{
  "schemaVersion": "1.0",
  "dataType": "historical-research-valuation",
  "priceType": "report-snapshot-not-live",
  "currencyConversion": false,
  "rangeMidpointImputed": false,
  "gapDefinition": "100 * (basePresentValue / reportDatePrice - 1), only same-currency single-point inputs; not a safety margin",
  "companies": [
    {
      "symbol": "MA",
      "name": "Mastercard（NYSE: MA）长期价值投资分析",
      "reportDate": "2026-10-05",
      "reportFilename": "20261005-MA.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-05-ma",
      "score": 89,
      "valuationJudgment": "合理",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "V",
      "name": "Visa Inc.（NYSE: V）长期价值投资分析",
      "reportDate": "2026-10-06",
      "reportFilename": "20261006-V.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-06-v",
      "score": 87,
      "valuationJudgment": "合理",
      "price": null,
      "bear": {
        "currency": "USD",
        "low": 280,
        "high": null,
        "approximate": true,
        "source": {
          "line": 307,
          "text": "| **Bear** | 8% | 22x | 10% | **~$280** |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 395,
        "high": null,
        "approximate": true,
        "source": {
          "line": 308,
          "text": "| **Base** | 12% | 26x | 9% | **~$395** |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 480,
        "high": null,
        "approximate": true,
        "source": {
          "line": 309,
          "text": "| **Bull** | 14% | 29x | 8.5% | **~$480** |"
        }
      },
      "baseVsPricePct": null
    },
    {
      "symbol": "AAPL",
      "name": "Apple",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-Apple.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-aapl",
      "score": 86,
      "valuationJudgment": "偏贵",
      "price": {
        "currency": "USD",
        "low": 333.6,
        "high": null,
        "approximate": false,
        "source": {
          "line": 109,
          "text": "- 股价：约 $333.6"
        }
      },
      "bear": {
        "currency": "USD",
        "low": 195,
        "high": null,
        "approximate": true,
        "source": {
          "line": 128,
          "text": "| Bear | $10.5 | 24x | $252 | **约 $195** |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 287,
        "high": null,
        "approximate": true,
        "source": {
          "line": 129,
          "text": "| Base | $12.2 | 30x | $366 | **约 $287** |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 359,
        "high": null,
        "approximate": true,
        "source": {
          "line": 130,
          "text": "| Bull | $13.5 | 34x | $459 | **约 $359** |"
        }
      },
      "baseVsPricePct": -14
    },
    {
      "symbol": "GOOGL",
      "name": "Alphabet",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-GOOGL.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-googl",
      "score": 86,
      "valuationJudgment": "7/10",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "NFLX",
      "name": "Netflix",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-NFLX.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-nflx",
      "score": 85,
      "valuationJudgment": "便宜",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "AVGO",
      "name": "Broadcom",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-博通.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-avgo",
      "score": 84,
      "valuationJudgment": "合理偏便宜",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "JPM",
      "name": "JPMorgan Chase 投资分析",
      "reportDate": "2026-10-05",
      "reportFilename": "20261005-JPM.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-05-jpm",
      "score": 84,
      "valuationJudgment": "偏贵",
      "price": null,
      "bear": {
        "currency": "USD",
        "low": 206,
        "high": null,
        "approximate": true,
        "source": {
          "line": 598,
          "text": "| Bear | ~$301 | ~$206 | 明显高估 |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 295,
        "high": null,
        "approximate": true,
        "source": {
          "line": 599,
          "text": "| Base | ~$432 | ~$295 | 偏贵 |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 383,
        "high": null,
        "approximate": true,
        "source": {
          "line": 600,
          "text": "| Bull | ~$561 | ~$383 | 有上行空间 |"
        }
      },
      "baseVsPricePct": null
    },
    {
      "symbol": "MSFT",
      "name": "Microsoft",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-微软.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-msft",
      "score": 84,
      "valuationJudgment": "合理偏贵，不是明显便宜",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "COST",
      "name": "Costco Wholesale Ackman 框架分析",
      "reportDate": "2026-10-05",
      "reportFilename": "20261005-COST.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-05-cost",
      "score": 83,
      "valuationJudgment": "偏贵",
      "price": null,
      "bear": {
        "currency": "USD",
        "low": 550,
        "high": 580,
        "approximate": true,
        "source": {
          "line": 376,
          "text": "| Bear | 8% | ~$30.5 | 28× | 10% | **约 $550–580** |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 790,
        "high": 820,
        "approximate": true,
        "source": {
          "line": 377,
          "text": "| Base | 11% | ~$35.0 | 34× | 9% | **约 $790–820** |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 980,
        "high": 1010,
        "approximate": true,
        "source": {
          "line": 378,
          "text": "| Bull | 13% | ~$38.2 | 38× | 8.5% | **约 $980–1,010** |"
        }
      },
      "baseVsPricePct": null
    },
    {
      "symbol": "BRK.B",
      "name": "Berkshire Hathaway",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-伯克希尔哈撒韦.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-brk-b",
      "score": 81,
      "valuationJudgment": "合理",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "PLTR",
      "name": "Palantir",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-PLTR.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-pltr",
      "score": 81,
      "valuationJudgment": "明显贵",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "ANET",
      "name": "Arista Networks",
      "reportDate": "2026-10-05",
      "reportFilename": "20261005-ANET.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-05-anet",
      "score": 80,
      "valuationJudgment": "偏贵",
      "price": {
        "currency": "USD",
        "low": 207,
        "high": null,
        "approximate": false,
        "source": {
          "line": 392,
          "text": "当前股价约 $207："
        }
      },
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "ASML",
      "name": "ASML Holding N.V. 长期价值投资分析",
      "reportDate": "2026-10-05",
      "reportFilename": "20261005-ASML.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-05-asml",
      "score": 80,
      "valuationJudgment": "偏贵",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "MS",
      "name": "Morgan Stanley 长期价值投资分析",
      "reportDate": "2026-10-06",
      "reportFilename": "20261006-MS.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-06-ms",
      "score": 80,
      "valuationJudgment": "合理",
      "price": {
        "currency": "USD",
        "low": 191,
        "high": null,
        "approximate": false,
        "source": {
          "line": 231,
          "text": "当前股价约 $191，低于 Q2 平均回购价 $197.64。"
        }
      },
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "MU",
      "name": "Micron Technology",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-MU.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-mu",
      "score": 80,
      "valuationJudgment": "合理偏便宜，不属于无条件低估",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "HD",
      "name": "The Home Depot（NYSE: HD）长期价值投资分析",
      "reportDate": "2026-10-06",
      "reportFilename": "20261006-HD.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-06-hd",
      "score": 79,
      "valuationJudgment": "便宜（但不是深度低估）",
      "price": null,
      "bear": {
        "currency": "USD",
        "low": 222,
        "high": null,
        "approximate": true,
        "source": {
          "line": 396,
          "text": "| Bear | $16.5 | 17x | 10% | **约 $222** |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 331,
        "high": null,
        "approximate": true,
        "source": {
          "line": 397,
          "text": "| Base | $20.0 | 21x | 9% | **约 $331** |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 425,
        "high": null,
        "approximate": true,
        "source": {
          "line": 398,
          "text": "| Bull | $22.5 | 24x | 8.5% | **约 $425** |"
        }
      },
      "baseVsPricePct": null
    },
    {
      "symbol": "IBKR",
      "name": "Interactive Brokers",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-IBKR.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-ibkr",
      "score": 79,
      "valuationJudgment": "偏贵 / 接近合理价值上沿",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "RTX",
      "name": "RTX Corporation（NYSE: RTX）长期价值投资分析",
      "reportDate": "2026-10-06",
      "reportFilename": "20261006-RTX.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-06-rtx",
      "score": 79,
      "valuationJudgment": "偏贵",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "TSM",
      "name": "TSM / 台积电（TSMC）Ackman 式价值分析",
      "reportDate": "2026-10-05",
      "reportFilename": "20261005-TSM.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-05-tsm",
      "score": 79,
      "valuationJudgment": "合理，但安全边际不足",
      "price": {
        "currency": "USD",
        "low": 472.78,
        "high": null,
        "approximate": false,
        "source": {
          "line": 311,
          "text": "当前价格 US$472.78："
        }
      },
      "bear": {
        "currency": "USD",
        "low": 302,
        "high": null,
        "approximate": true,
        "source": {
          "line": 307,
          "text": "| Bear | $19.50 | 8% | 18x | ~$442 | **~$302** |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 488,
        "high": null,
        "approximate": true,
        "source": {
          "line": 308,
          "text": "| Base | $21.93 | 14% | 22x | ~$715 | **~$488** |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 718,
        "high": null,
        "approximate": true,
        "source": {
          "line": 309,
          "text": "| Bull | $24.00 | 19% | 26x | ~$1,052 | **~$718** |"
        }
      },
      "baseVsPricePct": 3.2
    },
    {
      "symbol": "GS",
      "name": "Goldman Sachs 投资分析",
      "reportDate": "2026-10-06",
      "reportFilename": "20261006-GS.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-06-gs",
      "score": 78,
      "valuationJudgment": "合理",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "KLAC",
      "name": "KLA Corporation（KLAC）长期价值评估",
      "reportDate": "2026-10-06",
      "reportFilename": "20261006-KLAC.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-06-klac",
      "score": 78,
      "valuationJudgment": "偏贵",
      "price": {
        "currency": "USD",
        "low": 206.85,
        "high": null,
        "approximate": false,
        "source": {
          "line": 212,
          "text": "- 股价：**$206.85**"
        }
      },
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "AMZN",
      "name": "Amazon.com 长期价值投资评估",
      "reportDate": "2026-10-05",
      "reportFilename": "20261005-AMZN.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-05-amzn",
      "score": 77,
      "valuationJudgment": "合理",
      "price": {
        "currency": "USD",
        "low": 251,
        "high": null,
        "approximate": false,
        "source": {
          "line": 609,
          "text": "**Current Price $251 < Base $297 < Bull $389**"
        }
      },
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "000660.KS",
      "name": "SK hynix",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-000660.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-000660-ks",
      "score": 76,
      "valuationJudgment": "合理，接近偏贵",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "UNH",
      "name": "UnitedHealth Group（NYSE: UNH）长期价值投资分析",
      "reportDate": "2026-10-06",
      "reportFilename": "20261006-UNH.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-06-unh",
      "score": 76,
      "valuationJudgment": "合理",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "WMT",
      "name": "Walmart Ackman 式价值投资分析",
      "reportDate": "2026-10-05",
      "reportFilename": "20261005-WMT.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-05-wmt",
      "score": 76,
      "valuationJudgment": "偏贵",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "CRWD",
      "name": "CrowdStrike Holdings",
      "reportDate": "2026-10-06",
      "reportFilename": "20261006-CRWD.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-06-crwd",
      "score": 74,
      "valuationJudgment": "明显贵",
      "price": {
        "currency": "USD",
        "low": 272.67,
        "high": null,
        "approximate": false,
        "source": {
          "line": 613,
          "text": "当前价格约 **$272.67**："
        }
      },
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "HSBC",
      "name": "HSBC Holdings plc（NYSE: HSBC）长期价值投资分析",
      "reportDate": "2026-10-06",
      "reportFilename": "20261006-HSBC.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-06-hsbc",
      "score": 74,
      "valuationJudgment": "合理，不便宜",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "SNDK",
      "name": "Sandisk",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-SNDK.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-sndk",
      "score": 74,
      "valuationJudgment": "合理偏贵；只有在高毛利和 NBM 长约可持续的前提下才显得便宜",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "JNJ",
      "name": "Johnson & Johnson 长期价值投资分析",
      "reportDate": "2026-10-08",
      "reportFilename": "20261008-JNJ.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-08-jnj",
      "score": 73,
      "valuationJudgment": "偏贵",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "NVDA",
      "name": "NVIDIA 完整",
      "reportDate": "2026-10-08",
      "reportFilename": "20261008-NVDA.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-08-nvda",
      "score": 73,
      "valuationJudgment": "偏贵（在Base估值下）；远期PE较历史低，不代表现金流DCF低估",
      "price": {
        "currency": "USD",
        "low": 237.47,
        "high": null,
        "approximate": false,
        "source": {
          "line": 83,
          "text": "最新价格 $237.47；Market Cap按24.15B股约$5734.90B；净现金窄口径$23.22B，EV约$5711.68B。PE TTM30.01×、Forward PE19.62×、PEG0.39、P/FCF45.13×、FCF Yield2.22%、EV/EBITDA28.36×，均为2026-10-07附近价格+最新财报数据。"
        }
      },
      "bear": {
        "currency": "USD",
        "low": 88,
        "high": null,
        "approximate": false,
        "source": {
          "line": 88,
          "text": "|Bear|18%|12%|6%|3%|12%|2.5%|$693.1B|$223.8B|32.3%|**$88**|-62.8%|"
        }
      },
      "base": {
        "currency": "USD",
        "low": 201,
        "high": null,
        "approximate": false,
        "source": {
          "line": 89,
          "text": "|Base|25%|26%|12%|6%|11%|3.0%|$924.6B|$403.3B|43.6%|**$201**|-15.4%|"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 412,
        "high": null,
        "approximate": false,
        "source": {
          "line": 90,
          "text": "|Bull|34%|37%|16%|9%|10%|3.5%|$1309.0B|$613.0B|46.8%|**$412**|73.3%|"
        }
      },
      "baseVsPricePct": -15.4
    },
    {
      "symbol": "AMAT",
      "name": "Applied Materials — Ackman式长期价值评估",
      "reportDate": "2026-10-06",
      "reportFilename": "20261006-AMAT.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-06-amat",
      "score": 72,
      "valuationJudgment": "明显贵",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "0700",
      "name": "腾讯控股（0700.HK）长期价值",
      "reportDate": "2026-10-08",
      "reportFilename": "20261008-0700.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-08-0700",
      "score": 71,
      "valuationJudgment": "合理；有限安全边际",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "ARM",
      "name": "Arm Holdings plc — Ackman式长期价值评估",
      "reportDate": "2026-10-06",
      "reportFilename": "20261006-ARM.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-06-arm",
      "score": 70,
      "valuationJudgment": "明显贵",
      "price": null,
      "bear": {
        "currency": "USD",
        "low": 96,
        "high": null,
        "approximate": true,
        "source": {
          "line": 486,
          "text": "| Bear | $5.5 | 28× | $154 | **约 $96** |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 163,
        "high": null,
        "approximate": true,
        "source": {
          "line": 487,
          "text": "| Base | $7.5 | 35× | $263 | **约 $163** |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 307,
        "high": null,
        "approximate": true,
        "source": {
          "line": 488,
          "text": "| Bull | $11.0 | 45× | $495 | **约 $307** |"
        }
      },
      "baseVsPricePct": null
    },
    {
      "symbol": "DELL",
      "name": "Dell Technologies（DELL）长期价值投资分析",
      "reportDate": "2026-10-06",
      "reportFilename": "20261006-DELL.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-06-dell",
      "score": 70,
      "valuationJudgment": "偏贵",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "SOFI",
      "name": "SoFi Technologies（NASDAQ: SOFI）长期价值评估",
      "reportDate": "2026-10-06",
      "reportFilename": "20261006-SOFI.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-06-sofi",
      "score": 70,
      "valuationJudgment": "合理（已接近有吸引力区间，但安全边际尚不算极厚）",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "META",
      "name": "Meta Platforms",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-Meta.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-meta",
      "score": 69,
      "valuationJudgment": "偏贵，缺乏明确安全边际。",
      "price": null,
      "bear": {
        "currency": "USD",
        "low": 280,
        "high": null,
        "approximate": true,
        "source": {
          "line": 131,
          "text": "| Bear | 3 / 8 / 15 / 22 / 30 | 11% / 3% | 约280 |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 700,
        "high": null,
        "approximate": true,
        "source": {
          "line": 132,
          "text": "| Base | 8 / 18 / 30 / 43 / 55 | 10% / 4% | 约700 |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 1020,
        "high": null,
        "approximate": true,
        "source": {
          "line": 133,
          "text": "| Bull | 12 / 26 / 43 / 62 / 80 | 10% / 4% | 约1,020 |"
        }
      },
      "baseVsPricePct": null
    },
    {
      "symbol": "8035",
      "name": "东京电子 Tokyo Electron — Ackman Framework V3.0",
      "reportDate": "2026-10-09",
      "reportFilename": "20261009-8035.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-09-8035",
      "score": 68,
      "valuationJudgment": "1",
      "price": {
        "currency": "CNY",
        "low": 12445,
        "high": null,
        "approximate": false,
        "source": {
          "line": 152,
          "text": "- 股价¥12,445；股数2.273256bn；市值（股权）¥28.29067T。"
        }
      },
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "AMD",
      "name": "AMD（Advanced Micro Devices）长期价值投资分析",
      "reportDate": "2026-10-05",
      "reportFilename": "20261005-AMD.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-05-amd",
      "score": 68,
      "valuationJudgment": "明显贵",
      "price": {
        "currency": "USD",
        "low": 633.91,
        "high": null,
        "approximate": false,
        "source": {
          "line": 455,
          "text": "**Current $633.91 > Base ~$539 < Bull ~$923**"
        }
      },
      "bear": {
        "currency": "USD",
        "low": 210,
        "high": 260,
        "approximate": true,
        "source": {
          "line": 423,
          "text": "### Bear Case：约 **$210–260 / share**"
        }
      },
      "base": {
        "currency": "USD",
        "low": 520,
        "high": 580,
        "approximate": true,
        "source": {
          "line": 433,
          "text": "### Base Case：约 **$520–580 / share**"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 900,
        "high": 1000,
        "approximate": true,
        "source": {
          "line": 443,
          "text": "### Bull Case：约 **$900–1,000 / share**"
        }
      },
      "baseVsPricePct": null
    },
    {
      "symbol": "MRVL",
      "name": "Marvell Technology（MRVL）长期价值评估",
      "reportDate": "2026-10-07",
      "reportFilename": "20261007-MRVL.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-07-mrvl",
      "score": 68,
      "valuationJudgment": "偏贵",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "C",
      "name": "Citigroup",
      "reportDate": "2026-10-09",
      "reportFilename": "20261009-C.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-09-c",
      "score": 67,
      "valuationJudgment": "合理，安全边际有限",
      "price": {
        "currency": "USD",
        "low": 128.08,
        "high": null,
        "approximate": false,
        "source": {
          "line": 207,
          "text": "**Reverse DCF结论：当前股价$128.08。基于10.5%股权折现率、5年预测期和3%永续增长率，市场隐含正常化银行FCFE代理CAGR约3.63%。自研合理长期范围3%–6%，标准FCF CAGR不确定且不适合作银行主估值。市场增长预期属于合理，但已计入回报率改善；当前安全边际有限。**"
        }
      },
      "bear": {
        "currency": "USD",
        "low": 70.62,
        "high": null,
        "approximate": false,
        "source": {
          "line": 15,
          "text": "| Bear/Base/Bull | $70.62 / $131.14 / $176.97 |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 131.14,
        "high": null,
        "approximate": false,
        "source": {
          "line": 15,
          "text": "| Bear/Base/Bull | $70.62 / $131.14 / $176.97 |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 176.97,
        "high": null,
        "approximate": false,
        "source": {
          "line": 15,
          "text": "| Bear/Base/Bull | $70.62 / $131.14 / $176.97 |"
        }
      },
      "baseVsPricePct": 2.4
    },
    {
      "symbol": "LRCX",
      "name": "LRCX｜Lam Research 泛林集团长期价值分析",
      "reportDate": "2026-10-08",
      "reportFilename": "20261008-LRCX.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-08-lrcx",
      "score": 66,
      "valuationJudgment": "明显贵",
      "price": {
        "currency": "USD",
        "low": 329.51,
        "high": null,
        "approximate": false,
        "source": {
          "line": 205,
          "text": "当前股价 $329.51；市场市值 $412.36B；EV $410.90B；已发行股约1.2513B；Net Debt约 -$1.86B；正常化股权FCF **$6.5B（研究假设，不是已披露值）**；FY2026实际FCF $4.891B；资本成本 **10%（股权折现率）**；预测期 **FY2027–FY2031五年**；终值g **3.5%**；作为 FCFE 近似的预计现金流口径为股东净借款稳定下OCF−CapEx，额外净现金一次性加回，其他重大非经营性估值调整暂定零。"
        }
      },
      "bear": {
        "currency": "USD",
        "low": 78.31,
        "high": null,
        "approximate": false,
        "source": {
          "line": 183,
          "text": "| Bear | 6.93 | 27.61 | 68.52 | **$78.31** | -76.2% |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 160.27,
        "high": null,
        "approximate": false,
        "source": {
          "line": 184,
          "text": "| Base | 15.40 | 46.43 | 152.26 | **$160.27** | -51.4% |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 255.65,
        "high": null,
        "approximate": false,
        "source": {
          "line": 185,
          "text": "| Bull | 25.74 | 63.55 | 254.49 | **$255.65** | -22.4% |"
        }
      },
      "baseVsPricePct": -51.4
    },
    {
      "symbol": "005930",
      "name": "三星电子长期价值研究｜2026-10-09",
      "reportDate": "2026-10-09",
      "reportFilename": "20261009-005930.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-09-005930",
      "score": 64,
      "valuationJudgment": "合理、对正常化现金流非常敏感；尚不足以认定明显便宜",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "NBIS",
      "name": "Nebius Group",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-NBIS.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-nbis",
      "score": 64,
      "valuationJudgment": "合理，但安全边际不足",
      "price": {
        "currency": "USD",
        "low": 243,
        "high": null,
        "approximate": false,
        "source": {
          "line": 660,
          "text": "当前股价约 $243，并不是明显贵到无法研究，但在 Base Case 约 $310 的情况下，安全边际仍不足以覆盖建设、GPU 折旧、融资和稀释风险。"
        }
      },
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "ORCL",
      "name": "Oracle",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-甲骨文.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-orcl",
      "score": 64,
      "valuationJudgment": "合理",
      "price": null,
      "bear": {
        "currency": "USD",
        "low": 75,
        "high": 100,
        "approximate": false,
        "source": {
          "line": 679,
          "text": "| 当前折现后内在价值 | **$75–100** | **$160–180** | **$225–250** |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 160,
        "high": 180,
        "approximate": false,
        "source": {
          "line": 679,
          "text": "| 当前折现后内在价值 | **$75–100** | **$160–180** | **$225–250** |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 225,
        "high": 250,
        "approximate": false,
        "source": {
          "line": 679,
          "text": "| 当前折现后内在价值 | **$75–100** | **$160–180** | **$225–250** |"
        }
      },
      "baseVsPricePct": null
    },
    {
      "symbol": "HIMS",
      "name": "Hims & Hers Health — Ackman 框架长期价值评估",
      "reportDate": "2026-10-06",
      "reportFilename": "20261006-HIMS.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-06-hims",
      "score": 61,
      "valuationJudgment": "合理",
      "price": {
        "currency": "USD",
        "low": 29.7,
        "high": null,
        "approximate": false,
        "source": {
          "line": 320,
          "text": "当前股价约 $29.7。"
        }
      },
      "bear": {
        "currency": "USD",
        "low": 14,
        "high": null,
        "approximate": true,
        "source": {
          "line": 351,
          "text": "| Bear | $5.0B | 6% | $300M | 18x | 260M | ~$21 | **~$14** |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 37,
        "high": null,
        "approximate": true,
        "source": {
          "line": 352,
          "text": "| Base | $6.0B | 10% | $600M | 23x | 250M | ~$55 | **~$37** |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 62,
        "high": null,
        "approximate": true,
        "source": {
          "line": 353,
          "text": "| Bull | $6.5B | 14% | $910M | 25x | 245M | ~$93 | **~$62** |"
        }
      },
      "baseVsPricePct": 24.6
    },
    {
      "symbol": "CRWV",
      "name": "CoreWeave",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-CRWV.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-crwv",
      "score": 58,
      "valuationJudgment": "合理偏贵，不属于明显便宜",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "NET",
      "name": "Cloudflare（NET）长期价值投资重估：2026-10-08（修订版）",
      "reportDate": "2026-10-08",
      "reportFilename": "20261008-NET.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-08-net",
      "score": 58,
      "valuationJudgment": "0/10",
      "price": {
        "currency": "USD",
        "low": 342.97,
        "high": null,
        "approximate": false,
        "source": {
          "line": 59,
          "text": "**FCF口径**：现金经营流 - PP&E现金采购 - 资本化自用软件。2025 $260.562M；2025H1 $86.147M；2026H1 $140.458M → TTM $314.873M。股价$342.97×356.08M→市值$122.12B，则**P/FCF约388x，FCF yield约0.26%**。部分第三方采用不同CapEx口径，给出357x，不应混淆。"
        }
      },
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "SPACEX",
      "name": "SpaceX",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-SpaceX.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-spacex",
      "score": 56,
      "valuationJudgment": "明显贵",
      "price": {
        "currency": "USD",
        "low": 158.96,
        "high": null,
        "approximate": false,
        "source": {
          "line": 182,
          "text": "当前价格：**$158.96**"
        }
      },
      "bear": {
        "currency": "USD",
        "low": 45,
        "high": 65,
        "approximate": false,
        "source": {
          "line": 213,
          "text": "| Bear | **$45–65** | Starship 高复用延后；AI 云价格战导致回报偏低；ARPU 承压；轨道计算不给价值 |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 85,
        "high": 110,
        "approximate": false,
        "source": {
          "line": 214,
          "text": "| Base | **$85–110** | Starlink 企业/政府/移动继续成长；AI 算力收入兑现但资本回报正常化；Starship 可常规部署 V3，但不假设每日发射或大规模轨道 AI |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 150,
        "high": 185,
        "approximate": false,
        "source": {
          "line": 215,
          "text": "| Bull | **$150–185** | Starship 快速复用成功；AI 数据中心/光算力获得高 ROIC；Cursor/Grok 成功；轨道计算开始产生可信商业收入 |"
        }
      },
      "baseVsPricePct": null
    },
    {
      "symbol": "CBRS",
      "name": "Cerebras Systems — Ackman 式长期价值评估",
      "reportDate": "2026-10-07",
      "reportFilename": "20261007-CBRS.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-07-cbrs",
      "score": 55,
      "valuationJudgment": "偏贵",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "ANTHROPIC",
      "name": "Anthropic",
      "reportDate": "2026-10-05",
      "reportFilename": "20261005-Anthropic.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-05-anthropic",
      "score": 53,
      "valuationJudgment": "明显贵",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "MSTR",
      "name": "Strategy",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-MSTR.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-mstr",
      "score": 44,
      "valuationJudgment": "合理",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "688825",
      "name": "长鑫科技（CXMT / 688825.SH）长期价值研究",
      "reportDate": "2026-10-09",
      "reportFilename": "20261009-688825.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-09-688825",
      "score": 43,
      "valuationJudgment": "2/10",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "MRNA",
      "name": "Moderna — Ackman 式长期价值评估",
      "reportDate": "2026-10-07",
      "reportFilename": "20261007-MRNA.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-07-mrna",
      "score": 42,
      "valuationJudgment": "明显贵",
      "price": {
        "currency": "USD",
        "low": 184.99,
        "high": null,
        "approximate": false,
        "source": {
          "line": 180,
          "text": "- 股价：约 **$184.99**"
        }
      },
      "bear": {
        "currency": "USD",
        "low": 20,
        "high": null,
        "approximate": true,
        "source": {
          "line": 212,
          "text": "| Bear | $5.5B | 10% | $0.55B | 18× | $2B | **~$20** |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 84,
        "high": null,
        "approximate": true,
        "source": {
          "line": 213,
          "text": "| Base | $8.5B | 25% | $2.13B | 22× | $3B | **~$84** |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 182,
        "high": null,
        "approximate": true,
        "source": {
          "line": 214,
          "text": "| Bull | $14B | 30% | $4.2B | 25× | $3B | **~$182** |"
        }
      },
      "baseVsPricePct": -54.6
    },
    {
      "symbol": "SIVE",
      "name": "Sivers Semiconductors",
      "reportDate": "2026-10-04",
      "reportFilename": "20261004-SIVE.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-04-sive",
      "score": 42,
      "valuationJudgment": "明显贵",
      "price": null,
      "bear": null,
      "base": null,
      "bull": null,
      "baseVsPricePct": null
    },
    {
      "symbol": "INTC",
      "name": "Intel（NASDAQ: INTC）重新估值：十年FCFF DCF与Reverse DCF（2026-10-08，V2）",
      "reportDate": "2026-10-08",
      "reportFilename": "20261008-INTC.md",
      "reportUrl": "https://research.sibit.ai/report/2026-10-08-intc",
      "score": 39,
      "valuationJudgment": "明显贵",
      "price": {
        "currency": "USD",
        "low": 113.12,
        "high": null,
        "approximate": false,
        "source": {
          "line": 226,
          "text": "**标准结论**：当前股价为**$113.12**。基于**10% WACC、10年预测期及3%永续增长率**，**若2027年假设正常化FCFF=$3B**，市场隐含2027–2036 FCFF CAGR约**45.6%**。本研究Base认为经营现金流会从极低基数快速恢复，但长期正常化收入CAGR约8.6%、2036 FCFF率15%，不足以覆盖股价。市场预期属于**极高**；价格安全边际**不足**。"
        }
      },
      "bear": {
        "currency": "USD",
        "low": 0,
        "high": null,
        "approximate": true,
        "source": {
          "line": 141,
          "text": "| **每股估值** | **接近$0** | **$25.1** | **$96.3** |"
        }
      },
      "base": {
        "currency": "USD",
        "low": 25.1,
        "high": null,
        "approximate": false,
        "source": {
          "line": 141,
          "text": "| **每股估值** | **接近$0** | **$25.1** | **$96.3** |"
        }
      },
      "bull": {
        "currency": "USD",
        "low": 96.3,
        "high": null,
        "approximate": false,
        "source": {
          "line": 141,
          "text": "| **每股估值** | **接近$0** | **$25.1** | **$96.3** |"
        }
      },
      "baseVsPricePct": -77.8
    }
  ]
}