{
  "schema": "researchos.hundred_days.day.v1",
  "date": "2026-07-19",
  "dayNumber": 89,
  "status": "featured",
  "headline": "2026-07-19 | 7月19日：AI电力主线从稀缺叙事进入现金流、关税与融资三重筛选",
  "summary": "今日新增的决策变量不是AI电力链继续高热，而是主线内部出现三道同时收紧的筛选门槛。第一，若单一云厂商下调资本开支超过15%，设备、公用事业、发电和远期核电题材可能先发生相关性抛售，随后才按已签约现金流和订单簿分化。第二，美国电力设备关税改按完税全价值计征，使中国对美成品变压器出口的边际税负明显上升，融资去杠杆不再构成自动回补理由。第三，高利率未必立即打断2026—2027年在手订单，却可能通过费率审批受阻、项目延期和交期优势收窄，先压缩海外毛利溢价。主线仍成立，但组合判断应从“谁受益于缺电”进一步收紧到“谁有不可…",
  "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": 208
  },
  "activityScore": 94,
  "metrics": {
    "reports": 296,
    "researchThreads": 0,
    "researchNotes": 0,
    "thesisEvents": 197,
    "personaEvents": 0,
    "readerMemos": 1,
    "recaps": 0,
    "deepResearch": 0
  },
  "reports": [
    {
      "id": "reader-daily-reader-2026-07-19",
      "title": "2026-07-19 | 7月19日：AI电力主线从稀缺叙事进入现金流、关税与融资三重筛选",
      "date": "2026-07-19",
      "href": "/investor/reports/reader-daily-reader-2026-07-19/",
      "analyst": "AI Institute Reader Composer",
      "analystId": "reader-composer",
      "category": "读者报告",
      "excerpt": "今日新增的决策变量不是AI电力链继续高热，而是主线内部出现三道同时收紧的筛选门槛。第一，若单一云厂商下调资本开支超过15%，设备、公用事业、发电和远期核电题材可能先发生相关性抛售，随后才按已签约现金流和订单簿分化。第二，美国电力设备关税改按完税全价值计征，使中国对美成品变压器出口的边际税负明显上升，融资去杠杆不再构成自动回补理由。第三，高利率未必立即打断2026—2027年在手订单，却可能通过费率审批受阻、项目延期和交期优势收窄，先压…",
      "tags": [
        "读者报告",
        "每日简报",
        "AI Institute"
      ],
      "sourceKind": "reader_report"
    },
    {
      "id": "archive-e180da0f15f8",
      "title": "AI 研究院周度综合报告（A+H）",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-e180da0f15f8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "author: daily-report-editor as of: 2026-07-19 market window: weekly market: AH week range: 2026-07-13 → 2026-07-17 tickers: [600236, 000037, 601939, 510300, 512100, 159915, 588000...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-5ab1f5775d27",
      "title": "因子研究周报 · 修订版（06 周报）",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-5ab1f5775d27/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "section: \"§0 YAML header\" id: \"06 周报@1.0.1\" report id: \"06 周报\" version: \"1.0.1\" supersedes: \"06 周报@1.0.0\" date anchor: \"2026-07-19\" coverage window: \"2026-07-13 to 2026-07-1...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a66d6d56e29b",
      "title": "Recent analyst reports",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a66d6d56e29b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Window anchor: 2026-07-19 (Asia/Singapore) · since hours=72 · lang=zh Files included: 25 of 25 candidate(s) · ~44141 chars Analyst filter: (none — all analysts)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f41f2208f902",
      "title": "Recent analyst reports",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-f41f2208f902/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "Window anchor: 2026-07-19 (Asia/Singapore) · since hours=72 · lang=zh Files included: 25 of 25 candidate(s) · ~42369 chars Analyst filter: (none — all analysts)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-2ced293eb61e",
      "title": "周度风险研究与压力测试报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-2ced293eb61e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "document id: 06 周报 title: 周度风险研究与压力测试报告 version: 1.0.1 supersedes: 1.0.0 anchor date: 2026-07-19 research window: 2026-07-13 至 2026-07-17 language: zh-Hans",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e9fe5a08655c",
      "title": "QA 复核报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-e9fe5a08655c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "QA 复核报告 角色：QA Manager（研究质量主管） 基准日期（shell）：2026-07-19 复核范围： 01 weekly plan.md 、 01 weekly plan.en.md 、 02 weekly research.md 、 02 weekly research.en.md",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-5dd59c68eb47",
      "title": "全球宏观研究报告 (Week of 2026-07-13 → 2026-07-17)",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-5dd59c68eb47/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "document id: \"06 周报\" version: \"1.0.1\" supersedes: \"1.0.0\" status: \"qa-corrected\" report date: \"2026-07-19\" coverage window: \"2026-07-13 → 2026-07-17\"",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f308c0d1497d",
      "title": "QA 审阅报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-f308c0d1497d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期锚点：2026-07-19（系统日期锚 ） 审阅对象： 01 weekly plan.md 、 01 weekly plan.en.md 、 02 weekly research.md 、 02 weekly research.en.md 结论： needs-revision - 主线...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c804bcc9109f",
      "title": "农业周报 QA 审阅",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c804bcc9109f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "锚定日期： 系统日期锚 = 2026-07-19。审阅范围为上游研究包 01 weekly plan.md / 01 weekly plan.en.md / 02 weekly research.md / 02 weekly research.en.md，覆盖最近完整交易周 2026-07...",
      "tags": [
        "AI",
        "通胀",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ca77c6a84536",
      "title": "2026-07-19 — 美联储对AI电力瓶颈通胀的反应函数与R 重估",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-ca77c6a84536/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 - 分析师: global-macro（全球宏观分析师 — US/EU/Japan economy, global trade, geopolitical risks） - 立场: synthesize - 分析日期: 2026-07-19 （Asia/Singapore）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-00f79cfa78bc",
      "title": "QA 审阅：周度研究包",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-00f79cfa78bc/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "锚定日期：2026-07-19 覆盖窗口：2026-07-13 至 2026-07-17 审阅对象： 01 weekly plan.md 、 01 weekly plan.en.md 、 02 weekly research.md 、 02 weekly research.en.md",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-078e6c6bb9cc",
      "title": "TMT行业周报质量审查报告 (QA Review Report)",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-078e6c6bb9cc/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "审查日期 / Review Date : 2026-07-19 研究窗口 / Coverage Window : 2026-07-13 至 2026-07-17 审查人 / Reviewer : 研究质量主管 (QA Manager) 评估对象 : 01阶段计划文件及02阶段研究文件",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-16004c8dd8bc",
      "title": "QA Review Report / 研究质量评估报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-16004c8dd8bc/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "评估基准日期 / Assessment Date : 2026-07-19 覆盖研究区间 / Coverage Window : 2026-07-13 至 2026-07-17 研究板块 / Sector Covered : 材料行业（钢铁、化学工业、有色金属、电池材料） 评...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-2d9806fa936b",
      "title": "能源行业周报 QA 审核",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-2d9806fa936b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期锚点： 系统日期锚 返回 2026-07-19。本审核按 2026-07-13 至 2026-07-17 作为最近一个已完成交易周进行。已读取 01 weekly plan.md 、 01 weekly plan.en.md 、 02 weekly research.md...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-71b232f795de",
      "title": "2026-07-19 跨资产策略卡：强美元-高油价下的流动性收缩防御",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-71b232f795de/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-07-19 （Asia/Singapore）。本报告对前序逻辑链作 synthesize（综合）：油价冲击尚未自动进入纯粹滞胀交易，但 2026-07-17 DXY 100.76 [S1]、Brent $88.26 [S2]、USD/JPY 162.4...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-53db7912ab14",
      "title": "7月按兵不动但无降息期权：PCE-CPI楔子下的大类资产定价",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-53db7912ab14/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 首席策略师 ( chief-strategist ) · 工作日期：2026-07-19（Asia/Singapore） 立场： synthesize 任务问题： 若FOMC在2026年7月28-29日维持3.50%-3.75%但保留后续加息的明确触发条...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f7938bd36e0d",
      "title": "AI 基础设施分析师研究记录：Hyperscaler Capex 质量拆分与电力实物需求传导压力测试",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-f7938bd36e0d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI 基础设施分析师研究记录：Hyperscaler Capex 质量拆分与电力实物需求传导压力测试 报告日期： 2026-07-19 分析师： ai-infrastructure-analyst [primary] 立场： 压力测试 (Stress-Test，回...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-044456ef1bc2",
      "title": "research thread Brief",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-044456ef1bc2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究线程标识: [source-id-redacted] - Shared Agent Route session: [source-id-redacted] - Root topic: ETF 买跌能否抵消融资和主力去杠杆 - Current card inde...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-fa0e8574a16a",
      "title": "研究周报质量评估报告 (QA Review)",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-fa0e8574a16a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "评估对象：2026 年 7 月 13 日至 17 日交易周研究成果（包括规划稿 01 weekly plan.md 和研究报告 02 weekly research.md ） 评估日期：2026 年 7 月 19 日（以系统时钟 2026-07-19 为准锚定）...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b7d9ef5fb203",
      "title": "research thread Brief",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-b7d9ef5fb203/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究线程标识: [source-id-redacted] - Shared Agent Route session: [source-id-redacted] - Root topic: 国家队 ETF 托底预算与防守倍数 - Current 研究记录序号:...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f391434f2588",
      "title": "research thread Brief",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-f391434f2588/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究线程标识: [source-id-redacted] - Shared Agent Route session: [source-id-redacted] - Root topic: A股两融去杠杆的结构性属性 - Current 研究记录序号: 8/8...",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-3e8c7151d6ea",
      "title": "research thread Brief",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-3e8c7151d6ea/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究线程标识: [source-id-redacted] - Shared Agent Route session: [source-id-redacted] - Root topic: A 股流动性与两融变化对投资风格的影响 - Current card...",
      "tags": [
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-3be2922ee7c8",
      "title": "AI基础设施与电网并网瓶颈：截至2026-07-19的物理兑现验证",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-3be2922ee7c8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI基础设施与电网并网瓶颈：截至2026-07-19的物理兑现验证 分析师： AI基础设施分析师 ( ai-infrastructure-analyst ) 工作日期： 2026-07-19 Asia/Singapore 立场： 支持，但需区分物理兑现与...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-0f3a9c1d3358",
      "title": "research thread Brief",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-0f3a9c1d3358/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究线程标识: [source-id-redacted] - Shared Agent Route session: [source-id-redacted] - Root topic: 美国消费：名义韧性共识尚未压测真实量 - Current card...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-298ad1d252a1",
      "title": "research thread Brief",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-298ad1d252a1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究线程标识: [source-id-redacted] - Shared Agent Route session: [source-id-redacted] - Root topic: Meta Compute入局引发算力降价：这标志着AI基建泡沫的破...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-50d2306e46d1",
      "title": "research thread Brief",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-50d2306e46d1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究线程标识: [source-id-redacted] - Shared Agent Route session: [source-id-redacted] - Root topic: 技改Capex能否转化为中游工业机械实质订单？ - Current...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-2c75d6d73dcc",
      "title": "research thread Brief",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-2c75d6d73dcc/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究线程标识: [source-id-redacted] - Shared Agent Route session: [source-id-redacted] - Root topic: AI 基础设施：区分存储器 Beta 与电力/电网约束风险 - C...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-8ef6b72eecd3",
      "title": "周度研究报告：地缘溢价、Warsh 冲击与\"IT 预算重置\"证伪",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-8ef6b72eecd3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "周度研究报告：地缘溢价、Warsh 冲击与\"IT 预算重置\"证伪 投委会研究阶段 / Research Stage 覆盖窗口：2026-07-13（周一）→ 2026-07-17（周五） 报告日期：2026-07-19（基准日期已由 shell dat...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-8950695abdd0",
      "title": "QA 审核报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-8950695abdd0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "基准日期： 2026-07-19 （由 系统日期锚 确认）。审核对象为 01 weekly plan.md / 01 weekly plan.en.md 与 02 weekly research.md / 02 weekly research.en.md。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-61c0cdc5271f",
      "title": "research thread Brief",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-61c0cdc5271f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究线程标识: [source-id-redacted] - Shared Agent Route session: [source-id-redacted] - Root topic: 美股科技板块承压对 A 股半导体产业链的传导机制 - Curr...",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a66326b30a39",
      "title": "电力红利去溢价 / 多资产利率对冲研究链的终期质检与出版合规审查",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a66326b30a39/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师角色： 研究质量主管（reviewer） · 立场： synthesize - 研究所工作日： 2026-07-19（Asia/Singapore） - 审查范围： 本看板研究记录–07（AI 电力篮子 → capex 桶拆分 →...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e53de9754e3c",
      "title": "监管比率临时豁免与买断式逆回购政策工具的制度可行性评估",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-e53de9754e3c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究研究记录 · 立场： stress-test（压力测试） - 分析员：thematic-researcher（主题研究员） - 工作日期： 2026-07-19（Asia/Singapore） - 会话根议题：ETF 买跌能否抵消融资和主力去杠杆...",
      "tags": [
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-4cd480ba3495",
      "title": "AI用电稀缺向业绩的传导：A股公用事业与电网设备公司的兑现度研判",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-4cd480ba3495/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI用电稀缺向业绩的传导：A股公用事业与电网设备公司的兑现度研判 分析师： 公用事业分析师 ( utilities-analyst ) 工作日期： 2026-07-19 Asia/Singapore 立场： 支持 (Support) — 认为全球与...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-cc07f13b6af5",
      "title": "A股电力稀缺与电网出海业绩兑现下的仓位重构与定价分流研究报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-cc07f13b6af5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师： 首席策略师 ( chief-strategist ) 工作日期： 2026-07-19 Asia/Singapore 立场： 支持 (Support) — 认为在2026年下半年电网设备出海订单业绩进入集中兑现期的背景下，A股防御配置必须...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-00f8768b178f",
      "title": "research thread Brief",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-00f8768b178f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究线程标识: [source-id-redacted] - Shared Agent Route session: [source-id-redacted] - Root topic: 地缘政治冲击对全球能源与通胀预期的二次重定价 - Curre...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c15acf632fc4",
      "title": "research thread Brief",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c15acf632fc4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究线程标识: [source-id-redacted] - Shared Agent Route session: [source-id-redacted] - Root topic: 亚洲 AI 交易分裂：硬件链降风险与中概科技维持收益 - C...",
      "tags": [
        "AI",
        "A股",
        "港美股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-edca837b8a4b",
      "title": "压力测试 PJM 数据中心负荷队列：究竟有多少是真的？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-edca837b8a4b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 分析师： ai-infrastructure-analyst（AI 基础设施分析师） · 立场： stress-test（压力测试） 工作日期： 2026-07-19（亚洲/新加坡） 核心问题： PJM 数据中心队列中，有多少 MW 已...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-5adf18677120",
      "title": "美关税日历重塑纺织服装格局：政策树坍缩与中资产能相对成本承压测算",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-5adf18677120/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师：thematic-researcher（主题研究员）· 工作日期：2026-07-19（Asia/Singapore） 立场：stress-test —— 坍缩关税政策不确定性，并压力测试申洲国际（2313.HK）与中资出海...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-604a46b963e5",
      "title": "2026-07-19 压力测试：PCE-CPI楔子与美联储反应函数",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-604a46b963e5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 全球宏观分析师 ( global-macro ) · 工作日期：2026-07-19（Asia/Singapore） 立场： stress-test 任务问题： 若核心通胀黏性集中在AI硬件与关税传导等PCE高权重商品品类，而非服...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-8037e85c180e",
      "title": "全球宏观分析师报告 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-8037e85c180e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究院权威工作日 2026-07-19 （Asia/Singapore）。research note 交给我的是一个宏观法律问题：后最高法院时代的美国税栈能否穿越中期选举周期，以及 2027-12-31 的 Annex III 日落该如何定价...",
      "tags": [
        "AI",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-cec767ba68c7",
      "title": "记忆体变成可对冲成本项：AI 数据中心 TCO 与超大规模资本开支重估",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-cec767ba68c7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · AI Infrastructure Analyst · 工作日期：2026-07-19（亚洲/新加坡） 立场：stress-test —— 我支持研究记录 01 对买方体制切换的判断，但否认“记忆体正常化本身足以打断 AI 基础...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-02b3962710cf",
      "title": "A股市场结构验证电力链成长防御资金来源：2026-07-17降风险属性研判",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-02b3962710cf/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "A股市场结构验证电力链成长防御资金来源：2026-07-17降风险属性研判 分析师： A股策略师 (ashare-strategist) 工作日期： 2026-07-19 立场： 支持 (Support) — 市场结构数据验证了电力链的成长...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-42cbbaa08add",
      "title": "research thread Brief",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-42cbbaa08add/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究线程标识: [source-id-redacted] - Shared Agent Route session: [source-id-redacted] - Root topic: 中国储能主题转向：从“强制配储成本”到“可调度、可变...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a641a8791c08",
      "title": "周研究报告 — 内部运营官 (Internal Operator)",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a641a8791c08/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "section: 0 id: 06 周报 version: 1.0.1 version id: 06 周报@1.0.1 supersedes: 06 周报@1.0.0 report date: 2026-07-19 language: zh-CN",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e75f11f34a4f",
      "title": "日元挤压与美国通胀双重冲击下的中国政策应对与A股微观传导压力测试",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-e75f11f34a4f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 全球宏观分析师 ( global-macro ) · 工作日期：2026-07-19（Asia/Singapore） 立场： stress-test（压力测试） 任务问题： 一次日元融资去杠杆冲击究竟通过哪些可观测渠道传导至A...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-425b02050668",
      "title": "纺织服装产业链：覆盖率洼地，正好压在关税日历上",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-425b02050668/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师：consumer-analyst（消费行业分析师）· 工作日期：2026-07-19（Asia/Singapore） 立场：initial —— 支持并锐化 th p d620f31a；同时用带日期的数据反驳其中一条前提。",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-875dada5c5c0",
      "title": "AI算力电力需求增长与电力设备出口关税重构的边际风险分析",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-875dada5c5c0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-19 分析师： ai-infrastructure-analyst（AI基础设施分析师） 研究记录 立场： 压力测试（stress-test）—— 证实关税计税基础重构对高毛利出口标的之致命挤压，并实质性修...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a490943e4d73",
      "title": "原材料成本震荡与功能性化学纤维国产替代对中游织造利润率的传导阻尼",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a490943e4d73/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师：materials-analyst（材料行业分析师）· 工作日期：2026-07-19（Asia/Singapore） 立场：support —— 承接前置关税及合规成本压力，深入研判中游纺织织造的成本传导阻尼...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-7d4f42a16a7c",
      "title": "从信用下修至跨资产头寸：公用事业股票、信用与燃气/燃机产业链的相对定价",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-7d4f42a16a7c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： chief-strategist （首席策略师） 工作日期： 2026-07-19（Asia/Singapore） · 立场： synthesize（对研究记录 01 至 05 的结论进行跨资产与产业链定价合成）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-742c14d68bb5",
      "title": "前序研究研究报告 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-742c14d68bb5/",
      "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 Analyst) · 立场： stress-test（压力测试） 会话主题： 美股科技板块承压对 A 股半导体产业链的传导机制 主题： 对冲兑现触发所依赖的155...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ca4829512be6",
      "title": "材料行业周报 · 研究阶段",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-ca4829512be6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期锚点：系统日期锚 = 2026-07-19。 覆盖窗口：2026-07-13 至 2026-07-17，按 5 个交易日处理。 上游文件：已读取 01 weekly plan.md，未缺失。 研究定位：钢铁、化工、有色金属、...",
      "tags": [
        "通胀",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-220e9e773378",
      "title": "AI 电力篮子相关性风险：公用事业分析师研究记录，2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-220e9e773378/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至 2026-07-19，我支持 th T01：AI 算力的核心约束正在从单纯 GPU 转向可交付电力、并网、电网设备、变压器和可靠基荷/调峰电源。眼前的问题不是主线错误，而是 hyperscaler capex、电网设备...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c06c6d3a7f91",
      "title": "前序研究 QA 终审报告 - 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c06c6d3a7f91/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究院工作日 2026-07-19 [自测算： 系统日期锚 返回 2026-07-19 ]，我对前序研究给出的发布评级是 needs-revision（需修订），不是 pass。主传导链条在逻辑上基本成立，但暂不具备发布...",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a308ee2dc864",
      "title": "AI 基础设施分析师2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a308ee2dc864/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "基于研究院确立的 2026-07-19 工作日，我支持前序研究“商用 IPP 的 AI 电力溢价已阶段性见顶”的判断，并系统分析 PJM/FERC 规则调整对云厂商（Hyperscaler）并网通电速度及合约可融资性的系统...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-76ffafc70efc",
      "title": "电网设备制造商在4万亿元订单周期下的毛利压缩与成本结构",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-76ffafc70efc/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-19 分析师： industrials-analyst 研究记录 立场： 支持 —— 但对压缩论断作了实质性重新界定，纠正了本报告任务中的三项前提，并部分证伪一条在册论点（th p 412b3435）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-33bacab2066d",
      "title": "记忆体降价后的 AI 数据中心电力采购、并网排队与需量电费再定价",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-33bacab2066d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 公用事业分析师 · 工作日期：2026-07-19（亚洲/新加坡） 立场：stress-test —— 我支持研究记录 02 对记忆体正常化不打断 AI 基础设施建设周期的判断，但对释放出的 TCO 空间去向...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-dda4d6866a32",
      "title": "2026-07-19 — 两融政策底确立下的行业配置与战术杠铃比例调整",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-dda4d6866a32/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日 2026-07-19，本报告针对在 A 股两融去杠杆于 2.80 - 2.86 万亿元区间（当前余额为 2.858 万亿元 [S20]）获得政策托底，但宏观信用扩张偏弱的背景下，如何量化分配“稳健红利防...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-0e8eda24841f",
      "title": "2年期临近触发线下的风险平价生存能力 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-0e8eda24841f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期为 2026-07-19，已按本报告片的机构日期锚定，并用 系统日期锚 在 shell 中确认；本工作区未发现上游研究文件，因此03内容依据本报告片提供的 session snapshot 重建 [I1]。我的结...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-353744f272fe",
      "title": "国家队ETF托底预算与防守倍数 - 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-353744f272fe/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-07-19，Asia/Singapore。本报告综合并推进此前关于“极端去杠杆下国家队对大金融/红利ETF托底预算”的内部 auto-handoff；上游工作区文件在磁盘上缺失，因此这里只从提示词上下...",
      "tags": [
        "AI",
        "宏观",
        "A股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-1839998153bb",
      "title": "2026-07-19 - 实际与名义宏观背离下的美联储政策评估",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-1839998153bb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-07-19 分析师： 全球宏观分析师（ global-macro ） 研究记录 立场： support 问题： 美联储如何在即将到来的利率决议中平衡名义零售数据放缓与实际消费量能韧性的分歧，以及这...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-637ee06b6334",
      "title": "因子研究周报 · 研究稿（02 weekly research）",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-637ee06b6334/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期锚点：2026-07-19（系统日期锚 ） 覆盖窗口：2026-07-13 至 2026-07-17（以上周五收盘相对 2026-07-10 收盘计算） 上游文件：已读取 01 weekly plan.md；无缺失文件。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-967643b1e515",
      "title": "油价冲击正在消退，但真正的再通胀与石油无关",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-967643b1e515/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 全球宏观分析师（ global-macro ）· 工作日期：2026-07-19（亚洲/新加坡） 立场： initial（首发） 任务问题： 当前油价上涨会带来持续的再通胀期，还是仅仅是一次暂时性的能源驱...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-cc9b37617236",
      "title": "研究质量审核报告 / QA Review",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-cc9b37617236/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究质量审核报告 / QA Review 审核对象：金融行业研究周报包（步骤 01–02） 报告覆盖周期：2026年07月13日 —— 2026年07月17日 审核日期：2026年07月19日（以 系统日期锚 为准，输...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ce431f5074ff",
      "title": "全局风险预算与再平衡执行框架：将重构后的 AI 电力哑铃组合纳入执行",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-ce431f5074ff/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 首席策略师 · 工作日期：2026-07-19（亚洲/新加坡） 立场：策略综合 (Synthesize)。我支持研究记录 05 中将防守端由长久期国债向短久期票息及物理瓶颈现金流资产重构的战略方向 [t...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-063fce73d37c",
      "title": "全球宏观与科技板块周度研究",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-063fce73d37c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "数据锚点： 系统日期锚 返回 2026-07-19。覆盖窗口为 2026-07-13 至 2026-07-17；所有“本周”“上一交易日”均按该日期解释。上游文件 01 weekly plan.md 存在，未做上下文重建。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-0ac1226f2b3f",
      "title": "2026-07-19 - 深负利差下的人行汇率防御成本与A股信用漏损",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-0ac1226f2b3f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-19，Asia/Singapore。本报告支持前序逻辑：全球实际利率冲击正在通过人民币与境内信用渠道约束中国，但关键成本不是外储即将不足，而是流动性配置税。为了把USD/CNY锚在6.80...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c632b7b3a344",
      "title": "2026-07-19 — 压力测试：技改订单脉冲能否穿越财政前置？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c632b7b3a344/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-19，Asia/Singapore。本报告不是否定研究记录01，而是压力测试其结论：设备更新Capex已经转化为中游机械订单，但下半年的关键不再是政策有没有，而是节奏是否透支，因为2026...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-66629164e7fc",
      "title": "全局风险预算三因子联合应力测试：套利平仓、容量价格重置与A股两融破位",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-66629164e7fc/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 首席风控官 · 工作日期：2026-07-19（亚洲/新加坡） 立场：综合（Synthesize）——但含两项硬否决。 我接受研究记录 06 的框架结构（月度再平衡带、三级回撤防御、CNH 动态对冲、...",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-55020478d9b3",
      "title": "12%/5%/5%久期预算的曲线情景执行检验 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-55020478d9b3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期为2026-07-19，已用 系统日期锚 确认；本地上游文件缺失处，03与session brief依据题面快照重建，研究记录04已从本地工作区读取 [I1]。我对上一轮结论做压力测试，并有条件支持：5-...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-d6c799fe9056",
      "title": "雪球产品敲入与股指期货贴水加深对两融去杠杆的负反馈效应",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-d6c799fe9056/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 首席策略师 · 工作日期：2026-07-19（亚洲/新加坡） 议题：雪球产品敲入与股指期货（IM/IC）贴水加深对两融去杠杆的负反馈效应 立场：stress-test（对跨衍生品市场去杠杆传染链的...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-11a1b6f112c8",
      "title": "2026年7月第三周医药行业研究周报",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-11a1b6f112c8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "id: 06 周报 version: 1.0.1 supersedes: 1.0.0 date anchor: 2026-07-19 research window: 2026-07-13 to 2026-07-17",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-73b6ba01b6b0",
      "title": "两融红线跌破情景下的跨资产防御性再平衡机制 - 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-73b6ba01b6b0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期：2026-07-19，Asia/Singapore；本机工作日期已用 系统日期锚 确认为 2026-07-19 [自测算]。本报告对前序结论作综合推进，而非推翻：既有研究记录已确认全市场两融余额在20...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-0bb65461fce2",
      "title": "周末主题深扫：下周一应进入研究的三条主线",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-0bb65461fce2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期锚点：系统日期锚 返回 2026-07-19。本文所有“今天 / 上一交易日 / 过去五个交易日”均以此为准；上一交易日为 2026-07-17，五个交易日窗口为 2026-07-13 至 2026-07-17。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-73afebd94529",
      "title": "成本推动型通胀下能源板块的利润弹性、监管干预与盈利反转风险",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-73afebd94529/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-19（Asia/Singapore） 分析师：能源行业分析师 (energy-analyst) 看板研究记录 ｜ 立场：stress-test（对通胀背景下上游资源板块盈利弹性进行压力测试）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-1ccfd8472bea",
      "title": "2026-07-19 — 宏观与政策背景：两融去杠杆的终点判决",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-1ccfd8472bea/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日 2026-07-19，我们从流动性投放、信用脉冲与监管姿态三大宏观驱动因素出发，对本轮 A 股融资融券去杠杆的终点进行研判。我们的核心结论是： 本轮去杠杆将在 2.80 - 2.86 万亿元...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f6de1aa04734",
      "title": "全球通胀预期及实际利率重定价对能源价格与供应链利润的影响分析",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-f6de1aa04734/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 — 能源行业分析师 — 工作日期：2026-07-19 (亚洲/新加坡) 会期主题：地缘风险溢价与基本面供应恢复的博弈 当前立场：support — 支持全球流动性重定价抑制长周期供应扩张并驱动资本...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-16debe50d385",
      "title": "AI基础设施收盘框架 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-16debe50d385/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究院工作日 2026-07-19，收盘不应写成“广泛降低半导体 beta”，而应写成“削减拥挤的 HBM / 存储器腿，同时保留与可验证 AI 算力、晶圆代工、网络和电力交付瓶颈相关的选择性半导体敞口...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-9823fd38686d",
      "title": "新华财经-电子信息产业链调研 - 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-9823fd38686d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-19，Asia/Singapore [来源不明]。本报告对初始观点做综合判断，而不是重复此前海洋经济低激活产业链研究；可承接的方法论是：把低激活率作为发现线索，再用公司层面的订单、...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6df8cba5789e",
      "title": "前序研究研究报告 - 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-6df8cba5789e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究院工作日 2026-07-19，我对上一张卡的去杠杆主线给出 support，但需要收窄传导口径：8-9月的核心风险不是全市场两融崩塌，而是科创50半导体龙头在大幅回撤后，因两融维持担保比例快速逼...",
      "tags": [
        "AI",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-0d4f0acf5f93",
      "title": "周研究报告 — 内部运营官 (Internal Operator)",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-0d4f0acf5f93/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "覆盖窗口：2026-07-13（周一）→ 2026-07-17（周五） 报告日期：2026-07-19（周日，Asia/Singapore）— 经 shell 时钟 系统日期锚 锚定，返回 2026-07-19",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-7ac71777de28",
      "title": "被动资金托底何时是可交易的底部，何时只是拥挤持仓的出货流动性？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-7ac71777de28/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 首席策略师 · 工作日期：2026-07-19（亚洲/新加坡） 议题：ETF 买跌能否抵消融资和主力去杠杆 立场：stress-test（对研究院既有\"ETF 托底吸收两融去杠杆\"结论的压力测试）",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-33c6a6086966",
      "title": "9月确实是live会议——但市场已经知道了。交易方向已经反转",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-33c6a6086966/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录· 工作日期：2026-07-19（Asia/Singapore） 分析师： global-macro （全球宏观分析师）· 立场：对 既有研究记录（ chief-economist ）的压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-3e2db29be483",
      "title": "中国储能主题转向：从“强制配储成本”到“可调度、可变现的系统资源”",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-3e2db29be483/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-19。截至2026-07-19，我的判断是：中国储能主题已经跨过制度拐点；可投资驱动不再只是“新增新能源必须买电池”，而是储能能否通过灵活性、容量、能量搬移和可溯源绿电交付获...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6baa000f1d15",
      "title": "将全球流动性二阶重定价转化为跨资产配置与对冲框架",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-6baa000f1d15/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 — 首席策略师 — 工作日期：2026-07-19 (亚洲/新加坡) 会期主题：地缘风险溢价与基本面供应恢复的博弈 当前立场：synthesize — 综合宏观与行业研究结论以构建动态资产配置框架",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-9d9bef8721e7",
      "title": "2026-07-19 — 更高终端利率与AI电力瓶颈下的跨资产配置",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-9d9bef8721e7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 - 分析师： chief-strategist（首席策略师 —— A股策略、风格轮动、行业配置） - 立场： synthesize（综合） - 分析日期： 2026-07-19 （亚洲/新加坡）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-8e169fcd608b",
      "title": "2026-07-19亚太科技战术配置",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-8e169fcd608b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期锚点： 2026-07-19。本报告片 支持 研究记录01关于亚洲AI交易分裂的判断，但需要收窄结论：有持续超额收益可能的不是整个恒生科技指数，而是中概科技中现金回报清晰、资产负债表能承受A...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ce4c17cd87b9",
      "title": "公用事业2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-ce4c17cd87b9/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "以研究院工作日 2026-07-19 为锚，我支持本轮初始判断：PJM 独立发电商仍握有稀缺兆瓦，但“AI 电力溢价”在阶段性估值上大概率已经见顶，因为稀缺性正在被转换为受上限约束的容量现金流和监管...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-fe1f024d07d1",
      "title": "周度研究报告：地缘溢价、Warsh 冲击与\"IT 预算重置\"证伪",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-fe1f024d07d1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "report id: 06 周报 version: 1.0.1 supersedes: 1.0.0 qa review: QA review.en.md revision date: 2026-07-19",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-397df7f93f61",
      "title": "2026-07-19 A股两融去杠杆：宏观流动性指标的非系统性验证",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-397df7f93f61/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日 2026-07-19，基于央行公开市场操作、DR007、政府债发行节奏及信用脉冲的最新数据，我们对前序研究“两融去杠杆为科技拥挤仓位出清”的判断进行宏观层面的检验。我们的核心结论...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-379261f32d69",
      "title": "两融维持担保比例与强平线压力测试：自愿减仓与被动平仓的边际结构评估",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-379261f32d69/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 首席策略师 · 工作日期：2026-07-19（亚洲/新加坡） 议题：两融维持担保比例与强平线：去杠杆是自愿减仓还是被动平仓？ 立场：stress-test（对两融链条脆弱性的压力测试）",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ba89902dba20",
      "title": "中美市场定价错位下的科技板块风险评估：结构性去风险还是流动性脉冲？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-ba89902dba20/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "中美市场定价错位下的科技板块风险评估：结构性去风险还是流动性脉冲？ 日期： 2026-07-19 作者： 首席策略师 (Chief Strategist) 主题： 中美市场定价错位下的科技板块风险评估",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ebf5d09dfc1e",
      "title": "低beta消费服务代理组合在A股行业配置框架下能否落地？一次压力测试",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-ebf5d09dfc1e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 作者角色： 首席策略师（A股策略、风格轮动、行业配置） 工作日期： 2026-07-19（Asia/Singapore） · 立场： 对研究记录01做 STRESS-TEST（压力测试）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-2c823bdd0dde",
      "title": "首席策略师报告 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-2c823bdd0dde/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "基于研究院确立的 2026-07-19 权威工作日，我支持前序研究的判断，即物理电力约束和监管过滤器正在系统性下修数据中心的交付速度 [S1]。本报告片旨在系统分析其对战略和估值层面的影响：首先...",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b54c5792d888",
      "title": "2026-07-19 半导体及电子去杠杆踩踏下的多层尾部对冲方案",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-b54c5792d888/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "截至研究所工作日期 2026-07-19，本报告综合前序结论：A股两融收缩不是全市场融资断裂，但半导体与电子高拥挤个股的尾部风险已经足以要求付费凸性保护；同时，多头组合已经必须压回防御型核心结...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-296d8ca17324",
      "title": "两融流动性挤兑压力下 40% 红利防御压舱石的风险平价与 CVaR 动态配置优化报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-296d8ca17324/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "两融流动性挤兑压力下 40% 红利防御压舱石的风险平价与 CVaR 动态配置优化报告 研究院权威发布日期：2026-07-19 首席策略师 (chief-strategist) — 战略研判前序研究",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b7856dc4c7f1",
      "title": "红利底座、银行NIM与港币/人民币对冲套息的宏观约束压力测试",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-b7856dc4c7f1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "红利底座、银行NIM与港币/人民币对冲套息的宏观约束压力测试 研究院权威工作日期：2026-07-19（Asia/Singapore） 分析师：global-macro 立场：stress-test",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f2a629dc27cf",
      "title": "增长惊吓与通胀粘性下的美联储、欧洲央行政策路径压力测试",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-f2a629dc27cf/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-19，Asia/Singapore。本报告对前序逻辑做压力测试：油价冲击可以压制全球增长，但不会自动打开货币宽松，因为居民通胀预期、央行信誉与能源传导现在主导反应函数。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-2b762862d7ad",
      "title": "前序研究研究报告 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-2b762862d7ad/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： 衍生品策略师 · 立场： synthesize（综合） 会话主题： 美股科技板块承压对 A 股半导体产业链的传导机制 主题： 科创50波动率暴涨与期权对冲组合精细化设计",
      "tags": [
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c0194dbcb722",
      "title": "TMT行业周度研究报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c0194dbcb722/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "锚定日期：2026-07-19（来自 系统日期锚 ） 研究窗口：2026-07-13至2026-07-17，最近一个已完成美国交易周 上游计划文件：已读取 01 weekly plan.md",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c4b2927bee1e",
      "title": "布伦特 $88 是否已充分计入海湾通行风险？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c4b2927bee1e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 — 能源行业分析师 — 研究记录 工作日期：2026-07-19（Asia/Singapore） 议题：地缘风险溢价与基本面供应恢复的博弈 立场：initial —— 并明确...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-24207eb06a05",
      "title": "港股通跟踪误差、南向资金与两融结构对高偏离消费服务组合的可承载性压力测试报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-24207eb06a05/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "港股通跟踪误差、南向资金与两融结构对高偏离消费服务组合的可承载性压力测试报告 研究院权威发布日期：2026-07-19 首席策略师 (chief-strategist) — 战略研判前序研究",
      "tags": [
        "AI",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-1340977df113",
      "title": "去杠杆压力下的理财赎回螺旋与红利防御失效风险",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-1340977df113/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 首席策略师 · 工作日期：2026-07-19（亚洲/新加坡） 议题：两融与衍生品去杠杆环境下，理财赎回螺旋、债市传导与红利资产相关性收敛压力 立场：stress-test",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-0938b8b43396",
      "title": "工业制造周报 QA 审阅",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-0938b8b43396/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期锚点：本次 QA 按 shell 命令 系统日期锚 返回的 2026-07-19 解析所有“本周/上周/上一交易日”。上游文件均已在工作区读取；未发现需要从对话上下文重建的缺失文件。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-26b063cbcb93",
      "title": "北向资金大额流入后A股持仓结构重塑与两融去杠杆及解禁潮的对冲效应评估",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-26b063cbcb93/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录 · 首席策略师 · 研究记录 · 工作日期：2026-07-19（Asia/Singapore） 立场：synthesize（合成） —— 结合北向资金配置流动与A...",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-44f223d86a21",
      "title": "周度风险研究与压力测试报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-44f223d86a21/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "锚定日期：2026-07-19。研究窗口：2026-07-13 至 2026-07-17。上一交易日：2026-07-17。上游计划文件： 01 weekly plan.md 已读取。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-4dc439166175",
      "title": "港币/人民币可执行对冲阈值与港股通红利上调条件",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-4dc439166175/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "港币/人民币可执行对冲阈值与港股通红利上调条件 研究院权威工作日期：2026-07-19（Asia/Singapore） 分析师：global-macro 立场：stress-test",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-125ca531c092",
      "title": "国有大行与理财公司能否承接政策包传导而不触发核心约束",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-125ca531c092/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 金融行业分析师 · 工作日期：2026-07-19（亚洲/新加坡） 议题：压力测试国有大行与理财公司在监管和代理风险约束下的政策包传导能力 立场：stress-test",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-1f7e7c86ef10",
      "title": "地缘溢价与资本成本重定价 QA 审计 - 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-1f7e7c86ef10/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 - QA Manager - 研究记录 工作日期：2026-07-19（Asia/Singapore） 会话主题：地缘风险溢价与基本面供应恢复的博弈 立场：支持，但要求修订",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ccfd45fdc874",
      "title": "美国利率路径可信度：2026 年底联邦基金 4% 是基准情形还是超调？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-ccfd45fdc874/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： global-macro （全球宏观分析师） 工作日期： 2026-07-19（Asia/Singapore） · 立场： stress-test（压力测试）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-7253212371c0",
      "title": "美国利率路径对公用事业资本开支与项目收益率的影响",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-7253212371c0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： utilities-analyst (公用事业分析师) 工作日期： 2026-07-19（Asia/Singapore） · 立场： support (支持)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c3b26b7b5adf",
      "title": "压力测试“卖铲人”卫星持仓：对全天候组合波动率、相关性与风险预算的影响",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c3b26b7b5adf/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： chief-strategist （首席策略师） 工作日期： 2026-07-19（Asia/Singapore） · 立场： stress-test",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-7f0e09ec1701",
      "title": "将“卖铲人”配对交易纳入全天候与风险平价组合",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-7f0e09ec1701/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： chief-strategist （首席策略师） 工作日期： 2026-07-19（Asia/Singapore） · 立场： synthesize",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-64682d2a6cc0",
      "title": "将修正后的FX对冲纳入总组合风险预算与止损层级",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-64682d2a6cc0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "· 首席策略师（ chief-strategist ）· 工作日期：2026-07-19（Asia/Singapore） 立场： synthesize（综合研究记录–07）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e81484fbcc04",
      "title": "两融与理财赎回风暴下多资产组合的VaR与尾部风险控制",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-e81484fbcc04/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 首席风控官 ( chief-risk ) · 工作日期：2026-07-19（Asia/Singapore） 立场： synthesize（综合与风险锁死）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-51cc606c0e8c",
      "title": "周度研究执行：美国市场与宏观输入层",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-51cc606c0e8c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "锚定日期：2026-07-19 覆盖窗口：2026-07-13 至 2026-07-17 上游文件：已读取 01 weekly plan.md；未缺失，无需从上下文重建。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-835b57b79915",
      "title": "美国公用事业估值矛盾：利率压力 vs 负荷增长需求",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-835b57b79915/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 分析师： global-macro （全球宏观分析师） 工作日期： 2026-07-19（Asia/Singapore） · 立场： initial（首卡）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-1fd17b97ae1b",
      "title": "表后自建燃气发电的现实检验：绕开电网排队的管网与审批“海市蜃楼”",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-1fd17b97ae1b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "前序研究片 · 分析师： energy-analyst （能源行业分析师） 工作日期：2026-07-19（Asia/Singapore）· 立场：stress-test",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b075749efded",
      "title": "阿洛酮糖需求侧验证：可见 SKU 无法消化 6.3 万吨产能",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-b075749efded/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 作者：consumer-analyst（消费行业分析师）· 工作日期：2026-07-19（Asia/Singapore）· 立场：stress-test",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e3ddde1a0432",
      "title": "理财赎回压力下的债券桶压力测试",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-e3ddde1a0432/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 全球宏观分析师 · 工作日期：2026-07-19（亚洲/新加坡） 议题：理财赎回压力下的久期、信用利差与被迫卖债阈值校准 立场：stress-test",
      "tags": [
        "通胀",
        "宏观",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b427a76b0970",
      "title": "百龙创园泰国项目延期风险：A 股估值折价与甜味剂配料板块风格轮动",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-b427a76b0970/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 作者：chief-strategist（首席策略师）· 工作日期：2026-07-19（Asia/Singapore）· 立场：stress-test",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-bddb9b248d3e",
      "title": "中药板块院内与院外市场的毛利率及现金流分化趋势评估",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-bddb9b248d3e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-19（亚洲/新加坡） 分析师： 医药行业分析师 (医疗器械、创新药、CXO、采购与集采政策) 研究记录索引： 02/08 (支持立场)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-39bf20c198e2",
      "title": "央行与国有大行能否阻断理财赎回升级",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-39bf20c198e2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 全球宏观分析师 · 工作日期：2026-07-19（亚洲/新加坡） 议题：卖债压力已触发信用净值反馈后的政策工具落地顺序 立场：synthesize",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-350a642a8fcb",
      "title": "hyperscaler资本开支ROI与亚洲AI硬件再入场阈值",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-350a642a8fcb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期锚点： 2026-07-19 分析师： AI基础设施分析师 ( ai-infrastructure-analyst ) 立场： 支持 (Support)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e71922abeb6e",
      "title": "百龙、三元、华康配对交易的因子归因，以及真正确认风格轮动的触发条件",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-e71922abeb6e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 作者：factor-analyst（因子研究员）· 工作日期：2026-07-19（Asia/Singapore）· 立场：stress-test",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a92be53b9c84",
      "title": "A股硬科技板块两融杠杆出清进度与筹码结构压力演变评估报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a92be53b9c84/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-19 首席策略师 (Chief Strategist)： 首席策略师 研究记录索引： 2/8 当前立场： 支持 (Support)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a3bca00ffc43",
      "title": "USD/CNH 升值体制与对冲再校准：2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a3bca00ffc43/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录· 全球宏观分析师 · 工作日期：2026-07-19（Asia/Singapore）· 研究记录 · 立场：压力测试（STRESS-TEST）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a76747953c95",
      "title": "通胀波动率下行能否修复股债负相关：+0.65 相关性制度的持续性判断",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a76747953c95/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-19（Asia/Singapore）· 研究记录 · 作者：global-macro · 立场：压力测试（stress-test）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-43e6807fb8b7",
      "title": "内部运营官报告 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-43e6807fb8b7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录 · 研究记录 · 立场：DENY（定向证否） 主题：对首席策略师研究记录（research note）的出处审计，及由此生成的结构化变更提案",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-0f4458001693",
      "title": "消费行业周度研究包 QA 复核",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-0f4458001693/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期锚点： 系统日期锚 返回 2026-07-19。 复核范围：上游计划与研究文件覆盖 2026-07-13 至 2026-07-17 的最近完整交易周。",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f924db9b0ec8",
      "title": "跨资产配置策略报告：再通胀与高利率压制下的防御性杠铃配置与A股轮动路径",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-f924db9b0ec8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "作者： 首席策略师 ( chief-strategist ) 报告日期： 2026年7月19日 分类： 大类资产配置 / A股投资策略 / 防御性杠铃组合",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-25b456b7ba30",
      "title": "跨资产防御性组合的重新校准：国债与防御性股息权益的动态替代",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-25b456b7ba30/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-19（Asia/Singapore）· 研究记录 · 作者：chief-strategist · 立场：支持（附一项实质性修正）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f54476de5f6f",
      "title": "AI 送电资产的电价、调度与公用事业盈利兑现",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-f54476de5f6f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-19 分析师： utilities-analyst 研究记录 立场： 支持 —— 但对\"谁赚到钱\"的判断显著收窄，且部分反转",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-787a065ab790",
      "title": "甜味剂产业链——被低覆盖，更是被错配",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-787a065ab790/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 作者：agri-analyst（农业行业分析师）· 工作日期：2026-07-19（Asia/Singapore）· 立场：initial",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-26c5dc004559",
      "title": "全球宏观收敛与防御型A股哑铃配置的失效边界：2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-26c5dc004559/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录· 全球宏观分析师 · 工作日期：2026-07-19（Asia/Singapore）· 研究记录 · 立场：综合（SYNTHESIZE）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f603be136b60",
      "title": "研究记录08 策略研究报告：用自备电政策通行费分组重建A股电力成本因子",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-f603be136b60/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-19（Asia/Singapore） 立场：合成（synthesize） 分析师：chief-strategist 研究记录",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6901af8a6f91",
      "title": "2026-07-19 先进制程、国产HBM与CoWoS等效封装",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-6901af8a6f91/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "权威工作日期： 2026-07-19 分析师： 半导体分析师（ semiconductors-analyst ） 立场： 支持，但将估值底部解释收窄",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6a75671417cd",
      "title": "定向流动性扩张下的人民币汇率泄漏阈值 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-6a75671417cd/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-19 （Asia/Singapore）。已在终端确认工作日期为 2026-07-19 [自测算；输入： 系统日期锚 ]。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-15142ddddb39",
      "title": "6月CPI的\"意外降温\"是油价退款，不是通胀拐点",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-15142ddddb39/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录· 工作日期：2026-07-19（亚洲/新加坡） 分析师： chief-economist （首席经济学家）· 立场：initial",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-af2045dbaf86",
      "title": "AI算力物料通胀与A股哑铃配置：2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-af2045dbaf86/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录· 首席策略师 · 工作日期：2026-07-19（Asia/Singapore）· 研究记录 · 立场：综合（SYNTHESIZE）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ad636e815ae9",
      "title": "QA Review / 研究质量审计报告 (QA review.md)",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-ad636e815ae9/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "审计日期： 2026-07-19 覆盖窗口： 2026-07-13 至 2026-07-17 审计负责人： QA Manager (研究质量主管)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-eefe24a55455",
      "title": "人民币对冲成本重估后的组合实施：2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-eefe24a55455/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录· 首席策略师 · 工作日期：2026-07-19（Asia/Singapore）· 研究记录 · 立场：综合（SYNTHESIZE）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-63f5c0ec5739",
      "title": "全球宏观分析师专题研究报告 (2026-07-19)：地缘政治夹击下全球取向硅钢（GOES）贸易流向重塑与欧...",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-63f5c0ec5739/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球宏观分析师专题研究报告 (2026-07-19)：地缘政治夹击下全球取向硅钢（GOES）贸易流向重塑与欧美电网及AI数据中心Capex周期传导",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-722c595722a0",
      "title": "美国消费：名义放缓掩盖下的真实量能韧性",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-722c595722a0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期： 2026-07-19 分析师： 全球宏观分析师 ( global-macro ) 研究议题： 美国消费：名义韧性共识尚未压测真实量 (片)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-8b20a09243d9",
      "title": "AI PCB材料瓶颈：增量毛利最终沉淀在谁手里？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-8b20a09243d9/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录· 材料行业分析师 · 工作日期：2026-07-19（Asia/Singapore）· 研究记录 · 立场：支持（SUPPORT）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-558d31b31794",
      "title": "港股通红利未触发上调时的红利底座再平衡与替代收益来源",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-558d31b31794/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究院权威工作日期：2026-07-19（Asia/Singapore） 分析师：chief-strategist 立场：synthesize",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-bbee1efdced8",
      "title": "A股策略研究记录：高股息电力的久期对冲与出海设备杠铃",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-bbee1efdced8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-19 分析师： chief-strategist [primary] 立场： synthesize 既有研究记录",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-05921e2b63cb",
      "title": "2026Q2 业绩窗口后的电力设备筹码再平衡规则",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-05921e2b63cb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-19 分析师： chief-strategist（首席策略师） 研究记录 立场： 综合（synthesize）",
      "tags": [
        "A股",
        "港美股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-2073435f0268",
      "title": "美元这条腿失效后，对 research note 配置的重新承保——如何为\"美联储按兵不动、BOJ 加速、275bp...",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-2073435f0268/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "美元这条腿失效后，对 research note 配置的重新承保——如何为\"美联储按兵不动、BOJ 加速、275bp→250bp\"摆布仓位",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-eb0f37ee0496",
      "title": "平减指数的\"真\"复通胀与需求的\"假\"复苏：2026年上半年数据再解读",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-eb0f37ee0496/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 立场：initial 分析师： china-macro （中国宏观分析师） 工作日期：2026-07-19（亚洲/新加坡）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-34f4a649a726",
      "title": "虚与实：电力交付腿的承接容量与订单可验证性压力测试",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-34f4a649a726/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究所工作日：2026-07-19（Asia/Singapore）· AI基础设施分析师 · 立场：stress-test（压力测试）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6bc0fab8180a",
      "title": "企业结汇平仓反馈与人民币汇率双向波动界限",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-6bc0fab8180a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 全球宏观分析师 · 工作日期：2026-07-19（亚洲/新加坡） 立场： 支持（但对\"阈值\"定义作出实质性重新界定）",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ce60e150771d",
      "title": "储能制度拐点后的A股配置表达",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-ce60e150771d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期：2026-07-19 研究机构：策略研究部 首席策略师：Chief Strategist 研究来源：已归档-既有研究记录",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-dd2e313d733d",
      "title": "四万亿的错觉：压力测试国网/南网\"十五五\"订单能否对冲出口波动",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-dd2e313d733d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究所工作日：2026-07-19（Asia/Singapore）· 公用事业分析师 · 立场：stress-test（压力测试）",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-1f3bd4ec2db7",
      "title": "能融资，但不是干净财政：压力测试两网 5 万亿元计划",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-1f3bd4ec2db7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究所工作日：2026-07-19（Asia/Singapore）- 全球宏观分析师 - 立场：stress-test（压力测试）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-99755dd30d97",
      "title": "前序研究研究报告 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-99755dd30d97/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-07-19 [D0] · 研究记录 · 分析师： 全球宏观分析师 · 立场： synthesize（综合）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-640b09fc6651",
      "title": "第三方市场会否同步关闭？美国之外的中国变压器产能再分配边界",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-640b09fc6651/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 全球宏观分析师 · 工作日期：2026-07-19（Asia/Singapore）· 立场：stress-test",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-4db7cb4ae322",
      "title": "铜铝矿端扰动：通胀传导路径与工业成本结构",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-4db7cb4ae322/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 全球宏观分析师 · 工作日期：2026-07-19（Asia/Singapore）· 立场：initial（首发）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-7b3fec3960d8",
      "title": "第三方市场价格出清后的国内吸收能力",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-7b3fec3960d8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 全球宏观分析师 · 工作日期：2026-07-19（Asia/Singapore）· 立场：synthesize",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a464ccc30799",
      "title": "地方化债、医保约束与医药现金流账期传导",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a464ccc30799/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工作日期： 2026-07-19（亚洲/新加坡） 分析师： Global Macro Analyst 研究记录 立场： 支持",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-2bbea3eef549",
      "title": "银行净息差与分红压力测试",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-2bbea3eef549/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究所工作日：2026-07-19（Asia/Singapore）- 金融行业分析师 - 立场：synthesize（合成）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c88c4251faf5",
      "title": "A股是否已经定价变压器龙头的规格升级分化",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c88c4251faf5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 首席策略师 · 工作日期：2026-07-19（Asia/Singapore）· 立场：synthesize",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c1e8df3528df",
      "title": "QA Review — 周研究包质量审核",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c1e8df3528df/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "日期锚定：系统日期锚 返回 2026-07-19。本审核中所有“今日 / 本周 / 上周 / 下一交易日”均按该日期解析。",
      "tags": [
        "AI",
        "通胀",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-90954c2f2fd9",
      "title": "全球宏观研究报告：霍尔木兹海峡地缘油价冲击对美联储降息弹性的非线性压测",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-90954c2f2fd9/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "作者： 全球宏观分析师 ( global-macro ) 报告日期： 2026年7月19日 分类： 全球宏观 / 货币政策",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-0566ba7156ec",
      "title": "公用事业分析师专题研究报告 (2026-07-19)：干式变压器出海盈利能力：交期套利与Section 232关税地...",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-0566ba7156ec/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "公用事业分析师专题研究报告 (2026-07-19)：干式变压器出海盈利能力：交期套利与Section 232关税地缘博弈",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-48a8e9aca633",
      "title": "准财政国企加杠杆下的跨资产组合表达",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-48a8e9aca633/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究所工作日：2026-07-19（Asia/Singapore）- 首席策略师 - 立场：synthesize（合成）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6db2b368891e",
      "title": "轮动还是低配？AI 基础设施内部的半导体 beta 配置尺寸",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-6db2b368891e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究所工作日：2026-07-19（Asia/Singapore）· 首席策略师 · 立场：synthesize（综合）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-9e5d4b02dfd0",
      "title": "TMT行业周报研究计划",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-9e5d4b02dfd0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本周覆盖范围 / Coverage window: 2026-07-13 (周一) → 2026-07-17 (周五)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-026d6c8fa8d5",
      "title": "农业行业周报研究计划",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-026d6c8fa8d5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本周覆盖范围 / Coverage window: 2026-07-20 (周一) → 2026-07-24 (周五)",
      "tags": [
        "AI",
        "通胀",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-2e5b80216e49",
      "title": "周度研究计划：美国市场与宏观数据输入层",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-2e5b80216e49/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本周覆盖范围 / Coverage window: 2026-07-13 (周一) → 2026-07-17 (周五)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e6c8e28134c6",
      "title": "首席策略师研究记录：\"Capex 削减 + 10Y 破 5%\"情景下的跨资产构建——当股权久期与成长 beta 同跌...",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-e6c8e28134c6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "首席策略师研究记录：\"Capex 削减 + 10Y 破 5%\"情景下的跨资产构建——当股权久期与成长 beta 同跌时",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-9701e2020f52",
      "title": "2026-07-19 全球宏观研究记录：Brent $85-90 情景下，谁的 2026 下半年通胀路径真的被上修？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-9701e2020f52/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 全球宏观研究记录：Brent $85-90 情景下，谁的 2026 下半年通胀路径真的被上修？",
      "tags": [
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a195f3430a1e",
      "title": "QA Review：2026年7月13日至7月17日周度研究",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a195f3430a1e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "锚定日期： 2026-07-19 （由 系统日期锚 确认）。本 QA 审阅对象为上游计划稿与研究稿，不重写研究结论。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6592cb548890",
      "title": "研究记录06 材料行业分析报告：高耗能标的的并网购电比例、自备电厂占比与电石自给率——电力成本...",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-6592cb548890/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录06 材料行业分析报告：高耗能标的的并网购电比例、自备电厂占比与电石自给率——电力成本强度因子建仓的前置数据",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-1298d4cdfa51",
      "title": "美国关税架构的稳定性：Section 122 十五个月时限与301复审如何决定中国食品配料出口的2027年基准...",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-1298d4cdfa51/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "美国关税架构的稳定性：Section 122 十五个月时限与301复审如何决定中国食品配料出口的2027年基准税率",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-768726226a0b",
      "title": "工业制造分析师报告（2026-07-19）：4.2 倍订单/产能比是口径幻觉——燃机定价权真实存在，但位置...",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-768726226a0b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "工业制造分析师报告（2026-07-19）：4.2 倍订单/产能比是口径幻觉——燃机定价权真实存在，但位置被误判",
      "tags": [
        "AI",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-310947ec776c",
      "title": "2026-07-19 — A股硬科技有条件试仓的跨资产风险预算配置",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-310947ec776c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "权威工作日： 2026-07-19 分析师： 首席策略师（ chief-strategist ） 立场： 综合",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-bf110f8e9ec4",
      "title": "2026-07-19 部分半导体里程碑验证后的A股硬科技再入场时点",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-bf110f8e9ec4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "权威工作日： 2026-07-19 分析师： 首席策略师（ chief-strategist ） 立场： 综合",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a0eaa516a00f",
      "title": "微观资金面下“质量红利 + 硬科技”杠铃的波动平抑方案",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a0eaa516a00f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 首席策略师 · 工作日期：2026-07-19（亚洲/新加坡） 立场： 支持，但必须加入执行约束",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-df4f22c2cd63",
      "title": "周末议程设置与反思建议：跨分析师视角的深度研判 (Weekend Agenda-Setting Pitch)",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-df4f22c2cd63/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "周末议程设置与反思建议：跨分析师视角的深度研判 (Weekend Agenda-Setting Pitch)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b0f12b347a72",
      "title": "2026-07-19 欧盟CBAM向机电扩围与欧美碳足迹/能效壁垒：对中国变压器海外毛利率的实际财务影响",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-b0f12b347a72/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 欧盟CBAM向机电扩围与欧美碳足迹/能效壁垒：对中国变压器海外毛利率的实际财务影响",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-1f855458685e",
      "title": "50% RVC 的计算口径之争：build-down 与 build-up 将决定百龙创园泰国期权的存废",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-1f855458685e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "50% RVC 的计算口径之争：build-down 与 build-up 将决定百龙创园泰国期权的存废",
      "tags": [
        "通胀",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-0da7f5583576",
      "title": "既非\"大轮动\"，也非\"去泡沫\"：美股ETF资金流的真相是\"降杠杆总敞口\"，跨资产防线须围绕票息与地域...",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-0da7f5583576/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既非\"大轮动\"，也非\"去泡沫\"：美股ETF资金流的真相是\"降杠杆总敞口\"，跨资产防线须围绕票息与地域重建",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-64325e517d46",
      "title": "电力设备承接科技去杠杆资金后的内部筹码分化",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-64325e517d46/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-19 分析师： chief-strategist 研究记录 立场： 压力测试",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-fbdf5b588838",
      "title": "研究记录 08 (2026-07-19) - 最终合成：AI基础设施电力/电网轮动的“四腿哑铃”最终组合",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-fbdf5b588838/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 08 (2026-07-19) - 最终合成：AI基础设施电力/电网轮动的“四腿哑铃”最终组合",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-27b5e7c3f5c3",
      "title": "美国232关税对中国干式变压器出口利润率的长期压制有多大？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-27b5e7c3f5c3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 工业制造分析师 · 工作日期：2026-07-19（亚洲/新加坡）· 立场：initial",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-889d45e2ac13",
      "title": "2026-07-19 全球宏观研究记录：强美元与油价冲击的叠加——汇率通道作为通胀分化放大器的压力测试",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-889d45e2ac13/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 全球宏观研究记录：强美元与油价冲击的叠加——汇率通道作为通胀分化放大器的压力测试",
      "tags": [
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f3bc7b19b473",
      "title": "2026-07-19 基本面真空窗口内的A股筹码承接盘识别：被动买盘无法完全覆盖，德明利面临流动性真空",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-f3bc7b19b473/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 基本面真空窗口内的A股筹码承接盘识别：被动买盘无法完全覆盖，德明利面临流动性真空",
      "tags": [
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-fe855555f568",
      "title": "2026-07-19 外汇压力测试：霍尔木兹贸易条件转移还能支撑做多USD对JPY/EUR/KRW吗？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-fe855555f568/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 外汇压力测试：霍尔木兹贸易条件转移还能支撑做多USD对JPY/EUR/KRW吗？",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-64f6a257d7b3",
      "title": "2026-07-19 研究卡 — 石油美元从美债轮转至美元计价AI私募股权：久期、融资曲线与海湾货币锚",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-64f6a257d7b3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 研究卡 — 石油美元从美债轮转至美元计价AI私募股权：久期、融资曲线与海湾货币锚",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-04e5b662d029",
      "title": "IPP估值压力测试：PJM容量价格回落、数据中心许可放缓与燃气/可再生能源替代（2026-07-19）",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-04e5b662d029/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "IPP估值压力测试：PJM容量价格回落、数据中心许可放缓与燃气/可再生能源替代（2026-07-19）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ff3624c67df5",
      "title": "央行中间价逆周期因子的让步条件：何种国内基本面组合会促使央行主动放宽单日传导 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-ff3624c67df5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "央行中间价逆周期因子的让步条件：何种国内基本面组合会促使央行主动放宽单日传导 — 2026-07-19",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-05135bcf3b62",
      "title": "研究记录05 首席策略报告：把\"电力成本强度\"做成A股可交易的横截面因子，并修订煤炭论点的失效触发...",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-05135bcf3b62/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录05 首席策略报告：把\"电力成本强度\"做成A股可交易的横截面因子，并修订煤炭论点的失效触发条件",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-1ea46ebfb929",
      "title": "2026-07-19 Ecodesign与DOE标准下的BOM升级对电磁钢片等核心材料成本的传导效应",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-1ea46ebfb929/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 Ecodesign与DOE标准下的BOM升级对电磁钢片等核心材料成本的传导效应",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-3020b9ab3b18",
      "title": "2026-07-19 在2026-08-31半年报窗口前，把医药红利子仓重新锚定回A股红利防御总账簿",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-3020b9ab3b18/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 在2026-08-31半年报窗口前，把医药红利子仓重新锚定回A股红利防御总账簿",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-fcced519348b",
      "title": "2026-07-19 研究报告：算电协同与绿电约束对数据中心运营商（IDC）与云厂商算力ROI的重塑",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-fcced519348b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 研究报告：算电协同与绿电约束对数据中心运营商（IDC）与云厂商算力ROI的重塑",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ea6b228d8e83",
      "title": "AI基础设施分析师研究报告（2026-07-19）：表后直连与微电网如何成为AI算力ROI的对冲工具",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-ea6b228d8e83/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI基础设施分析师研究报告（2026-07-19）：表后直连与微电网如何成为AI算力ROI的对冲工具",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-1e0b2098551d",
      "title": "全球宏观分析师报告 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-1e0b2098551d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 板块 [source-id-redacted] · 立场：综合（SYNTHESIZE）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-57970e9c8f85",
      "title": "能源行业分析师研究报告（2026-07-19）：压力测试BTM天然气逻辑——二阶约束在燃机，不在管道",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-57970e9c8f85/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "能源行业分析师研究报告（2026-07-19）：压力测试BTM天然气逻辑——二阶约束在燃机，不在管道",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-88be250d776d",
      "title": "2026-07-19 研究卡 — 非价格敏感主权买盘的跨资产定价与对冲：从牌照溢价到油价及信用对冲",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-88be250d776d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 研究卡 — 非价格敏感主权买盘的跨资产定价与对冲：从牌照溢价到油价及信用对冲",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-be4af60f6014",
      "title": "2026-07-19 — 压力测试：76%产能利用率门槛能解释机床，但解释不了当下最响的机械订单",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-be4af60f6014/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — 压力测试：76%产能利用率门槛能解释机床，但解释不了当下最响的机械订单",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-cfd56fe808e5",
      "title": "2026-07-19 在10年期国债1.73%的环境下，为A股红利防御总账簿相对久期与现金定规模",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-cfd56fe808e5/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 在10年期国债1.73%的环境下，为A股红利防御总账簿相对久期与现金定规模",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-786431349576",
      "title": "宏观与科技周度研究报告质量评估报告 (QA Review)",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-786431349576/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "评估基准日期：2026-07-19 研究覆盖时间：2026-07-13 至 2026-07-17",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-10a9dd6f2658",
      "title": "电力成本传导与公用事业资本开支超级周期的宏观含义：AI电网投资是通胀脉冲还是被吸收的相对价格变...",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-10a9dd6f2658/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "电力成本传导与公用事业资本开支超级周期的宏观含义：AI电网投资是通胀脉冲还是被吸收的相对价格变动",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a7e6178b72c2",
      "title": "2026-07-19 AIDC负荷并网与电力接入地图：哪些区域能在2027-2028年真正通电",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a7e6178b72c2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 AIDC负荷并网与电力接入地图：哪些区域能在2027-2028年真正通电",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-1d1ac4264ee3",
      "title": "2026-07-19 A股医药红利篮子：候选标的与季度调仓触发器",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-1d1ac4264ee3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-19（亚洲/新加坡） 分析师： 首席策略师 研究记录 立场： 支持",
      "tags": [
        "AI",
        "A股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-897ba5221962",
      "title": "2026-07-19 A股医药红利防御：将地方支付约束转化为配置权重",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-897ba5221962/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "报告日期： 2026-07-19（亚洲/新加坡） 分析师： 首席策略师 研究记录 立场： 综合",
      "tags": [
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f0b476a8bcc0",
      "title": "AI算力中心的核电破局：2026年超大型数据中心电力并网路径的战略重构",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-f0b476a8bcc0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "分析师： ai-infrastructure-analyst 报告日期： 2026-07-19",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b73027705e5d",
      "title": "代糖泰国产能的底物本地化套利：泰国木薯与甘蔗制糖成本对比中国玉米淀粉的 2027 年成本竞争力",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-b73027705e5d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "代糖泰国产能的底物本地化套利：泰国木薯与甘蔗制糖成本对比中国玉米淀粉的 2027 年成本竞争力",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e98c53a3c779",
      "title": "科创50清算与Q4解禁压力下的杠铃配置和对冲仓位 sizing",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-e98c53a3c779/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "科创50清算与Q4解禁压力下的杠铃配置和对冲仓位 sizing 报告日期：2026-07-19",
      "tags": [
        "AI",
        "A股",
        "港美股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-0b240a1ac32f",
      "title": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-0b240a1ac32f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-9944526ac3b3",
      "title": "2026-07-19 用2026年上半年渠道库存、回款质量与分红覆盖验证A股医药红利通过名单",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-9944526ac3b3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 用2026年上半年渠道库存、回款质量与分红覆盖验证A股医药红利通过名单",
      "tags": [
        "AI",
        "A股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-085e502f2329",
      "title": "2026-07-19 研究报告：绿电直连、电网收入侵蚀，与那场并不存在的\"跨区域GDP转移\"",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-085e502f2329/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 研究报告：绿电直连、电网收入侵蚀，与那场并不存在的\"跨区域GDP转移\"",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ab58341bd9c8",
      "title": "AI PCB材料瓶颈的A股组合时点与交易策略：电子布、覆铜板、高端铜箔与高端PCB的战术配置",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-ab58341bd9c8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI PCB材料瓶颈的A股组合时点与交易策略：电子布、覆铜板、高端铜箔与高端PCB的战术配置",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-0ed964e923a2",
      "title": "前序研究报告 — AI算力基建电力供应弹性与电网瓶颈压力测试，2026-07-19 [D0]",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-0ed964e923a2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "前序研究报告 — AI算力基建电力供应弹性与电网瓶颈压力测试，2026-07-19 [D0]",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a60ab980ad14",
      "title": "受监管公用事业的资本开支扩张与费率分摊：电网巨额投资如何重塑费率库、回报率及居民电费政治红线",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a60ab980ad14/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "受监管公用事业的资本开支扩张与费率分摊：电网巨额投资如何重塑费率库、回报率及居民电费政治红线",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-92e5a7654f23",
      "title": "101 GW 的瓶颈不在燃机订单簿：BTM 有三条绕行路径，而燃机排队真正卡住的是公用事业",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-92e5a7654f23/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "101 GW 的瓶颈不在燃机订单簿：BTM 有三条绕行路径，而燃机排队真正卡住的是公用事业",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-820e62557b1a",
      "title": "2026-07-19 — 压力测试：民间技改Capex转正所需的产能利用率与工业品价格门槛",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-820e62557b1a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — 压力测试：民间技改Capex转正所需的产能利用率与工业品价格门槛",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-8910b1565931",
      "title": "2026-07-19 A股红利削减清单：在不牺牲310bp股息率优势下融资2.77个百分点",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-8910b1565931/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 A股红利削减清单：在不牺牲310bp股息率优势下融资2.77个百分点",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b1b2c914b4c0",
      "title": "2026年7月第三周医药行业研究周报",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-b1b2c914b4c0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本机日期锚定：2026-07-19。研究窗口：2026-07-13至2026-07-17。",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c03a919a8679",
      "title": "一个风险，三个代码：把日元凸性、HY减仓、盈亏平衡通胀与股票久期缩短落成风险平价的实际权重",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c03a919a8679/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "一个风险，三个代码：把日元凸性、HY减仓、盈亏平衡通胀与股票久期缩短落成风险平价的实际权重",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-2304b2b8ab5a",
      "title": "公用事业周报研究质量评估报告 (QA Review — Utilities Weekly)",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-2304b2b8ab5a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "公用事业周报研究质量评估报告 (QA Review — Utilities Weekly)",
      "tags": [
        "AI",
        "通胀",
        "港美股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c2a6fc02a1f3",
      "title": "出口利润挤压与人行宽松预期下的 A 股风格轮动与行业配置",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c2a6fc02a1f3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录 · 首席策略师 · 工作日期：2026-07-19（亚洲/新加坡） 立场： 支持",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-14a5ef11d9ab",
      "title": "医药行业研究周报质量审查报告 (QA Review)",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-14a5ef11d9ab/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "本机日期锚定：2026-07-19。研究窗口：2026-07-13至2026-07-17。",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-9b9bf0542db4",
      "title": "美股科技板块承压对 A 股半导体产业链的传导机制与影响评估",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-9b9bf0542db4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "美股科技板块承压对 A 股半导体产业链的传导机制与影响评估 报告日期：2026-07-19",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-2735a39794c4",
      "title": "连续第三次以价格上限出清：PJM 拍卖确认 AI 资本开支周期已从\"缺芯\"转入\"缺电\"配给",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-2735a39794c4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "连续第三次以价格上限出清：PJM 拍卖确认 AI 资本开支周期已从\"缺芯\"转入\"缺电\"配给",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-2b61f5360781",
      "title": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-2b61f5360781/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b5291d90cb76",
      "title": "2026-07-19 存储及半导体去杠杆引发的组合VaR超标与多头平仓优先级压力测试报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-b5291d90cb76/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 存储及半导体去杠杆引发的组合VaR超标与多头平仓优先级压力测试报告",
      "tags": [
        "AI",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f46089c12c59",
      "title": "T/TL对冲失效下的非线性策略评估：考察期权领口及波动率交易能否覆盖基差风险与保证金成本",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-f46089c12c59/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "T/TL对冲失效下的非线性策略评估：考察期权领口及波动率交易能否覆盖基差风险与保证金成本",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c4f5ef5a5aa8",
      "title": "2026-07-19 — 金融行业压力测试：券商与银行融资净卖出是否正在形成传导通道？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c4f5ef5a5aa8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — 金融行业压力测试：券商与银行融资净卖出是否正在形成传导通道？",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-02297771d268",
      "title": "2026-07-19 研究卡：Meta Compute、B200租金通缩与算力市场分层",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-02297771d268/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 研究卡：Meta Compute、B200租金通缩与算力市场分层",
      "tags": [
        "AI",
        "通胀",
        "港美股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-6b8719775081",
      "title": "2026-07-19 研究报告：算电协同与数据中心电力瓶颈下的公用事业与电网设备再定价",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-6b8719775081/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 研究报告：算电协同与数据中心电力瓶颈下的公用事业与电网设备再定价",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-22fc220766eb",
      "title": "2026-07-19 能源研究片：美伊油价冲击会结构性上修 2026 年下半年通胀吗？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-22fc220766eb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 能源研究片：美伊油价冲击会结构性上修 2026 年下半年通胀吗？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-cd4189704283",
      "title": "A-股Barbell策略的红利腿内部反转与科技成长再激活路径 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-cd4189704283/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "A-股Barbell策略的红利腿内部反转与科技成长再激活路径 — 2026-07-19",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-dd7a4fcb7d69",
      "title": "CFFEX T/TL 对冲 A股电力红利久期时的基差、CTD、保证金与展期风险压力测试",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-dd7a4fcb7d69/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "CFFEX T/TL 对冲 A股电力红利久期时的基差、CTD、保证金与展期风险压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b03e3e5cde61",
      "title": "JPY、KRW 与 CNH 的离岸美元流动性阈值——th T15 何时不再只是尾部风险",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-b03e3e5cde61/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "JPY、KRW 与 CNH 的离岸美元流动性阈值——th T15 何时不再只是尾部风险",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-260ed1142090",
      "title": "QA 质量审查报告 / Quality Assurance Review Report",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-260ed1142090/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "QA 质量审查报告 / Quality Assurance Review Report",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-73c09f1ecffb",
      "title": "核心 PPI 与核心 CPI 楔形差的化解路径与央行反应函数：利润率吸收假说的压力测试",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-73c09f1ecffb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "核心 PPI 与核心 CPI 楔形差的化解路径与央行反应函数：利润率吸收假说的压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-18e398b3b80f",
      "title": "研究记录04 中国宏观报告：省级电费疏导、工业用电承受能力与储能容量电价的区域宏观影响",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-18e398b3b80f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录04 中国宏观报告：省级电费疏导、工业用电承受能力与储能容量电价的区域宏观影响",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c0491d46d25a",
      "title": "终期质量审计：从 Section 232「熔炼与浇铸」到美国投资级信用污染的八步传导链",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c0491d46d25a/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "终期质量审计：从 Section 232「熔炼与浇铸」到美国投资级信用污染的八步传导链",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c9f72022b2f3",
      "title": "2026-07-19 — 两融去杠杆政策底附近战术杠铃组合的因子暴露与拥挤度度量报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c9f72022b2f3/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — 两融去杠杆政策底附近战术杠铃组合的因子暴露与拥挤度度量报告",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-03df28fabd2b",
      "title": "2026-07-19 — 两融底与风格轮动约束下的最终战术杠铃配置比例与清算风控细则",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-03df28fabd2b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — 两融底与风格轮动约束下的最终战术杠铃配置比例与清算风控细则",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e3bc91809157",
      "title": "2026-07-19 — 压力测试：8—9月哪些指标才能真正证明民间Capex接棒？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-e3bc91809157/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — 压力测试：8—9月哪些指标才能真正证明民间Capex接棒？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-2c4de2c5466c",
      "title": "2026-07-19 低折算率半导体个股的基本面承接能力：业绩很强，但承接的时序错配",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-2c4de2c5466c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 低折算率半导体个股的基本面承接能力：业绩很强，但承接的时序错配",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-fdc80201cba4",
      "title": "2026-07-19 压力测试：JPY 对冲降至 45% 后的 USD/JPY 路径",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-fdc80201cba4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 压力测试：JPY 对冲降至 45% 后的 USD/JPY 路径",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-492e3209e44d",
      "title": "A股股息防御与中药板块配置：定位“避险防御+政策确定性”而非“财政与招采受益”的抉择",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-492e3209e44d/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "A股股息防御与中药板块配置：定位“避险防御+政策确定性”而非“财政与招采受益”的抉择",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-f124d0046126",
      "title": "CNH贬值破位与美日政策背离下大类资产配置的多资产对冲与再平衡：2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-f124d0046126/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "CNH贬值破位与美日政策背离下大类资产配置的多资产对冲与再平衡：2026-07-19",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-36f7757cd961",
      "title": "全球宏观研究记录：Capex 压力测试下美国公用事业与科技成长股的风格轮动与估值分化",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-36f7757cd961/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球宏观研究记录：Capex 压力测试下美国公用事业与科技成长股的风格轮动与估值分化",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-9c0f0ccce628",
      "title": "2026-07-19 — PBOC对-300bp利差的反应函数：一个已经反转的前提",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-9c0f0ccce628/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — PBOC对-300bp利差的反应函数：一个已经反转的前提",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "港美股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-edc00b81efe2",
      "title": "从 GPU 硬件 Beta 到电力物理瓶颈：AI 产业链中上游的资产配置与风格旋转",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-edc00b81efe2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "从 GPU 硬件 Beta 到电力物理瓶颈：AI 产业链中上游的资产配置与风格旋转",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-9645a80441de",
      "title": "前序研究 — 再贷款与地方基金政策桥下，半导体设备与材料capex转化的项目级核验",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-9645a80441de/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "前序研究 — 再贷款与地方基金政策桥下，半导体设备与材料capex转化的项目级核验",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-bd708fbe5d57",
      "title": "触发人民币每日150基点失序贬值的外部利率与美元冲击路径 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-bd708fbe5d57/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "触发人民币每日150基点失序贬值的外部利率与美元冲击路径 — 2026-07-19",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a6aa72aa3920",
      "title": "酒店、餐饮与休闲产业链：在中证旅游 Beta 0.30 上限下重构消费服务代理组合",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a6aa72aa3920/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "酒店、餐饮与休闲产业链：在中证旅游 Beta 0.30 上限下重构消费服务代理组合",
      "tags": [
        "AI",
        "通胀",
        "A股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-4de4c620fc82",
      "title": "2026-07-19 — A股两融微观结构核验：去杠杆是否仍集中在电子/半导体？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-4de4c620fc82/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — A股两融微观结构核验：去杠杆是否仍集中在电子/半导体？",
      "tags": [
        "AI",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-7cbaa211a646",
      "title": "2026-07-19 压力测试：金盘科技 AIDC 供配电在手订单能否按期转化？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-7cbaa211a646/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 压力测试：金盘科技 AIDC 供配电在手订单能否按期转化？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-81064461e0af",
      "title": "2026-07-19 宏观研究记录 03：地方债约束下的 AI 电力基建资金落地",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-81064461e0af/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 宏观研究记录 03：地方债约束下的 AI 电力基建资金落地",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-268382342509",
      "title": "2026-07-19 研究卡：AI算力外溢的地缘合规锁与主权算力资产地缘溢价重塑",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-268382342509/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 研究卡：AI算力外溢的地缘合规锁与主权算力资产地缘溢价重塑",
      "tags": [
        "AI",
        "通胀",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-fab2384bc7fd",
      "title": "2026-07-19 研究卡：英伟达 B200 算力企业级 SLA 溢价定量拆解",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-fab2384bc7fd/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 研究卡：英伟达 B200 算力企业级 SLA 溢价定量拆解",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-5f56e7b3dad8",
      "title": "2026-07-19 策略综合：重构 2026-2028 年 AI 电力哑铃组合",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-5f56e7b3dad8/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 策略综合：重构 2026-2028 年 AI 电力哑铃组合",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-0d49759fcfa9",
      "title": "人民币升值与上游成本双重挤压下中国出口部门利润率，及人行下半年降息降准的兑现概率",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-0d49759fcfa9/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "人民币升值与上游成本双重挤压下中国出口部门利润率，及人行下半年降息降准的兑现概率",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-3c31184bcf1b",
      "title": "全球高利率环境下公用事业CapEx放缓风险对电力设备制造商订单韧性的压力测试报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-3c31184bcf1b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球高利率环境下公用事业CapEx放缓风险对电力设备制造商订单韧性的压力测试报告",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ca92d7cf3107",
      "title": "电网旁路（BTM Bypass）与公用事业信用周期：威胁真实，但传导渠道被搞错了",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-ca92d7cf3107/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "电网旁路（BTM Bypass）与公用事业信用周期：威胁真实，但传导渠道被搞错了",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-d96cb7d3b0d2",
      "title": "约束条件已经转移：卡住 7250 亿美元 AI 资本开支周期的不再是芯片，而是电",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-d96cb7d3b0d2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "约束条件已经转移：卡住 7250 亿美元 AI 资本开支周期的不再是芯片，而是电",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b83dceef7eb2",
      "title": "给期权定价：AI电力产业链期权化订单储备的估值折价，以及跨资产头寸的真实构建方式",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-b83dceef7eb2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "给期权定价：AI电力产业链期权化订单储备的估值折价，以及跨资产头寸的真实构建方式",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e38a0ff6854e",
      "title": "2026-07-19 — 是估值消化而非趋势转折：汇率渠道休眠下的A股风格配置",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-e38a0ff6854e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — 是估值消化而非趋势转折：汇率渠道休眠下的A股风格配置",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-69f0643118c7",
      "title": "2026-07-19 A股科技链两融出清：总量接近安全区，个股尾部尚未完全解除",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-69f0643118c7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 A股科技链两融出清：总量接近安全区，个股尾部尚未完全解除",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-ea9c392b6ed6",
      "title": "2026-07-19 研究报告：西部算力枢纽财政渗漏与地方政府债务压力定量分析",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-ea9c392b6ed6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 研究报告：西部算力枢纽财政渗漏与地方政府债务压力定量分析",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-d524f2d090e4",
      "title": "AI服务器与数据中心资本开支，能否撑住生益电子与华丰科技的2026年收入斜率？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-d524f2d090e4/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI服务器与数据中心资本开支，能否撑住生益电子与华丰科技的2026年收入斜率？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-5d92b016d4de",
      "title": "亚洲 AI 交易分裂：硬件链降风险与中概科技维持收益 (2026-07-19)",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-5d92b016d4de/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "亚洲 AI 交易分裂：硬件链降风险与中概科技维持收益 (2026-07-19)",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-04148bbc071c",
      "title": "全球宏观研究报告：高油价冲击对美国PCE物价指数与美联储政策中枢路径的定量测算",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-04148bbc071c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球宏观研究报告：高油价冲击对美国PCE物价指数与美联储政策中枢路径的定量测算",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-a51d3363133f",
      "title": "全球贸易保护壁垒与美债高利率对电网设备出海持续性及供应链安全的冲击评估研究报告",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-a51d3363133f/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球贸易保护壁垒与美债高利率对电网设备出海持续性及供应链安全的冲击评估研究报告",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-4f73ca65406c",
      "title": "指数污染：过度拥挤的超大规模厂商发债潮与「债券作为AI资本开支对冲」假设的失效",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-4f73ca65406c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "指数污染：过度拥挤的超大规模厂商发债潮与「债券作为AI资本开支对冲」假设的失效",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-d94e8e616838",
      "title": "美元的不对称缺口——压力测试结论：这不是美元的故事，套息的扳机也不在美联储手里",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-d94e8e616838/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "美元的不对称缺口——压力测试结论：这不是美元的故事，套息的扳机也不在美联储手里",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-7f0e09d5d159",
      "title": "2026-07-19 — A股两融余额回落：系统性降温，还是拥挤科技去杠杆？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-7f0e09d5d159/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — A股两融余额回落：系统性降温，还是拥挤科技去杠杆？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-0356206e8122",
      "title": "2026-07-19 A股两融去杠杆：科技结构性调仓，还是全市场流动性收缩？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-0356206e8122/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 A股两融去杠杆：科技结构性调仓，还是全市场流动性收缩？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-7d93d23b6e3c",
      "title": "2026-07-19 研究卡：主权算力壁垒下中东 SWF 的 AI 战略分岔",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-7d93d23b6e3c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 研究卡：主权算力壁垒下中东 SWF 的 AI 战略分岔",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c3d3e4594bb2",
      "title": "76.9%封顶下12%/5%/5%久期袖的融资方案 - 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c3d3e4594bb2/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "76.9%封顶下12%/5%/5%久期袖的融资方案 - 2026-07-19",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-8411c4126612",
      "title": "ETF申赎、两融净偿还与指数防守点位的日度联动验证 - 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-8411c4126612/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "ETF申赎、两融净偿还与指数防守点位的日度联动验证 - 2026-07-19",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-73fa31a428a0",
      "title": "两融跌破人民币2.80万亿元后的政策流动性反应函数 - 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-73fa31a428a0/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "两融跌破人民币2.80万亿元后的政策流动性反应函数 - 2026-07-19",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-582e84b79825",
      "title": "全球宏观挑战：电力墙真实存在，但“核电唯一路径”过窄（2026-07-19）",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-582e84b79825/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "全球宏观挑战：电力墙真实存在，但“核电唯一路径”过窄（2026-07-19）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-89686b4bfdf6",
      "title": "年中政治局会议政策落地与A股防御哑铃配置重构的实证检验：2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-89686b4bfdf6/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "年中政治局会议政策落地与A股防御哑铃配置重构的实证检验：2026-07-19",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-80ee82ae854c",
      "title": "2026-07-19 — 半导体设备估值溢价与AI算力订单的匹配度压力测试",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-80ee82ae854c/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — 半导体设备估值溢价与AI算力订单的匹配度压力测试",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-22a485b06d37",
      "title": "2026-07-19 — 机械三腿离散更像流动性溢价，而不是干净的订单溢价",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-22a485b06d37/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — 机械三腿离散更像流动性溢价，而不是干净的订单溢价",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-fc3ee24fe380",
      "title": "2026-07-19 — 阈值记分卡：A股市场结构是否已触发金融传导升级？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-fc3ee24fe380/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — 阈值记分卡：A股市场结构是否已触发金融传导升级？",
      "tags": [
        "AI",
        "宏观",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-981f67dbdb14",
      "title": "AI算力基建需求与电力约束对硬科技估值韧性的影响 - 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-981f67dbdb14/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "AI算力基建需求与电力约束对硬科技估值韧性的影响 - 2026-07-19",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-540031b70556",
      "title": "研究记录03 公用事业报告：省级储能变现差异，工作日期2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-540031b70556/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录03 公用事业报告：省级储能变现差异，工作日期2026-07-19",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-66136d2dd531",
      "title": "研究记录07 公用事业分析报告：自备燃煤电厂收费规范与自备电成本护城河侵蚀",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-66136d2dd531/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "研究记录07 公用事业分析报告：自备燃煤电厂收费规范与自备电成本护城河侵蚀",
      "tags": [
        "通胀",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-689534333dd7",
      "title": "阿洛酮糖出口与贸易救济压力测试：海外不是安全阀，而是同一个风险的另一种写法",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-689534333dd7/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "阿洛酮糖出口与贸易救济压力测试：海外不是安全阀，而是同一个风险的另一种写法",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-4ebb216f35c9",
      "title": "2026-07-19 — 压力测试：布伦特冲击是否动摇AI物理基建超配？",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-4ebb216f35c9/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 — 压力测试：布伦特冲击是否动摇AI物理基建超配？",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "港美股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-8887ab8b6f76",
      "title": "2026-07-19 压力测试：两融去杠杆与解禁压力下的AI算力基建韧性",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-8887ab8b6f76/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 压力测试：两融去杠杆与解禁压力下的AI算力基建韧性",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-8ef27e9dbaf1",
      "title": "2026-07-19 德明利限售股解禁后的两融强平阈值及风险传导路径测算",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-8ef27e9dbaf1/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "2026-07-19 德明利限售股解禁后的两融强平阈值及风险传导路径测算",
      "tags": [
        "AI",
        "通胀",
        "A股",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-c88b08aefeeb",
      "title": "三天窗口的跨资产定位：把触发器放在日元Gamma，而不是美联储Delta",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-c88b08aefeeb/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "三天窗口的跨资产定位：把触发器放在日元Gamma，而不是美联储Delta",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "能源"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-b1ad36f38508",
      "title": "主题研究员报告 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-b1ad36f38508/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录 · 研究记录 · 立场：STRESS-TEST（压力测试）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-1ae3d6dc6f9e",
      "title": "工业制造分析师报告 — 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-1ae3d6dc6f9e/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "既有研究记录 · 研究记录 · 立场：STRESS-TEST（压力测试）",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-36fa3aa7319b",
      "title": "微观流动性约束下的 A 股新杠铃总组合风险预算 - 2026-07-19",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-36fa3aa7319b/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "微观流动性约束下的 A 股新杠铃总组合风险预算 - 2026-07-19",
      "tags": [
        "通胀",
        "宏观",
        "A股",
        "能源",
        "风险"
      ],
      "sourceKind": "archive"
    },
    {
      "id": "archive-e32676732c06",
      "title": "降总敞口机制下的跨资产防线落地：短端票息、地域敞口与总杠杆的具体配置权重",
      "date": "2026-07-19",
      "href": "/investor/reports/archive-e32676732c06/",
      "analyst": "未识别",
      "analystId": "",
      "category": "其他",
      "excerpt": "降总敞口机制下的跨资产防线落地：短端票息、地域敞口与总杠杆的具体配置权重",
      "tags": [
        "AI",
        "通胀",
        "宏观",
        "A股",
        "港美股"
      ],
      "sourceKind": "archive"
    }
  ],
  "discussions": [],
  "thesisEvents": [
    {
      "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": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "2026-07-19 全球宏观研究记录：强美元与油价冲击的叠加——汇率通道作为通胀分化放大器的压力测试",
          "summary": "2026-07-19 全球宏观研究记录：强美元与油价冲击的叠加——汇率通道作为通胀分化放大器的压力测试",
          "href": "/investor/reports/archive-889d45e2ac13/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-19 全球宏观研究记录：Brent $85-90 情景下，谁的 2026 下半年通胀路径真的被上修？",
          "summary": "2026-07-19 全球宏观研究记录：Brent $85-90 情景下，谁的 2026 下半年通胀路径真的被上修？",
          "href": "/investor/reports/archive-9701e2020f52/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "油价冲击正在消退，但真正的再通胀与石油无关",
          "summary": "研究记录 · 全球宏观分析师（ global-macro ）· 工作日期：2026-07-19（亚洲/新加坡） 立场： initial（首发） 任务问题： 当前油价上涨会带来持续的再通胀期，还是仅仅是一次暂时性的能源驱...",
          "href": "/investor/reports/archive-967643b1e515/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "增长惊吓与通胀粘性下的美联储、欧洲央行政策路径压力测试",
          "summary": "工作日期：2026-07-19，Asia/Singapore。本报告对前序逻辑做压力测试：油价冲击可以压制全球增长，但不会自动打开货币宽松，因为居民通胀预期、央行信誉与能源传导现在主导反应函数。",
          "href": "/investor/reports/archive-f2a629dc27cf/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "0857.HK",
        "SLB"
      ]
    },
    {
      "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": 5,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "6月CPI的\"意外降温\"是油价退款，不是通胀拐点",
          "summary": "既有研究记录· 工作日期：2026-07-19（亚洲/新加坡） 分析师： chief-economist （首席经济学家）· 立场：initial",
          "href": "/investor/reports/archive-15142ddddb39/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "全球宏观研究报告：高油价冲击对美国PCE物价指数与美联储政策中枢路径的定量测算",
          "summary": "全球宏观研究报告：高油价冲击对美国PCE物价指数与美联储政策中枢路径的定量测算",
          "href": "/investor/reports/archive-04148bbc071c/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-19 全球宏观研究记录：强美元与油价冲击的叠加——汇率通道作为通胀分化放大器的压力测试",
          "summary": "2026-07-19 全球宏观研究记录：强美元与油价冲击的叠加——汇率通道作为通胀分化放大器的压力测试",
          "href": "/investor/reports/archive-889d45e2ac13/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "油价冲击正在消退，但真正的再通胀与石油无关",
          "summary": "研究记录 · 全球宏观分析师（ global-macro ）· 工作日期：2026-07-19（亚洲/新加坡） 立场： initial（首发） 任务问题： 当前油价上涨会带来持续的再通胀期，还是仅仅是一次暂时性的能源驱...",
          "href": "/investor/reports/archive-967643b1e515/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SLB",
        "OXY",
        "0883.HK"
      ]
    },
    {
      "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": 4,
      "risks": 1,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "2026-07-19 — A股两融微观结构核验：去杠杆是否仍集中在电子/半导体？",
          "summary": "2026-07-19 — A股两融微观结构核验：去杠杆是否仍集中在电子/半导体？",
          "href": "/investor/reports/archive-4de4c620fc82/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-19 A股两融去杠杆：宏观流动性指标的非系统性验证",
          "summary": "截至研究所工作日 2026-07-19，基于央行公开市场操作、DR007、政府债发行节奏及信用脉冲的最新数据，我们对前序研究“两融去杠杆为科技拥挤仓位出清”的判断进行宏观层面的检验。我们的核心结论...",
          "href": "/investor/reports/archive-397df7f93f61/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-19 A股两融去杠杆：科技结构性调仓，还是全市场流动性收缩？",
          "summary": "2026-07-19 A股两融去杠杆：科技结构性调仓，还是全市场流动性收缩？",
          "href": "/investor/reports/archive-0356206e8122/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "北向资金大额流入后A股持仓结构重塑与两融去杠杆及解禁潮的对冲效应评估",
          "summary": "既有研究记录 · 首席策略师 · 研究记录 · 工作日期：2026-07-19（Asia/Singapore） 立场：synthesize（合成） —— 结合北向资金配置流动与A...",
          "href": "/investor/reports/archive-26b063cbcb93/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "688012.SH",
        "588000.SH",
        "688008.SH"
      ]
    },
    {
      "id": "thesis-cf6925b02f",
      "title": "232/301双轨壁垒近端收紧回路、延长轨道时间溢价至2028–2029，但通过抬高美国电气化成本加速AI资本开支ROI清算——约束正从…",
      "titleEn": "Practical research topic: 232/301双轨壁垒近端收紧回路、延长轨道时间溢价至2028–2029，但通过抬高美国电气化成本加速AI资本开支ROI清算——约束正从…",
      "href": "/investor/theses/thesis-cf6925b02f/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 2,
      "risks": 2,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "全球贸易保护壁垒与美债高利率对电网设备出海持续性及供应链安全的冲击评估研究报告",
          "summary": "全球贸易保护壁垒与美债高利率对电网设备出海持续性及供应链安全的冲击评估研究报告",
          "href": "/investor/reports/archive-a51d3363133f/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "summary": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "href": "/investor/reports/archive-2b61f5360781/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-19 研究报告：算电协同与数据中心电力瓶颈下的公用事业与电网设备再定价",
          "summary": "2026-07-19 研究报告：算电协同与数据中心电力瓶颈下的公用事业与电网设备再定价",
          "href": "/investor/reports/archive-6b8719775081/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "电力红利去溢价 / 多资产利率对冲研究链的终期质检与出版合规审查",
          "summary": "研究记录 · 分析师角色： 研究质量主管（reviewer） · 立场： synthesize - 研究所工作日： 2026-07-19（Asia/Singapore） - 审查范围： 本看板研究记录–07（AI 电力篮子 → capex 桶拆分 →...",
          "href": "/investor/reports/archive-a66326b30a39/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "GEV",
        "600089.SH",
        "601179.SH",
        "ETN",
        "688676.SH",
        "VST"
      ]
    },
    {
      "id": "thesis-4ad776c10c",
      "title": "地缘缓和致WTI重挫超6%至76.05美元，但美联储维持偏鹰加息倾向，通胀降温与高实际利率并存。这是否标志着上游资源品通胀红利估值逻辑的…",
      "titleEn": "Practical research topic: 地缘缓和致WTI重挫超6%至76.05美元，但美联储维持偏鹰加息倾向，通胀降温与高实际利率并存。这是否标志着上游资源品通胀红利估值逻辑的…",
      "href": "/investor/theses/thesis-4ad776c10c/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 3,
      "risks": 2,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "电力成本传导与公用事业资本开支超级周期的宏观含义：AI电网投资是通胀脉冲还是被吸收的相对价格变...",
          "summary": "电力成本传导与公用事业资本开支超级周期的宏观含义：AI电网投资是通胀脉冲还是被吸收的相对价格变动",
          "href": "/investor/reports/archive-10a9dd6f2658/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-19 — 美联储对AI电力瓶颈通胀的反应函数与R 重估",
          "summary": "研究记录 - 分析师: global-macro（全球宏观分析师 — US/EU/Japan economy, global trade, geopolitical risks） - 立场: synthesize - 分析日期: 2026-07-19 （Asia/Singapore）",
          "href": "/investor/reports/archive-ca77c6a84536/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "电力红利去溢价 / 多资产利率对冲研究链的终期质检与出版合规审查",
          "summary": "研究记录 · 分析师角色： 研究质量主管（reviewer） · 立场： synthesize - 研究所工作日： 2026-07-19（Asia/Singapore） - 审查范围： 本看板研究记录–07（AI 电力篮子 → capex 桶拆分 →...",
          "href": "/investor/reports/archive-a66326b30a39/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "全球通胀预期及实际利率重定价对能源价格与供应链利润的影响分析",
          "summary": "研究记录 — 能源行业分析师 — 工作日期：2026-07-19 (亚洲/新加坡) 会期主题：地缘风险溢价与基本面供应恢复的博弈 当前立场：support — 支持全球流动性重定价抑制长周期供应扩张并驱动资本...",
          "href": "/investor/reports/archive-f6de1aa04734/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SLB",
        "OXY",
        "0883.HK"
      ]
    },
    {
      "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": 1,
      "risks": 5,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "2026-07-19 压力测试：PCE-CPI楔子与美联储反应函数",
          "summary": "研究记录 · 全球宏观分析师 ( global-macro ) · 工作日期：2026-07-19（Asia/Singapore） 立场： stress-test 任务问题： 若核心通胀黏性集中在AI硬件与关税传导等PCE高权重商品品类，而非服...",
          "href": "/investor/reports/archive-604a46b963e5/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "6月CPI的\"意外降温\"是油价退款，不是通胀拐点",
          "summary": "既有研究记录· 工作日期：2026-07-19（亚洲/新加坡） 分析师： chief-economist （首席经济学家）· 立场：initial",
          "href": "/investor/reports/archive-15142ddddb39/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "7月按兵不动但无降息期权：PCE-CPI楔子下的大类资产定价",
          "summary": "研究记录 · 首席策略师 ( chief-strategist ) · 工作日期：2026-07-19（Asia/Singapore） 立场： synthesize 任务问题： 若FOMC在2026年7月28-29日维持3.50%-3.75%但保留后续加息的明确触发条...",
          "href": "/investor/reports/archive-53db7912ab14/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-19 — 美联储对AI电力瓶颈通胀的反应函数与R 重估",
          "summary": "研究记录 - 分析师: global-macro（全球宏观分析师 — US/EU/Japan economy, global trade, geopolitical risks） - 立场: synthesize - 分析日期: 2026-07-19 （Asia/Singapore）",
          "href": "/investor/reports/archive-ca77c6a84536/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "id": "thesis-83a30b141f",
      "title": "美伊直接交火导致原油暴涨5-6%，布伦特突破79美元逼近80。这是否会引燃二次通胀，推翻债市对美联储‘因分裂而暂停加息’的假设，并在9月…",
      "titleEn": "Practical research topic: 美伊直接交火导致原油暴涨5-6%，布伦特突破79美元逼近80。这是否会引燃二次通胀，推翻债市对美联储‘因分裂而暂停加息’的假设，并在9月…",
      "href": "/investor/theses/thesis-83a30b141f/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 67,
      "supports": 0,
      "risks": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "美元这条腿失效后，对 research note 配置的重新承保——如何为\"美联储按兵不动、BOJ 加速、275bp...",
          "summary": "美元这条腿失效后，对 research note 配置的重新承保——如何为\"美联储按兵不动、BOJ 加速、275bp→250bp\"摆布仓位",
          "href": "/investor/reports/archive-2073435f0268/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-19 全球宏观研究记录：强美元与油价冲击的叠加——汇率通道作为通胀分化放大器的压力测试",
          "summary": "2026-07-19 全球宏观研究记录：强美元与油价冲击的叠加——汇率通道作为通胀分化放大器的压力测试",
          "href": "/investor/reports/archive-889d45e2ac13/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "美元的不对称缺口——压力测试结论：这不是美元的故事，套息的扳机也不在美联储手里",
          "summary": "美元的不对称缺口——压力测试结论：这不是美元的故事，套息的扳机也不在美联储手里",
          "href": "/investor/reports/archive-d94e8e616838/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "增长惊吓与通胀粘性下的美联储、欧洲央行政策路径压力测试",
          "summary": "工作日期：2026-07-19，Asia/Singapore。本报告对前序逻辑做压力测试：油价冲击可以压制全球增长，但不会自动打开货币宽松，因为居民通胀预期、央行信誉与能源传导现在主导反应函数。",
          "href": "/investor/reports/archive-f2a629dc27cf/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SLB",
        "OXY",
        "0883.HK"
      ]
    },
    {
      "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": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "人民币升值与上游成本双重挤压下中国出口部门利润率，及人行下半年降息降准的兑现概率",
          "summary": "人民币升值与上游成本双重挤压下中国出口部门利润率，及人行下半年降息降准的兑现概率",
          "href": "/investor/reports/archive-0d49759fcfa9/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "美国232关税对中国干式变压器出口利润率的长期压制有多大？",
          "summary": "研究记录 · 工业制造分析师 · 工作日期：2026-07-19（亚洲/新加坡）· 立场：initial",
          "href": "/investor/reports/archive-27b5e7c3f5c3/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "核心 PPI 与核心 CPI 楔形差的化解路径与央行反应函数：利润率吸收假说的压力测试",
          "summary": "核心 PPI 与核心 CPI 楔形差的化解路径与央行反应函数：利润率吸收假说的压力测试",
          "href": "/investor/reports/archive-73c09f1ecffb/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "原材料成本震荡与功能性化学纤维国产替代对中游织造利润率的传导阻尼",
          "summary": "研究记录 · 分析师：materials-analyst（材料行业分析师）· 工作日期：2026-07-19（Asia/Singapore） 立场：support —— 承接前置关税及合规成本压力，深入研判中游纺织织造的成本传导阻尼...",
          "href": "/investor/reports/archive-a490943e4d73/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600690.SH",
        "000333.SZ",
        "600900.SH",
        "002139.SZ",
        "2313.HK",
        "605183.SH"
      ]
    },
    {
      "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": 4,
      "risks": 1,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "周度研究计划：美国市场与宏观数据输入层",
          "summary": "本周覆盖范围 / Coverage window: 2026-07-13 (周一) → 2026-07-17 (周五)",
          "href": "/investor/reports/archive-2e5b80216e49/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "TMT行业周度研究报告",
          "summary": "锚定日期：2026-07-19（来自 系统日期锚 ） 研究窗口：2026-07-13至2026-07-17，最近一个已完成美国交易周 上游计划文件：已读取 01 weekly plan.md",
          "href": "/investor/reports/archive-c0194dbcb722/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "QA 审阅：周度研究包",
          "summary": "锚定日期：2026-07-19 覆盖窗口：2026-07-13 至 2026-07-17 审阅对象： 01 weekly plan.md 、 01 weekly plan.en.md 、 02 weekly research.md 、 02 weekly research.en.md",
          "href": "/investor/reports/archive-00f79cfa78bc/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-19 — 半导体设备估值溢价与AI算力订单的匹配度压力测试",
          "summary": "2026-07-19 — 半导体设备估值溢价与AI算力订单的匹配度压力测试",
          "href": "/investor/reports/archive-80ee82ae854c/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "NVDA",
        "ASML",
        "000660.KS",
        "MU",
        "002916.SZ",
        "600552.SH"
      ]
    },
    {
      "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": 2,
      "risks": 2,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "2026-07-19 压力测试：PCE-CPI楔子与美联储反应函数",
          "summary": "研究记录 · 全球宏观分析师 ( global-macro ) · 工作日期：2026-07-19（Asia/Singapore） 立场： stress-test 任务问题： 若核心通胀黏性集中在AI硬件与关税传导等PCE高权重商品品类，而非服...",
          "href": "/investor/reports/archive-604a46b963e5/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "全球宏观研究记录：Capex 压力测试下美国公用事业与科技成长股的风格轮动与估值分化",
          "summary": "全球宏观研究记录：Capex 压力测试下美国公用事业与科技成长股的风格轮动与估值分化",
          "href": "/investor/reports/archive-36f7757cd961/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "7月按兵不动但无降息期权：PCE-CPI楔子下的大类资产定价",
          "summary": "研究记录 · 首席策略师 ( chief-strategist ) · 工作日期：2026-07-19（Asia/Singapore） 立场： synthesize 任务问题： 若FOMC在2026年7月28-29日维持3.50%-3.75%但保留后续加息的明确触发条...",
          "href": "/investor/reports/archive-53db7912ab14/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "跨资产配置策略报告：再通胀与高利率压制下的防御性杠铃配置与A股轮动路径",
          "summary": "作者： 首席策略师 ( chief-strategist ) 报告日期： 2026年7月19日 分类： 大类资产配置 / A股投资策略 / 防御性杠铃组合",
          "href": "/investor/reports/archive-f924db9b0ec8/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "META",
        "MSFT",
        "AMZN",
        "GOOGL",
        "XLE",
        "TLT",
        "XLU",
        "NVDA"
      ]
    },
    {
      "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": 4,
      "risks": 1,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "电力成本传导与公用事业资本开支超级周期的宏观含义：AI电网投资是通胀脉冲还是被吸收的相对价格变...",
          "summary": "电力成本传导与公用事业资本开支超级周期的宏观含义：AI电网投资是通胀脉冲还是被吸收的相对价格变动",
          "href": "/investor/reports/archive-10a9dd6f2658/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "从信用下修至跨资产头寸：公用事业股票、信用与燃气/燃机产业链的相对定价",
          "summary": "研究记录 · 分析师： chief-strategist （首席策略师） 工作日期： 2026-07-19（Asia/Singapore） · 立场： synthesize（对研究记录 01 至 05 的结论进行跨资产与产业链定价合成）",
          "href": "/investor/reports/archive-7d4f42a16a7c/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "美国利率路径对公用事业资本开支与项目收益率的影响",
          "summary": "研究记录 · 分析师： utilities-analyst (公用事业分析师) 工作日期： 2026-07-19（Asia/Singapore） · 立场： support (支持)",
          "href": "/investor/reports/archive-7253212371c0/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "受监管公用事业的资本开支扩张与费率分摊：电网巨额投资如何重塑费率库、回报率及居民电费政治红线",
          "summary": "受监管公用事业的资本开支扩张与费率分摊：电网巨额投资如何重塑费率库、回报率及居民电费政治红线",
          "href": "/investor/reports/archive-a60ab980ad14/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "AEP",
        "600900.SH",
        "CEG",
        "DUK",
        "VST",
        "XLU",
        "META",
        "NEE",
        "SMR",
        "GEV"
      ]
    },
    {
      "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": 6,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "2026-07-19 全球宏观研究记录：Brent $85-90 情景下，谁的 2026 下半年通胀路径真的被上修？",
          "summary": "2026-07-19 全球宏观研究记录：Brent $85-90 情景下，谁的 2026 下半年通胀路径真的被上修？",
          "href": "/investor/reports/archive-9701e2020f52/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-19 能源研究片：美伊油价冲击会结构性上修 2026 年下半年通胀吗？",
          "summary": "2026-07-19 能源研究片：美伊油价冲击会结构性上修 2026 年下半年通胀吗？",
          "href": "/investor/reports/archive-22fc220766eb/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "全球宏观研究报告：高油价冲击对美国PCE物价指数与美联储政策中枢路径的定量测算",
          "summary": "全球宏观研究报告：高油价冲击对美国PCE物价指数与美联储政策中枢路径的定量测算",
          "href": "/investor/reports/archive-04148bbc071c/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "6月CPI的\"意外降温\"是油价退款，不是通胀拐点",
          "summary": "既有研究记录· 工作日期：2026-07-19（亚洲/新加坡） 分析师： chief-economist （首席经济学家）· 立场：initial",
          "href": "/investor/reports/archive-15142ddddb39/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "CME",
        "CVX",
        "XOM",
        "600938.SH",
        "600900.SH",
        "0857.HK",
        "COP",
        "601857.SH"
      ]
    },
    {
      "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": "美国232关税对中国干式变压器出口利润率的长期压制有多大？",
          "summary": "研究记录 · 工业制造分析师 · 工作日期：2026-07-19（亚洲/新加坡）· 立场：initial",
          "href": "/investor/reports/archive-27b5e7c3f5c3/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "美关税日历重塑纺织服装格局：政策树坍缩与中资产能相对成本承压测算",
          "summary": "研究记录 · 分析师：thematic-researcher（主题研究员）· 工作日期：2026-07-19（Asia/Singapore） 立场：stress-test —— 坍缩关税政策不确定性，并压力测试申洲国际（2313.HK）与中资出海...",
          "href": "/investor/reports/archive-5adf18677120/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "人民币升值与上游成本双重挤压下中国出口部门利润率，及人行下半年降息降准的兑现概率",
          "summary": "人民币升值与上游成本双重挤压下中国出口部门利润率，及人行下半年降息降准的兑现概率",
          "href": "/investor/reports/archive-0d49759fcfa9/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "核心 PPI 与核心 CPI 楔形差的化解路径与央行反应函数：利润率吸收假说的压力测试",
          "summary": "核心 PPI 与核心 CPI 楔形差的化解路径与央行反应函数：利润率吸收假说的压力测试",
          "href": "/investor/reports/archive-73c09f1ecffb/",
          "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-026aa1679b",
      "title": "云厂商自发电正在把 AI 交付风险转移到核电、燃气、电网与公用事业信用",
      "titleEn": "Cloud self-generation is shifting AI delivery risk into nuclear, gas, grid assets, and utility credit",
      "href": "/investor/theses/thesis-026aa1679b/",
      "laneId": "lane_136dd1c3c708",
      "lane": "云厂商自发电/电力资产",
      "laneHref": "/investor/lanes/cloud-self-generation-and-power-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 49,
      "supports": 1,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "AI算力中心的核电破局：2026年超大型数据中心电力并网路径的战略重构",
          "summary": "分析师： ai-infrastructure-analyst 报告日期： 2026-07-19",
          "href": "/investor/reports/archive-f0b476a8bcc0/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "AI 电力篮子相关性风险：公用事业分析师研究记录，2026-07-19",
          "summary": "截至 2026-07-19，我支持 th T01：AI 算力的核心约束正在从单纯 GPU 转向可交付电力、并网、电网设备、变压器和可靠基荷/调峰电源。眼前的问题不是主线错误，而是 hyperscaler capex、电网设备...",
          "href": "/investor/reports/archive-220e9e773378/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "记忆体降价后的 AI 数据中心电力采购、并网排队与需量电费再定价",
          "summary": "研究记录 · 公用事业分析师 · 工作日期：2026-07-19（亚洲/新加坡） 立场：stress-test —— 我支持研究记录 02 对记忆体正常化不打断 AI 基础设施建设周期的判断，但对释放出的 TCO 空间去向...",
          "href": "/investor/reports/archive-33bacab2066d/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "从 GPU 硬件 Beta 到电力物理瓶颈：AI 产业链中上游的资产配置与风格旋转",
          "summary": "从 GPU 硬件 Beta 到电力物理瓶颈：AI 产业链中上游的资产配置与风格旋转",
          "href": "/investor/reports/archive-edc00b81efe2/",
          "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": 2,
      "risks": 4,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "7月按兵不动但无降息期权：PCE-CPI楔子下的大类资产定价",
          "summary": "研究记录 · 首席策略师 ( chief-strategist ) · 工作日期：2026-07-19（Asia/Singapore） 立场： synthesize 任务问题： 若FOMC在2026年7月28-29日维持3.50%-3.75%但保留后续加息的明确触发条...",
          "href": "/investor/reports/archive-53db7912ab14/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "触发人民币每日150基点失序贬值的外部利率与美元冲击路径 — 2026-07-19",
          "summary": "触发人民币每日150基点失序贬值的外部利率与美元冲击路径 — 2026-07-19",
          "href": "/investor/reports/archive-bd708fbe5d57/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "美元的不对称缺口——压力测试结论：这不是美元的故事，套息的扳机也不在美联储手里",
          "summary": "美元的不对称缺口——压力测试结论：这不是美元的故事，套息的扳机也不在美联储手里",
          "href": "/investor/reports/archive-d94e8e616838/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-19 压力测试：PCE-CPI楔子与美联储反应函数",
          "summary": "研究记录 · 全球宏观分析师 ( global-macro ) · 工作日期：2026-07-19（Asia/Singapore） 立场： stress-test 任务问题： 若核心通胀黏性集中在AI硬件与关税传导等PCE高权重商品品类，而非服...",
          "href": "/investor/reports/archive-604a46b963e5/",
          "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": 1,
      "risks": 3,
      "neutral": 0,
      "eventCount": 4,
      "events": [
        {
          "title": "全球高利率环境下公用事业CapEx放缓风险对电力设备制造商订单韧性的压力测试报告",
          "summary": "全球高利率环境下公用事业CapEx放缓风险对电力设备制造商订单韧性的压力测试报告",
          "href": "/investor/reports/archive-3c31184bcf1b/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI用电稀缺向业绩的传导：A股公用事业与电网设备公司的兑现度研判",
          "summary": "AI用电稀缺向业绩的传导：A股公用事业与电网设备公司的兑现度研判 分析师： 公用事业分析师 ( utilities-analyst ) 工作日期： 2026-07-19 Asia/Singapore 立场： 支持 (Support) — 认为全球与...",
          "href": "/investor/reports/archive-4cd480ba3495/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "AI 电力篮子相关性风险：公用事业分析师研究记录，2026-07-19",
          "summary": "截至 2026-07-19，我支持 th T01：AI 算力的核心约束正在从单纯 GPU 转向可交付电力、并网、电网设备、变压器和可靠基荷/调峰电源。眼前的问题不是主线错误，而是 hyperscaler capex、电网设备...",
          "href": "/investor/reports/archive-220e9e773378/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "记忆体降价后的 AI 数据中心电力采购、并网排队与需量电费再定价",
          "summary": "研究记录 · 公用事业分析师 · 工作日期：2026-07-19（亚洲/新加坡） 立场：stress-test —— 我支持研究记录 02 对记忆体正常化不打断 AI 基础设施建设周期的判断，但对释放出的 TCO 空间去向...",
          "href": "/investor/reports/archive-33bacab2066d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "META",
        "600089.SH",
        "MSFT",
        "601179.SH",
        "AMZN"
      ]
    },
    {
      "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": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "全球宏观研究报告：高油价冲击对美国PCE物价指数与美联储政策中枢路径的定量测算",
          "summary": "全球宏观研究报告：高油价冲击对美国PCE物价指数与美联储政策中枢路径的定量测算",
          "href": "/investor/reports/archive-04148bbc071c/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "全球宏观研究报告：霍尔木兹海峡地缘油价冲击对美联储降息弹性的非线性压测",
          "summary": "作者： 全球宏观分析师 ( global-macro ) 报告日期： 2026年7月19日 分类： 全球宏观 / 货币政策",
          "href": "/investor/reports/archive-90954c2f2fd9/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "6月CPI的\"意外降温\"是油价退款，不是通胀拐点",
          "summary": "既有研究记录· 工作日期：2026-07-19（亚洲/新加坡） 分析师： chief-economist （首席经济学家）· 立场：initial",
          "href": "/investor/reports/archive-15142ddddb39/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "SLB",
        "OXY"
      ]
    },
    {
      "id": "thesis-2e367ef854",
      "title": "美国通胀再抬头与7月FOMC鹰派按兵不动风险",
      "titleEn": "Practical research topic: 美国通胀再抬头与7月FOMC鹰派按兵不动风险",
      "href": "/investor/theses/thesis-2e367ef854/",
      "laneId": "lane_c0702fb29e08",
      "lane": "AI 再通胀/利率敏感资产",
      "laneHref": "/investor/lanes/ai-reflation-and-rate-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 1,
      "risks": 2,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "6月CPI的\"意外降温\"是油价退款，不是通胀拐点",
          "summary": "既有研究记录· 工作日期：2026-07-19（亚洲/新加坡） 分析师： chief-economist （首席经济学家）· 立场：initial",
          "href": "/investor/reports/archive-15142ddddb39/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "7月按兵不动但无降息期权：PCE-CPI楔子下的大类资产定价",
          "summary": "研究记录 · 首席策略师 ( chief-strategist ) · 工作日期：2026-07-19（Asia/Singapore） 立场： synthesize 任务问题： 若FOMC在2026年7月28-29日维持3.50%-3.75%但保留后续加息的明确触发条...",
          "href": "/investor/reports/archive-53db7912ab14/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-19 压力测试：PCE-CPI楔子与美联储反应函数",
          "summary": "研究记录 · 全球宏观分析师 ( global-macro ) · 工作日期：2026-07-19（Asia/Singapore） 立场： stress-test 任务问题： 若核心通胀黏性集中在AI硬件与关税传导等PCE高权重商品品类，而非服...",
          "href": "/investor/reports/archive-604a46b963e5/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "XLE",
        "XLU",
        "TLT"
      ]
    },
    {
      "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": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "AI算力电力需求增长与电力设备出口关税重构的边际风险分析",
          "summary": "报告日期： 2026-07-19 分析师： ai-infrastructure-analyst（AI基础设施分析师） 研究记录 立场： 压力测试（stress-test）—— 证实关税计税基础重构对高毛利出口标的之致命挤压，并实质性修...",
          "href": "/investor/reports/archive-875dada5c5c0/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "前序研究报告 — AI算力基建电力供应弹性与电网瓶颈压力测试，2026-07-19 [D0]",
          "summary": "前序研究报告 — AI算力基建电力供应弹性与电网瓶颈压力测试，2026-07-19 [D0]",
          "href": "/investor/reports/archive-0ed964e923a2/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "summary": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "href": "/investor/reports/archive-2b61f5360781/",
          "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": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "增长惊吓与通胀粘性下的美联储、欧洲央行政策路径压力测试",
          "summary": "工作日期：2026-07-19，Asia/Singapore。本报告对前序逻辑做压力测试：油价冲击可以压制全球增长，但不会自动打开货币宽松，因为居民通胀预期、央行信誉与能源传导现在主导反应函数。",
          "href": "/investor/reports/archive-f2a629dc27cf/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "美元这条腿失效后，对 research note 配置的重新承保——如何为\"美联储按兵不动、BOJ 加速、275bp...",
          "summary": "美元这条腿失效后，对 research note 配置的重新承保——如何为\"美联储按兵不动、BOJ 加速、275bp→250bp\"摆布仓位",
          "href": "/investor/reports/archive-2073435f0268/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "美元的不对称缺口——压力测试结论：这不是美元的故事，套息的扳机也不在美联储手里",
          "summary": "美元的不对称缺口——压力测试结论：这不是美元的故事，套息的扳机也不在美联储手里",
          "href": "/investor/reports/archive-d94e8e616838/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "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": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "美元这条腿失效后，对 research note 配置的重新承保——如何为\"美联储按兵不动、BOJ 加速、275bp...",
          "summary": "美元这条腿失效后，对 research note 配置的重新承保——如何为\"美联储按兵不动、BOJ 加速、275bp→250bp\"摆布仓位",
          "href": "/investor/reports/archive-2073435f0268/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "6月CPI的\"意外降温\"是油价退款，不是通胀拐点",
          "summary": "既有研究记录· 工作日期：2026-07-19（亚洲/新加坡） 分析师： chief-economist （首席经济学家）· 立场：initial",
          "href": "/investor/reports/archive-15142ddddb39/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-19 全球宏观研究记录：强美元与油价冲击的叠加——汇率通道作为通胀分化放大器的压力测试",
          "summary": "2026-07-19 全球宏观研究记录：强美元与油价冲击的叠加——汇率通道作为通胀分化放大器的压力测试",
          "href": "/investor/reports/archive-889d45e2ac13/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SLB",
        "OXY",
        "0883.HK"
      ]
    },
    {
      "id": "thesis-6fd1b8808d",
      "title": "资金成本上行与长端利率有锚下的A股风格轮动和金融板块配置",
      "titleEn": "Practical research topic: 资金成本上行与长端利率有锚下的A股风格轮动和金融板块配置",
      "href": "/investor/theses/thesis-6fd1b8808d/",
      "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": 77,
      "supports": 2,
      "risks": 1,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "2026-07-19 A股红利削减清单：在不牺牲310bp股息率优势下融资2.77个百分点",
          "summary": "2026-07-19 A股红利削减清单：在不牺牲310bp股息率优势下融资2.77个百分点",
          "href": "/investor/reports/archive-8910b1565931/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "红利底座、银行NIM与港币/人民币对冲套息的宏观约束压力测试",
          "summary": "红利底座、银行NIM与港币/人民币对冲套息的宏观约束压力测试 研究院权威工作日期：2026-07-19（Asia/Singapore） 分析师：global-macro 立场：stress-test",
          "href": "/investor/reports/archive-b7856dc4c7f1/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "跨资产配置策略报告：再通胀与高利率压制下的防御性杠铃配置与A股轮动路径",
          "summary": "作者： 首席策略师 ( chief-strategist ) 报告日期： 2026年7月19日 分类： 大类资产配置 / A股投资策略 / 防御性杠铃组合",
          "href": "/investor/reports/archive-f924db9b0ec8/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "601088.SH",
        "601398.SH",
        "600941.SH",
        "510880.SH"
      ]
    },
    {
      "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": 1,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "从 GPU 硬件 Beta 到电力物理瓶颈：AI 产业链中上游的资产配置与风格旋转",
          "summary": "从 GPU 硬件 Beta 到电力物理瓶颈：AI 产业链中上游的资产配置与风格旋转",
          "href": "/investor/reports/archive-edc00b81efe2/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力中心的核电破局：2026年超大型数据中心电力并网路径的战略重构",
          "summary": "分析师： ai-infrastructure-analyst 报告日期： 2026-07-19",
          "href": "/investor/reports/archive-f0b476a8bcc0/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "全球宏观挑战：电力墙真实存在，但“核电唯一路径”过窄（2026-07-19）",
          "summary": "全球宏观挑战：电力墙真实存在，但“核电唯一路径”过窄（2026-07-19）",
          "href": "/investor/reports/archive-582e84b79825/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "CEG",
        "AEP",
        "600025.SH",
        "DUK",
        "1816.HK",
        "NEE"
      ]
    },
    {
      "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基础设施分析师研究报告（2026-07-19）：表后直连与微电网如何成为AI算力ROI的对冲工具",
          "summary": "AI基础设施分析师研究报告（2026-07-19）：表后直连与微电网如何成为AI算力ROI的对冲工具",
          "href": "/investor/reports/archive-ea6b228d8e83/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "summary": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "href": "/investor/reports/archive-2b61f5360781/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI基础设施与电网并网瓶颈：截至2026-07-19的物理兑现验证",
          "summary": "AI基础设施与电网并网瓶颈：截至2026-07-19的物理兑现验证 分析师： AI基础设施分析师 ( ai-infrastructure-analyst ) 工作日期： 2026-07-19 Asia/Singapore 立场： 支持，但需区分物理兑现与...",
          "href": "/investor/reports/archive-3be2922ee7c8/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "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": "2026-07-19 在10年期国债1.73%的环境下，为A股红利防御总账簿相对久期与现金定规模",
          "summary": "2026-07-19 在10年期国债1.73%的环境下，为A股红利防御总账簿相对久期与现金定规模",
          "href": "/investor/reports/archive-cfd56fe808e5/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A-股Barbell策略的红利腿内部反转与科技成长再激活路径 — 2026-07-19",
          "summary": "A-股Barbell策略的红利腿内部反转与科技成长再激活路径 — 2026-07-19",
          "href": "/investor/reports/archive-cd4189704283/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-19 在2026-08-31半年报窗口前，把医药红利子仓重新锚定回A股红利防御总账簿",
          "summary": "2026-07-19 在2026-08-31半年报窗口前，把医药红利子仓重新锚定回A股红利防御总账簿",
          "href": "/investor/reports/archive-3020b9ab3b18/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "601398.SH",
        "601088.SH",
        "600941.SH",
        "588000.SH",
        "688981.SH",
        "601939.SH",
        "510880.SH"
      ]
    },
    {
      "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": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "全球高利率环境下公用事业CapEx放缓风险对电力设备制造商订单韧性的压力测试报告",
          "summary": "全球高利率环境下公用事业CapEx放缓风险对电力设备制造商订单韧性的压力测试报告",
          "href": "/investor/reports/archive-3c31184bcf1b/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026Q2 业绩窗口后的电力设备筹码再平衡规则",
          "summary": "报告日期： 2026-07-19 分析师： chief-strategist（首席策略师） 研究记录 立场： 综合（synthesize）",
          "href": "/investor/reports/archive-05921e2b63cb/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI算力电力需求增长与电力设备出口关税重构的边际风险分析",
          "summary": "报告日期： 2026-07-19 分析师： ai-infrastructure-analyst（AI基础设施分析师） 研究记录 立场： 压力测试（stress-test）—— 证实关税计税基础重构对高毛利出口标的之致命挤压，并实质性修...",
          "href": "/investor/reports/archive-875dada5c5c0/",
          "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": 2,
      "risks": 1,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "触发人民币每日150基点失序贬值的外部利率与美元冲击路径 — 2026-07-19",
          "summary": "触发人民币每日150基点失序贬值的外部利率与美元冲击路径 — 2026-07-19",
          "href": "/investor/reports/archive-bd708fbe5d57/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "7月按兵不动但无降息期权：PCE-CPI楔子下的大类资产定价",
          "summary": "研究记录 · 首席策略师 ( chief-strategist ) · 工作日期：2026-07-19（Asia/Singapore） 立场： synthesize 任务问题： 若FOMC在2026年7月28-29日维持3.50%-3.75%但保留后续加息的明确触发条...",
          "href": "/investor/reports/archive-53db7912ab14/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "美元的不对称缺口——压力测试结论：这不是美元的故事，套息的扳机也不在美联储手里",
          "summary": "美元的不对称缺口——压力测试结论：这不是美元的故事，套息的扳机也不在美联储手里",
          "href": "/investor/reports/archive-d94e8e616838/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CME",
        "3988.HK",
        "0700.HK",
        "UUP",
        "2800.HK",
        "9988.HK",
        "FXI"
      ]
    },
    {
      "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": 0,
      "risks": 3,
      "neutral": 0,
      "eventCount": 3,
      "events": [
        {
          "title": "美关税日历重塑纺织服装格局：政策树坍缩与中资产能相对成本承压测算",
          "summary": "研究记录 · 分析师：thematic-researcher（主题研究员）· 工作日期：2026-07-19（Asia/Singapore） 立场：stress-test —— 坍缩关税政策不确定性，并压力测试申洲国际（2313.HK）与中资出海...",
          "href": "/investor/reports/archive-5adf18677120/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "纺织服装产业链：覆盖率洼地，正好压在关税日历上",
          "summary": "研究记录 · 分析师：consumer-analyst（消费行业分析师）· 工作日期：2026-07-19（Asia/Singapore） 立场：initial —— 支持并锐化 th p d620f31a；同时用带日期的数据反驳其中一条前提。",
          "href": "/investor/reports/archive-425b02050668/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "原材料成本震荡与功能性化学纤维国产替代对中游织造利润率的传导阻尼",
          "summary": "研究记录 · 分析师：materials-analyst（材料行业分析师）· 工作日期：2026-07-19（Asia/Singapore） 立场：support —— 承接前置关税及合规成本压力，深入研判中游纺织织造的成本传导阻尼...",
          "href": "/investor/reports/archive-a490943e4d73/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NKE",
        "002003.SZ",
        "603558.SH",
        "603889.SH",
        "300979.SZ",
        "300577.SZ",
        "2313.HK",
        "603055.SH",
        "LULU"
      ]
    },
    {
      "id": "thesis-a0828c5498",
      "title": "在两融余额突破3.015万亿元且电子板块平均CMR跌至138.55%的背景下，下周一强平盘（约1460亿）释放是否会刺穿市场底？组合应如…",
      "titleEn": "Practical research topic: 在两融余额突破3.015万亿元且电子板块平均CMR跌至138.55%的背景下，下周一强平盘（约1460亿）释放是否会刺穿市场底？组合应如…",
      "href": "/investor/theses/thesis-a0828c5498/",
      "laneId": "lane_070c58f355b5",
      "lane": "A股风险偏好/两融",
      "laneHref": "/investor/lanes/a-share-risk-appetite-and-margin/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 82,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "两融流动性挤兑压力下 40% 红利防御压舱石的风险平价与 CVaR 动态配置优化报告",
          "summary": "两融流动性挤兑压力下 40% 红利防御压舱石的风险平价与 CVaR 动态配置优化报告 研究院权威发布日期：2026-07-19 首席策略师 (chief-strategist) — 战略研判前序研究",
          "href": "/investor/reports/archive-296d8ca17324/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-19 — 两融去杠杆政策底附近战术杠铃组合的因子暴露与拥挤度度量报告",
          "summary": "2026-07-19 — 两融去杠杆政策底附近战术杠铃组合的因子暴露与拥挤度度量报告",
          "href": "/investor/reports/archive-c9f72022b2f3/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "510300.SH",
        "512100.SH",
        "588000.SH"
      ]
    },
    {
      "id": "thesis-5a0bd732f3",
      "title": "A股杠铃策略应落地为“红利蓝筹压舱 + 硬科技成长进攻 + 轮动仓位调节”的三层结构，两融是成长端驱动力，ETF赎回和限售股解禁是仓位上限。",
      "titleEn": "Practical research topic: A股杠铃策略应落地为“红利蓝筹压舱 + 硬科技成长进攻 + 轮动仓位调节”的三层结构，两融是成长端驱动力，ETF赎回和限售股解禁是仓位上限。",
      "href": "/investor/theses/thesis-5a0bd732f3/",
      "laneId": "lane_070c58f355b5",
      "lane": "A股风险偏好/两融",
      "laneHref": "/investor/lanes/a-share-risk-appetite-and-margin/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "A股硬科技板块两融杠杆出清进度与筹码结构压力演变评估报告",
          "summary": "报告日期： 2026-07-19 首席策略师 (Chief Strategist)： 首席策略师 研究记录索引： 2/8 当前立场： 支持 (Support)",
          "href": "/investor/reports/archive-a92be53b9c84/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-19 部分半导体里程碑验证后的A股硬科技再入场时点",
          "summary": "权威工作日： 2026-07-19 分析师： 首席策略师（ chief-strategist ） 立场： 综合",
          "href": "/investor/reports/archive-bf110f8e9ec4/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "300750.SZ"
      ]
    },
    {
      "id": "thesis-a4bf9a5c22",
      "title": "在系统性去杠杆Cascade下，若A股行业面临15%回撤，半导体与科技板块将承受19.89十亿元平仓抛压，且中金所IM期货贴水年化-19…",
      "titleEn": "Practical research topic: 在系统性去杠杆Cascade下，若A股行业面临15%回撤，半导体与科技板块将承受19.89十亿元平仓抛压，且中金所IM期货贴水年化-19…",
      "href": "/investor/theses/thesis-a4bf9a5c22/",
      "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": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-07-19 — A股两融微观结构核验：去杠杆是否仍集中在电子/半导体？",
          "summary": "2026-07-19 — A股两融微观结构核验：去杠杆是否仍集中在电子/半导体？",
          "href": "/investor/reports/archive-4de4c620fc82/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-19 A股两融去杠杆：宏观流动性指标的非系统性验证",
          "summary": "截至研究所工作日 2026-07-19，基于央行公开市场操作、DR007、政府债发行节奏及信用脉冲的最新数据，我们对前序研究“两融去杠杆为科技拥挤仓位出清”的判断进行宏观层面的检验。我们的核心结论...",
          "href": "/investor/reports/archive-397df7f93f61/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688012.SH",
        "688041.SH",
        "688008.SH",
        "588000.SH"
      ]
    },
    {
      "id": "thesis-a60b131c8c",
      "title": "面对4.2%的总体CPI与108美元的布伦特原油，新任主席沃什将在6月16-17日的FOMC会议上如何调整点阵图与政策立场？",
      "titleEn": "Practical research topic: 面对4.2%的总体CPI与108美元的布伦特原油，新任主席沃什将在6月16-17日的FOMC会议上如何调整点阵图与政策立场？",
      "href": "/investor/theses/thesis-a60b131c8c/",
      "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": "6月CPI的\"意外降温\"是油价退款，不是通胀拐点",
          "summary": "既有研究记录· 工作日期：2026-07-19（亚洲/新加坡） 分析师： chief-economist （首席经济学家）· 立场：initial",
          "href": "/investor/reports/archive-15142ddddb39/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-19 全球宏观研究记录：强美元与油价冲击的叠加——汇率通道作为通胀分化放大器的压力测试",
          "summary": "2026-07-19 全球宏观研究记录：强美元与油价冲击的叠加——汇率通道作为通胀分化放大器的压力测试",
          "href": "/investor/reports/archive-889d45e2ac13/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SLB",
        "OXY",
        "0883.HK"
      ]
    },
    {
      "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": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI算力中心的核电破局：2026年超大型数据中心电力并网路径的战略重构",
          "summary": "分析师： ai-infrastructure-analyst 报告日期： 2026-07-19",
          "href": "/investor/reports/archive-f0b476a8bcc0/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "summary": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "href": "/investor/reports/archive-2b61f5360781/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "600089.SH",
        "601179.SH"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-19 压力测试：JPY 对冲降至 45% 后的 USD/JPY 路径",
          "summary": "2026-07-19 压力测试：JPY 对冲降至 45% 后的 USD/JPY 路径",
          "href": "/investor/reports/archive-fdc80201cba4/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "JPM",
        "TLT",
        "IEF"
      ]
    },
    {
      "id": "thesis-69025fa4b4",
      "title": "驱动对冲阶梯的 Fed / BoJ / ECB 政策路径",
      "titleEn": "Practical research topic: 驱动对冲阶梯的 Fed / BoJ / ECB 政策路径",
      "href": "/investor/theses/thesis-69025fa4b4/",
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-07-19 压力测试：JPY 对冲降至 45% 后的 USD/JPY 路径",
          "summary": "2026-07-19 压力测试：JPY 对冲降至 45% 后的 USD/JPY 路径",
          "href": "/investor/reports/archive-fdc80201cba4/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "美元这条腿失效后，对 research note 配置的重新承保——如何为\"美联储按兵不动、BOJ 加速、275bp...",
          "summary": "美元这条腿失效后，对 research note 配置的重新承保——如何为\"美联储按兵不动、BOJ 加速、275bp→250bp\"摆布仓位",
          "href": "/investor/reports/archive-2073435f0268/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "FXY",
        "UUP"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-07-19 — A股硬科技有条件试仓的跨资产风险预算配置",
          "summary": "权威工作日： 2026-07-19 分析师： 首席策略师（ chief-strategist ） 立场： 综合",
          "href": "/investor/reports/archive-310947ec776c/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "CFFEX T/TL 对冲 A股电力红利久期时的基差、CTD、保证金与展期风险压力测试",
          "summary": "CFFEX T/TL 对冲 A股电力红利久期时的基差、CTD、保证金与展期风险压力测试",
          "href": "/investor/reports/archive-dd7a4fcb7d69/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "601398.SH",
        "601088.SH",
        "600941.SH"
      ]
    },
    {
      "id": "thesis-e12bcc0d59",
      "title": "PBOC汇率防守情景下的A股两融微观结构",
      "titleEn": "Practical research topic: PBOC汇率防守情景下的A股两融微观结构",
      "href": "/investor/theses/thesis-e12bcc0d59/",
      "laneId": "lane_070c58f355b5",
      "lane": "A股风险偏好/两融",
      "laneHref": "/investor/lanes/a-share-risk-appetite-and-margin/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "北向资金大额流入后A股持仓结构重塑与两融去杠杆及解禁潮的对冲效应评估",
          "summary": "既有研究记录 · 首席策略师 · 研究记录 · 工作日期：2026-07-19（Asia/Singapore） 立场：synthesize（合成） —— 结合北向资金配置流动与A...",
          "href": "/investor/reports/archive-26b063cbcb93/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "两融流动性挤兑压力下 40% 红利防御压舱石的风险平价与 CVaR 动态配置优化报告",
          "summary": "两融流动性挤兑压力下 40% 红利防御压舱石的风险平价与 CVaR 动态配置优化报告 研究院权威发布日期：2026-07-19 首席策略师 (chief-strategist) — 战略研判前序研究",
          "href": "/investor/reports/archive-296d8ca17324/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "510300.SH",
        "512100.SH"
      ]
    },
    {
      "id": "thesis-77134b90a1",
      "title": "2026年7月拐点：7月24日Section 122关税悬崖与2026年伊朗战争能源冲击消退相撞，如何把美联储钉在“更高更久”",
      "titleEn": "Practical research topic: 2026年7月拐点：7月24日Section 122关税悬崖与2026年伊朗战争能源冲击消退相撞，如何把美联储钉在“更高更久”",
      "href": "/investor/theses/thesis-77134b90a1/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "7月按兵不动但无降息期权：PCE-CPI楔子下的大类资产定价",
          "summary": "研究记录 · 首席策略师 ( chief-strategist ) · 工作日期：2026-07-19（Asia/Singapore） 立场： synthesize 任务问题： 若FOMC在2026年7月28-29日维持3.50%-3.75%但保留后续加息的明确触发条...",
          "href": "/investor/reports/archive-53db7912ab14/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-19 压力测试：PCE-CPI楔子与美联储反应函数",
          "summary": "研究记录 · 全球宏观分析师 ( global-macro ) · 工作日期：2026-07-19（Asia/Singapore） 立场： stress-test 任务问题： 若核心通胀黏性集中在AI硬件与关税传导等PCE高权重商品品类，而非服...",
          "href": "/investor/reports/archive-604a46b963e5/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "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": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "6月CPI的\"意外降温\"是油价退款，不是通胀拐点",
          "summary": "既有研究记录· 工作日期：2026-07-19（亚洲/新加坡） 分析师： chief-economist （首席经济学家）· 立场：initial",
          "href": "/investor/reports/archive-15142ddddb39/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "增长惊吓与通胀粘性下的美联储、欧洲央行政策路径压力测试",
          "summary": "工作日期：2026-07-19，Asia/Singapore。本报告对前序逻辑做压力测试：油价冲击可以压制全球增长，但不会自动打开货币宽松，因为居民通胀预期、央行信誉与能源传导现在主导反应函数。",
          "href": "/investor/reports/archive-f2a629dc27cf/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SLB",
        "OXY",
        "0883.HK"
      ]
    },
    {
      "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": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI基础设施收盘框架 — 2026-07-19",
          "summary": "截至研究院工作日 2026-07-19，收盘不应写成“广泛降低半导体 beta”，而应写成“削减拥挤的 HBM / 存储器腿，同时保留与可验证 AI 算力、晶圆代工、网络和电力交付瓶颈相关的选择性半导体敞口...",
          "href": "/investor/reports/archive-16debe50d385/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "TMT行业周报研究计划",
          "summary": "本周覆盖范围 / Coverage window: 2026-07-13 (周一) → 2026-07-17 (周五)",
          "href": "/investor/reports/archive-9e5d4b02dfd0/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS",
        "META",
        "AMD"
      ]
    },
    {
      "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": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "AI基础设施收盘框架 — 2026-07-19",
          "summary": "截至研究院工作日 2026-07-19，收盘不应写成“广泛降低半导体 beta”，而应写成“削减拥挤的 HBM / 存储器腿，同时保留与可验证 AI 算力、晶圆代工、网络和电力交付瓶颈相关的选择性半导体敞口...",
          "href": "/investor/reports/archive-16debe50d385/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "TMT行业周报研究计划",
          "summary": "本周覆盖范围 / Coverage window: 2026-07-13 (周一) → 2026-07-17 (周五)",
          "href": "/investor/reports/archive-9e5d4b02dfd0/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "META",
        "MU",
        "000660.KS",
        "TSM",
        "AMD",
        "AVGO"
      ]
    },
    {
      "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": "2026-07-19 研究卡：Meta Compute、B200租金通缩与算力市场分层",
          "summary": "2026-07-19 研究卡：Meta Compute、B200租金通缩与算力市场分层",
          "href": "/investor/reports/archive-02297771d268/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "AI 基础设施分析师研究记录：Hyperscaler Capex 质量拆分与电力实物需求传导压力测试",
          "summary": "AI 基础设施分析师研究记录：Hyperscaler Capex 质量拆分与电力实物需求传导压力测试 报告日期： 2026-07-19 分析师： ai-infrastructure-analyst [primary] 立场： 压力测试 (Stress-Test，回...",
          "href": "/investor/reports/archive-f7938bd36e0d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "META",
        "MSFT",
        "NVDA",
        "AMZN",
        "GOOGL",
        "TSM",
        "AVGO",
        "AAPL",
        "TSLA"
      ]
    },
    {
      "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": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "从 GPU 硬件 Beta 到电力物理瓶颈：AI 产业链中上游的资产配置与风格旋转",
          "summary": "从 GPU 硬件 Beta 到电力物理瓶颈：AI 产业链中上游的资产配置与风格旋转",
          "href": "/investor/reports/archive-edc00b81efe2/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "A股电力稀缺与电网出海业绩兑现下的仓位重构与定价分流研究报告",
          "summary": "分析师： 首席策略师 ( chief-strategist ) 工作日期： 2026-07-19 Asia/Singapore 立场： 支持 (Support) — 认为在2026年下半年电网设备出海订单业绩进入集中兑现期的背景下，A股防御配置必须...",
          "href": "/investor/reports/archive-cc07f13b6af5/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "GEV",
        "600089.SH",
        "ETN",
        "601179.SH",
        "688676.SH",
        "VST"
      ]
    },
    {
      "id": "thesis-a10279b001",
      "title": "面对 Meta 自建 Meta Compute 算力集群的传闻，Nebius (NBIS) 的 270 亿美元合同是否仍具备护城河？散户…",
      "titleEn": "Practical research topic: 面对 Meta 自建 Meta Compute 算力集群的传闻，Nebius (NBIS) 的 270 亿美元合同是否仍具备护城河？散户…",
      "href": "/investor/theses/thesis-a10279b001/",
      "laneId": "lane_f44cf45c8649",
      "lane": "AI 算力半导体",
      "laneHref": "/investor/lanes/ai-compute-semiconductors/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 0,
      "risks": 2,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "2026-07-19 研究卡：Meta Compute、B200租金通缩与算力市场分层",
          "summary": "2026-07-19 研究卡：Meta Compute、B200租金通缩与算力市场分层",
          "href": "/investor/reports/archive-02297771d268/",
          "stance": "risk",
          "stanceLabel": "风险"
        },
        {
          "title": "约束条件已经转移：卡住 7250 亿美元 AI 资本开支周期的不再是芯片，而是电",
          "summary": "约束条件已经转移：卡住 7250 亿美元 AI 资本开支周期的不再是芯片，而是电",
          "href": "/investor/reports/archive-d96cb7d3b0d2/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "META",
        "NVDA",
        "TSM",
        "AMD",
        "AVGO"
      ]
    },
    {
      "id": "thesis-4b3b37e207",
      "title": "散户情绪与北向资金背离是 A 股风险偏好的关键温度计",
      "titleEn": "Retail sentiment versus northbound flow divergence is the key A-share risk thermometer",
      "href": "/investor/theses/thesis-4b3b37e207/",
      "laneId": "lane_070c58f355b5",
      "lane": "A股风险偏好/两融",
      "laneHref": "/investor/lanes/a-share-risk-appetite-and-margin/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 62,
      "supports": 1,
      "risks": 1,
      "neutral": 0,
      "eventCount": 2,
      "events": [
        {
          "title": "北向资金大额流入后A股持仓结构重塑与两融去杠杆及解禁潮的对冲效应评估",
          "summary": "既有研究记录 · 首席策略师 · 研究记录 · 工作日期：2026-07-19（Asia/Singapore） 立场：synthesize（合成） —— 结合北向资金配置流动与A...",
          "href": "/investor/reports/archive-26b063cbcb93/",
          "stance": "supports",
          "stanceLabel": "支持"
        },
        {
          "title": "2026-07-19 — A股两融微观结构核验：去杠杆是否仍集中在电子/半导体？",
          "summary": "2026-07-19 — A股两融微观结构核验：去杠杆是否仍集中在电子/半导体？",
          "href": "/investor/reports/archive-4de4c620fc82/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "300308.SZ",
        "300750.SZ",
        "600519.SH",
        "159915.SZ",
        "510300.SH",
        "688256.SH",
        "600900.SH"
      ]
    },
    {
      "id": "thesis-59f298ff36",
      "title": "在上午科创50跌破关键支撑触发雪球敲入与两融强平后，午间主力ETF资金流入与个股金针反转是否标志着负Gamma抛售压力的阶段性出清？我们…",
      "titleEn": "Practical research topic: 在上午科创50跌破关键支撑触发雪球敲入与两融强平后，午间主力ETF资金流入与个股金针反转是否标志着负Gamma抛售压力的阶段性出清？我们…",
      "href": "/investor/theses/thesis-59f298ff36/",
      "laneId": "lane_968dd01cb43f",
      "lane": "A股半导体/两融负 Gamma",
      "laneHref": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 84,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 A股两融去杠杆：宏观流动性指标的非系统性验证",
          "summary": "截至研究所工作日 2026-07-19，基于央行公开市场操作、DR007、政府债发行节奏及信用脉冲的最新数据，我们对前序研究“两融去杠杆为科技拥挤仓位出清”的判断进行宏观层面的检验。我们的核心结论...",
          "href": "/investor/reports/archive-397df7f93f61/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "588000.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "688012.SH"
      ]
    },
    {
      "id": "thesis-813fa71c15",
      "title": "科创50指数今日跌4.30%收于1596.57点，跌破1600点零Gamma防线。这如何影响后续雪球产品的敲入级联和做市商抛压？科技板块…",
      "titleEn": "Practical research topic: 科创50指数今日跌4.30%收于1596.57点，跌破1600点零Gamma防线。这如何影响后续雪球产品的敲入级联和做市商抛压？科技板块…",
      "href": "/investor/theses/thesis-813fa71c15/",
      "laneId": "lane_968dd01cb43f",
      "lane": "A股半导体/两融负 Gamma",
      "laneHref": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 84,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "A股硬科技板块两融杠杆出清进度与筹码结构压力演变评估报告",
          "summary": "报告日期： 2026-07-19 首席策略师 (Chief Strategist)： 首席策略师 研究记录索引： 2/8 当前立场： 支持 (Support)",
          "href": "/investor/reports/archive-a92be53b9c84/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "588000.SH",
        "688981.SH",
        "0981.HK",
        "688008.SH",
        "688041.SH",
        "688012.SH"
      ]
    },
    {
      "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": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "两融流动性挤兑压力下 40% 红利防御压舱石的风险平价与 CVaR 动态配置优化报告",
          "summary": "两融流动性挤兑压力下 40% 红利防御压舱石的风险平价与 CVaR 动态配置优化报告 研究院权威发布日期：2026-07-19 首席策略师 (chief-strategist) — 战略研判前序研究",
          "href": "/investor/reports/archive-296d8ca17324/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "688981.SH",
        "601088.SH",
        "601398.SH",
        "588000.SH"
      ]
    },
    {
      "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": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "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": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "FXY",
        "UUP"
      ]
    },
    {
      "id": "thesis-58f268edf9",
      "title": "隔夜美股半导体与小盘逼空是否足以覆盖科创50/CPO的本地两融、解禁和折算率压力，还是应继续把科技回补限制在5%试仓以内？",
      "titleEn": "Practical research topic: 隔夜美股半导体与小盘逼空是否足以覆盖科创50/CPO的本地两融、解禁和折算率压力，还是应继续把科技回补限制在5%试仓以内？",
      "href": "/investor/theses/thesis-58f268edf9/",
      "laneId": "lane_968dd01cb43f",
      "lane": "A股半导体/两融负 Gamma",
      "laneHref": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 — A股两融微观结构核验：去杠杆是否仍集中在电子/半导体？",
          "summary": "2026-07-19 — A股两融微观结构核验：去杠杆是否仍集中在电子/半导体？",
          "href": "/investor/reports/archive-4de4c620fc82/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "688012.SH",
        "588000.SH",
        "688008.SH"
      ]
    },
    {
      "id": "thesis-e4e956cd41",
      "title": "通胀粘性加就业放缓环境下的跨资产配置",
      "titleEn": "Practical research topic: 通胀粘性加就业放缓环境下的跨资产配置",
      "href": "/investor/theses/thesis-e4e956cd41/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "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": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "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": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-07b4ef2695",
      "title": "地缘利好引发的油价下跌能否抵消美联储新主席 Warsh 的鹰派立场？当前的‘高价高偏斜’是否暗示结构性崩塌风险？",
      "titleEn": "Practical research topic: 地缘利好引发的油价下跌能否抵消美联储新主席 Warsh 的鹰派立场？当前的‘高价高偏斜’是否暗示结构性崩塌风险？",
      "href": "/investor/theses/thesis-07b4ef2695/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 81,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 全球宏观研究记录：强美元与油价冲击的叠加——汇率通道作为通胀分化放大器的压力测试",
          "summary": "2026-07-19 全球宏观研究记录：强美元与油价冲击的叠加——汇率通道作为通胀分化放大器的压力测试",
          "href": "/investor/reports/archive-889d45e2ac13/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "0883.HK",
        "CVX",
        "XOM"
      ]
    },
    {
      "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": "两融流动性挤兑压力下 40% 红利防御压舱石的风险平价与 CVaR 动态配置优化报告",
          "summary": "两融流动性挤兑压力下 40% 红利防御压舱石的风险平价与 CVaR 动态配置优化报告 研究院权威发布日期：2026-07-19 首席策略师 (chief-strategist) — 战略研判前序研究",
          "href": "/investor/reports/archive-296d8ca17324/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "600905.SH",
        "DUK"
      ]
    },
    {
      "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": "红利底座、银行NIM与港币/人民币对冲套息的宏观约束压力测试",
          "summary": "红利底座、银行NIM与港币/人民币对冲套息的宏观约束压力测试 研究院权威工作日期：2026-07-19（Asia/Singapore） 分析师：global-macro 立场：stress-test",
          "href": "/investor/reports/archive-b7856dc4c7f1/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "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": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 A股两融去杠杆：宏观流动性指标的非系统性验证",
          "summary": "截至研究所工作日 2026-07-19，基于央行公开市场操作、DR007、政府债发行节奏及信用脉冲的最新数据，我们对前序研究“两融去杠杆为科技拥挤仓位出清”的判断进行宏观层面的检验。我们的核心结论...",
          "href": "/investor/reports/archive-397df7f93f61/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "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": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "FXY",
        "UUP"
      ]
    },
    {
      "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": "全球高利率环境下公用事业CapEx放缓风险对电力设备制造商订单韧性的压力测试报告",
          "summary": "全球高利率环境下公用事业CapEx放缓风险对电力设备制造商订单韧性的压力测试报告",
          "href": "/investor/reports/archive-3c31184bcf1b/",
          "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": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "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": "增长惊吓与通胀粘性下的美联储、欧洲央行政策路径压力测试",
          "summary": "工作日期：2026-07-19，Asia/Singapore。本报告对前序逻辑做压力测试：油价冲击可以压制全球增长，但不会自动打开货币宽松，因为居民通胀预期、央行信誉与能源传导现在主导反应函数。",
          "href": "/investor/reports/archive-f2a629dc27cf/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CVX",
        "XOM",
        "SLB"
      ]
    },
    {
      "id": "thesis-eefbf1a467",
      "title": "中美利差-286bp下人民币对三季度降息空间的约束",
      "titleEn": "Practical research topic: 中美利差-286bp下人民币对三季度降息空间的约束",
      "href": "/investor/theses/thesis-eefbf1a467/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "触发人民币每日150基点失序贬值的外部利率与美元冲击路径 — 2026-07-19",
          "summary": "触发人民币每日150基点失序贬值的外部利率与美元冲击路径 — 2026-07-19",
          "href": "/investor/reports/archive-bd708fbe5d57/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-8ca3d181f3",
      "title": "能源价格重心的下移提供了一次缓和全球“滞胀”压力的正向供给冲击，虽然成功消解了美欧央行的强行加息风险，但在低储蓄率、物流滞后与-273…",
      "titleEn": "Practical research topic: 能源价格重心的下移提供了一次缓和全球“滞胀”压力的正向供给冲击，虽然成功消解了美欧央行的强行加息风险，但在低储蓄率、物流滞后与-273…",
      "href": "/investor/theses/thesis-8ca3d181f3/",
      "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": "2026-07-19 压力测试：PCE-CPI楔子与美联储反应函数",
          "summary": "研究记录 · 全球宏观分析师 ( global-macro ) · 工作日期：2026-07-19（Asia/Singapore） 立场： stress-test 任务问题： 若核心通胀黏性集中在AI硬件与关税传导等PCE高权重商品品类，而非服...",
          "href": "/investor/reports/archive-604a46b963e5/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "id": "thesis-b3e89f22e6",
      "title": "在极端关税与30%原料通胀的压力下，全球电网设备（利用率98%、美交期128周）的硬约束赋予A股厂商极强的定价权与贸易规避弹性，其出口高…",
      "titleEn": "Practical research topic: 在极端关税与30%原料通胀的压力下，全球电网设备（利用率98%、美交期128周）的硬约束赋予A股厂商极强的定价权与贸易规避弹性，其出口高…",
      "href": "/investor/theses/thesis-b3e89f22e6/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "全球贸易保护壁垒与美债高利率对电网设备出海持续性及供应链安全的冲击评估研究报告",
          "summary": "全球贸易保护壁垒与美债高利率对电网设备出海持续性及供应链安全的冲击评估研究报告",
          "href": "/investor/reports/archive-a51d3363133f/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "GEV",
        "688676.SH",
        "ETN",
        "000400.SZ"
      ]
    },
    {
      "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": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "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": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-859ab241bf",
      "title": "依托全球AI硬件超级周期的外溢效应与国内流动性宽松预期共振，A股TMT板块具备坚实的业绩兑现基础，将在跨国资金流入带动下确立其在“哑铃策…",
      "titleEn": "Practical research topic: 依托全球AI硬件超级周期的外溢效应与国内流动性宽松预期共振，A股TMT板块具备坚实的业绩兑现基础，将在跨国资金流入带动下确立其在“哑铃策…",
      "href": "/investor/theses/thesis-859ab241bf/",
      "laneId": "lane_f1a271385aff",
      "lane": "先进封装/HBM4 闸门",
      "laneHref": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 78,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 — 半导体设备估值溢价与AI算力订单的匹配度压力测试",
          "summary": "2026-07-19 — 半导体设备估值溢价与AI算力订单的匹配度压力测试",
          "href": "/investor/reports/archive-80ee82ae854c/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "NVDA",
        "ASML",
        "688012.SH",
        "000660.KS",
        "MU",
        "002916.SZ"
      ]
    },
    {
      "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基础设施与电网并网瓶颈：截至2026-07-19的物理兑现验证",
          "summary": "AI基础设施与电网并网瓶颈：截至2026-07-19的物理兑现验证 分析师： AI基础设施分析师 ( ai-infrastructure-analyst ) 工作日期： 2026-07-19 Asia/Singapore 立场： 支持，但需区分物理兑现与...",
          "href": "/investor/reports/archive-3be2922ee7c8/",
          "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": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "AI算力中心的核电破局：2026年超大型数据中心电力并网路径的战略重构",
          "summary": "分析师： ai-infrastructure-analyst 报告日期： 2026-07-19",
          "href": "/investor/reports/archive-f0b476a8bcc0/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "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": "USD/CNH 升值体制与对冲再校准：2026-07-19",
          "summary": "既有研究记录· 全球宏观分析师 · 工作日期：2026-07-19（Asia/Singapore）· 研究记录 · 立场：压力测试（STRESS-TEST）",
          "href": "/investor/reports/archive-a3bca00ffc43/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "KRE",
        "TLT",
        "IEF"
      ]
    },
    {
      "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": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-2ee6c1cf01",
      "title": "39%债券仓位应做流动性加真实收益率杠铃：中债不追1-10Y拥挤牛平，美债不拉长名义久期，美元仓位基准只套保一半以保留6.87压力阈值上…",
      "titleEn": "Practical research topic: 39%债券仓位应做流动性加真实收益率杠铃：中债不追1-10Y拥挤牛平，美债不拉长名义久期，美元仓位基准只套保一半以保留6.87压力阈值上…",
      "href": "/investor/theses/thesis-2ee6c1cf01/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "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": "CFFEX T/TL 对冲 A股电力红利久期时的基差、CTD、保证金与展期风险压力测试",
          "summary": "CFFEX T/TL 对冲 A股电力红利久期时的基差、CTD、保证金与展期风险压力测试",
          "href": "/investor/reports/archive-dd7a4fcb7d69/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "600900.SH",
        "600905.SH",
        "DUK"
      ]
    },
    {
      "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": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "A股硬科技板块两融杠杆出清进度与筹码结构压力演变评估报告",
          "summary": "报告日期： 2026-07-19 首席策略师 (Chief Strategist)： 首席策略师 研究记录索引： 2/8 当前立场： 支持 (Support)",
          "href": "/investor/reports/archive-a92be53b9c84/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "GEV",
        "ETN",
        "CEG",
        "VST"
      ]
    },
    {
      "id": "thesis-db003202fc",
      "title": "国有大行分红韧性是建立在本币贬值副作用之上的“幻觉”；在-230bp利差背景下，汇率调整后的总收益无法支撑红利策略作为防御性资产的逻辑，…",
      "titleEn": "Practical research topic: 国有大行分红韧性是建立在本币贬值副作用之上的“幻觉”；在-230bp利差背景下，汇率调整后的总收益无法支撑红利策略作为防御性资产的逻辑，…",
      "href": "/investor/theses/thesis-db003202fc/",
      "laneId": "lane_c40c2ce413ec",
      "lane": "人民币/美元流动性敏感资产",
      "laneHref": "/investor/lanes/rmb-dollar-and-liquidity-sensitive-assets/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI"
      ]
    },
    {
      "id": "thesis-54a65a88ba",
      "title": "请把5月CPI、10年美债4.75%/5.00%、HY OAS 286bp、VIX 16/20和USD/CNH 7.25防线放进一个触发…",
      "titleEn": "Practical research topic: 请把5月CPI、10年美债4.75%/5.00%、HY OAS 286bp、VIX 16/20和USD/CNH 7.25防线放进一个触发…",
      "href": "/investor/theses/thesis-54a65a88ba/",
      "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": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "UUP",
        "FXI",
        "2800.HK"
      ]
    },
    {
      "id": "thesis-ace402c8b6",
      "title": "科创板极端护盘对A股整体流动性的虹吸效应与跨板块资产配置调整 研究日期： 2026 05 22 作者： 首席策略师 (Chief Str…",
      "titleEn": "Practical research topic: 科创板极端护盘对A股整体流动性的虹吸效应与跨板块资产配置调整 研究日期： 2026 05 22 作者： 首席策略师 (Chief Str…",
      "href": "/investor/theses/thesis-ace402c8b6/",
      "laneId": "lane_1c216bd29875",
      "lane": "美债利率/美元再定价",
      "laneHref": "/investor/lanes/us-rates-and-dollar-repricing/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "北向资金大额流入后A股持仓结构重塑与两融去杠杆及解禁潮的对冲效应评估",
          "summary": "既有研究记录 · 首席策略师 · 研究记录 · 工作日期：2026-07-19（Asia/Singapore） 立场：synthesize（合成） —— 结合北向资金配置流动与A...",
          "href": "/investor/reports/archive-26b063cbcb93/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "P",
        "TLT",
        "IEF"
      ]
    },
    {
      "id": "thesis-d98ced0974",
      "title": "电力瓶颈会重排AI算力项目顺序，但不会让2025-2026年全球AI集群建设同步停摆。",
      "titleEn": "Practical research topic: 电力瓶颈会重排AI算力项目顺序，但不会让2025-2026年全球AI集群建设同步停摆。",
      "href": "/investor/theses/thesis-d98ced0974/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 77,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "summary": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "href": "/investor/reports/archive-2b61f5360781/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "601179.SH",
        "ETN",
        "600089.SH",
        "VST",
        "CEG"
      ]
    },
    {
      "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": "6月CPI的\"意外降温\"是油价退款，不是通胀拐点",
          "summary": "既有研究记录· 工作日期：2026-07-19（亚洲/新加坡） 分析师： chief-economist （首席经济学家）· 立场：initial",
          "href": "/investor/reports/archive-15142ddddb39/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "JPM",
        "TLT",
        "IEF"
      ]
    },
    {
      "id": "thesis-250964b5dc",
      "title": "强美元仍需作为中国风险组合的保险，但新增风险预算应从裸多DXY转向有界USD/CNH保护，并主动削减以JPY/CHF融资的拥挤新兴市场套息。",
      "titleEn": "Practical research topic: 强美元仍需作为中国风险组合的保险，但新增风险预算应从裸多DXY转向有界USD/CNH保护，并主动削减以JPY/CHF融资的拥挤新兴市场套息。",
      "href": "/investor/theses/thesis-250964b5dc/",
      "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": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "summary": "2026-07-19 - 鹰派按兵不动对USD/CNH、USD/JPY与中美10Y利差的传导",
          "href": "/investor/reports/archive-0b240a1ac32f/",
          "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "记忆体变成可对冲成本项：AI 数据中心 TCO 与超大规模资本开支重估",
          "summary": "研究记录 · AI Infrastructure Analyst · 工作日期：2026-07-19（亚洲/新加坡） 立场：stress-test —— 我支持研究记录 01 对买方体制切换的判断，但否认“记忆体正常化本身足以打断 AI 基础...",
          "href": "/investor/reports/archive-cec767ba68c7/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "AMD",
        "VRT"
      ]
    },
    {
      "id": "thesis-10f0672291",
      "title": "科创50单日+8.41%后，团队应把硬科技升为中期主线，还是在两融、广度、ETF申赎确认前按拥挤反弹处理？",
      "titleEn": "Practical research topic: 科创50单日+8.41%后，团队应把硬科技升为中期主线，还是在两融、广度、ETF申赎确认前按拥挤反弹处理？",
      "href": "/investor/theses/thesis-10f0672291/",
      "laneId": "lane_968dd01cb43f",
      "lane": "A股半导体/两融负 Gamma",
      "laneHref": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 71,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "A股硬科技板块两融杠杆出清进度与筹码结构压力演变评估报告",
          "summary": "报告日期： 2026-07-19 首席策略师 (Chief Strategist)： 首席策略师 研究记录索引： 2/8 当前立场： 支持 (Support)",
          "href": "/investor/reports/archive-a92be53b9c84/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "588000.SH",
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688008.SH",
        "688012.SH",
        "688041.SH"
      ]
    },
    {
      "id": "thesis-2a12467f9b",
      "title": "卫星电源壁垒需由发射节奏和单星价值量持续验证",
      "titleEn": "Satellite-power barriers require continued validation through launch cadence and content per spacecraft",
      "href": "/investor/theses/thesis-2a12467f9b/",
      "laneId": "lane_54700cb9537f",
      "lane": "商业航天/卫星直连",
      "laneHref": "/investor/lanes/commercial-space-and-direct-to-device-satellite/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 70,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 — 压力测试：民间技改Capex转正所需的产能利用率与工业品价格门槛",
          "summary": "2026-07-19 — 压力测试：民间技改Capex转正所需的产能利用率与工业品价格门槛",
          "href": "/investor/reports/archive-820e62557b1a/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "RKLB",
        "ASTS",
        "600118.SH",
        "IRDM",
        "RDW",
        "LUNR",
        "LMT"
      ]
    },
    {
      "id": "thesis-2fe5298427",
      "title": "Sivers (SIVE:STO) 概念被供应链证伪，而国内电子板块融资余额高达5608亿元，四大半导体龙头两融保证金缺口达93.81亿…",
      "titleEn": "Practical research topic: Sivers (SIVE:STO) 概念被供应链证伪，而国内电子板块融资余额高达5608亿元，四大半导体龙头两融保证金缺口达93.81亿…",
      "href": "/investor/theses/thesis-2fe5298427/",
      "laneId": "lane_968dd01cb43f",
      "lane": "A股半导体/两融负 Gamma",
      "laneHref": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 69,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 — A股两融微观结构核验：去杠杆是否仍集中在电子/半导体？",
          "summary": "2026-07-19 — A股两融微观结构核验：去杠杆是否仍集中在电子/半导体？",
          "href": "/investor/reports/archive-4de4c620fc82/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "688256.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "688012.SH",
        "688008.SH",
        "588000.SH"
      ]
    },
    {
      "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": "QA 审核报告",
          "summary": "基准日期： 2026-07-19 （由 系统日期锚 确认）。审核对象为 01 weekly plan.md / 01 weekly plan.en.md 与 02 weekly research.md / 02 weekly research.en.md。",
          "href": "/investor/reports/archive-8950695abdd0/",
          "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": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "summary": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "href": "/investor/reports/archive-2b61f5360781/",
          "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": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "summary": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "href": "/investor/reports/archive-2b61f5360781/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "601985.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": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "summary": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "href": "/investor/reports/archive-2b61f5360781/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "002028.SZ",
        "ETN",
        "601179.SH",
        "600089.SH",
        "688676.SH",
        "CEG"
      ]
    },
    {
      "id": "thesis-612f83a611",
      "title": "地缘原油冲击导致的通胀传导（推升核心PCE至4.16%）将促使无前瞻指引的沃什美联储通过在9月和年底连续加息两次（至4.00%–4.25…",
      "titleEn": "Practical research topic: 地缘原油冲击导致的通胀传导（推升核心PCE至4.16%）将促使无前瞻指引的沃什美联储通过在9月和年底连续加息两次（至4.00%–4.25…",
      "href": "/investor/theses/thesis-612f83a611/",
      "laneId": "lane_93300d58763e",
      "lane": "油气/地缘通胀",
      "laneHref": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 压力测试：PCE-CPI楔子与美联储反应函数",
          "summary": "研究记录 · 全球宏观分析师 ( global-macro ) · 工作日期：2026-07-19（Asia/Singapore） 立场： stress-test 任务问题： 若核心通胀黏性集中在AI硬件与关税传导等PCE高权重商品品类，而非服...",
          "href": "/investor/reports/archive-604a46b963e5/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SLB",
        "OXY",
        "0883.HK"
      ]
    },
    {
      "id": "thesis-c2eb2a0b9d",
      "title": "AI 租赁营收的兑现并非取决于芯片购买量，而是取决于长达 2-4 年的电力交付周期，物理稀缺性正成为限制营收增速的硬顶。",
      "titleEn": "Practical research topic: AI 租赁营收的兑现并非取决于芯片购买量，而是取决于长达 2-4 年的电力交付周期，物理稀缺性正成为限制营收增速的硬顶。",
      "href": "/investor/theses/thesis-c2eb2a0b9d/",
      "laneId": "lane_10d7884cbe65",
      "lane": "AI 电力/电网设备",
      "laneHref": "/investor/lanes/ai-power-and-grid-equipment/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 66,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "summary": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "href": "/investor/reports/archive-2b61f5360781/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "GEV",
        "ETN",
        "002028.SZ",
        "601179.SH",
        "600089.SH",
        "CEG",
        "688676.SH"
      ]
    },
    {
      "id": "thesis-c89650af9e",
      "title": "酒店餐饮休闲复苏正在从客流修复转向 RevPAR、翻台率与小盘 Alpha",
      "titleEn": "Leisure, hotels, and restaurants are moving from traffic recovery to RevPAR, table turnover, and small-cap alpha",
      "href": "/investor/theses/thesis-c89650af9e/",
      "laneId": "lane_dd5a3eb17672",
      "lane": "酒店餐饮休闲/服务消费",
      "laneHref": "/investor/lanes/hotels-restaurants-leisure-and-services-consumption/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 65,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "酒店、餐饮与休闲产业链：在中证旅游 Beta 0.30 上限下重构消费服务代理组合",
          "summary": "酒店、餐饮与休闲产业链：在中证旅游 Beta 0.30 上限下重构消费服务代理组合",
          "href": "/investor/reports/archive-a6aa72aa3920/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "9922.HK",
        "3690.HK",
        "001215.SZ",
        "YUMC",
        "300144.SZ",
        "1179.HK",
        "0780.HK",
        "605108.SH",
        "9658.HK"
      ]
    },
    {
      "id": "thesis-bc1d8e9af8",
      "title": "Warsh 领导下美联储的鹰派转向：能源驱动的通胀反弹与 7 月 FOMC 前景",
      "titleEn": "Practical research topic: Warsh 领导下美联储的鹰派转向：能源驱动的通胀反弹与 7 月 FOMC 前景",
      "href": "/investor/theses/thesis-bc1d8e9af8/",
      "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": 65,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 压力测试：PCE-CPI楔子与美联储反应函数",
          "summary": "研究记录 · 全球宏观分析师 ( global-macro ) · 工作日期：2026-07-19（Asia/Singapore） 立场： stress-test 任务问题： 若核心通胀黏性集中在AI硬件与关税传导等PCE高权重商品品类，而非服...",
          "href": "/investor/reports/archive-604a46b963e5/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP"
      ]
    },
    {
      "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": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "hyperscaler资本开支ROI与亚洲AI硬件再入场阈值",
          "summary": "工作日期锚点： 2026-07-19 分析师： AI基础设施分析师 ( ai-infrastructure-analyst ) 立场： 支持 (Support)",
          "href": "/investor/reports/archive-350a642a8fcb/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS"
      ]
    },
    {
      "id": "thesis-025e4c0d2d",
      "title": "复合材料业务修复向利润增长传导",
      "titleEn": "Composite-Materials Recovery Transmits into Earnings Growth",
      "href": "/investor/theses/thesis-025e4c0d2d/",
      "laneId": "lane_e69b58816f80",
      "lane": "能源转型/储能光伏",
      "laneHref": "/investor/lanes/energy-transition-storage-and-solar-capex/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 64,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "美国公用事业估值矛盾：利率压力 vs 负荷增长需求",
          "summary": "研究记录 · 分析师： global-macro （全球宏观分析师） 工作日期： 2026-07-19（Asia/Singapore） · 立场： initial（首卡）",
          "href": "/investor/reports/archive-835b57b79915/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "300274.SZ",
        "002028.SZ",
        "300750.SZ",
        "002080.SZ"
      ]
    },
    {
      "id": "thesis-029ce03da1",
      "title": "MSCI 调整窗口是被动资金与主动减仓相互博弈的流动性事件",
      "titleEn": "MSCI rebalance windows are liquidity events where passive demand meets active exits",
      "href": "/investor/theses/thesis-029ce03da1/",
      "laneId": "lane_122bdfde6ea9",
      "lane": "指数调仓/被动资金事件",
      "laneHref": "/investor/lanes/index-rebalance-and-passive-flow-events/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 64,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [],
      "stockTickers": [
        "0700.HK",
        "9988.HK",
        "KWEB",
        "300308.SZ",
        "510300.SH",
        "2800.HK",
        "0981.HK",
        "3690.HK",
        "600900.SH"
      ]
    },
    {
      "id": "thesis-89c14497ac",
      "title": "期权伽马、ETF 与尾盘流动性正在放大主题交易的微观结构风险",
      "titleEn": "Options gamma, ETFs, and closing liquidity are amplifying microstructure risk in theme trades",
      "href": "/investor/theses/thesis-89c14497ac/",
      "laneId": "lane_2ba2ee6db1ee",
      "lane": "期权伽马/市场微观结构",
      "laneHref": "/investor/lanes/options-gamma-and-market-microstructure/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 62,
      "supports": 1,
      "risks": 0,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "三天窗口的跨资产定位：把触发器放在日元Gamma，而不是美联储Delta",
          "summary": "三天窗口的跨资产定位：把触发器放在日元Gamma，而不是美联储Delta",
          "href": "/investor/reports/archive-c88b08aefeeb/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "CBOE",
        "CME",
        "HOOD",
        "IBKR",
        "VIRT",
        "VIXY"
      ]
    },
    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 — A股两融微观结构核验：去杠杆是否仍集中在电子/半导体？",
          "summary": "2026-07-19 — A股两融微观结构核验：去杠杆是否仍集中在电子/半导体？",
          "href": "/investor/reports/archive-4de4c620fc82/",
          "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-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": "2026-07-19 研究卡：Meta Compute、B200租金通缩与算力市场分层",
          "summary": "2026-07-19 研究卡：Meta Compute、B200租金通缩与算力市场分层",
          "href": "/investor/reports/archive-02297771d268/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "META",
        "MSFT",
        "AMZN",
        "GOOGL",
        "NVDA",
        "NOW",
        "CRM",
        "ADBE"
      ]
    },
    {
      "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": "工业制造周报 QA 审阅",
          "summary": "日期锚点：本次 QA 按 shell 命令 系统日期锚 返回的 2026-07-19 解析所有“本周/上周/上一交易日”。上游文件均已在工作区读取；未发现需要从对话上下文重建的缺失文件。",
          "href": "/investor/reports/archive-0938b8b43396/",
          "stance": "supports",
          "stanceLabel": "支持"
        }
      ],
      "stockTickers": [
        "LMT",
        "RTX",
        "NOC",
        "RKLB",
        "BA",
        "CAT",
        "IRDM",
        "ASTS",
        "HWM"
      ]
    },
    {
      "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": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "银行净息差与分红压力测试",
          "summary": "研究所工作日：2026-07-19（Asia/Singapore）- 金融行业分析师 - 立场：synthesize（合成）",
          "href": "/investor/reports/archive-2bbea3eef549/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "601398.SH",
        "601939.SH",
        "601288.SH",
        "3988.HK",
        "600900.SH",
        "TLT",
        "IEF",
        "000001.SZ"
      ]
    },
    {
      "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": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "记忆体降价后的 AI 数据中心电力采购、并网排队与需量电费再定价",
          "summary": "研究记录 · 公用事业分析师 · 工作日期：2026-07-19（亚洲/新加坡） 立场：stress-test —— 我支持研究记录 02 对记忆体正常化不打断 AI 基础设施建设周期的判断，但对释放出的 TCO 空间去向...",
          "href": "/investor/reports/archive-33bacab2066d/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "VRT",
        "ETN",
        "META",
        "NVDA",
        "GEV",
        "MSFT",
        "DLR",
        "EQIX",
        "SMR"
      ]
    },
    {
      "id": "thesis-e9630d3ee1",
      "title": "日元套息平仓是 EM 科技、离岸中资与高 beta 主题的尾部流动性风险",
      "titleEn": "Yen carry unwind is a tail liquidity risk for EM tech, offshore China, and high-beta themes",
      "href": "/investor/theses/thesis-e9630d3ee1/",
      "laneId": "lane_f3e413e8ce27",
      "lane": "日元套息/EM 科技流动性",
      "laneHref": "/investor/lanes/yen-carry-and-em-tech-liquidity/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 52,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "美元的不对称缺口——压力测试结论：这不是美元的故事，套息的扳机也不在美联储手里",
          "summary": "美元的不对称缺口——压力测试结论：这不是美元的故事，套息的扳机也不在美联储手里",
          "href": "/investor/reports/archive-d94e8e616838/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "TSM",
        "CME",
        "CBOE",
        "LOW",
        "UUP",
        "EEM",
        "FXY",
        "EWJ",
        "MCHI"
      ]
    },
    {
      "id": "thesis-e26ef69f73",
      "title": "风险核查与证据质量是主题交易的必要过滤器",
      "titleEn": "Risk verification and evidence quality are necessary filters for theme trades",
      "href": "/investor/theses/thesis-e26ef69f73/",
      "laneId": "lane_ccbe817778d1",
      "lane": "组合风控/证据质量",
      "laneHref": "/investor/lanes/portfolio-risk-and-evidence-quality/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 44,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "9月确实是live会议——但市场已经知道了。交易方向已经反转",
          "summary": "既有研究记录· 工作日期：2026-07-19（Asia/Singapore） 分析师： global-macro （全球宏观分析师）· 立场：对 既有研究记录（ chief-economist ）的压力测试",
          "href": "/investor/reports/archive-33c6a6086966/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "CME",
        "CBOE",
        "IBKR",
        "VIRT",
        "SH"
      ]
    },
    {
      "id": "thesis-4074d8a3d2",
      "title": "碳价、可再生能源与储能 CapEx 正在重塑电力资产回报",
      "titleEn": "Carbon pricing, renewables, and storage capex are reshaping power-asset returns",
      "href": "/investor/theses/thesis-4074d8a3d2/",
      "laneId": "lane_e69b58816f80",
      "lane": "能源转型/储能光伏",
      "laneHref": "/investor/lanes/energy-transition-storage-and-solar-capex/",
      "direction": "conflicting",
      "directionLabel": "分歧",
      "conviction": 42,
      "supports": 0,
      "risks": 1,
      "neutral": 0,
      "eventCount": 1,
      "events": [
        {
          "title": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "summary": "2026-07-19 — AI算力基础设施电力与电网瓶颈对硬科技仓位切换可行性的制约研究",
          "href": "/investor/reports/archive-2b61f5360781/",
          "stance": "risk",
          "stanceLabel": "风险"
        }
      ],
      "stockTickers": [
        "SMR",
        "002028.SZ",
        "GEV",
        "300750.SZ",
        "600900.SH",
        "MSFT",
        "CEG",
        "300274.SZ",
        "META",
        "VST"
      ]
    }
  ],
  "lanes": [
    {
      "id": "lane_93300d58763e",
      "title": "油气/地缘通胀",
      "href": "/investor/lanes/oil-gas-and-geopolitical-inflation/",
      "thesisCount": 12,
      "eventCount": 33,
      "convictionTotal": 893,
      "stockTickers": [
        "0883.HK",
        "0857.HK",
        "SLB",
        "CVX",
        "XOM",
        "OXY",
        "CME",
        "600938.SH",
        "600900.SH",
        "COP",
        "601857.SH"
      ],
      "avgConviction": 74
    },
    {
      "id": "lane_10d7884cbe65",
      "title": "AI 电力/电网设备",
      "href": "/investor/lanes/ai-power-and-grid-equipment/",
      "thesisCount": 13,
      "eventCount": 25,
      "convictionTotal": 933,
      "stockTickers": [
        "GEV",
        "ETN",
        "VST",
        "CEG",
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "688676.SH",
        "000400.SZ",
        "META",
        "MSFT",
        "AMZN"
      ],
      "avgConviction": 72
    },
    {
      "id": "lane_1c216bd29875",
      "title": "美债利率/美元再定价",
      "href": "/investor/lanes/us-rates-and-dollar-repricing/",
      "thesisCount": 13,
      "eventCount": 24,
      "convictionTotal": 971,
      "stockTickers": [
        "TLT",
        "IEF",
        "UUP",
        "JPM",
        "KRE",
        "P",
        "CME",
        "GLD"
      ],
      "avgConviction": 75
    },
    {
      "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": 13,
      "eventCount": 15,
      "convictionTotal": 992,
      "stockTickers": [
        "3988.HK",
        "UUP",
        "FXI",
        "2800.HK",
        "CME",
        "0700.HK",
        "9988.HK"
      ],
      "avgConviction": 76
    },
    {
      "id": "lane_968dd01cb43f",
      "title": "A股半导体/两融负 Gamma",
      "href": "/investor/lanes/a-share-semiconductor-margin-and-negative-gamma/",
      "thesisCount": 9,
      "eventCount": 13,
      "convictionTotal": 686,
      "stockTickers": [
        "688256.SH",
        "588000.SH",
        "688981.SH",
        "0981.HK",
        "688041.SH",
        "688012.SH",
        "688008.SH",
        "600900.SH",
        "300308.SZ",
        "002371.SZ"
      ],
      "avgConviction": 76
    },
    {
      "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": 9,
      "convictionTotal": 301,
      "stockTickers": [
        "600900.SH",
        "688981.SH",
        "601088.SH",
        "601398.SH",
        "588000.SH",
        "600941.SH",
        "510880.SH",
        "601939.SH"
      ],
      "avgConviction": 75
    },
    {
      "id": "lane_22c1ed929e2e",
      "title": "公用事业/电网信用",
      "href": "/investor/lanes/utilities-grid-rate-base-and-credit/",
      "thesisCount": 4,
      "eventCount": 9,
      "convictionTotal": 275,
      "stockTickers": [
        "600900.SH",
        "600905.SH",
        "DUK",
        "CEG",
        "AEP",
        "600025.SH",
        "1816.HK",
        "NEE",
        "VST",
        "XLU",
        "META",
        "SMR"
      ],
      "avgConviction": 69
    },
    {
      "id": "lane_070c58f355b5",
      "title": "A股风险偏好/两融",
      "href": "/investor/lanes/a-share-risk-appetite-and-margin/",
      "thesisCount": 4,
      "eventCount": 8,
      "convictionTotal": 302,
      "stockTickers": [
        "510300.SH",
        "512100.SH",
        "588000.SH",
        "300750.SZ",
        "300308.SZ",
        "600519.SH",
        "159915.SZ",
        "688256.SH",
        "600900.SH"
      ],
      "avgConviction": 76
    },
    {
      "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_c0702fb29e08",
      "title": "AI 再通胀/利率敏感资产",
      "href": "/investor/lanes/ai-reflation-and-rate-sensitive-assets/",
      "thesisCount": 2,
      "eventCount": 7,
      "convictionTotal": 133,
      "stockTickers": [
        "XLE",
        "XLU",
        "TLT",
        "META",
        "MSFT",
        "AMZN",
        "GOOGL",
        "NVDA"
      ],
      "avgConviction": 67
    },
    {
      "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": 7,
      "convictionTotal": 261,
      "stockTickers": [
        "GEV",
        "CEG",
        "VST",
        "ETN",
        "601985.SH",
        "SMR",
        "META",
        "MSFT",
        "AMZN",
        "AEP",
        "NVDA"
      ],
      "avgConviction": 65
    },
    {
      "id": "lane_f3e413e8ce27",
      "title": "日元套息/EM 科技流动性",
      "href": "/investor/lanes/yen-carry-and-em-tech-liquidity/",
      "thesisCount": 5,
      "eventCount": 6,
      "convictionTotal": 369,
      "stockTickers": [
        "TSM",
        "FXY",
        "UUP",
        "CME",
        "CBOE",
        "LOW",
        "EEM",
        "EWJ",
        "MCHI"
      ],
      "avgConviction": 74
    },
    {
      "id": "lane_f44cf45c8649",
      "title": "AI 算力半导体",
      "href": "/investor/lanes/ai-compute-semiconductors/",
      "thesisCount": 3,
      "eventCount": 6,
      "convictionTotal": 208,
      "stockTickers": [
        "NVDA",
        "TSM",
        "MU",
        "000660.KS",
        "META",
        "AMD",
        "AVGO"
      ],
      "avgConviction": 69
    },
    {
      "id": "lane_f1a271385aff",
      "title": "先进封装/HBM4 闸门",
      "href": "/investor/lanes/advanced-packaging-and-hbm4-gate/",
      "thesisCount": 3,
      "eventCount": 6,
      "convictionTotal": 202,
      "stockTickers": [
        "TSM",
        "NVDA",
        "ASML",
        "688012.SH",
        "000660.KS",
        "MU",
        "002916.SZ",
        "600552.SH"
      ],
      "avgConviction": 67
    },
    {
      "id": "lane_e4b72516d71a",
      "title": "中国电力设备出海",
      "href": "/investor/lanes/china-power-equipment-exports/",
      "thesisCount": 1,
      "eventCount": 3,
      "convictionTotal": 49,
      "stockTickers": [
        "002028.SZ",
        "600089.SH",
        "601179.SH",
        "ETN",
        "GEV",
        "002270.SZ",
        "688676.SH",
        "ABBNY",
        "600406.SH"
      ],
      "avgConviction": 49
    },
    {
      "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": 3,
      "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": 1,
      "eventCount": 2,
      "convictionTotal": 67,
      "stockTickers": [
        "META",
        "MSFT",
        "NVDA",
        "AMZN",
        "GOOGL",
        "TSM",
        "AVGO",
        "AAPL",
        "TSLA"
      ],
      "avgConviction": 67
    },
    {
      "id": "lane_e69b58816f80",
      "title": "能源转型/储能光伏",
      "href": "/investor/lanes/energy-transition-storage-and-solar-capex/",
      "thesisCount": 2,
      "eventCount": 2,
      "convictionTotal": 106,
      "stockTickers": [
        "300274.SZ",
        "002028.SZ",
        "300750.SZ",
        "002080.SZ",
        "SMR",
        "GEV",
        "600900.SH",
        "MSFT",
        "CEG",
        "META",
        "VST"
      ],
      "avgConviction": 53
    },
    {
      "id": "lane_2d0dcf520f87",
      "title": "AI 基建 TCO/能效筛选",
      "href": "/investor/lanes/ai-infrastructure-tco-and-efficiency-reset/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 77,
      "stockTickers": [
        "NVDA",
        "TSM",
        "AMD",
        "VRT"
      ],
      "avgConviction": 77
    },
    {
      "id": "lane_54700cb9537f",
      "title": "商业航天/卫星直连",
      "href": "/investor/lanes/commercial-space-and-direct-to-device-satellite/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 70,
      "stockTickers": [
        "RKLB",
        "ASTS",
        "600118.SH",
        "IRDM",
        "RDW",
        "LUNR",
        "LMT"
      ],
      "avgConviction": 70
    },
    {
      "id": "lane_74d352e86208",
      "title": "端侧 AI/Agent 桌面",
      "href": "/investor/lanes/edge-ai-and-agent-desktop-cycle/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 68,
      "stockTickers": [
        "MSFT",
        "NVDA",
        "META",
        "AAPL",
        "AMZN",
        "AMD",
        "ARM",
        "QCOM",
        "GOOGL",
        "002475.SZ"
      ],
      "avgConviction": 68
    },
    {
      "id": "lane_dd5a3eb17672",
      "title": "酒店餐饮休闲/服务消费",
      "href": "/investor/lanes/hotels-restaurants-leisure-and-services-consumption/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 65,
      "stockTickers": [
        "9922.HK",
        "3690.HK",
        "001215.SZ",
        "YUMC",
        "300144.SZ",
        "1179.HK",
        "0780.HK",
        "605108.SH",
        "9658.HK"
      ],
      "avgConviction": 65
    },
    {
      "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": 1,
      "convictionTotal": 64,
      "stockTickers": [
        "0700.HK",
        "9988.HK",
        "KWEB",
        "300308.SZ",
        "510300.SH",
        "2800.HK",
        "0981.HK",
        "3690.HK",
        "600900.SH"
      ],
      "avgConviction": 64
    },
    {
      "id": "lane_2ba2ee6db1ee",
      "title": "期权伽马/市场微观结构",
      "href": "/investor/lanes/options-gamma-and-market-microstructure/",
      "thesisCount": 1,
      "eventCount": 1,
      "convictionTotal": 62,
      "stockTickers": [
        "CBOE",
        "CME",
        "HOOD",
        "IBKR",
        "VIRT",
        "VIXY"
      ],
      "avgConviction": 62
    }
  ],
  "stocks": [
    {
      "ticker": "GEV",
      "name": "GE Vernova",
      "market": "US",
      "href": "/investor/stocks/GEV/",
      "thesisCount": 21,
      "eventCount": 41,
      "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",
        "数据中心地产/液冷",
        "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": "ETN",
      "name": "Eaton",
      "market": "US",
      "href": "/investor/stocks/ETN/",
      "thesisCount": 19,
      "eventCount": 36,
      "lanes": [
        "AI 电力/电网设备",
        "云厂商自发电/电力资产",
        "数据中心地产/液冷",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "600900.SH",
      "name": "长江电力",
      "market": "A-share",
      "href": "/investor/stocks/600900.SH/",
      "thesisCount": 16,
      "eventCount": 36,
      "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",
        "指数调仓/被动资金事件",
        "A股风险偏好/两融"
      ]
    },
    {
      "ticker": "VST",
      "name": "Vistra",
      "market": "US",
      "href": "/investor/stocks/VST/",
      "thesisCount": 16,
      "eventCount": 34,
      "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": "TLT",
      "name": "iShares 20+ Year Treasury Bond ETF",
      "market": "US ETF",
      "href": "/investor/stocks/TLT/",
      "thesisCount": 16,
      "eventCount": 32,
      "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": "0883.HK",
      "name": "中国海洋石油",
      "market": "HK",
      "href": "/investor/stocks/0883.HK/",
      "thesisCount": 11,
      "eventCount": 32,
      "lanes": [
        "油气/地缘通胀"
      ]
    },
    {
      "ticker": "002028.SZ",
      "name": "思源电气",
      "market": "A-share",
      "href": "/investor/stocks/002028.SZ/",
      "thesisCount": 16,
      "eventCount": 30,
      "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": "CEG",
      "name": "Constellation Energy",
      "market": "US",
      "href": "/investor/stocks/CEG/",
      "thesisCount": 15,
      "eventCount": 29,
      "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": "600089.SH",
      "name": "特变电工",
      "market": "A-share",
      "href": "/investor/stocks/600089.SH/",
      "thesisCount": 14,
      "eventCount": 28,
      "lanes": [
        "AI 电力/电网设备",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "META",
      "name": "Meta Platforms",
      "market": "US",
      "href": "/investor/stocks/META/",
      "thesisCount": 12,
      "eventCount": 28,
      "lanes": [
        "AI 算力半导体",
        "端侧 AI/Agent 桌面",
        "Mag7 AI 平台再分层",
        "AI 软件效率/生产率",
        "AI 再通胀/利率敏感资产"
      ]
    },
    {
      "ticker": "SLB",
      "name": "SLB",
      "market": "US",
      "href": "/investor/stocks/SLB/",
      "thesisCount": 10,
      "eventCount": 28,
      "lanes": [
        "油气/地缘通胀"
      ]
    },
    {
      "ticker": "601179.SH",
      "name": "中国西电",
      "market": "A-share",
      "href": "/investor/stocks/601179.SH/",
      "thesisCount": 13,
      "eventCount": 27,
      "lanes": [
        "AI 电力/电网设备",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "NVDA",
      "name": "NVIDIA",
      "market": "US",
      "href": "/investor/stocks/NVDA/",
      "thesisCount": 13,
      "eventCount": 26,
      "lanes": [
        "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",
        "Mag7 AI 平台再分层"
      ]
    },
    {
      "ticker": "588000.SH",
      "name": "科创50 ETF",
      "market": "A-share ETF",
      "href": "/investor/stocks/588000.SH/",
      "thesisCount": 15,
      "eventCount": 25,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "A股风险偏好/两融",
        "A股红利/硬科技杠铃"
      ]
    },
    {
      "ticker": "IEF",
      "name": "iShares 7-10 Year Treasury Bond ETF",
      "market": "US ETF",
      "href": "/investor/stocks/IEF/",
      "thesisCount": 14,
      "eventCount": 25,
      "lanes": [
        "美债利率/美元再定价",
        "债券供给/银行久期"
      ]
    },
    {
      "ticker": "OXY",
      "name": "Occidental Petroleum",
      "market": "US",
      "href": "/investor/stocks/OXY/",
      "thesisCount": 8,
      "eventCount": 23,
      "lanes": [
        "油气/地缘通胀"
      ]
    },
    {
      "ticker": "TSM",
      "name": "TSMC",
      "market": "US ADR",
      "href": "/investor/stocks/TSM/",
      "thesisCount": 13,
      "eventCount": 21,
      "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": "MSFT",
      "name": "Microsoft",
      "market": "US",
      "href": "/investor/stocks/MSFT/",
      "thesisCount": 8,
      "eventCount": 18,
      "lanes": [
        "端侧 AI/Agent 桌面",
        "Mag7 AI 平台再分层",
        "AI 软件效率/生产率",
        "AI 再通胀/利率敏感资产",
        "数据中心地产/液冷"
      ]
    },
    {
      "ticker": "688981.SH",
      "name": "中芯国际",
      "market": "A-share",
      "href": "/investor/stocks/688981.SH/",
      "thesisCount": 11,
      "eventCount": 17,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "A股红利/硬科技杠铃"
      ]
    },
    {
      "ticker": "688676.SH",
      "name": "金盘科技",
      "market": "A-share",
      "href": "/investor/stocks/688676.SH/",
      "thesisCount": 8,
      "eventCount": 16,
      "lanes": [
        "AI 电力/电网设备",
        "中国电力设备出海"
      ]
    },
    {
      "ticker": "AMZN",
      "name": "Amazon",
      "market": "US",
      "href": "/investor/stocks/AMZN/",
      "thesisCount": 6,
      "eventCount": 16,
      "lanes": [
        "端侧 AI/Agent 桌面",
        "Mag7 AI 平台再分层",
        "AI 软件效率/生产率",
        "AI 再通胀/利率敏感资产",
        "云厂商自发电/电力资产"
      ]
    },
    {
      "ticker": "3988.HK",
      "name": "中国银行",
      "market": "HK",
      "href": "/investor/stocks/3988.HK/",
      "thesisCount": 13,
      "eventCount": 15,
      "lanes": [
        "人民币/美元流动性敏感资产",
        "债券供给/银行久期"
      ]
    },
    {
      "ticker": "FXI",
      "name": "iShares China Large-Cap ETF",
      "market": "US ETF",
      "href": "/investor/stocks/FXI/",
      "thesisCount": 13,
      "eventCount": 15,
      "lanes": [
        "人民币/美元流动性敏感资产"
      ]
    },
    {
      "ticker": "688256.SH",
      "name": "寒武纪",
      "market": "A-share",
      "href": "/investor/stocks/688256.SH/",
      "thesisCount": 10,
      "eventCount": 15,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "A股风险偏好/两融"
      ]
    },
    {
      "ticker": "0981.HK",
      "name": "中芯国际",
      "market": "HK",
      "href": "/investor/stocks/0981.HK/",
      "thesisCount": 10,
      "eventCount": 14,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "指数调仓/被动资金事件"
      ]
    },
    {
      "ticker": "688012.SH",
      "name": "中微公司",
      "market": "A-share",
      "href": "/investor/stocks/688012.SH/",
      "thesisCount": 10,
      "eventCount": 14,
      "lanes": [
        "A股半导体/两融负 Gamma",
        "先进封装/HBM4 闸门"
      ]
    },
    {
      "ticker": "CME",
      "name": "CME Group",
      "market": "US",
      "href": "/investor/stocks/CME/",
      "thesisCount": 6,
      "eventCount": 14,
      "lanes": [
        "期权伽马/市场微观结构",
        "日元套息/EM 科技流动性",
        "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"
      ]
    },
    {
      "ticker": "688041.SH",
      "name": "海光信息",
      "market": "A-share",
      "href": "/investor/stocks/688041.SH/",
      "thesisCount": 9,
      "eventCount": 13,
      "lanes": [
        "A股半导体/两融负 Gamma"
      ]
    },
    {
      "ticker": "688008.SH",
      "name": "澜起科技",
      "market": "A-share",
      "href": "/investor/stocks/688008.SH/",
      "thesisCount": 8,
      "eventCount": 12,
      "lanes": [
        "A股半导体/两融负 Gamma"
      ]
    },
    {
      "ticker": "XLU",
      "name": "Utilities Select Sector SPDR",
      "market": "US ETF",
      "href": "/investor/stocks/XLU/",
      "thesisCount": 3,
      "eventCount": 11,
      "lanes": [
        "AI 再通胀/利率敏感资产",
        "公用事业/电网信用"
      ]
    },
    {
      "ticker": "AEP",
      "name": "American Electric Power",
      "market": "US",
      "href": "/investor/stocks/AEP/",
      "thesisCount": 3,
      "eventCount": 11,
      "lanes": [
        "公用事业/电网信用",
        "云厂商自发电/电力资产"
      ]
    },
    {
      "ticker": "2313.HK",
      "name": "申洲国际",
      "market": "HK",
      "href": "/investor/stocks/2313.HK/",
      "thesisCount": 3,
      "eventCount": 11,
      "lanes": [
        "中国出口制造/利润率",
        "纺织服装/出口库存周期"
      ]
    },
    {
      "ticker": "601398.SH",
      "name": "工商银行",
      "market": "A-share",
      "href": "/investor/stocks/601398.SH/",
      "thesisCount": 5,
      "eventCount": 10,
      "lanes": [
        "A股红利/硬科技杠铃",
        "债券供给/银行久期"
      ]
    },
    {
      "ticker": "300750.SZ",
      "name": "宁德时代",
      "market": "A-share",
      "href": "/investor/stocks/300750.SZ/",
      "thesisCount": 5,
      "eventCount": 10,
      "lanes": [
        "A股风险偏好/两融",
        "能源转型/储能光伏",
        "中国出口制造/利润率"
      ]
    },
    {
      "ticker": "000660.KS",
      "name": "SK hynix",
      "market": "Korea",
      "href": "/investor/stocks/000660.KS/",
      "thesisCount": 5,
      "eventCount": 10,
      "lanes": [
        "先进封装/HBM4 闸门",
        "AI 算力半导体"
      ]
    },
    {
      "ticker": "MU",
      "name": "Micron",
      "market": "US",
      "href": "/investor/stocks/MU/",
      "thesisCount": 5,
      "eventCount": 10,
      "lanes": [
        "先进封装/HBM4 闸门",
        "AI 算力半导体"
      ]
    },
    {
      "ticker": "SMR",
      "name": "NuScale Power",
      "market": "US",
      "href": "/investor/stocks/SMR/",
      "thesisCount": 4,
      "eventCount": 10,
      "lanes": [
        "公用事业/电网信用",
        "数据中心地产/液冷",
        "云厂商自发电/电力资产",
        "能源转型/储能光伏"
      ]
    },
    {
      "ticker": "510300.SH",
      "name": "沪深300 ETF",
      "market": "A-share ETF",
      "href": "/investor/stocks/510300.SH/",
      "thesisCount": 5,
      "eventCount": 9,
      "lanes": [
        "A股风险偏好/两融",
        "指数调仓/被动资金事件"
      ]
    },
    {
      "ticker": "601088.SH",
      "name": "中国神华",
      "market": "A-share",
      "href": "/investor/stocks/601088.SH/",
      "thesisCount": 4,
      "eventCount": 9,
      "lanes": [
        "A股红利/硬科技杠铃"
      ]
    }
  ],
  "personas": [],
  "episodes": [
    {
      "id": "reader:reader-daily-reader-2026-07-19",
      "type": "reader",
      "badge": "READER MEMO",
      "color": "blue",
      "date": "2026-07-19",
      "title": "2026-07-19 | 7月19日：AI电力主线从稀缺叙事进入现金流、关税与融资三重筛选",
      "titleEn": "",
      "summary": "今日新增的决策变量不是AI电力链继续高热，而是主线内部出现三道同时收紧的筛选门槛。第一，若单一云厂商下调资本开支超过15%，设备、公用事业、发电和远期核电题材可能先发生相关性抛售，随后才按已签约现金流和订单簿分化。第二，美国电力设备关税改按完税全价值计征，使中国对美成品变压器出口的边际税负明显上升，融资去杠杆不再构成自动回补理由。第三，高利率未必立即打断2026—2027年在手订单，却可能通过费率审批受阻、项目延期和交期优势收窄，先压缩海外毛利溢价。主线仍成立，但组合判断应从“谁受益于缺电”进一步收紧到“谁有不可…",
      "href": "/investor/reports/reader-daily-reader-2026-07-19/",
      "chart": null,
      "metrics": [],
      "tags": [
        "reader"
      ],
      "priorityViews": [
        {
          "title": "云资本开支下修会先制造相关性冲击，现金流质量决定第二阶段分化",
          "view": "公用事业分析师新增的压力测试指出，单一大型云厂商若将2026年资本开支指引下调超过15%，市场可能先把GEV、ETN、CEG、AEP、SMR及云厂商相关敞口作为同一AI电力篮子出售；其后，已有订单簿、长期购电协议或受监管成本回收机制的资产，才可能与未商业化项目重新分层。",
          "whyItMatters": "这把7月18日的静态租金排序推进为可执行的冲击路径：第一阶段看相关性和去杠杆，第二阶段看订单取消、book-to-bill、合同对手方和监管成本回收，不能因首次回撤便判断主线失效或无差别修复。"
        },
        {
          "title": "中国电力设备出海的核心风险由拥挤度转向关税后单位经济性",
          "view": "美国Section 232计税基础改按完税全价值后，对美成品出口商的边际税负可能显著增加；报告据此将中国电力设备分为对美成品直接冲击、零部件及多区域出口缓冲、国内主网免疫三层。由此，002028.SZ、002270.SZ和601179.SH相对更具缓冲，而688676.SH的美国成品敞口需要更严格的毛利验证。",
          "whyItMatters": "这是相对前日最重要的A股增量：筹码出清或融资占比下降不再足以形成回补依据，订单必须同时通过目的地、产品税目、成本转嫁和关税后毛利四项检查。"
        },
        {
          "title": "高利率先威胁海外溢价，未必立刻击穿2026—2027年订单规模",
          "view": "工业与宏观研究均认为，长排产订单、国内主网投入和非美欧需求可支撑近期收入可见度；但若费率上调受阻并导致海外公用事业资本开支收缩10%—15%，交期差缩窄会使中国厂商5%—10%的海外毛利溢价先行消失。",
          "whyItMatters": "应把订单规模与订单质量分开：600089.SH等长订单簿提供收入缓冲，但只有交期、价格、毛利率和现金流共同兑现，才能证明稀缺租金没有被融资成本及贸易壁垒吞噬。"
        }
      ]
    }
  ],
  "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": 208
    },
    {
      "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": 37
    },
    {
      "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": 31
    },
    {
      "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": 12
    },
    {
      "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": 8
    }
  ],
  "analystCounts": [
    {
      "label": "未识别",
      "count": 295
    },
    {
      "label": "AI Institute Reader Composer",
      "count": 1
    }
  ],
  "categoryCounts": [
    {
      "label": "其他",
      "count": 295
    },
    {
      "label": "读者报告",
      "count": 1
    }
  ],
  "provenance": {
    "contemporaneous": true,
    "note": "This day view is assembled from public, date-stamped AI Institute research contracts."
  }
}