{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0001", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例 3：招商局集团集中回购/增持枝干", "step_text": "## 案例 3：招商局集团集中回购/增持枝干", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0002", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "1. 案例背景", "step_text": "### 1. 案例背景", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0003", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "1. 案例背景", "step_text": "最初看到的是 `001872.SZ 招商港口` 的回购提议、回购方案、融资支持、首次回购、持续进展和最终结果公告。单看它，像一条 L3 公司层回购执行链。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0004", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 4, "step_type": "WHY_NODE", "section_heading": "1. 案例背景", "step_text": "继续追问“为什么招商港口选择这个时间点回购”，发现 `2024-10-14` 招商局集团旗下 8 家上市公司同日披露回购或增持计划。这说明它不是单公司孤立事件，而是 L2 集团枝干在 924 后政策窗口下的集中响应。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0005", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "2. 初始问题", "step_text": "### 2. 初始问题", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0006", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 6, "step_type": "INITIAL_LEAF", "section_heading": "2. 初始问题", "step_text": "001872.SZ 招商港口回购，是单公司行为，还是招商局集团统一响应政策窗口的一片叶子？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0007", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 7, "step_type": "MARKET_MANIFESTATION", "section_heading": "2. 初始问题", "step_text": "如果是集团枝干，它是否能进一步显影到 K线或风格层？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0008", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "3. 事件层级判断", "step_text": "### 3. 事件层级判断", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0009", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 9, "step_type": "MARKET_MANIFESTATION", "section_heading": "3. 事件层级判断", "step_text": "L1：924 后资本市场稳定、回购增持再贷款、政策窗口。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0010", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "3. 事件层级判断", "step_text": "L2：招商局集团组织旗下上市公司集中释放回购/增持动作。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0011", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "3. 事件层级判断", "step_text": "L3：8 家上市公司各自披露回购或增持方案、进展、完成公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0012", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 12, "step_type": "MARKET_MANIFESTATION", "section_heading": "3. 事件层级判断", "step_text": "L5：股票 K线显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0013", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 13, "step_type": "DARKLINE_INTENTION", "section_heading": "4. 暗线推理", "step_text": "### 4. 暗线推理", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0014", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 14, "step_type": "MARKET_MANIFESTATION", "section_heading": "4. 暗线推理", "step_text": "集团层面响应资本市场稳定政策窗口，通过旗下上市公司集中披露回购/增持来表达稳定市值、维护资本市场信心、响应政策工具的态度。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0015", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 15, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "4. 暗线推理", "step_text": "M：924 后资本市场政策窗口出现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0016", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "B：001872.SZ 招商港口披露董事长提议回购。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0017", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "C：招商局集团旗下 8 家上市公司同日披露回购或增持计划。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0018", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 18, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "4. 暗线推理", "step_text": "N：8 家成员后续均出现实施、进展或结果类证据。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0019", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 19, "step_type": "INITIAL_LEAF", "section_heading": "4. 暗线推理", "step_text": "L：7 家缺口成员通过 CNINFO 官方公告和 PDF hash 补齐，8/8 官方证据链闭合。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0020", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 20, "step_type": "SECTION_HEADING", "section_heading": "5. 现实证据", "step_text": "### 5. 现实证据", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0021", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "本案例对应结果包：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0022", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "mirror/data/result/darkline_l3track0_to_7_buyback_001872_followup_repair_20260514/", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0023", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "mirror/data/result/darkline_l3track8_to_15_cmhk_buyback_group_response_20260514/", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0024", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "mirror/data/result/darkline_l3track16_to_23_cmhk_group_followup_audit_20260514/", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0025", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "mirror/data/result/darkline_l3track32_to_39_cmhk_cninfo_official_backfill_20260514/", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0026", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "mirror/data/result/darkline_l3track40_to_47_cmhk_eight_member_source_depth_readout_20260514/", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0027", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "原始抓取快照和 PDF：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0028", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "mirror/spiker/cmhk_official_backfill_20260514/", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0029", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 29, "step_type": "INITIAL_LEAF", "section_heading": "5. 现实证据", "step_text": "8 家成员官方公告/PDF hash 级证据链闭合。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0030", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "官方 PDF 或 hash 证据数：146。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0031", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 31, "step_type": "MARKET_MANIFESTATION", "section_heading": "6. 股市显影", "step_text": "### 6. 股市显影", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0032", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 32, "step_type": "MARKET_MANIFESTATION", "section_heading": "6. 股市显影", "step_text": "显影桥接结果包：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0033", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "6. 股市显影", "step_text": "mirror/data/result/darkline_l3track48_to_55_cmhk_market_manifestation_bridge_20260514/", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0034", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 34, "step_type": "MARKET_MANIFESTATION", "section_heading": "6. 股市显影", "step_text": "PRE_D20_D1：8 家成员全部上涨，均值约 +17.78%，但相对沪深300均值约 -4.81pct。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0035", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 35, "step_type": "MARKET_MANIFESTATION", "section_heading": "6. 股市显影", "step_text": "D0_D1：相对沪深300均值约 +1.65pct，短窗口有显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0036", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 36, "step_type": "MARKET_MANIFESTATION", "section_heading": "6. 股市显影", "step_text": "D0_D5 / D0_D10 / D0_D20 / D0_D60：未持续跑赢市场。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0037", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 37, "step_type": "MARKET_MANIFESTATION", "section_heading": "6. 股市显影", "step_text": "现实证据链强，K线显影弱。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0038", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 38, "step_type": "MARKET_MANIFESTATION", "section_heading": "6. 股市显影", "step_text": "它适合做信息拓扑案例，不适合做 K线条件器。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0039", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 39, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "7. 替代解释", "step_text": "### 7. 替代解释", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0040", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 40, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "7. 替代解释", "step_text": "需要保留的替代解释：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0041", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 41, "step_type": "MARKET_MANIFESTATION", "section_heading": "7. 替代解释", "step_text": "924 后市场整体大幅反弹。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0042", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 42, "step_type": "INITIAL_LEAF", "section_heading": "7. 替代解释", "step_text": "回购/增持公告只是政策窗口下的同步表态，不一定产生独立超额收益。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0043", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 43, "step_type": "MARKET_MANIFESTATION", "section_heading": "7. 替代解释", "step_text": "部分成员自身行业、估值、流动性差异会影响 K线表现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0044", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 44, "step_type": "INITIAL_LEAF", "section_heading": "7. 替代解释", "step_text": "短窗口 D0_D1 可能是公告刺激或市场情绪，不代表中期有效。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0045", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 45, "step_type": "SUMMARY_READOUT", "section_heading": "8. 结论", "step_text": "### 8. 结论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0046", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 46, "step_type": "DARKLINE_INTENTION", "section_heading": "8. 结论", "step_text": "这条暗线证据链是成功的，市场显影不是成功的。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0047", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 47, "step_type": "INITIAL_LEAF", "section_heading": "8. 结论", "step_text": "我们从一家公司回购，追到集团层统一动作，再逐家公司补齐官方公告证据，证明这不是孤立叶子，而是一条真实 L2 枝干。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0048", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 48, "step_type": "BODY_REASONING", "section_heading": "8. 结论", "step_text": "不成功的部分是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0049", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 49, "step_type": "MARKET_MANIFESTATION", "section_heading": "8. 结论", "step_text": "这条枝干没有在 D5 以后形成稳定相对市场收益，所以不能交付为股市消费规则。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0050", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 50, "step_type": "SECTION_HEADING", "section_heading": "9. 回归方法论", "step_text": "### 9. 回归方法论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0051", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 51, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "本案例验证的方法论条目：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0052", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 52, "step_type": "INITIAL_LEAF", "section_heading": "9. 回归方法论", "step_text": "新闻/公告是叶子，不是根。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0053", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 53, "step_type": "INITIAL_LEAF", "section_heading": "9. 回归方法论", "step_text": "看到 L3 公司事件时，必须先问它是否是 L1/L2 上层风的下层显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0054", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 54, "step_type": "WHY_NODE", "section_heading": "9. 回归方法论", "step_text": "暗线追踪不能停在第一个合理解释，要继续问为什么。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0055", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 55, "step_type": "INITIAL_LEAF", "section_heading": "9. 回归方法论", "step_text": "关键节点证据比大量普通新闻更重要。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0056", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 56, "step_type": "MARKET_MANIFESTATION", "section_heading": "9. 回归方法论", "step_text": "证据链闭合不等于股市显影成立，二者必须分账。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0057", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 57, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "暗线案例可以有两种交付：信息拓扑案例，或股市消费对象；本案例只能交付前者。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0001_STEP_0058", "case_id": "DLCASE_LEGACY_0001", "darkline_hypothesis_id": "DLCASE_LEGACY_0001", "step_order": 58, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "以后所有外部案例分析都按“一个案例一个主题”记录在本文档里。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0001", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例 3 补充：招商局集团枝干的预期偏差归因", "step_text": "## 案例 3 补充：招商局集团枝干的预期偏差归因", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0002", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 2, "step_type": "WHY_NODE", "section_heading": "1. 为什么要补这一段", "step_text": "### 1. 为什么要补这一段", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0003", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 3, "step_type": "SUMMARY_READOUT", "section_heading": "1. 为什么要补这一段", "step_text": "招商局集团集中回购/增持枝干不能只收口为“D5/D10 不行”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0004", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 4, "step_type": "BODY_REASONING", "section_heading": "1. 为什么要补这一段", "step_text": "更准确的问法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0005", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 5, "step_type": "WHY_NODE", "section_heading": "1. 为什么要补这一段", "step_text": "如果招商局集团层面的统一行动暗线基本成立，为什么股市只在 D0_D1 有反应，D5/D10 没有持续反应？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0006", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 6, "step_type": "DARKLINE_INTENTION", "section_heading": "1. 为什么要补这一段", "step_text": "这属于“暗线成立但股市不按预期走”的预期偏差归因。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0007", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 7, "step_type": "SECTION_HEADING", "section_heading": "2. 当前最可能的解释", "step_text": "### 2. 当前最可能的解释", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0008", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 8, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "2. 当前最可能的解释", "step_text": "解释一：市场提前反应。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0009", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 9, "step_type": "INITIAL_LEAF", "section_heading": "2. 当前最可能的解释", "step_text": "8 家成员在 PRE_D20_D1 已经整体上涨，说明 924 后政策风可能已经提前定价。公告更像确认，不是行情起点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0010", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 10, "step_type": "DARKLINE_INTENTION", "section_heading": "2. 当前最可能的解释", "step_text": "解释二：暗线性质判断需要修正。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0011", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "2. 当前最可能的解释", "step_text": "招商局集团回购/增持更像市值维护、信心托底、政策响应，不一定是业绩重估或强增长催化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0012", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 12, "step_type": "DARKLINE_INTENTION", "section_heading": "2. 当前最可能的解释", "step_text": "解释三：集团层暗线落到单票被稀释。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0013", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 13, "step_type": "DARKLINE_INTENTION", "section_heading": "2. 当前最可能的解释", "step_text": "8 家公司行业不同、基本面不同、位置不同、阻力不同，同一个集团意图不能保证同一类 K线反应。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0014", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 14, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "2. 当前最可能的解释", "step_text": "解释四：计划/提议不是强执行。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0015", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 15, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "2. 当前最可能的解释", "step_text": "市场短期认可态度，但如果后续没有快速真金白银执行，D5/D10 不一定继续给溢价。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0016", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "2. 当前最可能的解释", "step_text": "解释五：上层政策风覆盖了集团枝干。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0017", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "2. 当前最可能的解释", "step_text": "924 后大盘政策风很强，招商局枝干可能只是其中一条下层响应，边际解释力被上层风吸收。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0018", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 18, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "3. 后续验证问题", "step_text": "### 3. 后续验证问题", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0019", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 19, "step_type": "INITIAL_LEAF", "section_heading": "3. 后续验证问题", "step_text": "Q1：公告前是否已经明显提前反应？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0020", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "3. 后续验证问题", "step_text": "Q2：金额强度更高、执行更快的成员，D5/D10 是否更强？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0021", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 21, "step_type": "INITIAL_LEAF", "section_heading": "3. 后续验证问题", "step_text": "Q3：不同叶子阻力/行业/位置是否解释了分化？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0022", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 22, "step_type": "MARKET_MANIFESTATION", "section_heading": "3. 后续验证问题", "step_text": "Q4：这类集团回购/增持到底是上涨发动机，还是托底稳定器？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0023", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 23, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "3. 后续验证问题", "step_text": "Q5：它是否不提升收益，但能降低回撤和尾部风险？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0024", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 24, "step_type": "SECTION_HEADING", "section_heading": "4. 预期偏差归因实验结果", "step_text": "### 4. 预期偏差归因实验结果", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0025", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "4. 预期偏差归因实验结果", "step_text": "mirror/data/result/darkline_l3track64_to_71_cmhk_expectation_divergence_attribution_20260514/", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0026", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "4. 预期偏差归因实验结果", "step_text": "PRE_D20_D1 绝对均值：+17.7813%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0027", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "4. 预期偏差归因实验结果", "step_text": "PRE_D20_D1 相对沪深300均值：-4.8095pct", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0028", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "4. 预期偏差归因实验结果", "step_text": "D0_D1 相对沪深300均值：+1.6490pct", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0029", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "4. 预期偏差归因实验结果", "step_text": "D0_D5 相对沪深300均值：-1.1756pct", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0030", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "4. 预期偏差归因实验结果", "step_text": "D0_D10 相对沪深300均值：-2.6109pct", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0031", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 31, "step_type": "MARKET_MANIFESTATION", "section_heading": "4. 预期偏差归因实验结果", "step_text": "上涨发动机支持窗口数：0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0032", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "4. 预期偏差归因实验结果", "step_text": "预期偏差归因支持项：5/5", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0033", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "4. 预期偏差归因实验结果", "step_text": "guard：5/5", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0034", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "4. 预期偏差归因实验结果", "step_text": "实验支持的读法：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0035", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 35, "step_type": "INITIAL_LEAF", "section_heading": "4. 预期偏差归因实验结果", "step_text": "PRE_PRICED：公告前已经有明显绝对反应，但没有跑赢沪深300，说明大概率被 924 后政策风提前定价。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0036", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 36, "step_type": "MARKET_MANIFESTATION", "section_heading": "4. 预期偏差归因实验结果", "step_text": "STABILIZER_NOT_ENGINE：D1 有确认，但 D5/D10/D20/D60 不像上涨发动机。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0037", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 37, "step_type": "DARKLINE_INTENTION", "section_heading": "4. 预期偏差归因实验结果", "step_text": "LEAF_DILUTION：8 家成员横跨多个行业，同一集团意图落到单票时被叶子差异稀释。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0038", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 38, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "4. 预期偏差归因实验结果", "step_text": "WEAK_EXECUTION_OR_EXECUTION_DETAIL_GAP：有后续证据，但执行速度、金额强度还没结构化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0039", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 39, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "4. 预期偏差归因实验结果", "step_text": "POLICY_OVERLAY_DOMINATED：924 后政策风解释了大部分前置反应，招商局枝干只提供短窗口确认。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0040", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 40, "step_type": "SUMMARY_READOUT", "section_heading": "5. 本案例修正结论", "step_text": "### 5. 本案例修正结论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0041", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 41, "step_type": "MARKET_MANIFESTATION", "section_heading": "5. 本案例修正结论", "step_text": "招商局集团枝干不能直接读成 K线持续上涨规则。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0042", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 42, "step_type": "MARKET_MANIFESTATION", "section_heading": "5. 本案例修正结论", "step_text": "但它也不能简单读成“市场无效”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0043", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 43, "step_type": "BODY_REASONING", "section_heading": "5. 本案例修正结论", "step_text": "当前更准确的读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0044", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 44, "step_type": "INITIAL_LEAF", "section_heading": "5. 本案例修正结论", "step_text": "短窗口公告确认有效；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0045", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 45, "step_type": "MARKET_MANIFESTATION", "section_heading": "5. 本案例修正结论", "step_text": "中期持续上涨不成立；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0046", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 46, "step_type": "DARKLINE_INTENTION", "section_heading": "5. 本案例修正结论", "step_text": "它更可能是集团层市值维护/政策响应/信心托底暗线，而不是上涨发动机。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0047", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 47, "step_type": "SECTION_HEADING", "section_heading": "6. 回归方法论", "step_text": "### 6. 回归方法论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0048", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 48, "step_type": "BODY_REASONING", "section_heading": "6. 回归方法论", "step_text": "本案例新增验证的方法论条目：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0049", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 49, "step_type": "DARKLINE_INTENTION", "section_heading": "6. 回归方法论", "step_text": "暗线推理成立但股市不按预期走时，不能直接判失败。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0050", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 50, "step_type": "DARKLINE_INTENTION", "section_heading": "6. 回归方法论", "step_text": "必须继续追问：是暗线错了，还是暗线性质、作用层级、作用窗口、影响对象、叶子阻力判断错了？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0051", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 51, "step_type": "DARKLINE_INTENTION", "section_heading": "7. 新闻前暗线价值补充", "step_text": "### 7. 新闻前暗线价值补充", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0052", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 52, "step_type": "BODY_REASONING", "section_heading": "7. 新闻前暗线价值补充", "step_text": "本案例进一步说明：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0053", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 53, "step_type": "INITIAL_LEAF", "section_heading": "7. 新闻前暗线价值补充", "step_text": "新闻不是起点，而是结果。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0054", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 54, "step_type": "DARKLINE_INTENTION", "section_heading": "7. 新闻前暗线价值补充", "step_text": "新闻背后通常已经经历了意图形成、组织决策、内部流程、资金准备、文件准备和消息扩散。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0055", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 55, "step_type": "INITIAL_LEAF", "section_heading": "7. 新闻前暗线价值补充", "step_text": "等新闻正式出现时，真正有价值的行情可能已经发生了一部分。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0056", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 56, "step_type": "BODY_REASONING", "section_heading": "7. 新闻前暗线价值补充", "step_text": "招商局集团案例里的关键证据是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0057", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 57, "step_type": "INITIAL_LEAF", "section_heading": "7. 新闻前暗线价值补充", "step_text": "8 家成员在集中公告前 20 个交易日平均上涨约 +17.78%。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0058", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 58, "step_type": "INITIAL_LEAF", "section_heading": "7. 新闻前暗线价值补充", "step_text": "公告后 D0_D1 还有短窗口确认反应。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0059", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 59, "step_type": "BODY_REASONING", "section_heading": "7. 新闻前暗线价值补充", "step_text": "但 D5/D10 不持续。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0060", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 60, "step_type": "INITIAL_LEAF", "section_heading": "7. 新闻前暗线价值补充", "step_text": "如果只拿公告当天之后去看股市，可能已经晚了。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0061", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 61, "step_type": "DARKLINE_INTENTION", "section_heading": "7. 新闻前暗线价值补充", "step_text": "公告后上涨不持续，不一定说明暗线无效，也可能说明暗线已经在公告前被提前布局和定价。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0062", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 62, "step_type": "INITIAL_LEAF", "section_heading": "7. 新闻前暗线价值补充", "step_text": "本案例的真实方法论价值不是“招商局回购/增持公告后可以买”，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0063", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 63, "step_type": "DARKLINE_INTENTION", "section_heading": "7. 新闻前暗线价值补充", "step_text": "要从新闻反推更早的意图，再预测接下来会发生的行为事件。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0064", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 64, "step_type": "INITIAL_LEAF", "section_heading": "7. 新闻前暗线价值补充", "step_text": "如果能在公告前判断 924 后政策窗口会推动央国企/集团平台集中回购增持，才可能抓到新闻前的收益段。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0065", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 65, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "7. 新闻前暗线价值补充", "step_text": "因此，后续同类案例应拆成三段看：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0066", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 66, "step_type": "DARKLINE_INTENTION", "section_heading": "7. 新闻前暗线价值补充", "step_text": "新闻前：暗线是否已经在股市提前显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0067", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 67, "step_type": "DARKLINE_INTENTION", "section_heading": "7. 新闻前暗线价值补充", "step_text": "新闻当天：公告是否确认暗线假设。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0002_STEP_0068", "case_id": "DLCASE_LEGACY_0002", "darkline_hypothesis_id": "DLCASE_LEGACY_0002", "step_order": 68, "step_type": "INITIAL_LEAF", "section_heading": "7. 新闻前暗线价值补充", "step_text": "新闻后：是延续、兑现，还是托底稳定。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0001", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 1, "step_type": "MARKET_MANIFESTATION", "section_heading": "案例 1：强监管上层风与公司治理风险负向显影", "step_text": "## 案例 1：强监管上层风与公司治理风险负向显影", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0002", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "1. 案例背景", "step_text": "### 1. 案例背景", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0003", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "1. 案例背景", "step_text": "FJ-CONV 系列实验里，我们先看到一批 L3 公司级事件：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0004", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 4, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "上市公司被立案调查", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0005", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 5, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "实控人 / 控股股东 / 关键少数被调查", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0006", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 6, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "1. 案例背景", "step_text": "行政处罚、风险警示、退市风险、控制权风险", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0007", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 7, "step_type": "INITIAL_LEAF", "section_heading": "1. 案例背景", "step_text": "这些事件在 K 线上有明显负向显影。最初读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0008", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 8, "step_type": "DARKLINE_INTENTION", "section_heading": "1. 案例背景", "step_text": "治理/控制权风险机制暗线", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0009", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "核心治理主体出事", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0010", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "-> 公司治理信用受损", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0011", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "-> 控制稳定性下降", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0012", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 12, "step_type": "MARKET_MANIFESTATION", "section_heading": "1. 案例背景", "step_text": "-> 市场负向显影", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0013", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 13, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "1. 案例背景", "step_text": "-> 后续处罚、风险警示、退市或控制权压力继续发酵", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0014", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 14, "step_type": "INITIAL_LEAF", "section_heading": "2. 初始问题", "step_text": "### 2. 初始问题", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0015", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 15, "step_type": "WHY_NODE", "section_heading": "2. 初始问题", "step_text": "原问题不是“这些公司为什么跌”，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0016", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 16, "step_type": "WHY_NODE", "section_heading": "2. 初始问题", "step_text": "为什么最近这类治理/控制权风险事件特别密集？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0017", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 17, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "2. 初始问题", "step_text": "它们是不是孤立 L3 个案？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0018", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 18, "step_type": "MARKET_MANIFESTATION", "section_heading": "2. 初始问题", "step_text": "还是某个上层风的下层显影？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0019", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 19, "step_type": "INITIAL_LEAF", "section_heading": "3. 事件层级判断", "step_text": "### 3. 事件层级判断", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0020", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 20, "step_type": "MARKET_MANIFESTATION", "section_heading": "3. 事件层级判断", "step_text": "资本市场强监管、清低质资产、提高上市公司质量。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0021", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 21, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "3. 事件层级判断", "step_text": "上市公司、实控人、控股股东、董监高被立案、处罚、风险警示、退市风险。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0022", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 22, "step_type": "MARKET_MANIFESTATION", "section_heading": "3. 事件层级判断", "step_text": "公司级负向 K 线显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0023", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 23, "step_type": "INITIAL_LEAF", "section_heading": "3. 事件层级判断", "step_text": "L3 公司事件不是孤立事件。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0024", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 24, "step_type": "MARKET_MANIFESTATION", "section_heading": "3. 事件层级判断", "step_text": "它们可能是上层强监管风落到公司层的显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0025", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 25, "step_type": "DARKLINE_INTENTION", "section_heading": "4. 暗线推理", "step_text": "### 4. 暗线推理", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0026", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 26, "step_type": "MARKET_MANIFESTATION", "section_heading": "4. 暗线推理", "step_text": "重建资本市场信用秩序，清理低质量上市公司，压实关键少数责任，提高上市公司质量。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0027", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "财务造假综合惩防", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0028", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "强监管 1+N 政策体系", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0029", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 29, "step_type": "MARKET_MANIFESTATION", "section_heading": "4. 暗线推理", "step_text": "资本市场严监管和防风险导向", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0030", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 30, "step_type": "INITIAL_LEAF", "section_heading": "4. 暗线推理", "step_text": "B/C/D 已发生事件：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0031", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "上市公司被立案调查", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0032", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "关键少数被处罚或调查", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0033", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 33, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "4. 暗线推理", "step_text": "信披违法、财务造假、风险警示、退市风险增多", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0034", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 34, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "4. 暗线推理", "step_text": "N/L 后续应有之线：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0035", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 35, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "4. 暗线推理", "step_text": "ST / 退市风险", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0036", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "控制权稳定性受损", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0037", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "更多同类公司被清理或暴露", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0038", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 38, "step_type": "SECTION_HEADING", "section_heading": "5. 现实证据", "step_text": "### 5. 现实证据", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0039", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 39, "step_type": "MARKET_MANIFESTATION", "section_heading": "5. 现实证据", "step_text": "2024-04-12：新国九条出台，强调强监管、防风险、推动资本市场高质量发展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0040", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "2024-04 后：证监会解释 1+N 政策体系，覆盖发行、上市、退市和持续监管。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0041", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "2024-07-05：国务院办公厅转发证监会等六部门财务造假综合惩防意见。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0042", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 42, "step_type": "MARKET_MANIFESTATION", "section_heading": "5. 现实证据", "step_text": "2025 年：证监会执法数据体现查办案件、处罚主体、市场禁入等高压监管持续。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0043", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 43, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "另一个同阶段上层风：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0044", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 44, "step_type": "MARKET_MANIFESTATION", "section_heading": "5. 现实证据", "step_text": "2024-09-24：央行、金融监管、证监等部门释放稳定市场、回购增持、流动性支持方向。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0045", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 45, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "5. 现实证据", "step_text": "所以这不是单一方向，而是两股上层风并存：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0046", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 46, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "5. 现实证据", "step_text": "清风险的风：压低质量、信披违法、治理失控公司。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0047", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 47, "step_type": "MARKET_MANIFESTATION", "section_heading": "5. 现实证据", "step_text": "托市场的风：支持优质资产、回购增持、高股息、央国企/核心资产。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0048", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 48, "step_type": "MARKET_MANIFESTATION", "section_heading": "6. 股市显影", "step_text": "### 6. 股市显影", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0049", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 49, "step_type": "MARKET_MANIFESTATION", "section_heading": "6. 股市显影", "step_text": "当前最清楚的显影层：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0050", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 50, "step_type": "MARKET_MANIFESTATION", "section_heading": "6. 股市显影", "step_text": "L3 公司级负向 K 线显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0051", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 51, "step_type": "SUMMARY_READOUT", "section_heading": "6. 股市显影", "step_text": "代表性实验结论：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0052", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 52, "step_type": "BODY_REASONING", "section_heading": "6. 股市显影", "step_text": "FJ-CONV22~24：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0053", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 53, "step_type": "BODY_REASONING", "section_heading": "6. 股市显影", "step_text": "5 条正例全部通过模板分；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0054", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 54, "step_type": "BODY_REASONING", "section_heading": "6. 股市显影", "step_text": "5 条反例/弱例没有一条误通过；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0055", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 55, "step_type": "BODY_REASONING", "section_heading": "6. 股市显影", "step_text": "positive_mean_score = 0.86；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0056", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 56, "step_type": "BODY_REASONING", "section_heading": "6. 股市显影", "step_text": "countercase_mean_score = 0.39；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0057", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 57, "step_type": "BODY_REASONING", "section_heading": "6. 股市显影", "step_text": "score_gap = 0.47。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0058", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 58, "step_type": "INITIAL_LEAF", "section_heading": "6. 股市显影", "step_text": "只看“后续有没有新闻”不够。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0059", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 59, "step_type": "MARKET_MANIFESTATION", "section_heading": "6. 股市显影", "step_text": "K 线是否显影；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0060", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 60, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "6. 股市显影", "step_text": "后续行为链质量；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0061", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 61, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "7. 替代解释", "step_text": "### 7. 替代解释", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0062", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 62, "step_type": "BODY_REASONING", "section_heading": "7. 替代解释", "step_text": "行业 beta 弱。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0063", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 63, "step_type": "BODY_REASONING", "section_heading": "7. 替代解释", "step_text": "个股本体已经弱。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0064", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 64, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "7. 替代解释", "step_text": "处罚风险本身就是滞后披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0065", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 65, "step_type": "INITIAL_LEAF", "section_heading": "7. 替代解释", "step_text": "用正例/反例统一模板评分，不只看后续新闻。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0066", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 66, "step_type": "INITIAL_LEAF", "section_heading": "7. 替代解释", "step_text": "反例也能找到后续监管/处罚新闻，但主体、K线显影、后续行为质量无法同时匹配。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0067", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 67, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "7. 替代解释", "step_text": "因此，当前不是“故事讲通”，而是“正反例能被模板分开”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0068", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 68, "step_type": "SUMMARY_READOUT", "section_heading": "8. 结论", "step_text": "### 8. 结论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0069", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 69, "step_type": "INITIAL_LEAF", "section_heading": "8. 结论", "step_text": "这批 L3 公司治理/控制权风险事件，背后更像 L1/L2 强监管风在公司层的显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0070", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 70, "step_type": "INITIAL_LEAF", "section_heading": "8. 结论", "step_text": "单个公司被立案不是孤立新闻，而可能是上层规则变化落到公司层后的结果。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0071", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 71, "step_type": "INITIAL_LEAF", "section_heading": "8. 结论", "step_text": "上层监管风 -> 下层公司事件 -> K 线负向显影 这条解释链成立度提高。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0072", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 72, "step_type": "DARKLINE_INTENTION", "section_heading": "8. 结论", "step_text": "不能证明同一个操纵人存在。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0073", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 73, "step_type": "MARKET_MANIFESTATION", "section_heading": "8. 结论", "step_text": "不能证明所有立案公司都会下跌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0074", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 74, "step_type": "BODY_REASONING", "section_heading": "8. 结论", "step_text": "不能证明可以直接交易。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0075", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 75, "step_type": "BODY_REASONING", "section_heading": "8. 结论", "step_text": "不能证明完整风格体已经成立。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0076", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 76, "step_type": "SECTION_HEADING", "section_heading": "9. 回归方法论", "step_text": "### 9. 回归方法论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0077", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 77, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "本案例验证的方法论条目：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0078", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 78, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "信息分析方法论.md 2.2：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0079", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 79, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "真正暗线是同归殊途反推更早意图。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0080", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 80, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "信息分析方法论.md 2.3：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0081", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 81, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "暗线准确率来自节点验证，不来自故事完整。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0082", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 82, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "信息分析方法论.md 2.3.1：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0083", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 83, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "暗线模板评分不能只看有没有后续新闻。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0084", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 84, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "信息分析方法论.md 2.6：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0085", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 85, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "暗线层级决定影响层级和时间窗口。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0086", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 86, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "信息分析方法论.md 2.7：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0087", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 87, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "高层大风会覆盖或改写低层暗线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0088", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 88, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "信息分析方法论.md 5.3：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0089", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 89, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "宽对象先落风格，窄对象才适合落单票。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0090", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 90, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "本案例新增的固定检查：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0003_STEP_0091", "case_id": "DLCASE_LEGACY_0003", "darkline_hypothesis_id": "DLCASE_LEGACY_0003", "step_order": 91, "step_type": "INITIAL_LEAF", "section_heading": "9. 回归方法论", "step_text": "分析 L3 公司事件前，必须先判断它是否是 L1/L2 上层风的下层显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0001", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例 2：证监会立案线向上追根", "step_text": "## 案例 2：证监会立案线向上追根", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0002", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 2, "step_type": "BODY_REASONING", "section_heading": "案例 2：证监会立案线向上追根", "step_text": "记录时间：2026-05-13 20:10:00 +08:00", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0003", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 3, "step_type": "SECTION_HEADING", "section_heading": "1. 案例背景", "step_text": "### 1. 案例背景", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0004", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 4, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "DLDB 系列实验里，我们沿着 CSRC 立案/处罚线做了专线追踪：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0005", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 5, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "上市公司收到证监会立案告知书", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0006", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 6, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "1. 案例背景", "step_text": "-> 后续行政处罚 / 市场禁入 / 退市风险 / 交易所处分 / 其他监管进展", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0007", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 7, "step_type": "MARKET_MANIFESTATION", "section_heading": "1. 案例背景", "step_text": "-> 公司级 K 线负向显影", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0008", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "DLDB635~642：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0009", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "成熟 365 天 anchor = 351；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0010", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "原始 strict follow-up = 29 / 351 = 8.2621%；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0011", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "补入已验收 official evidence 后 = 80 / 351 = 22.7920%；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0012", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "增量 = +14.5299pct。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0013", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "DLDB643~650：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0014", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "Target2 已有两条行为验证线：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0015", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "1. 案例背景", "step_text": "1. 回购行为链；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0016", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 16, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "1. 案例背景", "step_text": "2. CSRC 立案后续进展链。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0017", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 17, "step_type": "INITIAL_LEAF", "section_heading": "2. 初始问题", "step_text": "### 2. 初始问题", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0018", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "2. 初始问题", "step_text": "最开始的问题是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0019", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 19, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "2. 初始问题", "step_text": "上市公司被立案以后，后续处罚/退市/风险显影能不能被追踪？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0020", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "2. 初始问题", "step_text": "但进一步追问后，真正重要的问题变成：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0021", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 21, "step_type": "WHY_NODE", "section_heading": "2. 初始问题", "step_text": "为什么最近这类立案、处罚、退市、财务造假惩防事件变得密集？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0022", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 22, "step_type": "DARKLINE_INTENTION", "section_heading": "2. 初始问题", "step_text": "它们背后的根部暗线是什么？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0023", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 23, "step_type": "DARKLINE_INTENTION", "section_heading": "2. 初始问题", "step_text": "证监会执法本身是根，还是更高层意图的一条执行枝干？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0024", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 24, "step_type": "INITIAL_LEAF", "section_heading": "3. 事件层级判断", "step_text": "### 3. 事件层级判断", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0025", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "3. 事件层级判断", "step_text": "本案例的层级读法：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0026", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 26, "step_type": "DARKLINE_INTENTION", "section_heading": "3. 事件层级判断", "step_text": "L0 最上层背景暗线：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0027", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "3. 事件层级判断", "step_text": "也就是全球力量结构、产业竞争、金融定价权和资源配置权的长期变化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0028", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 28, "step_type": "DARKLINE_INTENTION", "section_heading": "3. 事件层级判断", "step_text": "L1 国家战略暗线：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0029", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "3. 事件层级判断", "step_text": "金融强国 / 高质量发展 / 新质生产力 / 国家安全 / 现代产业体系。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0030", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 30, "step_type": "DARKLINE_INTENTION", "section_heading": "3. 事件层级判断", "step_text": "L2 资本市场治理暗线：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0031", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 31, "step_type": "MARKET_MANIFESTATION", "section_heading": "3. 事件层级判断", "step_text": "资本市场秩序重塑 / 提高上市公司质量 / 防风险 / 打击财务造假 / 服务金融强国。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0032", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "3. 事件层级判断", "step_text": "L3 执行枝干：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0033", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "3. 事件层级判断", "step_text": "证监会强监管、退市常态化、财务造假惩防、关键少数追责、中介机构压责。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0034", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 34, "step_type": "INITIAL_LEAF", "section_heading": "3. 事件层级判断", "step_text": "L4 叶子事件：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0035", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 35, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "3. 事件层级判断", "step_text": "某上市公司被立案、收到处罚决定、被 ST、触发退市风险、收到交易所处分。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0036", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 36, "step_type": "MARKET_MANIFESTATION", "section_heading": "3. 事件层级判断", "step_text": "具体股票 K 线负向显影，或同类风险公司估值折价。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0037", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 37, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "3. 事件层级判断", "step_text": "公司被立案不是根。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0038", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "3. 事件层级判断", "step_text": "证监会执法也未必是根。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0039", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 39, "step_type": "MARKET_MANIFESTATION", "section_heading": "3. 事件层级判断", "step_text": "资本市场出清和秩序重塑也不是最上层根。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0040", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "3. 事件层级判断", "step_text": "更上层是金融强国 / 高质量发展 / 新质生产力。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0041", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "3. 事件层级判断", "step_text": "再往上，是天下模型第一层：东升西降。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0042", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 42, "step_type": "DARKLINE_INTENTION", "section_heading": "3. 事件层级判断", "step_text": "证监会执法更像是这条大背景暗线落到资本市场治理后的执行枝干。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0043", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 43, "step_type": "DARKLINE_INTENTION", "section_heading": "4. 暗线推理", "step_text": "### 4. 暗线推理", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0044", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 44, "step_type": "MARKET_MANIFESTATION", "section_heading": "4. 暗线推理", "step_text": "清理低质量上市公司，重塑资本市场信用秩序，提高上市公司质量，把资金导向更符合政策和产业方向的资产。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0045", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 45, "step_type": "DARKLINE_INTENTION", "section_heading": "4. 暗线推理", "step_text": "更上层 A0 目标：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0046", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 46, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "在东升西降的大背景下，重构资源配置和金融定价体系，", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0047", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 47, "step_type": "MARKET_MANIFESTATION", "section_heading": "4. 暗线推理", "step_text": "让资本市场服务产业升级、科技突破、现代产业体系和国家安全，", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0048", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 48, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "4. 暗线推理", "step_text": "而不是继续服务低质量资产、壳资源、财务造假和旧增长模式。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0049", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 49, "step_type": "MARKET_MANIFESTATION", "section_heading": "4. 暗线推理", "step_text": "中央金融工作会议强调金融强国、防风险、资本市场功能。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0050", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 50, "step_type": "MARKET_MANIFESTATION", "section_heading": "4. 暗线推理", "step_text": "新国九条强调强监管、防风险、推动资本市场高质量发展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0051", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 51, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "财务造假综合惩防意见出台。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0052", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 52, "step_type": "MARKET_MANIFESTATION", "section_heading": "4. 暗线推理", "step_text": "证监会持续公开强化执法、处罚、市场禁入、退市监管。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0053", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 53, "step_type": "INITIAL_LEAF", "section_heading": "4. 暗线推理", "step_text": "B/C/D 已发生事件：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0054", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 54, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "上市公司被立案调查。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0055", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 55, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "财务造假、信披违法、资金占用等问题被处罚。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0056", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 56, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "关键少数被追责。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0057", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 57, "step_type": "MARKET_MANIFESTATION", "section_heading": "4. 暗线推理", "step_text": "退市风险、风险警示、市场禁入案例增多。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0058", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 58, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "4. 暗线推理", "step_text": "N/L 后续应有之线：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0059", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 59, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "更多立案公司进入处罚/退市/监管措施阶段。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0060", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 60, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "更多中介机构被追责。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0061", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 61, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "低质量壳公司、财务造假公司估值继续受压。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0062", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 62, "step_type": "BODY_REASONING", "section_heading": "4. 暗线推理", "step_text": "高质量、分红、央国企、核心资产可能同时获得相对支持。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0063", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 63, "step_type": "SECTION_HEADING", "section_heading": "5. 现实证据", "step_text": "### 5. 现实证据", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0064", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 64, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "本案例的现实证据分两类：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0065", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 65, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "最上层背景证据：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0066", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 66, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "东升西降、全球竞争、产业升级、金融强国、新质生产力和国家安全相关叙事。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0067", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 67, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "中央金融工作会议、新国九条、退市制度、财务造假惩防意见、强监管口径。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0068", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 68, "step_type": "MARKET_MANIFESTATION", "section_heading": "5. 现实证据", "step_text": "证监会立案、行政处罚、市场禁入、退市风险、交易所纪律处分。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0069", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 69, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "mirror/data/result/darkline_dldb635_to_642_csrc_accepted_evidence_final_replay_20260513", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0070", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 70, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "mirror/data/result/darkline_dldb643_to_650_target2_portfolio_v8_after_csrc_final_replay_20260513", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0071", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 71, "step_type": "BODY_REASONING", "section_heading": "5. 现实证据", "step_text": "mirror/data/result/darkline_csrc_investigation_company_case_list_20260513", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0072", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 72, "step_type": "MARKET_MANIFESTATION", "section_heading": "6. 股市显影", "step_text": "### 6. 股市显影", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0073", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 73, "step_type": "BODY_REASONING", "section_heading": "6. 股市显影", "step_text": "当前已经能比较清楚落到：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0074", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 74, "step_type": "MARKET_MANIFESTATION", "section_heading": "6. 股市显影", "step_text": "L3 单票 K 线负向显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0075", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 75, "step_type": "BODY_REASONING", "section_heading": "6. 股市显影", "step_text": "还不能直接落到：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0076", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 76, "step_type": "BODY_REASONING", "section_heading": "6. 股市显影", "step_text": "完整局之门条件器；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0077", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 77, "step_type": "BODY_REASONING", "section_heading": "6. 股市显影", "step_text": "正式局/门改写规则。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0078", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 78, "step_type": "MARKET_MANIFESTATION", "section_heading": "6. 股市显影", "step_text": "CSRC 立案线是风险暴露线，最先显影在具体股票；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0079", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 79, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "6. 股市显影", "step_text": "是否进一步形成行业/风格层面的持续风，还需要看同类风险资产是否成片重估。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0080", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 80, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "7. 替代解释", "step_text": "### 7. 替代解释", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0081", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 81, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "7. 替代解释", "step_text": "必须排除或单独记录的替代解释：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0082", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 82, "step_type": "BODY_REASONING", "section_heading": "7. 替代解释", "step_text": "公司本身经营恶化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0083", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 83, "step_type": "BODY_REASONING", "section_heading": "7. 替代解释", "step_text": "行业 beta 下行。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0084", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 84, "step_type": "INITIAL_LEAF", "section_heading": "7. 替代解释", "step_text": "公告已滞后披露，股价提前反应。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0085", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 85, "step_type": "INITIAL_LEAF", "section_heading": "7. 替代解释", "step_text": "其他负面事件同日叠加。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0086", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 86, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "7. 替代解释", "step_text": "退市风险和处罚风险重复计数。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0087", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 87, "step_type": "BODY_REASONING", "section_heading": "7. 替代解释", "step_text": "本案例的关键边界：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0088", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 88, "step_type": "DARKLINE_INTENTION", "section_heading": "7. 替代解释", "step_text": "不能只因为一家公司立案后下跌，就说暗线成立。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0089", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 89, "step_type": "INITIAL_LEAF", "section_heading": "7. 替代解释", "step_text": "必须看：高层政策 -> 监管执行 -> 公司事件 -> 后续现实进展 -> K 线显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0090", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 90, "step_type": "DARKLINE_INTENTION", "section_heading": "7. 替代解释", "step_text": "节点越多被验证，暗线可信度越高。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0091", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 91, "step_type": "INITIAL_LEAF", "section_heading": "7. 替代解释", "step_text": "但不是新闻越多越好；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0092", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 92, "step_type": "BODY_REASONING", "section_heading": "7. 替代解释", "step_text": "只有能验证关键节点的证据才最重要。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0093", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 93, "step_type": "SUMMARY_READOUT", "section_heading": "8. 结论", "step_text": "### 8. 结论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0094", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 94, "step_type": "INITIAL_LEAF", "section_heading": "8. 结论", "step_text": "CSRC 立案线不是孤立公告线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0095", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 95, "step_type": "DARKLINE_INTENTION", "section_heading": "8. 结论", "step_text": "它更像“资本市场出清/秩序重塑”这条更高层暗线的一条执行枝干。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0096", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 96, "step_type": "BODY_REASONING", "section_heading": "8. 结论", "step_text": "沿着 CSRC 立案线做专线追踪是有价值的；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0097", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 97, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "8. 结论", "step_text": "补充官方后续证据后，后续行为验证覆盖率明显提高；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0098", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 98, "step_type": "BODY_REASONING", "section_heading": "8. 结论", "step_text": "Target2 不再只有回购一条行为验证线，已经有第二条 CSRC 行为链支撑。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0099", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 99, "step_type": "MARKET_MANIFESTATION", "section_heading": "8. 结论", "step_text": "不能证明所有 CSRC 立案都能预测下跌；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0100", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 100, "step_type": "DARKLINE_INTENTION", "section_heading": "8. 结论", "step_text": "不能证明根部暗线只有一个；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0101", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 101, "step_type": "BODY_REASONING", "section_heading": "8. 结论", "step_text": "不能证明已经可以直接消费到局/门；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0102", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 102, "step_type": "BODY_REASONING", "section_heading": "8. 结论", "step_text": "不能证明完整风格体已经成立。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0103", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 103, "step_type": "BODY_REASONING", "section_heading": "8. 结论", "step_text": "不能用“东升西降”直接解释某只股票某一天涨跌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0104", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 104, "step_type": "SECTION_HEADING", "section_heading": "9. 回归方法论", "step_text": "### 9. 回归方法论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0105", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 105, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "本案例验证的方法论条目：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0106", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 106, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "暗线一定是意图、目标、人心，不是单个机制。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0107", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 107, "step_type": "INITIAL_LEAF", "section_heading": "9. 回归方法论", "step_text": "新闻/公告是叶子，不是根。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0108", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 108, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "多个 L3 事件密集出现时，要向上追问 L1/L2 根部意图。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0109", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 109, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "高层意图通常推动低一层事件，同层解释要谨慎。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0110", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 110, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "暗线可信度来自 M/B/C/N/L 等路径节点被不断验证。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0111", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 111, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "枝干会继续长枝干：监管枝干会引出退市、处罚、中介追责、估值重估等支线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0112", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 112, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "天下模型第一层“东升西降”可以作为最高背景暗线，但不能跳层直接解释单票。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0113", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 113, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "本案例新增的固定检查：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0114", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 114, "step_type": "WHY_NODE", "section_heading": "9. 回归方法论", "step_text": "看到一批监管处罚类公司事件时，不能只问“这家公司为什么跌”；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0115", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 115, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "必须先问“这是不是某个更高层资本市场治理意图的下层显影”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0116", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 116, "step_type": "MARKET_MANIFESTATION", "section_heading": "9. 回归方法论", "step_text": "当追到“资本市场出清/秩序重塑”后，也不能立刻当终极根；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0117", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 117, "step_type": "WHY_NODE", "section_heading": "9. 回归方法论", "step_text": "为什么这个阶段要出新国九条？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0118", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 118, "step_type": "WHY_NODE", "section_heading": "9. 回归方法论", "step_text": "为什么这个阶段加强上市公司监管？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0119", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 119, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "9. 回归方法论", "step_text": "它背后服务的是金融强国、防风险、资源定价重塑、产业升级，还是更高层战略竞争？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0120", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 120, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "因此，本案例里的“资本市场出清/秩序重塑”当前只能叫相对根部暗线；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0121", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 121, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "9. 回归方法论", "step_text": "后续还要继续做 deeper_root_review。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0122", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 122, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "当前更高层归位：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0123", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 123, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "-> L1：金融强国 / 高质量发展 / 新质生产力 / 国家安全", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0124", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 124, "step_type": "MARKET_MANIFESTATION", "section_heading": "9. 回归方法论", "step_text": "-> L2：资本市场出清 / 秩序重塑 / 上市公司质量提升", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0125", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 125, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "-> L3：强监管 / 退市 / 打假 / 关键少数追责", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0126", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 126, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "-> L4：公司立案 / 处罚 / ST / 退市", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0127", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 127, "step_type": "MARKET_MANIFESTATION", "section_heading": "9. 回归方法论", "step_text": "-> L5：K线负向显影 / 风险股折价 / 优质资产相对重估", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0128", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 128, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "L0 只能做最高背景板；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0129", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 129, "step_type": "MARKET_MANIFESTATION", "section_heading": "9. 回归方法论", "step_text": "L1/L2 用来判断政策风、制度风、资本市场风；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0130", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 130, "step_type": "INITIAL_LEAF", "section_heading": "9. 回归方法论", "step_text": "L3/L4 才适合落到具体事件和公司样本；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0131", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 131, "step_type": "MARKET_MANIFESTATION", "section_heading": "9. 回归方法论", "step_text": "L5 才是股市显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0132", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 132, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "不能从 L0 直接跳到 L5。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0133", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 133, "step_type": "MARKET_MANIFESTATION", "section_heading": "9. 回归方法论", "step_text": "普通监管链只需优先抓关键节点，例如立案、处罚、市场禁入、ST/退市、风险解除；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0134", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 134, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "中间无新增事实的转载和评论不作为主证据。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0135", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 135, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "只有进入专线精追的暗线，才补问询、回应、过程公告、相关方小动作等细节节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0136", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 136, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "默认不深追所有细节；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0137", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 137, "step_type": "DARKLINE_INTENTION", "section_heading": "9. 回归方法论", "step_text": "当用户明确判断高价值，或观察员判断该暗线对方法论验证/目标2验证/短期显影验证有实验价值时，可以进入深追。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0138", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 138, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "当前方法论建设阶段允许少数案例深追练手，但必须说明实验目的和停止条件。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0139", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 139, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "追到根节点后的固定动作：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0140", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 140, "step_type": "MARKET_MANIFESTATION", "section_heading": "9. 回归方法论", "step_text": "如果当前枝干向上追到新国九条 / 资本市场秩序重塑这类根节点，", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0141", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 141, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "不能只继续追 CSRC 立案处罚这一条枝干；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0142", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 142, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "必须回到根节点扫描兄弟分叉。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0143", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 143, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "本案例的兄弟分叉候选包括：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0144", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 144, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "分红 / 回购 / 治理改善；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0145", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 145, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "退市 / 打假 / 低质量资产出清；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0146", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 146, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "中长期资金入市；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0147", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 147, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "并购重组 / 资源整合；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0148", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 148, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "新质生产力 / 科技先进制造。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0149", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 149, "step_type": "BODY_REASONING", "section_heading": "9. 回归方法论", "step_text": "这些兄弟分叉只能进入候选池，", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0004_STEP_0150", "case_id": "DLCASE_LEGACY_0004", "darkline_hypothesis_id": "DLCASE_LEGACY_0004", "step_order": 150, "step_type": "SUMMARY_READOUT", "section_heading": "9. 回归方法论", "step_text": "不能直接继承 CSRC 立案线的结论。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0001", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例 3 补充：公告前可预测性复验", "step_text": "## 案例 3 补充：公告前可预测性复验", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0002", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "问题", "step_text": "### 问题", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0003", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "问题", "step_text": "招商局集团 8 家上市公司集中回购/增持公告发生在 `2024-10-14`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0004", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "问题", "step_text": "如果只在公告后看 K线，D1 有反应，但 D5/D10 不持续。真正有价值的问题是：公告前有没有信号可以提前判断这类行为会发生？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0005", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 5, "step_type": "SECTION_HEADING", "section_heading": "实验链", "step_text": "### 实验链", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0006", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "实验链", "step_text": "2024-01-24 国资委央企市值管理信号", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0007", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "实验链", "step_text": "-> 央企/上市平台有维护市值的上层压力", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0008", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 8, "step_type": "MARKET_MANIFESTATION", "section_heading": "实验链", "step_text": "-> 2024-09-24 回购增持再贷款与资本市场稳定政策", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0009", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "实验链", "step_text": "-> 回购/增持成为可执行工具", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0010", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "实验链", "step_text": "-> 候选对象应落到央企集团、多上市平台、市值管理压力对象", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0011", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "实验链", "step_text": "-> 2024-10-14 招商局集团 8 家上市公司集中回购/增持公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0012", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 12, "step_type": "SECTION_HEADING", "section_heading": "结果", "step_text": "### 结果", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0013", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "结果", "step_text": "`mirror/data/result/darkline_l3track72_to_79_cmhk_preannouncement_predictability_20260514/`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0014", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 14, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "结果", "step_text": "DIRECTION_PREDICTABLE__SPECIFIC_GROUP_HELD_BY_REGISTRY_GAP", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0015", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 15, "step_type": "INITIAL_LEAF", "section_heading": "结果", "step_text": "公告前可以判断“央企/集团平台可能出现回购增持响应”这个方向。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0016", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 16, "step_type": "DARKLINE_INTENTION", "section_heading": "结果", "step_text": "招商局的后续行为符合这条暗线推理。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0017", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 17, "step_type": "INITIAL_LEAF", "section_heading": "结果", "step_text": "但当前还不能说公告前一定能机械锁定招商局，因为缺 `as-of 父集团-上市公司成员池` 和 `同窗口非招商局央企集团对照池`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0018", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 18, "step_type": "SECTION_HEADING", "section_heading": "方法论回归", "step_text": "### 方法论回归", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0019", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 19, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 新闻不是起点，新闻是结果。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0020", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 20, "step_type": "DARKLINE_INTENTION", "section_heading": "方法论回归", "step_text": "- 暗线价值在于新闻前的行为方向推理。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0021", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 21, "step_type": "DARKLINE_INTENTION", "section_heading": "方法论回归", "step_text": "- 正确目标不是“用公告预测公告后股价”，而是“用公告前公开信号推理下一步可能发生的行为”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0005_STEP_0022", "case_id": "DLCASE_LEGACY_0005", "darkline_hypothesis_id": "DLCASE_LEGACY_0005", "step_order": 22, "step_type": "DARKLINE_INTENTION", "section_heading": "方法论回归", "step_text": "- 暗线推理的准确率不是靠事件数量堆出来，而是靠关键节点是否被验证。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0001", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 1, "step_type": "WHY_NODE", "section_heading": "案例 3 补充：为什么偏偏是招商局", "step_text": "## 案例 3 补充：为什么偏偏是招商局", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0002", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "问题", "step_text": "### 问题", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0003", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "问题", "step_text": "前一轮已经证明：公告前可以推理出“央企/集团平台可能响应回购增持工具”这个方向。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0004", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 4, "step_type": "WHY_NODE", "section_heading": "问题", "step_text": "但用户指出：符合央企、市值管理、多平台条件的集团很多，为什么偏偏是招商局。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0005", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 5, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "问题", "step_text": "这个问题不能只用“央企”解释。央企只是必要条件，不是充分条件。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0006", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 6, "step_type": "SECTION_HEADING", "section_heading": "拆解", "step_text": "### 拆解", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0007", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "拆解", "step_text": "央企市值管理压力", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0008", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "拆解", "step_text": "-> 回购/增持再贷款工具出现", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0009", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "拆解", "step_text": "-> 多上市平台集团可能响应", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0010", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "拆解", "step_text": "招商局特异性条件：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0011", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "拆解", "step_text": "招商局集团有多家上市平台", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0012", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "拆解", "step_text": "-> 招商局集团和招商银行存在集团金融生态关联", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0013", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "拆解", "step_text": "-> 深圳首批股票回购增持再贷款落地时，招商蛇口/招商银行链条出现", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0014", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 14, "step_type": "INITIAL_LEAF", "section_heading": "拆解", "step_text": "-> 8 家成员同日集中公告，说明不是单家公司自发动作，更像集团统一组织动作", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0015", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 15, "step_type": "SECTION_HEADING", "section_heading": "证据分账", "step_text": "### 证据分账", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0016", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 16, "step_type": "INITIAL_LEAF", "section_heading": "证据分账", "step_text": "公告前更接近可用的证据：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0017", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "证据分账", "step_text": "- 国资委推动央企市值管理。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0018", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "证据分账", "step_text": "- 924 后回购增持再贷款工具出现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0019", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "证据分账", "step_text": "- 招商局具备多上市平台和金融生态基础。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0020", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 20, "step_type": "INITIAL_LEAF", "section_heading": "证据分账", "step_text": "公告后用于验证机制的证据：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0021", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 21, "step_type": "INITIAL_LEAF", "section_heading": "证据分账", "step_text": "- 2024-10-14 招商局集团 8 家上市公司同日公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0022", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "证据分账", "step_text": "- 深圳首批股票回购增持再贷款落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0023", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "证据分账", "step_text": "- 招商蛇口获得招商银行贷款支持。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0024", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 24, "step_type": "SECTION_HEADING", "section_heading": "实验结果", "step_text": "### 实验结果", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0025", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "`mirror/data/result/darkline_l3track80_to_87_cmhk_specificity_attribution_20260514/`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0026", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 26, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "实验结果", "step_text": "CMHK_SPECIFIC_MECHANISM_SUPPORTED__EX_ANTE_GROUP_RANKING_HELD_BY_PEER_POOL_GAP", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0027", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 27, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "实验结果", "step_text": "事后看，招商局确实不是普通央企样本。它有集团组织能力、多上市平台、招商银行/集团金融生态、深圳首批工具落地这些叠加条件，所以它成为承载主体是能解释的。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0028", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "但事前能不能在所有央企集团里排出“招商局最可能第一批动”，现在还不能证明，因为缺横向集团对照池。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0029", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 29, "step_type": "SECTION_HEADING", "section_heading": "方法论回归", "step_text": "### 方法论回归", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0030", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "本案例补充了一个关键规则：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0031", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "泛化条件只能解释方向，不能解释具体承载主体。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0032", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 32, "step_type": "WHY_NODE", "section_heading": "方法论回归", "step_text": "要解释“为什么是它”，必须找主体特异性条件。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0006_STEP_0033", "case_id": "DLCASE_LEGACY_0006", "darkline_hypothesis_id": "DLCASE_LEGACY_0006", "step_order": 33, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "特异性条件也要分账：公告前可见的是预测依据；公告后出现的是机制验证。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0001", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例 3 补充：同类国企横向对比", "step_text": "## 案例 3 补充：同类国企横向对比", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0002", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "问题", "step_text": "### 问题", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0003", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "只说招商局有“央企、市值管理、多上市平台、金融生态”还不够。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0004", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 4, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "因为中信、光大、华润等集团也部分符合这些条件。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0005", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 5, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "所以要横向比较：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0006", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "谁只是泛化央企条件？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0007", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "谁有金融执行链？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0008", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "谁和 924 工具链更近？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0009", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "谁有地方试点落地验证？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0010", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "谁出现了同窗口集团动作？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0011", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 11, "step_type": "SECTION_HEADING", "section_heading": "实验结果", "step_text": "### 实验结果", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0012", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "`mirror/data/result/darkline_l3track88_to_95_cmhk_peer_group_horizontal_comparison_20260514/`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0013", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "CMHK_TOP_IN_CURATED_PEER_MATRIX__EX_ANTE_RANKING_STILL_DATA_GATED", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0014", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- 招商局：多上市平台 + 招商银行生态 + 深圳首批落地 + 8 家同日动作，当前矩阵第一。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0015", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- 中信：强对照，金融执行链很强，也有多平台，但本案缺同窗口集团动作和地方落地验证。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0016", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- 光大：更像金融工具执行端，不像多产业上市平台响应端。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0017", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- 华润：多平台强，也有区域银行链条，但全国性金融执行和本轮落地证据不如招商局清楚。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0018", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- 保利/中交/五矿：央企和产业属性强，但金融执行链弱。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0019", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 19, "step_type": "SECTION_HEADING", "section_heading": "方法论回归", "step_text": "### 方法论回归", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0020", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "这轮补了一个更硬的判断：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0021", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "当多个主体都符合泛化条件时，不能只讲“它符合条件”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0022", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "必须做同类主体横向比较。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0023", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 23, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "方法论回归", "step_text": "比较重点不是名字，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0024", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "主体性质、上层单位关系、金融执行链、地方落地链、组织动作证据。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0025", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 25, "step_type": "WHY_NODE", "section_heading": "方法论回归", "step_text": "当前能解释招商局为什么更像承载主体；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0007_STEP_0026", "case_id": "DLCASE_LEGACY_0007", "darkline_hypothesis_id": "DLCASE_LEGACY_0007", "step_order": 26, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "但要做到公告前机械点名，还必须补完整央企集团横向动作池。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0001", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 1, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "案例 3 补充：三类缺口数据 proxy 化", "step_text": "## 案例 3 补充：三类缺口数据 proxy 化", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0002", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "问题", "step_text": "### 问题", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0003", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "前面明确缺三类数据：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0004", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 4, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "1. as-of 父集团-上市公司成员池", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0005", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 5, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "2. 同窗口央企集团回购/增持动作池", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0006", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "3. 集团金融执行关系表", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0007", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "用户允许在真实历史 as-of 补不上时，先用 2026 当前数据做假设。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0008", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 8, "step_type": "SECTION_HEADING", "section_heading": "实验结果", "step_text": "### 实验结果", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0009", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "`mirror/data/result/darkline_l3track96_to_103_soe_group_proxy_data_supplement_20260514/`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0010", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "THREE_DATA_CLASSES_PARTIAL_PROXY_FILLED__TRUE_2024_ASOF_STILL_GATED", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0011", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- 7 个集团、33 个成员的 2026 proxy 父集团成员池。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0012", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- 东方财富当前回购快照 join。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0013", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- 本地巨潮回购版本链样本 join。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0014", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- 集团金融执行关系 proxy。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0015", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "proxy_member_count = 33", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0016", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "proxy_group_count = 7", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0017", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "current_buyback_snapshot_hit_count = 15", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0018", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "current_buyback_snapshot_record_count = 22", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0019", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "cninfo_2024_window_proxy_hit_count = 0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0020", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "top_proxy_group_id = CMHK", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0021", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 21, "step_type": "SECTION_HEADING", "section_heading": "方法论回归", "step_text": "### 方法论回归", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0022", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "proxy 数据可以帮助我们继续推理和做横向假设；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0023", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "但 proxy 不能替代历史 as-of。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0008_STEP_0024", "case_id": "DLCASE_LEGACY_0008", "darkline_hypothesis_id": "DLCASE_LEGACY_0008", "step_order": 24, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "当前招商局在 proxy 表里仍然强，但真正要证明“公告前能选中招商局”，还必须补真实历史横向池。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0001", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例 3 补充：纯事前 proxy 排名", "step_text": "## 案例 3 补充：纯事前 proxy 排名", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0002", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "问题", "step_text": "### 问题", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0003", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "问题", "step_text": "上一轮 proxy 表仍然用了部分事后信息，比如招商局 8 家同日公告、当前回购快照、公告后落地验证。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0004", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "问题", "step_text": "这些能解释机制，但不能证明公告前筛选能力。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0005", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "问题", "step_text": "因此本轮只保留公告前可推理条件：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0006", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "央企市值管理压力", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0007", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "924 工具链关系", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0008", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "地方/政策预信号", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0009", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 9, "step_type": "SECTION_HEADING", "section_heading": "实验结果", "step_text": "### 实验结果", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0010", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "`mirror/data/result/darkline_l3track104_to_111_cmhk_pre_event_proxy_rank_20260514/`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0011", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "PRE_EVENT_PROXY_RANK_CMHk_TOP__CITIC_STRONG_PEER__TRUE_ASOF_STILL_GATED", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0012", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "招商局 rank = 1", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0013", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "中信 rank = 2", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0014", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "招商局 score = 15.3", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0015", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "中信 score = 13.0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0016", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "5/5 权重敏感性测试中招商局第一", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0017", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 17, "step_type": "SECTION_HEADING", "section_heading": "方法论回归", "step_text": "### 方法论回归", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0018", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "这轮比“事后解释招商局”更进一步：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0019", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "不看答案字段时，招商局仍然靠前。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0020", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 20, "step_type": "DARKLINE_INTENTION", "section_heading": "方法论回归", "step_text": "这说明暗线可以通过公告前结构条件进行主体筛选。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0021", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 21, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "方法论回归", "step_text": "但当前仍是 proxy，不是 2024 真 as-of。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0009_STEP_0022", "case_id": "DLCASE_LEGACY_0009", "darkline_hypothesis_id": "DLCASE_LEGACY_0009", "step_order": 22, "step_type": "WHY_NODE", "section_heading": "方法论回归", "step_text": "如果要把“为什么是招商局”做成更硬结论，必须补真实历史央企集团分母和同窗口动作池。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0001", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 1, "step_type": "SUMMARY_READOUT", "section_heading": "案例 3 总收口：对信息分析的启发", "step_text": "## 案例 3 总收口：对信息分析的启发", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0002", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "案例 3 总收口：对信息分析的启发", "step_text": "招商局集团集中回购/增持案例给出的核心启发不是“公告后可以买”，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0003", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 3, "step_type": "DARKLINE_INTENTION", "section_heading": "案例 3 总收口：对信息分析的启发", "step_text": "新闻公告通常是暗线的确认节点，不是起点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0004", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 4, "step_type": "DARKLINE_INTENTION", "section_heading": "案例 3 总收口：对信息分析的启发", "step_text": "真正有价值的是公告前的意图、政策工具链、组织动作和资金布局。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0005", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 5, "step_type": "SUMMARY_READOUT", "section_heading": "案例 3 总收口：对信息分析的启发", "step_text": "本案例的方法论结论：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0006", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "案例 3 总收口：对信息分析的启发", "step_text": "- 高层政策风只能先推方向，不能直接点名股票。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0007", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "案例 3 总收口：对信息分析的启发", "step_text": "- 要解释具体承载主体，必须做同类主体横向比较。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0008", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 8, "step_type": "WHY_NODE", "section_heading": "案例 3 总收口：对信息分析的启发", "step_text": "- 泛化条件只能说明“这类主体可能动”，主体特异性条件才能解释“为什么偏偏是它”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0009", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 9, "step_type": "INITIAL_LEAF", "section_heading": "案例 3 总收口：对信息分析的启发", "step_text": "- 公告前可见证据是事前筛选依据，公告后集中动作是机制验证证据。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0010", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "案例 3 总收口：对信息分析的启发", "step_text": "- proxy 数据可以帮助推理，但不能替代真实历史 as-of。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0011", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "案例 3 总收口：对信息分析的启发", "step_text": "- 这类公告更适合往前看：如果公告前已经明显上涨，而公告后只短暂确认，新闻大概率是迟来的确认节点，不是行情起点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0012", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 12, "step_type": "INITIAL_LEAF", "section_heading": "案例 3 总收口：对信息分析的启发", "step_text": "- 利好类型会改变 K 线读法：招商局集团回购/增持更像托底稳定和市值维护，不是生产力增强型利好，所以公告后不应天然期待持续增长。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0013", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 13, "step_type": "INITIAL_LEAF", "section_heading": "公告后回吐复核", "step_text": "### 公告后回吐复核", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0014", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 14, "step_type": "INITIAL_LEAF", "section_heading": "公告后回吐复核", "step_text": "用户追问：公告前 20 个交易日平均上涨约 `+17.78%`，公告后 1~2 个月是否把这段涨幅跌回去。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0015", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "公告后回吐复核", "step_text": "`mirror/data/result/darkline_ad_hoc_cmhk_post_giveback_20260515/`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0016", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 16, "step_type": "INITIAL_LEAF", "section_heading": "公告后回吐复核", "step_text": "公告前 D-20 到 D-1：平均 +17.78%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0017", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 17, "step_type": "INITIAL_LEAF", "section_heading": "公告后回吐复核", "step_text": "公告后 D0 到 D20：平均 +1.36%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0018", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 18, "step_type": "INITIAL_LEAF", "section_heading": "公告后回吐复核", "step_text": "公告后 D0 到 D40：平均 +0.73%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0019", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 19, "step_type": "INITIAL_LEAF", "section_heading": "公告后回吐复核", "step_text": "公告后 D0 到 D60：平均 -1.92%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0020", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "公告后回吐复核", "step_text": "从 D-20 起算到 D40：平均仍约 +15.57%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0021", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "公告后回吐复核", "step_text": "从 D-20 起算到 D60：平均仍约 +11.88%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0022", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 22, "step_type": "INITIAL_LEAF", "section_heading": "公告后回吐复核", "step_text": "公告后没有形成持续发动机，但也不是 1~2 个月内整体把公告前涨幅全部跌回去。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0023", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 23, "step_type": "INITIAL_LEAF", "section_heading": "公告后回吐复核", "step_text": "更准确的读法是：公告前已经被政策风和央企回购预期提前定价，公告后只是短窗口确认，后续缺少生产力升级型增量。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0024", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "公告后回吐复核", "step_text": "当前可交付读法：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0025", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "公告后回吐复核", "step_text": "招商局可作为政策风承载主体筛选案例。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0026", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 26, "step_type": "INITIAL_LEAF", "section_heading": "公告后回吐复核", "step_text": "招商局可作为“公告前结构条件筛选”案例。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0010_STEP_0027", "case_id": "DLCASE_LEGACY_0010", "darkline_hypothesis_id": "DLCASE_LEGACY_0010", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "公告后回吐复核", "step_text": "招商局不能被读成已经完成历史 as-of 机械点名验证。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0001", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例 3 补充：信息拓扑归档", "step_text": "## 案例 3 补充：信息拓扑归档", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0002", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "问题", "step_text": "### 问题", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0003", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "前面案例已经有故事、实验和证据，但数据链路仍分散在多个结果包里。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0004", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 4, "step_type": "DARKLINE_INTENTION", "section_heading": "问题", "step_text": "为了让这条暗线后续能复用、入库、更新可信度，必须回填成标准信息拓扑：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0005", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "问题", "step_text": "暗线假设 -> 应有之线 -> 事件节点 -> 证据 -> 影响对象 -> K线显影 -> 对照 -> 链路状态", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0006", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 6, "step_type": "SECTION_HEADING", "section_heading": "实验结果", "step_text": "### 实验结果", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0007", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "`mirror/data/result/darkline_l3track112_to_119_cmhk_information_topology_backfill_20260514/`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0008", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "CMHK_INFORMATION_TOPOLOGY_BACKFILLED__CASEBOOK_LEVEL__TRUE_ASOF_RANKING_GATED", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0009", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- `l3track112_darkline_hypothesis_table.csv`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0010", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- `l3track113_expected_line_table.csv`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0011", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- `l3track114_event_node_table.csv`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0012", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- `l3track116_evidence_table.csv`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0013", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- `l3track117_event_impact_target_table.csv`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0014", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- `l3track118_market_manifestation_bridge.csv`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0015", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "实验结果", "step_text": "- `l3track119_chain_state_table.csv`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0016", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 16, "step_type": "SECTION_HEADING", "section_heading": "方法论回归", "step_text": "### 方法论回归", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0017", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "案例分析不能只留故事。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0018", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 18, "step_type": "DARKLINE_INTENTION", "section_heading": "方法论回归", "step_text": "只要进入暗线追踪，就必须能落成信息拓扑表。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0019", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 19, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "方法论回归", "step_text": "拓扑回填完成，才方便后续补证、反证、更新可信度和进入数据库。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0011_STEP_0020", "case_id": "DLCASE_LEGACY_0011", "darkline_hypothesis_id": "DLCASE_LEGACY_0011", "step_order": 20, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "但这只是 casebook 级拓扑归档，不等于完成真实 as-of 横向排名，也不等于公告前能机械点名招商局。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0001", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 1, "step_type": "DARKLINE_INTENTION", "section_heading": "案例 4：中青宝关键人/信披违规治理风险暗线", "step_text": "## 案例 4：中青宝关键人/信披违规治理风险暗线", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0002", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0003", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 3, "step_type": "DARKLINE_INTENTION", "section_heading": "案例定位", "step_text": "这是 L3 公司层暗线个案，不是批量规则。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0004", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 4, "step_type": "DARKLINE_INTENTION", "section_heading": "案例定位", "step_text": "本案价值在于：它不是单纯看到“处罚公告后股价跌”，而是官方处罚决定书里直接出现了延后披露动机，能把“人心/意图”从文本里反推出一段现实链。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0005", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 5, "step_type": "SECTION_HEADING", "section_heading": "故事链条", "step_text": "### 故事链条", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0006", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 6, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "故事链条", "step_text": "公司/实控人风险已提前形成", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0007", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "故事链条", "step_text": "-> 为避免影响融资而暂不披露", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0008", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 8, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "故事链条", "step_text": "-> 强制措施/信披风险被延后公开", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0009", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "故事链条", "step_text": "-> 证监会立案扩展到公司和实际控制人", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0010", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "故事链条", "step_text": "-> 行政处罚事先告知/处罚决定落地", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0011", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 11, "step_type": "MARKET_MANIFESTATION", "section_heading": "故事链条", "step_text": "-> 300052.SZ 在两个关键立案节点后出现短窗口负向显影", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0012", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 12, "step_type": "SECTION_HEADING", "section_heading": "核心数据", "step_text": "### 核心数据", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0013", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "`mirror/data/result/darkline_l3track128_to_135_zhongqingbao_keyperson_topology_20260514/`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0014", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `2023-12-29`：张云霞被采取刑事强制措施。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0015", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `2024-04-19`：公司及相关主体不晚于该日知悉事项。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0016", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `2024-07-26`：公司披露强制措施相关事项。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0017", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `2024-08-09`：公司及张云霞被证监会立案。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0018", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `2024-10-29`：李瑞杰被证监会立案。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0019", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `2025-03-17`：行政处罚事先告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0020", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `2025-03-29`：行政处罚决定书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0021", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `2024-08-12`：D0-D1 原始收益 `-16.0685%`，相对行业 `-15.1216%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0022", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `2024-10-30`：D0-D1 原始收益 `-13.8575%`，相对行业 `-14.8756%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0023", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 23, "step_type": "SECTION_HEADING", "section_heading": "方法论回归", "step_text": "### 方法论回归", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0024", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "这例验证了三条方法论：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0025", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 25, "step_type": "DARKLINE_INTENTION", "section_heading": "方法论回归", "step_text": "第一，新闻不是起点，新闻往往是暗线已经运行后的外显。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0026", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 26, "step_type": "DARKLINE_INTENTION", "section_heading": "方法论回归", "step_text": "第二，L3 暗线最容易落到单票 K 线，但必须先追现实行为链。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0027", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 27, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "第三，关键节点证据比大量普通新闻更重要。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0028", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 28, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 原始 `2024-07-26` 公告源需要后续补齐。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0029", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 29, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 需要同类公司错日期/非事件窗口对照。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0012_STEP_0030", "case_id": "DLCASE_LEGACY_0012", "darkline_hypothesis_id": "DLCASE_LEGACY_0012", "step_order": 30, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "方法论回归", "step_text": "- 不能从本案直接推出关键人风险的批量预测规则。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0001", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 1, "step_type": "DARKLINE_INTENTION", "section_heading": "案例 5：诺德新材审计意见风险暗线", "step_text": "## 案例 5：诺德新材审计意见风险暗线", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0002", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0003", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 3, "step_type": "DARKLINE_INTENTION", "section_heading": "案例定位", "step_text": "这是 L3 公司层暗线个案，起点不是处罚公告，而是审计意见/专项说明。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0004", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 4, "step_type": "MARKET_MANIFESTATION", "section_heading": "案例定位", "step_text": "本案价值在于：它提醒我们，某些看起来很“会计/审计”的文本，可能是公司风险链的早期显影。但这种线不能机械读成持续下跌，因为市场可能先消化风险，再重新定价。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0005", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 5, "step_type": "SECTION_HEADING", "section_heading": "故事链条", "step_text": "### 故事链条", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0006", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 6, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "故事链条", "step_text": "审计意见/专项说明暴露底层风险", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0007", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 7, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "故事链条", "step_text": "-> 后续 4 天出现实际控制人、董事被立案调查", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0008", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 8, "step_type": "MARKET_MANIFESTATION", "section_heading": "故事链条", "step_text": "-> D0-D5 风险显影", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0009", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "故事链条", "step_text": "-> D21-D60 出现强修复/重定价", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0010", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 10, "step_type": "SECTION_HEADING", "section_heading": "核心数据", "step_text": "### 核心数据", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0011", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "`mirror/data/result/darkline_l3track136_to_143_audit_opinion_nord_case_20260514/`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0012", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `2025-04-22`：诺德新材监事会对董事会关于 2024 年度非标准审计意见涉及事项的专项说明发表意见。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0013", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 13, "step_type": "INITIAL_LEAF", "section_heading": "核心数据", "step_text": "- `2025-04-26`：公司公告实际控制人、董事收到证监会立案告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0014", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `PRE_D20_D1`：原始收益 `-12.4688%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0015", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `D0_D5`：原始收益 `-12.8205%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0016", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `D0_D20`：原始收益 `-3.7037%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0017", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `D21_D60`：原始收益 `+70.7101%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0018", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 18, "step_type": "SECTION_HEADING", "section_heading": "方法论回归", "step_text": "### 方法论回归", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0019", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "这例验证了两条方法论：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0020", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 20, "step_type": "DARKLINE_INTENTION", "section_heading": "方法论回归", "step_text": "第一，暗线不是只看最后的处罚或调查，前置文本也可能是风险链的早期拼图。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0021", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 21, "step_type": "DARKLINE_INTENTION", "section_heading": "方法论回归", "step_text": "第二，市场显影不是单一方向；同一暗线可能先风险释放，再进入重定价。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0022", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 22, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 需要补官方来源 URL 或公告原文锚点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0023", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "- 需要同类审计意见样本做多样本对比。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0013_STEP_0024", "case_id": "DLCASE_LEGACY_0013", "darkline_hypothesis_id": "DLCASE_LEGACY_0013", "step_order": 24, "step_type": "MARKET_MANIFESTATION", "section_heading": "方法论回归", "step_text": "- 不能从本案直接推出审计意见后持续下跌规则。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0001", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 1, "step_type": "DARKLINE_INTENTION", "section_heading": "案例 6：模塑科技人形机器人订单暗线", "step_text": "## 案例 6：模塑科技人形机器人订单暗线", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0002", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0003", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 3, "step_type": "DARKLINE_INTENTION", "section_heading": "案例定位", "step_text": "这是 L3 公司层正向暗线个案，属于订单/业务落地型。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0004", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "本案最重要的地方是：它最初是分红线里的异常样本，但拆完事件拓扑后发现，真正贴近 K 线加速段的是人形机器人订单，而不是分红。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0005", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 5, "step_type": "SECTION_HEADING", "section_heading": "故事链条", "step_text": "### 故事链条", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0006", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "故事链条", "step_text": "分红预案提供上下文", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0007", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "故事链条", "step_text": "-> 公司披露人形机器人外覆盖件订单/采购框架协议", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0008", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "故事链条", "step_text": "-> 市场把公司重新映射到机器人产业链叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0009", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 9, "step_type": "MARKET_MANIFESTATION", "section_heading": "故事链条", "step_text": "-> K线继续加速", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0010", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 10, "step_type": "INITIAL_LEAF", "section_heading": "故事链条", "step_text": "-> 分红实施和异常波动公告更多是后置确认/上下文", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0011", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 11, "step_type": "SECTION_HEADING", "section_heading": "核心数据", "step_text": "### 核心数据", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0012", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "`mirror/data/result/darkline_l3track144_to_151_robot_order_mosutech_topology_20260514/`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0013", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 13, "step_type": "INITIAL_LEAF", "section_heading": "核心数据", "step_text": "- `2025-10-31`：分红预案公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0014", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- `2025-12-16`：签订采购框架协议并获得人形机器人外覆盖件产品订单。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0015", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 15, "step_type": "INITIAL_LEAF", "section_heading": "核心数据", "step_text": "- `2025-12-30`：分红派息实施公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0016", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 16, "step_type": "INITIAL_LEAF", "section_heading": "核心数据", "step_text": "- `2025-12-30`：股票交易异常波动公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0017", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- 分红预案到机器人订单前：`+9.1650%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0018", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- 机器人订单到分红实施前：`+21.5415%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0019", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "核心数据", "step_text": "- 分红实施后 10 个交易日：`-3.9146%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0020", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 20, "step_type": "SECTION_HEADING", "section_heading": "方法论回归", "step_text": "### 方法论回归", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0021", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "这例验证了三条方法论：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0022", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 22, "step_type": "DARKLINE_INTENTION", "section_heading": "方法论回归", "step_text": "第一，同一只股票同一阶段可以有多条暗线，不能看见一个解释就停。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0023", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 23, "step_type": "DARKLINE_INTENTION", "section_heading": "方法论回归", "step_text": "第二，正向 L3 暗线更应该追业务落地、订单、客户、产能、合同这类现实动作。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0024", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 24, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "第三，异常波动公告通常是后置确认，不应当作事前驱动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0025", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "- 需要同类机器人订单/重大合同样本做横向对照。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0026", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 26, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 需要错日期和同股非事件窗口对照。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0014_STEP_0027", "case_id": "DLCASE_LEGACY_0014", "darkline_hypothesis_id": "DLCASE_LEGACY_0014", "step_order": 27, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 不能从本案直接外推“所有订单公告都有效”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0001", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例 7：新闻类型窄对象收口", "step_text": "## 案例 7：新闻类型窄对象收口", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0002", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "问题", "step_text": "### 问题", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0003", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "问题", "step_text": "前序 NEWSLAG / NEWSTYPE 实验反复说明：不能把“回购”“监管”“风险披露”这类宽新闻标签直接当成稳定判断。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0004", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "问题", "step_text": "真正能沉淀的是更窄的对象：具体事件子类型 + 公告前状态 + 行为链阶段 + 时间窗口 + 对照验证。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0005", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 5, "step_type": "SECTION_HEADING", "section_heading": "当前沉淀对象", "step_text": "### 当前沉淀对象", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0006", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "当前沉淀对象", "step_text": "CSRC_INVESTIGATION_NOTICE_IMMEDIATE_NEGATIVE_V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0007", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 7, "step_type": "INITIAL_LEAF", "section_heading": "当前沉淀对象", "step_text": "证监会立案类公告是即时负向风险披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0008", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "当前沉淀对象", "step_text": "它适合做风险样本卡，不适合扩成所有监管新闻都负向。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0009", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "当前沉淀对象", "step_text": "BUYBACK_COMPLETED_CHAIN_STRONG_PRE_MANIFESTATION_DELAYED_CONFIRMATION_V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0010", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 10, "step_type": "INITIAL_LEAF", "section_heading": "当前沉淀对象", "step_text": "公告前已经强显影的回购完成链，公告更像迟来确认。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0011", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "当前沉淀对象", "step_text": "重点不是公告后追涨，而是识别公告前的行为链和提前显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0012", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 12, "step_type": "SECTION_HEADING", "section_heading": "证据路径", "step_text": "### 证据路径", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0013", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "证据路径", "step_text": "NEWSTYPE3 clean replay", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0014", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "证据路径", "step_text": "-> CSRC_INVESTIGATION_NOTICE 行级复验成立", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0015", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 15, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "证据路径", "step_text": "-> NEWSTYPE6 扩展风险披露被价格覆盖缺口阻断", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0016", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "证据路径", "step_text": "-> 保留窄对象，不扩宽标签。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0017", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "证据路径", "step_text": "NEWSLAG5 D60 observable + one-to-one control", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0018", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "证据路径", "step_text": "-> BUYBACK_COMPLETED_CHAIN + STRONG_PRE_MANIFESTATION 支持迟来确认", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0019", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "证据路径", "step_text": "-> NEWSLAG6 阻断严格 as-of 行业/市值宽推", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0020", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "证据路径", "step_text": "-> 保留窄对象，不扩成所有回购/增持。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0021", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 21, "step_type": "SECTION_HEADING", "section_heading": "数据归档", "step_text": "### 数据归档", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0022", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "数据归档", "step_text": "对应归档结果包：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0023", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "数据归档", "step_text": "mirror/data/result/darkline_newstype9_to_12_narrow_object_topology_archive_20260515/", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0024", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "数据归档", "step_text": "该包已把两个对象落到信息拓扑 CSV，并写入 MySQL 的 `darkline_info_v1_*` 表。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0025", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 25, "step_type": "SECTION_HEADING", "section_heading": "方法论回归", "step_text": "### 方法论回归", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0026", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 26, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "宽新闻类型只能当候选池；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0027", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "窄对象才适合沉淀；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0028", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 28, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "公告前显影状态必须和新闻类型一起读；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0029", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 29, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "同一类新闻不能统一按 D1/D5/D10 解释；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0030", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 30, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "能归档的不是“新闻类型”，而是“可复验的信息拓扑对象”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0031", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 31, "step_type": "SECTION_HEADING", "section_heading": "当前边界", "step_text": "### 当前边界", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0032", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 32, "step_type": "INITIAL_LEAF", "section_heading": "当前边界", "step_text": "不能说所有监管新闻都负向。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0033", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "当前边界", "step_text": "不能说所有回购完成都是迟来确认。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0034", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "当前边界", "step_text": "不能说行业/市值严格中性后已经稳定。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0015_STEP_0035", "case_id": "DLCASE_LEGACY_0015", "darkline_hypothesis_id": "DLCASE_LEGACY_0015", "step_order": 35, "step_type": "DARKLINE_INTENTION", "section_heading": "当前边界", "step_text": "不能用这两条直接替代后续暗线行为链验证。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0001", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例 8：审计修复宽标签拆桶", "step_text": "## 案例 8：审计修复宽标签拆桶", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0002", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "问题", "step_text": "### 问题", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0003", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "问题", "step_text": "`AUDIT_REMEDIATION_OR_IMPACT_ELIMINATED` 在 2025-04 很强，但跨月稳定性差。这个现象不能直接读成理论失败，也不能硬说对象稳定。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0004", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 4, "step_type": "WHY_NODE", "section_heading": "问题", "step_text": "正确追问是：为什么 2025-04 强，为什么其他月份弱。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0005", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 5, "step_type": "SECTION_HEADING", "section_heading": "根因拆分", "step_text": "### 根因拆分", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0006", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "根因拆分", "step_text": "NEWSTYPE105~112 把审计修复宽标签拆成现实含义不同的根因桶：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0007", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "根因拆分", "step_text": "PURE_RISK_CLEARANCE_REPRICING：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0008", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 8, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "根因拆分", "step_text": "纯风险出清/重估。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0009", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "根因拆分", "step_text": "RISK_CLEARANCE_WITH_RESIDUAL_RISK_FOLLOWUP：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0010", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 10, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "根因拆分", "step_text": "风险出清但后续仍有残余风险跟进。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0011", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "根因拆分", "step_text": "REPAIR_DISCLOSURE_WITH_NEW_RISK_EXPOSURE：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0012", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 12, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "根因拆分", "step_text": "修复披露后又暴露新风险。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0013", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "根因拆分", "step_text": "TECHNICAL_DISCLOSURE_MARKET_BETA_ONLY：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0014", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 14, "step_type": "INITIAL_LEAF", "section_heading": "根因拆分", "step_text": "技术性披露，更像市场 beta 或公告噪声。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0015", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "根因拆分", "step_text": "REPAIR_DISCLOSURE_NOT_REWARDED：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0016", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "根因拆分", "step_text": "样本太薄，暂不判断。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0017", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 17, "step_type": "SECTION_HEADING", "section_heading": "回放结果", "step_text": "### 回放结果", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0018", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "回放结果", "step_text": "NEWSTYPE113~120 显示，父标签不能用，但根因桶有明显分离：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0019", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "回放结果", "step_text": "PURE_RISK_CLEARANCE_REPRICING", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0020", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "回放结果", "step_text": "RISK_CLEARANCE_WITH_RESIDUAL_RISK_FOLLOWUP", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0021", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "回放结果", "step_text": "REPAIR_DISCLOSURE_WITH_NEW_RISK_EXPOSURE", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0022", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "回放结果", "step_text": "TECHNICAL_DISCLOSURE_MARKET_BETA_ONLY", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0023", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "回放结果", "step_text": "mirror/data/result/darkline_newstype105_to_112_audit_remediation_root_cause_20260515/", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0024", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "回放结果", "step_text": "mirror/data/result/darkline_newstype113_to_120_audit_remediation_bucket_replay_20260515/", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0025", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 25, "step_type": "SECTION_HEADING", "section_heading": "方法论回归", "step_text": "### 方法论回归", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0026", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 26, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "新闻不是普通行情标签，不能跨月不稳就直接判失败。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0027", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 27, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "宽新闻标签只能当候选池。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0028", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "跨窗口不稳时，先做事理根因拆分。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0029", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "方法论回归", "step_text": "如果根因桶方向相反，父标签必须废弃或降成候选池。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0030", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 30, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "可沉淀的是根因桶/行为桶，不是宽新闻名称。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0031", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 31, "step_type": "SUMMARY_READOUT", "section_heading": "当前读法", "step_text": "### 当前读法", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0032", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "当前读法", "step_text": "AUDIT_REMEDIATION_OUTCOME_LEAKAGE_CONFIRMED__EX_POST_CASEBOOK_ONLY", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0033", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "当前读法", "step_text": "审计修复这条线当前的价值不在于形成一个统一对象，而在于证明“宽标签必须继续拆”的方向是对的。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0034", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 34, "step_type": "SECTION_HEADING", "section_heading": "纠偏记录", "step_text": "### 纠偏记录", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0035", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 35, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "纠偏记录", "step_text": "NEWSTYPE137~144 已确认：前面的根因桶使用了 `D60` 收益、超额收益和后续行为字段分桶，存在 outcome leakage。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0036", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "纠偏记录", "step_text": "NEWSTYPE105~136 只能作为事后解释 casebook。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0037", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "纠偏记录", "step_text": "不能说 PURE_RISK_CLEARANCE_REPRICING 是 T 日可见规则。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0038", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "纠偏记录", "step_text": "不能把桶级对象清单当成可消费对象。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0039", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 39, "step_type": "INITIAL_LEAF", "section_heading": "纠偏记录", "step_text": "如果要继续，必须只用公告标题、正文、事件阶段、主体层级等当时可见字段重建桶。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0040", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 40, "step_type": "SECTION_HEADING", "section_heading": "as-of 重建结果", "step_text": "### as-of 重建结果", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0041", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "as-of 重建结果", "step_text": "NEWSTYPE145~152 用当时可见字段重建审计修复语义桶，确认旧桶虽然不能用，但这条线不用直接封死。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0042", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 42, "step_type": "BODY_REASONING", "section_heading": "as-of 重建结果", "step_text": "当前只保留两个小候选：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0043", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 43, "step_type": "BODY_REASONING", "section_heading": "as-of 重建结果", "step_text": "ASOF_BOARD_EXPLANATION_NONSTANDARD", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0044", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 44, "step_type": "BODY_REASONING", "section_heading": "as-of 重建结果", "step_text": "ASOF_IMPACT_ELIMINATED_FINANCIAL_AUDIT", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0045", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 45, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "as-of 重建结果", "step_text": "这两个候选都只有 `5` 行级别。它们的意义是“值得继续查”，不是“已经可用”。下一步只能做原文复核、同月/同行业/同市值/同审计风险阶段强对照、错日期对照。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0046", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 46, "step_type": "SECTION_HEADING", "section_heading": "强对照与敏感性复核", "step_text": "### 强对照与敏感性复核", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0047", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 47, "step_type": "BODY_REASONING", "section_heading": "强对照与敏感性复核", "step_text": "NEWSTYPE153~160 对两个小候选做了一对一相似对照：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0048", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 48, "step_type": "BODY_REASONING", "section_heading": "强对照与敏感性复核", "step_text": "ASOF_BOARD_EXPLANATION_NONSTANDARD：D60 相对对照 +52.76pct，继续追。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0049", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 49, "step_type": "BODY_REASONING", "section_heading": "强对照与敏感性复核", "step_text": "ASOF_IMPACT_ELIMINATED_FINANCIAL_AUDIT：D60 相对对照 -9.76pct，暂停。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0050", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 50, "step_type": "BODY_REASONING", "section_heading": "强对照与敏感性复核", "step_text": "NEWSTYPE161~168 继续查董事会说明桶是否被单个强样本撑起来：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0051", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 51, "step_type": "BODY_REASONING", "section_heading": "强对照与敏感性复核", "step_text": "full D60 pair gap mean = +52.76pct", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0052", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 52, "step_type": "BODY_REASONING", "section_heading": "强对照与敏感性复核", "step_text": "leave-top D60 pair gap mean = +16.74pct", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0053", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 53, "step_type": "INITIAL_LEAF", "section_heading": "强对照与敏感性复核", "step_text": "结论：这个小桶不是完全靠单个强票撑出来，但现在只有标题级证据，缺原始公告 URL/PDF/正文路径。下一步必须补原文证据链，否则只能停在候选。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0054", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 54, "step_type": "SECTION_HEADING", "section_heading": "候选选择纠偏", "step_text": "### 候选选择纠偏", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0055", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 55, "step_type": "BODY_REASONING", "section_heading": "候选选择纠偏", "step_text": "NEWSTYPE169~176 重新分账：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0056", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 56, "step_type": "BODY_REASONING", "section_heading": "候选选择纠偏", "step_text": "bucket_assignment_future_free_flag = 1", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0057", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 57, "step_type": "BODY_REASONING", "section_heading": "候选选择纠偏", "step_text": "candidate_selection_uses_future_outcome_flag = 1", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0058", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 58, "step_type": "BODY_REASONING", "section_heading": "候选选择纠偏", "step_text": "分桶是用当时可见字段做的；但挑出这两个桶，是看了事后 D60 表现才挑出来的。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0059", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 59, "step_type": "BODY_REASONING", "section_heading": "候选选择纠偏", "step_text": "所以本案例当前只能读成：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0060", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 60, "step_type": "BODY_REASONING", "section_heading": "候选选择纠偏", "step_text": "ASOF_BUCKET_ASSIGNMENT_CLEAN__CANDIDATE_SELECTION_EXPOST_VALIDATION_ONLY", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0016_STEP_0061", "case_id": "DLCASE_LEGACY_0016", "darkline_hypothesis_id": "DLCASE_LEGACY_0016", "step_order": 61, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "候选选择纠偏", "step_text": "案例结论要降一档：董事会说明桶值得继续追，但还不是当时点可识别规则。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0001", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例：非标审计事项影响消除的年报季修复链", "step_text": "## 案例：非标审计事项影响消除的年报季修复链", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0002", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0003", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "2025 年报季，一批公司集中披露“非标准审计意见涉及事项影响已消除”“董事会/监事会专项说明”“会计师审核报告”等公告。事件集中在年报披露窗口，且部分股票在公告后 D10/D20 出现修复显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0004", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 4, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推的暗线意图", "step_text": "### A：反推的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0005", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推的暗线意图", "step_text": "这些公告背后的意图不是“公司生产力增强”，而是“公司、审计机构、监管披露链条在推动历史风险事项出清，降低资本市场不确定性”。所以它属于 L3 公司风险出清/修复暗线，不是宽新闻利好。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0006", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 6, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前应该存在的铺垫", "step_text": "### M：B/C 之前应该存在的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0007", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 7, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前应该存在的铺垫", "step_text": "如果 A 成立，公告前应存在非标审计、保留意见、强调事项、内控非标、风险警示等历史问题。NEWSTYPE425~432 和 433~440 已找到多数样本的前置非标问题证据。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0008", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "N/L：B/C 之后应该发生的后续", "step_text": "### N/L：B/C 之后应该发生的后续", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0009", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 9, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：B/C 之后应该发生的后续", "step_text": "如果风险出清继续推进，后续可能出现撤销风险警示、下一年度审计修复、风险状态改善；如果出清不彻底，也可能出现继续非标、继续风险警示。NEWSTYPE449~456 把后续拆成修复确认、风险延续、仍未闭合三类。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0010", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 10, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0011", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 11, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "市场输出", "step_text": "输出层级是 L3 公司 K 线修复显影，暂不接局实体/局之门。NEWSTYPE457~464 显示，K 线修复可以先于现实后续闭合发生，后续闭合状态不能作为 T 日输入，只能作为验证标签。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0012", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 12, "step_type": "SUMMARY_READOUT", "section_heading": "当前结论", "step_text": "### 当前结论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0013", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "当前结论", "step_text": "本案例可归档为：NONSTANDARD_AUDIT_ISSUE_CLEARANCE_ANNUAL_REPORT_SEASON_V0_2。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0014", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 14, "step_type": "DARKLINE_INTENTION", "section_heading": "当前结论", "step_text": "它是年报季风险出清 casebook，不是全年通用新闻规律；它说明新闻背后的风险出清意图有市场显影，但还需要分清正向修复链和风险延续链。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0015", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 15, "step_type": "SECTION_HEADING", "section_heading": "方法论回归", "step_text": "### 方法论回归", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0016", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 16, "step_type": "DARKLINE_INTENTION", "section_heading": "方法论回归", "step_text": "- 新闻不是结论，暗线意图才是主线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0017", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 17, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 关键节点比新闻数量重要。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0018", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 18, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "方法论回归", "step_text": "- 现实后续闭合是验证节点，不是 T 日可见输入。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0019", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 19, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "方法论回归", "step_text": "- 股市可能先交易风险出清预期，公开闭合可以滞后。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0017_STEP_0020", "case_id": "DLCASE_LEGACY_0017", "darkline_hypothesis_id": "DLCASE_LEGACY_0017", "step_order": 20, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "方法论回归", "step_text": "- 同一父对象下必须拆正向修复链和风险延续链，不能混成一个宽利好标签。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0001", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：平潭发展负面诉讼公告不跌反涨", "step_text": "## 案例：平潭发展负面诉讼公告不跌反涨", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0002", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0003", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "2025-10-16，平潭发展披露《关于公司提起诉讼的进展公告》。公告显示，公司向子公司追讨借款本金 379,520,000 元及利息，但法院因未发现可执行财产，裁定终结本次执行程序。表面读法偏负面或不确定。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0004", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 4, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推的暗线意图", "step_text": "### A：反推的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0005", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推的暗线意图", "step_text": "这条公告本身不是上涨原因。反推暗线应落到更高层：市场在交易平潭、海峡西岸、两岸融合、福建本地题材风；公司诉讼负面只是同一时间出现的叶子，被上层区域/政策风覆盖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0006", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 6, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前应该存在的铺垫", "step_text": "### M：B/C 之前应该存在的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0007", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前应该存在的铺垫", "step_text": "如果 A 成立，应存在长期政策根节点和题材承载地。已找到的关键节点包括：2023 年中央支持福建探索两岸融合发展新路、建设两岸融合发展示范区；平潭是对台开放和两岸往来的重要承载地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0008", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "N/L：B/C 之后应该发生的后续", "step_text": "### N/L：B/C 之后应该发生的后续", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0009", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 9, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：B/C 之后应该发生的后续", "step_text": "如果 A 成立，后续不应只有平潭发展一只票上涨，而应出现海峡西岸、福建本地、平潭概念相关股票共同显影；同时公司基本面应难以解释涨幅，后续会出现风险提示、监管监控或媒体题材归因。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0010", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 10, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0011", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "本地 K 线回放显示，平潭发展公告后 D1 +10.09%，D5 +22.55%，D10 +91.10%，D20 +193.47%。同期香港创新、福建水泥、达华智能、厦门港务等海峡西岸相关股票也明显上涨。媒体后续报道平潭发展 2025-10-17 至 2025-11-17 累计涨幅 255.19%，公司回应生产经营正常、基本面未发生重大改变，深交所将其列为近期重点监控证券。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0012", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 12, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "进一步复核公告日前后 K 线：公告前 20 个交易日到公告日只上涨约 1.51%，公告前 5 个交易日到公告日下跌约 3.44%；公告当天 2025-10-16 股价下跌约 4.53%，但公告后第一个交易日 2025-10-17 涨停，成交额约为前 20 日均值的 2.58 倍。这说明它不是公告前已经涨完，也不是公告本身利好，而更像旧风险落地/洗盘后，被上层题材风点火。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0013", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 13, "step_type": "SUMMARY_READOUT", "section_heading": "当前结论", "step_text": "### 当前结论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0014", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 14, "step_type": "INITIAL_LEAF", "section_heading": "当前结论", "step_text": "这是一个高价值反常识案例：表面公司负面公告不跌反涨，说明真正主导 K 线的是上层区域/政策/题材风，不是公告本身。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0015", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 15, "step_type": "SECTION_HEADING", "section_heading": "方法论回归", "step_text": "### 方法论回归", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0016", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 16, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 负面新闻不跌时，不能只看单票事件，要先问是否有上层风覆盖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0017", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 17, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 高层风会改写低层叶子的新闻读法，单票利空可能被区域/政策/题材风吞掉。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0018", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 18, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 公告当天先跌、次日放量涨停时，要优先检查“旧风险落地 + 上层风点火”的组合，而不是把公告简单读成利好或巧合。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0019", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 19, "step_type": "DARKLINE_INTENTION", "section_heading": "方法论回归", "step_text": "- 新闻不是原因本身，新闻与 K 线背后可能共同指向更高层暗线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0020", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 20, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 讲故事必须沿 `B/C -> A -> M -> N/L -> 市场输出 -> 实际结果 -> 总结` 展开。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0021", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 21, "step_type": "SECTION_HEADING", "section_heading": "证据路径", "step_text": "### 证据路径", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0022", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "证据路径", "step_text": "- 结果包：`mirror/data/result/darkline_fjhvdark0_to_7_single_high_value_story_scan_20260516`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0023", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "证据路径", "step_text": "- 完整故事：`mirror/data/result/darkline_fjhvdark0_to_7_single_high_value_story_scan_20260516/hvdark9_complete_story.md`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0018_STEP_0024", "case_id": "DLCASE_LEGACY_0018", "darkline_hypothesis_id": "DLCASE_LEGACY_0018", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "证据路径", "step_text": "- 上层风证据表：`mirror/data/result/darkline_fjhvdark0_to_7_single_high_value_story_scan_20260516/hvdark8_upper_wind_evidence_table.csv`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0001", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：航天发展业绩补偿诉讼公告被商业航天风覆盖", "step_text": "## 案例：航天发展业绩补偿诉讼公告被商业航天风覆盖", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0002", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0003", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "2025-11-11，航天发展披露《关于子公司业绩承诺补偿涉及诉讼事项进展的公告》。公告显示，涉案金额 `11,694.12 万元`，二审裁定撤销一审判决并发回重审，诉讼最终结果和利润影响仍不确定。表面读法偏负面。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0004", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 4, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推的暗线意图", "step_text": "### A：反推的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0005", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推的暗线意图", "step_text": "这条公告本身不是上涨原因。反推暗线更可能是：市场在交易商业航天、军工信息化、航天央企平台这条上层风。航天发展作为航天科工体系下的上市平台，是这阵风中辨识度较高的叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0006", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 6, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前或附近应该存在的铺垫", "step_text": "### M：B/C 之前或附近应该存在的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0007", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前或附近应该存在的铺垫", "step_text": "如果 A 成立，附近应该有商业航天政策或产业预期抬升。已找到关键节点：国家航天局 2025-11-18 印发《推进商业航天高质量安全发展行动计划（2025—2027年）》，2025-11-25 公开发布，明确将商业航天纳入国家航天发展总体布局。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0008", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "N/L：B/C 之后应该发生的后续", "step_text": "### N/L：B/C 之后应该发生的后续", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0009", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 9, "step_type": "INITIAL_LEAF", "section_heading": "N/L：B/C 之后应该发生的后续", "step_text": "如果 A 成立，后续应看到航天发展之外的商业航天、卫星互联网、军工信息化、卫星导航相关股票一起显影；公司自身也应解释不了涨幅，只能提示无重大未披露事项。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0010", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 10, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0011", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "本地 K 线显示，航天发展公告后 D5 `+34.47%`，D10 `+66.47%`，D20 `+161.28%`。2025-11-14 到 2025-12-05，同池商业航天/军工相关股票多只上涨。2025-11-24 媒体报道商业航天、卫星互联网、军工信息化、卫星导航等概念集体暴涨。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0012", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 12, "step_type": "SUMMARY_READOUT", "section_heading": "当前结论", "step_text": "### 当前结论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0013", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 13, "step_type": "DARKLINE_INTENTION", "section_heading": "当前结论", "step_text": "这是第二条反常识暗线样本：低层公司诉讼公告偏负面，但上层商业航天/军工政策风覆盖了低层负面。更关键的是，航天发展 11 月 14 日先涨，国家航天局行动计划 11 月 18 日签发、11 月 25 日公开，说明市场可能在正式公开前后交易政策预期。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0014", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 14, "step_type": "SECTION_HEADING", "section_heading": "方法论回归", "step_text": "### 方法论回归", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0015", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 15, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 公司负面公告不跌或后续大涨时，要优先检查是否有上层产业/政策风覆盖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0016", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 16, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 上层政策风公开前，市场可能先通过核心叶子显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0017", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 17, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 公司异动公告说基本面无重大变化时，不等于行情无原因，而是说明原因不在公司低层事件里。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0018", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 18, "step_type": "INITIAL_LEAF", "section_heading": "方法论回归", "step_text": "- 商业航天案例和前一条平潭案例共同说明：反常识行情最有价值的方向通常不是解释公告本身，而是寻找公告上方的风。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0019", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 19, "step_type": "SECTION_HEADING", "section_heading": "证据路径", "step_text": "### 证据路径", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0020", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "证据路径", "step_text": "- 结果包：`mirror/data/result/darkline_fjhvdark12_to_19_second_high_value_story_20260516`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0021", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "证据路径", "step_text": "- 完整故事：`mirror/data/result/darkline_fjhvdark12_to_19_second_high_value_story_20260516/hvdark16_complete_story.md`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0022", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "证据路径", "step_text": "- 上层风证据表：`mirror/data/result/darkline_fjhvdark12_to_19_second_high_value_story_20260516/hvdark15_upper_wind_evidence_table.csv`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0023", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 23, "step_type": "WHY_NODE", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "### 追加补证：航天发展为什么 2025-11-14 提前点火", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0024", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 24, "step_type": "WHY_NODE", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "上一版故事还有一个关键问题没有问透：国家航天局商业航天行动计划是 2025-11-18 印发、2025-11-25 公开，为什么航天发展 2025-11-14 就涨停？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0025", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 25, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "补证后，当前解释是：11 月 14 日不是凭空点火，而是商业航天上层风已经提前预热。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0026", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "- 2025-11-09 到 2025-11-10，商业航天领域两天内完成 4 次运载火箭发射任务，低轨卫星组网和商业发射密度上升。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0027", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 27, "step_type": "MARKET_MANIFESTATION", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "- 2025-11-13，商业航天板块已再度拉升，上海沪工涨停，航天智装涨超 10%，航天环宇、上海港湾、航天软件跟涨。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0028", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "- 2025-11-14 到 2025-11-16 高交会期间，航天科技集团将全球首发中国太空游项目，形成传播节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0029", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 29, "step_type": "MARKET_MANIFESTATION", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "- 2025-11-14 航天发展涨停，成交额约为前 5 个交易日均值的 6.01 倍。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0030", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 30, "step_type": "MARKET_MANIFESTATION", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "- 2025-11-18/25 国家航天局商业航天行动计划是后确认节点，说明上层风并非不存在，而是市场可能先交易了预期。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0031", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 31, "step_type": "WHY_NODE", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "为什么是航天发展：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0032", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "- 它有天目一号商业卫星项目，能接商业航天风。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0033", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "- 它是航天科工体系下军工央企平台，能接军工央企/政策风。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0034", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "- 它有军工信息化、无人机、新一代通信与指控装备标签，能接军工信息化风。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0035", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "- 它位于福州，又带福建/两岸概念，和区域题材风有交叉。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0036", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "- 它三季度营收增长、亏损收窄，给资金一个边际修复理由。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0037", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "这次补证验证的方法论条目：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0038", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 38, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "- 低层负面新闻不跌时，要先看上层风是否覆盖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0039", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 39, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "- 上层政策风公开前，市场可能先通过核心叶子显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0040", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 40, "step_type": "WHY_NODE", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "- 追暗线不能停在“有上层风”，还要继续问为什么是这个时间、为什么是这个主体。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0041", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 41, "step_type": "MARKET_MANIFESTATION", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "- 政策正式公开有时是后确认节点，不一定是市场最早起点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0042", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 42, "step_type": "WHY_NODE", "section_heading": "追加补证：航天发展为什么 2025-11-14 提前点火", "step_text": "`mirror/data/result/darkline_fjhvdark20_to_27_000547_preignite_rootwhy_20260516`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0043", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 43, "step_type": "SECTION_HEADING", "section_heading": "追加补证：11/14 前直接信号源审计", "step_text": "### 追加补证：11/14 前直接信号源审计", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0044", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 44, "step_type": "BODY_REASONING", "section_heading": "追加补证：11/14 前直接信号源审计", "step_text": "进一步追查后，航天发展案例补成了一个更清晰的 B 级闭环：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0045", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 45, "step_type": "BODY_REASONING", "section_heading": "追加补证：11/14 前直接信号源审计", "step_text": "11/07 商业航天因中国太空游项目将于高交会全球首发而预热", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0046", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 46, "step_type": "BODY_REASONING", "section_heading": "追加补证：11/14 前直接信号源审计", "step_text": "-> 11/12 商业航天尾盘再度异动", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0047", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 47, "step_type": "MARKET_MANIFESTATION", "section_heading": "追加补证：11/14 前直接信号源审计", "step_text": "-> 11/14 航天发展涨停，龙虎榜净买入 2.79 亿", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0048", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 48, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：11/14 前直接信号源审计", "step_text": "-> 11/21 航天天目引入战投公告补出天目一号承载", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0049", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 49, "step_type": "BODY_REASONING", "section_heading": "追加补证：11/14 前直接信号源审计", "step_text": "-> 11/25 国家航天局商业航天行动计划公开，确认上层风", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0050", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 50, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "追加补证：11/14 前直接信号源审计", "step_text": "- 11/14 不是凭空点火，11/07 和 11/12 已经有商业航天预热。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0051", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 51, "step_type": "BODY_REASONING", "section_heading": "追加补证：11/14 前直接信号源审计", "step_text": "- 航天发展被选中，和天目一号、航天天目、航天科工体系、军工信息化、福建/两岸概念、业绩边际修复有关。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0052", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 52, "step_type": "BODY_REASONING", "section_heading": "追加补证：11/14 前直接信号源审计", "step_text": "- 11/25 的国家航天局行动计划是后确认节点，不能当作 11/14 当天输入，但能反证上层风真实存在。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0053", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 53, "step_type": "BODY_REASONING", "section_heading": "追加补证：11/14 前直接信号源审计", "step_text": "- 当前仍缺 11/14 前直接点名航天发展/天目一号的传播源，所以不能称 A 级完全闭环。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0054", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 54, "step_type": "BODY_REASONING", "section_heading": "追加补证：11/14 前直接信号源审计", "step_text": "`mirror/data/result/darkline_fjhvdark28_to_35_000547_direct_signal_source_audit_20260516`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0055", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 55, "step_type": "SUMMARY_READOUT", "section_heading": "案例启发：股市线如何优化", "step_text": "### 案例启发：股市线如何优化", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0056", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 56, "step_type": "BODY_REASONING", "section_heading": "案例启发：股市线如何优化", "step_text": "这次案例沉淀出四条可复用经验：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0057", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 57, "step_type": "BODY_REASONING", "section_heading": "案例启发：股市线如何优化", "step_text": "1. 利空不跌时，优先查上层风。航天发展低层诉讼利空没有主导 K 线，真正主导的是商业航天、航天强国、中美航天竞争、军工信息化等上层风。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0058", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 58, "step_type": "INITIAL_LEAF", "section_heading": "案例启发：股市线如何优化", "step_text": "2. 新闻可能是后确认节点。11/25 商业航天行动计划公开不是 11/14 涨停的当日输入，但能反证上层风真实存在；11/07、11/12 的板块预热更接近提前显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0059", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 59, "step_type": "INITIAL_LEAF", "section_heading": "案例启发：股市线如何优化", "step_text": "3. 选股要看受风承载，不只看概念归属。航天发展同时承接航天科工央企平台、天目一号/航天天目、军工信息化、福建/两岸、业绩边际修复，所以更容易成为高弹性叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0060", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 60, "step_type": "WHY_NODE", "section_heading": "案例启发：股市线如何优化", "step_text": "4. A 级闭环需要直接传播节点。当前能解释为什么涨，但还没找到 11/14 前直接点名航天发展/天目一号的互动、调研、纪要、会议、资金席位路径。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0061", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 61, "step_type": "BODY_REASONING", "section_heading": "案例启发：股市线如何优化", "step_text": "因此，本案例当前定级为 B+：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0062", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 62, "step_type": "BODY_REASONING", "section_heading": "案例启发：股市线如何优化", "step_text": "选中航天发展的逻辑成立；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0063", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 63, "step_type": "BODY_REASONING", "section_heading": "案例启发：股市线如何优化", "step_text": "直接传播源未锁定。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0064", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 64, "step_type": "BODY_REASONING", "section_heading": "案例启发：股市线如何优化", "step_text": "方法论归档位置：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0019_STEP_0065", "case_id": "DLCASE_LEGACY_0019", "darkline_hypothesis_id": "DLCASE_LEGACY_0019", "step_order": 65, "step_type": "BODY_REASONING", "section_heading": "案例启发：股市线如何优化", "step_text": "`mirror/方法论/信息分析方法论.md` 的 `2.7.0.2 反常识行情检查流程`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0001", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：000609.SZ 中迪投资诉讼公告后反常识上涨", "step_text": "## 案例：000609.SZ 中迪投资诉讼公告后反常识上涨", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0002", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0003", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 3, "step_type": "DARKLINE_INTENTION", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。它不是用来证明“诉讼公告利好”，而是用来验证：负面公告可能只是风险叶子，真正驱动 K 线的可能是更深一层的资金暗线、困境资产预期或壳资源博弈。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0004", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0005", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "2025-10-21，ST 中迪发布《中迪投资关于公司对外担保涉及诉讼事项的进展公告》。公告表面偏负面：公司是被告，案件处于审理阶段，涉案金额为 1,202.51 万元利息，对本期或期后利润影响仍存在不确定性。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0006", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 6, "step_type": "MARKET_MANIFESTATION", "section_heading": "B/C：最初看到的叶子", "step_text": "但股价没有按利空走。10 月 21 日收盘 4.90，此后一路抬升，11 月下旬已经到 12 元以上。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0007", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0008", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 8, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "A：反推出的暗线意图", "step_text": "当前 A 假设不是“诉讼利空变利好”，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0009", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 9, "step_type": "INITIAL_LEAF", "section_heading": "A：反推出的暗线意图", "step_text": "市场交易的不是 10/21 诉讼公告本身，而是 ST 困境资产 / 风险落地 / 壳资源预期 / 资金博弈。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0010", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 10, "step_type": "WHY_NODE", "section_heading": "A：反推出的暗线意图", "step_text": "也就是说，诉讼公告只是叶子，不是根。真正的问题是：为什么市场愿意忽略这条利空？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0011", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 11, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前置关键节点", "step_text": "### M：前置关键节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0012", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 12, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前置关键节点", "step_text": "已补到的前置节点：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0013", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 13, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：前置关键节点", "step_text": "- 2025-04-23：非标准无保留审计意见专项说明，持续经营不确定性已经存在。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0014", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 14, "step_type": "INITIAL_LEAF", "section_heading": "M：前置关键节点", "step_text": "- 2025-06-18：全资子公司诉讼事项公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0015", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：前置关键节点", "step_text": "- 2025-07-04、2025-07-17：全资子公司诉讼进入执行阶段，涉案金额约 4.74 亿元。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0016", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 16, "step_type": "INITIAL_LEAF", "section_heading": "M：前置关键节点", "step_text": "- 2025-09-19：对外担保涉及诉讼事项公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0017", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 17, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：前置关键节点", "step_text": "所以 10/21 不是突然新增大雷，而是一串已知风险链上的进展节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0018", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 18, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续关键节点", "step_text": "### N/L：后续关键节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0019", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "N/L：后续关键节点", "step_text": "- 2025-11-03：同一担保诉讼进入一审判决。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0020", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "N/L：后续关键节点", "step_text": "- 2025-11-28：全资子公司诉讼继续进入执行相关进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0021", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "N/L：后续关键节点", "step_text": "- 2025-12-09：担保诉讼进入执行阶段。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0022", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续关键节点", "step_text": "- 2026-01-30：2025 年业绩预告继续偏弱，预计净利润亏损，期末净资产可能为负。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0023", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 23, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续关键节点", "step_text": "这些后续节点说明基本面没有变强，因此更支持“资金博弈/风险落地/壳资源预期”，而不是生产力改善。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0024", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 24, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0025", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 25, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "L3 单票 K线故事", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0026", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "暂不升风格体，也不接局和门。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0027", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 27, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "当前缺口", "step_text": "### 当前缺口", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0028", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 2025-10-20 至 2025-11-21 是否有交易异常、龙虎榜、监管关注。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0029", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 是否有保壳、重整、债务化解、控制权变化、资产处置线索。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0030", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 同期 ST / 地产困境股是否有共同风。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0031", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 31, "step_type": "INITIAL_LEAF", "section_heading": "当前缺口", "step_text": "- 11 月放量节点对应的现实事件是什么。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0032", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 32, "step_type": "SUMMARY_READOUT", "section_heading": "案例启发", "step_text": "### 案例启发", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0033", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 33, "step_type": "INITIAL_LEAF", "section_heading": "案例启发", "step_text": "1. 负面公告后上涨，不等于负面公告是上涨原因。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0034", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 34, "step_type": "INITIAL_LEAF", "section_heading": "案例启发", "step_text": "2. 先判断新闻是起点、确认、兑现、掩护，还是迟来的风险披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0035", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 35, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "案例启发", "step_text": "3. ST 困境股要特别小心，K 线可能更多受壳资源、保壳、资金博弈、风险落地影响。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0036", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 36, "step_type": "DARKLINE_INTENTION", "section_heading": "案例启发", "step_text": "4. 如果后续基本面继续变差，但股价之前大涨，说明市场交易的不是生产力增强，而是另一条资金/预期暗线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0037", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "案例启发", "step_text": "`mirror/data/result/darkline_hvstory8_to_15_000609_story_tracking_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0038", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 38, "step_type": "SECTION_HEADING", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "### 追加补证：000609.SZ 控制权变化补丁 V1", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0039", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 39, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "V0 的问题是：它能说明 10/21 诉讼公告不是上涨根因，但还没有把更高一层枝干抓实。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0040", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "V1 补到了关键节点：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0041", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "2025-10-10：控股股东所持 7114.48 万股将被第二次司法拍卖，占总股本 23.77%。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0042", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 42, "step_type": "BODY_REASONING", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "2025-10-17：深圳天微投资合伙企业竞得这批股份。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0043", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 43, "step_type": "BODY_REASONING", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "2025-10-18：公司披露竞价成功确认书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0044", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 44, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "2025-11-07：公司异动公告确认股份过户完成，控制权已发生变更。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0045", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 45, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "这些节点来自 2025-11-07 异动公告原文。该公告还写明：2025-10-16 至 2025-11-07 股价累计涨幅超过 118.68%，期间出现六次异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0046", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 46, "step_type": "BODY_REASONING", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "所以故事更新为：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0047", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 47, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "B/C：10/21 诉讼进展公告，表面是利空，但股价继续大涨。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0048", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 48, "step_type": "MARKET_MANIFESTATION", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "A：市场交易的不是诉讼，而是 ST 困境资产控制权变化、壳资源预期和短线资金博弈。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0049", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 49, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "M：此前已有非标审计、持续经营疑虑、诉讼链条、10/10 司法拍卖提示、10/17 竞买成功。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0050", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 50, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "N/L：11/07 控制权变更确认；之后风险继续落地，基本面没有变强。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0051", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 51, "step_type": "MARKET_MANIFESTATION", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "市场输出：L3 单票 K 线层，不落风格体，不接局和门。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0052", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 52, "step_type": "BODY_REASONING", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "本案例验证的方法论：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0053", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 53, "step_type": "WHY_NODE", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "1. 反常识 K 线不能停在公告标题，要继续问为什么。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0054", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 54, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "2. 负面公告后上涨，不等于负面公告利好，可能是更高一层枝干覆盖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0055", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 55, "step_type": "BODY_REASONING", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "3. ST 困境资产要特别查控制权、司法拍卖、保壳、债务化解、资产注入。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0056", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 56, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "4. 新闻可能是迟来的确认节点，不一定是行情起点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0057", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 57, "step_type": "BODY_REASONING", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "- 龙虎榜/席位/交易异常路径。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0058", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 58, "step_type": "BODY_REASONING", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "- 深圳天微投资背景和资金来源。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0059", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 59, "step_type": "BODY_REASONING", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "- 控制权变更后资产注入、债务化解或主营调整线索。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0060", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 60, "step_type": "BODY_REASONING", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "- 同期 ST 困境资产共同风。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0061", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 61, "step_type": "BODY_REASONING", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "`mirror/data/result/darkline_hvstory16_to_23_000609_control_change_patch_v1_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0020_STEP_0062", "case_id": "DLCASE_LEGACY_0020", "darkline_hypothesis_id": "DLCASE_LEGACY_0020", "step_order": 62, "step_type": "BODY_REASONING", "section_heading": "追加补证：000609.SZ 控制权变化补丁 V1", "step_text": "- `darkline_story_key_node_evidence` 已写入本案例 4 个关键节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0001", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例：000656.SZ *ST 金科三条利空后反常识走强", "step_text": "## 案例：000656.SZ *ST 金科三条利空后反常识走强", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0002", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0003", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。它不是用来证明“诉讼和业绩修正是利好”，而是验证：同日多条表面利空公告里，可能藏着更高一层的重整执行枝干。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0004", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0005", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "2025-08-30，*ST 金科同日出现三条公告：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0006", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 6, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "2025 年半年度业绩预告修正公告；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0007", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 7, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "控股子公司重大诉讼事项进展公告；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0008", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "公司及控股子公司累计诉讼及仲裁事项公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0009", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 9, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "B/C：最初看到的叶子", "step_text": "标题层面都是负面，但候选池显示后续 K 线非常强。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0010", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 10, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推的暗线", "step_text": "### A：反推的暗线", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0011", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "A：反推的暗线", "step_text": "当前 A 假设不是“利空公告利好”，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0012", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 12, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推的暗线", "step_text": "市场交易的是困境地产重整执行、重整投资款到账、债务风险被重整框架吸收。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0013", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 13, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前置关键节点", "step_text": "### M：前置关键节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0014", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 14, "step_type": "INITIAL_LEAF", "section_heading": "M：前置关键节点", "step_text": "公告正文里已经写出两个关键前置节点：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0015", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：前置关键节点", "step_text": "2025-05-10/11：法院裁定批准公司及重庆金科重整计划。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0016", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：前置关键节点", "step_text": "2025-07-09：全体重整投资人已支付全部 26.28 亿元重整投资款。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0017", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 17, "step_type": "INITIAL_LEAF", "section_heading": "B/C 当天如何重读", "step_text": "### B/C 当天如何重读", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0018", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 18, "step_type": "INITIAL_LEAF", "section_heading": "B/C 当天如何重读", "step_text": "业绩修正公告表面是亏损扩大，但正文同时写了重整计划执行、破产服务信托、投资款到账。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0019", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 19, "step_type": "INITIAL_LEAF", "section_heading": "B/C 当天如何重读", "step_text": "累计诉讼公告表面是新增诉讼，但正文写了重整执行阶段下保全解除、执行中止、债务按重整计划安排受偿。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0020", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 20, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C 当天如何重读", "step_text": "重大诉讼进展是旧风险继续落地，不是单独的根因。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0021", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 21, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0022", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "当前只落 L3 单票 K 线，不上升风格体，不接局和门。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0023", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 23, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "硬缺口", "step_text": "### 硬缺口", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0024", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "硬缺口", "step_text": "2025-09-12 价格出现约 95.83% 单日跳变，这必须单独查：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0025", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "硬缺口", "step_text": "是否复权/除权；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0026", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "硬缺口", "step_text": "是否停复牌恢复；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0027", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "硬缺口", "step_text": "是否重整执行导致价格机制变化；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0028", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "硬缺口", "step_text": "是否价格源口径问题。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0029", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 29, "step_type": "INITIAL_LEAF", "section_heading": "硬缺口", "step_text": "审计前不能把 D10/D20 读成干净新闻后收益。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0030", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "硬缺口", "step_text": "`mirror/data/result/darkline_hvstory24_to_31_000656_restructuring_story_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0031", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 31, "step_type": "SECTION_HEADING", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "### 追加补证：000656.SZ 价格跳变审计 V1", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0032", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 32, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "V0 最大缺口是 2025-09-12 的价格跳变。如果不解释这个跳变，就不能把后续 D10/D20 当成干净新闻后表现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0033", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 33, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "V1 补到官方公告节点：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0034", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "2025-09-11：因执行重整计划资本公积转增股本，股权登记日停牌 1 个交易日。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0035", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "2025-09-12：公司股票复牌，转增股份上市。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0036", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "转增平均价为 3.30 元/股；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0037", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "股权登记日前一交易日收盘价为 1.45 元/股；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0038", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "实施后首个交易日开盘参考价无需调整；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0039", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "5,294,365,816 股转增股份登记至管理人破产企业财产处置专用账户；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0040", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "3,000,000,000 股用于引入重整投资人；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0041", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "2,294,365,816 股用于偿债。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0042", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 42, "step_type": "MARKET_MANIFESTATION", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "三条利空后股价反常识走强，可能是重整执行压过利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0043", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 43, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "8/30 三条利空不是根；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0044", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 44, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "5/10-11 重整获批、7/09 投资款到账是前置根；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0045", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 45, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "9/11-12 转增、复牌、偿债、引战是后续强验证节点；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0046", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 46, "step_type": "MARKET_MANIFESTATION", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "价格跳变不是噪声，而是重整执行机制在 K 线上的显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0047", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 47, "step_type": "BODY_REASONING", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "当前可讲 V1 故事：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0048", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 48, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "B/C：2025-08-30 三条表面利空公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0049", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 49, "step_type": "MARKET_MANIFESTATION", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "A：市场交易的是困境地产重整执行、债务重排、引入投资人和旧风险清理。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0050", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 50, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "M：2025-05-10/11 重整计划获批；2025-07-09 重整投资款到账。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0051", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 51, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "N/L：2025-09-11/12 停牌、转增股份上市、复牌、偿债和引战安排落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0052", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 52, "step_type": "MARKET_MANIFESTATION", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "市场输出：L3 单票 K 线显影，不上升为通用风格体。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0053", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 53, "step_type": "BODY_REASONING", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "实际结果：9/12 价格跳变可由重整执行机制解释。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0054", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 54, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "1. 困境资产的表面利空，可能只是旧风险清理叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0055", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 55, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "2. 如果更高层有重整计划获批、投资款到账、转增、偿债、引战安排，K 线主线应看重整执行，而不是只看公告标题。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0056", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 56, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "3. 价格跳变必须先审计复牌、除权、转增、复权和价格源，不能直接读成新闻后收益。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0057", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 57, "step_type": "INITIAL_LEAF", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "4. 这条规则只适用于类似困境地产 / ST 重整执行故事，不能泛化成所有诉讼或业绩修正公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0058", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 58, "step_type": "BODY_REASONING", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "`mirror/data/result/darkline_hvstory32_to_39_000656_price_jump_audit_v1_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0021_STEP_0059", "case_id": "DLCASE_LEGACY_0021", "darkline_hypothesis_id": "DLCASE_LEGACY_0021", "step_order": 59, "step_type": "BODY_REASONING", "section_heading": "追加补证：000656.SZ 价格跳变审计 V1", "step_text": "- `darkline_story_key_node_evidence` 已写入本案例 V1 的 2 个关键节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0001", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例：300506.SZ *ST 名家重大诉讼后反常识走强", "step_text": "## 案例：300506.SZ *ST 名家重大诉讼后反常识走强", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0002", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0003", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。表面叶子是重大诉讼公告，真实主线更像 ST 重整执行和控制权变化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0004", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0005", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "2025-12-05，`300506.SZ` 发布《重大诉讼、仲裁的公告》。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0006", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 6, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "表面看，这是风险公告。但正文显示公司是原告，诉讼本质是追讨工程款，金额约 1,012 万元，不是公司作为被告承担新增赔付风险。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0007", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 7, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "B/C：最初看到的叶子", "step_text": "故事队列记录到后续 K 线：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0008", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "D1 约 +6.37%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0009", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "D5 约 -0.98%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0010", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "D10 约 +85.78%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0011", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "D20 约 +105.39%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0012", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "这说明不能只按“重大诉讼”标题读。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0013", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 13, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线", "step_text": "### A：反推出的暗线", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0014", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0015", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线", "step_text": "ST_RESTRUCTURING_EXECUTION_AND_CONTROL_CHANGE_OVERRIDES_LITIGATION_HEADLINE", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0016", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 16, "step_type": "INITIAL_LEAF", "section_heading": "A：反推出的暗线", "step_text": "大白话：市场不是在买诉讼公告，而是在交易重整计划获批、投资款到账、转增复牌、控股权变化、重整执行完毕和退市风险警示解除这条更高层主线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0017", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 17, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：诉讼前已经发生的铺垫", "step_text": "### M：诉讼前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0018", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 18, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：诉讼前已经发生的铺垫", "step_text": "1. 2025-09-30：法院裁定受理公司重整，公司被实施退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0019", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：诉讼前已经发生的铺垫", "step_text": "2. 2025-10-21：法院准许公司继续营业，并在管理人监督下自行管理财产和营业事务。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0020", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "M：诉讼前已经发生的铺垫", "step_text": "3. 2025-11-27：公司重整计划获得法院裁定批准，进入执行阶段。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0021", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 21, "step_type": "INITIAL_LEAF", "section_heading": "M：诉讼前已经发生的铺垫", "step_text": "这些节点说明，12/05 的诉讼不是孤立新闻，而是发生在重整执行窗口里。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0022", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 22, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：诉讼后发生的验证节点", "step_text": "### N/L：诉讼后发生的验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0023", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：诉讼后发生的验证节点", "step_text": "1. 2025-12-08：全体重整投资人支付全部重整投资款 `1,203,440,000.00` 元。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0024", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：诉讼后发生的验证节点", "step_text": "2. 2025-12-15：资本公积转增股本实施。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0025", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：诉讼后发生的验证节点", "step_text": "3. 2025-12-22：公司复牌，开盘参考价调整为 3.16 元/股。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0026", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：诉讼后发生的验证节点", "step_text": "4. 2025-12-24：新余领九成为控股股东，吴立群成为实际控制人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0027", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "N/L：诉讼后发生的验证节点", "step_text": "5. 2025-12-31：重整计划执行完毕，法院裁定终结重整程序。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0028", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 28, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：诉讼后发生的验证节点", "step_text": "6. 2026-01-13：撤销因重整而被实施的退市风险警示，继续实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0029", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 29, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0030", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "当前只落 L3 单票 K 线，不上升为通用风格体。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0031", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 31, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "市场输出", "step_text": "如果后续发现更多 ST 重整执行股票在“重整获批 -> 投资款到账 -> 转增/复牌 -> 控制权变化 -> 摘星摘帽路径”中共同显影，才有资格升级为 ST 重整风格拼图。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0032", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 32, "step_type": "SUMMARY_READOUT", "section_heading": "当前结论", "step_text": "### 当前结论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0033", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 33, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "当前结论", "step_text": "重大诉讼标题不是根；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0034", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 34, "step_type": "INITIAL_LEAF", "section_heading": "当前结论", "step_text": "公司作为原告追款只是重整窗口中的一片叶子；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0035", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "当前结论", "step_text": "真正解释 D10/D20 走强的是重整执行和控制权变化；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0036", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 36, "step_type": "INITIAL_LEAF", "section_heading": "当前结论", "step_text": "新闻标题如果不放进事件链，会误读 K 线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0037", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 37, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "当前缺口", "step_text": "### 当前缺口", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0038", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 新余领九、吴立群和重整投资人的背景。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0039", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 重整后业务计划、资产注入或主营修复动作。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0040", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 诉讼追款是否实际回收。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0041", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 41, "step_type": "MARKET_MANIFESTATION", "section_heading": "当前缺口", "step_text": "- 同期 ST 重整股是否存在共同显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0042", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 42, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "`mirror/data/result/darkline_hvstory48_to_55_300506_restructuring_litigation_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0022_STEP_0043", "case_id": "DLCASE_LEGACY_0022", "darkline_hypothesis_id": "DLCASE_LEGACY_0022", "step_order": 43, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- `darkline_story_key_node_evidence` 已写入本案例 11 个关键节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0001", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 1, "step_type": "MARKET_MANIFESTATION", "section_heading": "案例：000711.SZ 京蓝科技预亏后反常识上涨", "step_text": "## 案例：000711.SZ 京蓝科技预亏后反常识上涨", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0002", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0003", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。它不是用来证明“预亏公告是利好”，而是验证：公告标题可能只是旧包袱，真正被市场交易的是更高一层的困境反转、铟资源化资产重估和摘帽预期。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0004", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0005", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 5, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "2026-01-31，京蓝科技发布《2025 年度业绩预告》。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0006", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "表面看，公司预计归母净利润为负，是利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0007", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 7, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "但故事队列里记录到公告后 K 线很强：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0008", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "D1 约 +4.93%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0009", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "D5 约 +27.80%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0010", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "D10 约 +47.98%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0011", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "D20 约 +118.39%", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0012", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "这说明不能只按“业绩预亏”读。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0013", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 13, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出来的暗线", "step_text": "### A：反推出来的暗线", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0014", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "A：反推出来的暗线", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0015", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "A：反推出来的暗线", "step_text": "新管理层 / 重整后资本方正在推动京蓝从旧环保问题资产，转向含锌铟固危废资源化和铟新材料资产；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0016", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 16, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出来的暗线", "step_text": "市场交易的是 ST 困境反转、铟资源化资产重估、摘帽路径和旧包袱出清。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0017", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 17, "step_type": "INITIAL_LEAF", "section_heading": "M：公告前已经发生的铺垫", "step_text": "### M：公告前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0018", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 18, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：公告前已经发生的铺垫", "step_text": "1. 2024-01：重整计划执行完毕，因重整触发的退市风险警示被撤销，但公司仍为 `*ST`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0019", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 19, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：公告前已经发生的铺垫", "step_text": "2. 2024-04：公司申请撤销退市风险警示和其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0020", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 20, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：公告前已经发生的铺垫", "step_text": "3. 2025-05：公司因历史信息披露违法违规被证监会立案，说明旧风险仍在。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0021", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "M：公告前已经发生的铺垫", "step_text": "4. 2025-08：2024 年股票期权激励计划进入第一个行权期，49 名激励对象可行权 10,947.5 万份，行权价 1.83 元。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0022", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 22, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：公告前已经发生的铺垫", "step_text": "5. 2025-09：公司撤销退市风险警示及部分其他风险警示，简称由 `*ST 京蓝` 变为 `ST 京蓝`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0023", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 23, "step_type": "INITIAL_LEAF", "section_heading": "B/C 当天如何重读", "step_text": "### B/C 当天如何重读", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0024", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 24, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C 当天如何重读", "step_text": "业绩预告里真正关键的不是亏损标题，而是正文中的结构变化：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0025", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "B/C 当天如何重读", "step_text": "含锌铟固危废资源化业务占营收约 95%；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0026", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "B/C 当天如何重读", "step_text": "产精铟超过 200 吨；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0027", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "B/C 当天如何重读", "step_text": "其中自产精铟约 121 吨，加工提纯服务约 75 吨；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0028", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "B/C 当天如何重读", "step_text": "2025 年营收预计继续增长 16.45%-34.97%；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0029", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "B/C 当天如何重读", "step_text": "公司计划向高密度 ITO 靶材等下游领域延伸。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0030", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "B/C 当天如何重读", "step_text": "亏损原因更像旧包袱和转型期成本：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0031", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "B/C 当天如何重读", "step_text": "中科鼎实历史包袱；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0032", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 32, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C 当天如何重读", "step_text": "退市风险警示刚解除，融资能力恢复较晚。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0033", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 33, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0034", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "当前只落 L3 单票 K 线，不直接升风格体。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0035", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 35, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "市场输出", "step_text": "如果后续发现更多“ST 困境反转 + 稀有金属 / 铟资源化”股票同步显影，才能升级为风格拼图。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0036", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 36, "step_type": "SUMMARY_READOUT", "section_heading": "当前结论", "step_text": "### 当前结论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0037", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 37, "step_type": "INITIAL_LEAF", "section_heading": "当前结论", "step_text": "预亏公告不是根；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0038", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "当前结论", "step_text": "铟资源化转型、摘帽路径、旧包袱出清才是更高一层枝干；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0039", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 39, "step_type": "MARKET_MANIFESTATION", "section_heading": "当前结论", "step_text": "市场可能不是在买亏损，而是在买困境资产重估和新资源属性。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0040", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 40, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "当前缺口", "step_text": "### 当前缺口", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0041", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- ST 标识最终解除进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0042", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 42, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- ITO 靶材项目、订单或投产证据。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0043", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 43, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 旧业务包袱是否一次性出清。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0044", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 44, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 同期铟 / 小金属 / ST 困境反转是否形成共同风。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0045", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 45, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "`mirror/data/result/darkline_hvstory40_to_47_000711_turnaround_indium_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0023_STEP_0046", "case_id": "DLCASE_LEGACY_0023", "darkline_hypothesis_id": "DLCASE_LEGACY_0023", "step_order": 46, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- `darkline_story_key_node_evidence` 已写入本案例 6 个关键节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0001", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：002289.SZ ST宇顺退市风险公告后反常识走强", "step_text": "## 案例：002289.SZ ST宇顺退市风险公告后反常识走强", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0002", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0003", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。表面叶子是退市风险提示，真实枝干更像困境上市壳通过数据中心资产购买进行业务和估值重构。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0004", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0005", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "2025-04-23，`002289.SZ` 发布《2024年年度业绩预告修正暨可能被实施退市风险警示的公告》。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0006", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 6, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：最初看到的叶子", "step_text": "表面看，这是利空：公司 2024 年净利润、扣非净利润为负，且扣除后营业收入低于 3 亿元，可能被实施退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0007", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "但 K 线没有按普通利空走。价格从 2025-03-31 的 `4.78` 元涨到 2025-05-20 的 `14.54` 元，区间涨幅约 `204.18%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0008", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 8, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线", "step_text": "### A：反推出的暗线", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0009", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0010", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线", "step_text": "DISTRESSED_LISTCO_SHELL_REVALUED_BY_DATA_CENTER_ASSET_PURCHASE", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0011", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "A：反推出的暗线", "step_text": "大白话：市场不是在买退市风险公告，而是在交易“困境壳 + 数据中心资产购买 + 业务质量重构 + 估值重估”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0012", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 12, "step_type": "INITIAL_LEAF", "section_heading": "M：公告前已经发生的铺垫", "step_text": "### M：公告前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0013", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：公告前已经发生的铺垫", "step_text": "1. 2025-04-22，公司已签署北京房山数据中心项目合作框架协议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0014", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：公告前已经发生的铺垫", "step_text": "2. 公司拟现金收购中恩云科技、申惠碧源、中恩云信息等标的公司 100% 股权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0015", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 15, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：公告前已经发生的铺垫", "step_text": "3. 2025-04-24，公司临近年报截止日召开股东大会确认审计机构，说明年报披露和风险警示处理窗口非常紧。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0016", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 16, "step_type": "INITIAL_LEAF", "section_heading": "M：公告前已经发生的铺垫", "step_text": "这些节点说明：4月23日退市风险公告不是故事起点。真正的动作，在 4月22日已经开始。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0017", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 17, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续发生的验证节点", "step_text": "### N/L：后续发生的验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0018", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "1. 2025-04-29，公司披露筹划重大资产重组进展，确认拟收购北京房山数据中心项目。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0019", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 19, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续发生的验证节点", "step_text": "2. 2025-04-30，公司公告旧的“其他风险警示”事项申请撤销，同时因 2024 年指标触发被实施退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0020", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 20, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续发生的验证节点", "step_text": "3. 2025-05-26，公司公告停牌核查结果，确认 2025-03-31 至 2025-05-20 股价上涨 `204.18%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0021", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "4. 2025-07-15，公司披露重大资产购买报告书草案：交易价格 `335,000` 万元，评估结果 `336,100` 万元。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0022", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "5. 标的资产为数据中心业务：2025-03-31 累计投产机柜 `8,352` 个，上架率 `84.09%`；2024 年主营业务收入 `81,546.77` 万元；唯一客户为互联网客户 A。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0023", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 23, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0024", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "当前只落 L3 单票 K 线，不直接升级风格体。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0025", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 25, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "市场输出", "step_text": "如果后续发现更多“困境壳 + 优质资产购买 / 数据中心资产”的股票共同显影，才考虑升级为风格拼图。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0026", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 26, "step_type": "SUMMARY_READOUT", "section_heading": "当前结论", "step_text": "### 当前结论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0027", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 27, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "当前结论", "step_text": "退市风险标题不是根；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0028", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "当前结论", "step_text": "4月22日数据中心框架协议才是更早的枝干；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0029", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 29, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "当前结论", "step_text": "4月29日重组进展、5月26日异常涨幅核查、7月15日33.5亿元数据中心资产购买草案，是后续验证节点；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0030", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 30, "step_type": "INITIAL_LEAF", "section_heading": "当前结论", "step_text": "市场交易的是困境壳资产重构，不是退市风险公告本身。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0031", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 31, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "当前缺口", "step_text": "### 当前缺口", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0032", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 互联网客户 A 是否有公开可验证线索。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0033", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 重大资产购买审批、交割和完成进度。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0034", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 同类困境壳 + 优质资产购买案例。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0035", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 35, "step_type": "INITIAL_LEAF", "section_heading": "当前缺口", "step_text": "- 公告前异常上涨是否存在更早的市场预显影或消息泄漏线索。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0036", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "`mirror/data/result/darkline_hvstory56_to_63_002289_data_center_st_risk_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0024_STEP_0037", "case_id": "DLCASE_LEGACY_0024", "darkline_hypothesis_id": "DLCASE_LEGACY_0024", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- `darkline_story_key_node_evidence` 已写入本案例 11 个关键节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0001", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：688109.SH 品茗科技分红叶子背后的控制权期权行情", "step_text": "## 案例：688109.SH 品茗科技分红叶子背后的控制权期权行情", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0002", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0003", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。表面叶子是差异化分红法律意见书，真实枝干更像新设资本载体通过大比例协议转让进入上市公司，引发控制权期权、董事席位影响和低流通盘股权结构重估。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0004", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0005", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 5, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "2025-09-17，`688109.SH` 发布差异化分红法律意见书。单看标题，它像普通分红手续。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0006", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 6, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "但 2025-09-18 公司即停牌筹划可能导致控制权变更的重大事项。这个“分红叶子”后面接出的不是普通分红兑现，而是控制权预期和资本进入。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0007", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线", "step_text": "### A：反推出的暗线", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0008", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0009", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线", "step_text": "CONTROL_RIGHT_OPTIONALITY_AND_NEW_CAPITAL_ENTRY_OVERRIDES_DIVIDEND_LEAF", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0010", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 10, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线", "step_text": "大白话：市场不是在买分红，而是在交易“新设资本载体进入 + 大比例协议转让 + 董事席位影响 + 控制权期权 + 低流通盘股权结构重估”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0011", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "M：公告前已经发生的铺垫", "step_text": "### M：公告前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0012", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：公告前已经发生的铺垫", "step_text": "1. 2025-08-13，公司披露董事减持计划，说明股权结构已有松动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0013", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 13, "step_type": "MARKET_MANIFESTATION", "section_heading": "M：公告前已经发生的铺垫", "step_text": "2. 2025-08-23，公司披露半年度分红和“提质增效重回报”评估报告，先铺资本市场形象和股东回报。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0014", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 14, "step_type": "DARKLINE_INTENTION", "section_heading": "M：公告前已经发生的铺垫", "step_text": "3. 2025-09-05，通智清研成立；2025-09-24 即签署协议受让 15.9206% 股份，说明意图早于停牌公告和分红叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0015", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 15, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续发生的验证节点", "step_text": "### N/L：后续发生的验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0016", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "1. 2025-09-18，公司停牌筹划可能导致控制权变更的重大事项。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0017", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "2. 2025-09-20，公司继续停牌，说明事项仍在推进。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0018", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 18, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续发生的验证节点", "step_text": "3. 2025-09-25，公司公告控制权变更事项终止，但同步披露控股股东、实际控制人及部分股东向通智清研协议转让 15.9206% 股份。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0019", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "4. 协议价格 `39.504` 元/股，总价约 `4.9586` 亿元；受让方承诺 36 个月不谋求控制权、18 个月不减持。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0020", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "5. 协议还包含董事推荐和业绩承诺安排：转让方配合推荐 2 名非独立董事和 1 名独立董事，并承诺 2025/2026/2027 年归母净利润为正。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0021", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 21, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续发生的验证节点", "step_text": "6. 2025-09-27、09-30、10-01、10-23，公司连续提示异常波动和风险，反复说明基本面未发生重大变化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0022", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 22, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0023", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "当前只落 L3 单票 K 线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0024", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-08 到 2025-09-17：约 `16.11%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0025", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-17 到 2025-09-30：约 `104.97%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0026", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-17 到 2025-10-31：约 `164.83%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0027", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 27, "step_type": "SUMMARY_READOUT", "section_heading": "当前结论", "step_text": "### 当前结论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0028", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 28, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "当前结论", "step_text": "分红标题不是根；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0029", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 29, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "当前结论", "step_text": "控制权变更停牌不是终点；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0030", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 30, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "当前结论", "step_text": "“控制权变更终止 + 大比例协议转让落地”不是普通终止，而是把控制权期权变成了股权结构重估故事；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0031", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 31, "step_type": "MARKET_MANIFESTATION", "section_heading": "当前结论", "step_text": "市场交易的是新资本进入、董事席位影响、锁定承诺、业绩承诺和低流通盘弹性。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0032", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 32, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "当前缺口", "step_text": "### 当前缺口", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0033", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 通智清研、通清智研、嘉兴通清智研私募基金管理和李未的背景。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0034", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 董事推荐是否实际落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0035", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 35, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "当前缺口", "step_text": "- 协议转让是否完成过户，后续是否出现更明确的新业务或资本运作。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0036", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 36, "step_type": "MARKET_MANIFESTATION", "section_heading": "当前缺口", "step_text": "- 同类“控制权变更终止但大比例协议转让落地”的共同显影样本。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0037", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "`mirror/data/result/darkline_hvstory64_to_71_688109_control_right_option_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0025_STEP_0038", "case_id": "DLCASE_LEGACY_0025", "darkline_hypothesis_id": "DLCASE_LEGACY_0025", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- `darkline_story_key_node_evidence` 已写入本案例 15 个关键节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0001", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：000609.SZ ST中迪担保诉讼叶子背后的司法拍卖控制权变更", "step_text": "## 案例：000609.SZ ST中迪担保诉讼叶子背后的司法拍卖控制权变更", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0002", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0003", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。表面叶子是对外担保涉及诉讼进展，真实枝干更像控股股东债务执行引发 23.77% 股份司法拍卖，新控股方入主后形成 ST 平台重估和产业背景想象。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0004", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0005", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "2025-10-21，`000609.SZ` 发布《对外担保涉及诉讼事项的进展公告》。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0006", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 6, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：最初看到的叶子", "step_text": "表面看，这是利空：公司是被告，涉案金额为利息、罚息、复利，最终损益影响存在不确定性。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0007", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 7, "step_type": "MARKET_MANIFESTATION", "section_heading": "B/C：最初看到的叶子", "step_text": "但股价没有按普通利空走。2025-10-21 到 2025-11-11，股价从 `4.90` 元涨到 `10.20` 元，涨幅约 `108.16%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0008", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 8, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线", "step_text": "### A：反推出的暗线", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0009", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0010", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线", "step_text": "AUCTION_CONTROL_CHANGE_AND_NEW_CONTROLLER_PLATFORM_REVALUATION_OVERRIDES_LITIGATION_LEAF", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0011", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 11, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线", "step_text": "大白话：市场不是在买担保诉讼，而是在交易“控股股东债务执行 -> 23.77% 股份司法拍卖 -> 深圳天微投资入主 -> 新实控人和芯片产业背景 -> ST 平台价值重估”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0012", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 12, "step_type": "INITIAL_LEAF", "section_heading": "M：公告前已经发生的铺垫", "step_text": "### M：公告前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0013", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：公告前已经发生的铺垫", "step_text": "1. 2025-08-21，公司披露控股股东润鸿富创持有的 `71,144,800` 股将被司法拍卖，占总股本 `23.77%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0014", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 14, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "M：公告前已经发生的铺垫", "step_text": "2. 2025-09-26，第一次司法拍卖流拍，但股份后续处置风险仍在。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0015", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：公告前已经发生的铺垫", "step_text": "3. 2025-10-10，第二次司法拍卖启动，起拍价降至 `2.55` 亿元。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0016", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 16, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：公告前已经发生的铺垫", "step_text": "这些节点说明：10月21日的担保诉讼进展不是故事起点。真正的动作，是控股股东股权被债务执行推入司法拍卖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0017", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 17, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续发生的验证节点", "step_text": "### N/L：后续发生的验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0018", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "1. 2025-10-17，深圳天微投资以 `254,983,100` 元竞得 `71,144,800` 股。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0019", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "2. 2025-11-07，股份过户完成；控股股东变为深圳天微投资，实际控制人变为门洪达、张伟。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0020", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "3. 详式权益变动报告书披露：天微投资成立于 2025-07-22，注册资本 `25,498.31` 万元。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0021", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "4. 门洪达、张伟控制的核心企业为深圳市天微电子股份有限公司，主营芯片研发、设计、封测和设备。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0022", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "5. 2025-12-27，公司持有的康平铁科 `30.04%` 股权继续进入司法拍卖，说明债务链条和资产处置仍在延伸。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0023", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 23, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0024", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "当前只落 L3 单票 K 线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0025", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-20 到 2025-11-11：约 `193.95%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0026", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-10-17 到 2025-11-11：约 `129.21%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0027", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-10-21 到 2025-11-11：约 `108.16%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0028", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 28, "step_type": "SUMMARY_READOUT", "section_heading": "当前结论", "step_text": "### 当前结论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0029", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 29, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "当前结论", "step_text": "担保诉讼标题不是根；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0030", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "当前结论", "step_text": "控股股东 23.77% 股份司法拍卖才是主干；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0031", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 31, "step_type": "INITIAL_LEAF", "section_heading": "当前结论", "step_text": "第二次拍卖成交和过户完成，把控制权切换从风险变成明牌事件；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0032", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 32, "step_type": "MARKET_MANIFESTATION", "section_heading": "当前结论", "step_text": "市场交易的是新控股方入主、ST 平台重估和芯片产业背景想象。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0033", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 33, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "当前缺口", "step_text": "### 当前缺口", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0034", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 深圳天微投资、门洪达、张伟和深圳市天微电子更细背景。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0035", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 35, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "当前缺口", "step_text": "- 天微投资是否后续调整董事会、管理层或业务方向。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0036", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 康平铁科股权司法拍卖结果。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0037", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 37, "step_type": "MARKET_MANIFESTATION", "section_heading": "当前缺口", "step_text": "- 同类“ST 公司控股权司法拍卖 + 新产业背景实控人入主”的共同显影样本。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0038", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "`mirror/data/result/darkline_hvstory72_to_79_000609_auction_control_change_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0026_STEP_0039", "case_id": "DLCASE_LEGACY_0026", "darkline_hypothesis_id": "DLCASE_LEGACY_0026", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- `darkline_story_key_node_evidence` 已写入本案例 12 个关键节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0001", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例：000656.SZ *ST金科坏标题背后的重整转增价格机制", "step_text": "## 案例：000656.SZ *ST金科坏标题背后的重整转增价格机制", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0002", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0003", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事，但它和普通股价上涨故事不同。它的市场输出受重整资本公积转增和开盘参考价不调整机制影响，必须作为重整价格机制案例读，不能直接当普通公告后收益读。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0004", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0005", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "2025-08-30，`000656.SZ` 同日发布业绩预告修正、重大诉讼事项进展、累计诉讼及仲裁事项等公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0006", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "表面看，这是典型利空：亏损大幅扩大，诉讼和仲裁继续增加。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0007", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "但 2025-09-12 前后价格出现明显跳变：2025-08-29 到 2025-09-12，价格从 `0.66` 元到 `1.41` 元，表面涨幅约 `113.64%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0008", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 8, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线", "step_text": "### A：反推出的暗线", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0009", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0010", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线", "step_text": "RESTRUCTURING_EXECUTION_AND_REFERENCE_PRICE_MECHANISM_OVERRIDES_BAD_HEADLINES", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0011", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 11, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线", "step_text": "大白话：市场不是在买业绩修正和诉讼，而是在交易重整执行进入关键阶段；更准确地说，这里还有资本公积转增和复牌参考价不调整的价格机制，不能当普通涨幅。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0012", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 12, "step_type": "INITIAL_LEAF", "section_heading": "M：公告前已经发生的铺垫", "step_text": "### M：公告前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0013", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：公告前已经发生的铺垫", "step_text": "1. 2025-05，法院裁定批准公司及重庆金科重整计划，并终止重整程序，公司进入重整计划执行阶段。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0014", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 14, "step_type": "INITIAL_LEAF", "section_heading": "M：公告前已经发生的铺垫", "step_text": "2. 2025-07-10，公司公告全体重整投资人 `26.28` 亿元重整投资款已全部到账。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0015", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 15, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：公告前已经发生的铺垫", "step_text": "这些节点说明：8月30日坏标题不是故事起点。更早的主线是重整计划执行。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0016", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 16, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续发生的验证节点", "step_text": "### N/L：后续发生的验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0017", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "1. 2025-09-09，公司披露重整计划资本公积转增股本事项实施。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0018", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "2. 2025-09-12，公司复牌，并明确资本公积转增后首个交易日开盘参考价无需调整。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0019", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "N/L：后续发生的验证节点", "step_text": "3. 2025-09-23，管理人将 `3,000,000,000` 股转增股票过户给重整投资人指定主体。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0020", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 20, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续发生的验证节点", "step_text": "4. 同日公司公告控股股东和实际控制人拟发生变更：京渝星筑、京渝星璨合计持有 `9.93` 亿股，占总股本 `9.34%`，为第一大股东。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0021", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 21, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0022", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "当前落 L3 单票 K 线，但必须带重整价格机制标记。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0023", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-29 到 2025-09-12：约 `113.64%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0024", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-29 到 2025-09-23：约 `115.15%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0025", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 25, "step_type": "SUMMARY_READOUT", "section_heading": "当前结论", "step_text": "### 当前结论", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0026", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 26, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "当前结论", "step_text": "8月30日坏标题不是根；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0027", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "当前结论", "step_text": "重整执行、投资款到账、资本公积转增、复牌参考价不调整和投资人过户才是主线；", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0028", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 28, "step_type": "INITIAL_LEAF", "section_heading": "当前结论", "step_text": "这条线不能用普通新闻收益逻辑解读，因为价格跳变受重整制度和参考价机制影响。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0029", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 29, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "当前缺口", "step_text": "### 当前缺口", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0030", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 上海品器、北京天娇绿苑、四川发展证券基金、中国长城资产等重整投资人背景。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0031", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- 控股股东和董事会改选是否最终完成。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0032", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 32, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "当前缺口", "step_text": "- 重整执行完成、撤销退市风险警示和主营业务转型后续节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0033", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 33, "step_type": "DARKLINE_INTENTION", "section_heading": "当前缺口", "step_text": "- 同类重整转增参考价机制案例，防止把技术性价格机制误读成普通暗线显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0034", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "`mirror/data/result/darkline_hvstory80_to_87_000656_restructuring_reference_price_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0027_STEP_0035", "case_id": "DLCASE_LEGACY_0027", "darkline_hypothesis_id": "DLCASE_LEGACY_0027", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "当前缺口", "step_text": "- `darkline_story_key_node_evidence` 已写入本案例 10 个关键节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0001", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：000615.SZ 奥园美谷诉讼叶子背后的重整执行与控股权变化", "step_text": "## 案例：000615.SZ 奥园美谷诉讼叶子背后的重整执行与控股权变化", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0002", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0003", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "2025-12-11，`000615.SZ` 发布《重大诉讼事项进展公告》。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0004", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 4, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：最初看到的叶子", "step_text": "表面看，这是金融借款合同纠纷、执行阶段、公司作为被告的风险标题。如果只按标题读，容易理解成利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0005", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0006", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 6, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "这条线真正的暗线不是诉讼，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0007", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "`公司通过重整执行、投资人入局、资本结构重置、股份过户和控股权变化，完成债务出清和平台重估。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0008", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "A：反推出的暗线意图", "step_text": "换句话说，市场交易的不是这条诉讼公告，而是重整成功概率和新资本进入。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0009", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 9, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前应该已经发生的铺垫", "step_text": "### M：B/C 之前应该已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0010", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前应该已经发生的铺垫", "step_text": "- 2025-09-26：公司与重整投资人签署补充协议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0011", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前应该已经发生的铺垫", "step_text": "- 2025-10-11：披露预重整方案。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0012", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前应该已经发生的铺垫", "step_text": "- 2025-10-28：预重整债权人会议表决推进。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0013", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前应该已经发生的铺垫", "step_text": "- 2025-11-15：法院裁定受理重整并指定管理人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0014", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前应该已经发生的铺垫", "step_text": "- 2025-11-20：法院许可公司继续营业，并准许在管理人监督下自行管理财产和营业事务。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0015", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 15, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前应该已经发生的铺垫", "step_text": "这些节点说明，12-11 的诉讼公告只是重整链条中间的一片叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0016", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 16, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：B/C 之后验证暗线的后续事件", "step_text": "### N/L：B/C 之后验证暗线的后续事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0017", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "N/L：B/C 之后验证暗线的后续事件", "step_text": "- 2025-12-18：重整计划获法院裁定批准。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0018", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "N/L：B/C 之后验证暗线的后续事件", "step_text": "- 2025-12-23：重整投资款到账。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0019", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "N/L：B/C 之后验证暗线的后续事件", "step_text": "- 2025-12-23：资本公积金转增股本事项实施。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0020", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 20, "step_type": "INITIAL_LEAF", "section_heading": "N/L：B/C 之后验证暗线的后续事件", "step_text": "- 2025-12-27：复牌和开盘参考价调整公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0021", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "N/L：B/C 之后验证暗线的后续事件", "step_text": "- 2025-12-30：重整计划执行完毕。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0022", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：B/C 之后验证暗线的后续事件", "step_text": "- 2026-01-05：控股股东拟发生变更。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0023", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：B/C 之后验证暗线的后续事件", "step_text": "- 2026-01-16：向重整投资人完成股票过户。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0024", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 24, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：B/C 之后验证暗线的后续事件", "step_text": "- 2026-01-22：撤销因重整导致的退市风险警示，但继续存在其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0025", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：B/C 之后验证暗线的后续事件", "step_text": "- 2026-01-28：董事会完成换届。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0026", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 26, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0027", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-26 到 2025-11-14：约 `+46.76%`，正式受理重整前已有明显预反应。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0028", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 28, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2025-11-14 到 2025-12-18：约 `-15.20%`，说明不是每个好节点都线性上涨。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0029", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-12-18 到 2025-12-29：约 `+114.45%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0030", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-12-25 到 2025-12-29：约 `+108.43%`，但这一段受资本公积转增和开盘参考价调整机制影响，不能按普通涨幅读。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0031", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-12-11 到 2026-01-22：约 `+93.06%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0032", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 32, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0033", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "这条故事成立，但必须带边界：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0034", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 34, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "`000615.SZ` 不是诉讼利空反转故事，而是重整执行、转增价格机制和控股权变化故事。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0035", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 坏标题不一定是根。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0036", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 36, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- ST、债务、诉讼、重整混合标题，要优先问它是不是更大重整链路中的叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0037", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 37, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 如果价格在公告前已经显影，要回头找预重整、投资人、法院、债权人会议这些前置节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0038", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 38, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 如果价格跳变出现在资本公积转增和复牌参考价调整附近，不能按普通公告后收益读。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0028_STEP_0039", "case_id": "DLCASE_LEGACY_0028", "darkline_hypothesis_id": "DLCASE_LEGACY_0028", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory88_to_95_000615_restructuring_control_change_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0001", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：603843.SH 正平股份诉讼叶子背后的采矿许可证与 ST 困境修复", "step_text": "## 案例：603843.SH 正平股份诉讼叶子背后的采矿许可证与 ST 困境修复", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0002", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0003", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 3, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。入口是诉讼仲裁和 ST 风险坏标题，但后续大涨更应该由资源矿权显影、债务豁免、风险修复和预重整解释。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0004", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0005", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "2025-08-30，`603843.SH` 发布《诉讼仲裁事项进展及新增诉讼仲裁事项的公告》。表面看，这是坏消息：新增诉讼仲裁多，公司和子公司多数处在被告/被申请人位置。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0006", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 6, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "同一天，公司还发布其他风险警示事项进展和全资子公司债务豁免公告。这说明坏标题不是孤立的，旁边已经出现风险修复叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0007", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出来的暗线意图", "step_text": "### A：反推出来的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0008", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "A：反推出来的暗线意图", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0009", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "A：反推出来的暗线意图", "step_text": "ST_DISTRESS_REPAIR_WITH_RESOURCE_OPTIONALITY", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0010", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 10, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出来的暗线意图", "step_text": "大白话：市场不是在买诉讼，而是在买一个困境资产突然出现资源矿权想象。公司本身有 ST、债务、内控、持续经营风险，估值低；如果债务和风险开始修复，同时全资子公司拿到采矿许可证，市场就会把它当成资源期权重估。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0011", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前或附近的铺垫", "step_text": "### M：B/C 之前或附近的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0012", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 12, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前或附近的铺垫", "step_text": "- 2025-08-30：其他风险警示进展，显示违规担保解除、资金占用归还等修复节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0013", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前或附近的铺垫", "step_text": "- 2025-08-30：全资子公司债务豁免，预计增加归母净利润。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0014", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前或附近的铺垫", "step_text": "- 2025-09-05：股票异常波动，公司称无应披露未披露重大事项。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0015", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 15, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前或附近的铺垫", "step_text": "- 2025-09-17：采矿许可证公告前，公司已出现连续涨停和累计涨幅。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0016", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 16, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0017", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-09-18：全资子公司格尔木生光矿业取得采矿许可证。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0018", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 18, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-09-26：公司提示矿产资源开发需要大规模投入，当前资金、人员、设备不足，收益有重大不确定性。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0019", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 19, "step_type": "MARKET_MANIFESTATION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-09-30：公司继续提示股价已严重脱离基本面。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0020", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-31：公司及子公司再次获得债务豁免。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0021", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-12-25：法院受理公司预重整并指定临时管理人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0022", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 22, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-12-26：预重整债权申报和子公司债权调查提示仍有缺口。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0023", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 23, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0024", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 24, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "市场输出", "step_text": "- 2025-07-01 到 2025-08-29：约 `-19.94%`，入口坏标题前并没有提前大涨。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0025", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-29 到 2025-09-05：约 `+14.13%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0026", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-29 到 2025-09-18：约 `+64.68%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0027", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-29 到 2025-09-30：约 `+101.86%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0028", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-30 到 2025-12-25：约 `-12.89%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0029", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 29, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0030", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "这条故事成立，但不能读成诉讼利空反转。更准确的读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0031", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 31, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`诉讼/ST风险叶子 -> 债务豁免/风险修复 -> 采矿许可证 -> 资源期权重估 -> 开采能力和资金缺口风险提示 -> 后续预重整`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0032", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 32, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- 坏标题旁边如果有风险修复和新资产期权，要优先追更高一层的资产重估枝干。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0033", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 资源许可证不等于生产力兑现，尤其公司自己提示资金、人员、设备不足时，只能读成资源期权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0034", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 34, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- ST 困境资产的上涨常常不是经营变强，而是低预期下的修复概率和资产想象被交易。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0029_STEP_0035", "case_id": "DLCASE_LEGACY_0029", "darkline_hypothesis_id": "DLCASE_LEGACY_0029", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory96_to_103_603843_mining_license_st_risk_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0001", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：300091.SZ 金通灵业绩预告叶子背后的重整执行与参考价机制", "step_text": "## 案例：300091.SZ 金通灵业绩预告叶子背后的重整执行与参考价机制", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0002", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0003", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 3, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。入口是业绩预告和财务退市风险坏标题，但后续价格强显影更应该由重整执行、投资款到账、资本公积转增和复牌参考价调整解释。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0004", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0005", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 5, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：最初看到的叶子", "step_text": "2026-01-31，`300091.SZ` 发布《2025年度业绩预告》和财务类退市风险提示。表面看，这是坏消息：净利润为负，期末净资产为负，可能被实施财务类退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0006", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 6, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出来的暗线意图", "step_text": "### A：反推出来的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0007", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "A：反推出来的暗线意图", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0008", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "A：反推出来的暗线意图", "step_text": "RESTRUCTURING_EXECUTION_AND_REFERENCE_PRICE_MECHANISM_OVERRIDES_BAD_EARNINGS_HEADLINE", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0009", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 9, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出来的暗线意图", "step_text": "大白话：市场不是在买亏损，而是在交易公司重整进入执行阶段、投资款到账、资本结构重置、转增偿债和复牌参考价调整机制。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0010", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 10, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前的铺垫", "step_text": "### M：B/C 之前的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0011", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前的铺垫", "step_text": "- 2025-09-06：公司与产业投资人汇通达签署预重整投资协议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0012", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前的铺垫", "step_text": "- 2025-09-27：公司向重整产业投资人借款，用于维持生产经营。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0013", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前的铺垫", "step_text": "- 2026-01-13：公司与财务投资人签署重整投资协议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0014", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前的铺垫", "step_text": "- 2026-01-16：公司披露重整计划草案、经营方案和出资人权益调整方案。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0015", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 15, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前的铺垫", "step_text": "这些节点说明，1 月 31 日的业绩预告只是重整链条中的风险叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0016", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 16, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0017", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-03：重整计划获得法院裁定批准，公司进入重整计划执行阶段。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0018", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-09：全体重整投资人全部重整投资款到账。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0019", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-09：资本公积金转增股本事项实施。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0020", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-09：披露转增股本除权事项和开盘参考价规则。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0021", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-12：公司复牌，开盘参考价调整为 2.79 元/股。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0022", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-13：重整计划执行完毕，法院裁定终结重整程序。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0023", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 23, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-13：公司继续提示财务类退市风险，说明这不是基本面彻底修复。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0024", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 24, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0025", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 25, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "市场输出", "step_text": "- 2025-09-05 到 2026-01-30：约 `-5.95%`，投资人协议到业绩预告前不是明显大涨。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0026", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 26, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2026-01-30 到 2026-02-03：约 `+1.27%`，业绩坏标题后短期并未完整显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0027", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-01-30 到 2026-02-13：约 `+98.73%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0028", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-02-10 到 2026-02-12：约 `+86.75%`，但受资本公积转增和开盘参考价调整机制影响。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0029", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-02-13 到 2026-03-31：约 `-4.78%`，重整执行完毕后没有继续线性上行。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0030", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 30, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0031", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 31, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "这条故事成立，但不是业绩预告利空反转。更准确的读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0032", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 32, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`坏业绩/财务退市风险叶子 -> 产业投资人/财务投资人入局 -> 法院批准重整计划 -> 投资款到账 -> 资本公积转增和参考价调整 -> 重整执行完毕`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0033", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 坏业绩标题如果发生在重整计划草案之后，要优先追投资人、法院批准、投资款、转增和参考价机制。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0034", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 重整参考价机制会让普通 K 线涨跌读法失真，必须单独标记。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0035", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 35, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- 重整执行窗口可以强显影，但执行完毕后不一定继续线性上涨。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0030_STEP_0036", "case_id": "DLCASE_LEGACY_0030", "darkline_hypothesis_id": "DLCASE_LEGACY_0030", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory104_to_111_300091_restructuring_reference_price_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0001", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：002822.SZ ST中装可转债叶子背后的预重整期权", "step_text": "## 案例：002822.SZ ST中装可转债叶子背后的预重整期权", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0002", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0003", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。入口是可转债“不向下修正转股价格”公告，但真正主线是 ST 困境平台进入预重整、债权申报、管理人推进和重整投资人招募。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0004", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0005", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "2024-10-24，`002822.SZ` 发布《不向下修正可转换公司债券转股价格的公告》。表面看，这是可转债条款事件。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0006", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "但公司此前已经被债权人申请重整和预重整，并且法院已经启动预重整、指定管理人、推进债权申报。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0007", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出来的暗线意图", "step_text": "### A：反推出来的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0008", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "A：反推出来的暗线意图", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0009", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "A：反推出来的暗线意图", "step_text": "PRE_RESTRUCTURING_OPTIONALITY_OVERRIDES_CBOND_NO_DOWNWARD_REVISION_LEAF", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0010", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 10, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "A：反推出来的暗线意图", "step_text": "大白话：市场不是在交易“转债不下修”本身，而是在交易 ST 困境平台进入预重整后的期权：如果后续能招到投资人、进入正式重整、清理债务，股权和债权结构都有重新定价空间。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0011", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前的铺垫", "step_text": "### M：B/C 之前的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0012", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前的铺垫", "step_text": "- 2024-06-22：公司披露被债权人申请重整及预重整进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0013", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 13, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前的铺垫", "step_text": "- 2024-06-22：部分董事、高管公告增持计划。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0014", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前的铺垫", "step_text": "- 2024-06-27：董事、高管增持计划实施完成。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0015", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前的铺垫", "step_text": "- 2024-08-01：法院启动公司预重整并指定管理人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0016", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前的铺垫", "step_text": "- 2024-08-08：预重整债权申报。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0017", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 17, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前的铺垫", "step_text": "- 2024-08-30 和 2024-09-30：公司持续披露预重整进展，同时提示证监会立案、正式重整不确定。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0018", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 18, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0019", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 19, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2024-10-29 到 2024-11 月：股票连续异常波动，公司反复提示基本面未变、风险很多。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0020", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 20, "step_type": "MARKET_MANIFESTATION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2024-11-25：公司明确提示股价表现已严重偏离基本面。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0021", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2024-12-03：公司公开招募和遴选重整投资人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0022", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-01-23：遴选重整投资人征求债权人意见。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0023", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-02-28：预重整投资人已经确定，但协议条款尚未确定。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0024", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 24, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0025", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 25, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2024-06-03 到 2024-07-01：约 `-32.35%`，早期风险暴露后继续下跌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0026", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 26, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "- 2024-07-01 到 2024-10-24：约 `+106.52%`，法院启动预重整后到可转债叶子前已经明显修复。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0027", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2024-10-24 到 2024-11-29：约 `+109.47%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0028", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2024-10-24 到 2025-02-28：约 `+97.89%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0029", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 29, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0030", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 30, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "这条故事成立，但不是可转债不下修利好。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0031", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 31, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`债权人申请重整/预重整 -> 法院启动预重整并指定管理人 -> 债权申报 -> 可转债不下修叶子 -> 股价异常波动 -> 招募重整投资人 -> 投资人遴选推进`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0032", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 32, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 可转债下修、不下修这类金融工具公告，遇到 ST、债务、预重整背景时，不能按工具条款单独读。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0033", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 预重整节点比可转债条款更接近枝干。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0034", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 34, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- 公司反复提示股价偏离基本面，反而说明市场在交易期权和预期，不是在交易经营兑现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0031_STEP_0035", "case_id": "DLCASE_LEGACY_0031", "darkline_hypothesis_id": "DLCASE_LEGACY_0031", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory112_to_119_002822_pre_restructuring_cbond_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0001", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：688102.SH 斯瑞新材股权激励叶子背后的商业航天关键材料产能链", "step_text": "## 案例：688102.SH 斯瑞新材股权激励叶子背后的商业航天关键材料产能链", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0002", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0003", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事，同时挂到 L2 商业航天/关键材料风格拼图。入口叶子是股权激励行权条件成就和股票异常波动，但真正主线是定增资金落地、商业航天关键材料产能实施和后续业绩验证。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0004", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0005", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "2025-12-11，`688102.SH` 发布股票期权行权条件成就公告。2025-12-13，公司发布股票异常波动公告，称没有应披露未披露重大事项，也没有发现热点概念事项。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0006", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 6, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "如果只看表面，很容易讲成“股权激励导致上涨”。但股价 2025-10-20 到 2025-12-11 已经涨约 `+72.93%`，所以 12 月公告更像迟到确认。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0007", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0008", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0009", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "COMMERCIAL_SPACE_CAPACITY_AND_MATERIAL_LOCALIZATION_REVALUATION", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0010", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 10, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场不是在买股权激励本身，而是在买公司商业航天关键材料产能落地、定增资金到位、新产业方向开始放量的重估。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0011", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0012", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-08-26：公司向特定对象发行股票获得证监会同意注册。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0013", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-09-04：募集说明书披露液体火箭发动机推力室材料项目，并出现蓝箭航天、航天科技集团、星际荣耀、九州云箭等商业航天客户/合作线索。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0014", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-10-01：发行情况报告书披露，定增发行完成。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0015", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 15, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-10-14：发行结果暨股本变动公告，发行价 14.38 元，募集资金约 6 亿元。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0016", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-10-18：募投资金安排明确，其中 20,000 万元投向液体火箭发动机推力室材料、零件、组件产业化项目。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0017", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-10-18：公司向全资子公司增资 4 亿元，其中 3.4 亿元募集资金用于实施募投项目。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0018", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 18, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0019", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-12-11：股票期权行权条件成就，内部激励进入兑现窗口。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0020", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 20, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-12-13：异常波动公告称没有未披露重大事项，反而说明市场可能在交易早已披露的产业化拼图。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0021", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 21, "step_type": "MARKET_MANIFESTATION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-25：业绩快报显示收入同比增长 17.66%，归母净利润同比增长 35.04%，扣非净利润同比增长 41.26%，并提到募投项目产能逐步释放、新产业方向开始放量增长。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0022", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 22, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0023", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-10-20 到 2025-12-11：约 `+72.93%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0024", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-12-11 到 2025-12-15：约 `+25.97%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0025", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-12-15 到 2026-02-25：约 `+7.68%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0026", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-02-25 到 2026-03-31：约 `-6.12%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0027", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 27, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0028", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 28, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "这条故事成立，但不是股权激励直接导致上涨。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0029", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 29, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`定增注册批复 -> 商业航天关键材料披露 -> 定增资金到位 -> 募投项目落到液体火箭发动机推力室材料产业化 -> 子公司增资实施 -> 股权激励/异常波动叶子 -> 业绩快报验证新产业方向`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0030", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 30, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "- 异常波动公告说没有未披露重大事项，不等于没有暗线；可能是暗线已经在更早的公开文件里。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0031", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 31, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 股权激励、异常波动这类尾部新闻，经常只是迟到确认，不能直接当根。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0032", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 32, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- 商业航天、关键材料、募投资金、产能实施、业绩验证这类节点可以形成“高层风格拼图 -> 单票显影”的链条。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0032_STEP_0033", "case_id": "DLCASE_LEGACY_0032", "darkline_hypothesis_id": "DLCASE_LEGACY_0032", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory120_to_127_688102_commercial_space_capacity_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0001", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：002713.SZ 东易日盛诉讼叶子背后的预重整执行与控权重构", "step_text": "## 案例：002713.SZ 东易日盛诉讼叶子背后的预重整执行与控权重构", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0002", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0003", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。入口叶子是 2025-09-17《新增累计诉讼、仲裁情况的公告》，表面偏风险；但真正主线是预重整执行、投资人落地、法院受理、资本公积转增和控制权变化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0004", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0005", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "2025-09-17，`002713.SZ` 发布新增累计诉讼、仲裁公告。正常直觉会把它读成利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0006", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 6, "step_type": "MARKET_MANIFESTATION", "section_heading": "B/C：最先看到的叶子", "step_text": "但 K 线不是普通利空走势：2025-09-17 到 2025-11-20 股价涨约 `+243.81%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0007", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0008", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0009", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "PRE_RESTRUCTURING_EXECUTION_AND_CONTROL_RIGHT_RESET", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0010", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 10, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场不是在买诉讼，而是在买困境平台通过预重整引入投资人、重置债权股权结构、完成治理权变化的概率。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0011", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0012", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-01-03：公开招募重整投资人进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0013", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-03-19：与产业投资人签署重整投资协议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0014", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-17：与财务投资人签署重整投资协议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0015", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 15, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-29：股票被实施退市风险警示及其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0016", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-05-16：控股股东部分股份将被司法拍卖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0017", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-06-27：控股股东部分股份拍卖过户完成暨权益变动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0018", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-08-16：更换部分财务投资人并继续签署重整投资协议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0019", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 19, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0020", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-09-27：遴选重整投资人结果及签署重整投资协议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0021", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-10：预重整方案披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0022", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-15：债权人组表决进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0023", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-11-20：法院裁定受理公司重整并指定管理人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0024", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-11-27：法院许可公司继续营业并自行管理。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0025", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-12-22：重整计划获得法院裁定批准。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0026", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-12-30：资本公积转增事项进展并复牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0027", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-12-31：重整计划执行完毕。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0028", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-01-23：控股股东、实际控制人变更披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0029", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 29, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-01-24：撤销因重整而被实施的退市风险警示，但继续被实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0030", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 30, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0031", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-17 到 2025-10-15：约 `+42.04%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0032", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-17 到 2025-11-20：约 `+243.81%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0033", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-11-20 到 2025-12-31：约 `+15.57%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0034", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-01-23 到 2026-03-31：约 `+27.80%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0035", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 35, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0036", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 36, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "这条故事成立，但不是诉讼公告导致上涨。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0037", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 37, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`重整投资人招募 -> 产业/财务投资人协议 -> ST 困境资产定价 -> 控股股东司法拍卖/过户 -> 诉讼叶子 -> 投资人遴选结果 -> 预重整方案/债权人表决 -> 法院受理重整 -> 继续营业 -> 重整计划批准 -> 资本公积转增 -> 重整执行完毕 -> 控股权和实控人变化`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0038", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 38, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- ST/困境公司的诉讼公告经常只是风险叶子，不一定是主线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0039", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 39, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 如果公告前已有预重整、投资人、债权人表决、法院受理、转增、控权变化，要优先追重整执行链。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0040", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 40, "step_type": "WHY_NODE", "section_heading": "总结", "step_text": "- 坏标题反涨时，不能先解释“利空为什么利好”，要先问“这个坏标题是不是更大资本结构重置故事里的一个叶子”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0033_STEP_0041", "case_id": "DLCASE_LEGACY_0033", "darkline_hypothesis_id": "DLCASE_LEGACY_0033", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory128_to_135_002713_restructuring_litigation_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0001", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：603959.SH 百利科技立案叶子背后的司法拍卖、资金占用修复与风险警示撤销", "step_text": "## 案例：603959.SH 百利科技立案叶子背后的司法拍卖、资金占用修复与风险警示撤销", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0002", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0003", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。入口叶子是 2024-10-10《收到中国证券监督管理委员会立案告知书》，表面是监管立案利空；但股价在 2024-10-10 到 2024-12-31 约 `+160.82%`。真正主线不是立案本身，而是控股股东债务压力、司法拍卖过户、资金占用清理、风险警示撤销和第一大股东变化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0004", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0005", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 5, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：最先看到的叶子", "step_text": "2024-10-10，公司发布证监会立案告知书。正常读法是利空：监管立案、资金占用、诉讼仲裁、处罚风险都在增加。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0006", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 6, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "但 K 线没有按普通利空走，说明必须问：这条立案公告是不是更大治理清理链条中的一个节点？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0007", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0008", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0009", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "CONTROL_AUCTION_RISK_REPAIR_CHAIN", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0010", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 10, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场不是在买“立案”，而是在交易困境公司控制层和风险层修复：控股股东债务压力被司法流程处理，股份拍卖过户，资金占用最终清理，其他风险警示撤销，第一大股东后续变化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0011", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0012", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-01-06：控股股东股份被轮候冻结。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0013", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 13, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-04-30：公司被实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0014", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-04-30：控股股东及关联方资金占用被专项说明。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0015", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-09-10：控股股东被申请预重整。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0016", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-09-24：控股股东所持部分股份将被司法拍卖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0017", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-09-25：控股股东预重整继续有进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0018", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 18, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "这些说明：10月立案不是故事起点。更早的主线是控股股东债务、股份冻结、资金占用和风险警示修复。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0019", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 19, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0020", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2024-10-30：司法拍卖股份完成过户，并解除质押、冻结及标记。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0021", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 21, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2024-10-31：其他风险警示相关事项继续披露进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0022", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2024-11-12：上交所针对实际控制人资金占用事项发监管工作函。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0023", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2024-11-30：董监高增持计划实施完成。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0024", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-05-31：行政处罚事先告知书落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0025", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-06-07：行政处罚决定书落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0026", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-06-28：关联方资金占用完全消除。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0027", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 27, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-06-28：公司申请撤销其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0028", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 28, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-07-12：撤销其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0029", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-12-12：第一大股东发生变更并完成过户登记。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0030", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-12-27：接受关联方无偿赠与股权资产。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0031", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 31, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0032", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2024-10-10 到 2024-10-31：约 `+48.54%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0033", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2024-10-10 到 2024-12-31：约 `+160.82%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0034", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2024-10-10 到 2025-06-30：约 `+257.31%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0035", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-06-28 到 2025-07-14：约 `-6.38%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0036", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 36, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0037", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 37, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "这条故事成立，但不是“证监会立案利空变利好”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0038", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 38, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`控股股东股份冻结 -> 其他风险警示和资金占用 -> 控股股东预重整 -> 司法拍卖提示 -> 立案叶子 -> 司法拍卖过户并解除质押冻结 -> 资金占用监管压力 -> 处罚落地 -> 资金占用完全消除 -> 申请撤销其他风险警示 -> 撤销其他风险警示 -> 第一大股东变化 -> 关联方资产赠与`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0039", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 39, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 监管立案、处罚、诉讼在困境公司里可能只是清理链条的叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0040", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 40, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 如果后续能看到司法拍卖过户、资金占用消除、风险警示撤销、第一大股东变化，要优先追困境修复和控权重排。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0041", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 41, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- 924 这种上层市场风可能放大困境修复票弹性，但不能替代公司自身证据链。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0034_STEP_0042", "case_id": "DLCASE_LEGACY_0034", "darkline_hypothesis_id": "DLCASE_LEGACY_0034", "step_order": 42, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory136_to_143_603959_control_auction_risk_repair_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0001", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：300472.SZ 新元科技贷款逾期/诉讼叶子背后的预重整债务修复", "step_text": "## 案例：300472.SZ 新元科技贷款逾期/诉讼叶子背后的预重整债务修复", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0002", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0003", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。入口叶子是 2025-06-27《公司银行贷款逾期暨重大诉讼的公告》，表面是债务和诉讼利空；但股价在 2025-06-27 到 2025-12-31 约 `+161.02%`。真正主线不是贷款逾期，而是预重整、债权申报、投资人招募、债务豁免、现金赠与和控制层压力释放。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0004", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0005", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "2025-06-27，`300472.SZ` 发布银行贷款逾期暨重大诉讼公告。正常读法是利空：银行贷款逾期、重大诉讼、债务压力和退市/ST 风险都在增加。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0006", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 6, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "但 K 线没有按普通利空走：2025-06-27 到 2025-08-29 股价约 `+105.08%`，到 2026-03-31 约 `+191.19%`。所以必须继续问：这条贷款逾期公告是不是更大债务重整链条中的叶子？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0007", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0008", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0009", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "PRE_RESTRUCTURING_DEBT_REPAIR_AND_CONTROL_PRESSURE_RELEASE", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0010", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 10, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场不是在买贷款逾期，而是在交易困境公司进入预重整后，债权人、法院、临时管理人、投资人、债务豁免、现金赠与和控制层压力释放共同推进的债务修复期权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0011", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0012", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-02-19：公司及子公司银行贷款逾期，债务压力已经显性化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0013", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 13, "step_type": "MARKET_MANIFESTATION", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-03-06：股东股份权益变动，控制层压力开始显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0014", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-03-12：子公司诉讼进展，经营压力继续显性化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0015", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-03-18：生产停止进展，基本面压力加重。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0016", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 16, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-03-27：证监会立案，监管风险进入链条。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0017", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 17, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-28：披露退市风险。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0018", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-30：ST 正式落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0019", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-06-04：资产查封。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0020", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-06-16：控股股东投票权诉讼。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0021", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-06-18：实际控制人被限制高消费。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0022", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 22, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "这些节点说明：6 月底贷款逾期公告不是故事起点，而是困境公司风险暴露到预重整前夜的一个叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0023", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 23, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0024", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-06-30：债权人申请重整及预重整。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0025", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-07-01：过渡期工作组成立。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0026", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-07-04：法院启动预重整并指定临时管理人，同时启动债权申报。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0027", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-07-28：公司公开招募重整投资人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0028", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-08-04：披露预重整进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0029", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-08-11：延长投资人招募期限。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0030", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-09-01：投票权委托终止。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0031", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-25：债权人会议召开，处罚事先告知书落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0032", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-28：实际控制人股份拍卖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0033", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-11-12：重整投资人招募进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0034", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-12-11：产业投资人协议签署，同时子公司破产/重整推进。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0035", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-12-26：债务豁免和现金赠与落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0036", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-12-30：债务豁免和财务投资人安排继续落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0037", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-01-20：实控人股份拍卖过户。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0038", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 38, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0039", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-06-27 到 2025-07-31：约 `+58.98%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0040", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-06-27 到 2025-08-29：约 `+105.08%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0041", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-06-27 到 2025-12-31：约 `+161.02%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0042", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 42, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-06-27 到 2026-03-31：约 `+191.19%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0043", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 43, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0044", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 44, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "这条故事成立，但不是“银行贷款逾期和重大诉讼利空变利好”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0045", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 45, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`银行贷款逾期/重大诉讼叶子 -> 债权人申请重整/预重整 -> 过渡期工作组 -> 法院启动预重整并指定临时管理人 -> 债权申报 -> 招募重整投资人 -> 债权人会议 -> 产业/财务投资人协议 -> 债务豁免和现金赠与 -> 实控人股份拍卖过户`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0046", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 46, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 困境公司里，贷款逾期、诉讼、查封、限高、ST、监管立案可能只是风险清理链的叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0047", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 47, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 若后续能看到债权人申请预重整、法院启动预重整、临时管理人、债权申报、投资人招募、债务豁免、现金赠与和实控人股权处置，要优先追预重整债务修复链。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0048", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 48, "step_type": "WHY_NODE", "section_heading": "总结", "step_text": "- 坏标题反涨时，不能先解释“利空为什么利好”，要先问“这个坏标题是不是更大债务重整故事里的一个阶段节点”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0035_STEP_0049", "case_id": "DLCASE_LEGACY_0035", "darkline_hypothesis_id": "DLCASE_LEGACY_0035", "step_order": 49, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory144_to_151_300472_restructuring_debt_repair_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0001", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例：600530.SH 交大昂立审计保留意见影响消除背后的控权稳定与治理修复", "step_text": "## 案例：600530.SH 交大昂立审计保留意见影响消除背后的控权稳定与治理修复", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0002", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0003", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。入口叶子是 2025-04-29 的 2023 年度审计报告保留意见涉及事项影响已消除。表面是审计事项确认，但股价在 2025-04-29 到 2025-06-30 约 `+100.88%`。真正主线不是审计报告本身，而是历史风险警示撤销、控股股东增持、要约收购、业绩预盈、要约交割和治理制度修复。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0004", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0005", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "2025-04-29，`600530.SH` 发布董事会和会计师关于 2023 年度审计报告保留意见涉及事项影响已消除的公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0006", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 6, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "如果只看表面，它像一条审计技术事项。但公告后 D20 约 `+75.00%`，D60 约 `+100.88%`，说明市场交易的不是一个单点会计说明，而是更长风险修复链的确认。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0007", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0008", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0009", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "CONTROL_STABILIZATION_AND_GOVERNANCE_REPAIR_REPRICING", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0010", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 10, "step_type": "INITIAL_LEAF", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场不是在买一条审计公告，而是在买历史风险出清后的治理修复和控权稳定：其他风险警示解除、控股股东增持、要约收购、业绩转盈、审计确认共同把公司从风险资产重新定价为修复资产。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0011", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0012", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 12, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-01-06：公司仍在披露其他风险警示相关事项进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0013", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-04-27：2022 年度内控否定意见影响已消除。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0014", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-04-27：2023 年度财务报表仍被出具保留意见。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0015", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-05-10：收到 2023 年年报监管问询函。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0016", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-05-17：控股股东增加一致行动人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0017", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 17, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-05-17：控股股东及一致行动人披露首次增持和后续增持计划。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0018", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-05-23：收到年报二次监管问询函。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0019", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-05-28：控股股东及一致行动人增持达到 1%。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0020", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 20, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-06-12：公司申请撤销其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0021", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 21, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-06-20：撤销其他风险警示并停牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0022", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-10-25：控股股东及一致行动人增持达到 2%。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0023", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-11-13：控股股东及一致行动人增持计划实施完成。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0024", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-12-27：收到要约收购报告书摘要。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0025", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-01-25：2024 年年度业绩预盈。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0026", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-02-17：要约收购结果暨股票复牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0027", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-02-22：要约收购股份交割完成。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0028", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 28, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "这些节点说明：2025-04-29 的审计影响消除，不是故事起点，而是前面一整套治理修复和控权稳定动作的迟到确认。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0029", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 29, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0030", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-05-14：股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0031", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 31, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-05-15：股票交易风险提示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0032", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-06-27：控股股东及一致行动人股份解除质押。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0033", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-07-09：回复 2024 年年报监管工作函。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0034", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-07-12：收到证监会立案告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0035", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-08-14：取消监事会并修订公司章程及治理制度。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0036", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 36, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证暗线的事件", "step_text": "后续事件说明：这条链不是无风险单边利好。它的核心是风险修复和控权稳定，但监管残余风险仍然存在，所以必须带“修复链 + 残余风险”边界。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0037", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 37, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0038", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-04-29 到 2025-05-19：约 `+75.00%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0039", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-04-29 到 2025-06-30：约 `+100.88%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0040", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-04-29 到 2025-08-27：约 `+79.20%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0041", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-04-29 到 2025-10-27：约 `+87.17%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0042", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 42, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0043", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 43, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "这条故事成立，但不是“审计保留意见影响消除单点利好”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0044", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 44, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "总结", "step_text": "`其他风险警示进展 -> 内控否定意见影响消除 -> 2023 年保留意见 -> 监管问询 -> 控股股东一致行动/增持 -> 申请撤销其他风险警示 -> 撤销其他风险警示 -> 增持完成 -> 要约收购 -> 业绩预盈 -> 要约收购交割完成 -> 保留意见影响消除 -> 异常波动 -> 解除质押 -> 年报监管函回复 -> 后续立案 -> 治理制度修订`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0045", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 45, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 审计影响消除这类公告通常不是起点，更可能是历史风险修复链的迟到确认。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0046", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 46, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 如果公告前已经有风险警示撤销、控股股东增持、要约收购、业绩预盈和股权交割，要优先追治理修复/控权稳定主干。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0047", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 47, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "总结", "step_text": "- 修复链强，不等于风险全部消失。后续立案、监管函、风险提示要保留为残余风险分支。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0036_STEP_0048", "case_id": "DLCASE_LEGACY_0036", "darkline_hypothesis_id": "DLCASE_LEGACY_0036", "step_order": 48, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory152_to_159_600530_audit_control_repair_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0001", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：001309.SZ 德明利股权激励叶子背后的存储芯片增长与募投扩产", "step_text": "## 案例：001309.SZ 德明利股权激励叶子背后的存储芯片增长与募投扩产", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0002", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0003", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事，同时带 L2 存储芯片风格拼图。入口叶子是 2025-10-15 的限制性股票解除限售条件成就、回购注销等股权激励公告。表面看只是激励技术事项，但股价在 2025-07-10 到 2025-10-15 已经约 `+114.92%`，说明股权激励公告不是起点，而是更早业绩增长、融资和扩产链条的迟到确认。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0004", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0005", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "2025-10-15，`001309.SZ` 发布股权激励相关公告，包括解除限售条件成就、回购注销部分限制性股票等。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0006", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 6, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "如果只看标题，这是一类公司治理/激励技术公告。但 K 线在公告前已经明显显影，公告后短期仍有延续：2025-10-15 到 2025-10-27 约 `+33.60%`。所以必须问：这条激励公告是不是存储芯片增长链条里的确认节点？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0007", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0008", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0009", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "MEMORY_CHIP_GROWTH_AND_CAPACITY_EXPANSION_CHAIN", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0010", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 10, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场不是在买“回购注销限制性股票”本身，而是在买公司存储芯片业务增长、定增资金到位、募投项目扩展、持续激励绑定团队和新一轮融资预案形成的生产力增强链。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0011", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0012", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 12, "step_type": "MARKET_MANIFESTATION", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-01-24：发布 2024 年度业绩预告，增长链开始显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0013", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-01-24：定增股份上市，资金和扩产基础更明确。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0014", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-03-01：使用募集资金置换预先投入，并增加募投项目实施地点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0015", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-19：发布 2024 年年报。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0016", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 16, "step_type": "MARKET_MANIFESTATION", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-07-10：发布半年度业绩预告，股价随后进入强显影段。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0017", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-08-19：发布 2025 年半年度报告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0018", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-09-02：推出 2025 年股票期权激励计划。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0019", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-09-19：募投项目结构调整。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0020", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 20, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-09-25：股价异常波动公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0021", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-10-10：股票期权授予落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0022", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 22, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "这些节点说明，2025-10-15 的限制性股票公告不是故事起点。更早的主线已经由业绩、资金、募投、股权激励和股价显影共同铺出来。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0023", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 23, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0024", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-25：三季报披露，继续验证业绩增长。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0025", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-11-28：新一轮向特定对象发行股票预案披露，融资/扩产链继续。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0026", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-12-24：深交所受理新一轮发行申请。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0027", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-01-31：2025 年度业绩预告继续验证增长。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0028", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 28, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-12：2026 年股票期权激励计划披露，说明激励链不是一次性事件。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0029", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 29, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0030", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-07-10 到 2025-10-15：约 `+114.92%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0031", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-02 到 2025-10-15：约 `+87.21%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0032", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-10-15 到 2025-10-27：约 `+33.60%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0033", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-10-15 到 2026-02-12：约 `+34.31%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0034", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 34, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0035", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 35, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "这条故事成立，但不是“股权激励公告带来上涨”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0036", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 36, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`2024 业绩预告 -> 定增上市 -> 募集资金置换/募投地点增加 -> 半年度业绩预告 -> 半年报 -> 2025 股票期权计划 -> 募投项目结构调整 -> 异常波动 -> 股票期权授予 -> 限制性股票解除限售/回购注销叶子 -> 三季报 -> 新一轮定增预案 -> 2025 业绩预告 -> 2026 期权激励`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0037", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 37, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 股权激励、解除限售、回购注销这类公告不一定是行情起点，很多时候是增长链条的迟到确认。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0038", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 38, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 如果公告前已经有业绩预告、定增资金、募投扩展、半年度业绩和持续激励，要优先追生产力增强主干。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0039", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 39, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- 该案例不同于 ST/困境修复线：它不是风险出清，而是生产力增强和行业景气共同显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0037_STEP_0040", "case_id": "DLCASE_LEGACY_0037", "darkline_hypothesis_id": "DLCASE_LEGACY_0037", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory160_to_167_001309_memory_growth_incentive_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0001", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：002231.SZ 奥维通信诉讼叶子背后的风险清理预期与违规担保反转", "step_text": "## 案例：002231.SZ 奥维通信诉讼叶子背后的风险清理预期与违规担保反转", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0002", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0003", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事，入口叶子是 2025-08-05 的累计诉讼、仲裁案件公告。表面是诉讼利空，但股价在 2025-08-05 到 2025-09-02 约 `+54.07%`。后面又从 2025-08-20 到 2025-11-20 约 `-34.51%`，说明这不是单边修复故事，而是“风险清理预期先被交易，隐藏风险后续反转”的故事。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0004", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0005", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "2025-08-05，`002231.SZ` 发布累计诉讼、仲裁案件公告，连续 12 个月累计新增未披露诉讼、仲裁金额约 `3680.38` 万元，达到披露标准。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0006", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 6, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "普通读法是利空。但这条公告里既有公司被诉，也有公司向东和欣相关主体追偿的案件。市场短期没有按普通利空走，说明要问：这是不是资金占用、资产损失和诉讼追偿链条的一部分？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0007", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0008", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0009", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "RISK_CLEANUP_EXPECTATION_THEN_HIDDEN_GUARANTEE_REVERSAL", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0010", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 10, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场前半段可能在交易“ST 困境资产的风险清理、追偿和低价弹性”，但后半段证明这条清理链不干净，违规担保和失信执行又把风险拉回来。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0011", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 11, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0012", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 12, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-01-31：2023 年度业绩预告，亏损压力早已存在。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0013", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-04-26：未弥补亏损达到实收股本总额三分之一。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0014", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-08-15：实际控制人与一致行动人之间协议转让股份。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0015", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-12-21：协议转让完成过户及相关股份解除质押。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0016", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-12-28：对外投资设立控股子公司，出现新业务选项。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0017", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-01-24：2024 年度业绩预告，亏损继续。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0018", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-19：累计诉讼、仲裁第一波披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0019", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 19, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-22：业绩预告修正，退市风险警示提示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0020", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 20, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-29：退市风险警示及其他风险警示正式落地，同时披露重大诉讼。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0021", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-07-02：非经营性资金占用偿还进展，仍有本息约 `18423.83` 万元未偿。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0022", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-07-02：公司资产遭受损失，控股子公司存货损失约 `2504` 万元。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0023", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-07-15：半年度业绩预告继续亏损。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0024", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 24, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "这些节点说明，2025-08-05 的诉讼公告不是故事起点，而是资金占用、资产损失、ST、诉讼追偿和低价弹性链条里的一个节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0025", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 25, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0026", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-08-11、2025-08-15、2025-08-20：连续股票交易异常波动，说明短期资金确实在交易这条线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0027", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 27, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-08-28：违规担保风险提示公告，控股子公司无锡东和欣未经审议对外提供 `5000` 万元连带责任保证。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0028", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 28, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-09-26：公司股票被叠加实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0029", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-09-26：控股股东、实际控制人的一致行动人被列为失信被执行人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0030", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 30, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证暗线的事件", "step_text": "这些后续事件说明，前面的风险清理预期没有完全成立，因为隐藏担保和控股层信用风险继续暴露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0031", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 31, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0032", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-05 到 2025-08-12：约 `+17.92%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0033", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-05 到 2025-08-19：约 `+50.49%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0034", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-05 到 2025-09-02：约 `+54.07%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0035", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-20 到 2025-11-20：约 `-34.51%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0036", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-26 到 2025-12-29：约 `-52.31%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0037", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 37, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0038", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 38, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "这条故事成立，但它不是“诉讼利空变利好”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0039", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 39, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`长期亏损/未弥补亏损 -> 控制层股份安排 -> ST落地 -> 资金占用未清偿 -> 资产损失 -> 半年报亏损 -> 诉讼/仲裁叶子 -> 异常波动 -> 违规担保暴露 -> 叠加其他风险警示 -> 一致行动人失信执行`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0040", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 40, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- 坏标题反涨时，不要急着说利空变利好，要先判断它是不是风险清理链条里的节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0041", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 41, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "总结", "step_text": "- 如果后续出现违规担保、失信执行、叠加 ST，说明前面的修复预期不完整，要把故事降成风险清理预期失败或延后。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0042", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 42, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "- 该案例是“前半段强显影、后半段反转”的样本，不能只截取 8 月 D20 强涨来当正向暗线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0038_STEP_0043", "case_id": "DLCASE_LEGACY_0038", "darkline_hypothesis_id": "DLCASE_LEGACY_0038", "step_order": 43, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory168_to_175_002231_risk_cleanup_reversal_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0001", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：600777.SH 新潮能源诉讼/立案叶子背后的要约收购控制权争夺", "step_text": "## 案例：600777.SH 新潮能源诉讼/立案叶子背后的要约收购控制权争夺", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0002", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0003", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。入口叶子是诉讼、立案、风险公告这类坏标题，但 2025 年 7 月复牌后，股价在短期内明显走强。按信息分析方法论，坏标题附近上涨时不能停在“利空失效”，要继续问：坏标题是不是更大控制权争夺和治理权落地链条的一片叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0004", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0005", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "队列里看到的是 `600777.SH` 的立案、诉讼、风险公告类标题。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0006", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "B/C：最先看到的叶子", "step_text": "普通读法是利空。但 K 线显示：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0007", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "B/C：最先看到的叶子", "step_text": "- 2025-07-08 到 2025-07-18：约 `+37.69%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0008", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "B/C：最先看到的叶子", "step_text": "- 2025-07-08 到 2025-08-19：约 `+23.74%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0009", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 9, "step_type": "WHY_NODE", "section_heading": "B/C：最先看到的叶子", "step_text": "所以必须问：为什么坏标题附近反而能涨？如果不是标题本身，那背后的暗线是什么？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0010", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 10, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0011", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0012", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "TENDER_CONTROL_RIGHT_BATTLE_AND_GOVERNANCE_LANDING", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0013", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 13, "step_type": "INITIAL_LEAF", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场不是在买“诉讼/立案”本身，而是在买新潮能源这个境外油气核心资产平台的控制权争夺、要约收购落地和治理权接管预期。诉讼和处罚只是这个困境资产故事中的风险叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0014", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 14, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0015", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-01-12：持股 5% 以上股东股份司法拍卖完成过户，股权结构开始松动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0016", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 16, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-04-27：股票被实施其他风险警示并停牌，公司进入困境资产状态。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0017", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-08-24：要约收购报告书摘要和监管工作函出现，控制权争夺浮出水面。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0018", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-11-02：北京汇能海投详式权益变动报告书出现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0019", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-02-18：监管追问境外核心资产安全和投资者回报，说明根部资产价值是关键。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0020", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-03：浙江金帝石油勘探开发有限公司要约收购报告书出现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0021", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-19：内蒙古伊泰煤炭股份有限公司要约收购报告书出现，竞争要约格局形成。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0022", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 22, "step_type": "MARKET_MANIFESTATION", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "这些节点说明：2025 年 7 月的强显影不是凭空发生，而是前面控制权争夺已经铺了很久。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0023", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 23, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0024", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-05-30：内蒙古伊泰煤炭要约收购股份交割完成。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0025", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-07-09：股东自行召集 2025 年第三次临时股东大会。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0026", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 26, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-07-25：第三次临时股东大会决议公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0027", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-07-30：取得营业执照、公章及办公地址投入使用。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0028", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-07-30：聘任财务总监及副总经理。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0029", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-09-13：收到行政处罚事先告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0030", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-25：收到行政处罚决定书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0031", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 31, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-03-20：公司股票可能被终止上市风险提示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0032", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 32, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证暗线的事件", "step_text": "后续事件说明：控制权争夺和治理权落地确实发生，但历史处罚和退市风险没有消失。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0033", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 33, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0034", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 34, "step_type": "DARKLINE_INTENTION", "section_heading": "市场输出", "step_text": "这条暗线输出到 `L3 单票 K 线 + 控制权争夺/困境资产修复拼图`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0035", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 35, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "市场输出", "step_text": "- 2025-04-03 到 2025-04-30：约 `+25.39%`，竞争要约阶段已有提前显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0036", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 36, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2025-07-08 到 2025-07-18：约 `+37.69%`，复牌后控制权落地预期强显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0037", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-10-25 到 2026-01-05：约 `-6.28%`，处罚决定后持续性变弱。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0038", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 38, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0039", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "这条故事成立，但不能读成诉讼/立案利空失效。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0040", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 40, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "`司法拍卖过户 -> ST/停牌/内控风险 -> 要约收购 -> 境外油气核心资产监管问询 -> 浙江金帝要约 -> 内蒙古伊泰竞争要约 -> 伊泰要约交割 -> 股东大会 -> 营业执照/公章/办公地址落地 -> 高管任命 -> 行政处罚/退市风险残留`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0041", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 41, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 坏标题附近上涨时，要先问它是不是控制权争夺、风险清理、治理修复链条中的叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0042", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 42, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "- 控制权暗线要重点查股权交割、股东大会、公章、营业执照、办公地址、高管任命这些关键现实节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0043", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 43, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- 控制权修复可以解释反弹，但不能自动消灭历史监管和退市风险，必须把修复主线和残留风险分账。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0039_STEP_0044", "case_id": "DLCASE_LEGACY_0039", "darkline_hypothesis_id": "DLCASE_LEGACY_0039", "step_order": 44, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory176_to_183_600777_tender_control_battle_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0001", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：000908.SZ 景峰医药子公司诉讼叶子背后的司法重整与石药入主", "step_text": "## 案例：000908.SZ 景峰医药子公司诉讼叶子背后的司法重整与石药入主", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0002", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0003", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。入口叶子是 2026-02-04 的控股子公司重大诉讼公告。表面是诉讼利空，但同日公司重整计划获法院裁定批准、正式重整计划披露。后续从 2026-02-04 到 2026-04-02 股价约 `+118.60%`。所以这不是“诉讼利空失效”，而是坏标题旁边藏着更大的司法重整和产业资本入主主线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0004", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0005", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "2026-02-04，`000908.SZ` 发布控股子公司重大诉讼公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0006", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "B/C：最先看到的叶子", "step_text": "如果只看标题，这是利空。但同一天还出现两个更关键节点：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0007", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "B/C：最先看到的叶子", "step_text": "- 公司重整计划获法院裁定批准。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0008", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "B/C：最先看到的叶子", "step_text": "- 正式重整计划披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0009", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 9, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "这说明控股子公司诉讼不是主线起点，更可能只是重整修复链条中的一片叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0010", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 10, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0011", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0012", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "RESTRUCTURING_PHARMA_CONTROL_AND_DELISTING_RISK_REPAIR", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0013", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 13, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场不是在买“子公司诉讼”，而是在买景峰医药司法重整推进、重整投资人资金到账、石药控股入主、控制权落地和退市风险修复。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0014", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 14, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0015", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-10-09：向关联方购买资产暨关联交易，出现资产侧调整动作。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0016", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-10-22：法院裁定受理公司重整并指定管理人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0017", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-10-28：公司继续营业。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0018", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-10-28：公司自行管理财产和营业事务。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0019", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-10-29：股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0020", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-11-21：第一次债权人会议提示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0021", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-12-04：第一次债权人会议召开。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0022", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-12-13：修订公司章程和治理制度。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0023", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-12-29：债务进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0024", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2026-01-10：与重整投资人签署重整投资协议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0025", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2026-01-13：重整计划草案、经营方案、出资人权益调整方案披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0026", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2026-01-30：出资人组会议决议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0027", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 27, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "这些节点说明：2026-02-04 的诉讼公告不是故事起点，重整链条已经从 2025-10 开始推进。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0028", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 28, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0029", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-04：重整计划获法院裁定批准，正式计划披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0030", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-07：收到重整投资协议全部投资款。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0031", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-07：资本公积金转增股本除权事项披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0032", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-03-04：资本公积金转增股本实施。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0033", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-03-17：重整计划执行完毕。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0034", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-03-19：石药控股详式权益变动报告书披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0035", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-03-19：向重整投资人完成股票过户。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0036", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-03-19：控股股东、实控人变更。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0037", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 37, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-03-25：撤销退市风险警示并继续其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0038", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 38, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证暗线的事件", "step_text": "这些后续事件说明：司法重整、资金到账、股权过户、产业方入主和退市风险修复都真实发生了。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0039", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 39, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0040", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 40, "step_type": "DARKLINE_INTENTION", "section_heading": "市场输出", "step_text": "这条暗线输出到 `L3 单票 K 线 + 司法重整/产业资本入主/退市风险修复拼图`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0041", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 41, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2025-10-09 到 2025-11-20：约 `+54.76%`，重整受理前后已有显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0042", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 42, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-10-09 到 2025-12-31：约 `+22.45%`，重整推进期仍有修复预期。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0043", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 43, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2026-02-04 到 2026-03-20：约 `+87.50%`，重整获批到控制权落地阶段强显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0044", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 44, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2026-02-04 到 2026-04-02：约 `+118.60%`，退市风险修复和产业资本入主继续显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0045", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 45, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-03-17 到 2026-03-31：约 `+39.14%`，重整执行完毕后仍有短期强化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0046", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 46, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0047", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 47, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "这条故事成立，但不是“控股子公司诉讼利空失效”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0048", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 48, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "`关联资产购买 -> 法院受理重整 -> 自行管理财产和营业事务 -> 债权人会议 -> 重整投资协议 -> 重整计划草案/经营方案/出资人权益调整 -> 重整计划获批 -> 投资款到账 -> 资本公积转增 -> 重整执行完毕 -> 石药控股入主 -> 股票过户 -> 控股股东/实控人变更 -> 撤销退市风险警示`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0049", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 49, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 同一天出现坏标题和重整关键节点时，坏标题不能直接当根。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0050", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 50, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "- 司法重整暗线要重点查法院受理、管理人、自行管理、债权人会议、重整投资协议、法院批准、投资款到账、出资人权益调整、股权过户和风险警示撤销。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0051", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 51, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- 困境药企的强显影往往来自“重整确定性 + 产业方入主 + 退市风险修复”，不是诉讼本身。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0040_STEP_0052", "case_id": "DLCASE_LEGACY_0040", "darkline_hypothesis_id": "DLCASE_LEGACY_0040", "step_order": 52, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory184_to_191_000908_restructuring_pharma_control_v0_20260517`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0001", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：300147.SZ 香雪制药审计消除叶子背后的预重整与风险修复", "step_text": "## 案例：300147.SZ 香雪制药审计消除叶子背后的预重整与风险修复", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0002", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例定位", "step_text": "### 案例定位", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0003", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例定位", "step_text": "这是一个 L3 单票 K 线反常识故事。入口叶子是 2025-04-29 的 2023 年度审计报告保留意见涉及事项影响已消除。表面是审计风险解除，但股价在 2025-04-29 到 2025-08-19 约 `+79.86%`，而这条链前后同时存在行政处罚、ST、资金占用、以资抵债、预重整、药物临床进展和诉讼残留。它不是单点利好，而是困境资产修复和医药管线期权交织。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0004", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0005", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "2025-04-29，`300147.SZ` 发布保留意见影响消除相关公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0006", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 6, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：最先看到的叶子", "step_text": "普通读法是审计风险解除。但同日还有：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0007", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "B/C：最先看到的叶子", "step_text": "- 2024 年年度报告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0008", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "B/C：最先看到的叶子", "step_text": "- 资产减值准备。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0009", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "B/C：最先看到的叶子", "step_text": "- 未弥补亏损达到实收股本三分之一。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0010", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 10, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "这说明审计影响消除不是完整结论，必须继续问：这条公告前面有哪些现实修复动作已经发生？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0011", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 11, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0012", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "当前 A 假设是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0013", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "PRE_RESTRUCTURING_RISK_REPAIR_AND_PHARMA_PIPELINE_OPTIONALITY", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0014", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 14, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场不是单纯买“审计保留影响消除”，而是在买控股股东资金占用清偿、以资抵债、预重整推进、债务/诉讼处理，以及医药管线带来的困境资产修复期权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0015", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 15, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0016", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 16, "step_type": "MARKET_MANIFESTATION", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-07-30：TAEST16001 纳入突破性治疗品种名单，医药管线价值显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0017", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 17, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-09-30：公司及实控人收到证监会立案告知书，监管风险落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0018", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-11-22：转让子公司股权，资产处置动作出现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0019", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-12-14：累计诉讼事项，债务/诉讼压力延续。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0020", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-02-06：被债权人申请预重整。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0021", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 21, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-03-24：行政处罚事先告知和其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0022", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 22, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-04：控股股东以资抵债化解资金占用风险。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0023", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-14：广州中院同意预重整并指定临时管理人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0024", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-23：控股股东非经营性资金占用清偿完毕。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0025", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 25, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "这些节点说明：2025-04-29 的审计影响消除不是起点，而是风险清理和预重整推进后的确认。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0026", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 26, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0027", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-05-09：临时管理人公开选聘中介机构结果。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0028", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-05-15：TAEST1901 获得药物临床试验批准。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0029", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-06-03：重大诉讼案进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0030", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-06-07：申请借款续期。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0031", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-07-10：收到延长预重整期间决定书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0032", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-08-16：收到行政处罚决定书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0033", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-08-19：股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0034", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-20：再次延长预重整期间。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0035", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-24：继续延长预重整期间。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0036", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-03-30：划转子公司股权、申请借款续期、累计诉讼事项。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0037", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 37, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证暗线的事件", "step_text": "这些后续事件说明：预重整和风险修复链没有结束，药品管线仍有正向叶子，但债务、诉讼、处罚和预重整延期也一直存在。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0038", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 38, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0039", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 39, "step_type": "DARKLINE_INTENTION", "section_heading": "市场输出", "step_text": "这条暗线输出到 `L3 单票 K 线 + 预重整/资金占用清偿/医药管线拼图`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0040", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 40, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2024-07-30 到 2024-10-29：约 `+322.49%`，突破性治疗品种名单后出现强显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0041", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-03-25 到 2025-04-29：约 `-26.93%`，ST/处罚落地到审计消除期间仍偏弱。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0042", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 42, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-04-04 到 2025-04-29：约 `+18.38%`，以资抵债到审计消除阶段开始修复。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0043", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 43, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2025-04-23 到 2025-05-15：约 `+22.42%`，资金占用清偿到新药临床批准阶段继续显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0044", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 44, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-04-29 到 2025-06-03：约 `+47.78%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0045", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 45, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-04-29 到 2025-08-19：约 `+79.86%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0046", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 46, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2025-10-20 到 2026-02-24：约 `-13.58%`，预重整持续延期后显影转弱。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0047", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 47, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0048", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 48, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "这条故事成立，但不是“审计保留影响消除单点利好”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0049", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 49, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`医药管线突破 -> 监管立案/诉讼/亏损暴露 -> 子公司股权处置 -> 债权人申请预重整 -> ST/处罚风险落地 -> 以资抵债 -> 法院同意预重整并指定临时管理人 -> 资金占用清偿完毕 -> 审计保留影响消除叶子 -> 临时管理人中介落地 -> 新药临床批准 -> 预重整延期/诉讼/借款续期/处罚决定`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0050", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 50, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 审计影响消除类公告通常不是根，更可能是资金占用清偿、以资抵债、预重整推进后的确认节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0051", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 51, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- 如果同一公司同时有药品管线突破，要把风险修复期权和产业价值期权分账。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0052", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 52, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- 预重整延期、诉讼和借款续期说明修复链仍不完整，不能把审计消除单独读成风险全清。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0041_STEP_0053", "case_id": "DLCASE_LEGACY_0041", "darkline_hypothesis_id": "DLCASE_LEGACY_0041", "step_order": 53, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory192_to_199_300147_audit_clearance_pre_restructuring_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0001", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：688698.SH 伟创电气股票期权激励叶子背后的工业自动化增长链 V0", "step_text": "## 案例：688698.SH 伟创电气股票期权激励叶子背后的工业自动化增长链 V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0002", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0003", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "B/C：最先看到的叶子", "step_text": "队列入口是 `2025-08-26 2025 年股票期权激励计划法律意见书`。如果只看标题，它只是激励合规文件。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0004", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 4, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：最先看到的叶子", "step_text": "但同一天还有 2025 年半年度报告、半年度利润分配、提质增效重回报半年度评估、2025 年股票期权激励草案。往前看，还有回购、募投项目扩张、专利、外汇套保、投资动作。说明激励不是根，而是生产力增强链里用来绑定团队的节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0005", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0006", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "`INDUSTRIAL_AUTOMATION_GROWTH_TEAM_BINDING_AND_CAPITAL_RETURN_CHAIN`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0007", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 7, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场买的不是律师法律意见书，而是伟创电气在工业自动化/控制系统方向的持续增长、技术证据、募投扩张、回购分红、市值管理和股权激励共同形成的成长兑现链。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0008", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0009", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-05-28 到 2024-06-06：2024 年股票期权授予并完成登记。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0010", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-06-25：2022 年限制性股票归属条件成就。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0011", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-07-18 到 2024-07-24：中期分红提议、回购方案。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0012", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-08-13、2024-09-27、2024-10-31：对外投资、关联共同投资、投资协议连续出现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0013", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-12-07：股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0014", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-02-28：2024 年度业绩快报。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0015", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-03-13：子公司通过高新技术企业认定。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0016", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-16：2024 年年度报告、专利证书、简易定增授权、2025 提质增效重回报方案。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0017", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-05-16：募投项目新增实施主体和实施地点、调整内部投资结构。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0018", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-06-12：继续对外投资。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0019", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-06-26：2024 年股票期权第一个行权期行权条件成就，并开展外汇套保。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0020", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-07-03：股份回购实施完成。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0021", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 21, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0022", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-08-26：2025 年半年度报告、分红预案、提质增效半年度评估、新一轮股票期权草案同步披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0023", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-09-13：2025 年股票期权首次授予。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0024", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-09-25：2025 年半年度权益分派实施。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0025", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-16：2025 年股票期权首次授予登记完成。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0026", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-17：与专业机构共同投资暨关联交易。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0027", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-21：继续取得专利证书和软件著作权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0028", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-24：2025 年第三季度报告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0029", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 29, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0030", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 30, "step_type": "DARKLINE_INTENTION", "section_heading": "市场输出", "step_text": "这条暗线输出到 `L3 单票 K 线 + 工业自动化增长/激励绑定/资本回报拼图`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0031", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 31, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2025-06-12 到 2025-08-26：约 `+24.79%`，对外投资到激励草案前已有显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0032", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 32, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "- 2025-07-03 到 2025-08-26：约 `+29.72%`，回购完成后到激励公告继续上行。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0033", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 33, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2025-08-26 到 2025-10-16：约 `+33.41%`，激励草案到登记完成阶段继续显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0034", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-26 到 2025-10-24：约 `+39.92%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0035", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-26 到 2026-01-30：约 `+60.91%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0036", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-10-16 到 2026-03-31：约 `-15.07%`，登记完成后中期开始回落，说明后段不能只按激励单边延续读。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0037", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 37, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0038", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 38, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "这条故事成立，但不是“股票期权法律意见书导致上涨”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0039", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`上一轮股权激励兑现 -> 分红/回购/提质增效 -> 对外投资/募投扩张 -> 年报和业绩快报 -> 专利和高新技术资质 -> 2025 募投项目新增主体/地点 -> 回购完成 -> 2025 半年报 -> 新一轮股票期权草案 -> 首次授予 -> 分红实施 -> 授予登记完成 -> 专业机构共同投资 -> Q3 报告`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0040", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 40, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 股权激励类公告要先判断它是单纯激励，还是增长链和团队绑定链的迟到确认。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0041", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 41, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 如果前面有回购、分红、募投扩张、专利、高新技术、业绩快报和旧激励兑现，激励公告更像增长链的组织绑定节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0042", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 42, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "总结", "step_text": "- 激励完成登记后仍要看后续经营承接；若中期回落，说明不能把激励单独读成长期上涨规则。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0042_STEP_0043", "case_id": "DLCASE_LEGACY_0042", "darkline_hypothesis_id": "DLCASE_LEGACY_0042", "step_order": 43, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory200_to_207_688698_industrial_automation_incentive_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0001", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：603377.SH ST东时证监会立案叶子背后的治理债务重整链 V0", "step_text": "## 案例：603377.SH ST东时证监会立案叶子背后的治理债务重整链 V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0002", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0003", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "队列入口是 `2025-05-31 关于收到中国证监会立案告知书的公告`。按常识，这是利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0004", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 4, "step_type": "WHY_NODE", "section_heading": "B/C：最先看到的叶子", "step_text": "但如果继续问为什么，会发现这不是根。公司在 2024 年已经出现实控人/控股股东股份冻结、司法拍卖、监管问询、仲裁、账户冻结、募集资金被划扣、资金占用处罚、内控否定、募集资金无法按期归还等一连串事件。立案公告只是这条治理和资金链风险的一个公开叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0005", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0006", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "`GOVERNANCE_DEBT_RESTRUCTURING_AND_RISK_REPAIR_CHAIN`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0007", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 7, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场后来买的不是证监会立案，而是资金占用清偿、预重整启动、重整投资人协议、复牌和部分风险解除形成的困境修复期权；但实控人、处罚、诉讼、可转债兑付仍是残留风险。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0008", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0009", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-02-06：控股股东及实控人股份被冻结/司法标记。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0010", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-03-05：控股股东因违约处置导致权益变动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0011", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-05-18：收到 2023 年年报监管问询函。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0012", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-06-15：收到仲裁通知。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0013", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-08-09：公司实控人收到证监会立案告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0014", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-08-29：部分银行账户被冻结。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0015", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-11-14：募集资金账户及部分银行账户资金被划扣。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0016", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 16, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-12-20：行政处罚事先告知书、资金占用监管工作函、叠加风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0017", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-01-01：行政处罚决定书落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0018", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 18, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-02-15：行政监管措施和可能退市风险提示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0019", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-18：无法按期归还暂时用于补流的募集资金。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0020", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 20, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-30：审计保留、内控否定、资金占用专项说明、叠加风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0021", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 21, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-05-29：资金占用整改进展和可能退市风险再次提示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0022", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 22, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0023", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-06-20：无法在责令改正期限内完成资金占用整改，股票和东时转债停牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0024", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-07-09：被债权人申请重整及预重整。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0025", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-07-11：法院决定启动预重整并指定临时管理人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0026", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-07-12：公开招募重整投资人；同日收到实控人刑事判决书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0027", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-08-19：资金占用清偿完毕、签署重整投资协议、股票及东时转债复牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0028", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 28, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-08-23：申请撤销部分风险警示，但仍继续被实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0029", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-01-24：收到实控人刑事裁定书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0030", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-03-21：公司及部分责任人收到行政处罚事先告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0031", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 31, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-03-31：东时转债到期无法兑付风险继续提示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0032", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 32, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0033", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 33, "step_type": "DARKLINE_INTENTION", "section_heading": "市场输出", "step_text": "这条暗线输出到 `L3 单票 K 线 + 治理债务重整修复拼图`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0034", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 34, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "市场输出", "step_text": "- 2025-04-30 到 2025-06-03：约 `-12.16%`，审计/内控/资金占用风险阶段继续偏弱。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0035", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 35, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "- 2025-05-31 到 2025-06-17：约 `+5.77%`，立案公告后短期并未直接崩。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0036", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 36, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "市场输出", "step_text": "- 2025-05-31 到 2025-08-28：约 `+45.77%`，后续真正显影来自停牌后的清偿、重整、复牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0037", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-06-19 到 2025-11-18：约 `+46.78%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0038", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 38, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2025-08-19 到 2025-08-26：约 `+27.74%`，清偿和重整投资协议后短期强显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0039", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-19 到 2025-11-19：约 `+35.16%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0040", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 40, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "市场输出", "step_text": "- 2025-11-08 到 2026-02-04：约 `-10.22%`，后续重整、拍卖、诉讼交织后走弱。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0041", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 41, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0042", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 42, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "这条故事成立，但不是“证监会立案后反而上涨”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0043", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 43, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "总结", "step_text": "`经营亏损 -> 控股股东/实控人冻结和司法拍卖 -> 年报问询/仲裁/账户冻结 -> 募集资金被划扣 -> 资金占用处罚和监管工作函 -> 审计保留/内控否定/募集资金无法归还 -> 公司收到证监会立案告知书 -> 资金占用整改失败停牌 -> 债权人申请重整/法院启动预重整 -> 公开招募重整投资人 -> 资金占用清偿完毕 + 签署重整投资协议 + 复牌 -> 部分风险警示撤销 -> 后续诉讼/实控人刑事裁定/行政处罚/可转债无法兑付`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0044", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 44, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 证监会立案类公告不一定是根，要先查它背后的资金占用、控制权、募集资金、内控、债务和诉讼链条。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0045", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 45, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 坏新闻后反涨，通常不是坏新闻变好，而是同一链条里出现了更强的修复节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0046", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 46, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "总结", "step_text": "- 清偿和重整投资人是修复锚，但实控人刑事、行政处罚、可转债兑付和诉讼仍可能把后续走势重新拉回风险侧。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0043_STEP_0047", "case_id": "DLCASE_LEGACY_0043", "darkline_hypothesis_id": "DLCASE_LEGACY_0043", "step_order": 47, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory208_to_215_603377_governance_debt_restructuring_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0001", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：603398.SH *ST沐邦重大诉讼叶子背后的光伏扩张债务重整链 V0", "step_text": "## 案例：603398.SH *ST沐邦重大诉讼叶子背后的光伏扩张债务重整链 V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0002", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0003", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "队列入口是 `2025-09-03 关于全资孙公司重大诉讼事项的公告`。按标题常识，这是利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0004", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 4, "step_type": "WHY_NODE", "section_heading": "B/C：最先看到的叶子", "step_text": "但继续问为什么，会发现它不是根。沐邦高科前面已经经历了光伏项目扩张、定增融资、项目延期、账户冻结、募集资金被司法划扣、违规使用募集资金、资金占用、公司和实控人立案、资产拍卖、关联方借款、叠加风险警示。重大诉讼只是项目扩张和资金链压力的一个叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0005", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0006", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "`PHOTOVOLTAIC_EXPANSION_FAILURE_TO_RESTRUCTURING_OPTION_CHAIN`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0007", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 7, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场后来买的不是全资孙公司诉讼，而是光伏扩张失败后的困境修复期权，包括资产处置、关联方借款、司法划转、公司和控股股东重整、资金占用清偿和治理重做。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0008", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0009", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-01-05：向特定对象发行股票获证监会同意注册。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0010", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-01-15：签订项目投资协议及前期重大项目进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0011", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-02-21：定增发行落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0012", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-03-23：投资建设项目继续推进。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0013", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-04-27：计提信用减值和资产减值。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0014", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-06-04：全资孙公司收到中标通知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0015", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-07-10：2024 年半年度业绩预亏。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0016", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-09-25：下属公司涉及诉讼及为其提供担保。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0017", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-10-09：公司募集资金专户及部分银行账户被冻结。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0018", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-12-28：募投项目再次延期，并使用部分闲置募集资金临时补流。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0019", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-01-24：2024 年年度业绩预亏，并收到业绩预告问询。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0020", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-26：募集资金账户资金被司法划扣。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0021", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-05-14：银行账户及募集资金专户被冻结。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0022", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-05-24：保荐机构现场检查指出违规使用募集资金及关联方非经营性资金占用。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0023", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-07-26：公司收到证监会立案告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0024", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-07-31：无法按期归还募集资金。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0025", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-08-20：子公司资产被法院查封。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0026", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-08-23：向关联方借款，出售全资子公司部分资产有进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0027", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 27, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-08-27：股票被叠加实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0028", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 28, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0029", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 29, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-09-03：全资孙公司重大诉讼事项公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0030", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-09-11：全资子公司向关联股东出售部分资产并售后租回。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0031", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-09-24：控股股东所持公司部分股份被司法划转。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0032", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-09-30：实际控制人收到证监会立案告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0033", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-11-15：公司和控股股东被债权人申请重整。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0034", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-11-21：法院决定对公司启动预重整；控股股东及其他关联方资金占用清偿完毕。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0035", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 35, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-12-20：重大合同违约及风险提示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0036", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-28：公司及相关当事人收到行政处罚事先告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0037", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-03-21：行政处罚决定书落地，董事长及总经理辞职。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0038", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 38, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0039", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 39, "step_type": "DARKLINE_INTENTION", "section_heading": "市场输出", "step_text": "这条暗线输出到 `L3 单票 K 线 + 光伏扩张失败/重整修复拼图`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0040", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2024-03-23 到 2024-09-19：约 `-23.73%`，项目扩张推进后并未稳定兑现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0041", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 41, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2024-09-25 到 2024-11-27：约 `+78.51%`，早期诉讼/担保压力阶段反而出现交易性显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0042", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 42, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-01-24 到 2025-07-29：约 `-69.41%`，业绩预亏到立案/募集资金无法归还阶段大幅走弱。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0043", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 43, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2025-07-26 到 2025-12-09：约 `+95.10%`，公司立案后反向显影，主因更像困境重整期权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0044", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 44, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2025-09-03 到 2025-10-09：约 `+43.34%`，重大诉讼后短期继续强显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0045", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 45, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-03 到 2026-03-10：约 `+59.87%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0046", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 46, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "市场输出", "step_text": "- 2025-11-21 到 2026-02-25：约 `-10.23%`，预重整和资金占用清偿后没有无限延续，后续合同违约和处罚继续压制。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0047", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 47, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0048", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 48, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "这条故事成立，但不是“全资孙公司重大诉讼后股票反涨”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0049", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 49, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`光伏项目扩张 -> 定增融资 -> 项目延期/资产减值/亏损 -> 下属公司诉讼与担保 -> 账户和募集资金冻结/划扣 -> 违规使用募集资金和资金占用 -> 公司立案 -> 资产拍卖/关联方借款/风险警示 -> 全资孙公司重大诉讼叶子 -> 资产出售售后租回 -> 控股股东司法划转 -> 实控人立案 -> 公司和控股股东重整申请 -> 资金占用清偿和预重整 -> 合同违约/处罚/管理层变动`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0050", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 50, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 重大诉讼类公告要放回项目链和资金链里读，不能只按诉讼单点读。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0051", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 51, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "- 坏标题反涨，往往是因为同一条暗线里出现了更强的修复期权，例如资产处置、预重整、资金占用清偿。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0052", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 52, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- 如果修复后又出现合同违约、处罚决定和管理层辞职，说明修复链不是完成态，只是阶段性交易期权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0044_STEP_0053", "case_id": "DLCASE_LEGACY_0044", "darkline_hypothesis_id": "DLCASE_LEGACY_0044", "step_order": 53, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory216_to_223_603398_photovoltaic_restructuring_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0001", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：300167.SZ ST迪威迅业绩预告叶子背后的退市风险修复与激励绑定链", "step_text": "## 案例：300167.SZ ST迪威迅业绩预告叶子背后的退市风险修复与激励绑定链", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0002", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0003", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "B/C：最先看到的叶子", "step_text": "队列入口是 `2026-01-30 2025年业绩预告`。表面看，公司继续亏损，正常常识应该偏利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0004", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 4, "step_type": "WHY_NODE", "section_heading": "B/C：最先看到的叶子", "step_text": "但继续问为什么，会发现这条公告不是根。公告里亏损主因是股权激励费用摊销和减值损失，扣非亏损区间比上一年明显收窄。更关键的是，前面已经完成退市风险解除、净资产修复、权益结构变化、2025 年限制性股票激励、董事会换届；后面又很快推出 2026 年限制性股票激励。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0005", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0006", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "`DELISTING_RISK_REPAIR_TO_GOVERNANCE_AND_INCENTIVE_BINDING_CHAIN`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0007", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 7, "step_type": "INITIAL_LEAF", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场后面买的不是“亏损公告”，而是一个困境公司从退市风险边缘被拉回、净资产修复、治理和股权结构重做、再用股权激励绑定团队的修复期权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0008", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0009", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-01-05：收到深圳证监局责令改正和警示函。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0010", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 10, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-04-23：2023 年业绩预告修正，并连续提示可能被实施退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0011", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 11, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-04-27：2023 年净资产为负，股票被实施退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0012", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-07-11：股东签署股权转让协议，第一次控制权/权益变化预期出现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0013", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-09-19：股权转让终止，第一次控制权修复路径失败。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0014", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-01-07：全资子公司受赠现金资产 2100 万，且公司与黑龙江建工签署和解协议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0015", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-01-23：2024 年业绩预告显示仍亏损，但亏损大幅收窄、净资产预计转正。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0016", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 16, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-30：披露 2024 年报，申请撤销退市风险警示，保留意见涉及事项影响已消除。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0017", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 17, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-06-16：撤销退市风险警示，简称由 `*ST迪威` 变为 `ST迪威迅`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0018", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-07-08：持股 5%以上股东股权结构变动，权益结构继续变化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0019", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-07-22 到 2025-09-26：2025 年限制性股票激励从草案、授予到登记完成。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0020", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-10-30 到 2025-11-18：董事会换届并完成选举。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0021", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 21, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0022", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-01-30：2025 年业绩预告，表面仍亏损，但亏损原因指向激励费用和减值，扣非亏损改善。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0023", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-13：推出 2026 年限制性股票激励计划。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0024", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-03-05：2026 年激励计划自查和股东会决议继续推进。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0025", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 25, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0026", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 26, "step_type": "DARKLINE_INTENTION", "section_heading": "市场输出", "step_text": "这条暗线输出到 `L3 单票 K线 + 退市风险修复/股权激励绑定拼图`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0027", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 27, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2025-01-23 到 2025-06-13：约 `+77.90%`，2024 业绩预告后，市场交易的是净资产转正和撤销退市风险警示预期。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0028", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 28, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2025-04-30 到 2025-09-10：约 `+80.71%`，年报和撤销退市风险申请后，修复链继续显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0029", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 29, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "市场输出", "step_text": "- 2025-06-16 到 2025-09-09：约 `+51.25%`，退市风险撤销后，激励和权益结构变化继续承接。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0030", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 30, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "市场输出", "step_text": "- 2026-01-30 到 2026-03-09：约 `+42.98%`，亏损预告后没有按利空走，后续 2026 激励计划成为关键解释。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0031", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 31, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0032", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 32, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "这条故事成立，但不是“亏损业绩预告后股票反涨”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0033", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 33, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "`监管责令改正 -> 退市风险显性化 -> 股权转让预期失败 -> 现金赠与/诉讼和解/净资产修复 -> 2024 业绩预告确认净资产转正 -> 审计进展 -> 撤销退市风险警示申请 -> 退市风险撤销 -> 权益结构变化 -> 2025 股权激励绑定团队 -> 董事会换届 -> 2025 业绩预告仍亏但扣非改善 -> 2026 股权激励继续推进`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0034", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 34, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "- 亏损预告不能只按“亏损=利空”读，必须看亏损原因和所处暗线阶段。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0035", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 35, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- ST/退市风险类股票的强显影，经常来自风险解除、治理重做和团队激励绑定的组合，而不是主营突然变强。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0036", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 36, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 如果坏消息后很快出现激励、换届、权益结构变化等后续节点，这条坏消息可能只是迟来的确认叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0045_STEP_0037", "case_id": "DLCASE_LEGACY_0045", "darkline_hypothesis_id": "DLCASE_LEGACY_0045", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory224_to_231_300167_delisting_repair_incentive_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0001", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 1, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "案例：300096.SZ ST易联众违规事项诉讼进展背后的风险解除与国资治理修复链", "step_text": "## 案例：300096.SZ ST易联众违规事项诉讼进展背后的风险解除与国资治理修复链", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0002", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0003", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "队列入口是 `2025-08-25 关于违规事项涉及重大诉讼的进展公告`。标题里有违规、借款、担保、诉讼，表面看应该偏利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0004", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 4, "step_type": "WHY_NODE", "section_heading": "B/C：最先看到的叶子", "step_text": "继续问为什么，会发现这条公告不是新增利空，而是终审判决公司无需承担连带清偿责任，违规担保和违规借款情形已消除，并冲回预计负债 6045.45 万元。同一天还有民生科技股权回购风险提示，所以真实状态是老风险解除和新不确定性并存。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0005", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0006", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "`ILLEGAL_GUARANTEE_RISK_CLEARANCE_TO_SOE_GOVERNANCE_REPAIR_CHAIN`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0007", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 7, "step_type": "INITIAL_LEAF", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：市场后面交易的不是“重大诉讼公告”，而是一条旧实控人违规担保/违规借款风险被清理，周口国资控制链和董事会治理继续重做的修复线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0008", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0009", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2023-02 起：控股股东股份多次新增轮候冻结，股东层已经不稳。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0010", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2023-08-25：董事长辞职并变更法定代表人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0011", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2023-09 到 2023-11：控股股东所持股份进入司法拍卖流程。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0012", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 12, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2023-11-28：公司披露违规担保、违规借款、重大诉讼及仲裁，核心风险根暴露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0013", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2023-11-29：实控人收到证监会立案告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0014", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 14, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2023-12-29：股票被实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0015", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-05-08：公司自身因涉嫌未按规定披露担保等被证监会立案。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0016", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-09-03：仲裁确认相关保证合同无效，公司无需承担连带清偿责任。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0017", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 17, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-01-23：业绩预告提示诉讼改判会影响业绩，说明关键变量是风险负债能否冲回。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0018", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 18, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-08-18：上海云鑫要求回购民生科技股权，出现新的子公司股权回购不确定线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0019", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 19, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0020", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-08-25：终审判决确认无需承担连带责任，预计负债冲回。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0021", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 21, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-08-26：控股股东上层股东股权结构调整，公告写明优化国有经济布局、深化国企改革。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0022", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-08-26：股票连续两日大涨后异常波动，公司确认违规担保/借款情形已消除。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0023", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10 到 2025-12：董事会换届推进并完成。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0024", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 24, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-01-26：控股股东上层股东再次股权结构调整，公告写明国企改革、层级压减、提质增效。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0025", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 25, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-01-28：再审申请被驳回，诉讼风险进一步扫尾。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0026", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-03-16：董事和高管继续调整。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0027", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 27, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0028", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 28, "step_type": "DARKLINE_INTENTION", "section_heading": "市场输出", "step_text": "这条暗线输出到 `L3 单票 K线 + ST 风险解除 + 国资治理修复 + 子公司股权回购不确定性`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0029", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 29, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2024-09-03 到 2024-11-29：约 `+33.70%`，仲裁风险解除初次显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0030", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 30, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "市场输出", "step_text": "- 2025-01-23 到 2025-04-30：约 `+33.22%`，市场提前交易诉讼/负债冲回可能性。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0031", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 31, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "- 2025-04-29 到 2025-08-25：约 `+25.85%`，终审公告前已经有预反应。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0032", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 32, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "市场输出", "step_text": "- 2025-08-18 到 2025-09-23：约 `+51.03%`，民生科技股权回购风险提示后反而强化波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0033", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 33, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "- 2025-08-25 到 2025-10-27：约 `+61.41%`，终审公告后治理换届前仍有延续。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0034", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 34, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0035", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 35, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "这条故事成立，但不是“重大诉讼公告后股票反涨”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0036", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 36, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "`控股股东冻结/拍卖 -> 董事长变化 -> 违规担保和违规借款暴露 -> 实控人/公司被立案 -> ST -> 仲裁先确认公司无需承担责任 -> 业绩预告提示诉讼变量 -> 民生科技股权回购不确定性 -> 终审确认公司无需担责并冲回负债 -> 周口国资上层结构调整 -> 异动显影 -> 董事会换届 -> 再审驳回 -> 管理层继续调整`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0037", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 37, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 带“违规、担保、借款、诉讼”的公告不一定是新增利空，可能是迟来的风险解除确认。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0038", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 38, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- ST 风险类股票要区分风险扩大和风险清理；同样是风险公告，阶段不同，K 线含义完全不同。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0039", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 39, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "- 如果公告前已经上涨，公告本身更可能是迟来的确认节点；如果公告后还有国资结构调整、换届、再审驳回等节点，说明暗线还在延伸。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0046_STEP_0040", "case_id": "DLCASE_LEGACY_0046", "darkline_hypothesis_id": "DLCASE_LEGACY_0046", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory232_to_239_300096_violation_lawsuit_risk_clearance_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0001", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：000609.SZ ST中迪对外担保诉讼叶子背后的控制权司法拍卖与债务盘整链", "step_text": "## 案例：000609.SZ ST中迪对外担保诉讼叶子背后的控制权司法拍卖与债务盘整链", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0002", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "### B/C：最先看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0003", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最先看到的叶子", "step_text": "队列入口是 `2025-10-21 关于公司对外担保涉及诉讼事项的进展公告`。表面看，这是对外担保诉讼、被告、涉案利息、利润影响不确定，应该偏利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0004", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 4, "step_type": "WHY_NODE", "section_heading": "B/C：最先看到的叶子", "step_text": "继续问为什么，会发现这条诉讼公告不是根。它夹在 `2025-10-18 控股股东 23.77% 股份二次司法拍卖成交` 和后续 `2025-11-11 控制权变更完成` 之间。市场真正交易的是旧控股股东出清、新买方拿壳、债务和项目盘整的可能性。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0005", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0006", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "`OLD_CONTROLLER_FORCED_EXIT_TO_CONTROL_AUCTION_AND_DEBT_REPAIR_CHAIN`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0007", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 7, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：旧控股股东因为子公司债务担保被法院拍卖全部持股，新买方深圳天微投资用 2.55 亿元竞得 23.77% 股权，市场把它当成高风险 ST 壳的控制权重排期权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0008", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "### M：B/C 之前已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0009", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 9, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-04-26：公司被实施退市风险警示，困境底色明确。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0010", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-05-07：控股股东股份被冻结。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0011", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-05-14：全资子公司中美恒置业重大借款诉讼披露，债务根出现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0012", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-11-02：公司接受关联方财务资助，全资子公司提供抵押担保，资金压力继续存在。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0013", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2024-11-30：中美恒置业诉讼一审判决，公司、原控股股东、原实控人等承担连带清偿责任。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0014", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 14, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-04-23：公司申请撤销退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0015", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 15, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-06-10：退市风险警示撤销，但其他风险警示继续保留。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0016", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-08-21：控股股东 71,144,800 股将被司法拍卖，占总股本 23.77%，占其持股 100%。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0017", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-09-26：第一次司法拍卖流拍。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0018", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-10-10：第二次司法拍卖启动，起拍价降低。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0019", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：B/C 之前已经发生的铺垫", "step_text": "- 2025-10-18：深圳天微投资以 254,983,100 元竞得控股股东全部持股。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0020", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 20, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证暗线的事件", "step_text": "### N/L：后续验证暗线的事件", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0021", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 21, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-21：担保诉讼进展公告出现，但同日异常波动公告已经点明二次拍卖成交。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0022", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 22, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-24：子公司承担 1400 万元违约责任，说明经营和项目风险没有消失。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0023", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-10-28：债权人变更，债务盘整开始出现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0024", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-11-11：司法拍卖过户完成，控股股东变为深圳天微投资，实控人变为门洪达、张伟。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0025", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-11-15：子公司以房抵款，继续处理工程款压力。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0026", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 26, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2025-11-18：复牌公告披露 2025-10-16 至 2025-11-12 股价涨幅 153.19%。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0027", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 27, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-01-30：2025 年业绩和净资产可能导致叠加退市风险警示，说明这不是经营改善型故事。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0028", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-02-10：新控股股东提供 500 万元财务资助。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0029", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证暗线的事件", "step_text": "- 2026-03-05：选举董事长和董事会专门委员会人员，治理结构继续重做。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0030", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 30, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0031", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 31, "step_type": "DARKLINE_INTENTION", "section_heading": "市场输出", "step_text": "这条暗线输出到 `L3 单票 K线 + ST 壳控制权重排 + 债务盘整期权`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0032", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 32, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "- 2025-08-21 到 2025-10-21：约 `+34.62%`，司法拍卖预期已经开始显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0033", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-10-18 到 2025-11-12：约 `+129.34%`，二次拍卖成交后进入主升段。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0034", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 34, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "- 2025-10-21 到 2025-11-12：约 `+118.57%`，队列入口诉讼公告后仍强涨，因为更强节点是控制权重排。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0035", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-10-21 到 2025-12-25：约 `+96.12%`，控制权变更后的交易热度延续一段。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0036", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-11-11 到 2025-12-25：约 `-5.78%`，控制权正式完成后开始降温，说明一部分预期已兑现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0037", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 37, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0038", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "这条故事成立，但不能读成“担保诉讼利空后股票反涨”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0039", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 39, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`退市风险 -> 控股股东冻结 -> 子公司重大债务诉讼 -> 关联方财务资助/抵押担保 -> 退市风险撤销 -> 控股股东全部持股司法拍卖 -> 第一次流拍 -> 第二次拍卖成交 -> 担保诉讼叶子 -> 异动显影 -> 债权人变更 -> 控制权过户完成 -> 以房抵款 -> 复牌确认大涨 -> 新控股股东财务资助 -> 董事会治理重做`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0040", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 40, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- ST 壳类反常识上涨，常常不是因为坏消息本身变好，而是坏消息被更高价值的控制权重排节点覆盖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0041", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 41, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 同一时期如果出现“诉讼利空 + 控股权司法拍卖成交 + 异动公告”，不能只按诉讼单点读，必须问谁退出、谁进来、进来以后会不会救壳。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0042", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 42, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "总结", "step_text": "- 控制权正式完成后如果股价降温，说明市场可能已经提前交易了拍卖成交和拿壳期权，后续要继续看新控股股东是否提供资金、是否改董事会、是否真正处理债务。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0047_STEP_0043", "case_id": "DLCASE_LEGACY_0047", "darkline_hypothesis_id": "DLCASE_LEGACY_0047", "step_order": 43, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory240_to_247_000609_control_auction_debt_repair_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0001", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：300716.SZ ST泉为，诉讼利空叶子背后的风险解除、订单显影和资产出售链", "step_text": "## 案例：300716.SZ ST泉为，诉讼利空叶子背后的风险解除、订单显影和资产出售链", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0002", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "起点 B/C", "step_text": "### 起点 B/C", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0003", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "起点 B/C", "step_text": "2025-08-22，公司发布 `关于诉讼进展的公告`，同日还披露控股子公司部分借款逾期。表面看，这是诉讼、旧债、借款逾期连续出现，应该偏利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0004", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 4, "step_type": "WHY_NODE", "section_heading": "起点 B/C", "step_text": "但这只股票后续没有按单点利空走弱，反而明显走强。因此不能停在“诉讼利空为什么反涨”，必须继续问：这条诉讼是不是根，还是旧问题的迟来确认？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0005", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "反推 A", "step_text": "### 反推 A", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0006", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 6, "step_type": "DARKLINE_INTENTION", "section_heading": "反推 A", "step_text": "反推出来的意图/主线不是“诉讼本身”，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0007", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "反推 A", "step_text": "`ST_RISK_CLEARANCE_TO_EPC_ORDER_AND_ASSET_SALE_SURVIVAL_CHAIN`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0008", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "反推 A", "step_text": "大白话：公司已经处在旧信披处罚、ST、违规担保、子公司债务、净资产压力的风险堆里。市场真正交易的不是某一条诉讼公告，而是风险逐步解除、撤销部分ST、控股股东债务豁免、重大资产出售腾挪、光伏EPC订单连续显影带来的阶段性修复期权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0009", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 9, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "前置 M", "step_text": "### 前置 M", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0010", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 10, "step_type": "DARKLINE_INTENTION", "section_heading": "前置 M", "step_text": "如果这个暗线成立，在 2025-08-22 之前应该能看到这些铺垫：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0011", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2023-06-16：公司因历史信披问题被证监会立案。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0012", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 12, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "前置 M", "step_text": "- 2023-11-03：公司收到行政处罚决定书，旧风险落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0013", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2024-06-07：山东泉为相关金融借款合同纠纷已经存在。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0014", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2025-04-14：公司筹划出售安徽泉为 100% 股权，开始资产腾挪。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0015", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 15, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "前置 M", "step_text": "- 2025-04-29：公司被实施其他风险警示，同时控股股东豁免约 3000 万债务。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0016", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 16, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "前置 M", "step_text": "- 2025-05-23：因违规担保被叠加 ST，风险进一步明牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0017", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 17, "step_type": "MARKET_MANIFESTATION", "section_heading": "前置 M", "step_text": "- 2025-07-30：违规担保案终审，公司无需承担责任，风险解除开始显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0018", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2025-08-14：控股股东一致行动人股份被强制执行，控股层仍有压力。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0019", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2025-08-15：公司光伏 EPC 中标。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0020", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2025-08-19：叠加 ST 正式撤销，同时再次披露 EPC 中标和安徽泉为借款逾期。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0021", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 21, "step_type": "INITIAL_LEAF", "section_heading": "前置 M", "step_text": "这些节点说明，8月22日的诉讼不是突然出现的新根，而是旧债叶子。真正更强的节点是撤销部分ST、违规担保风险解除、订单显影和资产出售链。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0022", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 22, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "后续 N/L", "step_text": "### 后续 N/L", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0023", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 23, "step_type": "DARKLINE_INTENTION", "section_heading": "后续 N/L", "step_text": "如果这条暗线继续成立，后面应该继续看到两类事：一类是订单/业务显影，一类是债务/资产腾挪和控制层继续补救。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0024", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "后续 N/L", "step_text": "- 2025-08-26：公司签订三份光伏 EPC 总承包合同。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0025", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 25, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "后续 N/L", "step_text": "- 2025-08-26：同时出现新增诉讼，说明旧债风险没有消失。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0026", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "后续 N/L", "step_text": "- 2025-09 到 2026-03：重大资产出售继续推进。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0027", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 27, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "后续 N/L", "step_text": "- 2025-10-23：公司提示净资产可能为负，底层风险仍重。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0028", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "后续 N/L", "step_text": "- 2025-11-07：子公司股权转让继续推进。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0029", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "后续 N/L", "step_text": "- 2025-11-14：控股股东和实控人为公司借款提供担保。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0030", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "后续 N/L", "step_text": "- 2025-12-25：控股股东增持承诺未履行被监管责令改正。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0031", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "后续 N/L", "step_text": "- 2026-03-19：公司及实控人再次被立案，同时出现 1500 万纾困借款。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0032", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 32, "step_type": "MARKET_MANIFESTATION", "section_heading": "后续 N/L", "step_text": "这说明故事不是“公司变好了”，而是“风险解除、订单显影、资产腾挪、控股层补救、监管压力”交织出来的阶段性修复。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0033", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 33, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0034", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 34, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "K 线显影支持这条读法：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0035", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-04-14 到 2025-08-22：约 `-13.06%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0036", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-14 到 2025-08-22：约 `+14.16%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0037", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-15 到 2025-08-22：约 `+12.21%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0038", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-19 到 2025-08-22：约 `+4.67%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0039", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-22 到 2025-09-30：约 `+46.68%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0040", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-22 到 2025-11-18：约 `+43.42%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0041", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-22 到 2026-03-19：约 `+59.41%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0042", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 42, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0043", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 43, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "这条故事成立，但不能读成“诉讼利空后股票反涨”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0044", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 44, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`旧信披处罚/内控问题 -> ST -> 违规担保叠加风险 -> 控股股东债务豁免 -> 重大资产出售筹划 -> 违规担保风险解除 -> 光伏EPC连续中标/签约 -> 8月22日旧诉讼和借款逾期叶子 -> 股价反常上涨 -> 后续净资产为负/继续卖资产/控股层担保/监管责令/再立案`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0045", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 45, "step_type": "WHY_NODE", "section_heading": "总结", "step_text": "- 负面公告后上涨时，第一问不是“为什么利空上涨”，而是“这条负面公告是不是旧问题的迟来确认”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0046", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 46, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 如果同一窗口内有风险解除、订单显影、资产出售、撤销ST，K线可能交易的是阶段性修复，不是负面公告本身。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0047", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 47, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- ST壳类反常识上涨要特别关注“旧债叶子被更高价值节点覆盖”的情况，但这类修复不等于公司长期健康，后续仍要看净资产、监管、债务和控股层补救。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0048_STEP_0048", "case_id": "DLCASE_LEGACY_0048", "darkline_hypothesis_id": "DLCASE_LEGACY_0048", "step_order": 48, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory248_to_255_300716_st_risk_clearance_epc_asset_sale_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0001", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：600753.SH ST海钦，诉讼执行叶子背后的控股层救壳和财务退市风险缓解", "step_text": "## 案例：600753.SH ST海钦，诉讼执行叶子背后的控股层救壳和财务退市风险缓解", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0002", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "起点 B/C", "step_text": "### 起点 B/C", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0003", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "起点 B/C", "step_text": "2026-02-11，公司发布 `关于重大诉讼进展及累计诉讼、仲裁情况的公告`。表面看，ST公司、诉讼、仲裁、退市风险，这些词都偏利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0004", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "起点 B/C", "step_text": "但公告细看，公司在本次重大诉讼中是原告、申请执行人，涉及金额约 1.315 亿元及相关利息。也就是说，这条公告不是普通“被人追债”的坏消息，而是旧业务应收/委托合同纠纷进入执行阶段，是潜在资产回收节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0005", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "反推 A", "step_text": "### 反推 A", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0006", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 6, "step_type": "DARKLINE_INTENTION", "section_heading": "反推 A", "step_text": "反推出来的暗线不是“诉讼本身”，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0007", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "反推 A", "step_text": "`CONTROL_RESCUE_TO_DELISTING_RISK_RELIEF_AND_SHELL_REPAIR`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0008", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "反推 A", "step_text": "大白话：控股层接管后，要保住上市平台，所以连续做增强控制、增持、改名、财务资助、资产赠与、业务和报表修复。市场交易的是壳修复、生存期权和财务退市风险缓解，不是单条诉讼公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0009", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 9, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "前置 M", "step_text": "### 前置 M", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0010", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 10, "step_type": "DARKLINE_INTENTION", "section_heading": "前置 M", "step_text": "如果这个暗线成立，在 2026-02-11 前应该看到控股层救壳和报表修复动作：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0011", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2025-04-10：公司推动名称变更，平台身份从庚星股份转向海钦股份。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0012", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 12, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "前置 M", "step_text": "- 2025-04-26：公司因 2024 年收入、净利润、净资产等指标触及退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0013", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 13, "step_type": "INITIAL_LEAF", "section_heading": "前置 M", "step_text": "- 2025-05-09：控股股东浙江海歆公告增持计划，目的写明是增强控制权、传递支持和信心。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0014", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2025-06-27：浙江海歆增持至 25%，继续确认控股地位。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0015", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2025-07-15：公司披露半年度业绩预盈。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0016", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2025-09-09：控股股东拟提供最高 1 亿元财务资助。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0017", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2025-09-09：控股股东拟无偿赠与亚兰特制造 51% 股权，把资产装进上市公司。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0018", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2026-01-30：公司披露 2025 年度业绩预盈，预计净利润、扣非净利润、收入和净资产均转正。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0019", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2026-01-30：公司披露全资子公司银行账户解除冻结。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0020", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 20, "step_type": "INITIAL_LEAF", "section_heading": "前置 M", "step_text": "这些节点说明，2月11日诉讼执行公告不是孤立事件，它处在“控股层救壳 -> 报表修复 -> 退市风险缓解 -> 资产回收”的链条中。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0021", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 21, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "后续 N/L", "step_text": "### 后续 N/L", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0022", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 22, "step_type": "DARKLINE_INTENTION", "section_heading": "后续 N/L", "step_text": "如果这个暗线继续成立，后续应该看到市场显影、风险提示、旧问题落地，以及股权结构继续变化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0023", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 23, "step_type": "MARKET_MANIFESTATION", "section_heading": "后续 N/L", "step_text": "- 2026-02-24 至 2026-02-27：公司连续涨停。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0024", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 24, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "后续 N/L", "step_text": "- 2026-02-28：公司发布股票交易风险提示，确认短期价格波动明显。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0025", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "后续 N/L", "step_text": "- 2026-02-28：公司收到行政处罚事先告知书，内容主要指向旧时期信披和关联交易问题。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0026", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 26, "step_type": "MARKET_MANIFESTATION", "section_heading": "后续 N/L", "step_text": "- 2026-02-28：公司被叠加实施其他风险警示，但股价没有按单点旧罚单直接崩掉。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0027", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "后续 N/L", "step_text": "- 2026-03-28：5%以上股东协议转让部分股份，股权结构继续变化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0028", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 28, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0029", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 29, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "K 线显影支持这条读法：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0030", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-04-26 到 2026-02-11：约 `+74.29%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0031", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-05-09 到 2026-02-11：约 `+54.15%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0032", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-01-30 到 2026-02-11：约 `-3.61%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0033", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-02-11 到 2026-02-27：约 `+22.48%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0034", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-02-11 到 2026-03-12：约 `+44.03%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0035", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-02-11 到 2026-04-02：约 `+43.44%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0036", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 36, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0037", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "这条故事成立，但不能读成“诉讼利空后股票反涨”。更准确读法是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0038", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 38, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "`退市风险硬着陆 -> 控股股东增持/加强控制 -> 改名重塑平台 -> 半年报预盈 -> 控股股东财务资助和无偿赠与资产 -> 业绩预盈/净资产转正/账户解冻 -> 诉讼执行确认 -> 连续涨停 -> 旧处罚叠加ST仍未打断行情 -> 股权结构继续变化`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0039", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 39, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 诉讼/仲裁公告不能只看标题，必须先拆当事人地位。公司是被告时偏风险暴露；公司是原告、申请执行人时，可能是资产回收节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0040", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 40, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- ST壳类上涨时，要优先问：是不是退市风险缓解、控股层救壳、资产注入、财务资助和报表修复在共同显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0041", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 41, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- 旧处罚或叠加ST没有打断上涨，不代表风险不存在，而是市场可能更重视当前能否保壳和恢复净资产。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0049_STEP_0042", "case_id": "DLCASE_LEGACY_0049", "darkline_hypothesis_id": "DLCASE_LEGACY_0049", "step_order": 42, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory256_to_263_600753_control_rescue_delisting_risk_relief_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0001", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例：688095.SH 福昕软件，子公司股权激励背后的美国团队绑定、AI文档投入和短期重估", "step_text": "## 案例：688095.SH 福昕软件，子公司股权激励背后的美国团队绑定、AI文档投入和短期重估", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0002", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "起点 B/C", "step_text": "### 起点 B/C", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0003", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "起点 B/C", "step_text": "2025-12-30，公司发布 `关于子公司实施股权激励暨关联交易的公告`。表面看，这是子公司 RSU、关联交易、离任未满 12 个月原董事高管参与激励，普通读法容易偏中性甚至偏负。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0004", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "起点 B/C", "step_text": "但公告后股价从 2025-12-30 到 2026-01-12 约 `+47.72%`，随后到 2026-03-31 较 12-30 约 `-19.65%`，从 1 月高点回撤约 `-45.61%`。所以这条不是简单“关联交易利好”，而是短线强显影后兑现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0005", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "反推 A", "step_text": "### 反推 A", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0006", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 6, "step_type": "DARKLINE_INTENTION", "section_heading": "反推 A", "step_text": "反推出来的暗线是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0007", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "反推 A", "step_text": "`US_TEAM_INCENTIVE_AND_AI_DOCUMENT_REVALUATION`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0008", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "反推 A", "step_text": "大白话：福昕美国是公司国际业务核心载体，George Zhendong Gao 长期负责国际销售和美国业务。12 月 30 日公告把美国核心团队绑定、福昕美国估值和海外资产价值显影出来。市场交易的是“海外核心业务 + AI文档平台 + 订阅 ARR 修复”的重估，不是交易关联交易本身。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0009", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 9, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "前置 M", "step_text": "### 前置 M", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0010", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 10, "step_type": "DARKLINE_INTENTION", "section_heading": "前置 M", "step_text": "如果这个暗线成立，公告前应该能看到经营修复、AI文档投入、团队激励和市场提前显影：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0011", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2025-01-25：公司 2024 年业绩预告显示收入恢复、ARR 高增、订阅收入占比提升。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0012", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 12, "step_type": "MARKET_MANIFESTATION", "section_heading": "前置 M", "step_text": "- 2025-01-25：公司收购通办信息 51%，切入智慧政务和国内垂直市场。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0013", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2025-03-11：公司为通办信息申请并购贷款并质押股权，说明收购进入资金执行。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0014", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2025-09-10：公司以流式文档相关知识产权向北京鸿文增资，文档技术资产开始外部协同。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0015", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2025-09-10：限制性股票激励归属条件成就，考核指标绑定综合业务额和订阅 ARR。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0016", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 16, "step_type": "MARKET_MANIFESTATION", "section_heading": "前置 M", "step_text": "- 2025-10-30：三季报披露收入高增、ARR 增长、订阅和渠道占比提升；10 月 30 日到 10 月 31 日股价约 `+20.00%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0017", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "前置 M", "step_text": "- 2025-12-02：智能文档处理中台项目投入提高到 3.530147 亿元，并明确加强 AIGC 等人工智能技术研究和应用。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0018", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 18, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "后续 N/L", "step_text": "### 后续 N/L", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0019", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 19, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "后续 N/L", "step_text": "后续应该验证经营修复是否真实，同时观察股价是否持续。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0020", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "后续 N/L", "step_text": "- 2026-01-29：公司预告 2025 年收入同比增长 43.43% 到 57.49%，扣非亏损大幅收窄。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0021", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "后续 N/L", "step_text": "- 2026-02-27：业绩快报确认收入同比增长 51.20%，扣非亏损收窄 95.70%。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0022", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 22, "step_type": "MARKET_MANIFESTATION", "section_heading": "后续 N/L", "step_text": "- 但股价从 2026-01-12 高点到 2026-03-31 回撤约 `-45.61%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0023", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 23, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0024", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 24, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K线`，附带一点 `AI文档/软件订阅风格拼图`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0025", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 25, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "它不是长期风格体，也不是稳定买点。它更像一类短线反常识样本：表面是关联交易/股权激励，实质是核心团队绑定和资产重估；如果公告前后已有强显影，后续要警惕兑现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0026", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 26, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0027", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 27, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "这条故事成立，但不应读成“公告一出产生新价值”。更准确链条是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0028", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 28, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`订阅转型恢复 -> 收购通办扩国内场景 -> 并购贷款推进 -> 文档技术资产外部协同 -> 激励归属条件成就 -> 三季报触发第一次市场重估 -> 智能文档/AIGC募投加码 -> 美国核心团队RSU绑定公告 -> 股价短期强冲 -> 业绩预告/快报验证经营修复 -> 股价回落说明短线兑现`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0029", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 29, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 新闻不是起点，很多时候只是迟来的显影节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0030", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 30, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 股权激励/关联交易类公告不能机械读负面，要看绑定的是不是核心资产、核心人和核心业务。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0031", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 31, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 如果公告前已有明显交易，公告后强冲更可能是短线重估和兑现，不一定能持续。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0032", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 32, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "总结", "step_text": "- 利好类型是资产重估、团队绑定、经营修复确认，不是直接生产力突破，后续持续性要打折。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0050_STEP_0033", "case_id": "DLCASE_LEGACY_0050", "darkline_hypothesis_id": "DLCASE_LEGACY_0050", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory264_to_271_688095_us_team_incentive_ai_document_revaluation_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0001", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例：688109.SH 品茗科技，分红法律意见书背后的控制权筹划和AI研究院背景重估", "step_text": "## 案例：688109.SH 品茗科技，分红法律意见书背后的控制权筹划和AI研究院背景重估", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0002", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0003", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "队列入口是 `2025-09-17 国浩律师（北京）事务所关于品茗科技差异化分红事项之法律意见书`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0004", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "表面看，这是普通分红相关法律意见书，不应该单独解释后续强涨。如果只看标题，很容易误判为分红/法律流程类中性公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0005", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "### A：反推暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0006", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 6, "step_type": "WHY_NODE", "section_heading": "A：反推暗线意图", "step_text": "继续问为什么：如果只是分红法律意见书，为什么后面股价出现强烈反应？真正的暗线更可能是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0007", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "A：反推暗线意图", "step_text": "`公司经营修复 + 控制权筹划 + 强背景战略股东入场 + AI研究院资源想象`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0008", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 8, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "A：反推暗线意图", "step_text": "这不是分红本身，而是有人在重排股权和公司资源预期。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0009", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 9, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前置铺垫", "step_text": "### M：前置铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0010", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 10, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前置铺垫", "step_text": "在分红法律意见书之前，已经有几条铺垫：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0011", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-07-17：2025 年半年度业绩预告，净利润预计同比增长 `231.79%` 到 `302.89%`，扣非净利润预计同比增长 `606.77%` 到 `788.77%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0012", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-07-19：2024 年员工持股计划解锁条件成就，说明经营考核已过。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0013", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-08-13：董事减持计划披露，筹码层面开始变化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0014", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-08-23：半年度利润分配方案披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0015", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 15, "step_type": "MARKET_MANIFESTATION", "section_heading": "M：前置铺垫", "step_text": "- 到 2025-09-17 前，股价从 2025-07-17 到 2025-09-17 已经上涨约 `+42.84%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0016", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 16, "step_type": "MARKET_MANIFESTATION", "section_heading": "M：前置铺垫", "step_text": "这些节点说明，市场不是从 9 月 17 日才第一次知道公司在变化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0017", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 17, "step_type": "INITIAL_LEAF", "section_heading": "B/C 后的关键节点", "step_text": "### B/C 后的关键节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0018", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "B/C 后的关键节点", "step_text": "- 2025-09-18：公司因筹划控制权变更停牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0019", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "B/C 后的关键节点", "step_text": "- 2025-09-20：继续停牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0020", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "B/C 后的关键节点", "step_text": "- 2025-09-25：控制权变更事项终止，但同日披露通智清研协议受让 `12,552,212` 股，占总股本 `15.9206%`，转让价格 `39.504` 元/股，总价约 `4.9586` 亿元。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0021", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "B/C 后的关键节点", "step_text": "- 通智清研成立于 2025-09-05，注册资本 `10` 万元，执行事务合伙人包括通智人工智能科技（北京）有限公司和嘉兴通清智研私募基金管理有限公司；通智人工智能科技由北京通用人工智能研究院 `100%` 持股。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0022", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "B/C 后的关键节点", "step_text": "- 协议还包含 `36` 个月不谋求控制权、`18` 个月不减持、转让方 `12` 个月不减持等约束。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0023", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 23, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证", "step_text": "### N/L：后续验证", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0024", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 24, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证", "step_text": "如果这条暗线成立，后续应该看到治理和业绩继续验证：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0025", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证", "step_text": "- 2025-09-27、2025-10-01：公司披露股票交易异常/严重异常波动，9 月 25 日到 9 月 30 日累计涨幅约 `+104.97%`，流通股占比仅 `36.96%`，小流通盘放大了 K 线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0026", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证", "step_text": "- 2026-01-31：股东大会选举新董事，和协议里买方提名董事的安排一致。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0027", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证", "step_text": "- 2026-01-31、2026-02-28：2025 年业绩预告和快报继续确认业绩修复。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0028", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 28, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0029", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 29, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K线`，同时带一点 `AI/工业软件/建筑数字化风格拼图`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0030", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-17 到 2025-09-30：约 `+104.97%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0031", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-25 到 2025-10-21：约 `+144.48%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0032", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-25 到 2025-11-25：约 `+205.59%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0033", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-11-25 到 2026-03-31：约 `-27.68%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0034", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 34, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0035", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "这条故事成立，但不能按“分红法律意见书利好”来讲。真正链条是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0036", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 36, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`业绩修复铺垫 -> 员工持股解锁/董事减持带来筹码变化 -> 分红法律意见书只是表层叶子 -> 控制权变更停牌 -> 终止控制权变更但引入通智清研 15.9206% -> AI研究院背景显影 -> 小流通盘放大 K 线 -> 董事席位和业绩修复后续验证 -> 股价回落说明短期估值打得太满`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0037", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 37, "step_type": "WHY_NODE", "section_heading": "总结", "step_text": "- 新闻叶子不能按标题读，必须继续问“为什么这个时间、为什么这个主体、谁进来了、谁受益”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0038", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 38, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 分红、法律意见书这类表面普通公告，可能只是更大股权重排链条中的一片叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0039", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 强背景新股东进入、小流通盘、业绩修复同时存在时，K 线会放大。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0040", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 40, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "总结", "step_text": "- 后续回落说明这种行情不是稳定生产力复利，而是控制权/资源想象带来的短期重估。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0051_STEP_0041", "case_id": "DLCASE_LEGACY_0051", "darkline_hypothesis_id": "DLCASE_LEGACY_0051", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory272_to_279_688109_control_transfer_ai_institute_revaluation_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0001", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例：000711.SZ 京蓝科技，亏损预告背后的铟靶新材身份重写", "step_text": "## 案例：000711.SZ 京蓝科技，亏损预告背后的铟靶新材身份重写", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0002", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0003", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "队列入口是 `2026-01-31 京蓝科技股份有限公司2025年度业绩预告`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0004", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 4, "step_type": "MARKET_MANIFESTATION", "section_heading": "B/C：最初看到的叶子", "step_text": "表面看，这是利空：公司预计 2025 年继续亏损，归母净利润亏损约 `1.60亿` 到 `2.30亿`。如果按普通业绩预告读，股价不应该强涨。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0005", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "但股价从 `2026-01-23` 到 `2026-01-30` 已经上涨约 `+22.54%`，说明公告不是起点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0006", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 6, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "### A：反推暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0007", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "真正的暗线不是“亏损还能涨”，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0008", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 8, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推暗线意图", "step_text": "`破产重整后的上市平台，正在从旧京蓝科技改造成铟/ITO靶材/稀有金属新材料平台；市场交易的是身份重写、资产注入预期和低价 ST 壳修复期权。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0009", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 9, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "A：反推暗线意图", "step_text": "所以 2025 年亏损不是主变量，主变量是这家公司以后是不是不再是旧业务。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0010", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 10, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前置铺垫", "step_text": "### M：前置铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0011", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2023 年：公司完成破产重整，新投资人进入，并带有业绩承诺和资产注入承诺。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0012", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2024-04-26：拟收购个旧兴华锌业，开始转向含锌铟固危废资源化和稀有金属方向。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0013", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2024-07-19：继续参与破产重整资产收购，说明新控制层在用资产重组方式搭平台。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0014", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 14, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：前置铺垫", "step_text": "- 2025-09-05：撤销退市风险警示，从 `*ST京蓝` 变成 `ST京蓝`，生存风险下降。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0015", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-12-24：拟收购南非 `NORTH WEST VANADIUM` 51% 股权，增加钒资源/海外资源期权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0016", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-12-26：拟启动鑫联环保或其主营业务资产注入，承接重整承诺。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0017", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 17, "step_type": "INITIAL_LEAF", "section_heading": "B/C 后的关键触发", "step_text": "### B/C 后的关键触发", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0018", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "B/C 后的关键触发", "step_text": "- 2026-01-24：公司拟更名为 `铟靶新材科技股份有限公司`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0019", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "B/C 后的关键触发", "step_text": "- 2026-01-24：公司拟设立控股子公司，购买云南某 ITO 靶材企业设备，检修技改后计划在 2026 年 6 月底前投产高密度 ITO 靶材。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0020", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 20, "step_type": "MARKET_MANIFESTATION", "section_heading": "B/C 后的关键触发", "step_text": "- 2026-01-31：业绩预告继续亏损，但股价不按亏损走，因为市场交易的是铟靶/ITO/稀有金属平台重估。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0021", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 21, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证和反向校正", "step_text": "### N/L：后续验证和反向校正", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0022", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 22, "step_type": "MARKET_MANIFESTATION", "section_heading": "N/L：后续验证和反向校正", "step_text": "- 2026-02-02 起：公司连续披露异常波动，验证市场确实在交易强预期。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0023", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证和反向校正", "step_text": "- 2026-03-10：公司完成工商变更，名称变为 `铟靶新材（哈尔滨）股份有限公司`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0024", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 24, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证和反向校正", "step_text": "- 2026-03-13：公司公告称 2026-01-23 到 2026-03-12 股价上涨 `176.79%`，并提示市场对新业务、资产注入、更名及估值重构存在过度解读。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0025", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证和反向校正", "step_text": "- 2026-03-20：公司进一步说明，2025 年前三季度含锌铟固危废资源化业务营收占比约 95%，但精铟毛利率约 1%，粗铟、锌锭等毛利率为负；公司自产粗铟不足、依赖外采，暂未形成媒体所说的上游资源优势；业务不涉及 AI 算力、GPU、芯片封装等领域。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0026", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证和反向校正", "step_text": "- 2026-03-27：控股股东 2024 年业绩补偿款仍未全部支付，说明重整义务还没完全收尾。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0027", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 27, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0028", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 28, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K线`，同时带有 `稀有金属/铟/ITO靶材/壳修复/资产注入预期` 的风格拼图。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0029", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-01-23 到 2026-01-30：约 `+22.54%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0030", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-01-24 到 2026-02-13：约 `+72.53%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0031", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-01-31 到 2026-03-12：约 `+108.52%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0032", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-01-23 到 2026-03-12：约 `+168.79%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0033", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-03-12 到 2026-03-31：约 `-20.22%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0034", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 34, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0035", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "这条故事成立，但不能按“亏损业绩预告利空失效”来讲。真正链条是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0036", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 36, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "`破产重整 -> 新控制层进入 -> 稀有金属/铟资产收购 -> 撤销退市风险 -> 资产注入承诺 -> 海外钒资源期权 -> 更名铟靶新材 -> ITO靶材子公司计划投产 -> 亏损业绩预告被市场忽略 -> 股价按身份重写和题材期权强涨 -> 公司连续提示过度解读、低毛利、缺上游资源、补偿款未完 -> 高位回落风险`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0037", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 37, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- ST/重整股的 K 线经常交易“活下来以后变成什么”，不是交易当年报表。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0038", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 38, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 表面负面新闻如果遇到身份重写、资产注入期权和题材风，可能只是噪声叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0039", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 39, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "- 更名不是孤立利好，只有它和资产、设备、子公司、产线、控制层承诺连起来，才有暗线价值。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0040", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 40, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "总结", "step_text": "- 公司后续主动提示过热、低毛利、无上游资源优势时，说明前期强涨更偏期权和想象力，不是稳定生产力兑现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0052_STEP_0041", "case_id": "DLCASE_LEGACY_0052", "darkline_hypothesis_id": "DLCASE_LEGACY_0052", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory280_to_287_000711_indium_target_revaluation_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0001", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：000656.SZ 金科股份，诉讼叶子背后的重整参考价和控制权重排", "step_text": "## 案例：000656.SZ 金科股份，诉讼叶子背后的重整参考价和控制权重排", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0002", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0003", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "队列入口是 `2025-08-30 关于公司控股子公司重大诉讼事项进展的公告`。表面看，这是地产公司诉讼压力继续暴露，普通读法偏负。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0004", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 4, "step_type": "MARKET_MANIFESTATION", "section_heading": "B/C：最初看到的叶子", "step_text": "但股价在 2025-09-12 复牌附近出现强显影：从 2025-08-30 对应的下一交易日 2025-09-01 到 2025-09-12，收盘价从 `0.67` 到 `1.41`，约 `+110.45%`。所以不能把故事停在“诉讼利空没有跌”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0005", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "### A：反推暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0006", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 6, "step_type": "WHY_NODE", "section_heading": "A：反推暗线意图", "step_text": "继续问为什么：如果是普通诉讼利空，为什么会在后续出现近翻倍行情？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0007", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "反推出的暗线不是诉讼，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0008", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "A：反推暗线意图", "step_text": "`困境地产上市平台通过重整执行、资本公积转增、开盘参考价机制、重整投资人过户和控制权重排，完成一次资本结构和股权结构重估。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0009", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 9, "step_type": "INITIAL_LEAF", "section_heading": "A：反推暗线意图", "step_text": "大白话：诉讼只是这家公司困境状态的叶子。真正让市场重新定价的是它能不能通过重整活下来，谁拿到转增股，开盘参考价怎么处理，以及控制权是否换人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0010", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 10, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前置铺垫", "step_text": "### M：前置铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0011", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 11, "step_type": "DARKLINE_INTENTION", "section_heading": "M：前置铺垫", "step_text": "如果这条暗线成立，在诉讼公告前应该能看到重整执行已经在推进：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0012", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-05-12：公司及全资子公司重整计划获法院裁定批准。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0013", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-07-10：重整投资人全部重整投资款到账，合计约 `26.28` 亿元，其中产业投资人约 `7.56` 亿元、财务投资人约 `18.72` 亿元。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0014", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 14, "step_type": "INITIAL_LEAF", "section_heading": "M：前置铺垫", "step_text": "- 2025-08-30：同日除了诉讼公告，还有半年度业绩预告修正和累计诉讼/仲裁公告，说明风险仍在，但不是唯一变量。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0015", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 15, "step_type": "INITIAL_LEAF", "section_heading": "M：前置铺垫", "step_text": "这些节点说明：8 月诉讼公告不是起点。起点更早，在重整计划获批和投资款到账。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0016", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 16, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "### N/L：后续验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0017", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 17, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "如果真正主线是重整参考价和控制权重排，后续应该出现资本结构和股权结构落地：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0018", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-09-09：公司披露资本公积金转增股本事项，约 `10 转 10`，转增平均价格 `3.30` 元/股。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0019", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 19, "step_type": "MARKET_MANIFESTATION", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-09-12：公司披露不调整资本公积转增股本实施后首个交易日开盘参考价，原因是停牌前收盘价 `1.45` 元低于转增平均价 `3.30` 元。这个节点解释了复牌后的强烈价格显影。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0020", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-09-23：向重整投资人指定主体完成 `30` 亿股股票过户。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0021", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-09-23：股东权益变动暨控股股东、实际控制人拟发生变更，京渝星筑和京渝星璨合计持股 `9.34%`，成为第一大股东，并有权提名多数董事。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0022", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-10-25：关联方向公司提供 `2.5` 亿元借款支持。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0023", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-16：公司及控股子公司重整计划执行完毕。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0024", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 24, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-26：重整相关退市风险警示情形撤销，但因净资产、持续经营等问题继续被实施风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0025", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 25, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0026", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 26, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K线`，附带 `困境地产重整 / ST壳修复 / 控制权重排` 拼图。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0027", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-05-12 到 2025-09-12：约 `+80.77%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0028", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-30 到 2025-09-12：约 `+110.45%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0029", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-09 到 2025-09-12：约 `+98.59%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0030", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-12 到 2025-12-16：约 `+9.93%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0031", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-12-16 到 2026-03-31：约 `-12.26%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0032", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 32, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0033", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 33, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "这条故事成立，但不能按“诉讼公告利空失效”来讲。真正链条是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0034", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 34, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`重整计划获批 -> 26.28 亿投资款到账 -> 诉讼公告只是存量压力叶子 -> 资本公积 10 转 10 -> 转增平均价 3.30 元/股 -> 复牌不调整开盘参考价 -> 股价强显影 -> 30 亿股过户给重整投资人 -> 控股股东/实控人拟变更 -> 关联方借款支持 -> 重整执行完毕 -> 仍保留 ST 和经营压力`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0035", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 35, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- 困境股/ST股要先问“它是不是在活下来”和“活下来以后由谁控制”，不能只看表层诉讼标题。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0036", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 对重整股，资本公积转增、转增价、开盘参考价、重整投资人过户和控制权变化是关键节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0037", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 37, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 新闻可能是迟来的叶子，真正的市场显影往往来自资本结构已经重排。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0038", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 38, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "总结", "step_text": "- 后续继续 ST 和经营压力，说明这类行情更像重整期权和壳修复，不是稳定生产力兑现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0053_STEP_0039", "case_id": "DLCASE_LEGACY_0053", "darkline_hypothesis_id": "DLCASE_LEGACY_0053", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory288_to_295_000656_restructuring_reference_price_revaluation_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0001", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：300506.SZ 名家汇，重大诉讼叶子背后的 ST 重整执行和控股权接盘", "step_text": "## 案例：300506.SZ 名家汇，重大诉讼叶子背后的 ST 重整执行和控股权接盘", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0002", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0003", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "队列入口是 `2025-12-05 关于重大诉讼、仲裁的公告`。表面看是诉讼/仲裁风险，普通读法偏负。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0004", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "但实际 K 线从 2025-12-05 到 2025-12-24 约 `+110.78%`。所以不能把故事停在“诉讼公告反常上涨”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0005", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "### A：反推暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0006", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 6, "step_type": "WHY_NODE", "section_heading": "A：反推暗线意图", "step_text": "继续问为什么：如果只是普通诉讼风险，为什么后面能出现翻倍级别显影？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0007", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "反推出的暗线是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0008", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "A：反推暗线意图", "step_text": "`重整投资人和新控制人推动 *ST 名家汇完成重整、清债、资本公积转增、复牌和控股权接盘；市场交易的是 ST 困境资产重整执行，而不是单个诉讼公告。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0009", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 9, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前置铺垫", "step_text": "### M：前置铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0010", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 10, "step_type": "DARKLINE_INTENTION", "section_heading": "M：前置铺垫", "step_text": "如果这条暗线成立，诉讼公告前应该已经出现重整执行的铺垫：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0011", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 11, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：前置铺垫", "step_text": "- 2025-09-30：法院裁定受理公司重整，公司被实施退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0012", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-10-21：法院准许公司继续营业，并在管理人监督下自行管理财产和营业事务。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0013", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-10-30：公司控股权已经发生过一次变化。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0014", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-11-04：公司与重整财务投资人签署重整投资协议及补充协议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0015", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-11-27：公司重整计划获得法院裁定批准。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0016", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 16, "step_type": "INITIAL_LEAF", "section_heading": "M：前置铺垫", "step_text": "这些节点说明：12-05 诉讼公告出现时，公司已经处在重整执行窗口里。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0017", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 17, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "### N/L：后续验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0018", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 18, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证节点", "step_text": "如果真正主线是重整执行和控制权接盘，后续应该看到钱到账、股转增、复牌和控制人落地：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0019", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-08：收到全部重整投资款，合计 `12.0344` 亿元。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0020", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-15：资本公积转增股本实施，共转增 `7.30` 亿股，其中 `6.64` 亿股由重整投资人受让。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0021", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-22：转增完成并复牌，开盘参考价调整为 `3.16` 元/股。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0022", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-24：新余领九成为控股股东，吴立群成为实际控制人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0023", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-31：重整计划执行完毕，法院裁定终结重整程序。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0024", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 24, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-13：撤销因重整而被实施的退市风险警示，但继续实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0025", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 25, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0026", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 26, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K线`，带 `ST重整执行 / 资本公积转增 / 控制权变更 / 壳修复` 拼图。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0027", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-30 到 2025-12-05：约 `+6.81%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0028", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-12-05 到 2025-12-22：约 `+85.78%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0029", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-12-05 到 2025-12-24：约 `+110.78%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0030", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-11-27 到 2025-12-24：约 `+93.69%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0031", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-12-24 到 2026-03-31：约 `+10.47%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0032", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 32, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0033", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 33, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "这条故事成立，但不能讲成“重大诉讼公告利空后反涨”。真正链条是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0034", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 34, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`法院受理重整 -> 继续营业和自管 -> 控股权先行变化 -> 重整投资协议 -> 重整计划获批 -> 诉讼公告只是风险叶子 -> 投资款到账 -> 资本公积转增 -> 复牌参考价调整为 3.16 元 -> 新余领九成为控股股东/吴立群成为实控人 -> 重整执行完毕 -> 撤销重整退市风险警示`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0035", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 35, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 困境/ST 重整股里，诉讼公告可能只是重整过程中的噪声叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0036", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 真正关键节点是钱是否到账、股是否转增/过户、开盘参考价如何处理、谁成为新控股股东/实控人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0037", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 37, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 这类故事不能泛化为“诉讼公告会涨”，只能归为 `ST_RESTRUCTURING_EXECUTION_AND_CONTROL_CHANGE_REVALUATION` 样本。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0054_STEP_0038", "case_id": "DLCASE_LEGACY_0054", "darkline_hypothesis_id": "DLCASE_LEGACY_0054", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory296_to_303_300506_restructuring_reference_price_revaluation_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0001", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 1, "step_type": "DARKLINE_INTENTION", "section_heading": "案例：002289.SZ ST宇顺，退市风险叶子背后的数据中心资产购买暗线", "step_text": "## 案例：002289.SZ ST宇顺，退市风险叶子背后的数据中心资产购买暗线", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0002", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0003", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "队列入口是 `2025-04-23 关于2024年年度业绩预告修正暨可能被实施退市风险警示的公告`。表面看，这是业绩修正和退市风险利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0004", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 4, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "但同一天，公司还披露 `关于筹划重大资产重组暨签署框架协议的提示性公告`，拟现金收购北京房山数据中心项目相关公司股权。后续股价从 2025-04-23 到 2025-09-17 约 `+395.68%`，说明不能只按退市风险标题理解。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0005", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0006", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 6, "step_type": "WHY_NODE", "section_heading": "A：反推出的暗线意图", "step_text": "继续问为什么：如果只是业绩和退市风险，为什么后续能走出数倍级别行情？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0007", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "反推出的暗线是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0008", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 8, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "`ST宇顺试图通过重大资产购买，把市场叙事从亏损/ST风险切换到数据中心资产注入和资产重估。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0009", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 9, "step_type": "INITIAL_LEAF", "section_heading": "A：反推出的暗线意图", "step_text": "大白话：退市风险公告是表面叶子；真正被市场交易的是公司是否能装入数据中心资产、是否能改变资产性质、是否能从原来的亏损壳变成数据中心资产平台。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0010", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 10, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前置/同时铺垫", "step_text": "### M：前置/同时铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0011", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 11, "step_type": "DARKLINE_INTENTION", "section_heading": "M：前置/同时铺垫", "step_text": "如果这条暗线成立，在退市风险叶子附近应该能看到更强的资产动作：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0012", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 12, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：前置/同时铺垫", "step_text": "- 2025-04-23：业绩预告修正和可能被实施退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0013", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：前置/同时铺垫", "step_text": "- 2025-04-23：同日披露筹划重大资产重组并签署框架协议，拟收购北京房山数据中心项目相关公司股权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0014", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：前置/同时铺垫", "step_text": "- 2025-04-29：股票交易严重异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0015", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 15, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：前置/同时铺垫", "step_text": "- 2025-04-30：申请撤销其他风险警示，同时被实施退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0016", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 16, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "### N/L：后续验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0017", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 17, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证节点", "step_text": "如果真正主线是数据中心资产购买，后续应该看到交易方案、资产评估、审计、资金支持和股权登记：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0018", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-07-15：重大资产购买报告书草案落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0019", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-07-15：资产评估报告指向北京市房山中恩云数据中心项目相关公司。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0020", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 20, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-09-13：重大资产购买报告书修订稿、目标审计更新、向标的公司提供财务资助。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0021", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 21, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-11-18：购买股权暨关联交易公告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0022", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-11：购买股权完成工商变更登记。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0023", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-03-03：重大资产重组交易标的公司开展融资租赁业务有进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0024", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 24, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0025", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 25, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K线`：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0026", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-04-23 到 2025-05-16：约 `+78.00%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0027", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-04-23 到 2025-06-17：约 `+132.12%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0028", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-04-23 到 2025-07-15：约 `+134.68%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0029", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-04-23 到 2025-09-17：约 `+395.68%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0030", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-07-15 到 2025-09-17：约 `+111.21%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0031", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-13 到 2025-12-31：约 `-12.43%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0032", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 32, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0033", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 33, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "这条故事成立，但不能讲成“退市风险公告利空失效”。真正链条是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0034", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 34, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`业绩修正/退市风险叶子 -> 同日重大资产重组框架协议 -> 数据中心资产购买预期 -> 严重异常波动 -> 报告书/评估/审计落地 -> 财务资助 -> 股权购买 -> 工商变更完成 -> 股价完成资产重估式上涨`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0035", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 35, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "总结", "step_text": "- 同一天出现表面利空和更大资本动作时，要优先问哪个节点能解释后续行为。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0036", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 36, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- ST/退市风险股票里，负面公告可能只是风险叶子，真正根因可能是资产注入、资产性质切换和风险边界重估。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0037", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 37, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 新闻不是起点。这里的起点是管理层和交易对方提前筹划重大资产购买，公告只是显影节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0055_STEP_0038", "case_id": "DLCASE_LEGACY_0055", "darkline_hypothesis_id": "DLCASE_LEGACY_0055", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory304_to_311_002289_data_center_asset_purchase_revaluation_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0001", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：000615.SZ *ST美谷，诉讼叶子背后的重整参考价和控制权重排", "step_text": "## 案例：000615.SZ *ST美谷，诉讼叶子背后的重整参考价和控制权重排", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0002", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0003", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "队列入口是 `2025-12-11 关于重大诉讼事项进展的公告`。表面看是诉讼利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0004", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 4, "step_type": "MARKET_MANIFESTATION", "section_heading": "B/C：最初看到的叶子", "step_text": "但股价从 2025-12-11 到 2025-12-30 约 `+109.83%`，说明诉讼标题不能解释行情。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0005", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0006", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 6, "step_type": "WHY_NODE", "section_heading": "A：反推出的暗线意图", "step_text": "继续问为什么：如果只是诉讼风险，为什么后续会出现翻倍级别显影？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0007", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "反推出的暗线是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0008", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "A：反推出的暗线意图", "step_text": "`*ST美谷通过法院重整、投资款到账、资本公积转增、复牌参考价处理、重整投资人拿股和控股权拟变更，完成一次 ST 壳修复和资本结构重估。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0009", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 9, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前置铺垫", "step_text": "### M：前置铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0010", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 10, "step_type": "DARKLINE_INTENTION", "section_heading": "M：前置铺垫", "step_text": "如果这条暗线成立，诉讼前应该已经有重整链条铺垫：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0011", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-10-11：预重整方案和第一次临时债权人会议准备出现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0012", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-10-28：第一次临时债权人会议表决情况披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0013", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-11-15：法院裁定受理公司重整并指定管理人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0014", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-11-20：法院许可公司继续营业，并准许公司在管理人监督下自行管理财产和营业事务。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0015", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-11-29：重整计划草案和经营方案披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0016", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 16, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "### N/L：后续验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0017", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 17, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证节点", "step_text": "如果真正主线是重整执行和参考价重估，后续应该看到计划批准、资金到账、转增、复牌、过户和控制权变化：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0018", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-18：重整计划获得法院裁定批准。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0019", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-23：资本公积金转增股本事项实施。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0020", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-23：收到重整投资协议项下投资款。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0021", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-27：资本公积金转增股本事项进展暨复牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0022", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-27：资本公积金转增股本实施后首个交易日开盘参考价调整。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0023", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-30：重整计划执行完毕。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0024", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-05：股东权益变动暨控股股东拟发生变更。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0025", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-16：股份向重整投资人完成过户。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0026", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 26, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-22：撤销因重整而被实施的退市风险警示，但继续保留其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0027", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 27, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0028", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 28, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K线`，带 `ST重整执行 / 资本公积转增 / 复牌参考价 / 控制权重排` 拼图。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0029", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-10-11 到 2025-12-11：约 `+16.89%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0030", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-11-15 到 2025-12-11：约 `-10.36%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0031", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-12-11 到 2025-12-30：约 `+109.83%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0032", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-12-23 到 2025-12-30：约 `+103.93%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0033", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-12-30 到 2026-03-31：约 `-3.58%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0034", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 34, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0035", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 35, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "这条故事成立，但不能讲成“诉讼公告后反常上涨”。真正链条是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0036", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 36, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`预重整方案 -> 债权人会议 -> 法院受理重整 -> 继续营业和自管 -> 重整计划草案 -> 诉讼公告只是风险叶子 -> 重整计划获批 -> 投资款到账 -> 资本公积转增 -> 复牌参考价调整 -> 重整计划执行完毕 -> 控股股东拟变更 -> 股份过户给重整投资人 -> 撤销重整退市风险警示`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0037", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 37, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- ST/困境股里，诉讼公告常常只是风险叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0038", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 真正关键节点是法院是否批准重整、钱是否到账、股是否转增、参考价如何处理、谁拿到股票和控制权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0039", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 39, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- 这类上涨不是生产力增强，而是壳修复、债务重组、资本结构和控制权重排带来的重估。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0056_STEP_0040", "case_id": "DLCASE_LEGACY_0056", "darkline_hypothesis_id": "DLCASE_LEGACY_0056", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory312_to_319_000615_restructuring_reference_price_revaluation_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0001", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：002620.SZ 瑞和股份，诉讼叶子背后的预重整期权", "step_text": "## 案例：002620.SZ 瑞和股份，诉讼叶子背后的预重整期权", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0002", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0003", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "队列入口是 `2025-07-30 关于累计诉讼、仲裁情况的公告`。表面看，这是诉讼风险。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0004", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 4, "step_type": "MARKET_MANIFESTATION", "section_heading": "B/C：最初看到的叶子", "step_text": "但股价从 2025-07-30 到 2025-11-18 约 `+87.82%`，到 2026-03-31 约 `+140.93%`。所以这条不能停在“诉讼利空没有跌”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0005", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0006", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 6, "step_type": "WHY_NODE", "section_heading": "A：反推出的暗线意图", "step_text": "继续问为什么：如果只是诉讼风险，为什么后续能多次异常波动并持续上行？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0007", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "反推出的暗线是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0008", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 8, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "`瑞和股份处在预重整/潜在重整修复链条里，市场交易的是困境公司被管理人接管、债权整理、招募重整投资人的期权。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0009", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 9, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前置铺垫", "step_text": "### M：前置铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0010", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 10, "step_type": "DARKLINE_INTENTION", "section_heading": "M：前置铺垫", "step_text": "如果这条暗线成立，诉讼公告前应该能看到困境和预重整铺垫：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0011", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-02-18：债权人申请重整及预重整。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0012", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-02-25：公司披露专项自查报告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0013", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 13, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-03-26：银团贷款逾期。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0014", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 14, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：前置铺垫", "step_text": "- 2025-04-29：公司股票将被实施其他风险警示并停牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0015", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-07-19：收到启动预重整及指定管理人决定书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0016", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-07-26：预重整债权申报。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0017", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 17, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "### N/L：后续验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0018", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-08-28、2025-09-03、2025-09-29：多次股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0019", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-11-18：再次股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0020", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 20, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-30：2025 年业绩预告和可能被实施退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0021", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-27：银团授信进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0022", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-03-25：公开招募和遴选重整投资人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0023", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-03-25、2026-03-30：再次异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0024", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 24, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0025", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 25, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K线`，带 `预重整 / 管理人 / 债权申报 / 重整投资人招募期权` 拼图。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0026", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-02-18 到 2025-07-30：约 `+9.97%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0027", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-07-30 到 2025-09-03：约 `+60.88%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0028", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-07-30 到 2025-11-18：约 `+87.82%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0029", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-07-30 到 2026-03-31：约 `+140.93%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0030", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-03-25 到 2026-03-31：约 `+17.87%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0031", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 31, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0032", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "这条故事可以讲，但读法要保守：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0033", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 33, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`债权人申请重整/预重整 -> 专项自查 -> 银团贷款逾期 -> ST风险显影 -> 启动预重整并指定管理人 -> 债权申报 -> 累计诉讼只是困境叶子 -> 多次异常波动 -> 公开招募重整投资人 -> 预重整期权继续显影`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0034", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 34, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 诉讼叶子不一定是行情根因；对困境公司，要优先看是否进入预重整、是否指定管理人、是否启动债权申报、是否招募重整投资人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0035", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 35, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- 这条不是“重整执行完成”，而是“预重整期权”。没有投资款到账、转增、参考价、股份过户和控制权落地前，不能按完成型重整读。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0057_STEP_0036", "case_id": "DLCASE_LEGACY_0057", "darkline_hypothesis_id": "DLCASE_LEGACY_0057", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory320_to_327_002620_pre_restructuring_optionality_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0001", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：002485.SZ ST雪发，业绩亏损叶子背后的实控人风险落地与控制权期权", "step_text": "## 案例：002485.SZ ST雪发，业绩亏损叶子背后的实控人风险落地与控制权期权", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0002", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 2, "step_type": "INITIAL_LEAF", "section_heading": "B/C：最初看到的叶子", "step_text": "### B/C：最初看到的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0003", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "B/C：最初看到的叶子", "step_text": "队列入口是 `2026-01-31 2025年度业绩预告`。表面看，公司预计亏损扩大，属于利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0004", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 4, "step_type": "MARKET_MANIFESTATION", "section_heading": "B/C：最初看到的叶子", "step_text": "但实际 K 线没有按普通业绩利空走：从 2026-01-31 到 2026-02-11，股价约 `+27.85%`；到 2026-03-11，约 `+38.48%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0005", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 5, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "### A：反推出的暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0006", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 6, "step_type": "WHY_NODE", "section_heading": "A：反推出的暗线意图", "step_text": "继续问为什么：如果亏损是主要矛盾，为什么后续还会涨？如果实控人案件是新增利空，为什么案件披露后反而异常波动？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0007", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 7, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推出的暗线意图", "step_text": "反推出来的暗线是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0008", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 8, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "`雪松系旧实控人风险从失联悬空变成司法定性，上市公司反复强调经营独立，同时控股股东股份大比例质押和冻结，市场开始交易旧控制人风险出清与未来控制权变化期权。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0009", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 9, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推出的暗线意图", "step_text": "这不是案件本身利好，而是旧风险被定性后，市场开始问：旧控制人是不是会退出？被冻结和质押的股权会不会被处置？上市公司壳和业务是否仍能独立运转？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0010", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 10, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前置铺垫", "step_text": "### M：前置铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0011", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 11, "step_type": "DARKLINE_INTENTION", "section_heading": "M：前置铺垫", "step_text": "如果这个暗线成立，案件公告前应该已经有旧风险悬空和风险出清铺垫：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0012", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 12, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：前置铺垫", "step_text": "- 2023-04-29：公司申请撤销退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0013", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 13, "step_type": "INITIAL_LEAF", "section_heading": "M：前置铺垫", "step_text": "- 2023-05-09：公司公告实际控制人失联。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0014", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 14, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：前置铺垫", "step_text": "- 2023-12-22：股票撤销退市风险警示，但继续被实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0015", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：前置铺垫", "step_text": "- 2025-04-11：控股股东及一致行动人股份冻结仍在推进。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0016", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 16, "step_type": "INITIAL_LEAF", "section_heading": "M：前置铺垫", "step_text": "- 2026-01-31：业绩预告亏损扩大，只是风险叶子。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0017", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 17, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "### N/L：后续验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0018", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 18, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证节点", "step_text": "如果市场交易的是旧控制人风险落地和控制权变化期权，后续应该看到司法定性、经营独立、股权处置可能性和股价显影：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0019", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-07：公司继续开展期货套保，并申请融资总额度和担保，说明公司经营侧还在正常转动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0020", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-11：公司披露实际控制人案件公开宣判。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0021", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-12：股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0022", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-28：公司披露一审判决进展，并提示若股份被处置，公司存在实际控制人变更可能。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0023", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-03-04：股票再次异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0024", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 24, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0025", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 25, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K线`，不是行业风格。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0026", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 26, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "核心拼图是：`业绩亏损叶子 + 旧实控人风险司法落地 + 上市公司经营独立侧证 + 大比例质押/冻结股份 + 潜在控制权变化`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0027", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 27, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0028", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 28, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "这条故事成立，但不能讲成“业绩亏损公告利空失效”，也不能讲成“实控人案件利好”。更准确的故事是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0029", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 29, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`撤销退市风险申请 -> 实际控制人失联 -> 撤销退市风险警示但保留其他风险 -> 股份冻结 -> 业绩亏损叶子 -> 套保/融资/担保侧证经营未停摆 -> 实控人案件公开宣判 -> 异常波动 -> 一审判决进展和控制权变化可能 -> 再次异常波动`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0030", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 30, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- 旧实控人风险长期悬空时，司法落地不一定只是新增利空，也可能变成“风险定性”和“控制权出清期权”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0031", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 31, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 对 ST/困境公司，坏标题要问是不是叶子；真正根节点可能是退市风险变化、控股权冻结/质押、实控人退出概率、经营独立性和控制权重排。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0032", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 这类样本不能和重整完成链、资产注入链混读；它是 `controller overhang clearance / control-change optionality` 分型。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0058_STEP_0033", "case_id": "DLCASE_LEGACY_0058", "darkline_hypothesis_id": "DLCASE_LEGACY_0058", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory328_to_335_002485_controller_case_overhang_clearance_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0001", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 1, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "案例：600589.SH 大位科技，表面控制人风险背后的城市智算壳重估", "step_text": "## 案例：600589.SH 大位科技，表面控制人风险背后的城市智算壳重估", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0002", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "案例入口", "step_text": "### 案例入口", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0003", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "案例入口", "step_text": "队列入口是 `2023-05-25 关于公司实际控制人被留置并立案调查的公告`。表面看，这是很重的利空：控制人风险、退市风险、诉讼风险、债务风险都压在公司身上。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0004", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 4, "step_type": "MARKET_MANIFESTATION", "section_heading": "案例入口", "step_text": "但 K 线没有按这个表面逻辑走。2023-05-25 到 2023-12-29，股价约 `+79.21%`；2024-07-01 到 2026-03-31，股价约 `+234.80%`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0005", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 5, "step_type": "INITIAL_LEAF", "section_heading": "B/C：表面的叶子", "step_text": "### B/C：表面的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0006", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 控制人和旧控制结构不稳。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0007", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 7, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：表面的叶子", "step_text": "- 债务、诉讼、退市风险持续存在。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0008", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 8, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：表面的叶子", "step_text": "- 公司是一个被 ST 和重整风险缠住的旧化工壳。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0009", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 9, "step_type": "WHY_NODE", "section_heading": "B/C：表面的叶子", "step_text": "如果只看这些叶子，直觉应该是利空。但 darkline 要继续问：为什么这么多坏消息，市场反而愿意给它重新定价？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0010", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 10, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "### A：反推暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0011", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 11, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "反推出来的 A 目标不是“控制人风险利好”，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0012", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "A：反推暗线意图", "step_text": "`用破产重整把旧债务、旧控制人、旧资产问题清掉，引入城市智算作为新控制方，把旧化工困境壳改造成算力/数据中心方向的上市平台。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0013", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 13, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推暗线意图", "step_text": "也就是说，真正被市场交易的不是坏消息本身，而是旧壳修复后的新身份。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0014", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 14, "step_type": "INITIAL_LEAF", "section_heading": "M：公告前后已经出现的铺垫", "step_text": "### M：公告前后已经出现的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0015", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：公告前后已经出现的铺垫", "step_text": "- 2023-01-13：公司提示控股股东和实际控制人拟发生变更。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0016", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：公告前后已经出现的铺垫", "step_text": "- 2023-02-01：公司控股股东和实际控制人发生变更。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0017", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "M：公告前后已经出现的铺垫", "step_text": "- 2023-11-08：被债权人申请重整出现进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0018", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：公告前后已经出现的铺垫", "step_text": "- 2023-11-25：法院裁定受理重整并指定管理人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0019", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：公告前后已经出现的铺垫", "step_text": "- 2023-12-02：法院许可公司在重整期间继续营业和自行管理。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0020", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 20, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：公告前后已经出现的铺垫", "step_text": "这些节点说明：公司不是单纯“坏”，而是进入了一个可被修复、可被接管、可被重新定价的通道。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0021", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 21, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "### N/L：后续验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0022", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 22, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证节点", "step_text": "如果 A 目标成立，后续应该看到：投资人入场、法院批准、控制权落地、风险警示解除、新产业资产进入、旧资产剥离。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0023", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 23, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "后续确实出现了：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0024", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2023-12-13：公开招募和遴选重整产业投资人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0025", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2023-12-19：与重整产业投资人签订重整投资协议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0026", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2023-12-19：披露重整计划草案经营方案。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0027", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2023-12-26：法院裁定批准重整计划。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0028", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2023-12-27：资本公积转增股本事项实施。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0029", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2023-12-27 至 2023-12-28：控股股东和实际控制人拟变更、发生变更，城市智算披露详式权益变动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0030", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2023-12-30：重整计划执行完毕。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0031", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 31, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证节点", "step_text": "- 2024-03-19：非标准意见所涉事项影响消除，并申请撤销退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0032", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 32, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证节点", "step_text": "- 2024-06-13：公司股票撤销退市风险警示及其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0033", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2024-06-29：公司收购北京金云雅创物联科技有限公司 100% 股权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0034", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2024-08-13：上述收购完成工商变更登记。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0035", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 35, "step_type": "SUMMARY_READOUT", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-04-02、2025-12-13：持续督导总结和旧资产处置继续出现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0036", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 36, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0037", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 37, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K 线`，不是直接落到整个行业风。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0038", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 38, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "这条线的市场输出不是“实控人风险公告后上涨”，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0039", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 39, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "市场输出", "step_text": "`旧壳风险出清 + 城市智算控制权进入 + 数据/物联网资产承接 + ST 风险解除 + 旧资产剥离`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0040", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2023-05-25 到 2023-12-29：约 `+79.21%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0041", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2024-06-14 到 2025-04-02：约 `+87.82%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0042", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 42, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2024-07-01 到 2026-03-31：约 `+234.80%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0043", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 43, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0044", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 44, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "这条故事成立。它验证了一个重要分型：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0045", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 45, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "`表面控制人风险 / 退市风险 / 诉讼风险` 有时不是主线，只是困境壳的叶子。真正的暗线可能是 `谁接这个壳、怎么清债、怎么换控制权、换成什么产业身份、旧资产怎么剥离`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0046", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 46, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- 坏消息后股价不跌，要问坏消息是不是已经是结果，而不是起点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0047", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 47, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- 困境股的价值不只看“风险有没有”，更要看“风险是否进入可修复路径”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0048", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 48, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- 关键节点不是越多越好，而是要抓住法院受理、投资人协议、控制权变化、风险警示撤销、新资产进入、旧资产剥离这些结构性节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0049", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 49, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 该案例应归入 `CONTROL_RISK_LEAF + DISTRESSED_SHELL_REPAIR + CITY_COMPUTE_REVALUATION`，不能归入普通监管利空或普通摘帽链。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0059_STEP_0050", "case_id": "DLCASE_LEGACY_0059", "darkline_hypothesis_id": "DLCASE_LEGACY_0059", "step_order": 50, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory336_to_343_600589_reorg_city_compute_shell_revaluation_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0001", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例：000669.SZ ST金鸿亏损、债务逾期和重整期权链", "step_text": "## 案例：000669.SZ ST金鸿亏损、债务逾期和重整期权链", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0002", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "起点", "step_text": "### 起点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0003", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "起点", "step_text": "最开始看到的是 `2026-01-31 2025年度业绩预告`。表面读法很差：公司亏损。再往前看，`2026-01-22` 还有子公司债务逾期。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0004", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 4, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "但 K 线没有按普通坏消息走：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0005", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 5, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2026-01-22 到 2026-03-31：约 `+75.68%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0006", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2026-01-31 到 2026-03-31：约 `+66.56%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0007", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2026-02-10 到 2026-03-31：约 `+58.82%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0008", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "B/C：表面的叶子", "step_text": "### B/C：表面的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0009", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 管理层变动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0010", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 子公司债务逾期。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0011", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 年度业绩预亏。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0012", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 15 金鸿债违约处置仍在继续。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0013", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 13, "step_type": "WHY_NODE", "section_heading": "B/C：表面的叶子", "step_text": "如果只看叶子，这是坏消息。但 darkline 要继续问：为什么坏消息出来后，股价反而大幅上涨？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0014", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 14, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "### A：反推暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0015", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 15, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "反推出来的 A 目标不是“亏损利好”，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0016", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 16, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推暗线意图", "step_text": "`债务压力已经逼近重整通道，市场开始交易公司从被动违约走向有组织债务修复、庭外重组、投资人招募和未来重整方案的期权。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0017", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 17, "step_type": "INITIAL_LEAF", "section_heading": "A：反推暗线意图", "step_text": "也就是说，真正被交易的不是亏损公告，而是“公司还有没有被修复、被接手、被重新安排债务的可能”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0018", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 18, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：已经发生的铺垫", "step_text": "### M：已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0019", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：已经发生的铺垫", "step_text": "- 2026-01-06：公司董事、总会计师辞职。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0020", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "M：已经发生的铺垫", "step_text": "- 2026-01-22：子公司债务逾期。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0021", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "M：已经发生的铺垫", "step_text": "- 2026-01-31：年度业绩预告，确认亏损压力。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0022", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 22, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：已经发生的铺垫", "step_text": "这些节点说明：公司不是单一经营波动，而是债务和治理压力同时出现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0023", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 23, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "### N/L：后续验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0024", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 24, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证节点", "step_text": "如果 A 目标成立，后续应该看到：债权人推动重整、公司进入自查、法院/清算组介入、债权申报、投资人招募、债务重组继续推进。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0025", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 25, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "后续确实出现了：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0026", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-10：被债权人申请重整及预重整。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0027", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-10：公司披露被债权人申请预重整专项自查报告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0028", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-13：股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0029", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-25：法院同意清算组担任辅助机构，协助公司先行进行庭外重组。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0030", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-25：公司披露庭外重组债权申报。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0031", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-26：股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0032", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-03-04：公开招募和遴选重整投资人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0033", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-03-13：子公司债务重组及相关担保事项。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0034", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-03-13：再次股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0035", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-03-30：15 金鸿债违约处置进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0036", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 36, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0037", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K 线`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0038", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 38, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "这条线的市场输出不是“业绩预亏后上涨”，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0039", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "`亏损和债务逾期 -> 债权人申请重整/预重整 -> 庭外重组推进 -> 债权申报 -> 招募投资人 -> 债务重组继续出现`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0040", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-01-22 到 2026-03-31：约 `+75.68%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0041", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 41, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-02-10 到 2026-03-31：约 `+58.82%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0042", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 42, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-03-04 到 2026-03-31：约 `+28.89%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0043", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 43, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0044", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 44, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "这条故事 V0 成立，但还没有闭环。它验证了一个重要分型：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0045", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 45, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "`亏损 / 债务逾期 / 债券违约` 有时不是行情根因，而是逼出重整路径的叶子。真正的暗线可能是 `谁推动重整、是否能庭外重组、债权怎么申报、投资人是否出现、债务修复能不能落地`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0046", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 46, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 负面公告后大涨，要问负面公告是不是把公司推入“可修复通道”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0047", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 47, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "总结", "step_text": "- 重整期权型故事一定要继续跟后续节点，不能在第一次上涨后就说故事完整。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0048", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 48, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 关键节点是：债权人申请、法院/清算组介入、债权申报、投资人招募、计划批准、执行结果。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0060_STEP_0049", "case_id": "DLCASE_LEGACY_0060", "darkline_hypothesis_id": "DLCASE_LEGACY_0060", "step_order": 49, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory344_to_351_000669_reorg_debt_option_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0001", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "案例：688005.SH 容百新能源激励清理、宁德时代业务链和监管覆盖", "step_text": "## 案例：688005.SH 容百新能源激励清理、宁德时代业务链和监管覆盖", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0002", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "起点", "step_text": "### 起点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0003", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "起点", "step_text": "最开始看到的是 `2025-10-18 股权激励回购注销及作废部分限制性股票`。表面看，这是激励清理、注册资本减少、部分限制性股票作废，偏负面或中性。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0004", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 4, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "但 K 线没有按这个表面逻辑走：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0005", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 5, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2025-10-20 到 2025-11-18：约 `+29.75%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0006", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2025-10-20 到 2026-01-13：约 `+43.38%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0007", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 7, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2025-12-15 到 2026-01-13：约 `+36.81%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0008", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "B/C：表面的叶子", "step_text": "### B/C：表面的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0009", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 股权激励回购注销。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0010", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 部分限制性股票作废。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0011", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 注册资本减少并通知债权人。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0012", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 12, "step_type": "MARKET_MANIFESTATION", "section_heading": "B/C：表面的叶子", "step_text": "这些不是生产力增强，也不是直接订单增长。所以如果股价大涨，就必须继续问：真正被交易的是什么？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0013", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 13, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "### A：反推暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0014", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 14, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "反推出来的 A 目标是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0015", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "A：反推暗线意图", "step_text": "`公司从激励清理和业绩压力表象下，转向宁德时代绑定、产业链合作、资产/产能补强和重大经营合同确认。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0016", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 16, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推暗线意图", "step_text": "也就是说，市场交易的不是激励作废，而是公司在锂电材料链里重新获得强客户、强合同和资产补强的预期。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0017", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 17, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前段铺垫", "step_text": "### M：前段铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0018", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-10-18：三季度报告和股权激励清理同日出现。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0019", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 19, "step_type": "INITIAL_LEAF", "section_heading": "M：前段铺垫", "step_text": "- 2025-10-18：回购注销、作废、减少注册资本的系列公告把旧激励问题处理掉。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0020", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 20, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "M：前段铺垫", "step_text": "这些节点本身不能解释上涨，但它们把旧激励包袱清掉，为后续业务链重估提供背景。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0021", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 21, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "### N/L：后续验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0022", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 22, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证节点", "step_text": "如果 A 目标成立，后续应该看到强客户合作、产业链资产补强、重大合同落地。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0023", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-11-17：公司与宁德时代签署合作协议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0024", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-13：公司收购贵州新仁新能源科技有限公司股权并对其增资。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0025", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-13：公司披露年度业绩预告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0026", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-14：公司与宁德时代签署日常经营重大合同。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0027", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "但同一天开始出现另一条线：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0028", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-14：公司收到上交所问询函。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0029", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-16：延期回复问询函并继续停牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0030", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-19：公司回复问询函。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0031", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-19：公司收到证监会立案告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0032", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 32, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0033", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K 线`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0034", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 34, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "前段市场输出是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0035", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "`宁德时代合作 + 产业链资产补强 + 重大合同预期`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0036", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 36, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "后段市场输出变成：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0037", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 37, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "市场输出", "step_text": "`重大合同利好被问询和立案风险覆盖`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0038", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-10-20 到 2026-01-13：约 `+43.38%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0039", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2026-01-19 到 2026-03-31：约 `-14.62%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0040", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 40, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0041", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 41, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "这条故事成立，而且它比单纯上涨故事更有价值，因为它说明一条暗线可能中途被另一条暗线覆盖：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0042", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 42, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "`激励清理叶子 -> 宁德时代业务链重估 -> 重大合同确认 -> 监管问询/立案风险覆盖`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0043", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 43, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- 表面激励清理不是行情根因，真正要看它后面有没有强客户、强合同、强资产补强。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0044", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 44, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- 如果利好兑现后 K 线不继续涨，不能马上说前面推理错，要问有没有新的上层或同层风险覆盖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0045", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 45, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "总结", "step_text": "- 同一个股票可以同时存在正向业务链和负向监管链，后续读法必须拆分阶段。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0061_STEP_0046", "case_id": "DLCASE_LEGACY_0061", "darkline_hypothesis_id": "DLCASE_LEGACY_0061", "step_order": 46, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory352_to_359_688005_incentive_catl_contract_risk_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0001", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 1, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "案例：300020.SZ 银江技术证监会立案、L1风覆盖和风险清除期权", "step_text": "## 案例：300020.SZ 银江技术证监会立案、L1风覆盖和风险清除期权", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0002", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "起点", "step_text": "### 起点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0003", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "起点", "step_text": "最开始看到的是 `2024-09-13 收到中国证券监督管理委员会立案告知书`。表面读法很明确：监管立案是利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0004", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 4, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "但 K 线没有按普通利空走：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0005", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 5, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2024-09-13 到 2024-12-31：约 `+87.69%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0006", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2024-09-13 到 2025-03-31：约 `+73.33%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0007", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 7, "step_type": "INITIAL_LEAF", "section_heading": "B/C：表面的叶子", "step_text": "### B/C：表面的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0008", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 公司收到证监会立案告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0009", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 9, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：表面的叶子", "step_text": "- 随后公司股票被叠加实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0010", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 实际控制人后来也收到证监会立案告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0011", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 11, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "B/C：表面的叶子", "step_text": "这不是假利空，而是真利空。所以如果股价反涨，不能强行说立案利好，必须往上问：有没有更高层风覆盖，或者后续是否出现风险清除路径？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0012", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 12, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "### A：反推暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0013", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 13, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "反推出来的 A 目标不是“监管立案利好”，而是两层叠加：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0014", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 14, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推暗线意图", "step_text": "`第一层：924 后 L1 市场风覆盖，低价风险股被整体重估。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0015", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 15, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "A：反推暗线意图", "step_text": "`第二层：公司自身风险开始从悬空不确定，逐步走向处罚落地、资金占用清偿、非标事项消除和退市风险警示撤销申请。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0016", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 16, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推暗线意图", "step_text": "也就是说，市场不是在奖励立案，而是在交易高层市场风 + 风险悬空变成可量化、可修复、可撤销的期权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0017", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 17, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：已经发生的铺垫", "step_text": "### M：已经发生的铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0018", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 18, "step_type": "BODY_REASONING", "section_heading": "M：已经发生的铺垫", "step_text": "- 2024-09-13：公司收到证监会立案告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0019", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 19, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：已经发生的铺垫", "step_text": "- 2024-09-27：公司股票被叠加实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0020", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 20, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：已经发生的铺垫", "step_text": "- 2024-10-30：公司披露风险警示相关事项进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0021", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 21, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：已经发生的铺垫", "step_text": "这些节点说明风险是真的存在。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0022", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 22, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "### N/L：后续验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0023", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 23, "step_type": "DARKLINE_INTENTION", "section_heading": "N/L：后续验证节点", "step_text": "如果 A 目标成立，后续应该看到两类节点：一类是风险继续落地，一类是风险可修复。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0024", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2024-12-07：公司新聘 2024 年度审计机构。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0025", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2024-12-10：股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0026", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2024-12-23：实际控制人收到证监会立案告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0027", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 27, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-01-24：风险警示相关事项继续披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0028", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-04-16：公司收到行政处罚事先告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0029", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 29, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-04-16：公司股票叠加实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0030", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-04-22：公司收到行政处罚决定书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0031", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-04-29：关联方非经营性资金占用清偿。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0032", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-04-29：2023 年度审计报告非标事项影响已消除。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0033", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 33, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-04-29：2024 年度上期非标事项在本期消除。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0034", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 34, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-04-29：申请撤销退市风险警示及部分其他风险警示，但继续被实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0035", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 35, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0036", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 36, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K 线`，但必须带 `L1 市场风覆盖`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0037", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 37, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "这条线的市场输出不是“立案后公司变好”，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0038", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 38, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "`监管利空叶子 + 924 后高层市场风 + 低价风险股重估 + 处罚落地/非标消除/资金占用清偿/部分撤销风险警示期权`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0039", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2024-09-13 到 2024-12-31：约 `+87.69%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0040", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2024-09-13 到 2025-03-31：约 `+73.33%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0041", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 41, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0042", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 42, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "这条故事 V0 成立，但它是带高层风覆盖的故事，不是干净公司级暗线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0043", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 43, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- 真利空后股价反涨，不能直接说利空失效，要先查是否有 L1/L2 大风覆盖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0044", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 44, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 监管风险类事件要区分“新增不确定性”和“风险逐步落地可清除”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0045", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 45, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- 如果处罚、资金占用清偿、非标事项消除、撤销风险警示申请逐步出现，市场可能交易的是风险清除期权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0046", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 46, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 高层大风附近的 L3 案例，不能单独拿 L3 事件解释全部 K 线。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0062_STEP_0047", "case_id": "DLCASE_LEGACY_0062", "darkline_hypothesis_id": "DLCASE_LEGACY_0062", "step_order": 47, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory360_to_367_300020_csrc_risk_clearance_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0001", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 1, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "案例：600525.SH 长园科技治理权、控制权风险和风险落地重定价", "step_text": "## 案例：600525.SH 长园科技治理权、控制权风险和风险落地重定价", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0002", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "起点", "step_text": "### 起点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0003", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "起点", "step_text": "最开始看到的是 `2025-12-27 收到中国证券监督管理委员会立案告知书`。表面读法很简单：监管立案是利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0004", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 4, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "起点", "step_text": "但 K 线不是这么走的：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0005", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 5, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2025-12-27 到 2026-03-31：约 `+52.35%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0006", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2025-11-25 到 2026-03-31：约 `+46.28%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0007", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 7, "step_type": "WHY_NODE", "section_heading": "起点", "step_text": "这就必须继续问：为什么真利空没有把股价压下去？", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0008", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "B/C：表面的叶子", "step_text": "### B/C：表面的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0009", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 董事长辞任。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0010", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 董事长被留置。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0011", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 证监会立案。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0012", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 12, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 股东股份司法冻结。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0013", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 13, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：表面的叶子", "step_text": "- 股票被实施其他风险警示的进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0014", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 14, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：表面的叶子", "step_text": "这些都不是普通利好。它们说明公司治理和控制权风险是真实存在的。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0015", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 15, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "### A：反推暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0016", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 16, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "反推出来的 A 不是“监管立案利好”，而是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0017", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 17, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推暗线意图", "step_text": "`公司治理权和控制权结构正在被重估，旧风险逐步暴露并落地，市场交易的是治理修复、控制权变化和风险落地可选性。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0018", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 18, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推暗线意图", "step_text": "也就是说，市场不是奖励立案，而是在交易一个更复杂的东西：公司治理结构被外部力量推动重写，风险从模糊变得可确认，同时出现融资支持、管理层补位和经营预期节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0019", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 19, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前段铺垫", "step_text": "### M：前段铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0020", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 20, "step_type": "DARKLINE_INTENTION", "section_heading": "M：前段铺垫", "step_text": "如果这个暗线成立，立案前应该已经有治理和控制权变化的铺垫。实际出现了：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0021", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-09-13：董事长辞任。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0022", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-09-16：珠海格力金融投资管理有限公司公开征集投票权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0023", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-09-18：股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0024", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-11-13：取消监事会，修订公司章程和治理制度。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0025", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-11-25：董事长被实施留置。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0026", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-11-28：收到中证中小投资者服务中心股东质询建议函。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0027", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 27, "step_type": "INITIAL_LEAF", "section_heading": "M：前段铺垫", "step_text": "这些节点说明，12 月底的立案不是孤立事件，前面已经有治理权和控制权压力在累积。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0028", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 28, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "### N/L：后续验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0029", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 29, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证节点", "step_text": "如果 A 成立，后面应该继续看到风险落地、融资支持、管理层补位或经营锚。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0030", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-19：向银行申请授信并提供担保。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0031", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-27：收到证监会立案告知书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0032", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-31：股东所持股份被司法冻结。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0033", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 33, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-31：股票被实施其他风险警示相关事项进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0034", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-17：2025 年年度业绩预告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0035", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 35, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-28：聘任公司副总裁。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0036", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 36, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-31、2026-02-28：风险警示进展继续披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0037", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 37, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0038", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K 线`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0039", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 39, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "这条故事的市场输出不是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0040", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "`证监会立案后公司变好`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0041", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 41, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "`监管风险叶子 + 治理权/控制权重定价 + 风险落地可选性 + 融资和经营锚`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0042", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 42, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0043", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 43, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "这条故事 V0 成立，但它是冲突型故事，不是干净正向故事。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0044", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 44, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- 真利空后上涨，不能直接说利空失效，要问有没有更上层的治理权、控制权或风险落地逻辑。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0045", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 45, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 单个监管公告不一定是根因，可能只是治理变化树上的一个节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0046", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 46, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 如果立案前已经有董事长辞任、投票权征集、治理制度重写、董事长留置等节点，后面又有授信、业绩预告、管理层补位，就不能只按单个立案公告读。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0047", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 47, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "- 这类故事要重点追问“谁在推动治理结构变化，谁受益，风险落地后谁获得重定价空间”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0063_STEP_0048", "case_id": "DLCASE_LEGACY_0063", "darkline_hypothesis_id": "DLCASE_LEGACY_0063", "step_order": 48, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory368_to_375_600525_governance_control_risk_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0001", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：000609.SZ 中迪投资诉讼叶子、控制权变更期权和确认后兑现", "step_text": "## 案例：000609.SZ 中迪投资诉讼叶子、控制权变更期权和确认后兑现", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0002", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "起点", "step_text": "### 起点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0003", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "起点", "step_text": "最开始看到的是 `2025-10-21 对外担保涉及诉讼事项进展公告`。表面读法是诉讼/担保风险，偏利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0004", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 4, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "起点", "step_text": "但 K 线不是这么走的：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0005", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 5, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2025-10-21 到 2025-12-31：约 `+81.63%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0006", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2025-10-21 到 2026-03-31：约 `+77.96%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0007", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 7, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "起点", "step_text": "继续往前看，2025-08-21 到 2025-11-10 已经涨了约 `+166.76%`。也就是说，市场真正交易的东西很可能在 10 月 21 日之前已经开始了。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0008", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "B/C：表面的叶子", "step_text": "### B/C：表面的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0009", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 对外担保涉及诉讼。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0010", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 对外担保诉讼进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0011", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 11, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：表面的叶子", "step_text": "- 业绩预告和可能叠加退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0012", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 12, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "B/C：表面的叶子", "step_text": "- 后续仍有诉讼和参股公司股票司法拍卖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0013", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 13, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：表面的叶子", "step_text": "这些都不是干净利好。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0014", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 14, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "### A：反推暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0015", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 15, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "反推出来的 A 是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0016", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 16, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "A：反推暗线意图", "step_text": "`市场在提前交易控股股东股份司法拍卖带来的控制权变更期权。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0017", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 17, "step_type": "INITIAL_LEAF", "section_heading": "A：反推暗线意图", "step_text": "也就是说，诉讼只是同时存在的风险叶子；真正让股价异动的是控制权可能变化，旧控股结构可能被替换，新控股方后续可能带来财务支持或重估。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0018", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 18, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前段铺垫", "step_text": "### M：前段铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0019", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 19, "step_type": "INITIAL_LEAF", "section_heading": "M：前段铺垫", "step_text": "如果 A 成立，公告前应该看到控制权变化的铺垫。实际出现：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0020", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 20, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：前段铺垫", "step_text": "- 2025-04-23：申请撤销股票退市风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0021", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 21, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：前段铺垫", "step_text": "- 2025-06-10：股票撤销退市风险警示并继续被实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0022", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-08-21：控股股东所持股份将被司法拍卖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0023", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-09-26：控股股东所持股份被司法拍卖进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0024", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-10-10：控股股东所持股份将被第二次司法拍卖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0025", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-10-18：控股股东所持股份被第二次司法拍卖进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0026", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "这些节点比 `2025-10-21` 的诉讼进展更接近行情根因。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0027", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 27, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "### N/L：后续验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0028", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 28, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证节点", "step_text": "如果 A 成立，后面应该看到控制权变更真正落地，以及新控股方的后续动作。实际出现：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0029", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-10-21：股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0030", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-11-03：股票交易严重异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0031", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-11-11：控股股东所持股份司法拍卖过户完成暨控制权变更。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0032", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-10：接受控股股东财务资助。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0033", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 33, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-30：可能被叠加实施退市风险警示及其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0034", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 34, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-30：2025 年度业绩预告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0035", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 35, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "N/L：后续验证节点", "step_text": "说明这不是干净重生，而是控制权期权和风险残留并存。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0036", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 36, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0037", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K 线`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0038", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 38, "step_type": "INITIAL_LEAF", "section_heading": "市场输出", "step_text": "市场输出最关键的一点是：正式控制权变更公告前涨幅巨大，公告后反而走弱。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0039", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-08-21 到 2025-11-10：约 `+166.76%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0040", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 40, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-11-11 到 2026-03-31：约 `-14.51%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0041", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 41, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0042", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 42, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "这条故事 V0 成立，是“新闻迟来确认 + 控制权期权兑现”的典型。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0043", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 43, "step_type": "MARKET_MANIFESTATION", "section_heading": "总结", "step_text": "- 表面诉讼利空后上涨，不代表诉讼利好，要继续往前追更早的控制权/重整/资产期权节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0044", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 44, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 如果公告前已经大涨，公告可能不是起点，而是确认和兑现点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0045", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 45, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "- 控制权变更类故事要重点分清：预期阶段、落地阶段、兑现阶段。落地后不继续涨，不一定是暗线错了，可能是前面已经交易完了。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0064_STEP_0046", "case_id": "DLCASE_LEGACY_0064", "darkline_hypothesis_id": "DLCASE_LEGACY_0064", "step_order": 46, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory376_to_383_000609_control_change_litigation_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0001", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：688109.SH 品茗科技差异化分红叶子、控制权变更重定价和完成后消化", "step_text": "## 案例：688109.SH 品茗科技差异化分红叶子、控制权变更重定价和完成后消化", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0002", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "起点", "step_text": "### 起点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0003", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "起点", "step_text": "最开始看到的是 `2025-09-17 差异化分红事项法律意见书`。这个表面新闻不是生产力增强，也不是大订单，不足以解释后续大涨。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0004", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 4, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "但 K 线很强：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0005", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 5, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2025-09-17 到 2025-12-31：约 `+158.96%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0006", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2025-09-17 到 2026-03-31：约 `+165.20%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0007", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 7, "step_type": "INITIAL_LEAF", "section_heading": "B/C：表面的叶子", "step_text": "### B/C：表面的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0008", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 8, "step_type": "INITIAL_LEAF", "section_heading": "B/C：表面的叶子", "step_text": "表层叶子是差异化分红法律意见书。它更像公司治理/分红安排的技术性文件，不是行情根因。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0009", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 9, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "### A：反推暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0010", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 10, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "反推出来的 A 是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0011", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 11, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推暗线意图", "step_text": "`市场交易的不是差异化分红，而是控制权变更和协议转让带来的公司重定价。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0012", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 12, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前段铺垫", "step_text": "### M：前段铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0013", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 13, "step_type": "INITIAL_LEAF", "section_heading": "M：前段铺垫", "step_text": "如果 A 成立，应该看到控制权变化的铺垫。实际出现：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0014", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 14, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-07-17：半年度业绩预告自愿披露。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0015", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 15, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-08-13：董事减持股份计划。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0016", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 16, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-09-17：差异化分红法律意见书。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0017", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "这些还不足以形成根因，但它们提供了治理和股东行为背景。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0018", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 18, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "### N/L：后续验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0019", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "真正关键节点发生在 9 月 18 日之后：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0020", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-09-18：筹划控制权变更事项停牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0021", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 21, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-09-20：筹划控制权变更进展暨继续停牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0022", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 22, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-09-25：终止筹划控制权变更事项暨复牌。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0023", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 23, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-09-25：控股股东、实际控制人及部分股东协议转让股份暨权益变动提示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0024", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-09-27：股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0025", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-10-01：股票交易异常波动暨严重异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0026", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2025-12-27：协议转让股份过户完成。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0027", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 27, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0028", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K 线`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0029", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 29, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "市场输出的关键点：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0030", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 30, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-09-17 到 2025-12-31：约 `+158.96%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0031", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "- 2025-12-27 到 2026-03-31：约 `-3.00%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0032", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "说明控制权变更预期阶段已经完成大部分重定价，过户完成后没有继续明显扩张。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0033", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 33, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0034", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 34, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "这条故事 V0 成立。它不是“分红法律意见书利好”，而是“分红叶子后面接上控制权变更路径”。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0035", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 35, "step_type": "INITIAL_LEAF", "section_heading": "总结", "step_text": "- 表面新闻如果不是生产力增强，却出现强涨，要继续追它后面是否接上控制权、资产、重组、强客户或高层风。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0036", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 控制权故事要拆成预期阶段、路径确认阶段、完成阶段。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0037", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 37, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "- 完成公告后不继续涨，不代表暗线错了，可能是预期已经在前面交易完。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0065_STEP_0038", "case_id": "DLCASE_LEGACY_0065", "darkline_hypothesis_id": "DLCASE_LEGACY_0065", "step_order": 38, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory384_to_391_688109_control_change_dividend_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0001", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：000711.SZ 京蓝科技业绩预亏叶子、ST修复和钒资产期权", "step_text": "## 案例：000711.SZ 京蓝科技业绩预亏叶子、ST修复和钒资产期权", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0002", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "起点", "step_text": "### 起点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0003", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 3, "step_type": "INITIAL_LEAF", "section_heading": "起点", "step_text": "最开始看到的是 `2026-01-31 2025年度业绩预告`。表面读法是业绩预亏，偏利空。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0004", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 4, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "起点", "step_text": "但 K 线不是这么走的：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0005", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 5, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2026-01-31 到 2026-03-31：约 `+66.37%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0006", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 6, "step_type": "BODY_REASONING", "section_heading": "起点", "step_text": "- 2025-12-24 到 2026-03-31：约 `+114.45%`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0007", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 7, "step_type": "INITIAL_LEAF", "section_heading": "B/C：表面的叶子", "step_text": "### B/C：表面的叶子", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0008", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 8, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 年度业绩预告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0009", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 9, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 控股股东质押。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0010", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 10, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 控股股东收到行政监管措施。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0011", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 11, "step_type": "BODY_REASONING", "section_heading": "B/C：表面的叶子", "step_text": "- 持股 5% 以上股东司法拍卖。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0012", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 12, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "B/C：表面的叶子", "step_text": "这些不是干净利好。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0013", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 13, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "### A：反推暗线意图", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0014", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 14, "step_type": "DARKLINE_INTENTION", "section_heading": "A：反推暗线意图", "step_text": "反推出来的 A 是：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0015", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 15, "step_type": "MARKET_MANIFESTATION", "section_heading": "A：反推暗线意图", "step_text": "`市场交易的不是业绩预亏，而是 ST 风险修复、重整执行延续和钒资源资产收购带来的重估期权。`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0016", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 16, "step_type": "PRIOR_EXPECTED_LINE", "section_heading": "M：前段铺垫", "step_text": "### M：前段铺垫", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0017", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 17, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "如果 A 成立，业绩预亏前应该已经出现修复和资产期权节点。实际出现：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0018", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 18, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "M：前段铺垫", "step_text": "- 2025-09-05：撤销退市风险警示及部分其他风险警示，继续被实施其他风险警示。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0019", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 19, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-12-18：2024 年度业绩补偿款支付进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0020", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 20, "step_type": "BODY_REASONING", "section_heading": "M：前段铺垫", "step_text": "- 2025-12-24：拟收购 NORTH WEST VANADIUM 51% 股权并签署收购协议。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0021", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 21, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "M：前段铺垫", "step_text": "- 2025-12-26：重整计划执行后续进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0022", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 22, "step_type": "FOLLOWUP_EXPECTED_LINE", "section_heading": "N/L：后续验证节点", "step_text": "### N/L：后续验证节点", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0023", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 23, "step_type": "INITIAL_LEAF", "section_heading": "N/L：后续验证节点", "step_text": "如果 A 成立，后面应该看到市场显影和风险覆盖同时存在。实际出现：", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0024", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 24, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-28：股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0025", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 25, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-01-31：年度业绩预告。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0026", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 26, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-02、02-05：股票交易异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0027", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 27, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-06：持股 5% 以上股东所持股份被司法拍卖进展。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0028", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 28, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-10：股票交易异常波动暨严重异常波动。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0029", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 29, "step_type": "BODY_REASONING", "section_heading": "N/L：后续验证节点", "step_text": "- 2026-02-27：股票交易异常波动暨停牌核查。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0030", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 30, "step_type": "MARKET_MANIFESTATION", "section_heading": "市场输出", "step_text": "### 市场输出", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0031", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 31, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "落点是 `L3 单票 K 线`。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0032", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 32, "step_type": "BODY_REASONING", "section_heading": "市场输出", "step_text": "`业绩预亏利好`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0033", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 33, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "市场输出", "step_text": "`ST 修复 + 重整执行 + 钒资产收购期权 + 风险覆盖`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0034", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 34, "step_type": "SUMMARY_READOUT", "section_heading": "总结", "step_text": "### 总结", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0035", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 35, "step_type": "ALTERNATIVE_OR_GAP", "section_heading": "总结", "step_text": "这条故事 V0 成立，但它比控制权变更故事更脏，因为正向资产期权和负向股东/监管风险同时存在。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0036", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 36, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 业绩预亏后反涨，不代表业绩预亏利好，要往前查是否已有资产、重整、控制权、ST 修复节点。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0037", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 37, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "- 资源资产收购类故事要区分“资产期权”与“实际盈利兑现”，当前只能读成期权。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0038", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 38, "step_type": "DARKLINE_INTENTION", "section_heading": "总结", "step_text": "- 风险覆盖重的故事可以讲，但不能按干净正向暗线读。", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0066_STEP_0039", "case_id": "DLCASE_LEGACY_0066", "darkline_hypothesis_id": "DLCASE_LEGACY_0066", "step_order": 39, "step_type": "BODY_REASONING", "section_heading": "总结", "step_text": "`mirror/data/result/darkline_hvstory392_to_399_000711_vanadium_restructuring_risk_v0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0067_STEP_0001", "case_id": "DLCASE_LEGACY_0067", "darkline_hypothesis_id": "DLCASE_LEGACY_0067", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：000656.SZ 金科股份，诉讼叶子背后的重整修复枝干", "step_text": "## 案例：000656.SZ 金科股份，诉讼叶子背后的重整修复枝干", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0067_STEP_0002", "case_id": "DLCASE_LEGACY_0067", "darkline_hypothesis_id": "DLCASE_LEGACY_0067", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "000656.SZ darkline story V0", "step_text": "# 000656.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0067_STEP_0003", "case_id": "DLCASE_LEGACY_0067", "darkline_hypothesis_id": "DLCASE_LEGACY_0067", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "000656.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY400-407_000656_RESTRUCTURING_LITIGATION_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0068_STEP_0001", "case_id": "DLCASE_LEGACY_0068", "darkline_hypothesis_id": "DLCASE_LEGACY_0068", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：300506.SZ 名家汇，诉讼叶子背后的重整控制权枝干", "step_text": "## 案例：300506.SZ 名家汇，诉讼叶子背后的重整控制权枝干", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0068_STEP_0002", "case_id": "DLCASE_LEGACY_0068", "darkline_hypothesis_id": "DLCASE_LEGACY_0068", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "300506.SZ darkline story V0", "step_text": "# 300506.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0068_STEP_0003", "case_id": "DLCASE_LEGACY_0068", "darkline_hypothesis_id": "DLCASE_LEGACY_0068", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300506.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY408-415_300506_RESTRUCTURING_CONTROL_CHANGE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0069_STEP_0001", "case_id": "DLCASE_LEGACY_0069", "darkline_hypothesis_id": "DLCASE_LEGACY_0069", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "案例：603843.SH 正平股份，诉讼叶子背后的债务豁免和采矿许可证枝干", "step_text": "## 案例：603843.SH 正平股份，诉讼叶子背后的债务豁免和采矿许可证枝干", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0069_STEP_0002", "case_id": "DLCASE_LEGACY_0069", "darkline_hypothesis_id": "DLCASE_LEGACY_0069", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "603843.SH darkline story V0", "step_text": "# 603843.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0069_STEP_0003", "case_id": "DLCASE_LEGACY_0069", "darkline_hypothesis_id": "DLCASE_LEGACY_0069", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "603843.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY416-423_603843_DEBT_WAIVER_MINING_LICENSE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0070_STEP_0001", "case_id": "DLCASE_LEGACY_0070", "darkline_hypothesis_id": "DLCASE_LEGACY_0070", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：688646.SH / 逸飞激光关于第二期以集中竞价交易方式回购公司股份的进展公告", "step_text": "## 自动批量案例：688646.SH / 逸飞激光关于第二期以集中竞价交易方式回购公司股份的进展公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0070_STEP_0002", "case_id": "DLCASE_LEGACY_0070", "darkline_hypothesis_id": "DLCASE_LEGACY_0070", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "688646.SH darkline story V0", "step_text": "# 688646.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0070_STEP_0003", "case_id": "DLCASE_LEGACY_0070", "darkline_hypothesis_id": "DLCASE_LEGACY_0070", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "688646.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY424-431_688646_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0071_STEP_0001", "case_id": "DLCASE_LEGACY_0071", "darkline_hypothesis_id": "DLCASE_LEGACY_0071", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：688282.SH / 北京理工导航控制科技股份有限公司2024年度业绩快报公告", "step_text": "## 自动批量案例：688282.SH / 北京理工导航控制科技股份有限公司2024年度业绩快报公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0071_STEP_0002", "case_id": "DLCASE_LEGACY_0071", "darkline_hypothesis_id": "DLCASE_LEGACY_0071", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "688282.SH darkline story V0", "step_text": "# 688282.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0071_STEP_0003", "case_id": "DLCASE_LEGACY_0071", "darkline_hypothesis_id": "DLCASE_LEGACY_0071", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "688282.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY432-439_688282_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0072_STEP_0001", "case_id": "DLCASE_LEGACY_0072", "darkline_hypothesis_id": "DLCASE_LEGACY_0072", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：300301.SZ / 2025年度业绩预告", "step_text": "## 自动批量案例：300301.SZ / 2025年度业绩预告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0072_STEP_0002", "case_id": "DLCASE_LEGACY_0072", "darkline_hypothesis_id": "DLCASE_LEGACY_0072", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "300301.SZ darkline story V0", "step_text": "# 300301.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0072_STEP_0003", "case_id": "DLCASE_LEGACY_0072", "darkline_hypothesis_id": "DLCASE_LEGACY_0072", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300301.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY440-447_300301_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0073_STEP_0001", "case_id": "DLCASE_LEGACY_0073", "darkline_hypothesis_id": "DLCASE_LEGACY_0073", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：003004.SZ / 关于声迅转债预计触发转股价格向下修正条件的提示性公告", "step_text": "## 自动批量案例：003004.SZ / 关于声迅转债预计触发转股价格向下修正条件的提示性公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0073_STEP_0002", "case_id": "DLCASE_LEGACY_0073", "darkline_hypothesis_id": "DLCASE_LEGACY_0073", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "003004.SZ darkline story V0", "step_text": "# 003004.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0073_STEP_0003", "case_id": "DLCASE_LEGACY_0073", "darkline_hypothesis_id": "DLCASE_LEGACY_0073", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "003004.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY448-455_003004_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0074_STEP_0001", "case_id": "DLCASE_LEGACY_0074", "darkline_hypothesis_id": "DLCASE_LEGACY_0074", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：002717.SZ / 关于累计诉讼、仲裁情况的公告", "step_text": "## 自动批量案例：002717.SZ / 关于累计诉讼、仲裁情况的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0074_STEP_0002", "case_id": "DLCASE_LEGACY_0074", "darkline_hypothesis_id": "DLCASE_LEGACY_0074", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "002717.SZ darkline story V0", "step_text": "# 002717.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0074_STEP_0003", "case_id": "DLCASE_LEGACY_0074", "darkline_hypothesis_id": "DLCASE_LEGACY_0074", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "002717.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY456-463_002717_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0075_STEP_0001", "case_id": "DLCASE_LEGACY_0075", "darkline_hypothesis_id": "DLCASE_LEGACY_0075", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：603021.SH / 山东华鹏2025年年度业绩预告", "step_text": "## 自动批量案例：603021.SH / 山东华鹏2025年年度业绩预告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0075_STEP_0002", "case_id": "DLCASE_LEGACY_0075", "darkline_hypothesis_id": "DLCASE_LEGACY_0075", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "603021.SH darkline story V0", "step_text": "# 603021.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0075_STEP_0003", "case_id": "DLCASE_LEGACY_0075", "darkline_hypothesis_id": "DLCASE_LEGACY_0075", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "603021.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY464-471_603021_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0076_STEP_0001", "case_id": "DLCASE_LEGACY_0076", "darkline_hypothesis_id": "DLCASE_LEGACY_0076", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：000820.SZ / 关于公司2022年股票期权激励计划部分股票期权注销完成的公告", "step_text": "## 自动批量案例：000820.SZ / 关于公司2022年股票期权激励计划部分股票期权注销完成的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0076_STEP_0002", "case_id": "DLCASE_LEGACY_0076", "darkline_hypothesis_id": "DLCASE_LEGACY_0076", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "000820.SZ darkline story V0", "step_text": "# 000820.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0076_STEP_0003", "case_id": "DLCASE_LEGACY_0076", "darkline_hypothesis_id": "DLCASE_LEGACY_0076", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "000820.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY472-479_000820_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0077_STEP_0003", "case_id": "DLCASE_LEGACY_0077", "darkline_hypothesis_id": "DLCASE_LEGACY_0077", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "603557.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY480-487_603557_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0078_STEP_0002", "case_id": "DLCASE_LEGACY_0078", "darkline_hypothesis_id": "DLCASE_LEGACY_0078", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "000534.SZ darkline story V0", "step_text": "# 000534.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0078_STEP_0003", "case_id": "DLCASE_LEGACY_0078", "darkline_hypothesis_id": "DLCASE_LEGACY_0078", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "000534.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY488-495_000534_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0079_STEP_0001", "case_id": "DLCASE_LEGACY_0079", "darkline_hypothesis_id": "DLCASE_LEGACY_0079", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：300205.SZ / 关于累计非重大诉讼、仲裁的公告", "step_text": "## 自动批量案例：300205.SZ / 关于累计非重大诉讼、仲裁的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0079_STEP_0002", "case_id": "DLCASE_LEGACY_0079", "darkline_hypothesis_id": "DLCASE_LEGACY_0079", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "300205.SZ darkline story V0", "step_text": "# 300205.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0079_STEP_0003", "case_id": "DLCASE_LEGACY_0079", "darkline_hypothesis_id": "DLCASE_LEGACY_0079", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300205.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY496-503_300205_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0080_STEP_0001", "case_id": "DLCASE_LEGACY_0080", "darkline_hypothesis_id": "DLCASE_LEGACY_0080", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：603261.SH / 泰和泰律师事务所关于成都立航科技股份有限公司2022年限制性股票激励计划部分限制性股票回购注销实施的法律意见书", "step_text": "## 自动批量案例：603261.SH / 泰和泰律师事务所关于成都立航科技股份有限公司2022年限制性股票激励计划部分限制性股票回购注销实施的法律意见书", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0080_STEP_0002", "case_id": "DLCASE_LEGACY_0080", "darkline_hypothesis_id": "DLCASE_LEGACY_0080", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "603261.SH darkline story V0", "step_text": "# 603261.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0080_STEP_0003", "case_id": "DLCASE_LEGACY_0080", "darkline_hypothesis_id": "DLCASE_LEGACY_0080", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "603261.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY504-511_603261_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0081_STEP_0001", "case_id": "DLCASE_LEGACY_0081", "darkline_hypothesis_id": "DLCASE_LEGACY_0081", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：300152.SZ / 雄安新动力科技股份有限公司2025年度业绩预告", "step_text": "## 自动批量案例：300152.SZ / 雄安新动力科技股份有限公司2025年度业绩预告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0081_STEP_0002", "case_id": "DLCASE_LEGACY_0081", "darkline_hypothesis_id": "DLCASE_LEGACY_0081", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "300152.SZ darkline story V0", "step_text": "# 300152.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0081_STEP_0003", "case_id": "DLCASE_LEGACY_0081", "darkline_hypothesis_id": "DLCASE_LEGACY_0081", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300152.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY512-519_300152_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0082_STEP_0001", "case_id": "DLCASE_LEGACY_0082", "darkline_hypothesis_id": "DLCASE_LEGACY_0082", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：000525.SZ / 关于立案调查事项进展暨风险提示的公告", "step_text": "## 自动批量案例：000525.SZ / 关于立案调查事项进展暨风险提示的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0082_STEP_0002", "case_id": "DLCASE_LEGACY_0082", "darkline_hypothesis_id": "DLCASE_LEGACY_0082", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "000525.SZ darkline story V0", "step_text": "# 000525.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0082_STEP_0003", "case_id": "DLCASE_LEGACY_0082", "darkline_hypothesis_id": "DLCASE_LEGACY_0082", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "000525.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY520-527_000525_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0083_STEP_0001", "case_id": "DLCASE_LEGACY_0083", "darkline_hypothesis_id": "DLCASE_LEGACY_0083", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：000638.SZ / 关于立案调查进展暨风险提示公告", "step_text": "## 自动批量案例：000638.SZ / 关于立案调查进展暨风险提示公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0083_STEP_0002", "case_id": "DLCASE_LEGACY_0083", "darkline_hypothesis_id": "DLCASE_LEGACY_0083", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "000638.SZ darkline story V0", "step_text": "# 000638.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0083_STEP_0003", "case_id": "DLCASE_LEGACY_0083", "darkline_hypothesis_id": "DLCASE_LEGACY_0083", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "000638.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY528-535_000638_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0084_STEP_0001", "case_id": "DLCASE_LEGACY_0084", "darkline_hypothesis_id": "DLCASE_LEGACY_0084", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：000488.SZ / 2025年度业绩预告", "step_text": "## 自动批量案例：000488.SZ / 2025年度业绩预告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0084_STEP_0002", "case_id": "DLCASE_LEGACY_0084", "darkline_hypothesis_id": "DLCASE_LEGACY_0084", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "000488.SZ darkline story V0", "step_text": "# 000488.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0084_STEP_0003", "case_id": "DLCASE_LEGACY_0084", "darkline_hypothesis_id": "DLCASE_LEGACY_0084", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "000488.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY536-543_000488_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0085_STEP_0001", "case_id": "DLCASE_LEGACY_0085", "darkline_hypothesis_id": "DLCASE_LEGACY_0085", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：002789.SZ / 关于重大诉讼进展公告", "step_text": "## 自动批量案例：002789.SZ / 关于重大诉讼进展公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0085_STEP_0002", "case_id": "DLCASE_LEGACY_0085", "darkline_hypothesis_id": "DLCASE_LEGACY_0085", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "002789.SZ darkline story V0", "step_text": "# 002789.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0085_STEP_0003", "case_id": "DLCASE_LEGACY_0085", "darkline_hypothesis_id": "DLCASE_LEGACY_0085", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "002789.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY544-551_002789_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0086_STEP_0001", "case_id": "DLCASE_LEGACY_0086", "darkline_hypothesis_id": "DLCASE_LEGACY_0086", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：300419.SZ / 2024年度业绩预告修正公告", "step_text": "## 自动批量案例：300419.SZ / 2024年度业绩预告修正公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0086_STEP_0002", "case_id": "DLCASE_LEGACY_0086", "darkline_hypothesis_id": "DLCASE_LEGACY_0086", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "300419.SZ darkline story V0", "step_text": "# 300419.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0086_STEP_0003", "case_id": "DLCASE_LEGACY_0086", "darkline_hypothesis_id": "DLCASE_LEGACY_0086", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300419.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY552-559_300419_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0087_STEP_0001", "case_id": "DLCASE_LEGACY_0087", "darkline_hypothesis_id": "DLCASE_LEGACY_0087", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：002586.SZ / 关于立案调查事项进展暨风险提示公告", "step_text": "## 自动批量案例：002586.SZ / 关于立案调查事项进展暨风险提示公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0087_STEP_0002", "case_id": "DLCASE_LEGACY_0087", "darkline_hypothesis_id": "DLCASE_LEGACY_0087", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "002586.SZ darkline story V0", "step_text": "# 002586.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0087_STEP_0003", "case_id": "DLCASE_LEGACY_0087", "darkline_hypothesis_id": "DLCASE_LEGACY_0087", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "002586.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY560-567_002586_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0088_STEP_0001", "case_id": "DLCASE_LEGACY_0088", "darkline_hypothesis_id": "DLCASE_LEGACY_0088", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：603828.SH / 柯利达关于重大诉讼事项的公告", "step_text": "## 自动批量案例：603828.SH / 柯利达关于重大诉讼事项的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0088_STEP_0002", "case_id": "DLCASE_LEGACY_0088", "darkline_hypothesis_id": "DLCASE_LEGACY_0088", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "603828.SH darkline story V0", "step_text": "# 603828.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0088_STEP_0003", "case_id": "DLCASE_LEGACY_0088", "darkline_hypothesis_id": "DLCASE_LEGACY_0088", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "603828.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY568-575_603828_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0089_STEP_0001", "case_id": "DLCASE_LEGACY_0089", "darkline_hypothesis_id": "DLCASE_LEGACY_0089", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：300300.SZ / 关于对外担保涉及诉讼的进展公告", "step_text": "## 自动批量案例：300300.SZ / 关于对外担保涉及诉讼的进展公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0089_STEP_0002", "case_id": "DLCASE_LEGACY_0089", "darkline_hypothesis_id": "DLCASE_LEGACY_0089", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "300300.SZ darkline story V0", "step_text": "# 300300.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0090_STEP_0003", "case_id": "DLCASE_LEGACY_0090", "darkline_hypothesis_id": "DLCASE_LEGACY_0090", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300044.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY584-591_300044_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0091_STEP_0003", "case_id": "DLCASE_LEGACY_0091", "darkline_hypothesis_id": "DLCASE_LEGACY_0091", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "002424.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY592-599_002424_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0092_STEP_0002", "case_id": "DLCASE_LEGACY_0092", "darkline_hypothesis_id": "DLCASE_LEGACY_0092", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "002808.SZ darkline story V0", "step_text": "# 002808.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0092_STEP_0003", "case_id": "DLCASE_LEGACY_0092", "darkline_hypothesis_id": "DLCASE_LEGACY_0092", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "002808.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY600-607_002808_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0093_STEP_0001", "case_id": "DLCASE_LEGACY_0093", "darkline_hypothesis_id": "DLCASE_LEGACY_0093", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：002052.SZ / 关于投资者诉讼事项进展情况的公告", "step_text": "## 自动批量案例：002052.SZ / 关于投资者诉讼事项进展情况的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0093_STEP_0002", "case_id": "DLCASE_LEGACY_0093", "darkline_hypothesis_id": "DLCASE_LEGACY_0093", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "002052.SZ darkline story V0", "step_text": "# 002052.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0093_STEP_0003", "case_id": "DLCASE_LEGACY_0093", "darkline_hypothesis_id": "DLCASE_LEGACY_0093", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "002052.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY608-615_002052_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0094_STEP_0001", "case_id": "DLCASE_LEGACY_0094", "darkline_hypothesis_id": "DLCASE_LEGACY_0094", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：688287.SH / 会计师出具非标准审计意见报告的专项说明", "step_text": "## 自动批量案例：688287.SH / 会计师出具非标准审计意见报告的专项说明", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0094_STEP_0002", "case_id": "DLCASE_LEGACY_0094", "darkline_hypothesis_id": "DLCASE_LEGACY_0094", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "688287.SH darkline story V0", "step_text": "# 688287.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0094_STEP_0003", "case_id": "DLCASE_LEGACY_0094", "darkline_hypothesis_id": "DLCASE_LEGACY_0094", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "688287.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY616-623_688287_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0095_STEP_0002", "case_id": "DLCASE_LEGACY_0095", "darkline_hypothesis_id": "DLCASE_LEGACY_0095", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "601998.SH darkline story V0", "step_text": "# 601998.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0095_STEP_0003", "case_id": "DLCASE_LEGACY_0095", "darkline_hypothesis_id": "DLCASE_LEGACY_0095", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "601998.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY624-631_601998_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0096_STEP_0003", "case_id": "DLCASE_LEGACY_0096", "darkline_hypothesis_id": "DLCASE_LEGACY_0096", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "002868.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY632-639_002868_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0097_STEP_0001", "case_id": "DLCASE_LEGACY_0097", "darkline_hypothesis_id": "DLCASE_LEGACY_0097", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：300225.SZ / 关于投资者诉讼事项的进展公告", "step_text": "## 自动批量案例：300225.SZ / 关于投资者诉讼事项的进展公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0097_STEP_0002", "case_id": "DLCASE_LEGACY_0097", "darkline_hypothesis_id": "DLCASE_LEGACY_0097", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "300225.SZ darkline story V0", "step_text": "# 300225.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0097_STEP_0003", "case_id": "DLCASE_LEGACY_0097", "darkline_hypothesis_id": "DLCASE_LEGACY_0097", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300225.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY640-647_300225_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0098_STEP_0001", "case_id": "DLCASE_LEGACY_0098", "darkline_hypothesis_id": "DLCASE_LEGACY_0098", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：603822.SH / 关于注销洲泉分公司的公告", "step_text": "## 自动批量案例：603822.SH / 关于注销洲泉分公司的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0098_STEP_0002", "case_id": "DLCASE_LEGACY_0098", "darkline_hypothesis_id": "DLCASE_LEGACY_0098", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "603822.SH darkline story V0", "step_text": "# 603822.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0098_STEP_0003", "case_id": "DLCASE_LEGACY_0098", "darkline_hypothesis_id": "DLCASE_LEGACY_0098", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "603822.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY648-655_603822_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0099_STEP_0001", "case_id": "DLCASE_LEGACY_0099", "darkline_hypothesis_id": "DLCASE_LEGACY_0099", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：600608.SH / ST沪科董事会关于公司2024年带强调事项段的无保留意见内部控制审计报告涉及事项的专项说明", "step_text": "## 自动批量案例：600608.SH / ST沪科董事会关于公司2024年带强调事项段的无保留意见内部控制审计报告涉及事项的专项说明", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0099_STEP_0002", "case_id": "DLCASE_LEGACY_0099", "darkline_hypothesis_id": "DLCASE_LEGACY_0099", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "600608.SH darkline story V0", "step_text": "# 600608.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0099_STEP_0003", "case_id": "DLCASE_LEGACY_0099", "darkline_hypothesis_id": "DLCASE_LEGACY_0099", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "600608.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY656-663_600608_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0100_STEP_0001", "case_id": "DLCASE_LEGACY_0100", "darkline_hypothesis_id": "DLCASE_LEGACY_0100", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：000821.SZ / 2025年度业绩预告", "step_text": "## 自动批量案例：000821.SZ / 2025年度业绩预告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0100_STEP_0002", "case_id": "DLCASE_LEGACY_0100", "darkline_hypothesis_id": "DLCASE_LEGACY_0100", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "000821.SZ darkline story V0", "step_text": "# 000821.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0100_STEP_0003", "case_id": "DLCASE_LEGACY_0100", "darkline_hypothesis_id": "DLCASE_LEGACY_0100", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "000821.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY664-671_000821_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0101_STEP_0001", "case_id": "DLCASE_LEGACY_0101", "darkline_hypothesis_id": "DLCASE_LEGACY_0101", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：300376.SZ / 关于2022年股票期权激励计划股票期权注销完成的公告", "step_text": "## 自动批量案例：300376.SZ / 关于2022年股票期权激励计划股票期权注销完成的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0101_STEP_0002", "case_id": "DLCASE_LEGACY_0101", "darkline_hypothesis_id": "DLCASE_LEGACY_0101", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "300376.SZ darkline story V0", "step_text": "# 300376.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0101_STEP_0003", "case_id": "DLCASE_LEGACY_0101", "darkline_hypothesis_id": "DLCASE_LEGACY_0101", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300376.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY672-679_300376_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0102_STEP_0001", "case_id": "DLCASE_LEGACY_0102", "darkline_hypothesis_id": "DLCASE_LEGACY_0102", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：300163.SZ / 关于2023年度财务报表审计报告部分非标意见涉及事项影响已消除的专项说明", "step_text": "## 自动批量案例：300163.SZ / 关于2023年度财务报表审计报告部分非标意见涉及事项影响已消除的专项说明", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0102_STEP_0003", "case_id": "DLCASE_LEGACY_0102", "darkline_hypothesis_id": "DLCASE_LEGACY_0102", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300163.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY680-687_300163_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0103_STEP_0001", "case_id": "DLCASE_LEGACY_0103", "darkline_hypothesis_id": "DLCASE_LEGACY_0103", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：600165.SH / *ST宁科关于公司及实际控制人收到中国证券监督管理委员会立案告知书的公告", "step_text": "## 自动批量案例：600165.SH / *ST宁科关于公司及实际控制人收到中国证券监督管理委员会立案告知书的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0103_STEP_0003", "case_id": "DLCASE_LEGACY_0103", "darkline_hypothesis_id": "DLCASE_LEGACY_0103", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "600165.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY688-695_600165_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0104_STEP_0001", "case_id": "DLCASE_LEGACY_0104", "darkline_hypothesis_id": "DLCASE_LEGACY_0104", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：000004.SZ / 关于重大诉讼的进展公告", "step_text": "## 自动批量案例：000004.SZ / 关于重大诉讼的进展公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0104_STEP_0002", "case_id": "DLCASE_LEGACY_0104", "darkline_hypothesis_id": "DLCASE_LEGACY_0104", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "000004.SZ darkline story V0", "step_text": "# 000004.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0104_STEP_0003", "case_id": "DLCASE_LEGACY_0104", "darkline_hypothesis_id": "DLCASE_LEGACY_0104", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "000004.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY696-703_000004_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0105_STEP_0001", "case_id": "DLCASE_LEGACY_0105", "darkline_hypothesis_id": "DLCASE_LEGACY_0105", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：688065.SH / 关于上海曜修生物技术合伙企业（有限合伙）通过协议受让股权及认购新增发行股份事项的进展公告", "step_text": "## 自动批量案例：688065.SH / 关于上海曜修生物技术合伙企业（有限合伙）通过协议受让股权及认购新增发行股份事项的进展公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0105_STEP_0002", "case_id": "DLCASE_LEGACY_0105", "darkline_hypothesis_id": "DLCASE_LEGACY_0105", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "688065.SH darkline story V0", "step_text": "# 688065.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0105_STEP_0003", "case_id": "DLCASE_LEGACY_0105", "darkline_hypothesis_id": "DLCASE_LEGACY_0105", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "688065.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY704-711_688065_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0106_STEP_0001", "case_id": "DLCASE_LEGACY_0106", "darkline_hypothesis_id": "DLCASE_LEGACY_0106", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：600556.SH / 天下秀数字科技（集团）股份有限公司关于召开2025年第三季度业绩说明会预告的公告", "step_text": "## 自动批量案例：600556.SH / 天下秀数字科技（集团）股份有限公司关于召开2025年第三季度业绩说明会预告的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0106_STEP_0002", "case_id": "DLCASE_LEGACY_0106", "darkline_hypothesis_id": "DLCASE_LEGACY_0106", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "600556.SH darkline story V0", "step_text": "# 600556.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0106_STEP_0003", "case_id": "DLCASE_LEGACY_0106", "darkline_hypothesis_id": "DLCASE_LEGACY_0106", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "600556.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY712-719_600556_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0107_STEP_0001", "case_id": "DLCASE_LEGACY_0107", "darkline_hypothesis_id": "DLCASE_LEGACY_0107", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：688500.SH / 2023年度业绩快报公告", "step_text": "## 自动批量案例：688500.SH / 2023年度业绩快报公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0107_STEP_0002", "case_id": "DLCASE_LEGACY_0107", "darkline_hypothesis_id": "DLCASE_LEGACY_0107", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "688500.SH darkline story V0", "step_text": "# 688500.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0107_STEP_0003", "case_id": "DLCASE_LEGACY_0107", "darkline_hypothesis_id": "DLCASE_LEGACY_0107", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "688500.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY720-727_688500_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0108_STEP_0001", "case_id": "DLCASE_LEGACY_0108", "darkline_hypothesis_id": "DLCASE_LEGACY_0108", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：600265.SH / 关于控股子公司诉讼事项的进展公告", "step_text": "## 自动批量案例：600265.SH / 关于控股子公司诉讼事项的进展公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0108_STEP_0002", "case_id": "DLCASE_LEGACY_0108", "darkline_hypothesis_id": "DLCASE_LEGACY_0108", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "600265.SH darkline story V0", "step_text": "# 600265.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0108_STEP_0003", "case_id": "DLCASE_LEGACY_0108", "darkline_hypothesis_id": "DLCASE_LEGACY_0108", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "600265.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY728-735_600265_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0109_STEP_0001", "case_id": "DLCASE_LEGACY_0109", "darkline_hypothesis_id": "DLCASE_LEGACY_0109", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：600289.SH / 亿阳信通关于涉及投资者诉讼事项进展的公告", "step_text": "## 自动批量案例：600289.SH / 亿阳信通关于涉及投资者诉讼事项进展的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0109_STEP_0002", "case_id": "DLCASE_LEGACY_0109", "darkline_hypothesis_id": "DLCASE_LEGACY_0109", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "600289.SH darkline story V0", "step_text": "# 600289.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0109_STEP_0003", "case_id": "DLCASE_LEGACY_0109", "darkline_hypothesis_id": "DLCASE_LEGACY_0109", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "600289.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY736-743_600289_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0110_STEP_0001", "case_id": "DLCASE_LEGACY_0110", "darkline_hypothesis_id": "DLCASE_LEGACY_0110", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：002630.SZ / 公司2025年度业绩预告", "step_text": "## 自动批量案例：002630.SZ / 公司2025年度业绩预告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0110_STEP_0002", "case_id": "DLCASE_LEGACY_0110", "darkline_hypothesis_id": "DLCASE_LEGACY_0110", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "002630.SZ darkline story V0", "step_text": "# 002630.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0110_STEP_0003", "case_id": "DLCASE_LEGACY_0110", "darkline_hypothesis_id": "DLCASE_LEGACY_0110", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "002630.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY744-751_002630_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0111_STEP_0001", "case_id": "DLCASE_LEGACY_0111", "darkline_hypothesis_id": "DLCASE_LEGACY_0111", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：300477.SZ / 关于累计诉讼、仲裁情况的公告", "step_text": "## 自动批量案例：300477.SZ / 关于累计诉讼、仲裁情况的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0111_STEP_0002", "case_id": "DLCASE_LEGACY_0111", "darkline_hypothesis_id": "DLCASE_LEGACY_0111", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "300477.SZ darkline story V0", "step_text": "# 300477.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0111_STEP_0003", "case_id": "DLCASE_LEGACY_0111", "darkline_hypothesis_id": "DLCASE_LEGACY_0111", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300477.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY752-759_300477_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0112_STEP_0001", "case_id": "DLCASE_LEGACY_0112", "darkline_hypothesis_id": "DLCASE_LEGACY_0112", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：300311.SZ / 2025年度业绩预告", "step_text": "## 自动批量案例：300311.SZ / 2025年度业绩预告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0112_STEP_0002", "case_id": "DLCASE_LEGACY_0112", "darkline_hypothesis_id": "DLCASE_LEGACY_0112", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "300311.SZ darkline story V0", "step_text": "# 300311.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0112_STEP_0003", "case_id": "DLCASE_LEGACY_0112", "darkline_hypothesis_id": "DLCASE_LEGACY_0112", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300311.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY760-767_300311_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0113_STEP_0001", "case_id": "DLCASE_LEGACY_0113", "darkline_hypothesis_id": "DLCASE_LEGACY_0113", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：300115.SZ / 广东华商律师事务所关于深圳市长盈精密技术股份有限公司2025年股票期权激励计划（草案）的法律意见书", "step_text": "## 自动批量案例：300115.SZ / 广东华商律师事务所关于深圳市长盈精密技术股份有限公司2025年股票期权激励计划（草案）的法律意见书", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0113_STEP_0002", "case_id": "DLCASE_LEGACY_0113", "darkline_hypothesis_id": "DLCASE_LEGACY_0113", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "300115.SZ darkline story V0", "step_text": "# 300115.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0113_STEP_0003", "case_id": "DLCASE_LEGACY_0113", "darkline_hypothesis_id": "DLCASE_LEGACY_0113", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300115.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY768-775_300115_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0114_STEP_0001", "case_id": "DLCASE_LEGACY_0114", "darkline_hypothesis_id": "DLCASE_LEGACY_0114", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：600115.SH / 中国东方航空股份有限公司2025年度业绩预告", "step_text": "## 自动批量案例：600115.SH / 中国东方航空股份有限公司2025年度业绩预告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0114_STEP_0002", "case_id": "DLCASE_LEGACY_0114", "darkline_hypothesis_id": "DLCASE_LEGACY_0114", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "600115.SH darkline story V0", "step_text": "# 600115.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0114_STEP_0003", "case_id": "DLCASE_LEGACY_0114", "darkline_hypothesis_id": "DLCASE_LEGACY_0114", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "600115.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY776-783_600115_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0115_STEP_0001", "case_id": "DLCASE_LEGACY_0115", "darkline_hypothesis_id": "DLCASE_LEGACY_0115", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：000620.SZ / 关于公司调整2025年股票期权激励计划相关事项及首次授予股票期权的法律意见书", "step_text": "## 自动批量案例：000620.SZ / 关于公司调整2025年股票期权激励计划相关事项及首次授予股票期权的法律意见书", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0115_STEP_0002", "case_id": "DLCASE_LEGACY_0115", "darkline_hypothesis_id": "DLCASE_LEGACY_0115", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "000620.SZ darkline story V0", "step_text": "# 000620.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0115_STEP_0003", "case_id": "DLCASE_LEGACY_0115", "darkline_hypothesis_id": "DLCASE_LEGACY_0115", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "000620.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY784-791_000620_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0116_STEP_0001", "case_id": "DLCASE_LEGACY_0116", "darkline_hypothesis_id": "DLCASE_LEGACY_0116", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：002306.SZ / 关于回购注销部分限制性股票减少注册资本暨通知债权人的公告（3）", "step_text": "## 自动批量案例：002306.SZ / 关于回购注销部分限制性股票减少注册资本暨通知债权人的公告（3）", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0116_STEP_0002", "case_id": "DLCASE_LEGACY_0116", "darkline_hypothesis_id": "DLCASE_LEGACY_0116", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "002306.SZ darkline story V0", "step_text": "# 002306.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0116_STEP_0003", "case_id": "DLCASE_LEGACY_0116", "darkline_hypothesis_id": "DLCASE_LEGACY_0116", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "002306.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY792-799_002306_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0117_STEP_0001", "case_id": "DLCASE_LEGACY_0117", "darkline_hypothesis_id": "DLCASE_LEGACY_0117", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：600715.SH / 文投控股股份有限公司关于收到中国证券监督管理委员会立案告知书的公告", "step_text": "## 自动批量案例：600715.SH / 文投控股股份有限公司关于收到中国证券监督管理委员会立案告知书的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0117_STEP_0003", "case_id": "DLCASE_LEGACY_0117", "darkline_hypothesis_id": "DLCASE_LEGACY_0117", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "600715.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY800-807_600715_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0118_STEP_0003", "case_id": "DLCASE_LEGACY_0118", "darkline_hypothesis_id": "DLCASE_LEGACY_0118", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300198.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY808-815_300198_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0120_STEP_0002", "case_id": "DLCASE_LEGACY_0120", "darkline_hypothesis_id": "DLCASE_LEGACY_0120", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "002005.SZ darkline story V0", "step_text": "# 002005.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0121_STEP_0002", "case_id": "DLCASE_LEGACY_0121", "darkline_hypothesis_id": "DLCASE_LEGACY_0121", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "300338.SZ darkline story V0", "step_text": "# 300338.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0121_STEP_0003", "case_id": "DLCASE_LEGACY_0121", "darkline_hypothesis_id": "DLCASE_LEGACY_0121", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300338.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY832-839_300338_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0122_STEP_0001", "case_id": "DLCASE_LEGACY_0122", "darkline_hypothesis_id": "DLCASE_LEGACY_0122", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：300555.SZ / 无锡路通视信网络股份有限公司关于注销参股公司的公告", "step_text": "## 自动批量案例：300555.SZ / 无锡路通视信网络股份有限公司关于注销参股公司的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0122_STEP_0002", "case_id": "DLCASE_LEGACY_0122", "darkline_hypothesis_id": "DLCASE_LEGACY_0122", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "300555.SZ darkline story V0", "step_text": "# 300555.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0122_STEP_0003", "case_id": "DLCASE_LEGACY_0122", "darkline_hypothesis_id": "DLCASE_LEGACY_0122", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300555.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY840-847_300555_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0123_STEP_0001", "case_id": "DLCASE_LEGACY_0123", "darkline_hypothesis_id": "DLCASE_LEGACY_0123", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：002592.SZ / 2025年前三季度业绩预告", "step_text": "## 自动批量案例：002592.SZ / 2025年前三季度业绩预告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0123_STEP_0002", "case_id": "DLCASE_LEGACY_0123", "darkline_hypothesis_id": "DLCASE_LEGACY_0123", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "002592.SZ darkline story V0", "step_text": "# 002592.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0123_STEP_0003", "case_id": "DLCASE_LEGACY_0123", "darkline_hypothesis_id": "DLCASE_LEGACY_0123", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "002592.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY848-855_002592_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0124_STEP_0001", "case_id": "DLCASE_LEGACY_0124", "darkline_hypothesis_id": "DLCASE_LEGACY_0124", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：603162.SH / 北京市康达律师事务所关于福建海通发展股份有限公司回购注销部分限制性股票和注销部分股票期权事项的法律意见书", "step_text": "## 自动批量案例：603162.SH / 北京市康达律师事务所关于福建海通发展股份有限公司回购注销部分限制性股票和注销部分股票期权事项的法律意见书", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0124_STEP_0002", "case_id": "DLCASE_LEGACY_0124", "darkline_hypothesis_id": "DLCASE_LEGACY_0124", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "603162.SH darkline story V0", "step_text": "# 603162.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0124_STEP_0003", "case_id": "DLCASE_LEGACY_0124", "darkline_hypothesis_id": "DLCASE_LEGACY_0124", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "603162.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY856-863_603162_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0125_STEP_0001", "case_id": "DLCASE_LEGACY_0125", "darkline_hypothesis_id": "DLCASE_LEGACY_0125", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：002581.SZ / 关于2025年股票期权激励计划授予完成的公告", "step_text": "## 自动批量案例：002581.SZ / 关于2025年股票期权激励计划授予完成的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0125_STEP_0002", "case_id": "DLCASE_LEGACY_0125", "darkline_hypothesis_id": "DLCASE_LEGACY_0125", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "002581.SZ darkline story V0", "step_text": "# 002581.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0125_STEP_0003", "case_id": "DLCASE_LEGACY_0125", "darkline_hypothesis_id": "DLCASE_LEGACY_0125", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "002581.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY864-871_002581_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0126_STEP_0001", "case_id": "DLCASE_LEGACY_0126", "darkline_hypothesis_id": "DLCASE_LEGACY_0126", "step_order": 1, "step_type": "INITIAL_LEAF", "section_heading": "自动批量案例：603007.SH / 关于公司诉讼进展的公告", "step_text": "## 自动批量案例：603007.SH / 关于公司诉讼进展的公告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0126_STEP_0002", "case_id": "DLCASE_LEGACY_0126", "darkline_hypothesis_id": "DLCASE_LEGACY_0126", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "603007.SH darkline story V0", "step_text": "# 603007.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0127_STEP_0002", "case_id": "DLCASE_LEGACY_0127", "darkline_hypothesis_id": "DLCASE_LEGACY_0127", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "002689.SZ darkline story V0", "step_text": "# 002689.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0127_STEP_0003", "case_id": "DLCASE_LEGACY_0127", "darkline_hypothesis_id": "DLCASE_LEGACY_0127", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "002689.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY880-887_002689_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0128_STEP_0001", "case_id": "DLCASE_LEGACY_0128", "darkline_hypothesis_id": "DLCASE_LEGACY_0128", "step_order": 1, "step_type": "SECTION_HEADING", "section_heading": "自动批量案例：300029.SZ / 2025年度业绩预告", "step_text": "## 自动批量案例：300029.SZ / 2025年度业绩预告", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0128_STEP_0002", "case_id": "DLCASE_LEGACY_0128", "darkline_hypothesis_id": "DLCASE_LEGACY_0128", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "300029.SZ darkline story V0", "step_text": "# 300029.SZ darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0128_STEP_0003", "case_id": "DLCASE_LEGACY_0128", "darkline_hypothesis_id": "DLCASE_LEGACY_0128", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "300029.SZ darkline story V0", "step_text": "Run: `FJ-HVSTORY888-895_300029_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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{"reasoning_step_id": "DLCASE_LEGACY_0129_STEP_0002", "case_id": "DLCASE_LEGACY_0129", "darkline_hypothesis_id": "DLCASE_LEGACY_0129", "step_order": 2, "step_type": "SECTION_HEADING", "section_heading": "603869.SH darkline story V0", "step_text": "# 603869.SH darkline story V0", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
{"reasoning_step_id": "DLCASE_LEGACY_0129_STEP_0003", "case_id": "DLCASE_LEGACY_0129", "darkline_hypothesis_id": "DLCASE_LEGACY_0129", "step_order": 3, "step_type": "BODY_REASONING", "section_heading": "603869.SH darkline story V0", "step_text": "Run: `FJ-HVSTORY896-903_603869_AUTOBATCH_DARKLINE_V0_20260518`", "extraction_rule": "MARKDOWN_LINE_HEURISTIC_V1", "archive_batch_id": "DL_FULL_ARCHIVE_20260624_V1"}
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