investor/stocks/688981.SH/",
      "thesisCount": 9,
      "eventCount": 18,
      "lanes": [
        "A股红利/硬科技杠铃",
        "A股半导体/两融负 Gamma",
        "中国云/国产算力栈",
        "信创/国产 IT 栈",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "TLT",
      "name": "iShares 20+ Year Treasury Bond ETF",
      "market": "US ETF",
      "href": "/investor/stocks/TLT/",
      "thesisCount": 11,
      "eventCount": 17,
      "lanes": [
        "美债利率/美元再定价",
        "AI 再通胀/利率敏感资产",
        "债券供给/银行久期"
      ]
    },
    {
      "ticker": "AMD",
      "name": "AMD",
      "market": "US",
      "href": "/investor/stocks/AMD/",
      "thesisCount": 8,
      "eventCount": 17,
      "lanes": [
        "AI 基建 TCO/能效筛选",
        "AI 算力半导体",
        "端侧 AI/Agent 桌面",
        "先进封装/HBM4 闸门"
      ]
    },
    {
      "ticker": "IEF",
      "name": "iShares 7-10 Year Treasury Bond ETF",
      "market": "US ETF",
      "href": "/investor/stocks/IEF/",
      "thesisCount": 10,
      "eventCount": 16,
      "lanes": [
        "美债利率/美元再定价",
        "债券供给/银行久期"
      ]
    },
    {
      "ticker": "002916.SZ",
      "name": "深南电路",
      "market": "A-share",
      "href": "/investor/stocks/002916.SZ/",
      "thesisCount": 5,
      "eventCount": 15,
      "lanes": [
        "先进封装/HBM4 闸门",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "688256.SH",
      "name": "寒武纪",
      "market": "A-share",
      "href": "/investor/stocks/688256.SH/",
      "thesisCount": 7,
      "eventCount": 14,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "中国云/国产算力栈",
        "A股风险偏好/两融",
        "信创/国产 IT 栈",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "AVGO",
      "name": "Broadcom",
      "market": "US",
      "href": "/investor/stocks/AVGO/",
      "thesisCount": 7,
      "eventCount": 14,
      "lanes": [
        "AI 算力半导体",
        "Mag7 AI 平台再分层",
        "先进封装/HBM4 闸门",
        "AI 基建 TCO/能效筛选",
        "CPO/光模块/高速互联"
      ]
    },
    {
      "ticker": "AMZN",
      "name": "Amazon",
      "market": "US",
      "href": "/investor/stocks/AMZN/",
      "thesisCount": 10,
      "eventCount": 13,
      "lanes": [
        "Mag7 AI 平台再分层",
        "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"
      ]
    },
    {
      "ticker": "0981.HK",
      "name": "中芯国际",
      "market": "HK",
      "href": "/investor/stocks/0981.HK/",
      "thesisCount": 6,
      "eventCount": 13,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "中国云/国产算力栈",
        "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": 13,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "中国云/国产算力栈",
        "信创/国产 IT 栈",
        "A股硬科技/科创50"
      ]
    },
    {
      "ticker": "300308.SZ",
      "name": "中际旭创",
      "market": "A-share",
      "href": "/investor/stocks/300308.SZ/",
      "thesisCount": 7,
      "eventCount": 12,
      "lanes": [
        "中国云/国产算力栈",
        "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"
      ]
    },
    {
      "ticker": "688008.SH",
      "name": "澜起科技",
      "market": "A-share",
      "href": "/investor/stocks/688008.SH/",
      "thesisCount": 5,
      "eventCount": 12,
      "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": "2313.HK",
      "name": "申洲国际",
      "market": "HK",
      "href": "/investor/stocks/2313.HK/",
      "thesisCount": 3,
      "eventCount": 12,
      "lanes": [
        "中国出口制造/利润率",
        "纺织服装/出口库存周期"
      ]
    },
    {
      "ticker": "0883.HK",
      "name": "中国海洋石油",
      "market": "HK",
      "href": "/investor/stocks/0883.HK/",
      "thesisCount": 9,
      "eventCount": 11,
      "lanes": [
        "油气/地缘通胀"
      ]
    },
    {
      "ticker": "GOOGL",
      "name": "Alphabet",
      "market": "US",
      "href": "/investor/stocks/GOOGL/",
      "thesisCount": 8,
      "eventCount": 10,
      "lanes": [
        "Mag7 AI 平台再分层",
        "端侧 AI/Agent 桌面",
        "AI 算力半导体",
        "自动驾驶/Robotaxi 单位经济",
        "AI 软件效率/生产率"
      ]
    },
    {
      "ticker": "300750.SZ",
      "name": "宁德时代",
      "market": "A-share",
      "href": "/investor/stocks/300750.SZ/",
      "thesisCount": 6,
      "eventCount": 10,
      "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": "VRT",
      "name": "Vertiv",
      "market": "US",
      "href": "/investor/stocks/VRT/",
      "thesisCount": 3,
      "eventCount": 10,
      "lanes": [
        "AI 基建 TCO/能效筛选",
        "数据中心地产/液冷"
      ]
    },
    {
      "ticker": "CME",
      "name": "CME Group",
      "market": "US",
      "href": "/investor/stocks/CME/",
      "thesisCount": 5,
      "eventCount": 9,
      "lanes": [
        "食品农业/猪周期",
        "油气/地缘通胀",
        "人民币/美元流动性敏感资产",
        "美债利率/美元再定价",
        "组合风控/证据质量"
      ]
    },
    {
      "ticker": "SLB",
      "name": "SLB",
      "market": "US",
      "href": "/investor/stocks/SLB/",
      "thesisCount": 7,
      "eventCount": 8,
      "lanes": [
        "油气/地缘通胀"
      ]
    }
  ],
  "personas": [],
  "episodes": [
    {
      "id": "reader:reader-daily-reader-2026-07-06",
      "type": "reader",
      "badge": "READER MEMO",
      "color": "blue",
      "date": "2026-07-06",
      "title": "2026-07-06 AI Institute 每日读者报告",
      "titleEn": "",
      "summary": "2026-07-06 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-2026-07-06/",
      "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 2567.3，AI 基础设施 heat 2275.5；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": "工业供给瓶颈 的高优先级风险是“研究门户共享研究会话（前序研究）— 2026-07-02”，impact 5 / probability 3。",
          "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、策略、宏观和风控线。",
          "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": 203
    },
    {
      "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": 35
    },
    {
      "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": 23
    },
    {
      "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": 13
    },
    {
      "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": 6
    },
    {
      "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
    }
  ],
  "analystCounts": [
    {
      "label": "未识别",
      "count": 280
    },
    {
      "label": "AI Institute Reader Composer",
      "count": 1
    }
  ],
  "categoryCounts": [
    {
      "label": "其他",
      "count": 280
    },
    {
      "label": "读者报告",
      "count": 1
    }
  ],
  "provenance": {
    "contemporaneous": true,
    "note": "This day view is assembled from public, date-stamped AI Institute research contracts."
  }
}