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"recalc_scope": "institutions",
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{
"action": "使用正常化情景、PB 或反向估值。",
"field": "metrics.ttm_attributable_profit",
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"message": "TTM 归母利润不为正，报告 PE 不适用。",
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{
"action": "检查主营盈利恢复条件。",
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"severity": "WARNING"
},
{
"action": "拆解营运资本、资本开支与回款持续性。",
"field": "metrics.annual_fcf",
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"message": "最近完整年度简化自由现金流为负。",
"recalc_scope": "DCF 与现金流交叉验证",
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{
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
"field": "institutions",
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"message": "估值日没有可用机构盈利预测，已明确记录为空。",
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{
"action": "检查主营盈利恢复条件。",
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"message": "TTM 扣非利润不为正，扣非 PE 不适用。",
"recalc_scope": "扣非 PE 模块",
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{
"action": "拆解营运资本、资本开支与回款持续性。",
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{
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
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{
"action": "使用正常化情景、PB 或反向估值。",
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"recalc_scope": "PE 模块",
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{
"action": "检查主营盈利恢复条件。",
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"message": "TTM 扣非利润不为正，扣非 PE 不适用。",
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{
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
"field": "institutions",
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"message": "估值日没有可用机构盈利预测，已明确记录为空。",
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"message": "估值日没有可用机构盈利预测，已明确记录为空。",
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"action": "使用正常化情景、PB 或反向估值。",
"field": "metrics.ttm_attributable_profit",
"issue_id": "QA-NEGATIVE-TTM-PROFIT",
"message": "TTM 归母利润不为正，报告 PE 不适用。",
"recalc_scope": "PE 模块",
"severity": "WARNING"
},
{
"action": "检查主营盈利恢复条件。",
"field": "metrics.ttm_deduct_profit",
"issue_id": "QA-NEGATIVE-TTM-DEDUCT",
"message": "TTM 扣非利润不为正，扣非 PE 不适用。",
"recalc_scope": "扣非 PE 模块",
"severity": "WARNING"
},
{
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
"field": "institutions",
"issue_id": "QA-INSTITUTION-NONE",
"message": "估值日没有可用机构盈利预测，已明确记录为空。",
"recalc_scope": "机构预期模块",
"severity": "INFO"
}
],
"status": "PASS_WITH_WARNINGS",
"warning_count": 3
},
"share_status": "MATCH_REPORT",
"formal_path": "ana-data/result/股票估值/20260825_industry_gap_600611_valuation/大众交通价格合理性评估_20260825.md",
"snapshot_path": "ana-data/result/股票估值/20260825_industry_gap_600611_valuation/大众交通估值快照_20260825.json",
"run_status": "REUSED"
},
{
"ticker": "600613.SH",
"company": "神奇制药",
"research_name": "神奇制药",
"industries": [
"医药"
],
"research_layers": [
"overview",
"reverse:医药、创新药与疫苗",
"timeline"
],
"price": 10.27,
"price_date": "2026-08-25",
"normalized_profit": 32554630.45,
"normalized_pe": 168.48342443893415,
"pb": 2.357034846773822,
"consensus_count": 0,
"consensus_2026": null,
"forward_pe": null,
"base_low": 0.9326199329296706,
"base_high": 2.2858331689452713,
"optimistic_high": 4.416229682402264,
"label": "明显偏贵",
"bubble_status": "泡沫-极端",
"bubble_primary_cause": "创新研发、获批、授权或商业化增长预期",
"bubble_reason": "当前价高于基准上沿349.3%；市场最可能提前交易创新研发、获批、授权或商业化增长预期，趋势动量与交易拥挤放大溢价。尚无证据证明主题预期已全部转化为利润。",
"qa": {
"error_count": 0,
"info_count": 1,
"issues": [
{
"action": "补充法定披露、行情接口或机构预测汇总页来源。",
"field": "institutions",
"issue_id": "QA-CORE-SOURCE-MISSING",
"message": "核心字段没有由注册表中允许承载核心数字的来源支持。",
"recalc_scope": "institutions",
"severity": "WARNING"
},
{
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
"field": "institutions",
"issue_id": "QA-INSTITUTION-NONE",
"message": "估值日没有可用机构盈利预测，已明确记录为空。",
"recalc_scope": "机构预期模块",
"severity": "INFO"
}
],
"status": "PASS_WITH_WARNINGS",
"warning_count": 1
},
"share_status": "MATCH_REPORT",
"formal_path": "ana-data/result/股票估值/20260825_industry_gap_600613_valuation/神奇制药价格合理性评估_20260825.md",
"snapshot_path": "ana-data/result/股票估值/20260825_industry_gap_600613_valuation/神奇制药估值快照_20260825.json",
"run_status": "REUSED"
},
{
"ticker": "600641.SH",
"company": "先导基电",
"research_name": "先导基电",
"industries": [
"半导体"
],
"research_layers": [
"timeline",
"timeline:半导体第三层：量产后配套设备"
],
"price": 31.46,
"price_date": "2026-08-25",
"normalized_profit": -285003589.71,
"normalized_pe": null,
"pb": 3.5417082483506364,
"consensus_count": 3,
"consensus_2026": 176748305.06698227,
"forward_pe": null,
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"base_high": 9.912000000017699,
"optimistic_high": 19.757920000035277,
"label": "明显偏贵",
"bubble_status": "泡沫-极端",
"bubble_primary_cause": "新品、AI算力或国产芯片成长预期",
"bubble_reason": "当前价高于基准上沿217.4%；市场最可能提前交易新品、AI算力或国产芯片成长预期，乐观利润和估值倍数被提前定价。尚无证据证明主题预期已全部转化为利润。",
"qa": {
"error_count": 0,
"info_count": 0,
"issues": [
{
"action": "检查主营盈利恢复条件。",
"field": "metrics.ttm_deduct_profit",
"issue_id": "QA-NEGATIVE-TTM-DEDUCT",
"message": "TTM 扣非利润不为正，扣非 PE 不适用。",
"recalc_scope": "扣非 PE 模块",
"severity": "WARNING"
},
{
"action": "拆解营运资本、资本开支与回款持续性。",
"field": "metrics.annual_fcf",
"issue_id": "QA-NEGATIVE-FCF",
"message": "最近完整年度简化自由现金流为负。",
"recalc_scope": "DCF 与现金流交叉验证",
"severity": "WARNING"
},
{
"action": "保留作公告前预期对照，但不纳入当前一致预期。",
"field": "institutions.东方财富公开一致预期汇总（覆盖池3家）",
"issue_id": "QA-INSTITUTION-STALE",
"message": "机构预测已早于最新经营信息或低于已实现累计利润。",
"recalc_scope": "机构预期与 Forward PE",
"severity": "WARNING"
}
],
"status": "PASS_WITH_WARNINGS",
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"share_status": "MATCH_REPORT",
"formal_path": "ana-data/result/股票估值/20260825_industry_gap_600641_valuation/先导基电价格合理性评估_20260825.md",
"snapshot_path": "ana-data/result/股票估值/20260825_industry_gap_600641_valuation/先导基电估值快照_20260825.json",
"run_status": "GENERATED"
},
{
"ticker": "600664.SH",
"company": "哈药股份",
"research_name": "哈药股份",
"industries": [
"医药"
],
"research_layers": [
"reverse:医药、创新药与疫苗",
"timeline"
],
"price": 8.21,
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"pb": 3.5284805321754327,
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"bubble_reason": "当前价高于基准上沿21.6%；市场最可能提前交易创新研发、获批、授权或商业化增长预期，趋势动量与交易拥挤放大溢价。尚无证据证明主题预期已全部转化为利润。",
"qa": {
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"formal_path": "ana-data/result/股票估值/20260825_industry_gap_600664_valuation/哈药股份价格合理性评估_20260825.md",
"snapshot_path": "ana-data/result/股票估值/20260825_industry_gap_600664_valuation/哈药股份估值快照_20260825.json",
"run_status": "REUSED"
},
{
"ticker": "600683.SH",
"company": "京投发展",
"research_name": "京投发展",
"industries": [
"消费事件"
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"timeline",
"timeline:情绪风险观察"
],
"price": 10.19,
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"base_low": 2.849641192348316,
"base_high": 4.749401987247193,
"optimistic_high": 7.599043179595509,
"label": "明显偏贵",
"bubble_status": "泡沫-极端",
"bubble_primary_cause": "消费修复、资产重估、并购或事件期权预期",
"bubble_reason": "当前价高于基准上沿114.6%；市场最可能提前交易消费修复、资产重估、并购或事件期权预期，乐观利润和估值倍数被提前定价。尚无证据证明主题预期已全部转化为利润。",
"qa": {
"error_count": 0,
"info_count": 1,
"issues": [
{
"action": "补充法定披露、行情接口或机构预测汇总页来源。",
"field": "institutions",
"issue_id": "QA-CORE-SOURCE-MISSING",
"message": "核心字段没有由注册表中允许承载核心数字的来源支持。",
"recalc_scope": "institutions",
"severity": "WARNING"
},
{
"action": "使用正常化情景、PB 或反向估值。",
"field": "metrics.ttm_attributable_profit",
"issue_id": "QA-NEGATIVE-TTM-PROFIT",
"message": "TTM 归母利润不为正，报告 PE 不适用。",
"recalc_scope": "PE 模块",
"severity": "WARNING"
},
{
"action": "检查主营盈利恢复条件。",
"field": "metrics.ttm_deduct_profit",
"issue_id": "QA-NEGATIVE-TTM-DEDUCT",
"message": "TTM 扣非利润不为正，扣非 PE 不适用。",
"recalc_scope": "扣非 PE 模块",
"severity": "WARNING"
},
{
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
"field": "institutions",
"issue_id": "QA-INSTITUTION-NONE",
"message": "估值日没有可用机构盈利预测，已明确记录为空。",
"recalc_scope": "机构预期模块",
"severity": "INFO"
}
],
"status": "PASS_WITH_WARNINGS",
"warning_count": 3
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"share_status": "MATCH_REPORT",
"formal_path": "ana-data/result/股票估值/20260825_industry_gap_600683_valuation/京投发展价格合理性评估_20260825.md",
"snapshot_path": "ana-data/result/股票估值/20260825_industry_gap_600683_valuation/京投发展估值快照_20260825.json",
"run_status": "GENERATED"
},
{
"ticker": "600699.SH",
"company": "均胜电子",
"research_name": "均胜电子",
"industries": [
"机器人"
],
"research_layers": [
"reverse:机器人、自动驾驶与脑机接口",
"timeline"
],
"price": 19.14,
"price_date": "2026-08-25",
"normalized_profit": 1538533146.0099995,
"normalized_pe": 19.292238618840315,
"pb": 1.6935855605047896,
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"base_high": 47.908,
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"label": "偏低",
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"bubble_primary_cause": "当前价未超过基准合理区间上沿",
"bubble_reason": "当前价未超过基准上沿；机器人核心零部件、自动化或关联制造的经营风险仍可能令合理区间下修。",
"qa": {
"error_count": 0,
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"share_status": "MATCH_REPORT",
"formal_path": "ana-data/result/股票估值/20260825_industry_gap_600699_valuation/均胜电子价格合理性评估_20260825.md",
"snapshot_path": "ana-data/result/股票估值/20260825_industry_gap_600699_valuation/均胜电子估值快照_20260825.json",
"run_status": "GENERATED"
},
{
"ticker": "600721.SH",
"company": "百花医药",
"research_name": "百花医药",
"industries": [
"医药"
],
"research_layers": [
"reverse:医药、创新药与疫苗",
"timeline"
],
"price": 14.96,
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"bubble_status": "泡沫-极端",
"bubble_primary_cause": "创新研发、获批、授权或商业化增长预期",
"bubble_reason": "当前价高于基准上沿633.5%；市场最可能提前交易创新研发、获批、授权或商业化增长预期，趋势动量与交易拥挤放大溢价。尚无证据证明主题预期已全部转化为利润。",
"qa": {
"error_count": 0,
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"issues": [
{
"action": "补充法定披露、行情接口或机构预测汇总页来源。",
"field": "institutions",
"issue_id": "QA-CORE-SOURCE-MISSING",
"message": "核心字段没有由注册表中允许承载核心数字的来源支持。",
"recalc_scope": "institutions",
"severity": "WARNING"
},
{
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
"field": "institutions",
"issue_id": "QA-INSTITUTION-NONE",
"message": "估值日没有可用机构盈利预测，已明确记录为空。",
"recalc_scope": "机构预期模块",
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}
],
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"formal_path": "ana-data/result/股票估值/20260825_industry_gap_600721_valuation/百花医药价格合理性评估_20260825.md",
"snapshot_path": "ana-data/result/股票估值/20260825_industry_gap_600721_valuation/百花医药估值快照_20260825.json",
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},
{
"ticker": "600749.SH",
"company": "西藏旅游",
"research_name": "西藏旅游",
"industries": [
"消费事件"
],
"research_layers": [
"reverse:消费、地产、旅游、影视与事件重组",
"timeline"
],
"price": 14.96,
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"normalized_profit": 17636816.700000003,
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"bubble_status": "泡沫-极端",
"bubble_primary_cause": "消费修复、资产重估、并购或事件期权预期",
"bubble_reason": "当前价高于基准上沿541.7%；市场最可能提前交易消费修复、资产重估、并购或事件期权预期，乐观利润和估值倍数被提前定价。尚无证据证明主题预期已全部转化为利润。",
"qa": {
"error_count": 0,
"info_count": 1,
"issues": [
{
"action": "补充法定披露、行情接口或机构预测汇总页来源。",
"field": "institutions",
"issue_id": "QA-CORE-SOURCE-MISSING",
"message": "核心字段没有由注册表中允许承载核心数字的来源支持。",
"recalc_scope": "institutions",
"severity": "WARNING"
},
{
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
"field": "institutions",
"issue_id": "QA-INSTITUTION-NONE",
"message": "估值日没有可用机构盈利预测，已明确记录为空。",
"recalc_scope": "机构预期模块",
"severity": "INFO"
}
],
"status": "PASS_WITH_WARNINGS",
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"share_status": "MATCH_REPORT",
"formal_path": "ana-data/result/股票估值/20260825_industry_gap_600749_valuation/西藏旅游价格合理性评估_20260825.md",
"snapshot_path": "ana-data/result/股票估值/20260825_industry_gap_600749_valuation/西藏旅游估值快照_20260825.json",
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{
"ticker": "600756.SH",
"company": "浪潮软件",
"research_name": "浪潮软件",
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"qa": {
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"issues": [
{
"action": "补充法定披露、行情接口或机构预测汇总页来源。",
"field": "institutions",
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"message": "核心字段没有由注册表中允许承载核心数字的来源支持。",
"recalc_scope": "institutions",
"severity": "WARNING"
},
{
"action": "使用正常化情景、PB 或反向估值。",
"field": "metrics.ttm_attributable_profit",
"issue_id": "QA-NEGATIVE-TTM-PROFIT",
"message": "TTM 归母利润不为正，报告 PE 不适用。",
"recalc_scope": "PE 模块",
"severity": "WARNING"
},
{
"action": "检查主营盈利恢复条件。",
"field": "metrics.ttm_deduct_profit",
"issue_id": "QA-NEGATIVE-TTM-DEDUCT",
"message": "TTM 扣非利润不为正，扣非 PE 不适用。",
"recalc_scope": "扣非 PE 模块",
"severity": "WARNING"
},
{
"action": "拆解营运资本、资本开支与回款持续性。",
"field": "metrics.annual_fcf",
"issue_id": "QA-NEGATIVE-FCF",
"message": "最近完整年度简化自由现金流为负。",
"recalc_scope": "DCF 与现金流交叉验证",
"severity": "WARNING"
},
{
"action": "不得以公司业绩预告或自有情景冒充机构预期。",
"field": "institutions",
"issue_id": "QA-INSTITUTION-NONE",
"message": "估值日没有可用机构盈利预测，已明确记录为空。",
"recalc_scope": "机构预期模块",
"severity": "INFO"
}
],
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"share_status": "MATCH_REPORT",
"formal_path": "ana-data/result/股票估值/20260825_industry_gap_600756_valuation/浪潮软件价格合理性评估_20260825.md",
"snapshot_path": "ana-data/result/股票估值/20260825_industry_gap_600756_valuation/浪潮软件估值快照_20260825.json",
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{
"ticker": "600869.SH",
"company": "远东股份",
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"industries": [
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{
"action": "检查主营盈利恢复条件。",
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{
"action": "检查主营盈利恢复条件。",
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"action": "不得以公司业绩预告或自有情景冒充机构预期。",
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