{
  "schema_version": "investment-research-layer-v1",
  "generated_at": "2026-07-27T00:05:18+08:00",
  "as_of": "2026-07-27",
  "mode": "research_sidecar",
  "production_signals_changed": false,
  "principles": [
    "行情与趋势决定交易阶段，研究层负责解释质量与风险",
    "事实、推算与观点分层记录，未知保持未知",
    "关键数字至少使用一手来源和一个独立来源核验",
    "看多、看空、数据审计和估值情景分别给出结论",
    "研究结论只作为旁路门禁，不直接改写正式信号"
  ],
  "modules": [
    {
      "module_id": "theme-bottleneck",
      "name": "风口瓶颈扫描",
      "purpose": "从ETF罗盘当前主线向产业链二、三层拆解，寻找供给集中、扩产慢且认证周期长的受益环节。",
      "trigger": "主线连续增强、行业ETF进入动量前列或出现明确资本开支加速。",
      "required_inputs": ["主线方向", "产业链层级", "供需与扩产证据", "相关上市公司"],
      "outputs": ["瓶颈评级", "受益标的池", "估值红黄绿灯", "解除条件"],
      "gate": "缺少两项独立供需证据或纯正度低于30%时，只进入观察名单。"
    },
    {
      "module_id": "company-adversarial",
      "name": "公司多空对抗研究",
      "purpose": "由看多、看空、数据审计和估值情景四个角色独立研究，减少单一叙事偏差。",
      "trigger": "瓶颈候选进入正式观察池，或用户点名需要深度研究的公司。",
      "required_inputs": ["商业模式", "行业竞争", "财务与现金流", "管理层与治理", "当前估值"],
      "outputs": ["看多论点", "看空论点", "数据缺口", "三情景估值", "研究结论"],
      "gate": "数据审计未通过或关键反证未回答时，结论保持灰色地带。"
    },
    {
      "module_id": "evidence-rigor",
      "name": "证据与财务校验",
      "purpose": "程序化核验市值、估值、来源差异和报告数字，避免币种、股本及小数点错误。",
      "trigger": "任何报告出现市值、收入、利润、现金流、估值或目标价格。",
      "required_inputs": ["原始数值", "币种与单位", "来源链接", "观察时间"],
      "outputs": ["一致性结果", "偏差比例", "准出或打回", "数据血缘"],
      "gate": "关键数字偏差超过1%必须解释，超过5%必须回到原始披露核查。"
    },
    {
      "module_id": "thesis-tracker",
      "name": "中线投资论文追踪",
      "purpose": "把1至3个月持仓逻辑拆成可验证假设、红线、催化剂和退出条件。",
      "trigger": "标的进入模拟盘、正式关注或真实持仓跟踪名单。",
      "required_inputs": ["五句话论文", "核心假设", "红线", "估值锚点", "时间窗口"],
      "outputs": ["论文健康度", "假设变化", "红线状态", "行动建议", "下次检查时间"],
      "gate": "红线触发或核心假设破裂时，研究层必须给出减仓或退出复核。"
    },
    {
      "module_id": "news-pulse",
      "name": "异动新闻脉搏",
      "purpose": "快速区分公司事件、行业Beta、监管变化和资金情绪，判断是否需要重审论文。",
      "trigger": "单日涨跌超过5%、一周涨跌超过10%或出现重大公告。",
      "required_inputs": ["股价异动", "官方公告", "行业与对手动态", "监管信息", "资金情绪"],
      "outputs": ["事件时间线", "主因与次因", "性质判断", "论文重审建议", "跟踪清单"],
      "gate": "找不到匹配异动幅度的证据时，明确标记真因不明并提高风险等级。"
    }
  ],
  "decision_pipeline": [
    "ETF罗盘识别市场状态与最热主线",
    "风口瓶颈扫描寻找二、三层受益环节",
    "多空对抗研究与证据校验筛选公司",
    "趋势和实时信号确认交易阶段",
    "论文追踪与新闻脉搏管理持仓和退出"
  ],
  "source_policy": {
    "minimum_independent_sources": 2,
    "primary_source_required": true,
    "numeric_tolerance_pct": 1.0,
    "fail_closed": true
  },
  "current_state": {
    "status": "ready",
    "active_themes": 0,
    "company_reviews": 0,
    "tracked_theses": 0,
    "open_news_reviews": 0,
    "note": "研究框架已经接入，等待真实主题和公司研究数据；当前正式交易信号保持原规则。"
  }
}