{
  "generated_at": "2026-05-13T09:15:18.609Z",
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      "type": "company",
      "name": "北方导航",
      "ticker": "600435",
      "path": "companies/北方导航-600435.md",
      "summary": "北方导航（600435） 的研报主线集中在 净利润、同比、投资建议、营收：经营拐点已至，逐季改善趋势明确。受益于“十四五”收官装备列装加速，导航主业交付提速，2025Q1-Q3归母净利润同比大增268.8%，Q3末合同负债同比+238.8%，后续业绩有望延续改善。",
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      "type": "company",
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      "path": "companies/铂力特-688333.md",
      "summary": "铂力特（688333） 的研报主线集中在 净利润、毛利率、同比、证券：多元化经营与航空航天高景气驱动业绩稳健增长，打印服务与原材料业务增速亮眼。",
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      "type": "company",
      "name": "春秋航空",
      "ticker": "601021",
      "path": "companies/春秋航空-601021.md",
      "summary": "春秋航空（601021） 的研报主线集中在 航空、石油、同比、ROE：低成本航司票价表现韧性较强，机队扩张、国际航线修复、票价降幅收敛及成本端改善有望共同支撑公司业绩继续上行。",
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      "label": "春秋航空",
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      "type": "company",
      "name": "东航物流",
      "ticker": "601156",
      "path": "companies/东航物流-601156.md",
      "summary": "东航物流（601156） 的研报主线集中在 净利润、毛利率、同比、证券：运力资源充足且2025年增长确定，拥有15架B777全货机并独家经营东航股份800余架客机腹舱，有望承接新增空运需求。",
      "category": "company",
      "group": "company",
      "label": "东航物流",
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      "type": "company",
      "name": "钢研高纳",
      "ticker": "300034",
      "path": "companies/钢研高纳-300034.md",
      "summary": "钢研高纳（300034） 的研报主线集中在 钢材、高温合金、净利润、同比：国防预算稳健增长及军/民航发需求释放，行业景气度向上确定性较强，公司作为高端高温合金龙头深度受益。",
      "category": "company",
      "group": "company",
      "label": "钢研高纳",
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      "in_degree_total": 9,
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      "type": "company",
      "name": "观典防务",
      "ticker": "688287",
      "path": "companies/观典防务-688287.md",
      "summary": "观典防务（688287） 的研报主线集中在 净利润、毛利率、同比、证券：无人机禁毒龙头，国家级专精特新“小巨人”，技术壁垒高，服务模式成熟。",
      "category": "company",
      "group": "company",
      "label": "观典防务",
      "degree_total": 38,
      "in_degree_total": 1,
      "out_degree_total": 37,
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      "type": "company",
      "name": "光电股份",
      "ticker": "600184",
      "path": "companies/光电股份-600184.md",
      "summary": "光电股份（600184） 的研报主线集中在 金融、净利润、毛利率、同比：隶属于兵器工业集团，作为集团唯一光电类上市公司，定增扩产积极迎装备信息化复苏。",
      "category": "company",
      "group": "company",
      "label": "光电股份",
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      "type": "company",
      "name": "国科军工",
      "ticker": "688543",
      "path": "companies/国科军工-688543.md",
      "summary": "国科军工（688543） 的研报主线集中在 风险、净利润、军工、投资建议：聚焦导弹固体发动机动力与控制及弹药装备两大核心体系，内需列装与军贸出口双轮驱动。",
      "category": "company",
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      "label": "国科军工",
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      "type": "company",
      "name": "海格通信",
      "ticker": "002465",
      "path": "companies/海格通信-002465.md",
      "summary": "海格通信（002465） 的研报主线集中在 净利润、毛利率、投资建议、证券：国防信息化处于成长期，军事无线通信需求持续景气，公司全频段覆盖与系统集成能力构筑核心壁垒。",
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      "group": "company",
      "label": "海格通信",
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      "type": "company",
      "name": "航材股份",
      "ticker": "688563",
      "path": "companies/航材股份-688563.md",
      "summary": "航材股份（688563） 的研报主线集中在 航空、净利润、同比、证券：全球航空产业需求复苏叠加“两机”专项推进，军用飞机升级换代与国产大飞机交付双轮驱动航空新材料市场持续扩容。",
      "category": "company",
      "group": "company",
      "label": "航材股份",
      "degree_total": 58,
      "in_degree_total": 4,
      "out_degree_total": 54,
      "visible_edge_count": 4,
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      "generic_topic": false
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      "type": "company",
      "name": "航发动力",
      "ticker": "600893",
      "path": "companies/航发动力-600893.md",
      "summary": "航发动力（600893） 的研报主线集中在 航空、航空发动机、净利润、毛利率：航改燃业务受益于全球电力需求激增及海外产能瓶颈，国产替代窗口开启，有望成为公司第二增长曲线。",
      "category": "company",
      "group": "company",
      "label": "航发动力",
      "degree_total": 56,
      "in_degree_total": 7,
      "out_degree_total": 49,
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      "type": "company",
      "name": "航发控制",
      "ticker": "000738",
      "path": "companies/航发控制-000738.md",
      "summary": "航发控制（000738） 的研报主线集中在 净利润、毛利率、同比、投资建议：军工行业整体承压背景下，公司业绩逆势增长，毛利率与净利率双升，盈利能力持续增强。",
      "category": "company",
      "group": "company",
      "label": "航发控制",
      "degree_total": 33,
      "in_degree_total": 3,
      "out_degree_total": 30,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
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      "id": "company:002025",
      "type": "company",
      "name": "航天电器",
      "ticker": "002025",
      "path": "companies/航天电器-002025.md",
      "summary": "航天电器（002025） 的研报主线集中在 航天、净利润、投资建议、证券：防务需求阶段性放缓导致2024年业绩下滑，但伴随下游需求回暖及新质新域/商业航天/低空经济等布局，产品订单已大幅增长，未来收入与盈利有望迎来高弹性修复。",
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      "label": "航天电器",
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      "in_degree_total": 1,
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      "type": "company",
      "name": "航天电子",
      "ticker": "600879",
      "path": "companies/航天电子-600879.md",
      "summary": "航天电子（600879） 的研报主线集中在 航天、净利润、毛利率、投资建议：航天电子信息龙头，深度受益于卫星互联网建设提速与商业航天高景气周期。",
      "category": "company",
      "group": "company",
      "label": "航天电子",
      "degree_total": 46,
      "in_degree_total": 5,
      "out_degree_total": 41,
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      "type": "company",
      "name": "航天宏图",
      "ticker": "688066",
      "path": "companies/航天宏图-688066.md",
      "summary": "航天宏图（688066） 的研报主线集中在 航天、净利润、毛利率、证券：国内卫星运营与应用服务龙头，已形成“核心软件平台+行业应用+数据服务”稳定商业模式，营收与利润保持高速增长。",
      "category": "company",
      "group": "company",
      "label": "航天宏图",
      "degree_total": 46,
      "in_degree_total": 1,
      "out_degree_total": 45,
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      "type": "company",
      "name": "航天信息",
      "ticker": "600271",
      "path": "companies/航天信息-600271.md",
      "summary": "航天信息（600271） 的研报主线集中在 航天、金融、净利润、证券：税控设备政策性调价影响短期消化，公司开启盘活客户基础、转型服务模式的征程。",
      "category": "company",
      "group": "company",
      "label": "航天信息",
      "degree_total": 54,
      "in_degree_total": 0,
      "out_degree_total": 54,
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      "high_confidence_neighbor_count": 0,
      "generic_topic": false
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      "id": "company:600316",
      "type": "company",
      "name": "洪都航空",
      "ticker": "600316",
      "path": "companies/洪都航空-600316.md",
      "summary": "洪都航空（600316） 的研报主线集中在 风险、航空、净利润、毛利率：国内稀缺的全谱系教练机总装单位，教练机体系由“三机三级制”向“两机两级制”变革牵引需求放量，且具备有人-无人协同能力。",
      "category": "company",
      "group": "company",
      "label": "洪都航空",
      "degree_total": 47,
      "in_degree_total": 3,
      "out_degree_total": 44,
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      "high_confidence_neighbor_count": 2,
      "generic_topic": false
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      "id": "company:300133",
      "type": "company",
      "name": "华策影视",
      "ticker": "300133",
      "path": "companies/华策影视-300133.md",
      "summary": "华策影视（300133） 的研报主线集中在 风险、净利润、毛利率、投资建议：剧集储备与预售订单充足，短剧与出海赛道多元化布局保障长期业绩增长。",
      "category": "company",
      "group": "company",
      "label": "华策影视",
      "degree_total": 30,
      "in_degree_total": 0,
      "out_degree_total": 30,
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      "id": "company:688311",
      "type": "company",
      "name": "盟升电子",
      "ticker": "688311",
      "path": "companies/盟升电子-688311.md",
      "summary": "盟升电子（688311） 的研报主线集中在 净利润、毛利率、同比、投资建议：深耕制导装备导航系统，受益于下游特种装备信息化需求放量及产品渗透率提升。",
      "category": "company",
      "group": "company",
      "label": "盟升电子",
      "degree_total": 30,
      "in_degree_total": 1,
      "out_degree_total": 29,
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      "id": "company:688522",
      "type": "company",
      "name": "纳睿雷达",
      "ticker": "688522",
      "path": "companies/纳睿雷达-688522.md",
      "summary": "纳睿雷达（688522） 的研报主线集中在 低空经济、金融、净利润、同比：天气雷达与水利测雨雷达需求快速增长，2024年新增项目签署合同金额约8亿元，同比大幅增长，成为短期业绩核心驱动力。",
      "category": "company",
      "group": "company",
      "label": "纳睿雷达",
      "degree_total": 31,
      "in_degree_total": 0,
      "out_degree_total": 31,
      "visible_edge_count": 1,
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      "id": "company:600009",
      "type": "company",
      "name": "上海机场",
      "ticker": "600009",
      "path": "companies/上海机场-600009.md",
      "summary": "上海机场（600009） 的研报主线集中在 航空、同比、净利润、毛利率：航空出行需求持续恢复，国际航线增长显著，带动公司营收与利润双增。",
      "category": "company",
      "group": "company",
      "label": "上海机场",
      "degree_total": 44,
      "in_degree_total": 2,
      "out_degree_total": 42,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:300855",
      "type": "company",
      "name": "图南股份",
      "ticker": "300855",
      "path": "companies/图南股份-300855.md",
      "summary": "图南股份（300855） 的研报主线集中在 高温合金、金融、净利润、毛利率：短期业绩受产品结构变化拖累，但公司持续加大研发投入，IPO募投项目及子公司新产线已投产，叠加陶瓷基复合材料等新业务布局，有望构筑第二增长曲线并支撑未来业绩高增长。",
      "category": "company",
      "group": "company",
      "label": "图南股份",
      "degree_total": 54,
      "in_degree_total": 8,
      "out_degree_total": 46,
      "visible_edge_count": 5,
      "high_confidence_neighbor_count": 4,
      "generic_topic": false
    },
    {
      "id": "company:002648",
      "type": "company",
      "name": "卫星化学",
      "ticker": "002648",
      "path": "companies/卫星化学-002648.md",
      "summary": "卫星化学（002648） 的研报主线集中在 净利润、同比、投资建议、卫星：公司作为国内轻烃产业链一体化龙头，短期利润受例行检修及下游产品价格回落影响，但成本端价差走扩提供支撑；高性能催化新材料与α-烯烃综合利用项目加速落地，向高端聚烯烃及浸没式液冷冷却液延伸，长期成长空间广阔。",
      "category": "company",
      "group": "company",
      "label": "卫星化学",
      "degree_total": 40,
      "in_degree_total": 0,
      "out_degree_total": 40,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:688122",
      "type": "company",
      "name": "西部超导",
      "ticker": "688122",
      "path": "companies/西部超导-688122.md",
      "summary": "西部超导（688122） 的研报主线集中在 超导材料、净利润、毛利率、钛：超导业务：核聚变+半导体+医疗多重需求驱动，超导线材有望加速放量。",
      "category": "company",
      "group": "company",
      "label": "西部超导",
      "degree_total": 60,
      "in_degree_total": 2,
      "out_degree_total": 58,
      "visible_edge_count": 5,
      "high_confidence_neighbor_count": 5,
      "generic_topic": false
    },
    {
      "id": "company:300137",
      "type": "company",
      "name": "先河环保",
      "ticker": "300137",
      "path": "companies/先河环保-300137.md",
      "summary": "先河环保（300137） 的研报主线集中在 环境监测、净利润、证券、风险：环保物联网解决方案龙头，数据运营服务成为新引擎，商业模式向“测管治联动”一站式第三方服务转型。",
      "category": "company",
      "group": "company",
      "label": "先河环保",
      "degree_total": 33,
      "in_degree_total": 0,
      "out_degree_total": 33,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:603308",
      "type": "company",
      "name": "应流股份",
      "ticker": "603308",
      "path": "companies/应流股份-603308.md",
      "summary": "应流股份（603308） 的研报主线集中在 净利润、同比、投资建议、证券：AI数据中心建设催化全球燃机需求加速上行，海外龙头产能紧张且订单可见度超4年，公司作为国内燃机叶片龙头充分受益订单外溢。",
      "category": "company",
      "group": "company",
      "label": "应流股份",
      "degree_total": 52,
      "in_degree_total": 4,
      "out_degree_total": 48,
      "visible_edge_count": 4,
      "high_confidence_neighbor_count": 3,
      "generic_topic": false
    },
    {
      "id": "company:688636",
      "type": "company",
      "name": "智明达",
      "ticker": "688636",
      "path": "companies/智明达-688636.md",
      "summary": "智明达（688636） 的研报主线集中在 净利润、投资建议、证券、商业航天：国防信息化建设加速推进，嵌入式计算机作为高科技装备智能核心，在装备控制、指挥通信等系统中具备不可替代地位，需求空间巨大。",
      "category": "company",
      "group": "company",
      "label": "智明达",
      "degree_total": 37,
      "in_degree_total": 1,
      "out_degree_total": 36,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:688146",
      "type": "company",
      "name": "中船特气",
      "ticker": "688146",
      "path": "companies/中船特气-688146.md",
      "summary": "中船特气（688146） 的研报主线集中在 电子特气、证券、净利润、半导体：电子特气下游需求持续增长，海外管制背景下供应链自主可控重要性提升，国产替代进程有望加速。",
      "category": "company",
      "group": "company",
      "label": "中船特气",
      "degree_total": 44,
      "in_degree_total": 0,
      "out_degree_total": 44,
      "visible_edge_count": 5,
      "high_confidence_neighbor_count": 5,
      "generic_topic": false
    },
    {
      "id": "company:600115",
      "type": "company",
      "name": "中国东航",
      "ticker": "600115",
      "path": "companies/中国东航-600115.md",
      "summary": "中国东航（600115） 的研报主线集中在 净利润、毛利率、石油、同比：行业供给端受全球供应链扰动及飞机制造商交付能力下降影响，机队规模增速呈“下台阶式”趋势，供需格局持续优化。",
      "category": "company",
      "group": "company",
      "label": "中国东航",
      "degree_total": 58,
      "in_degree_total": 6,
      "out_degree_total": 52,
      "visible_edge_count": 10,
      "high_confidence_neighbor_count": 6,
      "generic_topic": false
    },
    {
      "id": "company:601111",
      "type": "company",
      "name": "中国国航",
      "ticker": "601111",
      "path": "companies/中国国航-601111.md",
      "summary": "中国国航（601111） 的研报主线集中在 净利润、石油、同比、证券：中国唯一载旗航司，北京“一市两场”枢纽构筑核心区位与客源壁垒，国际航线网络覆盖广泛。",
      "category": "company",
      "group": "company",
      "label": "中国国航",
      "degree_total": 58,
      "in_degree_total": 9,
      "out_degree_total": 49,
      "visible_edge_count": 6,
      "high_confidence_neighbor_count": 5,
      "generic_topic": false
    },
    {
      "id": "company:600764",
      "type": "company",
      "name": "中国海防",
      "ticker": "600764",
      "path": "companies/中国海防-600764.md",
      "summary": "中国海防（600764） 的研报主线集中在 风险、净利润、同比、投资建议：防务与电子信息双轮驱动，水声电子防务受益于无人平台装备突破实现高增，非防务板块智慧城市与智能制造项目落地成为营收核心动力。",
      "category": "company",
      "group": "company",
      "label": "中国海防",
      "degree_total": 45,
      "in_degree_total": 0,
      "out_degree_total": 45,
      "visible_edge_count": 5,
      "high_confidence_neighbor_count": 4,
      "generic_topic": false
    },
    {
      "id": "company:600118",
      "type": "company",
      "name": "中国卫星",
      "ticker": "600118",
      "path": "companies/中国卫星-600118.md",
      "summary": "中国卫星（600118） 的研报主线集中在 航天、净利润、毛利率、同比：公司聚焦卫星通导遥一体化产业，依托国家级研发平台与核心子公司，具备小卫星研制、系统集成及数据服务全链条能力，业绩保持稳健增长。",
      "category": "company",
      "group": "company",
      "label": "中国卫星",
      "degree_total": 44,
      "in_degree_total": 5,
      "out_degree_total": 39,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:600372",
      "type": "company",
      "name": "中航机载",
      "ticker": "600372",
      "path": "companies/中航机载-600372.md",
      "summary": "中航机载（600372） 的研报主线集中在 航空、净利润、毛利率、同比：短期业绩波动不改长期增长逻辑，公司作为航空机载产品链主，在民用大飞机配套及低空经济领域具备明确增量空间。",
      "category": "company",
      "group": "company",
      "label": "中航机载",
      "degree_total": 42,
      "in_degree_total": 3,
      "out_degree_total": 39,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:000768",
      "type": "company",
      "name": "中航西飞",
      "ticker": "000768",
      "path": "companies/中航西飞-000768.md",
      "summary": "中航西飞（000768） 的研报主线集中在 净利润、毛利率、同比、投资建议：军品基本盘稳固，运-20系列迭代及军贸出海（运-9E交付、运-20E亮相）打开增量空间。",
      "category": "company",
      "group": "company",
      "label": "中航西飞",
      "degree_total": 57,
      "in_degree_total": 2,
      "out_degree_total": 55,
      "visible_edge_count": 3,
      "high_confidence_neighbor_count": 3,
      "generic_topic": false
    },
    {
      "id": "company:600765",
      "type": "company",
      "name": "中航重机",
      "ticker": "600765",
      "path": "companies/中航重机-600765.md",
      "summary": "中航重机（600765） 的研报主线集中在 风险、证券、航空、金融：产业链纵向一体化是锻铸造企业做大做强的有效路径，公司正复刻PCC发展路径，通过向上游延伸原材料、中游并购锻铸产能、下游拓展精密机加，提升产业链地位与盈利能力。",
      "category": "company",
      "group": "company",
      "label": "中航重机",
      "degree_total": 54,
      "in_degree_total": 0,
      "out_degree_total": 54,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:688297",
      "type": "company",
      "name": "中无人机",
      "ticker": "688297",
      "path": "companies/中无人机-688297.md",
      "summary": "中无人机（688297） 的研报主线集中在 金融、净利润、毛利率、同比：军用大型无人机领军企业，翼龙系列已出口多国并经历实战检验，积极践行国家战略推动国内国际双循环。",
      "category": "company",
      "group": "company",
      "label": "中无人机",
      "degree_total": 41,
      "in_degree_total": 6,
      "out_degree_total": 35,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:600038",
      "type": "company",
      "name": "中直股份",
      "ticker": "600038",
      "path": "companies/中直股份-600038.md",
      "summary": "中直股份（600038） 的研报主线集中在 航空、金融、净利润、毛利率：公司作为国内直升机制造业主力军，伴随航空装备与低空经济需求增长，四季度业绩有望显著提速。",
      "category": "company",
      "group": "company",
      "label": "中直股份",
      "degree_total": 32,
      "in_degree_total": 2,
      "out_degree_total": 30,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:600004",
      "type": "company",
      "name": "白云机场",
      "ticker": "600004",
      "path": "companies/白云机场-600004.md",
      "summary": "白云机场（600004） 的研报主线集中在 风险、航空、净利润、毛利率：2023H1生产经营活动加速恢复，航空性及非航业务收入双升，推动营收同比大幅增长。",
      "category": "company",
      "group": "company",
      "label": "白云机场",
      "degree_total": 35,
      "in_degree_total": 4,
      "out_degree_total": 31,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:688375",
      "type": "company",
      "name": "国博电子",
      "ticker": "688375",
      "path": "companies/国博电子-688375.md",
      "summary": "国博电子（688375） 的研报主线集中在 净利润、毛利率、商业航天、投资建议：商业航天加速发展，可回收火箭技术突破将推动低轨卫星组网，公司作为卫星T/R组件核心供应商有望切入百亿级增量市场。",
      "category": "company",
      "group": "company",
      "label": "国博电子",
      "degree_total": 38,
      "in_degree_total": 2,
      "out_degree_total": 36,
      "visible_edge_count": 3,
      "high_confidence_neighbor_count": 3,
      "generic_topic": false
    },
    {
      "id": "company:002928",
      "type": "company",
      "name": "华夏航空",
      "ticker": "002928",
      "path": "companies/华夏航空-002928.md",
      "summary": "华夏航空（002928） 的研报主线集中在 航空、净利润、同比、证券：稀缺支线龙头定位，独飞航线占比高，构建全国性支线网络与区域壁垒。",
      "category": "company",
      "group": "company",
      "label": "华夏航空",
      "degree_total": 40,
      "in_degree_total": 2,
      "out_degree_total": 38,
      "visible_edge_count": 7,
      "high_confidence_neighbor_count": 6,
      "generic_topic": false
    },
    {
      "id": "company:603678",
      "type": "company",
      "name": "火炬电子",
      "ticker": "603678",
      "path": "companies/火炬电子-603678.md",
      "summary": "火炬电子（603678） 的研报主线集中在 风险、净利润、投资建议、证券：军用元器件需求复苏叠加“十五五”初期备货，公司自产元器件板块有望充分受益。",
      "category": "company",
      "group": "company",
      "label": "火炬电子",
      "degree_total": 46,
      "in_degree_total": 0,
      "out_degree_total": 46,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:603885",
      "type": "company",
      "name": "吉祥航空",
      "ticker": "603885",
      "path": "companies/吉祥航空-603885.md",
      "summary": "吉祥航空（603885） 的研报主线集中在 航空、净利润、毛利率、石油：宽体机引进完毕且利用率显著提升，叠加资本开支放缓降低财务费用，单位成本有望摊薄，盈利改善空间明确。",
      "category": "company",
      "group": "company",
      "label": "吉祥航空",
      "degree_total": 48,
      "in_degree_total": 6,
      "out_degree_total": 42,
      "visible_edge_count": 5,
      "high_confidence_neighbor_count": 4,
      "generic_topic": false
    },
    {
      "id": "company:600029",
      "type": "company",
      "name": "南方航空",
      "ticker": "600029",
      "path": "companies/南方航空-600029.md",
      "summary": "南方航空（600029） 的研报主线集中在 航空、净利润、石油、同比：民航供应链瓶颈制约机队规模增速，行业运力投放保持低速增长，全行业客座率处于历史高位；未来供给增长受限叠加需求复苏，有望拉动运价表现，推动民航基本面逐步复苏与业绩兑现。",
      "category": "company",
      "group": "company",
      "label": "南方航空",
      "degree_total": 45,
      "in_degree_total": 4,
      "out_degree_total": 41,
      "visible_edge_count": 3,
      "high_confidence_neighbor_count": 3,
      "generic_topic": false
    },
    {
      "id": "company:603712",
      "type": "company",
      "name": "七一二",
      "ticker": "603712",
      "path": "companies/七一二-603712.md",
      "summary": "七一二（603712） 的研报主线集中在 净利润、毛利率、证券、航空：军队信息化建设加速，军用无线通信装备需求进入爆发期，公司作为核心供应商直接受益。",
      "category": "company",
      "group": "company",
      "label": "七一二",
      "degree_total": 52,
      "in_degree_total": 2,
      "out_degree_total": 50,
      "visible_edge_count": 4,
      "high_confidence_neighbor_count": 4,
      "generic_topic": false
    },
    {
      "id": "company:688270",
      "type": "company",
      "name": "臻镭科技",
      "ticker": "688270",
      "path": "companies/臻镭科技-688270.md",
      "summary": "臻镭科技（688270） 的研报主线集中在 风险、净利润、毛利率、投资建议：公司深耕国防信息化赛道，四大产品线覆盖航天、相控阵雷达等高景气领域，中长期成长逻辑确定。",
      "category": "company",
      "group": "company",
      "label": "臻镭科技",
      "degree_total": 39,
      "in_degree_total": 4,
      "out_degree_total": 35,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:000733",
      "type": "company",
      "name": "振华科技",
      "ticker": "000733",
      "path": "companies/振华科技-000733.md",
      "summary": "振华科技（000733） 的研报主线集中在 净利润、毛利率、同比、投资建议：军工元器件平台型龙头，行业复苏背景下业绩呈现边际改善，Q2环比大幅好转，下半年有望持续恢复高增长。",
      "category": "company",
      "group": "company",
      "label": "振华科技",
      "degree_total": 36,
      "in_degree_total": 0,
      "out_degree_total": 36,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:600482",
      "type": "company",
      "name": "中国动力",
      "ticker": "600482",
      "path": "companies/中国动力-600482.md",
      "summary": "中国动力（600482） 的研报主线集中在 同比、证券、工业原材料、价格：受益船舶大周期上行及环保政策趋严，船用低速柴油机需求旺盛，公司订单高增且合同负债持续攀升。",
      "category": "company",
      "group": "company",
      "label": "中国动力",
      "degree_total": 61,
      "in_degree_total": 1,
      "out_degree_total": 60,
      "visible_edge_count": 10,
      "high_confidence_neighbor_count": 8,
      "generic_topic": false
    },
    {
      "id": "company:600862",
      "type": "company",
      "name": "中航高科",
      "ticker": "600862",
      "path": "companies/中航高科-600862.md",
      "summary": "中航高科（600862） 的研报主线集中在 航空、净利润、碳纤维、证券：中航工业集团旗下航空复材绝对龙头，技术壁垒深厚且集团资源赋能明确。",
      "category": "company",
      "group": "company",
      "label": "中航高科",
      "degree_total": 44,
      "in_degree_total": 3,
      "out_degree_total": 41,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:002179",
      "type": "company",
      "name": "中航光电",
      "ticker": "002179",
      "path": "companies/中航光电-002179.md",
      "summary": "中航光电（002179） 的研报主线集中在 证券、金融、净利润、投资建议：公司深耕航空防务与高端制造互连解决方案，多赛道布局打开长期成长空间。",
      "category": "company",
      "group": "company",
      "label": "中航光电",
      "degree_total": 54,
      "in_degree_total": 2,
      "out_degree_total": 52,
      "visible_edge_count": 5,
      "high_confidence_neighbor_count": 5,
      "generic_topic": false
    },
    {
      "id": "company:600760",
      "type": "company",
      "name": "中航沈飞",
      "ticker": "600760",
      "path": "companies/中航沈飞-600760.md",
      "summary": "中航沈飞（600760） 的研报主线集中在 净利润、毛利率、同比、投资建议：公司作为国内航空防务装备龙头，完整型号谱系奠定竞争优势，航空装备景气复苏叠加新型号放量在即，军贸与维修业务打开中长期成长空间。",
      "category": "company",
      "group": "company",
      "label": "中航沈飞",
      "degree_total": 41,
      "in_degree_total": 4,
      "out_degree_total": 37,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:002049",
      "type": "company",
      "name": "紫光国微",
      "ticker": "002049",
      "path": "companies/紫光国微-002049.md",
      "summary": "紫光国微（002049） 的研报主线集中在 金融、净利润、毛利率、特种集成电路：下游特种集成电路需求复苏不及预期叠加降价去库存压力，导致短期业绩显著承压，但Q2环比已现改善迹象。",
      "category": "company",
      "group": "company",
      "label": "紫光国微",
      "degree_total": 32,
      "in_degree_total": 1,
      "out_degree_total": 31,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:000969",
      "type": "company",
      "name": "安泰科技",
      "ticker": "000969",
      "path": "companies/安泰科技-000969.md",
      "summary": "安泰科技（000969） 的研报主线集中在 净利润、同比、证券、风险：中国钢研集团金属新材料产业化平台，“2+3+4”业务体系构筑多谱系共振发展格局。",
      "category": "company",
      "group": "company",
      "label": "安泰科技",
      "degree_total": 51,
      "in_degree_total": 0,
      "out_degree_total": 51,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:300138",
      "type": "company",
      "name": "晨光生物",
      "ticker": "300138",
      "path": "companies/晨光生物-300138.md",
      "summary": "晨光生物（300138） 的研报主线集中在 风险、价格、净利润、投资建议：植提主业量增价稳，定制化渗透率持续提升，龙头地位稳固。",
      "category": "company",
      "group": "company",
      "label": "晨光生物",
      "degree_total": 36,
      "in_degree_total": 0,
      "out_degree_total": 36,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:688552",
      "type": "company",
      "name": "航天南湖",
      "ticker": "688552",
      "path": "companies/航天南湖-688552.md",
      "summary": "航天南湖（688552） 的研报主线集中在 低空经济、航天、金融、净利润：下游需求确定性强，结合高存货与预计关联销售大幅增长，2024年业绩有望迎来反弹。",
      "category": "company",
      "group": "company",
      "label": "航天南湖",
      "degree_total": 23,
      "in_degree_total": 0,
      "out_degree_total": 23,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:300136",
      "type": "company",
      "name": "信维通信",
      "ticker": "300136",
      "path": "companies/信维通信-300136.md",
      "summary": "信维通信（300136） 的研报主线集中在 风险、净利润、毛利率、消费电子：泛射频业务全球化布局完善，从天线单一供应向多业务协同拓展，构筑技术护城河。",
      "category": "company",
      "group": "company",
      "label": "信维通信",
      "degree_total": 36,
      "in_degree_total": 1,
      "out_degree_total": 35,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:600685",
      "type": "company",
      "name": "中船防务",
      "ticker": "600685",
      "path": "companies/中船防务-600685.md",
      "summary": "中船防务（600685） 的研报主线集中在 船舶制造、净利润、同比、证券：船舶老龄化与环保法规趋严催生刚性替换需求，支撑新造船市场长期景气。",
      "category": "company",
      "group": "company",
      "label": "中船防务",
      "degree_total": 56,
      "in_degree_total": 2,
      "out_degree_total": 54,
      "visible_edge_count": 9,
      "high_confidence_neighbor_count": 6,
      "generic_topic": false
    },
    {
      "id": "company:688231",
      "type": "company",
      "name": "隆达股份",
      "ticker": "688231",
      "path": "companies/隆达股份-688231.md",
      "summary": "隆达股份（688231） 的研报主线集中在 高温合金、净利润、证券、产能扩张：战略转型成效显著，高温合金业务占比及盈利能力大幅提升，逐步替代低附加值合金管材业务。",
      "category": "company",
      "group": "company",
      "label": "隆达股份",
      "degree_total": 47,
      "in_degree_total": 1,
      "out_degree_total": 46,
      "visible_edge_count": 4,
      "high_confidence_neighbor_count": 4,
      "generic_topic": false
    },
    {
      "id": "company:688685",
      "type": "company",
      "name": "迈信林",
      "ticker": "688685",
      "path": "companies/迈信林-688685.md",
      "summary": "迈信林（688685） 的研报主线集中在 净利润、算力、同比、证券：航空主业基本盘稳固，十四五军机加速放量及特种工艺处理业务兑现将带动零部件需求持续增长。",
      "category": "company",
      "group": "company",
      "label": "迈信林",
      "degree_total": 33,
      "in_degree_total": 2,
      "out_degree_total": 31,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:688011",
      "type": "company",
      "name": "新光光电",
      "ticker": "688011",
      "path": "companies/新光光电-688011.md",
      "summary": "新光光电（688011） 的研报主线集中在 风险、净利润、军工、毛利率：公司技术硬实力深厚，业务产品位于导弹产业价值链较高位置，制导系统占导弹总成本15%-45%，技术附加值与毛利率较高。",
      "category": "company",
      "group": "company",
      "label": "新光光电",
      "degree_total": 46,
      "in_degree_total": 2,
      "out_degree_total": 44,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:600072",
      "type": "company",
      "name": "中船科技",
      "ticker": "600072",
      "path": "companies/中船科技-600072.md",
      "summary": "中船科技（600072） 的研报主线集中在 风险、净利润、毛利率、同比：并购整合中船系风电资产，配套募资30亿元用于海风总装基地、叶片产线改造及风电场开发，公司正式转型为以风电为主的新能源企业。",
      "category": "company",
      "group": "company",
      "label": "中船科技",
      "degree_total": 36,
      "in_degree_total": 2,
      "out_degree_total": 34,
      "visible_edge_count": 5,
      "high_confidence_neighbor_count": 5,
      "generic_topic": false
    },
    {
      "id": "company:688027",
      "type": "company",
      "name": "国盾量子",
      "ticker": "688027",
      "path": "companies/国盾量子-688027.md",
      "summary": "国盾量子（688027） 的研报主线集中在 估值、金融、净利润、量子：量子计算业务成为核心增长引擎，叠加中国电信战略入股带来的渠道与基建协同，推动公司从技术研发向规模化商业落地转型。",
      "category": "company",
      "group": "company",
      "label": "国盾量子",
      "degree_total": 25,
      "in_degree_total": 0,
      "out_degree_total": 25,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:600391",
      "type": "company",
      "name": "航发科技",
      "ticker": "600391",
      "path": "companies/航发科技-600391.md",
      "summary": "航发科技（600391） 的研报主线集中在 航空、净利润、军工、燃气轮机：中报业绩实现近六年首次扭亏为盈，盈利能力显著改善，毛利率与净利率均创近五年新高。",
      "category": "company",
      "group": "company",
      "label": "航发科技",
      "degree_total": 27,
      "in_degree_total": 3,
      "out_degree_total": 24,
      "visible_edge_count": 3,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:688523",
      "type": "company",
      "name": "航天环宇",
      "ticker": "688523",
      "path": "companies/航天环宇-688523.md",
      "summary": "航天环宇（688523） 的研报主线集中在 航空、航天、净利润、卫星：公司主营业务横跨卫星互联网、低空经济与民机三大高景气赛道，紧跟国家战略指引，有望持续创造盈利增长点。",
      "category": "company",
      "group": "company",
      "label": "航天环宇",
      "degree_total": 29,
      "in_degree_total": 0,
      "out_degree_total": 29,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:300446",
      "type": "company",
      "name": "航天智造",
      "ticker": "300446",
      "path": "companies/航天智造-300446.md",
      "summary": "航天智造（300446） 的研报主线集中在 航天、净利润、毛利率、汽车零部件：公司完成重大资产重组，注入航天能源与航天模塑，正式成为航天七院上市平台，军技民用产业化路径清晰。",
      "category": "company",
      "group": "company",
      "label": "航天智造",
      "degree_total": 27,
      "in_degree_total": 0,
      "out_degree_total": 27,
      "visible_edge_count": 4,
      "high_confidence_neighbor_count": 4,
      "generic_topic": false
    },
    {
      "id": "company:601606",
      "type": "company",
      "name": "长城军工",
      "ticker": "601606",
      "path": "companies/长城军工-601606.md",
      "summary": "长城军工（601606） 的研报主线集中在 军工、投资建议、证券、风险：央地合作典范，控股股东变更为中国兵器装备集团，集团资源倾斜与装备体系牵引为公司注入发展新动能。",
      "category": "company",
      "group": "company",
      "label": "长城军工",
      "degree_total": 43,
      "in_degree_total": 2,
      "out_degree_total": 41,
      "visible_edge_count": 3,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:600150",
      "type": "company",
      "name": "中国船舶",
      "ticker": "600150",
      "path": "companies/中国船舶-600150.md",
      "summary": "中国船舶（600150） 的研报主线集中在 风险、价格、金融、净利润：“两船”合并完成重塑全球竞争格局，规模效应与协同增效助力公司把握造船上行周期。",
      "category": "company",
      "group": "company",
      "label": "中国船舶",
      "degree_total": 47,
      "in_degree_total": 14,
      "out_degree_total": 33,
      "visible_edge_count": 13,
      "high_confidence_neighbor_count": 9,
      "generic_topic": false
    },
    {
      "id": "company:302132",
      "type": "company",
      "name": "中航成飞",
      "ticker": "302132",
      "path": "companies/中航成飞-302132.md",
      "summary": "中航成飞（302132） 的研报主线集中在 风险、航空、净利润、营收：借壳上市重塑主业，成飞作为国内歼击机绝对龙头，产品涵盖歼-10、歼-20及多款无人机，技术壁垒与研发实力深厚。",
      "category": "company",
      "group": "company",
      "label": "中航成飞",
      "degree_total": 39,
      "in_degree_total": 1,
      "out_degree_total": 38,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:688237",
      "type": "company",
      "name": "超卓航科",
      "ticker": "688237",
      "path": "companies/超卓航科-688237.md",
      "summary": "超卓航科（688237） 的研报主线集中在 航空、航空维修、净利润、军工：冷喷涂技术军民双轮驱动，军机实战化训练催生维修需求，公司向武器前市场制造突破。",
      "category": "company",
      "group": "company",
      "label": "超卓航科",
      "degree_total": 33,
      "in_degree_total": 0,
      "out_degree_total": 33,
      "visible_edge_count": 5,
      "high_confidence_neighbor_count": 5,
      "generic_topic": false
    },
    {
      "id": "company:300900",
      "type": "company",
      "name": "广联航空",
      "ticker": "300900",
      "path": "companies/广联航空-300900.md",
      "summary": "广联航空（300900） 的研报主线集中在 航空、航天、金融、净利润：营收规模持续高增长创上市以来同期新高，产品结构变化及各项费用阶段性增长导致短期利润承压，随着内部管理机制优化，盈利水平有望逐步恢复。",
      "category": "company",
      "group": "company",
      "label": "广联航空",
      "degree_total": 22,
      "in_degree_total": 1,
      "out_degree_total": 21,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:002389",
      "type": "company",
      "name": "航天彩虹",
      "ticker": "002389",
      "path": "companies/航天彩虹-002389.md",
      "summary": "航天彩虹（002389） 的研报主线集中在 航天、金融、净利润、投资建议：军贸市场持续突破，出口业务成为核心增长引擎，差异化采购与战略备份需求推动军贸稳步增长。",
      "category": "company",
      "group": "company",
      "label": "航天彩虹",
      "degree_total": 26,
      "in_degree_total": 4,
      "out_degree_total": 22,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:300474",
      "type": "company",
      "name": "景嘉微",
      "ticker": "300474",
      "path": "companies/景嘉微-300474.md",
      "summary": "景嘉微（300474） 的研报主线集中在 金融、净利润、投资建议、证券：公司坚定推进GPU由“专用”向“专用+通用”转型，景宏GPU与JM11显卡双线布局，叠加内部管理变革（IPD/LTC流程、低成本战略），有望在AI与信创需求驱动下实现业绩逐步修复。",
      "category": "company",
      "group": "company",
      "label": "景嘉微",
      "degree_total": 33,
      "in_degree_total": 3,
      "out_degree_total": 30,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:300132",
      "type": "company",
      "name": "青松股份",
      "ticker": "300132",
      "path": "companies/青松股份-300132.md",
      "summary": "青松股份（300132） 的研报主线集中在 工业原材料、价格、净利润、毛利率：定增落地将结束三年无实控人状态，林世达成为实控人，战略全面聚焦化妆品ODM业务。",
      "category": "company",
      "group": "company",
      "label": "青松股份",
      "degree_total": 27,
      "in_degree_total": 0,
      "out_degree_total": 27,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:002023",
      "type": "company",
      "name": "海特高新",
      "ticker": "002023",
      "path": "companies/海特高新-002023.md",
      "summary": "海特高新（002023） 的研报主线集中在 航空、航空维修、净利润、客改货：公司“三位一体”布局（航空工程、高端装备、集成电路）稳步推进，民航业复苏带动维修与客改货需求，叠加低空经济eVTOL战略合作，业绩有望保持较快增长。",
      "category": "company",
      "group": "company",
      "label": "海特高新",
      "degree_total": 21,
      "in_degree_total": 2,
      "out_degree_total": 19,
      "visible_edge_count": 3,
      "high_confidence_neighbor_count": 3,
      "generic_topic": false
    },
    {
      "id": "company:688586",
      "type": "company",
      "name": "江航装备",
      "ticker": "688586",
      "path": "companies/江航装备-688586.md",
      "summary": "江航装备（688586） 的研报主线集中在 航空、净利润、军工、毛利率：军机迭代与战略空军建设加速，航空氧气、油箱惰化及副油箱作为核心生命保障与航程延伸系统，需求有望持续放量。",
      "category": "company",
      "group": "company",
      "label": "江航装备",
      "degree_total": 26,
      "in_degree_total": 0,
      "out_degree_total": 26,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:301050",
      "type": "company",
      "name": "雷电微力",
      "ticker": "301050",
      "path": "companies/雷电微力-301050.md",
      "summary": "雷电微力（301050） 的研报主线集中在 毫米波微系统、金融、净利润、毛利率：军工导弹装备下游需求旺盛，公司作为精确制导核心配套商，交付验收量大幅增加带动业绩创历史新高，全年高增态势明确。",
      "category": "company",
      "group": "company",
      "label": "雷电微力",
      "degree_total": 19,
      "in_degree_total": 1,
      "out_degree_total": 18,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:300132.SZ",
      "type": "company",
      "name": "青松股份",
      "ticker": "300132.SZ",
      "path": "companies/青松股份-300132.SZ.md",
      "summary": "青松股份（300132.SZ） 的研报主线集中在 风险、化妆品代工、价格、金融：松节油深加工业务已全面剥离出表，公司战略重心回归化妆品代工主业，后续利润表结构有望显著改善。",
      "category": "company",
      "group": "company",
      "label": "青松股份",
      "degree_total": 21,
      "in_degree_total": 1,
      "out_degree_total": 20,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:000970",
      "type": "company",
      "name": "中科三环",
      "ticker": "000970",
      "path": "companies/中科三环-000970.md",
      "summary": "中科三环（000970） 的研报主线集中在 风险、工业原材料、环比、价格：稀土永磁行业处于周期底部，海外矿供应走弱及配额增速放缓有望改善供需格局，叠加设备更新政策落地，存量与增量需求并举，公司作为钕铁硼龙头有望充分受益。",
      "category": "company",
      "group": "company",
      "label": "中科三环",
      "degree_total": 25,
      "in_degree_total": 0,
      "out_degree_total": 25,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:300719",
      "type": "company",
      "name": "安达维尔",
      "ticker": "300719",
      "path": "companies/安达维尔-300719.md",
      "summary": "安达维尔（300719） 的研报主线集中在 低空经济、航空、航空维修、机载设备：航空座椅交付结算量大幅增长及民航维修业务复苏带动营收利润创历史新高，运营效率与成本控制能力持续提升。",
      "category": "company",
      "group": "company",
      "label": "安达维尔",
      "degree_total": 23,
      "in_degree_total": 3,
      "out_degree_total": 20,
      "visible_edge_count": 4,
      "high_confidence_neighbor_count": 4,
      "generic_topic": false
    },
    {
      "id": "company:中国船舶",
      "type": "company",
      "name": "中国船舶",
      "ticker": "",
      "path": "companies/中国船舶.md",
      "summary": "中国船舶 的研报主线集中在 船舶制造、风险、环比、价格：造船周期处于上行早期，存量船队老龄化与绿色船型转型趋势确定，支撑中长期需求。",
      "category": "company",
      "group": "company",
      "label": "中国船舶",
      "degree_total": 35,
      "in_degree_total": 11,
      "out_degree_total": 24,
      "visible_edge_count": 10,
      "high_confidence_neighbor_count": 9,
      "generic_topic": false
    },
    {
      "id": "company:000777",
      "type": "company",
      "name": "中核科技",
      "ticker": "000777",
      "path": "companies/中核科技-000777.md",
      "summary": "中核科技（000777） 的研报主线集中在 产业链、风险、估值、国产替代：业绩稳健增长，经营性现金流大幅改善，核工程阀门产品营收占比及增速显著提升。",
      "category": "company",
      "group": "company",
      "label": "中核科技",
      "degree_total": 26,
      "in_degree_total": 2,
      "out_degree_total": 24,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:003009",
      "type": "company",
      "name": "中天火箭",
      "ticker": "003009",
      "path": "companies/中天火箭-003009.md",
      "summary": "中天火箭（003009） 的研报主线集中在 航天、净利润、毛利率、同比：背靠航天科技四院整合核心资产，作为小型固体制导火箭总体单位具备强稀缺性。",
      "category": "company",
      "group": "company",
      "label": "中天火箭",
      "degree_total": 27,
      "in_degree_total": 0,
      "out_degree_total": 27,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:688132",
      "type": "company",
      "name": "邦彦技术",
      "ticker": "688132",
      "path": "companies/邦彦技术-688132.md",
      "summary": "邦彦技术（688132） 的研报主线集中在 风险、舰船通信、金融、净利润：公司核心业务为舰船通信、融合通信与信息安全，近三年军工业务收入占比超90%，具备系统级产品提供与技术总体任务承担能力。",
      "category": "company",
      "group": "company",
      "label": "邦彦技术",
      "degree_total": 13,
      "in_degree_total": 0,
      "out_degree_total": 13,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:国盾量子",
      "type": "company",
      "name": "国盾量子",
      "ticker": "",
      "path": "companies/国盾量子.md",
      "summary": "国盾量子 的研报主线集中在 金融、量子、量子通信、数据中心：量子通信是应对传统密码挑战及未来信息安全威胁的重要手段，随着各国重视程度和投入加大，行业发展前景广阔。",
      "category": "company",
      "group": "company",
      "label": "国盾量子",
      "degree_total": 15,
      "in_degree_total": 2,
      "out_degree_total": 13,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:600221",
      "type": "company",
      "name": "海航控股",
      "ticker": "600221",
      "path": "companies/海航控股-600221.md",
      "summary": "海航控股（600221） 的研报主线集中在 航空、金融、净利润、证券：海航控股吸引战投的核心价值在于其拥有的稀缺航权时刻、垄断性基地资源及完整的航空牌照网络，具备较高的战略壁垒。",
      "category": "company",
      "group": "company",
      "label": "海航控股",
      "degree_total": 22,
      "in_degree_total": 0,
      "out_degree_total": 22,
      "visible_edge_count": 5,
      "high_confidence_neighbor_count": 5,
      "generic_topic": false
    },
    {
      "id": "company:600855",
      "type": "company",
      "name": "航天长峰",
      "ticker": "600855",
      "path": "companies/航天长峰-600855.md",
      "summary": "航天长峰（600855） 的研报主线集中在 安保科技、电子信息、风险、航天：剥离亏损资产聚焦主业，安保科技业务有望通过放弃低毛利项目及拓展信创领域实现毛利率修复与中长期收入稳定增长。",
      "category": "company",
      "group": "company",
      "label": "航天长峰",
      "degree_total": 15,
      "in_degree_total": 0,
      "out_degree_total": 15,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:300455",
      "type": "company",
      "name": "航天智装",
      "ticker": "300455",
      "path": "companies/航天智装-300455.md",
      "summary": "航天智装（300455） 的研报主线集中在 轨道交通、航空、航天、核工业：毛利率与净利率终结多年下滑趋势，2023年及2024Q1企稳回升，盈利质量改善。",
      "category": "company",
      "group": "company",
      "label": "航天智装",
      "degree_total": 17,
      "in_degree_total": 0,
      "out_degree_total": 17,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:688282",
      "type": "company",
      "name": "理工导航",
      "ticker": "688282",
      "path": "companies/理工导航-688282.md",
      "summary": "理工导航（688282） 的研报主线集中在 风险、惯性导航、航空、金融：传统型号项目持续落地，公司作为**51系列惯导系统唯一供应商，订单自2023年上游产能瓶颈后大幅恢复。",
      "category": "company",
      "group": "company",
      "label": "理工导航",
      "degree_total": 15,
      "in_degree_total": 1,
      "out_degree_total": 14,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:603261",
      "type": "company",
      "name": "立航科技",
      "ticker": "603261",
      "path": "companies/立航科技-603261.md",
      "summary": "立航科技（603261） 的研报主线集中在 风险、航空、净利润、军工：交付结算进度导致2021年业绩释放受限，但2022Q1业绩全面向好，高增长态势有望延续。",
      "category": "company",
      "group": "company",
      "label": "立航科技",
      "degree_total": 15,
      "in_degree_total": 0,
      "out_degree_total": 15,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:688592",
      "type": "company",
      "name": "司南导航",
      "ticker": "688592",
      "path": "companies/司南导航-688592.md",
      "summary": "司南导航（688592） 的研报主线集中在 风险、高精度定位、价格、净利润：自主掌握高精度GNSS芯片与模块核心技术，打破海外垄断，处于产业链高附加值环节。",
      "category": "company",
      "group": "company",
      "label": "司南导航",
      "degree_total": 12,
      "in_degree_total": 0,
      "out_degree_total": 12,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:信维通信",
      "type": "company",
      "name": "信维通信",
      "ticker": "",
      "path": "companies/信维通信.md",
      "summary": "信维通信 的研报主线集中在 房地产、风险、估值、价格：消费电子市场复苏带动公司Q3业绩显著改善，AI手机、汽车电子及卫星互联网三大新兴业务构筑长期成长逻辑。",
      "category": "company",
      "group": "company",
      "label": "信维通信",
      "degree_total": 13,
      "in_degree_total": 1,
      "out_degree_total": 12,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:000519",
      "type": "company",
      "name": "中兵红箭",
      "ticker": "000519",
      "path": "companies/中兵红箭-000519.md",
      "summary": "中兵红箭（000519） 的研报主线集中在 超硬材料、风险、金融、净利润：特种装备业务高速增长，Q2业绩环比扭亏，在手订单充裕支撑未来增长。",
      "category": "company",
      "group": "company",
      "label": "中兵红箭",
      "degree_total": 15,
      "in_degree_total": 2,
      "out_degree_total": 13,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:601698",
      "type": "company",
      "name": "中国卫通",
      "ticker": "601698",
      "path": "companies/中国卫通-601698.md",
      "summary": "中国卫通（601698） 的研报主线集中在 费用管控、航空、金融、净利润：费用管控优化叠加卫星保险理赔收入，推动归母净利润实现快速增长",
      "category": "company",
      "group": "company",
      "label": "中国卫通",
      "degree_total": 13,
      "in_degree_total": 1,
      "out_degree_total": 12,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:安泰科技",
      "type": "company",
      "name": "安泰科技",
      "ticker": "",
      "path": "companies/安泰科技.md",
      "summary": "安泰科技 的研报主线集中在 风险、工业原材料、股权处置、环比：季节性因素致Q3收入环比微降，但稀土永磁与钨钼加工品步入旺季，购销价差扩大及毛利率提升驱动扣非净利润环比高增；公司持续推进降本增效，资本结构稳健，资产处置增厚利润。",
      "category": "company",
      "group": "company",
      "label": "安泰科技",
      "degree_total": 12,
      "in_degree_total": 1,
      "out_degree_total": 11,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:000969.SZ",
      "type": "company",
      "name": "安泰科技",
      "ticker": "000969.SZ",
      "path": "companies/安泰科技-000969.SZ.md",
      "summary": "安泰科技（000969.SZ） 的研报主线集中在 半导体材料、非晶带材、风险、钢材：25年扣非归母同比+38%高速增长，主业提质成效持续兑现。",
      "category": "company",
      "group": "company",
      "label": "安泰科技",
      "degree_total": 13,
      "in_degree_total": 2,
      "out_degree_total": 11,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:白云机场",
      "type": "company",
      "name": "白云机场",
      "ticker": "",
      "path": "companies/白云机场.md",
      "summary": "白云机场 的研报主线集中在 财务预测、风险、估值、航空：国内经济企稳与航空出行需求复苏推动起降架次及客货吞吐量大幅增长，带动航空性与非航业务收入双升。",
      "category": "company",
      "group": "company",
      "label": "白云机场",
      "degree_total": 10,
      "in_degree_total": 2,
      "out_degree_total": 8,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:晨光生物",
      "type": "company",
      "name": "晨光生物",
      "ticker": "",
      "path": "companies/晨光生物.md",
      "summary": "晨光生物 的研报主线集中在 风险、工业原材料、估值底部、化工品：主力产品价格处于近年最低水平，上游农户种植效益差导致原材料种植面积收缩，2026年种植面积可能进一步下降，供需格局改善有望推动价格上行拐点。",
      "category": "company",
      "group": "company",
      "label": "晨光生物",
      "degree_total": 10,
      "in_degree_total": 1,
      "out_degree_total": 9,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:国博电子",
      "type": "company",
      "name": "国博电子",
      "ticker": "",
      "path": "companies/国博电子.md",
      "summary": "国博电子 的研报主线集中在 氮化镓、第二增长曲线、风险、环比：硅基氮化镓功放芯片在终端射频领域首次实现量产交付，预计将持续替代现有砷化镓产品，全频段全场景推广有望为公司营收打造第二增长曲线。",
      "category": "company",
      "group": "company",
      "label": "国博电子",
      "degree_total": 11,
      "in_degree_total": 1,
      "out_degree_total": 10,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:哈尔滨新光光电科技股份有限公司",
      "type": "company",
      "name": "哈尔滨新光光电科技股份有限公司",
      "ticker": "",
      "path": "companies/哈尔滨新光光电科技股份有限公司.md",
      "summary": "哈尔滨新光光电科技股份有限公司 的研报主线集中在 产业链、风险、工业原材料、估值：导弹产业链需求旺盛，国内军种装备升级与出口量跃升共同驱动行业规模扩张。",
      "category": "company",
      "group": "company",
      "label": "哈尔滨新光光电科技股份有限公司",
      "degree_total": 15,
      "in_degree_total": 3,
      "out_degree_total": 12,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:600501",
      "type": "company",
      "name": "航天晨光",
      "ticker": "600501",
      "path": "companies/航天晨光-600501.md",
      "summary": "航天晨光（600501） 的研报主线集中在 订单增长、风险、估值、国产化替代：公司推进“智能制造+核工装备”转型，传统优势业务附加值提升，新签订单全面高增。",
      "category": "company",
      "group": "company",
      "label": "航天晨光",
      "degree_total": 8,
      "in_degree_total": 0,
      "out_degree_total": 8,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:600343",
      "type": "company",
      "name": "航天动力",
      "ticker": "600343",
      "path": "companies/航天动力-600343.md",
      "summary": "航天动力（600343） 的研报主线集中在 发动机、风险、航空、航天：长征九号重型火箭发动机研制取得突破性进展，完成首次发生器-涡轮泵联试，奠定公司技术升级与业务拓展基础。",
      "category": "company",
      "group": "company",
      "label": "航天动力",
      "degree_total": 10,
      "in_degree_total": 2,
      "out_degree_total": 8,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:600151",
      "type": "company",
      "name": "航天机电",
      "ticker": "600151",
      "path": "companies/航天机电-600151.md",
      "summary": "航天机电（600151） 的研报主线集中在 储能、电力、风险、估值：通过外延并购Erae AMS热交换业务，与公司现有子公司爱斯达克形成产能、技术及客户渠道的深度协同，有望重塑公司在汽车零部件行业的地位，切入跨国整车厂全球供应链。",
      "category": "company",
      "group": "company",
      "label": "航天机电",
      "degree_total": 9,
      "in_degree_total": 0,
      "out_degree_total": 9,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:688562",
      "type": "company",
      "name": "航天软件",
      "ticker": "688562",
      "path": "companies/航天软件-688562.md",
      "summary": "航天软件（688562） 的研报主线集中在 风险、工业软件、国产数据库、航天：工业软件与数据库国产替代空间广阔，中长期发展确定性较强",
      "category": "company",
      "group": "company",
      "label": "航天软件",
      "degree_total": 10,
      "in_degree_total": 1,
      "out_degree_total": 9,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:300726",
      "type": "company",
      "name": "宏达电子",
      "ticker": "300726",
      "path": "companies/宏达电子-300726.md",
      "summary": "宏达电子（300726） 的研报主线集中在 风险、航空、航天、金融：公司作为国内高可靠钽电容器龙头，技术积累深厚，将直接受益于武器装备信息化与智能化迭代带来的高可靠性元器件需求提升。",
      "category": "company",
      "group": "company",
      "label": "宏达电子",
      "degree_total": 8,
      "in_degree_total": 0,
      "out_degree_total": 8,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:火炬电子",
      "type": "company",
      "name": "火炬电子",
      "ticker": "",
      "path": "companies/火炬电子.md",
      "summary": "火炬电子 的研报主线集中在 电子元器件、房地产、风险、国防军工：电子元器件行业景气度逐步改善，市场需求稳步增长带动公司订单迅速回升，自产元器件与新材料业务实现高增长，综合毛利率提升，全年经营业绩表现看好。",
      "category": "company",
      "group": "company",
      "label": "火炬电子",
      "degree_total": 9,
      "in_degree_total": 1,
      "out_degree_total": 8,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:601816",
      "type": "company",
      "name": "京沪高铁",
      "ticker": "601816",
      "path": "companies/京沪高铁-601816.md",
      "summary": "京沪高铁（601816） 的研报主线集中在 财务费用下降、差异化定价、风险、高铁运营：国内铁路客运市场平稳向好，公司实行差异化定价，商务出行刚需与京沪航线机票涨价提供提价支撑；子公司京福安徽线位优势显著，路网完善后规模效应释放，盈利有望持续改善。",
      "category": "company",
      "group": "company",
      "label": "京沪高铁",
      "degree_total": 11,
      "in_degree_total": 3,
      "out_degree_total": 8,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:002413",
      "type": "company",
      "name": "雷科防务",
      "ticker": "002413",
      "path": "companies/雷科防务-002413.md",
      "summary": "雷科防务（002413） 的研报主线集中在 工业原材料、环比、价格、金融：公司聚焦雷达系统、卫星应用与智能控制三大核心板块，在星上实时处理及新体制雷达算法领域具备技术领先优势，伴随募投项目推进与下游需求回暖，中长期业绩具备修复弹性。",
      "category": "company",
      "group": "company",
      "label": "雷科防务",
      "degree_total": 10,
      "in_degree_total": 1,
      "out_degree_total": 9,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
    {
      "id": "company:600029.SH",
      "type": "company",
      "name": "南方航空",
      "ticker": "600029.SH",
      "path": "companies/南方航空-600029.SH.md",
      "summary": "南方航空（600029.SH） 的研报主线集中在 风险、估值、国际航线、航空：经营效率提升与国际航线拓展成为增长主引擎，带动核心运营指标全面向好。",
      "category": "company",
      "group": "company",
      "label": "南方航空",
      "degree_total": 13,
      "in_degree_total": 4,
      "out_degree_total": 9,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:七一二",
      "type": "company",
      "name": "七一二",
      "ticker": "",
      "path": "companies/七一二.md",
      "summary": "七一二 的研报主线集中在 房地产、风险、国防信息化、净利润：军用无线通信龙头地位稳固，产品由终端向系统升级，配套Z20等先进机型市占率高；国防信息化建设加速与新机型放量驱动军品需求长期快速增长。",
      "category": "company",
      "group": "company",
      "label": "七一二",
      "degree_total": 10,
      "in_degree_total": 2,
      "out_degree_total": 8,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:600897",
      "type": "company",
      "name": "厦门空港",
      "ticker": "600897",
      "path": "companies/厦门空港-600897.md",
      "summary": "厦门空港（600897） 的研报主线集中在 房地产、风险、股东回报、航空：公司当前业务量与利润均呈增长势头，且2025年4月披露的股东回报规划已覆盖新旧机场过渡期，市场信心充足，看好未来新旧资产的融合式发展。",
      "category": "company",
      "group": "company",
      "label": "厦门空港",
      "degree_total": 8,
      "in_degree_total": 0,
      "out_degree_total": 8,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:002149",
      "type": "company",
      "name": "西部材料",
      "ticker": "002149",
      "path": "companies/西部材料-002149.md",
      "summary": "西部材料（002149） 的研报主线集中在 风险、海洋工程、航空、航空航天：围绕航空航天等军品及核电、海洋工程、新能源等高端民用领域优化产品结构，培育利润增长点，提升高附加值产品市占率。",
      "category": "company",
      "group": "company",
      "label": "西部材料",
      "degree_total": 14,
      "in_degree_total": 2,
      "out_degree_total": 12,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:新光光电",
      "type": "company",
      "name": "新光光电",
      "ticker": "",
      "path": "companies/新光光电.md",
      "summary": "新光光电 的研报主线集中在 产业链、导弹产业链、风险、工业原材料：导弹产业链需求旺盛叠加全球激光设备市场稳步增长，公司凭借光学目标仿真、制导及测试等核心技术壁垒，深度绑定各大军工集团，业绩具备高成长确定性。",
      "category": "company",
      "group": "company",
      "label": "新光光电",
      "degree_total": 14,
      "in_degree_total": 3,
      "out_degree_total": 11,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:臻镭科技",
      "type": "company",
      "name": "臻镭科技",
      "ticker": "",
      "path": "companies/臻镭科技.md",
      "summary": "臻镭科技 的研报主线集中在 半导体、电源管理芯片、房地产、风险：公司作为国内少数提供特种终端射频前端、高速高精度ADC/DAC、电源管理芯片及微系统整体解决方案的企业，技术性能达国内一流、国际先进水平，在国产装备跨越式发展中具备显著领先优势。",
      "category": "company",
      "group": "company",
      "label": "臻镭科技",
      "degree_total": 10,
      "in_degree_total": 1,
      "out_degree_total": 9,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:振华科技",
      "type": "company",
      "name": "振华科技",
      "ticker": "",
      "path": "companies/振华科技.md",
      "summary": "振华科技 的研报主线集中在 风险、估值、估值修复、规模效应：Q3单季度业绩同环比双增，叠加合同负债连续三季攀升，验证下游需求回暖与订单充足，后续业绩有望持续加速。",
      "category": "company",
      "group": "company",
      "label": "振华科技",
      "degree_total": 9,
      "in_degree_total": 1,
      "out_degree_total": 8,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:600072.SH",
      "type": "company",
      "name": "中船科技",
      "ticker": "600072.SH",
      "path": "companies/中船科技-600072.SH.md",
      "summary": "中船科技（600072.SH） 的研报主线集中在 风电设备、工业原材料、估值、光伏：重组注入优质风电资产，主业向风机制造与新能源发电转型，产业融合促进持续增长。",
      "category": "company",
      "group": "company",
      "label": "中船科技",
      "degree_total": 10,
      "in_degree_total": 1,
      "out_degree_total": 9,
      "visible_edge_count": 1,
      "high_confidence_neighbor_count": 1,
      "generic_topic": false
    },
    {
      "id": "company:600150.SH",
      "type": "company",
      "name": "中国船舶",
      "ticker": "600150.SH",
      "path": "companies/中国船舶-600150.SH.md",
      "summary": "中国船舶（600150.SH） 的研报主线集中在 船舶制造、风险、估值、环比：手持高价订单充足且排产至2028-2029年，利润持续兑现确定性高",
      "category": "company",
      "group": "company",
      "label": "中国船舶",
      "degree_total": 20,
      "in_degree_total": 12,
      "out_degree_total": 8,
      "visible_edge_count": 8,
      "high_confidence_neighbor_count": 7,
      "generic_topic": false
    },
    {
      "id": "company:中国动力",
      "type": "company",
      "name": "中国动力",
      "ticker": "",
      "path": "companies/中国动力.md",
      "summary": "中国动力 的研报主线集中在 船舶动力系统、船用低速柴油机、风险、钢材：造船周期上行带动柴油机订单量价齐升，叠加双燃料发动机渗透率提升及钢价低位运行，公司盈利能力有望持续改善。",
      "category": "company",
      "group": "company",
      "label": "中国动力",
      "degree_total": 14,
      "in_degree_total": 0,
      "out_degree_total": 14,
      "visible_edge_count": 5,
      "high_confidence_neighbor_count": 5,
      "generic_topic": false
    },
    {
      "id": "company:中航高科",
      "type": "company",
      "name": "中航高科",
      "ticker": "",
      "path": "companies/中航高科.md",
      "summary": "中航高科 的研报主线集中在 产能扩张、低空经济、房地产、风险：航空新材料核心主业保持稳健增长，科技创新与成果转化成效显著，构建复合材料原材料、民机结构件及低空经济技术平台。",
      "category": "company",
      "group": "company",
      "label": "中航高科",
      "degree_total": 13,
      "in_degree_total": 2,
      "out_degree_total": 11,
      "visible_edge_count": 2,
      "high_confidence_neighbor_count": 2,
      "generic_topic": false
    },
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      "id": "company:中航光电",
      "type": "company",
      "name": "中航光电",
      "ticker": "",
      "path": "companies/中航光电.md",
      "summary": "中航光电 的研报主线集中在 储能、防务军工、房地产、风险：公司依托专业互连技术优势，在防务领域巩固首选供应商地位，同时全面拓展新能源汽车、数据中心及工业装备等新兴赛道，多业务共振驱动长期成长。",
      "category": "company",
      "group": "company",
      "label": "中航光电",
      "degree_total": 9,
      "in_degree_total": 1,
      "out_degree_total": 8,
      "visible_edge_count": 0,
      "high_confidence_neighbor_count": 0,
      "generic_topic": false
    },
    {
      "id": "company:中航沈飞",
      "type": "company",
      "name": "中航沈飞",
      "ticker": "",
      "path": "companies/中航沈飞.md",
      "summary": "中航沈飞 的研报主线集中在 估值、航空、航空防务、合同负债：短期交付节奏波动不改长期趋势，产品谱系向新一代隐身战机倾斜拉长生产周期，但充裕订单与现金流改善为后续业绩释放提供保障。",
      "category": "company",
      "group": "company",
      "label": "中航沈飞",
      "degree_total": 11,
      "in_degree_total": 1,
      "out_degree_total": 10,
      "visible_edge_count": 0,
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      "generic_topic": false
    },
    {
      "id": "company:300140",
      "type": "company",
      "name": "中环装备",
      "ticker": "300140",
      "path": "companies/中环装备-300140.md",
      "summary": "中环装备（300140） 的研报主线集中在 并购重组、产业链、风险、环保装备：依托大气治理传统优势，环境监测与智慧环保业务大单持续落地，成为新增长引擎。",
      "category": "company",
      "group": "company",
      "label": "中环装备",
      "degree_total": 8,
      "in_degree_total": 0,
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      "id": "company:紫光国微",
      "type": "company",
      "name": "紫光国微",
      "ticker": "",
      "path": "companies/紫光国微.md",
      "summary": "紫光国微 的研报主线集中在 半导体、风险、环比、价格：公司核心主业特种集成电路增长强劲，行业景气度回升巩固龙头地位；汽车电子、eSIM等新兴民品领域已实现规模化量产，有望构筑第二增长曲线并打开长期成长空间。",
      "category": "company",
      "group": "company",
      "label": "紫光国微",
      "degree_total": 12,
      "in_degree_total": 2,
      "out_degree_total": 10,
      "visible_edge_count": 1,
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      "generic_topic": false
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      "id": "topic:证券",
      "type": "topic",
      "name": "证券",
      "path": "topics/证券.md",
      "source_count": 713,
      "category": "topic",
      "group": "topic",
      "label": "证券",
      "degree_total": 120,
      "in_degree_total": 120,
      "out_degree_total": 0,
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      "generic_topic": true
    },
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      "id": "topic:净利润",
      "type": "topic",
      "name": "净利润",
      "path": "topics/净利润.md",
      "source_count": 707,
      "category": "topic",
      "group": "topic",
      "label": "净利润",
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      "id": "topic:投资建议",
      "type": "topic",
      "name": "投资建议",
      "path": "topics/投资建议.md",
      "source_count": 659,
      "category": "topic",
      "group": "topic",
      "label": "投资建议",
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    },
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      "id": "topic:同比",
      "type": "topic",
      "name": "同比",
      "path": "topics/同比.md",
      "source_count": 648,
      "category": "topic",
      "group": "topic",
      "label": "同比",
      "degree_total": 87,
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    },
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      "id": "topic:毛利率",
      "type": "topic",
      "name": "毛利率",
      "path": "topics/毛利率.md",
      "source_count": 641,
      "category": "topic",
      "group": "topic",
      "label": "毛利率",
      "degree_total": 26,
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      "generic_topic": true
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      "id": "topic:金融",
      "type": "topic",
      "name": "金融",
      "path": "topics/金融.md",
      "source_count": 560,
      "category": "topic",
      "group": "topic",
      "label": "金融",
      "degree_total": 20,
      "in_degree_total": 20,
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      "id": "topic:风险",
      "type": "topic",
      "name": "风险",
      "path": "topics/风险.md",
      "source_count": 552,
      "category": "topic",
      "group": "topic",
      "label": "风险",
      "degree_total": 33,
      "in_degree_total": 33,
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      "id": "topic:roe",
      "type": "topic",
      "name": "ROE",
      "path": "topics/roe.md",
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      "category": "topic",
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      "label": "ROE",
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    },
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      "id": "topic:营收",
      "type": "topic",
      "name": "营收",
      "path": "topics/营收.md",
      "source_count": 464,
      "category": "topic",
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    },
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      "id": "topic:价格",
      "type": "topic",
      "name": "价格",
      "path": "topics/价格.md",
      "source_count": 356,
      "category": "topic",
      "group": "topic",
      "label": "价格",
      "degree_total": 9,
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    },
    {
      "id": "topic:估值",
      "type": "topic",
      "name": "估值",
      "path": "topics/估值.md",
      "source_count": 337,
      "category": "topic",
      "group": "topic",
      "label": "估值",
      "degree_total": 32,
      "in_degree_total": 32,
      "out_degree_total": 0,
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      "generic_topic": true
    },
    {
      "id": "topic:航空",
      "type": "topic",
      "name": "航空",
      "path": "topics/航空.md",
      "source_count": 335,
      "category": "topic",
      "group": "topic",
      "label": "航空",
      "degree_total": 32,
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    },
    {
      "id": "topic:银行",
      "type": "topic",
      "name": "银行",
      "path": "topics/银行.md",
      "source_count": 257,
      "category": "topic",
      "group": "topic",
      "label": "银行",
      "degree_total": 0,
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    },
    {
      "id": "topic:军工",
      "type": "topic",
      "name": "军工",
      "path": "topics/军工.md",
      "source_count": 237,
      "category": "topic",
      "group": "topic",
      "label": "军工",
      "degree_total": 54,
      "in_degree_total": 54,
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      "edge_id": "cc90513f4157",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "company:600760",
      "to_name": "中航沈飞",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "国信证券经济研究所整理 资料来源：Wind，国信证券经济研究所整理 ## 同行业对比 中航西飞主营业务航空飞机制造，基于此原则选取对应行业典型公司进行对比。中航成飞主营业务为军用飞机、民用飞机零部件等，典型产品为歼-7 系列、“枭龙”系列、歼-10 以及 C919 机头等。中航沈飞为我国核心的航空防务装备整机供应商之一，典型产品为歼击机、舰载机并为 C90...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:54510744b741",
          "chunk_index": 0,
          "quote_summary": "国信证券经济研究所整理 资料来源：Wind，国信证券经济研究所整理 ## 同行业对比 中航西飞主营业务航空飞机制造，基于此原则选取对应行业典型公司进行对比。中航成飞主营业务为军用飞机、民用飞机零部件等，典型产品为歼-7 系列、“枭龙”系列、歼-10 以及 C919 机头等。中航沈飞为我国核心的航空防务装备整机供应商之..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "company:600760",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "6698363a8ae7",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "company:600893",
      "to_name": "航发动力",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "系列、歼-10 以及 C919 机头等。中航沈飞为我国核心的航空防务装备整机供应商之一，典型产品为歼击机、舰载机并为 C909、C919 及空客 A220 等型号提供零部件。广联航空主营业务为航空工艺装备、航空航天金属/复合材料零部件、无人机整机及商业航天部件的研发、制造与总装。航发动力主营业务为航空发动机、燃气轮机整机及核心零部件的研发、制造、维修与技术...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:54510744b741",
          "chunk_index": 0,
          "quote_summary": "系列、歼-10 以及 C919 机头等。中航沈飞为我国核心的航空防务装备整机供应商之一，典型产品为歼击机、舰载机并为 C909、C919 及空客 A220 等型号提供零部件。广联航空主营业务为航空工艺装备、航空航天金属/复合材料零部件、无人机整机及商业航天部件的研发、制造与总装。航发动力主营业务为航空发动机、燃气轮机..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "company:600893",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "3a65012384b8",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "company:300719",
      "to_name": "安达维尔",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "计 2024-2026 年实现收入 1.3/1.4/1.5 亿元，毛利率 36.5%/36.4%/36.4%；其他业务预计保持稳健增长。 表 1：分产品预测表 资料来源：Wind，华金证券研究所 # 二、可比公司估值对比 我们选取业务结构相近的行业公司景嘉微（图形显控）、海特高新（航空维修）、华力创通（仿真测试）作为可比公司。随着防空工业、航空航天、低空经...",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md",
          "chunk_id": "chunk:1ddae639801d",
          "chunk_index": 8,
          "quote_summary": "计 2024-2026 年实现收入 1.3/1.4/1.5 亿元，毛利率 36.5%/36.4%/36.4%；其他业务预计保持稳健增长。 表 1：分产品预测表 资料来源：Wind，华金证券研究所 # 二、可比公司估值对比 我们选取业务结构相近的行业公司景嘉微（图形显控）、海特高新（航空维修）、华力创通（仿真测试）作为..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "downstream_of",
      "source": "company:002023",
      "target": "company:300719",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "3d4b57cc4ff0",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "company:603712",
      "to_name": "七一二",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "息采集系统终端、电力综合自动化、配网自动化、光纤通信系统、船舶自动识别系统（AIS）和移动增值业务的开发、生产、销售和服务 | | 烽火电子 | 国防通信装备和电子应用产品的研发、生产、销售，形成了短波、超短波、卫星通信、无线射频、电声器材等五大类通信电子应用产品生产线 | | 七一二 | 军用专网无线通信领域能够提供全军种设备，拥有完整的军工科研生产资质...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md",
          "chunk_id": "chunk:246046ae42d0",
          "chunk_index": 0,
          "quote_summary": "息采集系统终端、电力综合自动化、配网自动化、光纤通信系统、船舶自动识别系统（AIS）和移动增值业务的开发、生产、销售和服务 | | 烽火电子 | 国防通信装备和电子应用产品的研发、生产、销售，形成了短波、超短波、卫星通信、无线射频、电声器材等五大类通信电子应用产品生产线 | | 七一二 | 军用专网无线通信领域能够提..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "company:603712",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "584bb41946cc",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "company:600029",
      "to_name": "南方航空",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "..........................................17 图表 34. 2019-2024 年支线机场平均旅客吞吐量及支线机场数量 17 图表 35. 高铁和支线机场建设项目对比 18 图表 36. 华夏航空新疆地区航线网络图 18 图表 37. 南方航空新疆地区航线网络图 19 图表 38. 天津航空新疆地区航线网络图 1...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md",
          "chunk_id": "chunk:0f04798e571f",
          "chunk_index": 6,
          "quote_summary": "..........................................17 图表 34. 2019-2024 年支线机场平均旅客吞吐量及支线机场数量 17 图表 35. 高铁和支线机场建设项目对比 18 图表 36. 华夏航空新疆地区航线网络图 18 图表 37. 南方航空新疆地区航线网络图 19 图表..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "company:600029",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "80a57370c272",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "company:600029.SH",
      "to_name": "南方航空",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "..........................................17 图表 34. 2019-2024 年支线机场平均旅客吞吐量及支线机场数量 17 图表 35. 高铁和支线机场建设项目对比 18 图表 36. 华夏航空新疆地区航线网络图 18 图表 37. 南方航空新疆地区航线网络图 19 图表 38. 天津航空新疆地区航线网络图 1...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md",
          "chunk_id": "chunk:0f04798e571f",
          "chunk_index": 6,
          "quote_summary": "..........................................17 图表 34. 2019-2024 年支线机场平均旅客吞吐量及支线机场数量 17 图表 35. 高铁和支线机场建设项目对比 18 图表 36. 华夏航空新疆地区航线网络图 18 图表 37. 南方航空新疆地区航线网络图 19 图表..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "company:600029.SH",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "25e33ebae4a0",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "company:600435",
      "to_name": "北方导航",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "司增雨防雹火箭和炭/炭热场材料的产能及市占率均处于细分行业领先水平，伴随可转债项目在 2024 年底投产，公司将延续行业龙头地位。 ### 相关研究 1. 国科军工（688543.SH）首次覆盖报告：悠久资产焕发新动力；弹药/制导装备核心配套商-2023/11/24 2. 北方导航（600435.SH）首次覆盖报告：信息化系列#5：制导装备核心配套；远火需...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:c59aa9ec655a",
          "chunk_index": 0,
          "quote_summary": "司增雨防雹火箭和炭/炭热场材料的产能及市占率均处于细分行业领先水平，伴随可转债项目在 2024 年底投产，公司将延续行业龙头地位。 ### 相关研究 1. 国科军工（688543.SH）首次覆盖报告：悠久资产焕发新动力；弹药/制导装备核心配套商-2023/11/24 2. 北方导航（600435.SH）首次覆盖报告：..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "company:600435",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "54b94965e248",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "company:688543",
      "to_name": "国科军工",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "2 年可转债项目（募资 4.95 亿元）合计募资 10 亿元，用于全方位提升公司小型固体制导火箭及其衍生品的产研能力。公司增雨防雹火箭和炭/炭热场材料的产能及市占率均处于细分行业领先水平，伴随可转债项目在 2024 年底投产，公司将延续行业龙头地位。 ### 相关研究 1. 国科军工（688543.SH）首次覆盖报告：悠久资产焕发新动力；弹药/制导装备核心...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:c59aa9ec655a",
          "chunk_index": 0,
          "quote_summary": "2 年可转债项目（募资 4.95 亿元）合计募资 10 亿元，用于全方位提升公司小型固体制导火箭及其衍生品的产研能力。公司增雨防雹火箭和炭/炭热场材料的产能及市占率均处于细分行业领先水平，伴随可转债项目在 2024 年底投产，公司将延续行业龙头地位。 ### 相关研究 1. 国科军工（688543.SH）首次覆盖报告..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "company:688543",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "6a25bbee113e",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "company:300719",
      "to_name": "安达维尔",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "有望维持稳健增长，预计 2024-2026 年实现收入 1.3/1.4/1.5 亿元，毛利率 36.5%/36.4%/36.4%；其他业务预计保持稳健增长。 表 1：分产品预测表 资料来源：Wind，华金证券研究所 # 二、可比公司估值对比 我们选取业务结构相近的行业公司景嘉微（图形显控）、海特高新（航空维修）、华力创通（仿真测试）作为可比公司。随着防空工...",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md",
          "chunk_id": "chunk:1ddae639801d",
          "chunk_index": 8,
          "quote_summary": "有望维持稳健增长，预计 2024-2026 年实现收入 1.3/1.4/1.5 亿元，毛利率 36.5%/36.4%/36.4%；其他业务预计保持稳健增长。 表 1：分产品预测表 资料来源：Wind，华金证券研究所 # 二、可比公司估值对比 我们选取业务结构相近的行业公司景嘉微（图形显控）、海特高新（航空维修）、华力..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "downstream_of",
      "source": "company:300474",
      "target": "company:300719",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "4257f974297b",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "company:300034",
      "to_name": "钢研高纳",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "品结构有望得到持续优化，整体毛利率水平或将优化，带动整体毛利率提升，归母净利润有望在 2024 年基础上改善。我们预计公司 2025-2027 年实现归母净利润分别为 2.88/3.15/3.51 亿元，对应 PE 分别为 41.8/38.2/34.3。 倍。我们选取西部超导、图南股份、菲利华作为可比公司，公司当前存在一定高估，考虑到公司高温合金制品生产规...",
      "confidence": 0.66,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md",
          "chunk_id": "chunk:5800de03c4c0",
          "chunk_index": 0,
          "quote_summary": "品结构有望得到持续优化，整体毛利率水平或将优化，带动整体毛利率提升，归母净利润有望在 2024 年基础上改善。我们预计公司 2025-2027 年实现归母净利润分别为 2.88/3.15/3.51 亿元，对应 PE 分别为 41.8/38.2/34.3。 倍。我们选取西部超导、图南股份、菲利华作为可比公司，公司当前存..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "customer_of",
      "source": "company:300855",
      "target": "company:300034",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "d96244e59dd2",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "company:688287",
      "to_name": "观典防务",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "业应用领域依旧是处于不断探索阶段，还没有形成规模化的市场，整体处于蓝海市场。随着无人机技术的不断发展和商业应用的不断成熟，每个行业和领域的潜在需求市场空间极大，无人机在工业领域的普遍应用将具有更大的商业价值和市场规模。目前中国无人机行业内的龙头企业除了观典防务外，主要有纵横股份、广联航空、航天宏图、中科星图、航天彩虹、中航无人机、科比特、大疆创新等，且各龙...",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md",
          "chunk_id": "chunk:57cc673a16fd",
          "chunk_index": 0,
          "quote_summary": "业应用领域依旧是处于不断探索阶段，还没有形成规模化的市场，整体处于蓝海市场。随着无人机技术的不断发展和商业应用的不断成熟，每个行业和领域的潜在需求市场空间极大，无人机在工业领域的普遍应用将具有更大的商业价值和市场规模。目前中国无人机行业内的龙头企业除了观典防务外，主要有纵横股份、广联航空、航天宏图、中科星图、航天彩虹..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "downstream_of",
      "source": "company:300900",
      "target": "company:688287",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "4c813640223a",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "company:000768",
      "to_name": "中航西飞",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "543.2 | #### 3.军贸规模、体系国内第一 据SIPRI，公司出口军机价值1.1万TIV，国内占比 51.19% | 出口单位 | 出口价值量 (TIV) | | ---- | ----------- | | 中航成飞 | 11000 | | 中航沈飞 | | | 中航西飞 | | | 中直股份 | | | 洪都航空 | | | 中无人机 | |...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:448b03207028",
          "chunk_index": 0,
          "quote_summary": "543.2 | #### 3.军贸规模、体系国内第一 据SIPRI，公司出口军机价值1.1万TIV，国内占比 51.19% | 出口单位 | 出口价值量 (TIV) | | ---- | ----------- | | 中航成飞 | 11000 | | 中航沈飞 | | | 中航西飞 | | | 中直股份 | | |..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "company:000768",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "91393d91febf",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "company:600316",
      "to_name": "洪都航空",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "系国内第一 据SIPRI，公司出口军机价值1.1万TIV，国内占比 51.19% | 出口单位 | 出口价值量 (TIV) | | ---- | ----------- | | 中航成飞 | 11000 | | 中航沈飞 | | | 中航西飞 | | | 中直股份 | | | 洪都航空 | | | 中无人机 | | | 其他 | | #### ☆营收增：四...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:448b03207028",
          "chunk_index": 0,
          "quote_summary": "系国内第一 据SIPRI，公司出口军机价值1.1万TIV，国内占比 51.19% | 出口单位 | 出口价值量 (TIV) | | ---- | ----------- | | 中航成飞 | 11000 | | 中航沈飞 | | | 中航西飞 | | | 中直股份 | | | 洪都航空 | | | 中无人机 | | ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "company:600316",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "1276ebbec134",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "company:688297",
      "to_name": "中无人机",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "RI，公司出口军机价值1.1万TIV，国内占比 51.19% | 出口单位 | 出口价值量 (TIV) | | ---- | ----------- | | 中航成飞 | 11000 | | 中航沈飞 | | | 中航西飞 | | | 中直股份 | | | 洪都航空 | | | 中无人机 | | | 其他 | | #### ☆营收增：四代主战装备方兴未艾，...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:448b03207028",
          "chunk_index": 0,
          "quote_summary": "RI，公司出口军机价值1.1万TIV，国内占比 51.19% | 出口单位 | 出口价值量 (TIV) | | ---- | ----------- | | 中航成飞 | 11000 | | 中航沈飞 | | | 中航西飞 | | | 中直股份 | | | 洪都航空 | | | 中无人机 | | | 其他 | | #..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "company:688297",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "1e9756c410d8",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "company:688311",
      "to_name": "盟升电子",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "% | | | 系统集成 | 15.1% | 12.9% | 16.2% | 16.0% | 16.3% | | | | | | | 下游 | 运营服务 | 36.8% | 41.6% | 44.2% | 46.6% | 47.3% | | | | | | 资料来源：《2022 中国卫星导航与位置服务产业发展白皮书》，民生证券研究院 ## 2.1.2 受装...",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:70f380128919",
          "chunk_index": 0,
          "quote_summary": "% | | | 系统集成 | 15.1% | 12.9% | 16.2% | 16.0% | 16.3% | | | | | | | 下游 | 运营服务 | 36.8% | 41.6% | 44.2% | 46.6% | 47.3% | | | | | | 资料来源：《2022 中国卫星导航与位置服务产业发展白皮书》..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "downstream_of",
      "source": "company:600118",
      "target": "company:688311",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "6472206a0034",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "company:688011",
      "to_name": "新光光电",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "项核心技术，获得2016年度国防科学技术进步一等奖等多项重要奖项。丰富的科研项目经验及获奖经历，是公司优秀的科技创新能力的重要体现，亦是提高公司自主创新能力的重要动力。 公司的主要客户包括中国航天科技集团、中国航天科工集团、中国航空工业集团、中国兵器工业集团、中国电子科技集团、中国船舶重工集团等军工集团所属单位。这都成为了行业新进入者难以逾越的壁垒。 ##...",
      "confidence": 0.66,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东海证券-d3cb3f6bdead.md",
          "chunk_id": "chunk:7bdfc22a308f",
          "chunk_index": 0,
          "quote_summary": "项核心技术，获得2016年度国防科学技术进步一等奖等多项重要奖项。丰富的科研项目经验及获奖经历，是公司优秀的科技创新能力的重要体现，亦是提高公司自主创新能力的重要动力。 公司的主要客户包括中国航天科技集团、中国航天科工集团、中国航空工业集团、中国兵器工业集团、中国电子科技集团、中国船舶重工集团等军工集团所属单位。这都..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "customer_of",
      "source": "company:600150",
      "target": "company:688011",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "c6cc7532d4f6",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "company:600029",
      "to_name": "南方航空",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "天信息作为核心的税务设备供应商和系统服务商，从营改增试点运行到全面推广过程中，遵照国家税制改革的思路，积极提供全面系统的解决方案，研发出相关软硬件设施作为增值税扩围的专用设备，为营改增提供技术支持和保障。在全面推广营改增的 2016 年，公司先后中标中国中铁、广发银行、恒大集团和南方航空等大型客户的“营改增”项目，全年累计为全国超过 600 万户的全国用户...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md",
          "chunk_id": "chunk:0062a186e129",
          "chunk_index": 0,
          "quote_summary": "天信息作为核心的税务设备供应商和系统服务商，从营改增试点运行到全面推广过程中，遵照国家税制改革的思路，积极提供全面系统的解决方案，研发出相关软硬件设施作为增值税扩围的专用设备，为营改增提供技术支持和保障。在全面推广营改增的 2016 年，公司先后中标中国中铁、广发银行、恒大集团和南方航空等大型客户的“营改增”项目，全..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "company:600029",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "2516fe4e3d2c",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "company:600029.SH",
      "to_name": "南方航空",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "天信息作为核心的税务设备供应商和系统服务商，从营改增试点运行到全面推广过程中，遵照国家税制改革的思路，积极提供全面系统的解决方案，研发出相关软硬件设施作为增值税扩围的专用设备，为营改增提供技术支持和保障。在全面推广营改增的 2016 年，公司先后中标中国中铁、广发银行、恒大集团和南方航空等大型客户的“营改增”项目，全年累计为全国超过 600 万户的全国用户...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md",
          "chunk_id": "chunk:0062a186e129",
          "chunk_index": 0,
          "quote_summary": "天信息作为核心的税务设备供应商和系统服务商，从营改增试点运行到全面推广过程中，遵照国家税制改革的思路，积极提供全面系统的解决方案，研发出相关软硬件设施作为增值税扩围的专用设备，为营改增提供技术支持和保障。在全面推广营改增的 2016 年，公司先后中标中国中铁、广发银行、恒大集团和南方航空等大型客户的“营改增”项目，全..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "company:600029.SH",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "b515adcbe2e8",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "company:688562",
      "to_name": "航天软件",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "、公司绝大多数应收账款与应收票据账龄在1年以内占比较大（48.40%），且客户多为国家重点领域集团下属单位，预计产生坏账的可能性相对较小。 ◆ 信息化服务龙头企业，国产数据库核心参与者，深耕航天军工、党政领域； 公司是我国航天及党政军领域的软件和信息化服务龙头企业之一，在支撑航天信息化建设的过程中，紧紧围绕“支撑航天，服务政府，面向社会”的定位，以神通数据...",
      "confidence": 0.66,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md",
          "chunk_id": "chunk:54a67cd07b90",
          "chunk_index": 0,
          "quote_summary": "、公司绝大多数应收账款与应收票据账龄在1年以内占比较大（48.40%），且客户多为国家重点领域集团下属单位，预计产生坏账的可能性相对较小。 ◆ 信息化服务龙头企业，国产数据库核心参与者，深耕航天军工、党政领域； 公司是我国航天及党政军领域的软件和信息化服务龙头企业之一，在支撑航天信息化建设的过程中，紧紧围绕“支撑航天..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "customer_of",
      "source": "company:600271",
      "target": "company:688562",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "4d5037c64b2f",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "company:600879",
      "to_name": "航天电子",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "--> C subgraph C[控制仓<br/>（二级配套单位）] C1[战斗部] C2[动力装置] C3[其它分系统] end C --> D[弹药总装生产或研发单位<br/>（一级配套单位）] end subgraph 企事业单位 E[兵器集团下属企业、航天电子、长盈通、中航六一八所、北京自动化控制设备研究所、保定开拓精密仪器制造有限责任公司等] F...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:de6e176db17a",
          "chunk_index": 0,
          "quote_summary": "--> C subgraph C[控制仓<br/>（二级配套单位）] C1[战斗部] C2[动力装置] C3[其它分系统] end C --> D[弹药总装生产或研发单位<br/>（一级配套单位）] end subgraph 企事业单位 E[兵器集团下属企业、航天电子、长盈通、中航六一八所、北京自动化控制设备研究所、..."
        },
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:a262e875cac8",
          "chunk_index": 0,
          "quote_summary": "部生产厂商，形成了平台式惯性导航、激光惯性导航、光纤惯性导航系列化的元器件及系统生产能力，主要应用在航天及制导武器领域。国内具备惯性传感器制造能力的企业主要有航天电子、航天三十三所、赛微电子等；具备惯导系统制造能力的企业主要有航天电子、航天三十三所、赛微电子、晨曦航空和星网宇达、北方导航、西安现代控制技术研究所、兵器..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "company:600879",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 2,
      "normalized_from_relation": "customer_of"
    },
    {
      "edge_id": "8001e527f700",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "company:688282",
      "to_name": "理工导航",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "其它分系统] end C --> D[弹药总装生产或研发单位<br/>（一级配套单位）] end subgraph 企事业单位 E[兵器集团下属企业、航天电子、长盈通、中航六一八所、北京自动化控制设备研究所、保定开拓精密仪器制造有限责任公司等] F[兵器集团下属企业、理工导航、晨曦航空、星网宇达、航天电子、中航六一八所等] G[兵器集团及其下属单位<br/...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:de6e176db17a",
          "chunk_index": 0,
          "quote_summary": "其它分系统] end C --> D[弹药总装生产或研发单位<br/>（一级配套单位）] end subgraph 企事业单位 E[兵器集团下属企业、航天电子、长盈通、中航六一八所、北京自动化控制设备研究所、保定开拓精密仪器制造有限责任公司等] F[兵器集团下属企业、理工导航、晨曦航空、星网宇达、航天电子、中航六一八..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "company:688282",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "49b15565bb54",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "company:600072",
      "to_name": "中船科技",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "2d[云铝股份] A2 --> A2e[钒钛股份] A --> A3[复合材料] A3 --> A3a[光威复材] A3 --> A3b[中国巨石] B[船舶设计] --> B1[天海防务] C[船舶配套] --> C1[潍柴重机] C1 --> C2[中船科技] C1 --> C3[宝鼎科技] C1 --> C4[亚星锚链] C1 --> C5[中国动力...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:6c12c8547ee2",
          "chunk_index": 0,
          "quote_summary": "2d[云铝股份] A2 --> A2e[钒钛股份] A --> A3[复合材料] A3 --> A3a[光威复材] A3 --> A3b[中国巨石] B[船舶设计] --> B1[天海防务] C[船舶配套] --> C1[潍柴重机] C1 --> C2[中船科技] C1 --> C3[宝鼎科技] C1 --> C4[..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "company:600072",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "202f5be4eded",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "company:600150",
      "to_name": "中国船舶",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "业链后端已延伸到船舶全寿命保障。 同建设、优势互补、快速发展的模式，履行保军首责，全力承接军工任务， 同时把握军民船市场回升态势。公司在船舶与海洋工程产业链中主要处于总装建造环节，在产业链前端已延伸到船海配套产品，在产业链后端已延伸到船舶全寿命保障。 ① 军品业务上看，公司是中国船舶集团下属大型骨干造船企业和国家核心军工生产企业，控股子公司黄埔文冲创建于 ...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md",
          "chunk_id": "chunk:55405b0da26f",
          "chunk_index": 7,
          "quote_summary": "业链后端已延伸到船舶全寿命保障。 同建设、优势互补、快速发展的模式，履行保军首责，全力承接军工任务， 同时把握军民船市场回升态势。公司在船舶与海洋工程产业链中主要处于总装建造环节，在产业链前端已延伸到船海配套产品，在产业链后端已延伸到船舶全寿命保障。 ① 军品业务上看，公司是中国船舶集团下属大型骨干造船企业和国家核心..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "company:600150",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "e8c0006e1061",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "company:600150.SH",
      "to_name": "中国船舶",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "业链后端已延伸到船舶全寿命保障。 同建设、优势互补、快速发展的模式，履行保军首责，全力承接军工任务， 同时把握军民船市场回升态势。公司在船舶与海洋工程产业链中主要处于总装建造环节，在产业链前端已延伸到船海配套产品，在产业链后端已延伸到船舶全寿命保障。 ① 军品业务上看，公司是中国船舶集团下属大型骨干造船企业和国家核心军工生产企业，控股子公司黄埔文冲创建于 ...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md",
          "chunk_id": "chunk:55405b0da26f",
          "chunk_index": 7,
          "quote_summary": "业链后端已延伸到船舶全寿命保障。 同建设、优势互补、快速发展的模式，履行保军首责，全力承接军工任务， 同时把握军民船市场回升态势。公司在船舶与海洋工程产业链中主要处于总装建造环节，在产业链前端已延伸到船海配套产品，在产业链后端已延伸到船舶全寿命保障。 ① 军品业务上看，公司是中国船舶集团下属大型骨干造船企业和国家核心..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "company:600150.SH",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "1ca377d3d82c",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "company:中国船舶",
      "to_name": "中国船舶",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "业链后端已延伸到船舶全寿命保障。 同建设、优势互补、快速发展的模式，履行保军首责，全力承接军工任务， 同时把握军民船市场回升态势。公司在船舶与海洋工程产业链中主要处于总装建造环节，在产业链前端已延伸到船海配套产品，在产业链后端已延伸到船舶全寿命保障。 ① 军品业务上看，公司是中国船舶集团下属大型骨干造船企业和国家核心军工生产企业，控股子公司黄埔文冲创建于 ...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md",
          "chunk_id": "chunk:55405b0da26f",
          "chunk_index": 7,
          "quote_summary": "业链后端已延伸到船舶全寿命保障。 同建设、优势互补、快速发展的模式，履行保军首责，全力承接军工任务， 同时把握军民船市场回升态势。公司在船舶与海洋工程产业链中主要处于总装建造环节，在产业链前端已延伸到船海配套产品，在产业链后端已延伸到船舶全寿命保障。 ① 军品业务上看，公司是中国船舶集团下属大型骨干造船企业和国家核心..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "company:中国船舶",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "694f26fd94cb",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "company:601606",
      "to_name": "长城军工",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "--------- | --------------- | | 601606 长城军工 | — | 0.16 摊薄 | — | 14.9 | 6.87 | | 600038 中直股份 | 40.61 | 0.77 | 243 | 120.48 | 6.49 | | 600765 中航重机 | 7.96 | 0.21 | 62.5 | 56.63 | 4.6...",
      "confidence": 0.66,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-恒泰证券-e2fc888c7acf.md",
          "chunk_id": "chunk:2c4817b40ef1",
          "chunk_index": 7,
          "quote_summary": "--------- | --------------- | | 601606 长城军工 | — | 0.16 摊薄 | — | 14.9 | 6.87 | | 600038 中直股份 | 40.61 | 0.77 | 243 | 120.48 | 6.49 | | 600765 中航重机 | 7.96 | 0.21 ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "customer_of",
      "source": "company:600765",
      "target": "company:601606",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "7bdc1a18db53",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "company:002389",
      "to_name": "航天彩虹",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "毛利率为 22.5%/22.3%/22.2%。预计公司 2025-2027 年归母净利润分别为 5.86/8.15/10.75 亿元，同比+6.98%/+38.96%/+31.90%，当前股价对应 PE 为 65/47/36 倍。我们选取无人化智能化装备和卫星载荷供应商中无人机、航天彩虹、天奥电子作为可比公司，2026 年平均 PE 为 69 倍。公司作为...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:a262e875cac8",
          "chunk_index": 0,
          "quote_summary": "毛利率为 22.5%/22.3%/22.2%。预计公司 2025-2027 年归母净利润分别为 5.86/8.15/10.75 亿元，同比+6.98%/+38.96%/+31.90%，当前股价对应 PE 为 65/47/36 倍。我们选取无人化智能化装备和卫星载荷供应商中无人机、航天彩虹、天奥电子作为可比公司，202..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "company:002389",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "c0fe27667cc9",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "company:000738",
      "to_name": "航发控制",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "8.55 | | 2022 | 6.81 | | 2023 | 6.50 | | 2024 | 6.95 | | 2025 | 7.15 | 资料来源：wind，国信证券经济研究所整理 # 同行业对比 航发动力隶属于航空领域，基于此原则选取对应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕航空发动机的零部件制造和 控制系统，与航...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:ec7db31693fb",
          "chunk_index": 0,
          "quote_summary": "8.55 | | 2022 | 6.81 | | 2023 | 6.50 | | 2024 | 6.95 | | 2025 | 7.15 | 资料来源：wind，国信证券经济研究所整理 # 同行业对比 航发动力隶属于航空领域，基于此原则选取对应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "company:000738",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "102b0c1a2ce7",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "company:000768",
      "to_name": "中航西飞",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕航空发动机的零部件制造和 控制系统，与航发动力同属航空发动机产业链。中航沈飞为我国核心的航空防务装备整机供应商之一，典型产品为歼击机、舰载机并为 C909、C919 及空客 A220 等型号提供零部件。中航西飞为运-20、C919 等多型号的总装主机厂。 **航发动力近年来营业收入...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:ec7db31693fb",
          "chunk_index": 0,
          "quote_summary": "应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕航空发动机的零部件制造和 控制系统，与航发动力同属航空发动机产业链。中航沈飞为我国核心的航空防务装备整机供应商之一，典型产品为歼击机、舰载机并为 C909、C919 及空客 A220 等型号提供零部件。中航西飞为运-20、C919 等多型号的..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "company:000768",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "284b3b60bf8d",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "company:600391",
      "to_name": "航发科技",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "21 | 8.55 | | 2022 | 6.81 | | 2023 | 6.50 | | 2024 | 6.95 | | 2025 | 7.15 | 资料来源：wind，国信证券经济研究所整理 # 同行业对比 航发动力隶属于航空领域，基于此原则选取对应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕航空发动机的零部件制造和 控制...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:ec7db31693fb",
          "chunk_index": 0,
          "quote_summary": "21 | 8.55 | | 2022 | 6.81 | | 2023 | 6.50 | | 2024 | 6.95 | | 2025 | 7.15 | 资料来源：wind，国信证券经济研究所整理 # 同行业对比 航发动力隶属于航空领域，基于此原则选取对应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "company:600391",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "29b2d3332a3c",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "company:600760",
      "to_name": "中航沈飞",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "2025 | 7.15 | 资料来源：wind，国信证券经济研究所整理 # 同行业对比 航发动力隶属于航空领域，基于此原则选取对应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕航空发动机的零部件制造和 控制系统，与航发动力同属航空发动机产业链。中航沈飞为我国核心的航空防务装备整机供应商之一，典型产品为歼击机、舰载机并为 C909...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:ec7db31693fb",
          "chunk_index": 0,
          "quote_summary": "2025 | 7.15 | 资料来源：wind，国信证券经济研究所整理 # 同行业对比 航发动力隶属于航空领域，基于此原则选取对应行业典型公司进行对比。航发科技和航发控制均为航发集团下的上市平台，分别深耕航空发动机的零部件制造和 控制系统，与航发动力同属航空发动机产业链。中航沈飞为我国核心的航空防务装备整机供应商之一..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "company:600760",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "538d96afa66f",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "company:688563",
      "to_name": "航材股份",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "明书，国元证券研究所 2022 年，公司橡胶与密封件业务中军品占比 84%，民品占比 16%，下游前 5 大客户分别为航空工业下属公司、客户 001、中国航发下属公司、兵器工业下属公司、航天科工下属公司，合计占比超过 91%，其中，中国航发客户包括哈尔滨东安公司、沈阳黎明公司、航发动力、南方公司等。 公司市场优势明显，承担了国内几乎所有飞机型号的多种用途橡...",
      "confidence": 0.66,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:1dc86bbdad25",
          "chunk_index": 0,
          "quote_summary": "明书，国元证券研究所 2022 年，公司橡胶与密封件业务中军品占比 84%，民品占比 16%，下游前 5 大客户分别为航空工业下属公司、客户 001、中国航发下属公司、兵器工业下属公司、航天科工下属公司，合计占比超过 91%，其中，中国航发客户包括哈尔滨东安公司、沈阳黎明公司、航发动力、南方公司等。 公司市场优势明显..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "customer_of",
      "source": "company:600893",
      "target": "company:688563",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "68117557c0a5",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "company:600184",
      "to_name": "光电股份",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "raph \"智能弹药总装\" A1[中兵红箭] A2[洪都航空] A3[湖南兵器] A4[新余国科] A5[高德红外] A6[国科军工] A7[长城军工] A8[广东宏大] end subgraph \"制导系统\" subgraph \"红外/光电制导\" B1[光电股份] B2[精准信息] end subgraph \"卫星制导\" C1[雷科防务] C2[盟升电子...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:96a7d7319cbc",
          "chunk_index": 0,
          "quote_summary": "raph \"智能弹药总装\" A1[中兵红箭] A2[洪都航空] A3[湖南兵器] A4[新余国科] A5[高德红外] A6[国科军工] A7[长城军工] A8[广东宏大] end subgraph \"制导系统\" subgraph \"红外/光电制导\" B1[光电股份] B2[精准信息] end subgraph \"卫星..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "company:600184",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "b23362520363",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "company:600435",
      "to_name": "北方导航",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "A8[广东宏大] end subgraph \"制导系统\" subgraph \"红外/光电制导\" B1[光电股份] B2[精准信息] end subgraph \"卫星制导\" C1[雷科防务] C2[盟升电子] end subgraph \"惯性制导\" D1[北方导航] D2[理工导航] end end subgraph \"其他配套\" E1[材料] E2[甘化科...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:96a7d7319cbc",
          "chunk_index": 0,
          "quote_summary": "A8[广东宏大] end subgraph \"制导系统\" subgraph \"红外/光电制导\" B1[光电股份] B2[精准信息] end subgraph \"卫星制导\" C1[雷科防务] C2[盟升电子] end subgraph \"惯性制导\" D1[北方导航] D2[理工导航] end end subgraph ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "company:600435",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "04ca454daf02",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "company:000777",
      "to_name": "中核科技",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "公司客户包括西门子、贝克休斯、安萨尔多、曼恩、中国重燃、上海电气、东方电气、航发燃机、龙江广瀚、哈尔滨汽轮机、南京汽轮机等知名企业。航发领域客户包括 GE 航空、赛峰、罗罗、中国商发、航天科工等行业龙头。此外，在传统业务方面，公司也已成功供货卡特彼勒、艾默生、斯伦贝谢、沈鼓集团、中核科技等国内外头部客户。 图表2：公司主要客户 来源：公司公告，公司官微，国...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:5adcbf757c2a",
          "chunk_index": 0,
          "quote_summary": "公司客户包括西门子、贝克休斯、安萨尔多、曼恩、中国重燃、上海电气、东方电气、航发燃机、龙江广瀚、哈尔滨汽轮机、南京汽轮机等知名企业。航发领域客户包括 GE 航空、赛峰、罗罗、中国商发、航天科工等行业龙头。此外，在传统业务方面，公司也已成功供货卡特彼勒、艾默生、斯伦贝谢、沈鼓集团、中核科技等国内外头部客户。 图表2：公..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "company:000777",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "538f057c0b1e",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "company:七一二",
      "to_name": "七一二",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "中航证券研究所 分析师：张超 证券执业证书号：S0640519070001 分析师：宋博 证券执业证书号：S0640520090001 邮箱：songbo@avicsec.com # 七一二（603712）2021 年中报点评：军工通信核心供应商，业绩保持高速增长 行业分类：国防军工 2021 年 8 月 18 日 | 公司投资评级 | 买入 | | --...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md",
          "chunk_id": "chunk:781d49c63e58",
          "chunk_index": 0,
          "quote_summary": "中航证券研究所 分析师：张超 证券执业证书号：S0640519070001 分析师：宋博 证券执业证书号：S0640520090001 邮箱：songbo@avicsec.com # 七一二（603712）2021 年中报点评：军工通信核心供应商，业绩保持高速增长 行业分类：国防军工 2021 年 8 月 18 日 ..."
        },
        {
          "source_path": "sources/stock-research-report-七一二-603712-f2c864cb8185.md",
          "chunk_id": "chunk:40bb7fc58c0b",
          "chunk_index": 0,
          "quote_summary": "# 七一二（603712） 公司研究/公司点评 # 营收利润稳定增长，专网无线通信领域核心供应商 ## 投资评级：买入（首次） **报告日期：** 2022-11-01 | 收盘价（元） | 38.90 | | --------------- | ----------- | | 近 12 个月最高/最低（元） | 4..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "company:七一二",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 2
    },
    {
      "edge_id": "9b60de5d5d03",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "company:600150",
      "to_name": "中国船舶",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "沿研究领域的国家纵向课题研究；4 项国家重大科技专项、高新工程等重大型号配套研制工作；20 余项国家重点武器型号的配套研制工作，并于 2006 年获得了国防科学技术进步一等奖。目前公司已经是中国航天科技集团、中国航天科工集团、中国航空工业集团、中国兵器工业集团、中国电子科技集团、中国船舶重工集团等军工集团所属单位的合格供应商。公司创立以来的发展历程及估值变...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md",
          "chunk_id": "chunk:32b29603f9d1",
          "chunk_index": 0,
          "quote_summary": "沿研究领域的国家纵向课题研究；4 项国家重大科技专项、高新工程等重大型号配套研制工作；20 余项国家重点武器型号的配套研制工作，并于 2006 年获得了国防科学技术进步一等奖。目前公司已经是中国航天科技集团、中国航天科工集团、中国航空工业集团、中国兵器工业集团、中国电子科技集团、中国船舶重工集团等军工集团所属单位的合..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "company:600150",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "6f1551708be3",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "company:中国船舶",
      "to_name": "中国船舶",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "沿研究领域的国家纵向课题研究；4 项国家重大科技专项、高新工程等重大型号配套研制工作；20 余项国家重点武器型号的配套研制工作，并于 2006 年获得了国防科学技术进步一等奖。目前公司已经是中国航天科技集团、中国航天科工集团、中国航空工业集团、中国兵器工业集团、中国电子科技集团、中国船舶重工集团等军工集团所属单位的合格供应商。公司创立以来的发展历程及估值变...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md",
          "chunk_id": "chunk:32b29603f9d1",
          "chunk_index": 0,
          "quote_summary": "沿研究领域的国家纵向课题研究；4 项国家重大科技专项、高新工程等重大型号配套研制工作；20 余项国家重点武器型号的配套研制工作，并于 2006 年获得了国防科学技术进步一等奖。目前公司已经是中国航天科技集团、中国航天科工集团、中国航空工业集团、中国兵器工业集团、中国电子科技集团、中国船舶重工集团等军工集团所属单位的合..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "company:中国船舶",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "e15b3fda7dc4",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "company:哈尔滨新光光电科技股份有限公司",
      "to_name": "哈尔滨新光光电科技股份有限公司",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "航证券可发出其它与本报告所载资料不一致及有不同结论的报告。本报告在不同时期可有不同见解及分析方法。为免生疑，本报告所载的观点并不代表中航证券及关联公司的观点。 # 一、 聚焦高端军用光电设备，公司业绩稳定增长 ## 1.1 参与多项重点武器装备研制，公司成为合格军品供应商 哈尔滨新光光电科技股份有限公司（以下简称公司）成立于 2007 年，是一家专注于光学...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md",
          "chunk_id": "chunk:32b29603f9d1",
          "chunk_index": 0,
          "quote_summary": "航证券可发出其它与本报告所载资料不一致及有不同结论的报告。本报告在不同时期可有不同见解及分析方法。为免生疑，本报告所载的观点并不代表中航证券及关联公司的观点。 # 一、 聚焦高端军用光电设备，公司业绩稳定增长 ## 1.1 参与多项重点武器装备研制，公司成为合格军品供应商 哈尔滨新光光电科技股份有限公司（以下简称公司..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "company:哈尔滨新光光电科技股份有限公司",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "a918539691bf",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "company:002465",
      "to_name": "海格通信",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "------------------------ | | 中游 | 卫星通信 | 卫星导航 | 遥感卫星 | | | 终端制造商：\\*\\*海格通信\\*\\*、华力创通、信科移动<br/>通信运营商：中国卫通、亚太卫星 | \\*\\*海格通信\\*\\*、华测导航、合众思壮、北斗星通 | 航天宏图、中科星图等 | | 下游 | 国防 | 交通 | 消防 / 运输 |...",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md",
          "chunk_id": "chunk:246046ae42d0",
          "chunk_index": 0,
          "quote_summary": "------------------------ | | 中游 | 卫星通信 | 卫星导航 | 遥感卫星 | | | 终端制造商：\\*\\*海格通信\\*\\*、华力创通、信科移动<br/>通信运营商：中国卫通、亚太卫星 | \\*\\*海格通信\\*\\*、华测导航、合众思壮、北斗星通 | 航天宏图、中科星图等 | | 下游 |..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "downstream_of",
      "source": "company:688066",
      "target": "company:002465",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "4412268e83d2",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "company:600118",
      "to_name": "中国卫星",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "轨道可根据需要来确定。遥感卫星能在规定的时间内覆盖整个地球或指定的任何区域，当沿地球同步轨道运行时，它能连续地对地球表面某指定地域进行遥感。从产业链区分，卫星产业主要包括三个方面：卫星制造与发射、卫星数据处理、卫星数据应用。 1）上游：卫星制造与发射环节，参与公司包括中国航天、中国卫星、长广卫星等； 2）中游：卫星数据处理环节，主要提供卫星遥感数据服务、相...",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-173ad718b01d.md",
          "chunk_id": "chunk:a29e230b94da",
          "chunk_index": 0,
          "quote_summary": "轨道可根据需要来确定。遥感卫星能在规定的时间内覆盖整个地球或指定的任何区域，当沿地球同步轨道运行时，它能连续地对地球表面某指定地域进行遥感。从产业链区分，卫星产业主要包括三个方面：卫星制造与发射、卫星数据处理、卫星数据应用。 1）上游：卫星制造与发射环节，参与公司包括中国航天、中国卫星、长广卫星等； 2）中游：卫星数..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "upstream_of",
      "source": "company:688066",
      "target": "company:600118",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "543bccedffa7",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "company:002149",
      "to_name": "西部材料",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "测公司 2024-2026 年归母净利润分别为 8.10/9.69/12.01 亿元，同比增速分别为 7.64%/19.69%/23.86%，按 2025 年 3 月 31 日收盘价计算的 PE 为 37.18/31.07/25.08 倍。选择同为军用钛合金/高温合金核心供应商的西部材料、航材股份、图南股份作为可比公司，鉴于公司超导板块业务具备较强成长性，...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:cacbaf01d62a",
          "chunk_index": 2,
          "quote_summary": "测公司 2024-2026 年归母净利润分别为 8.10/9.69/12.01 亿元，同比增速分别为 7.64%/19.69%/23.86%，按 2025 年 3 月 31 日收盘价计算的 PE 为 37.18/31.07/25.08 倍。选择同为军用钛合金/高温合金核心供应商的西部材料、航材股份、图南股份作为可比公..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "company:002149",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "90517c194f90",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "company:300034",
      "to_name": "钢研高纳",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "进，公司产品结构有望得到持续优化，整体毛利率水平或将优化，带动整体毛利率提升，归母净利润有望在 2024 年基础上改善。我们预计公司 2025-2027 年实现归母净利润分别为 2.88/3.15/3.51 亿元，对应 PE 分别为 41.8/38.2/34.3。 倍。我们选取西部超导、图南股份、菲利华作为可比公司，公司当前存在一定高估，考虑到公司高温合金...",
      "confidence": 0.66,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md",
          "chunk_id": "chunk:5800de03c4c0",
          "chunk_index": 0,
          "quote_summary": "进，公司产品结构有望得到持续优化，整体毛利率水平或将优化，带动整体毛利率提升，归母净利润有望在 2024 年基础上改善。我们预计公司 2025-2027 年实现归母净利润分别为 2.88/3.15/3.51 亿元，对应 PE 分别为 41.8/38.2/34.3。 倍。我们选取西部超导、图南股份、菲利华作为可比公司，..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "customer_of",
      "source": "company:688122",
      "target": "company:300034",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "d1b931af3938",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "company:300855",
      "to_name": "图南股份",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "026 年归母净利润分别为 8.10/9.69/12.01 亿元，同比增速分别为 7.64%/19.69%/23.86%，按 2025 年 3 月 31 日收盘价计算的 PE 为 37.18/31.07/25.08 倍。选择同为军用钛合金/高温合金核心供应商的西部材料、航材股份、图南股份作为可比公司，鉴于公司超导板块业务具备较强成长性，首次覆盖给予“增持”...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:cacbaf01d62a",
          "chunk_index": 2,
          "quote_summary": "026 年归母净利润分别为 8.10/9.69/12.01 亿元，同比增速分别为 7.64%/19.69%/23.86%，按 2025 年 3 月 31 日收盘价计算的 PE 为 37.18/31.07/25.08 倍。选择同为军用钛合金/高温合金核心供应商的西部材料、航材股份、图南股份作为可比公司，鉴于公司超导板块..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "company:300855",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "bebe1e31e5f3",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "company:688563",
      "to_name": "航材股份",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "024-2026 年归母净利润分别为 8.10/9.69/12.01 亿元，同比增速分别为 7.64%/19.69%/23.86%，按 2025 年 3 月 31 日收盘价计算的 PE 为 37.18/31.07/25.08 倍。选择同为军用钛合金/高温合金核心供应商的西部材料、航材股份、图南股份作为可比公司，鉴于公司超导板块业务具备较强成长性，首次覆盖给...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:cacbaf01d62a",
          "chunk_index": 2,
          "quote_summary": "024-2026 年归母净利润分别为 8.10/9.69/12.01 亿元，同比增速分别为 7.64%/19.69%/23.86%，按 2025 年 3 月 31 日收盘价计算的 PE 为 37.18/31.07/25.08 倍。选择同为军用钛合金/高温合金核心供应商的西部材料、航材股份、图南股份作为可比公司，鉴于公..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "company:688563",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "8ffc30a4acf9",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "company:300034",
      "to_name": "钢研高纳",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "金双联、三联工艺所需的真空感应炉、真空自耗炉、电渣重熔炉等核心设备都依赖外国进口定制，价格高昂，货期较长，国内无法实现自产。 | | 资金壁垒 | 高温合金冶炼行业为资金密集型行业，原材料采购、设备购置、厂房建设、技术研发、管理团队都需要大量的资金，技改项目（隆达股份、抚顺特钢、钢研高纳）扩产投资一般在 3-9 万元/吨，需要新建生产基地的项目（图南股份、...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-914015653efb.md",
          "chunk_id": "chunk:7e8e331ba103",
          "chunk_index": 0,
          "quote_summary": "金双联、三联工艺所需的真空感应炉、真空自耗炉、电渣重熔炉等核心设备都依赖外国进口定制，价格高昂，货期较长，国内无法实现自产。 | | 资金壁垒 | 高温合金冶炼行业为资金密集型行业，原材料采购、设备购置、厂房建设、技术研发、管理团队都需要大量的资金，技改项目（隆达股份、抚顺特钢、钢研高纳）扩产投资一般在 3-9 万元..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "company:300034",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "e752fe6d05aa",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "company:300855",
      "to_name": "图南股份",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "基于国家在计划经济时期规划的高温合金生产基地和研发基地以及一些原航空工业配套高温合金铸件的专业铸造单位。一类是以抚顺特钢、宝钢特钢、长城特钢等特钢企业为主的大型钢铁厂变形高温合金生产基地；一类是以钢研总院、中科院金属所、北京航材院、北京北冶为代表的研究、生产基地；一类是民营背景的图南股份、中洲特材、中航上大、四川六合、隆达股份。 表6：高温合金行业主要企业...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:f4b7a99c3ca2",
          "chunk_index": 0,
          "quote_summary": "基于国家在计划经济时期规划的高温合金生产基地和研发基地以及一些原航空工业配套高温合金铸件的专业铸造单位。一类是以抚顺特钢、宝钢特钢、长城特钢等特钢企业为主的大型钢铁厂变形高温合金生产基地；一类是以钢研总院、中科院金属所、北京航材院、北京北冶为代表的研究、生产基地；一类是民营背景的图南股份、中洲特材、中航上大、四川六合..."
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-914015653efb.md",
          "chunk_id": "chunk:7e8e331ba103",
          "chunk_index": 0,
          "quote_summary": "依赖外国进口定制，价格高昂，货期较长，国内无法实现自产。 | | 资金壁垒 | 高温合金冶炼行业为资金密集型行业，原材料采购、设备购置、厂房建设、技术研发、管理团队都需要大量的资金，技改项目（隆达股份、抚顺特钢、钢研高纳）扩产投资一般在 3-9 万元/吨，需要新建生产基地的项目（图南股份、西部超导）扩产投资为 18-..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "company:300855",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 2
    },
    {
      "edge_id": "e3bf2eb68247",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "company:688122",
      "to_name": "西部超导",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "口定制，价格高昂，货期较长，国内无法实现自产。 | | 资金壁垒 | 高温合金冶炼行业为资金密集型行业，原材料采购、设备购置、厂房建设、技术研发、管理团队都需要大量的资金，技改项目（隆达股份、抚顺特钢、钢研高纳）扩产投资一般在 3-9 万元/吨，需要新建生产基地的项目（图南股份、西部超导）扩产投资为 18-33 万元/吨，融资能力不足的企业难以搭建和扩张高...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-914015653efb.md",
          "chunk_id": "chunk:7e8e331ba103",
          "chunk_index": 0,
          "quote_summary": "口定制，价格高昂，货期较长，国内无法实现自产。 | | 资金壁垒 | 高温合金冶炼行业为资金密集型行业，原材料采购、设备购置、厂房建设、技术研发、管理团队都需要大量的资金，技改项目（隆达股份、抚顺特钢、钢研高纳）扩产投资一般在 3-9 万元/吨，需要新建生产基地的项目（图南股份、西部超导）扩产投资为 18-33 万元..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "company:688122",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "96fc006205b0",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "company:688297",
      "to_name": "中无人机",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "| 452.72 | 568.19 | | 同比增速 | 26.62% | 24.46% | 24.98% | 25.50% | | 毛利率 | 49.91% | 48.83% | 48.42% | 47.88% | 数据来源：东吴证券研究所 ### 4.3. 估值与评级 中无人机、航天彩虹、纵横股份是我国无人机装备的代表性供应商，可将它们选作可比公司进行...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md",
          "chunk_id": "chunk:57cc673a16fd",
          "chunk_index": 0,
          "quote_summary": "| 452.72 | 568.19 | | 同比增速 | 26.62% | 24.46% | 24.98% | 25.50% | | 毛利率 | 49.91% | 48.83% | 48.42% | 47.88% | 数据来源：东吴证券研究所 ### 4.3. 估值与评级 中无人机、航天彩虹、纵横股份是我国无人机装备..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "company:688297",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "859b9d2a60ec",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "company:哈尔滨新光光电科技股份有限公司",
      "to_name": "哈尔滨新光光电科技股份有限公司",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "% | | EPS（元） | 0.89 | 0.54 | 0.97 | 科创板已受理企业名单中，高端装备占据10席。截止4月12日，科创板已受理企业达65家，其中高端装备公司占10席，分别为：利元亨、江苏北人、天准科技、华兴源创、交控科技、新光光电、博众精工、中微公司、瀚川智能、铂力特。本期我们主要介绍新光光电，公司专注于提供光学目标与场景仿真、光学制导、...",
      "confidence": 0.66,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md",
          "chunk_id": "chunk:24e9dbe7ce13",
          "chunk_index": 2,
          "quote_summary": "% | | EPS（元） | 0.89 | 0.54 | 0.97 | 科创板已受理企业名单中，高端装备占据10席。截止4月12日，科创板已受理企业达65家，其中高端装备公司占10席，分别为：利元亨、江苏北人、天准科技、华兴源创、交控科技、新光光电、博众精工、中微公司、瀚川智能、铂力特。本期我们主要介绍新光光电，公司..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "customer_of",
      "source": "company:688333",
      "target": "company:哈尔滨新光光电科技股份有限公司",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "62e2c6968a2a",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "company:600343",
      "to_name": "航天动力",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "备抗强干扰及适应复杂环境的固体发动机点火装置 YD039/XM、YD040/XM 及导弹安全保险装置 YZ051/XM 在某型空空导弹、某型战术导弹终端应用，同时成功应用于 Px 系列空空导弹上。 此外，公司 2024 年 7 月 30 日公告，公司拟投资 3.43 亿元用于“航天动力建设项目，进行航天动力研发中心及配套壳体能力建设，向航天发动机总装领域转...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bcb90e27f3ce.md",
          "chunk_id": "chunk:2171e0443b49",
          "chunk_index": 7,
          "quote_summary": "备抗强干扰及适应复杂环境的固体发动机点火装置 YD039/XM、YD040/XM 及导弹安全保险装置 YZ051/XM 在某型空空导弹、某型战术导弹终端应用，同时成功应用于 Px 系列空空导弹上。 此外，公司 2024 年 7 月 30 日公告，公司拟投资 3.43 亿元用于“航天动力建设项目，进行航天动力研发中心及..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "company:600343",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "e7193a8df4ac",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "company:600862",
      "to_name": "中航高科",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "**盈利预测与评级：**我们预测公司 2025-2027 年归母净利润分别为 13.71/16.06/18.37 亿元，同比增速分别为 18.93%/17.18%/14.35%，当前股价对应的 PE 分别为 23.71/ 20.23/17.69 倍。我们选取光威复材、中简科技、航材股份为可比公司，三家公司按 Wind 一致预期计算的 2025 年平均 PE...",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:3363043912d0",
          "chunk_index": 0,
          "quote_summary": "**盈利预测与评级：**我们预测公司 2025-2027 年归母净利润分别为 13.71/16.06/18.37 亿元，同比增速分别为 18.93%/17.18%/14.35%，当前股价对应的 PE 分别为 23.71/ 20.23/17.69 倍。我们选取光威复材、中简科技、航材股份为可比公司，三家公司按 Wind..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "downstream_of",
      "source": "company:688563",
      "target": "company:600862",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "c163a8044f01",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "company:600184",
      "to_name": "光电股份",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "61%/26.80%，毛利率为 32.2%/31.5%/31.1%。预计公司 2025-2027 年归母净利润分别为 1.16/1.56/2.13 亿元，同比-7.31%/+34.44%/+36.19%，当前股价对应 PE 为 84/62/46 倍。我们选取军工行业中游系统供应商光电股份、新兴装备、航发动力作为可比公司，2026 年平均 PE 为 81 倍...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md",
          "chunk_id": "chunk:78cd225ff234",
          "chunk_index": 0,
          "quote_summary": "61%/26.80%，毛利率为 32.2%/31.5%/31.1%。预计公司 2025-2027 年归母净利润分别为 1.16/1.56/2.13 亿元，同比-7.31%/+34.44%/+36.19%，当前股价对应 PE 为 84/62/46 倍。我们选取军工行业中游系统供应商光电股份、新兴装备、航发动力作为可比公..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "company:600184",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "b4fde9623a30",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "company:600893",
      "to_name": "航发动力",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "，毛利率为 32.2%/31.5%/31.1%。预计公司 2025-2027 年归母净利润分别为 1.16/1.56/2.13 亿元，同比-7.31%/+34.44%/+36.19%，当前股价对应 PE 为 84/62/46 倍。我们选取军工行业中游系统供应商光电股份、新兴装备、航发动力作为可比公司，2026 年平均 PE 为 81 倍。公司作为机载系统和...",
      "confidence": 0.68,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md",
          "chunk_id": "chunk:78cd225ff234",
          "chunk_index": 0,
          "quote_summary": "，毛利率为 32.2%/31.5%/31.1%。预计公司 2025-2027 年归母净利润分别为 1.16/1.56/2.13 亿元，同比-7.31%/+34.44%/+36.19%，当前股价对应 PE 为 84/62/46 倍。我们选取军工行业中游系统供应商光电股份、新兴装备、航发动力作为可比公司，2026 年平均..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "company:600893",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "14798e775ed8",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "company:688011",
      "to_name": "新光光电",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "项核心技术，获得2016年度国防科学技术进步一等奖等多项重要奖项。丰富的科研项目经验及获奖经历，是公司优秀的科技创新能力的重要体现，亦是提高公司自主创新能力的重要动力。 公司的主要客户包括中国航天科技集团、中国航天科工集团、中国航空工业集团、中国兵器工业集团、中国电子科技集团、中国船舶重工集团等军工集团所属单位。这都成为了行业新进入者难以逾越的壁垒。 ##...",
      "confidence": 0.66,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东海证券-d3cb3f6bdead.md",
          "chunk_id": "chunk:7bdfc22a308f",
          "chunk_index": 0,
          "quote_summary": "项核心技术，获得2016年度国防科学技术进步一等奖等多项重要奖项。丰富的科研项目经验及获奖经历，是公司优秀的科技创新能力的重要体现，亦是提高公司自主创新能力的重要动力。 公司的主要客户包括中国航天科技集团、中国航天科工集团、中国航空工业集团、中国兵器工业集团、中国电子科技集团、中国船舶重工集团等军工集团所属单位。这都..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "customer_of",
      "source": "company:中国船舶",
      "target": "company:688011",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "868367411489",
      "from": "company:信维通信",
      "from_name": "信维通信",
      "to": "company:300136",
      "to_name": "信维通信",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "2024 年 04 月 29 日 公司研究●证券研究报告 # 信维通信（300136.SZ） # 公司快报 ## 业绩短期承压波动，受益海外商业卫星加速渗透 通信 | 通信终端及配件Ⅲ **投资评级**: 增持-B(首次) **股价(2024-04-26)**: 18.66 元 ### 投资要点 事件：2024 年 4 月 24 日，信维通信发布 2023...",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-29-日-adf5fc095bc6.md",
          "chunk_id": "chunk:d4ee12fe8ef9",
          "chunk_index": 0,
          "quote_summary": "2024 年 04 月 29 日 公司研究●证券研究报告 # 信维通信（300136.SZ） # 公司快报 ## 业绩短期承压波动，受益海外商业卫星加速渗透 通信 | 通信终端及配件Ⅲ **投资评级**: 增持-B(首次) **股价(2024-04-26)**: 18.66 元 ### 投资要点 事件：2024 年 ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "downstream_of",
      "source": "company:信维通信",
      "target": "company:300136",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "2b37f434ab98",
      "from": "company:国博电子",
      "from_name": "国博电子",
      "to": "company:688375",
      "to_name": "国博电子",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "股比例（%）**: 44.54 **总市值（亿元）**: 299 **流通市值（亿元）**: 133 ### ⚫ 公司在商业航天和低空经济领域有布局 2025 年一季度受 T/R 组件和射频模块收入减少，公司营业收入及归母净利润出现下滑。 根据 4 月 11 日发布的《南京国博电子股份有限公司投资者关系活动记录表》显示，低空经济领域，5G-A 通感一体基站...",
      "confidence": 0.66,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩阶段性承压-公司在部分新兴产业有布局-92f4d40c3470.md",
          "chunk_id": "chunk:eb0dba178f03",
          "chunk_index": 0,
          "quote_summary": "股比例（%）**: 44.54 **总市值（亿元）**: 299 **流通市值（亿元）**: 133 ### ⚫ 公司在商业航天和低空经济领域有布局 2025 年一季度受 T/R 组件和射频模块收入减少，公司营业收入及归母净利润出现下滑。 根据 4 月 11 日发布的《南京国博电子股份有限公司投资者关系活动记录表》显..."
        },
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-b76082900adb.md",
          "chunk_id": "chunk:fd91553f400e",
          "chunk_index": 0,
          "quote_summary": "# 国博电子（688375.SH） # 买入（维持评级） 公司点评 证券研究报告 # Q2 环比大增，下游景气逐步复苏 **军工组** **分析师：杨晨（执业S1130522060001)** yangchen@gjzq.com.cn **联系人：冯茗馨** fengmingxin@gjzq.com.cn **市价（..."
        },
        {
          "source_path": "sources/stock-research-report-其他军工iii-7ccc9e9c3656.md",
          "chunk_id": "chunk:4aa0ec173458",
          "chunk_index": 0,
          "quote_summary": "证券研究报告 # 其他军工Ⅲ # 国博电子（688375.SH） # 增持-A(维持) ## Q2 营收净利恢复增长，持续丰富产品应用领域 2025 年 8 月 29 日 公司研究/公司快报 ### 公司近一年市场表现 | 日期 | 国博电子 | 上证指数 | | ----- | ---- | ---- | | 24..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "customer_of,downstream_of",
      "source": "company:国博电子",
      "target": "company:688375",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 3
    },
    {
      "edge_id": "3b14bf618878",
      "from": "company:紫光国微",
      "from_name": "紫光国微",
      "to": "company:002049",
      "to_name": "紫光国微",
      "relation": "supplier_to",
      "direction": "supply_chain",
      "summary": "# 紫光国微 (002049.SZ) # 买入（维持评级） 公司点评 证券研究报告 # 下游需求承压，持续加大研发投入 **电子组** **分析师：樊志远（执业 S1130518070003）** **fanzhiyuan@gjzq.com.cn** ### 业绩简评 2024 年 8 月 22 日，公司发布 2024 年中",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md",
          "chunk_id": "chunk:985782e524f8",
          "chunk_index": 0,
          "quote_summary": "# 紫光国微 (002049.SZ) # 买入（维持评级） 公司点评 证券研究报告 # 下游需求承压，持续加大研发投入 **电子组** **分析师：樊志远（执业 S1130518070003）** **fanzhiyuan@gjzq.com.cn** ### 业绩简评 2024 年 8 月 22 日，公司发布 202..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "normalized_from_relation": "downstream_of",
      "source": "company:紫光国微",
      "target": "company:002049",
      "label": "supplier_to",
      "category": "company",
      "group": "supplier_to",
      "evidence_count": 1
    },
    {
      "edge_id": "db5a1c6d3911",
      "from": "company:000519",
      "from_name": "中兵红箭",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司超硬材料业务主要产品为人造金刚石和立方氮化硼单晶及聚晶系列产品、复合材料、培育钻石、高纯石墨及制品等。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-182d13714a53.md",
          "chunk_id": "chunk:7041556f053f",
          "chunk_index": 4,
          "quote_summary": "公司超硬材料业务主要产品为人造金刚石和立方氮化硼单晶及聚晶系列产品、复合材料、培育钻石、高纯石墨及制品等。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000519",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "d0e7cf27e697",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "业绩下滑主要受新型电子元器件板块产品价格下行压力传导及低附加值产品营收占比增加影响，同时原材料成本上涨导致营业成本同比上升 11.50%。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-46db8c9f6bba.md",
          "chunk_id": "chunk:b1f6c71890ec",
          "chunk_index": 4,
          "quote_summary": "业绩下滑主要受新型电子元器件板块产品价格下行压力传导及低附加值产品营收占比增加影响，同时原材料成本上涨导致营业成本同比上升 11.50%。"
        },
        {
          "source_path": "sources/stock-research-report-振华科技-000733-83b334bf0b0f.md",
          "chunk_id": "chunk:0a87043b87e5",
          "chunk_index": 4,
          "quote_summary": "公司销售毛利率为 45.67%，同比下降 7.92 个百分点，主要受原材料成本波动及产品结构阶段性调整影响；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md",
          "chunk_id": "chunk:df981c0bcf0e",
          "chunk_index": 5,
          "quote_summary": "核心竞争力风险，市场拓展不及预期，原材料采购风险，财务风险等。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "ec49eb1a5dde",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "从军用层面来看,军用电子元器件作为武器装备信息化、智能化发展的关键组成,其可靠性及供应能力至关重要,在国际贸易不确定性等因素扰动下,电子元器件自主可控能力则显得尤为重要,从而带动国内相关产业需求持续提升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md",
          "chunk_id": "chunk:df981c0bcf0e",
          "chunk_index": 5,
          "quote_summary": "从军用层面来看,军用电子元器件作为武器装备信息化、智能化发展的关键组成,其可靠性及供应能力至关重要,在国际贸易不确定性等因素扰动下,电子元器件自主可控能力则显得尤为重要,从而带动国内相关产业需求持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "65deaf573a8b",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2024 年，公司实现营业收入 54.81 亿元，同比增长 2.95%，航空发动机及燃气轮机控制系统批产产品及国际合作订单及交付增加；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-c73f59215d42.md",
          "chunk_id": "chunk:766f46229b7d",
          "chunk_index": 2,
          "quote_summary": "2024 年，公司实现营业收入 54.81 亿元，同比增长 2.95%，航空发动机及燃气轮机控制系统批产产品及国际合作订单及交付增加；"
        },
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2025-年半年报点评-375bfd412012.md",
          "chunk_id": "chunk:c3760ec65e20",
          "chunk_index": 1,
          "quote_summary": "** 1H25，分产品看，公司：1）航空发动机及燃气轮机控制系统：营收 24.4 亿元，YOY -3.1%，占总营收 89%；"
        },
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2024-年三季报点评-e424f34444eb.md",
          "chunk_id": "chunk:3079c79a6b4f",
          "chunk_index": 0,
          "quote_summary": "航发发动机及燃气轮机控制系统批产产品及国际合作订单及交付增加，公司业绩稳定增长，我们综合点评如下："
        },
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2024-年中报点评-c63b20e32a69.md",
          "chunk_id": "chunk:de7e03589f7d",
          "chunk_index": 0,
          "quote_summary": "公司业绩稳定增长主要是航空发动机及燃气轮机控制系统批产产品及国际合作订单的交付增加。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md",
          "chunk_id": "chunk:8a2b4bd62be0",
          "chunk_index": 4,
          "quote_summary": "公司是国家航空动力控制系统及燃气轮机控制系统产品的研制、生产基地，是国内航空发动机控制系统领域的龙头企业，拥有较强的核心竞争力和领先的行业地位。"
        },
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2024-年年报点评-5dc94f73d135.md",
          "chunk_id": "chunk:5cb5dce44021",
          "chunk_index": 0,
          "quote_summary": "公司业绩稳健增长，航空发动机及燃气轮机控制系统批产产品及国际合作订单及交付有所增加。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 6
    },
    {
      "edge_id": "0d09ce1d26d3",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "② 国际合作业务：主要是为国外知名航空企业提供民用航空精密零部件的转包生产，如航空发动机摇臂、燃油系统滑阀偶件、飞控系统和发动机泵壳体组件及其他精密零件的制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md",
          "chunk_id": "chunk:e2bf20090722",
          "chunk_index": 5,
          "quote_summary": "② 国际合作业务：主要是为国外知名航空企业提供民用航空精密零部件的转包生产，如航空发动机摇臂、燃油系统滑阀偶件、飞控系统和发动机泵壳体组件及其他精密零件的制造。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "e4b77cb5b443",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "航发动力主营业务为航空发动机、燃气轮机整机及核心零部件的研发、制造、维修与技术服务，服务于军民用航空动力、能源装备、船舶动力等国家战略领域。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:20558d6992ed",
          "chunk_index": 22,
          "quote_summary": "航发动力主营业务为航空发动机、燃气轮机整机及核心零部件的研发、制造、维修与技术服务，服务于军民用航空动力、能源装备、船舶动力等国家战略领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "7e71f4d5bde0",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **2025 年上半年公司综合毛利率 7.27%，较上年同期提高：**得益于原材料成本下降及规模效应释放；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-74db948a135c.md",
          "chunk_id": "chunk:97ace5f37f74",
          "chunk_index": 4,
          "quote_summary": "* **2025 年上半年公司综合毛利率 7.27%，较上年同期提高：**得益于原材料成本下降及规模效应释放；"
        },
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:0150ab751126",
          "chunk_index": 39,
          "quote_summary": "随着国产大飞机产业的发展，公司作为产业链上游的原材料和零部件供应商，将率先享受行业发展红利，业绩预计迎来大幅增长。"
        },
        {
          "source_path": "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md",
          "chunk_id": "chunk:134d0b5a756a",
          "chunk_index": 56,
          "quote_summary": "全球武装冲突愈演愈烈，周边环境复杂敏感，给世界经济带来持续冲击，引发大宗商品价格上涨、原材料供应短缺，导致运输成本增大、采购配套的稳定性和产品交付的准时性存在不确定性，对公司宏观经济发展环境产生一定影响。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "2048fc8a0da5",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "旧机相比新机燃油效率较低，并且会面临部件老化等问题，使成本上升。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md",
          "chunk_id": "chunk:e696599c65a9",
          "chunk_index": 30,
          "quote_summary": "旧机相比新机燃油效率较低，并且会面临部件老化等问题，使成本上升。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "f6eb642cbf35",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "D -- 50% --> L[雅安复合材料有限公司]",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:a4c4306c3395",
          "chunk_index": 14,
          "quote_summary": "D -- 50% --> L[雅安复合材料有限公司]"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "cfcec938b442",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2020 年 10 月 16 日，公司发布公告，以其持有的贵州新安 100%股权、西飞铝业 63.56%股权、西安天元 36.00%股权、沈飞民机 36.00%股权、成飞民机 27.16%股权，与航空工业飞机持有的航空工业西飞 100%股权、航空工业陕飞 100%股权、航空工业天飞 100%股权进行置换，置换差额部分由公司以现金方式向航空工业飞机予以支付。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md",
          "chunk_id": "chunk:bb4cd851f589",
          "chunk_index": 12,
          "quote_summary": "2020 年 10 月 16 日，公司发布公告，以其持有的贵州新安 100%股权、西飞铝业 63.56%股权、西安天元 36.00%股权、沈飞民机 36.00%股权、成飞民机 27.16%股权，与航空工业飞机持有的航空工业西飞 100%股权、航空工业陕飞 100%股权、航空工业天飞 100%股权进行置换，置换差额部分..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "b0fbff9bcf24",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "其他阀门如电力（火电、水电等）、市政供水排水、通用工业设备等，应用场景广泛，市场需求规模大，预计 2025-2027 年实现收入 5.49/6.04/6.10 亿元，毛利率 15.00%/15.00%/15.00%；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md",
          "chunk_id": "chunk:c74fd0c201a2",
          "chunk_index": 7,
          "quote_summary": "其他阀门如电力（火电、水电等）、市政供水排水、通用工业设备等，应用场景广泛，市场需求规模大，预计 2025-2027 年实现收入 5.49/6.04/6.10 亿元，毛利率 15.00%/15.00%/15.00%；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "54193ea8e736",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "石油石化行业受益我国石化燃料保供上产支撑，有望维持增长，其他阀门业务公司积淀较深，有望保持稳健。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-c0a2eca6c861.md",
          "chunk_id": "chunk:3bedfa98adee",
          "chunk_index": 4,
          "quote_summary": "石油石化行业受益我国石化燃料保供上产支撑，有望维持增长，其他阀门业务公司积淀较深，有望保持稳健。"
        },
        {
          "source_path": "sources/stock-research-report-核电阀门驱动业绩稳增-国产化加速-海外突破-f4b66e14729a.md",
          "chunk_id": "chunk:adacc0b48f96",
          "chunk_index": 0,
          "quote_summary": "石油石化阀门收入 2.06 亿元，同比增长 13.92%，毛利占比 29.55%，但公用工程等其他阀门收入下滑 16.25%，反映传统工业阀门领域竞争加剧。"
        },
        {
          "source_path": "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md",
          "chunk_id": "chunk:9b48620fee5c",
          "chunk_index": 0,
          "quote_summary": "产品应用于核工程、石油石化、公用工程、火电等市场领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "9d68f28d4e78",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "战略上，公司坚持创新与回报并重，依托四大研发平台攻坚极端工况阀门技术，同时推进智能制造产能升级（如锻钢阀体智能产线）。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-核电阀门驱动业绩稳增-国产化加速-海外突破-f4b66e14729a.md",
          "chunk_id": "chunk:4bbd53635139",
          "chunk_index": 1,
          "quote_summary": "战略上，公司坚持创新与回报并重，依托四大研发平台攻坚极端工况阀门技术，同时推进智能制造产能升级（如锻钢阀体智能产线）。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "923c419b3b53",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "安泰三英重点拓展造船、海工及高端不锈钢特种焊剂堆焊业务，成功打破 LNG 运输船、深海平台等领域的国外垄断。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-08930126384e.md",
          "chunk_id": "chunk:d0bd99b5a439",
          "chunk_index": 2,
          "quote_summary": "安泰三英重点拓展造船、海工及高端不锈钢特种焊剂堆焊业务，成功打破 LNG 运输船、深海平台等领域的国外垄断。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "71c525fe1a66",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "安泰天龙受海外市场及原材料价格大幅上涨影响业绩略有下降，当前正加大产品结构调整，高端医疗装备领域新签合同同比增长 32.26%，平面显示靶类产品、热沉业务新签合同均增长超 60%；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-08930126384e.md",
          "chunk_id": "chunk:d0bd99b5a439",
          "chunk_index": 2,
          "quote_summary": "安泰天龙受海外市场及原材料价格大幅上涨影响业绩略有下降，当前正加大产品结构调整，高端医疗装备领域新签合同同比增长 32.26%，平面显示靶类产品、热沉业务新签合同均增长超 60%；"
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md",
          "chunk_id": "chunk:4b48f6024703",
          "chunk_index": 0,
          "quote_summary": "2023 年钨、钼精矿价格分别同比+4.97%/+37.34%，原材料价格上涨或为公司特种粉末冶金业务收入增而毛利率下降的原因。"
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-78b242ea291c.md",
          "chunk_id": "chunk:8d7546a703df",
          "chunk_index": 0,
          "quote_summary": "**公司是国内第一家具备聚变钨铜偏滤器生产能力的公司,具备从原材料到部件交付的全套技术,研制和生产过程在公司内部形成闭环,已实现钨铜偏滤器、钨铜限制器、包层第一壁、钨硼中子屏蔽材料等全系列涉钨产品的研发和生产。"
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md",
          "chunk_id": "chunk:ba087ce5fe25",
          "chunk_index": 4,
          "quote_summary": "市场环境需求收缩的风险、大宗原材料价格大幅波动的风险、国际贸易环境与汇率波动的风险。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "756b70329cdb",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "material:有色金属",
      "to_name": "有色金属",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "证券研究报告：有色金属 | 公司点评报告",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md",
          "chunk_id": "chunk:d5a2e02d150c",
          "chunk_index": 0,
          "quote_summary": "证券研究报告：有色金属 | 公司点评报告"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "material:有色金属",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "309711748f54",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "软磁材料是一种易于磁化的也易于退磁的材料，具有高饱和磁感、低损耗、高磁导率、小型化、耐腐蚀等特点，被广泛应用于电力电子、通信电子、计算机、光伏逆变器、储能、新能源汽车等领域。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:520f73b1cad0",
          "chunk_index": 33,
          "quote_summary": "软磁材料是一种易于磁化的也易于退磁的材料，具有高饱和磁感、低损耗、高磁导率、小型化、耐腐蚀等特点，被广泛应用于电力电子、通信电子、计算机、光伏逆变器、储能、新能源汽车等领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "ebbeff4518f1",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "生产 1 公斤非晶合金薄带比生产 1 公斤硅钢约可节省 1 升石油。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:46bbf28b1662",
          "chunk_index": 39,
          "quote_summary": "生产 1 公斤非晶合金薄带比生产 1 公斤硅钢约可节省 1 升石油。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "993a3257a026",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "广汽夸克电驱 2.0 非晶-碳纤维超级电驱已实现小批量装车并即将实现规模化批产，可在电池容量不变的前提下提升 30-50km 续航里程，我们认为反映非晶电机的量产工艺已经实现突破，未来或有更多车型开始搭载非晶电机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:43b1fbb8e43d",
          "chunk_index": 1,
          "quote_summary": "广汽夸克电驱 2.0 非晶-碳纤维超级电驱已实现小批量装车并即将实现规模化批产，可在电池容量不变的前提下提升 30-50km 续航里程，我们认为反映非晶电机的量产工艺已经实现突破，未来或有更多车型开始搭载非晶电机。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "b889044e128a",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "material:稀土",
      "to_name": "稀土",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司先进功能材料板块收入较大占比为稀土永磁材料业务，由于 2023 年钕铁硼 N52 价格同比-19.43%，但先进材料业务仍实现逆势扩张；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md",
          "chunk_id": "chunk:4b48f6024703",
          "chunk_index": 0,
          "quote_summary": "公司先进功能材料板块收入较大占比为稀土永磁材料业务，由于 2023 年钕铁硼 N52 价格同比-19.43%，但先进材料业务仍实现逆势扩张；"
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md",
          "chunk_id": "chunk:d6ad8fa49b18",
          "chunk_index": 0,
          "quote_summary": "**钕铁硼价格下跌拖累扣非归母净利表现。"
        },
        {
          "source_path": "sources/stock-research-report-有色金属-证券研究报告-调整盈利预测-2025年11月11日-3eac50725b82.md",
          "chunk_id": "chunk:f05d3bd084ea",
          "chunk_index": 0,
          "quote_summary": "公司作为我国先进金属新材料领域的领军企业，聚焦“难熔钨钼”和“稀土永磁”两大核心产业，同时积极布局特粉、可控核聚变等新兴业务，未来有望充分受益于下游需求的增长，维持“买入”评级。"
        },
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:dff3e4fc61bc",
          "chunk_index": 0,
          "quote_summary": "基于当前子公司产值规模，公司形成了“2+3+4”的结构体系，即 2 个核心产业（难熔钨钼、稀土永磁）、3 个重点产业（非晶/纳米晶、高合金高速钢、超硬材料）、4 个孵育产业（特粉、注射成型、焊接材料、可控核聚变）。"
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md",
          "chunk_id": "chunk:f151604eef1f",
          "chunk_index": 2,
          "quote_summary": "**稀土永磁方面**，面对行业竞争加剧和市场需求偏弱等不利因素，安泰磁材聚焦核心应用领域加大协同营销，开发新客户新项目，上半年订单重量 1587 吨，与去年同期基本持平，实现净利润 5878 万元（同比-13.2%）。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md",
          "chunk_id": "chunk:5bf11f393c52",
          "chunk_index": 4,
          "quote_summary": "磁材方面，安泰磁材依托稳定的稀土原料资源保障体系和京、鲁、蒙三地磁材协同生产优势，实现营业收入突破 22 亿元，净利润同比增长 12%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "material:稀土",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 6
    },
    {
      "edge_id": "e8c08b1c3229",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "** 24H1 稀土价格和钢价持续弱势，其中钕铁硼价格同比-23%；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md",
          "chunk_id": "chunk:d6ad8fa49b18",
          "chunk_index": 0,
          "quote_summary": "** 24H1 稀土价格和钢价持续弱势，其中钕铁硼价格同比-23%；"
        },
        {
          "source_path": "sources/stock-research-report-有色金属-证券研究报告-调整盈利预测-2025年11月11日-3eac50725b82.md",
          "chunk_id": "chunk:482f694188a7",
          "chunk_index": 2,
          "quote_summary": "| 中国钢研科技集团有限公司 (%) | 34.68 |"
        },
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:dff3e4fc61bc",
          "chunk_index": 0,
          "quote_summary": "* ⮚ **中国钢研集团金属新材料产业化平台，“2+3+4”体系构筑下多谱系业务共振发展。"
        },
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-08930126384e.md",
          "chunk_id": "chunk:d0bd99b5a439",
          "chunk_index": 2,
          "quote_summary": "> **高品质特钢及焊接材料：** 25H1 实现营业收入 9.18 亿元，占比 24.71%，同比增长 12.20%。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md",
          "chunk_id": "chunk:6f46edab991d",
          "chunk_index": 3,
          "quote_summary": "| 第一大股东 | 中国钢研科技集团有限公司 |"
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md",
          "chunk_id": "chunk:4b48f6024703",
          "chunk_index": 0,
          "quote_summary": "** 2023 年公司先进功能材料及器件、特种粉末冶金材料及制品、高品质特钢及焊接材料和环保与高端科技服务业收入分别同比 +7.14%/+12.09%/+4.44%/+44.00%，毛利率分别同比 +2.02pct/-0.68pct/-0.08pct/+5.63pct。"
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md",
          "chunk_id": "chunk:33c7901fdac0",
          "chunk_index": 0,
          "quote_summary": "高品质特钢及焊接材料实现营收 8.18 亿元（同比-3.29%），毛利率 10.97%（同比+0.02pct）；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 7
    },
    {
      "edge_id": "c2970719d12f",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "material:铜",
      "to_name": "铜",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**公司是国内第一家具备聚变钨铜偏滤器生产能力的公司,具备从原材料到部件交付的全套技术,研制和生产过程在公司内部形成闭环,已实现钨铜偏滤器、钨铜限制器、包层第一壁、钨硼中子屏蔽材料等全系列涉钨产品的研发和生产。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-78b242ea291c.md",
          "chunk_id": "chunk:8d7546a703df",
          "chunk_index": 0,
          "quote_summary": "**公司是国内第一家具备聚变钨铜偏滤器生产能力的公司,具备从原材料到部件交付的全套技术,研制和生产过程在公司内部形成闭环,已实现钨铜偏滤器、钨铜限制器、包层第一壁、钨硼中子屏蔽材料等全系列涉钨产品的研发和生产。"
        },
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:5cf09aee14d1",
          "chunk_index": 4,
          "quote_summary": "子公司安泰中科作为国际上第一家批量生产钨铜偏滤器、包层第一壁的公司，2008 年开始参与 ITER 项目，多年深耕下公司钨铜偏滤器与包层产品矩阵实现多元拓展，有望充分受益于此进程实现业绩增长。"
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md",
          "chunk_id": "chunk:67091df4d4e3",
          "chunk_index": 3,
          "quote_summary": "的核心供应商，实现钨铜偏滤器、钨铜限制器、包层第一壁、钨硼中子屏蔽材料等全系列涉钨产品的研发和生产。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "material:铜",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "ae492a1097e7",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "B5 --> B5c[铁硅铝磁粉芯]",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:520f73b1cad0",
          "chunk_index": 33,
          "quote_summary": "B5 --> B5c[铁硅铝磁粉芯]"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "fd01e2ce1a2d",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "material:镍",
      "to_name": "镍",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "B5 --> B5d[铁镍钼磁粉芯]",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:520f73b1cad0",
          "chunk_index": 33,
          "quote_summary": "B5 --> B5d[铁镍钼磁粉芯]"
        },
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-08930126384e.md",
          "chunk_id": "chunk:d0bd99b5a439",
          "chunk_index": 2,
          "quote_summary": "安泰特粉生产的芯片电感用超细铁镍和非晶纳米晶粉销量同比增加 25.9%，突破高端芯片电感应用瓶颈；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "material:镍",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "4dcd772e3de7",
      "from": "company:000969.SZ",
      "from_name": "安泰科技",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **风险提示：**市场需求不及预期风险、原材料价格波动风险、汇率波动风险",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md",
          "chunk_id": "chunk:980370897084",
          "chunk_index": 1,
          "quote_summary": "* **风险提示：**市场需求不及预期风险、原材料价格波动风险、汇率波动风险"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969.SZ",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "ad8ea6e63360",
      "from": "company:000969.SZ",
      "from_name": "安泰科技",
      "to": "material:稀土",
      "to_name": "稀土",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "安泰磁材与多家机器人核心部件厂商进行了接洽和技术交流，高性能钕铁硼磁材相关业务处于市场拓展和样品验证阶段，此外安泰北方 5000 吨高端稀土永磁制品项目处于达产爬坡期，市场份额稳中有升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md",
          "chunk_id": "chunk:f99177a9523c",
          "chunk_index": 0,
          "quote_summary": "安泰磁材与多家机器人核心部件厂商进行了接洽和技术交流，高性能钕铁硼磁材相关业务处于市场拓展和样品验证阶段，此外安泰北方 5000 吨高端稀土永磁制品项目处于达产爬坡期，市场份额稳中有升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969.SZ",
      "target": "material:稀土",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "46102795506f",
      "from": "company:000969.SZ",
      "from_name": "安泰科技",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "钢铁粉末及制品板块全年实现营收 29.77 亿元，同比+0.51%；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md",
          "chunk_id": "chunk:f99177a9523c",
          "chunk_index": 0,
          "quote_summary": "钢铁粉末及制品板块全年实现营收 29.77 亿元，同比+0.51%；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969.SZ",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "23b417cb76cc",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**3Q24 公司主要原材料镨钕合金、金属镝和金属铽价格环比分别+1.76%、-8.29%、-12.34%至 48.19 万元/吨、235.70 万元/吨和 673 万元/吨。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-9f2026906015.md",
          "chunk_id": "chunk:4255d788bd7e",
          "chunk_index": 0,
          "quote_summary": "**3Q24 公司主要原材料镨钕合金、金属镝和金属铽价格环比分别+1.76%、-8.29%、-12.34%至 48.19 万元/吨、235.70 万元/吨和 673 万元/吨。"
        },
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-acbb7ca2c093.md",
          "chunk_id": "chunk:0073e9804598",
          "chunk_index": 0,
          "quote_summary": "** Q2 公司主要原材料镨钕合金、金属镝和金属铽价格环比分别持平、+5%、+10%至 47.73 万元/吨、257.02 万元/吨和 0.77 万元/公斤。"
        },
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-2b6fa0f7d98f.md",
          "chunk_id": "chunk:ebb6cfae7b5f",
          "chunk_index": 0,
          "quote_summary": "考虑公司生产经营的季节性，1Q25 公司售价或环比下跌，但成本端考虑 1Q25 氧化镨钕、氧化镝、氧化铽价格环比分别+3.29%/-0.86%/+6.79%，成本端稀土原材料价格总体上行，因而公司 1Q25 毛利率环比显著下降。"
        },
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md",
          "chunk_id": "chunk:67fb436d2b58",
          "chunk_index": 0,
          "quote_summary": "**原材料价格下跌计提大额存货减值拖累业绩。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "7b8cd1b5915d",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "** 需求方面，“两新”行动提档升级，将购买（报废更新）新能源乘用车、燃油乘用车补贴分别提高到 2 万元和 1.5 万元；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-acbb7ca2c093.md",
          "chunk_id": "chunk:4d632a7edc45",
          "chunk_index": 1,
          "quote_summary": "** 需求方面，“两新”行动提档升级，将购买（报废更新）新能源乘用车、燃油乘用车补贴分别提高到 2 万元和 1.5 万元；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "c6492d4268e0",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "material:稀土",
      "to_name": "稀土",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "** 2024Q1 公司钕铁硼主要原材料镨钕合金、金属镝、金属铽市场价分别环比-22%/-27%/-30%至 46 万元/吨、246 万元/吨、696 万元/吨。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md",
          "chunk_id": "chunk:67fb436d2b58",
          "chunk_index": 0,
          "quote_summary": "** 2024Q1 公司钕铁硼主要原材料镨钕合金、金属镝、金属铽市场价分别环比-22%/-27%/-30%至 46 万元/吨、246 万元/吨、696 万元/吨。"
        },
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-2b6fa0f7d98f.md",
          "chunk_id": "chunk:ebb6cfae7b5f",
          "chunk_index": 0,
          "quote_summary": "考虑公司生产经营的季节性，1Q25 公司售价或环比下跌，但成本端考虑 1Q25 氧化镨钕、氧化镝、氧化铽价格环比分别+3.29%/-0.86%/+6.79%，成本端稀土原材料价格总体上行，因而公司 1Q25 毛利率环比显著下降。"
        },
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-9f2026906015.md",
          "chunk_id": "chunk:4ab10be460f3",
          "chunk_index": 1,
          "quote_summary": "**缅甸供给扰动，关注稀土价格整体回升。"
        },
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-acbb7ca2c093.md",
          "chunk_id": "chunk:4d632a7edc45",
          "chunk_index": 1,
          "quote_summary": "而汽车、家电作为稀土需求的重要板块，亦将有望受益于以旧换新政策加持。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "material:稀土",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "a3f0d2edff77",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "** 从资产负债表来看，2023 年公司合同负债（1.23 亿元，+56.80%）增长较快，存货（5.00 亿元，+41.70%）大幅增长，主要系公司在执行订单增加导致在产品（0.95 亿元，+222.49%）及合同履约成本（0.46 亿元，+104.78%）增长，以及原材料（3.40 亿元，+20.74%）备货增加所致，我们认为公司需求增加，随着订单交付...",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73f8fa1d3359.md",
          "chunk_id": "chunk:db8338e49d76",
          "chunk_index": 5,
          "quote_summary": "** 从资产负债表来看，2023 年公司合同负债（1.23 亿元，+56.80%）增长较快，存货（5.00 亿元，+41.70%）大幅增长，主要系公司在执行订单增加导致在产品（0.95 亿元，+222.49%）及合同履约成本（0.46 亿元，+104.78%）增长，以及原材料（3.40 亿元，+20.74%）备货增加..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "3a6d7bde90f9",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**原材料价格影响毛利，中高端机电组件研发值得期待**：1）受贵金属原材料价格上涨影响，上半年毛利率 31.9%（-15.6pct)；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md",
          "chunk_id": "chunk:ca0625385c0d",
          "chunk_index": 0,
          "quote_summary": "**原材料价格影响毛利，中高端机电组件研发值得期待**：1）受贵金属原材料价格上涨影响，上半年毛利率 31.9%（-15.6pct)；"
        },
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-2bc3aabe1db3.md",
          "chunk_id": "chunk:7033c2b239bc",
          "chunk_index": 4,
          "quote_summary": "原材料价格和劳动力成本上升风险、新品研发不及预期。"
        },
        {
          "source_path": "sources/stock-research-report-航天电器-002025-7c86d05be172.md",
          "chunk_id": "chunk:adde2a0cf404",
          "chunk_index": 4,
          "quote_summary": "* **毛利率同比下滑，费用端优化显著：**2025 年上半年公司毛利率同比下降至 31.94%，主要因原材料涨价及产品降价双重挤压。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "e360c290e076",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司微特电机研制生产的主要品种为伺服电机、无刷直流电机、直流力矩电机、永磁直流系列电机、步进电机、中小型民用电机等，",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md",
          "chunk_id": "chunk:0469d25a1e6b",
          "chunk_index": 5,
          "quote_summary": "公司微特电机研制生产的主要品种为伺服电机、无刷直流电机、直流力矩电机、永磁直流系列电机、步进电机、中小型民用电机等，"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "44ac73b09d26",
      "from": "company:002149",
      "from_name": "西部材料",
      "to": "material:有色金属",
      "to_name": "有色金属",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md",
          "chunk_id": "chunk:f83e0dc838a5",
          "chunk_index": 0,
          "quote_summary": "公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002149",
      "target": "material:有色金属",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "6791dff2fe8f",
      "from": "company:002149",
      "from_name": "西部材料",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md",
          "chunk_id": "chunk:f83e0dc838a5",
          "chunk_index": 0,
          "quote_summary": "公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002149",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "e9c1b054b89c",
      "from": "company:002149",
      "from_name": "西部材料",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md",
          "chunk_id": "chunk:f83e0dc838a5",
          "chunk_index": 0,
          "quote_summary": "公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002149",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "83d07acd3a3a",
      "from": "company:002149",
      "from_name": "西部材料",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md",
          "chunk_id": "chunk:f83e0dc838a5",
          "chunk_index": 0,
          "quote_summary": "公司是我国稀有金属新材料行业的领先者，依托控股股东西北有色金属研究院的科研实力，形成了钛及钛合金加工材、层状金属复合材料、稀贵金属材料、金属纤维及制品、稀有金属装备、钨钼材料及制品、钛材高端日用消费品及精密加工制品等八大业务领域，产品主要应用于军工、核电、环保、海洋工程、石化、电力等行业和众多国家大型项目。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002149",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "f3289d95c4a3",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "此外，公司通过优化成本结构和提升运营效率，部分抵消了原材料价格上涨和市场竞争加剧带来的压力。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-5fad9f344c7d.md",
          "chunk_id": "chunk:5190d560efb7",
          "chunk_index": 4,
          "quote_summary": "此外，公司通过优化成本结构和提升运营效率，部分抵消了原材料价格上涨和市场竞争加剧带来的压力。"
        },
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2025-年半年报点评-f345ecbe2202.md",
          "chunk_id": "chunk:67473a1481c8",
          "chunk_index": 0,
          "quote_summary": "原材料价格上涨、业务结构变化及部分产品降价为公司上半年毛利率同比下滑的主要原因。"
        },
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:d61928235bce",
          "chunk_index": 4,
          "quote_summary": "** 原材料价格上涨风险、市场需求与订单交付风险、行业竞争加剧、技术更新迭代风险、合规与监管风险。"
        },
        {
          "source_path": "sources/stock-research-report-中航光电-002179-ccc8d2641408.md",
          "chunk_id": "chunk:6505b6d951c4",
          "chunk_index": 6,
          "quote_summary": "利润下滑主要因原材料价格上涨、产品降价及业务结构变化导致营业成本增长 34.77%，毛利率由去年同期的 36.97%降至 30.31%。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "cefc189ed42c",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "material:有色金属",
      "to_name": "有色金属",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "（1）原材料价格上涨风险：在市场动态和行业发展等多重因素的作用下，产业链黄金、铜、白银等有色金属及贵金属原材料价格波动上涨的供应可能遭遇紧缺，或其采购成本面临上升压力。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:4569f9583c23",
          "chunk_index": 39,
          "quote_summary": "（1）原材料价格上涨风险：在市场动态和行业发展等多重因素的作用下，产业链黄金、铜、白银等有色金属及贵金属原材料价格波动上涨的供应可能遭遇紧缺，或其采购成本面临上升压力。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "material:有色金属",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "788b4bbfaf4c",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "航空航天、通信网络、数据中心、石油装备、电力装备、工业装备、轨道交通、医疗设备、新能源汽车、消费电子等高端制造领域。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:b3973050bf1f",
          "chunk_index": 7,
          "quote_summary": "航空航天、通信网络、数据中心、石油装备、电力装备、工业装备、轨道交通、医疗设备、新能源汽车、消费电子等高端制造领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "aed8ed6edfa1",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "航空航天、通信网络、数据中心、石油装备、电力装备、工业装备、轨道交通、医疗设备、新能源汽车、消费电子等高端制造领域。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:b3973050bf1f",
          "chunk_index": 7,
          "quote_summary": "航空航天、通信网络、数据中心、石油装备、电力装备、工业装备、轨道交通、医疗设备、新能源汽车、消费电子等高端制造领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "161dd7b51bb7",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "material:铜",
      "to_name": "铜",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "BBR 算力系列软铜排、OCP 铜排；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:2ffbe9af2c80",
          "chunk_index": 8,
          "quote_summary": "BBR 算力系列软铜排、OCP 铜排；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "material:铜",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "020a8791f866",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "在导体材料影响方面，电缆芯线填充氮化铝掺杂硅胶时，平均温度最低，温升降低约 26.97%。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:b67e4f0186cb",
          "chunk_index": 36,
          "quote_summary": "在导体材料影响方面，电缆芯线填充氮化铝掺杂硅胶时，平均温度最低，温升降低约 26.97%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "b2a1d4207ed0",
      "from": "company:002413",
      "from_name": "雷科防务",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "➢ **风险提示：** 募投项目建设不及预期、原材料价格波动、订单低于预期等。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md",
          "chunk_id": "chunk:83d043df96c1",
          "chunk_index": 2,
          "quote_summary": "➢ **风险提示：** 募投项目建设不及预期、原材料价格波动、订单低于预期等。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002413",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "d7133a5b3807",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "多型产品成功进入电力、能源等重点用户供应商体系和政府采购推荐名录；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-sz-2024-年三季报点评-3ded5fff3b34.md",
          "chunk_id": "chunk:274bbbd570ee",
          "chunk_index": 1,
          "quote_summary": "多型产品成功进入电力、能源等重点用户供应商体系和政府采购推荐名录；"
        },
        {
          "source_path": "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md",
          "chunk_id": "chunk:49bc9936fa7c",
          "chunk_index": 39,
          "quote_summary": "| 中原电子 | 致力于用电信息采集系统终端、电力综合自动化、配网自动化、光纤通信系统、船舶自动识别系统（AIS）和移动增值业务的开发、生产、销售和服务 |"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md",
          "chunk_id": "chunk:b6887f6d2a14",
          "chunk_index": 6,
          "quote_summary": "公司实现“芯片/模块、天线、终端、系统、运营”的全产业链布局，实现了北斗三号终端在特殊机构市场的布局，同时着力推进“北斗+5G”技术融合和关键成果转化，布局交通、电力、石油石化、应急等市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "2cf3a79bd3f0",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司实现“芯片/模块、天线、终端、系统、运营”的全产业链布局，实现了北斗三号终端在特殊机构市场的布局，同时着力推进“北斗+5G”技术融合和关键成果转化，布局交通、电力、石油石化、应急等市场。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md",
          "chunk_id": "chunk:b6887f6d2a14",
          "chunk_index": 6,
          "quote_summary": "公司实现“芯片/模块、天线、终端、系统、运营”的全产业链布局，实现了北斗三号终端在特殊机构市场的布局，同时着力推进“北斗+5G”技术融合和关键成果转化，布局交通、电力、石油石化、应急等市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "db59bd27f83f",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "A1[金属、有机、复合材料<br/>机械加工产品<br/>电子元器件]",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md",
          "chunk_id": "chunk:1bba574c4db6",
          "chunk_index": 38,
          "quote_summary": "A1[金属、有机、复合材料<br/>机械加工产品<br/>电子元器件]"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "38585db4f924",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "特别是在飞机大型薄壁件、复杂曲面、应力变形、碳纤维大型零件多次成型等难点领域积累了丰富的经验，并取得了关键性技术突破，是国内极少数掌握大型复合材料零件成型技术和钛合金高速切削技术的企业之一。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md",
          "chunk_id": "chunk:1b47b1b62972",
          "chunk_index": 52,
          "quote_summary": "特别是在飞机大型薄壁件、复杂曲面、应力变形、碳纤维大型零件多次成型等难点领域积累了丰富的经验，并取得了关键性技术突破，是国内极少数掌握大型复合材料零件成型技术和钛合金高速切削技术的企业之一。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "8f820d8582f5",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "material:化工品",
      "to_name": "化工品",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **轻烃一体化配套持续完善，项目有序推进：**截至 2025 年末，公司功能化学品、高分子新材料、新能源材料设计产能分别达 662、206、198 万吨，并持续推进高吸水性树脂、精丙烯酸、芳烃联合处理等项目建设。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-f8bb7ccb23e6.md",
          "chunk_id": "chunk:15519c287b09",
          "chunk_index": 8,
          "quote_summary": "* **轻烃一体化配套持续完善，项目有序推进：**截至 2025 年末，公司功能化学品、高分子新材料、新能源材料设计产能分别达 662、206、198 万吨，并持续推进高吸水性树脂、精丙烯酸、芳烃联合处理等项目建设。"
        },
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-12-日-cd7e650a2b9f.md",
          "chunk_id": "chunk:540384ac6924",
          "chunk_index": 3,
          "quote_summary": "同时，公司仍在积极推进年产 30 万吨高吸水性树脂（SAP）、年产 20 万吨精丙烯酸等高附加值项目的建设，未来将持续支撑公司稳定增长。"
        },
        {
          "source_path": "sources/stock-research-report-基础化工-证券研究报告-调整盈利预测-2026年3月27日-5f9ddf623e80.md",
          "chunk_id": "chunk:a52326f6ae21",
          "chunk_index": 3,
          "quote_summary": "** 2025年，公司平湖基地年产8万吨新戊二醇装置，嘉兴基地年产9万吨丙烯酸项目成功投产，丙烯酸总产量实现“三年连增”，同时公司加快年产16万吨高分子乳液、年产30万吨高吸水性树脂、年产20万吨精丙烯酸、年产26万吨芳烃联合装置等项目的建设，促进轻烃综合利用高附加值产品的做精做深，实现上游产品向下游高端产品的拓展。"
        },
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-47b60e98e593.md",
          "chunk_id": "chunk:a811342ff252",
          "chunk_index": 5,
          "quote_summary": "* **轻烃一体化配套持续完善，项目有序推进：** 截至 2025 年末，公司功能化学品、高分子新材料、新能源材料设计产能分别达 662、206、198 万吨，并持续推进高吸水性树脂、精丙烯酸、芳烃联合处理等项目建设。"
        },
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-1297cf03d9ca.md",
          "chunk_id": "chunk:2d9194976835",
          "chunk_index": 4,
          "quote_summary": "公司抢抓机遇，加速拓展海外市场，目前丙烯酸及酯、高吸水性树脂、乙醇胺、聚醚大单体出口量居国内前列。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "material:化工品",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 5
    },
    {
      "edge_id": "d08b1dea907a",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **风险提示：**项目建设不及预期，需求表现疲弱，原材料价格大幅波动。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-f8bb7ccb23e6.md",
          "chunk_id": "chunk:15519c287b09",
          "chunk_index": 8,
          "quote_summary": "* **风险提示：**项目建设不及预期，需求表现疲弱，原材料价格大幅波动。"
        },
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-12-日-cd7e650a2b9f.md",
          "chunk_id": "chunk:540384ac6924",
          "chunk_index": 3,
          "quote_summary": "**风险提示**：原材料价格波动、产品价格波动、项目进展不及预期、行业产能过剩风险、需求下滑、行业竞争加剧等。"
        },
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-47b60e98e593.md",
          "chunk_id": "chunk:a811342ff252",
          "chunk_index": 5,
          "quote_summary": "* **风险提示：** 项目建设不及预期，需求表现疲弱，原材料价格大幅波动。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "26d81ddd9d23",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**傅鸿浩：**所长助理、碳中和组长，电力设备首席分析师，中国科学院工学硕士，央企战略与 6 年新能源研究经验。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-扣非净利稳健增长-功能化学品表现亮眼-18e370b70179.md",
          "chunk_id": "chunk:5fc3803ea033",
          "chunk_index": 12,
          "quote_summary": "**傅鸿浩：**所长助理、碳中和组长，电力设备首席分析师，中国科学院工学硕士，央企战略与 6 年新能源研究经验。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "08f0a71ce322",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **事件：地缘冲突引发国际油价大幅上涨，气头制烯烃路线的安全性与盈利性凸显。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-f8bb7ccb23e6.md",
          "chunk_id": "chunk:5e0d4bf55d1c",
          "chunk_index": 2,
          "quote_summary": "* **事件：地缘冲突引发国际油价大幅上涨，气头制烯烃路线的安全性与盈利性凸显。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-基础化工-公司点评报告-e23e4ee04a94.md",
          "chunk_id": "chunk:f8d1884640d1",
          "chunk_index": 4,
          "quote_summary": "2026 年 3 月以来，中东局势急剧升温，美伊军事冲突导致霍尔木兹海峡通航受阻，国际原油期货价格大幅拉升，布伦特原油超越 100 美元/桶大关，气头路线的卫星化学可形成显著的成本优势。"
        },
        {
          "source_path": "sources/stock-research-report-基础化工-证券研究报告-调整盈利预测-2026年3月27日-5f9ddf623e80.md",
          "chunk_id": "chunk:a52326f6ae21",
          "chunk_index": 3,
          "quote_summary": "全球乙烯原料多元化发展，轻烃路线的重要性提升，高油价和地缘扰动会快速抬升石脑油路线成本，不同原料路线之间的成本差异、能耗差异和碳排差异被进一步放大，公司是国内领先的乙烷裂解制乙烯企业，竞争优势进一步增强。"
        },
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-47b60e98e593.md",
          "chunk_id": "chunk:01abe02209f5",
          "chunk_index": 4,
          "quote_summary": "* **地缘冲突推涨油价，公司产品价格普遍上涨：** 受地缘冲突影响，国际油价上升，对产品成本端存在支撑，2026Q1，国内 HDPE/聚丙烯/丙烯酸/丙烯酸丁酯/正丁醇/辛醇均价分别 7767/7334/7322/8820/6891/7585 元/吨，环比+8%/+13%/+24%/+29%/+26%/+18%。"
        },
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md",
          "chunk_id": "chunk:c486537383a7",
          "chunk_index": 0,
          "quote_summary": "**第三季度成本端价格下降裂解价差走扩，受原油价格影响 C2、C3 下游产品价格有所回落。"
        },
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-dafefb44f90d.md",
          "chunk_id": "chunk:accc48eb2117",
          "chunk_index": 1,
          "quote_summary": "**投资建议：**考虑到油价上行，油-气价差扩大对公司产品利润的影响，上调 2026-2027 年归母净利润预测至 75.1/79.0 亿元（原值为 65.5/76.6 亿元），新增 2028 年归母净利润预测 85.8 亿元，对应摊薄 EPS 为 2.23/2.35/2.55 元，当前股价对应 PE 为 11.7/..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 6
    },
    {
      "edge_id": "825dc307b505",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "宏观经济下滑，油价汇率剧烈波动，安全事故。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-04-27-900407e0bcbd.md",
          "chunk_id": "chunk:4e96e659481e",
          "chunk_index": 3,
          "quote_summary": "宏观经济下滑，油价汇率剧烈波动，安全事故。"
        },
        {
          "source_path": "sources/stock-research-report-华夏航空-002928-sz-2025-年三季报点评-ccf475abd697.md",
          "chunk_id": "chunk:2a2cde9409ce",
          "chunk_index": 0,
          "quote_summary": "25Q3 公司盈利同比增长主要受益于单位成本下降，单位非油成本随着运力增长持续下降，油价下降亦带来成本下降，收益端客座率同比提升对冲了票价下降影响。"
        },
        {
          "source_path": "sources/stock-research-report-华夏航空-002928-sz-2025-年半年报点评-738489c5cf4b.md",
          "chunk_id": "chunk:e760195f0054",
          "chunk_index": 0,
          "quote_summary": "➢ **利用率回升、油价下降改善单位成本，机队机型结构调整，单位成本或仍有改善空间。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md",
          "chunk_id": "chunk:d48d7a7b6522",
          "chunk_index": 2,
          "quote_summary": "* **风险提示**：宏观经济周期波动风险、航空业政策变化风险、航油价格波动风险、汇率波动风险等。"
        },
        {
          "source_path": "sources/stock-research-report-民营支线航司翘楚-扭亏为盈逐步释放利润-bd7e6d93688d.md",
          "chunk_id": "chunk:ec28740b4f78",
          "chunk_index": 0,
          "quote_summary": "**2024 年公司持续推进节油工作，通过航路优化、APU（辅助动力装置）使用措施优化、重心节油等措施，共节油 10164 吨，降低航油成本，实现节能减排，2024 年公司实现毛利率为 1.8%，同比增长 8.8pp。"
        },
        {
          "source_path": "sources/stock-research-report-股票投资评级-6f06d7949e64.md",
          "chunk_id": "chunk:a12eaf08b13f",
          "chunk_index": 6,
          "quote_summary": "宏观经济下滑，油价汇率剧烈波动，安全事故"
        },
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md",
          "chunk_id": "chunk:b5ce18ce52bf",
          "chunk_index": 3,
          "quote_summary": "宏观经济周期扰动、航空需求季节性影响、突发事件风险、替代性交通运输工具竞争、票价修复及客座率提升不及预期风险、支线航空补贴政策变化风险、运力投放及机队引进不及预期风险、机构运力购买及地方合作落地不及预期风险、通程产品推广及次级枢纽复制不及预期风险、国产机型导入及机队切换风险、飞行员资源短缺、油价及汇率发生不利波动。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 7
    },
    {
      "edge_id": "c27138ff749e",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "material:化工品",
      "to_name": "化工品",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "根据增强基体材料的不同，碳纤维复合材料主要分为树脂基、炭基、金属基、陶瓷基复合材料等。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:544dfd114297",
          "chunk_index": 52,
          "quote_summary": "根据增强基体材料的不同，碳纤维复合材料主要分为树脂基、炭基、金属基、陶瓷基复合材料等。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "material:化工品",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "c280f068a859",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "23 年公司增雨防雹火箭收入和销量基本持平，但原材料成本增加较多，导致毛利润出现下滑。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:b250b0c4d31f",
          "chunk_index": 11,
          "quote_summary": "23 年公司增雨防雹火箭收入和销量基本持平，但原材料成本增加较多，导致毛利润出现下滑。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "2924f19a89cc",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "material:硅材料",
      "to_name": "硅材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "在光伏方面，公司炭/炭复合材料是光伏产业晶体生长热场系统耗材，产品已经被隆基股份、中环股份等光伏硅片头部厂商广泛采用。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:33bf038a42a5",
          "chunk_index": 5,
          "quote_summary": "在光伏方面，公司炭/炭复合材料是光伏产业晶体生长热场系统耗材，产品已经被隆基股份、中环股份等光伏硅片头部厂商广泛采用。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md",
          "chunk_id": "chunk:7d2a1184e094",
          "chunk_index": 4,
          "quote_summary": "</mark>此外，当前光伏热场处于喷井式增长后的低谷期，上游炭/炭热场材料竞争加剧、利润率持续走低，但随着热场系统大型化和 N 型硅片的加速渗透，落后产能有望逐步出清。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "material:硅材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "9479a898116a",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "3）2014 年，公司成功研制了固体火箭发动机耐烧蚀组件复合材料，形成了以固体火箭发动机耐烧蚀组件为主要产品的特种产品生产能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:915d4586a7db",
          "chunk_index": 3,
          "quote_summary": "3）2014 年，公司成功研制了固体火箭发动机耐烧蚀组件复合材料，形成了以固体火箭发动机耐烧蚀组件为主要产品的特种产品生产能力。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md",
          "chunk_id": "chunk:ab6d33de60e7",
          "chunk_index": 3,
          "quote_summary": "以固体火箭高性能材料技术为基础，公司形成了炭/炭热场材料及固体火箭发动机耐烧蚀组件等炭/炭复合材料业务；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "b9fed8374402",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "A1[\"燃料：推进剂、催化剂<br/>电子元器件、钢铁\"] --- A",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:f752410fa391",
          "chunk_index": 31,
          "quote_summary": "A1[\"燃料：推进剂、催化剂<br/>电子元器件、钢铁\"] --- A"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "f9527e3f52b3",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **致力于成为世界一流的高端装备制造业所需金属新材料与制品产研一体化的高科技公司**：公司将继续深耕镍基高温合金领域，拓展铝、镁、钛铸锻件业务，完善产业布局，提升生产技术 and 产品品质，以满足航空航天、燃气轮机、核电等领域对高端和新型高温合金不断增长的需求。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md",
          "chunk_id": "chunk:60ad7ea50fd4",
          "chunk_index": 8,
          "quote_summary": "* **致力于成为世界一流的高端装备制造业所需金属新材料与制品产研一体化的高科技公司**：公司将继续深耕镍基高温合金领域，拓展铝、镁、钛铸锻件业务，完善产业布局，提升生产技术 and 产品品质，以满足航空航天、燃气轮机、核电等领域对高端和新型高温合金不断增长的需求。"
        },
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md",
          "chunk_id": "chunk:8fb8760ad28e",
          "chunk_index": 2,
          "quote_summary": "公司及控股子公司河北德凯、西安高纳，全资子公司涿州高纳和四川高纳的主要产品高温合金、铝合金、镁合金和钛合金是制造航空航天发动机用核心部件的关键材料，也是大型发电设备，如工业燃气轮机、氦气轮机、烟气轮机、火力发电机组等动力装置的核心材料。"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md",
          "chunk_id": "chunk:f5cbbe88ddd8",
          "chunk_index": 4,
          "quote_summary": "此外，低空经济、燃气轮机、以及海外一代一路等方向增长亮眼，公司发力国内国际两个市场，产品结构有望进一步优化，保障长期增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "4c0530f5460a",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "毛利率（29.22%，+1.54pcts)，受2023年大宗原材料（镍板、铬铁等）降价因素成本下降，毛利率稳步提升；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md",
          "chunk_id": "chunk:b91c62d3f583",
          "chunk_index": 0,
          "quote_summary": "毛利率（29.22%，+1.54pcts)，受2023年大宗原材料（镍板、铬铁等）降价因素成本下降，毛利率稳步提升；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md",
          "chunk_id": "chunk:4ee1516e3941",
          "chunk_index": 4,
          "quote_summary": "* **业绩变化的主要原因是原材料价格波动导致成本增加，以及部分产品价格因市场需求变化而调整**：钢研高纳 2024 年营业收入为 35.24 亿元，同比增长 3.40%，归属于上市公司股东的净利润为 2.49 亿元，同比下降 22.08%。"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md",
          "chunk_id": "chunk:45c030be156d",
          "chunk_index": 5,
          "quote_summary": "原材料价格上涨及高温合金产品降价超出预期等。"
        },
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-fd991e900c78.md",
          "chunk_id": "chunk:fe330ea22af4",
          "chunk_index": 2,
          "quote_summary": "* **净利润下滑主要受原材料价格波动及部分产品进入批产阶段后阶梯降价影响：**2025 年上半年，钢研高纳实现营业收入 18.17 亿元，同比增长 5.07%，但归属于母公司净利润仅 0.64 亿元，同比大幅下降 64.52%。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "1340ea19d5eb",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "** 公司为目前国内高端和新型高温合金制品生产规模最完整的企业之一，2024 年受益于我国航空航天、低空经济、新型电力系统建设等推动，收入稳健增长，实现增速 3.4%。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md",
          "chunk_id": "chunk:f5cbbe88ddd8",
          "chunk_index": 4,
          "quote_summary": "** 公司为目前国内高端和新型高温合金制品生产规模最完整的企业之一，2024 年受益于我国航空航天、低空经济、新型电力系统建设等推动，收入稳健增长，实现增速 3.4%。"
        },
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-31e095c5b880.md",
          "chunk_id": "chunk:b4819abd3bab",
          "chunk_index": 4,
          "quote_summary": "Q1-3 整体而言受益于公司经营规模的扩大，公司在高温合金领域的技术储备和市场拓展能力，尤其是在航空航天、电力、汽车、冶金等行业的需求增长支撑业绩保持稳健。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "4d1f688067bd",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "控股子公司青岛新力通主要生产石化、冶金、玻璃、热处理等行业所用的裂解炉炉管和转化炉炉管、连续退火线(连续镀锌线)炉和辐射管、玻璃输送辊、耐高温耐磨铸件等产品，广泛用于石油化工和冶金行业。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md",
          "chunk_id": "chunk:e0a6a72f392e",
          "chunk_index": 3,
          "quote_summary": "控股子公司青岛新力通主要生产石化、冶金、玻璃、热处理等行业所用的裂解炉炉管和转化炉炉管、连续退火线(连续镀锌线)炉和辐射管、玻璃输送辊、耐高温耐磨铸件等产品，广泛用于石油化工和冶金行业。"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md",
          "chunk_id": "chunk:45c030be156d",
          "chunk_index": 5,
          "quote_summary": "公司针对燃机、玻璃制造、冶金、石油化工等领域积极推进高温合金跨领域应用技术研究、实现应用拓展，进一步打开航空航天以外市场规模。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "e526648940a7",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司及控股子公司河北德凯、西安高纳，全资子公司涿州高纳和四川高纳的主要产品高温合金、铝合金、镁合金和钛合金是制造航空航天发动机用核心部件的关键材料，也是大型发电设备，如工业燃气轮机、氦气轮机、烟气轮机、火力发电机组等动力装置的核心材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md",
          "chunk_id": "chunk:8fb8760ad28e",
          "chunk_index": 2,
          "quote_summary": "公司及控股子公司河北德凯、西安高纳，全资子公司涿州高纳和四川高纳的主要产品高温合金、铝合金、镁合金和钛合金是制造航空航天发动机用核心部件的关键材料，也是大型发电设备，如工业燃气轮机、氦气轮机、烟气轮机、火力发电机组等动力装置的核心材料。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md",
          "chunk_id": "chunk:32653392cacc",
          "chunk_index": 6,
          "quote_summary": "在产品系列上，涵盖铸造合金制品、变形合金制品、新型合金制品等，如面向航空航天的高温母合金、发动机精密铸件、航空发动机盘环锻件等，还拓展了铝、镁、钛铸锻件领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "8e1063aecec9",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **净利润下滑主要受原材料价格波动及部分产品进入批产阶段后阶梯降价影响：**2025 年上半年，钢研高纳实现营业收入 18.17 亿元，同比增长 5.07%，但归属于母公司净利润仅 0.64 亿元，同比大幅下降 64.52%。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-fd991e900c78.md",
          "chunk_id": "chunk:fe330ea22af4",
          "chunk_index": 2,
          "quote_summary": "* **净利润下滑主要受原材料价格波动及部分产品进入批产阶段后阶梯降价影响：**2025 年上半年，钢研高纳实现营业收入 18.17 亿元，同比增长 5.07%，但归属于母公司净利润仅 0.64 亿元，同比大幅下降 64.52%。"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md",
          "chunk_id": "chunk:2bf47b9ec064",
          "chunk_index": 1,
          "quote_summary": "| 日期 | 钢研高纳 | 沪深300 |"
        },
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-sz-2024-年中报点评-34aeb160983d.md",
          "chunk_id": "chunk:136bc5cdb7ca",
          "chunk_index": 0,
          "quote_summary": "1H24 子公司新力通和西安钢研实现快速增长，是公司业绩增长的主要动能。"
        },
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-31e095c5b880.md",
          "chunk_id": "chunk:7f6ecfe0c19e",
          "chunk_index": 3,
          "quote_summary": "| Date | 钢研高纳 | 沪深300 |"
        },
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-sz-2024-年三季报点评-bccf1e4ec03e.md",
          "chunk_id": "chunk:4ea0fa543792",
          "chunk_index": 1,
          "quote_summary": "2024 年 6 月，公司公告拟定增募资 2.8 亿元用于补充流动资金，发行对象为公司的控股股东中国钢研。"
        },
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md",
          "chunk_id": "chunk:e0a6a72f392e",
          "chunk_index": 3,
          "quote_summary": "控股子公司西安钢研高纳主要研发和生产航空航天用叶片及小型结构件。"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-6-月-30-日-240dda978b6b.md",
          "chunk_id": "chunk:b1a8957ba317",
          "chunk_index": 1,
          "quote_summary": "| 日期 | 钢研高纳 | 国防军工 |"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md",
          "chunk_id": "chunk:93fb671ab433",
          "chunk_index": 1,
          "quote_summary": "| Date | 钢研高纳 | 国防军工 |"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 8
    },
    {
      "edge_id": "f9e894d3257e",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "material:钴",
      "to_name": "钴",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "叠加镍、钴等贵金属价格高位，营业成本同比+22.38%，销售净利率亦从 12.98%压缩至 7.81%。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-032a54b3f0ed.md",
          "chunk_id": "chunk:5d5a0c3713e8",
          "chunk_index": 4,
          "quote_summary": "叠加镍、钴等贵金属价格高位，营业成本同比+22.38%，销售净利率亦从 12.98%压缩至 7.81%。"
        },
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-fd991e900c78.md",
          "chunk_id": "chunk:fe330ea22af4",
          "chunk_index": 2,
          "quote_summary": "2025 年上半年业绩下滑的主因是原材料镍、铬、钴价格剧烈波动，叠加部分批产产品阶梯降价，导致营业成本同比增 17.19%，压缩利润空间。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "material:钴",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "a36cfba1bf1a",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司及控股子公司河北德凯、西安高纳，全资子公司涿州高纳和四川高纳的主要产品高温合金、铝合金、镁合金和钛合金是制造航空航天发动机用核心部件的关键材料，也是大型发电设备，如工业燃气轮机、氦气轮机、烟气轮机、火力发电机组等动力装置的核心材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md",
          "chunk_id": "chunk:8fb8760ad28e",
          "chunk_index": 2,
          "quote_summary": "公司及控股子公司河北德凯、西安高纳，全资子公司涿州高纳和四川高纳的主要产品高温合金、铝合金、镁合金和钛合金是制造航空航天发动机用核心部件的关键材料，也是大型发电设备，如工业燃气轮机、氦气轮机、烟气轮机、火力发电机组等动力装置的核心材料。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md",
          "chunk_id": "chunk:32653392cacc",
          "chunk_index": 6,
          "quote_summary": "在产品系列上，涵盖铸造合金制品、变形合金制品、新型合金制品等，如面向航空航天的高温母合金、发动机精密铸件、航空发动机盘环锻件等，还拓展了铝、镁、钛铸锻件领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "17db3edeb65c",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "material:镍",
      "to_name": "镍",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "叠加镍、钴等贵金属价格高位，营业成本同比+22.38%，销售净利率亦从 12.98%压缩至 7.81%。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-032a54b3f0ed.md",
          "chunk_id": "chunk:5d5a0c3713e8",
          "chunk_index": 4,
          "quote_summary": "叠加镍、钴等贵金属价格高位，营业成本同比+22.38%，销售净利率亦从 12.98%压缩至 7.81%。"
        },
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md",
          "chunk_id": "chunk:b91c62d3f583",
          "chunk_index": 0,
          "quote_summary": "毛利率（29.22%，+1.54pcts)，受2023年大宗原材料（镍板、铬铁等）降价因素成本下降，毛利率稳步提升；"
        },
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-fd991e900c78.md",
          "chunk_id": "chunk:fe330ea22af4",
          "chunk_index": 2,
          "quote_summary": "2025 年上半年业绩下滑的主因是原材料镍、铬、钴价格剧烈波动，叠加部分批产产品阶梯降价，导致营业成本同比增 17.19%，压缩利润空间。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md",
          "chunk_id": "chunk:60ad7ea50fd4",
          "chunk_index": 8,
          "quote_summary": "* **致力于成为世界一流的高端装备制造业所需金属新材料与制品产研一体化的高科技公司**：公司将继续深耕镍基高温合金领域，拓展铝、镁、钛铸锻件业务，完善产业布局，提升生产技术 and 产品品质，以满足航空航天、燃气轮机、核电等领域对高端和新型高温合金不断增长的需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "material:镍",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "8cde4df6a5e1",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "受大宗商品价格上涨、部分供应链紧张等影响，2022 年公司部分原材料的采购价格继续上涨，导致单位成本上涨。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-2022-年年报及-2023-年一季报点评-643e3156ef91.md",
          "chunk_id": "chunk:b95780712bf4",
          "chunk_index": 1,
          "quote_summary": "受大宗商品价格上涨、部分供应链紧张等影响，2022 年公司部分原材料的采购价格继续上涨，导致单位成本上涨。"
        },
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md",
          "chunk_id": "chunk:dd98fcbbad95",
          "chunk_index": 1,
          "quote_summary": "在疫情反复以及国际贸易环境不稳定、原材料价格波动的环境下，一些以低价为核心竞争力的中小代工企业抗风险能力较弱；"
        },
        {
          "source_path": "sources/stock-research-report-公司研究-材料-材料ii-证券研究报告-8d3425a92bc4.md",
          "chunk_id": "chunk:0496ac3d2072",
          "chunk_index": 0,
          "quote_summary": "（3）大宗商品价格上涨及供应链紧张；"
        },
        {
          "source_path": "sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md",
          "chunk_id": "chunk:5c93e34d8db5",
          "chunk_index": 0,
          "quote_summary": "21 年三季度以来受原材料价格波动、行业新规落地、用工及产能扩张等内外多重因素影响，收入与利润短期承压。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "954375bf67cc",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "4）受大宗商品价格上涨、部分供应链紧张等影响，部分原材料的采购价格上涨。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-43af80fbdc58.md",
          "chunk_id": "chunk:e9ff51807554",
          "chunk_index": 0,
          "quote_summary": "4）受大宗商品价格上涨、部分供应链紧张等影响，部分原材料的采购价格上涨。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "21be188ee04a",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "3）成本端：原油价格较高点环比已有所回调，成本压力有所缓解。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-7cedcbfc70a4.md",
          "chunk_id": "chunk:79c562e19fb5",
          "chunk_index": 0,
          "quote_summary": "3）成本端：原油价格较高点环比已有所回调，成本压力有所缓解。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "ab5342d637d2",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "同时，21 年原材料价格的上涨也导致了毛利率水平的断崖式下跌，目前仍处于缓步回升阶段。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md",
          "chunk_id": "chunk:0284a267d2c2",
          "chunk_index": 11,
          "quote_summary": "同时，21 年原材料价格的上涨也导致了毛利率水平的断崖式下跌，目前仍处于缓步回升阶段。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "a59d7abcb2d4",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "小功率无线充电常采用电磁感应式，如对手机充电的 Qi 方式；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md",
          "chunk_id": "chunk:95b1b2956788",
          "chunk_index": 19,
          "quote_summary": "小功率无线充电常采用电磁感应式，如对手机充电的 Qi 方式；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "34d134348f74",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "从成本费用端来看，公司营业成本包括：1) 仪器仪表的原材料，该部分的营业成本为 5.39 亿元，同比增长 29.50%，占总营业成本的 79.16%，该比例较上年下降了 3.26 个百分点。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-先河环保-300137-2f29051f4e13.md",
          "chunk_id": "chunk:f001cf5d5185",
          "chunk_index": 3,
          "quote_summary": "从成本费用端来看，公司营业成本包括：1) 仪器仪表的原材料，该部分的营业成本为 5.39 亿元，同比增长 29.50%，占总营业成本的 79.16%，该比例较上年下降了 3.26 个百分点。"
        },
        {
          "source_path": "sources/stock-research-report-运营咨询业务收入翻番推动业绩增长-ad2ae0e67b8c.md",
          "chunk_id": "chunk:52de641f733c",
          "chunk_index": 12,
          "quote_summary": "澳大利亚悉尼大学矿产、环境工程双硕士，矿产大宗商品行业 1 年工作经验，2013 年 4 月加盟信达证券研发中心，从事钢铁行业研究。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "700ddf0a6c88",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "material:有色金属",
      "to_name": "有色金属",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**范海波**，信达证券研发中心执行总监，有色金属/钢铁行业首席研究员。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-运营咨询业务收入翻番推动业绩增长-ad2ae0e67b8c.md",
          "chunk_id": "chunk:52de641f733c",
          "chunk_index": 12,
          "quote_summary": "**范海波**，信达证券研发中心执行总监，有色金属/钢铁行业首席研究员。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "material:有色金属",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "24afcaf3b77e",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**范海波**，信达证券研发中心执行总监，有色金属/钢铁行业首席研究员。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-运营咨询业务收入翻番推动业绩增长-ad2ae0e67b8c.md",
          "chunk_id": "chunk:52de641f733c",
          "chunk_index": 12,
          "quote_summary": "**范海波**，信达证券研发中心执行总监，有色金属/钢铁行业首席研究员。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "9b78ec21e026",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司主要原材料仍处于去化周期，产品价格仍是低位。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-6c79f34daabd.md",
          "chunk_id": "chunk:21d82e5b3d2c",
          "chunk_index": 4,
          "quote_summary": "公司主要原材料仍处于去化周期，产品价格仍是低位。"
        },
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-28-日-829b83593af3.md",
          "chunk_id": "chunk:cf96bf76ac37",
          "chunk_index": 3,
          "quote_summary": "● **风险提示**：宏观经济波动风险，市场需求低迷风险，原材料价格波动风险，资产减值损失风险，投资收益波动风险。"
        },
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-27-日-c2b82dca504d.md",
          "chunk_id": "chunk:11c30f19d39f",
          "chunk_index": 2,
          "quote_summary": "食品级叶黄素销量同增 22%，公司积极推进缅甸万寿菊试种，进一步提升原材料成本优势，同时行业形成共识打破低价竞争状态，企业端普遍上调叶黄素价格，预计后续叶黄素利润端将迎来明显改善。"
        },
        {
          "source_path": "sources/stock-research-report-2026-年-01-月-15-日-6a0879566dd2.md",
          "chunk_id": "chunk:e4c217ed8892",
          "chunk_index": 4,
          "quote_summary": "* **风险提示**：宏观经济波动风险，市场需求低迷风险，原材料价格波动风险，资产减值损失风险，投资收益波动风险。"
        },
        {
          "source_path": "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md",
          "chunk_id": "chunk:d61fe33bbc87",
          "chunk_index": 7,
          "quote_summary": "* **原材料供应量及价格波动风险**：公司生产所需的原材料以辣椒、万寿菊、棉籽、甜叶菊等农副产品为主，这些原材料的供应量及市场价格易受气候条件、病虫害、市场供需关系等因素影响。"
        },
        {
          "source_path": "sources/stock-research-report-2025-年-09-月-02-日-c4ae9aec1613.md",
          "chunk_id": "chunk:4b89b6a59ce7",
          "chunk_index": 2,
          "quote_summary": "受益于豆油、豆粕等大宗商品行情回暖，公司棉籽业务实现扭亏为盈，子公司新疆晨光上半年实现净利润 0.6 亿元，去年同期为-0.6 亿元，带动公司整体业绩显著改善。"
        },
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md",
          "chunk_id": "chunk:c6af5376e3bc",
          "chunk_index": 0,
          "quote_summary": "随着大宗商品行情回暖及公司严格执行采销对锁与期现结合的经营策略，产品毛利率提升 4.4 个百分点至 4.6%，全年加工棉籽近 100 万吨，实现净利润 6791 万元，成功扭亏为盈。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 7
    },
    {
      "edge_id": "f7ba52012e7a",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "⮚ **美国 FDA 新政有望推动天然色素加速替代石油基合成色素。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md",
          "chunk_id": "chunk:7b3a1e8263c9",
          "chunk_index": 6,
          "quote_summary": "⮚ **美国 FDA 新政有望推动天然色素加速替代石油基合成色素。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "db985ce14151",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "随着国家油气能源安全战略的推进及“七年行动计划”的实施，原油和天然气产量快速增长，以及非常规领域油气开发逐步实现突破，页岩气、致密气、煤层气得到大力开发，国内累计新增探明石油和天然气地质储量远超“七年行动计划”的同期目标。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天智造-300446-b8a512c003a6.md",
          "chunk_id": "chunk:7686a766cd1b",
          "chunk_index": 40,
          "quote_summary": "随着国家油气能源安全战略的推进及“七年行动计划”的实施，原油和天然气产量快速增长，以及非常规领域油气开发逐步实现突破，页岩气、致密气、煤层气得到大力开发，国内累计新增探明石油和天然气地质储量远超“七年行动计划”的同期目标。"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md",
          "chunk_id": "chunk:c9ba3ef3f213",
          "chunk_index": 8,
          "quote_summary": "图表 14： 我国天然气数据统计 15"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "de92bed9365f",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "产业链上游为原材料供应，包括塑料、钢材、铝合金及螺丝、卡扣、密封件等零部件；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天智造-300446-b8a512c003a6.md",
          "chunk_id": "chunk:b748f85c170e",
          "chunk_index": 26,
          "quote_summary": "产业链上游为原材料供应，包括塑料、钢材、铝合金及螺丝、卡扣、密封件等零部件；"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "02859d1640aa",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司的电子功能材料产品序列丰富，主要包括压力测试膜、FPC 用电磁波屏蔽膜、感光干膜等。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天智造-300446-b8a512c003a6.md",
          "chunk_id": "chunk:6eeca60b0431",
          "chunk_index": 31,
          "quote_summary": "公司的电子功能材料产品序列丰富，主要包括压力测试膜、FPC 用电磁波屏蔽膜、感光干膜等。"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md",
          "chunk_id": "chunk:009858b0b866",
          "chunk_index": 17,
          "quote_summary": "射孔器材主要包括油气井用电雷管及电子雷管、起爆器、延期起爆管、导爆索、聚能射孔弹、射孔枪、桥塞火药、坐封工具以及相配套的油管传输射孔工具、电缆传输射孔工具、连续油管传输射孔工具和多级选发射孔控制系统等；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "a2fde25e54e2",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司下游客户主要是中石油、中石化等油气开采巨头，公司客户近几年实现了页岩油气等非常规资源开采的重大突破，增加油气装备的需求，后续随着海洋经济相关政策的陆续推出，以及下游客户资本开支的增加，公司有望深度受益；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天智造-300446-b8a512c003a6.md",
          "chunk_id": "chunk:ff0d8ae721c0",
          "chunk_index": 2,
          "quote_summary": "公司下游客户主要是中石油、中石化等油气开采巨头，公司客户近几年实现了页岩油气等非常规资源开采的重大突破，增加油气装备的需求，后续随着海洋经济相关政策的陆续推出，以及下游客户资本开支的增加，公司有望深度受益；"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md",
          "chunk_id": "chunk:9d31e8990574",
          "chunk_index": 13,
          "quote_summary": "民品方面，公司面向石油工业上游完井产业链，开发油气井射孔装备和高端完井装备超 30 年，实现了油气井射孔完井技术系统集成，客户涵盖了中石油、中石化、中海油各大油气田，产品出口俄罗斯、北美、东南亚等 20 多个国家和地区，是国内油气井射孔工程技术领先、集成配套能力最强的企业之一。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "fae942cf70ad",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "产业链上游为原材料供应，包括塑料、钢材、铝合金及螺丝、卡扣、密封件等零部件；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天智造-300446-b8a512c003a6.md",
          "chunk_id": "chunk:b748f85c170e",
          "chunk_index": 26,
          "quote_summary": "产业链上游为原材料供应，包括塑料、钢材、铝合金及螺丝、卡扣、密封件等零部件；"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "8aec812c26d7",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "产业链上游为原材料供应，包括塑料、钢材、铝合金及螺丝、卡扣、密封件等零部件；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天智造-300446-b8a512c003a6.md",
          "chunk_id": "chunk:b748f85c170e",
          "chunk_index": 26,
          "quote_summary": "产业链上游为原材料供应，包括塑料、钢材、铝合金及螺丝、卡扣、密封件等零部件；"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "9ba180400e34",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "其他财务数据方面，2023 年底，公司存货（15.75 亿元，-7.18%）有所下降，但依旧较高，其中库存商品（1.33 亿元，+46.34%）快速增长，原材料（0.33 亿元，+225.44%）大幅增长。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md",
          "chunk_id": "chunk:24105617ac95",
          "chunk_index": 6,
          "quote_summary": "其他财务数据方面，2023 年底，公司存货（15.75 亿元，-7.18%）有所下降，但依旧较高，其中库存商品（1.33 亿元，+46.34%）快速增长，原材料（0.33 亿元，+225.44%）大幅增长。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "b53145620a7d",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "我们预计原材料销售业务 2024-2026 年营收为 0.19/0.22/0.26 亿元，同比增速 20%/18%/16%，毛利率预计为 45%/45%/45%。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md",
          "chunk_id": "chunk:e71eb983f77e",
          "chunk_index": 61,
          "quote_summary": "我们预计原材料销售业务 2024-2026 年营收为 0.19/0.22/0.26 亿元，同比增速 20%/18%/16%，毛利率预计为 45%/45%/45%。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "9f6a9fe4a5d5",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "电子稳像处理板支持视频稳像和视频拼接，满足车辆在地面行驶时使用电子图像进行观察和瞄准的需求。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md",
          "chunk_id": "chunk:1ea5873fd6b7",
          "chunk_index": 4,
          "quote_summary": "电子稳像处理板支持视频稳像和视频拼接，满足车辆在地面行驶时使用电子图像进行观察和瞄准的需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "e6c7f30009c6",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "在国家提出信创产业的“2+8+N”三步走战略后，即党、政与金融、电力、电信、石油、交通、教育、医疗和航空航天八个关乎国计民生的重要行业，及 N 个消费市场，信创建设逐渐渗透至党政、金融、制造等行业，未来信创产品将全面推广应用至消费市场，打造更为完善的国产化数字生态，为国家数字经济稳固发展保驾护航。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md",
          "chunk_id": "chunk:46f351ac5401",
          "chunk_index": 26,
          "quote_summary": "在国家提出信创产业的“2+8+N”三步走战略后，即党、政与金融、电力、电信、石油、交通、教育、医疗和航空航天八个关乎国计民生的重要行业，及 N 个消费市场，信创建设逐渐渗透至党政、金融、制造等行业，未来信创产品将全面推广应用至消费市场，打造更为完善的国产化数字生态，为国家数字经济稳固发展保驾护航。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "c6921929afb6",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "下游型号放量不及预期、上游原材料波动、高端人才流失、重点项目未中标、库存、资金等风险",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-国防军工-14fe10d4d4b3.md",
          "chunk_id": "chunk:1ad0d10a5fb2",
          "chunk_index": 6,
          "quote_summary": "下游型号放量不及预期、上游原材料波动、高端人才流失、重点项目未中标、库存、资金等风险"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-94c85c44eb90.md",
          "chunk_id": "chunk:3df8e17d1ee6",
          "chunk_index": 6,
          "quote_summary": "合同负债（0.26 亿元，+52.03%）大幅增加，存货（2.93 亿元，+3.37%）略增，其中原材料（1.22 亿元，+24.19%）增加，在产品和库存商品（总计为 0.87 亿元，-22.04%）减少，发出商品（0.72 亿元，+9.81%）增加，综合来看，表明公司订单充足，积极备货、交付，随着发出商品的确认，..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "6f36fd150d9a",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "毛利率（36.07%，-3.73pcts)，业务占比（21.51%，-14.69pcts）有所下降，公司飞机复合材料结构件维修能力建设已启动，将成为未来新的业务增长点；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-94c85c44eb90.md",
          "chunk_id": "chunk:6436d54ed2b2",
          "chunk_index": 4,
          "quote_summary": "毛利率（36.07%，-3.73pcts)，业务占比（21.51%，-14.69pcts）有所下降，公司飞机复合材料结构件维修能力建设已启动，将成为未来新的业务增长点；"
        },
        {
          "source_path": "sources/stock-research-report-公司研究-国防军工-14fe10d4d4b3.md",
          "chunk_id": "chunk:b022ec5c3eb3",
          "chunk_index": 1,
          "quote_summary": "与此同时，公司于报告期内正式启动飞机复合材料结构件维修的能力建设，积极培育新的业务增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "85d48d19864e",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "② 变形高温合金：公司变形高温合金可根据客户需求，加工成棒、管、丝、带等型材，应用于航空、核电、燃气轮机及石油化工领域。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md",
          "chunk_id": "chunk:928677b1a81f",
          "chunk_index": 6,
          "quote_summary": "② 变形高温合金：公司变形高温合金可根据客户需求，加工成棒、管、丝、带等型材，应用于航空、核电、燃气轮机及石油化工领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "31feedf94272",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "截至 2024H1 末，公司存货 4.97 亿元，较年初增长 0.34 亿元，其中，原材料 1.52 亿元，较年初增长 0.47 亿元。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md",
          "chunk_id": "chunk:145cb772e11f",
          "chunk_index": 4,
          "quote_summary": "截至 2024H1 末，公司存货 4.97 亿元，较年初增长 0.34 亿元，其中，原材料 1.52 亿元，较年初增长 0.47 亿元。"
        },
        {
          "source_path": "sources/stock-research-report-图南股份-300855-sz-2025-年半年报点评-b88659790014.md",
          "chunk_id": "chunk:8b42ca5df373",
          "chunk_index": 1,
          "quote_summary": "随着沈阳图南机械加工能力的建设和转产，公司产业链进一步延伸，实现从原材料至中小零部件销售的覆盖。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md",
          "chunk_id": "chunk:49ad8448d155",
          "chunk_index": 7,
          "quote_summary": "报告期末，存货4.97亿元，较年初增长7.58%，存货金额为近5年来新高，其中原材料、周转材料等较年初增长较多，这或表明公司对下游有信心并积极备货。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "9a71e9b717b6",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "material:有色金属",
      "to_name": "有色金属",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 日期 | 图南股份 | 有色金属 |",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md",
          "chunk_id": "chunk:9207dd33a1c4",
          "chunk_index": 1,
          "quote_summary": "| 日期 | 图南股份 | 有色金属 |"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md",
          "chunk_id": "chunk:029fcb04361f",
          "chunk_index": 0,
          "quote_summary": "证券研究报告：有色金属 | 公司点评报告"
        },
        {
          "source_path": "sources/stock-research-report-发布时间-2025-04-25-132b09eb5429.md",
          "chunk_id": "chunk:bcdb1a42eb60",
          "chunk_index": 1,
          "quote_summary": "| Date | 图南股份 | 有色金属 |"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "material:有色金属",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "422b03253236",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "年同期增长30.79%，主要为石油化工、能源电力等行业领域产品销售收入增长所致；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md",
          "chunk_id": "chunk:928677b1a81f",
          "chunk_index": 6,
          "quote_summary": "年同期增长30.79%，主要为石油化工、能源电力等行业领域产品销售收入增长所致；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "31464e2bd7d8",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "② 变形高温合金：公司变形高温合金可根据客户需求，加工成棒、管、丝、带等型材，应用于航空、核电、燃气轮机及石油化工领域。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md",
          "chunk_id": "chunk:928677b1a81f",
          "chunk_index": 6,
          "quote_summary": "② 变形高温合金：公司变形高温合金可根据客户需求，加工成棒、管、丝、带等型材，应用于航空、核电、燃气轮机及石油化工领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "26a14106510a",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2023 年，公司参股设立上海瑞华晟新材料有限公司，该公司主要开展航空发动机用陶瓷基复合材料及其结构件的研发及产业化建设工作。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-10-月-20-日-fd2ee13d71aa.md",
          "chunk_id": "chunk:11e4e98a3f99",
          "chunk_index": 5,
          "quote_summary": "2023 年，公司参股设立上海瑞华晟新材料有限公司，该公司主要开展航空发动机用陶瓷基复合材料及其结构件的研发及产业化建设工作。"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md",
          "chunk_id": "chunk:b759924f3d71",
          "chunk_index": 5,
          "quote_summary": "2023 年公司参股设立上海瑞华晟新材料有限公司，该公司主要开展航空发动机用陶瓷基复合材料及其结构件的研发及产业化建设工作。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md",
          "chunk_id": "chunk:f384fa08ff10",
          "chunk_index": 4,
          "quote_summary": "此外，公司通过参股合作，绑定战略客户，完成维修、特种工艺处理、陶瓷基复合材料等新业务布局有望成为公司的第二增长曲线。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md",
          "chunk_id": "chunk:ca0db37b5764",
          "chunk_index": 9,
          "quote_summary": "公司通过参股合作，绑定战略客户，完成维修、特种工艺处理、陶瓷基复合材料等新业务布局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "6fb675d16015",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "3）特种不锈钢收入 0.38 亿元，YoY-5.4%，收入占比同比下降 0.6ppt 至 5.3%；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-图南股份-300855-sz-2024-年中报点评-5dc0dae37445.md",
          "chunk_id": "chunk:2d052dd7252a",
          "chunk_index": 0,
          "quote_summary": "3）特种不锈钢收入 0.38 亿元，YoY-5.4%，收入占比同比下降 0.6ppt 至 5.3%；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md",
          "chunk_id": "chunk:928677b1a81f",
          "chunk_index": 6,
          "quote_summary": "公司产品可分为铸造高温合金、变形高温合金、其他合金制品和特种不锈钢四大类，2024H1各业务板块业绩情况为："
        },
        {
          "source_path": "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md",
          "chunk_id": "chunk:145cb772e11f",
          "chunk_index": 4,
          "quote_summary": "2024H1，公司实现营收 7.31 亿元，同比增长 6%，其中，铸造高温合金收入 2.79 亿元，同比减少 19%，变形高温合金收入 2.77 亿元，同比增长 31%，特种不锈钢收入 0.39 亿元，同比减少 5%，其他合金制品收入 0.88 亿元，同比增长 21%。"
        },
        {
          "source_path": "sources/stock-research-report-发布时间-2025-04-25-132b09eb5429.md",
          "chunk_id": "chunk:aa63e6d1f5d3",
          "chunk_index": 4,
          "quote_summary": "2、2024 年，铸造高温合金和特种不锈钢产品需求承压，变形高温合金产品收入同比增长 18%。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md",
          "chunk_id": "chunk:d8ebc0927a56",
          "chunk_index": 4,
          "quote_summary": "2025H1，公司营收 5.99 亿元，同比减少 18%，其中，铸造高温合金收入 1.69 亿元，同比减少 39.62%，变形高温合金收入 2.77 亿元，同比减少 0.24%，特种不锈钢收入 0.31 亿元，同比减少 19.38%，其他合金制品收入 0.64 亿元，同比减少 27.28%。"
        },
        {
          "source_path": "sources/stock-research-report-图南股份-300855-sz-2024-年年报及-2025-年一季报点评-b7dde0ddee64.md",
          "chunk_id": "chunk:e0a7ee90b834",
          "chunk_index": 1,
          "quote_summary": "➢ **铸造高温合金&特种不锈钢承压；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md",
          "chunk_id": "chunk:aeca7d72f971",
          "chunk_index": 18,
          "quote_summary": "| 特种不锈钢 | 0.39 | 5 |"
        },
        {
          "source_path": "sources/stock-research-report-图南股份-300855-sz-2025-年半年报点评-b88659790014.md",
          "chunk_id": "chunk:d59b2ade6bba",
          "chunk_index": 2,
          "quote_summary": "➢ **投资建议**：公司是国内航空发动机用大型复杂薄壁高温合金结构件的重要供应商，国内飞机、航空发动机用高温合金和特种不锈钢无缝管材的主要供应商。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 8
    },
    {
      "edge_id": "e0720fd233eb",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司参与了国家批复的多个大型飞机研制项目，是 C919 大型客机的零部件、成型工装供应商和 C929 货仓门等零部件及中机身壁板组件装配生产线的供应商，设计制造了 AG600 水陆两栖飞机的总装配生产线，此外还为多种型号军用飞机、航空发动机、燃气轮机、航天器以及无人机研制航空航天配套产品。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md",
          "chunk_id": "chunk:d0afa56fe9b0",
          "chunk_index": 3,
          "quote_summary": "公司参与了国家批复的多个大型飞机研制项目，是 C919 大型客机的零部件、成型工装供应商和 C929 货仓门等零部件及中机身壁板组件装配生产线的供应商，设计制造了 AG600 水陆两栖飞机的总装配生产线，此外还为多种型号军用飞机、航空发动机、燃气轮机、航天器以及无人机研制航空航天配套产品。"
        },
        {
          "source_path": "sources/stock-research-report-2024-11-11-1ed3568e22f0.md",
          "chunk_id": "chunk:e6a0be03c3dc",
          "chunk_index": 2,
          "quote_summary": "此外，公司还积极推进“两机专项”建设，加大对航空发动机工装及零部件、燃气轮机机匣成套制造装配的研制力度，通过绘制航空发动机专用工装图谱提升工装设计效率与模块化水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "96c51ec97324",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "4）财务费用率 8.4%，同比增加 0.62ppt，主要是为满足在手订单的备货需求，公司加大了原材料采购力度导致。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-广联航空-300900-sz-2024-年三季报点评-819ca945b284.md",
          "chunk_id": "chunk:62cd2f8d3706",
          "chunk_index": 0,
          "quote_summary": "4）财务费用率 8.4%，同比增加 0.62ppt，主要是为满足在手订单的备货需求，公司加大了原材料采购力度导致。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md",
          "chunk_id": "chunk:175e20c867b2",
          "chunk_index": 2,
          "quote_summary": "财务费用（0.56亿元，+31.39%），主要系为满足在手订单的备货需求，公司加大了原材料采购力度。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "630f33587f25",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司围绕两机专项、复材产品应用等领域精耕细作，不断夯实以航空工装业务为基础，航空、航天复合材料产品为核心，无人机整机结构研制为目标的全产业链布局。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-广联航空-300900-sz-2024-年中报点评-3f3a1fe37efa.md",
          "chunk_id": "chunk:0ba6e3310320",
          "chunk_index": 0,
          "quote_summary": "公司围绕两机专项、复材产品应用等领域精耕细作，不断夯实以航空工装业务为基础，航空、航天复合材料产品为核心，无人机整机结构研制为目标的全产业链布局。"
        },
        {
          "source_path": "sources/stock-research-report-2024-11-11-1ed3568e22f0.md",
          "chunk_id": "chunk:e6a0be03c3dc",
          "chunk_index": 2,
          "quote_summary": "本协议的签署有利于公司把握国产大飞机行业发展机遇，及时响应和满足下游客户日益增长的产品需求，充分利用产业集群优势，进一步丰富航空工装及复合材料零部件产品类别及应用领域，完善产品结构和产能区域布局，深化协同效应，增强公司核心竞争力，助力国产大飞机产业集群发展。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md",
          "chunk_id": "chunk:d0afa56fe9b0",
          "chunk_index": 3,
          "quote_summary": "产品覆盖军用和民用领域，主要为航空工装、航空航天零部件与无人机产品，其中复合材料工艺装备、零部件和部段的加工制造技术处于行业先进水平。"
        },
        {
          "source_path": "sources/stock-research-report-广联航空-300900-sz-2024-年三季报点评-819ca945b284.md",
          "chunk_id": "chunk:62cd2f8d3706",
          "chunk_index": 0,
          "quote_summary": "研发费用 0.5 亿元，同比增长 24.3%，主要是公司加大研发投入力度，不断夯实以航空工装业务为基础，航空、航天复合材料产品为核心，无人机整机结构研制为目标的全产业链布局；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "440436d5fd12",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "在专用电子产品行业增速放缓的情况下，公司总体业绩表现良好，主要由于公司重视自主研发和人才管理计划的实施。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md",
          "chunk_id": "chunk:f08a5f0a1801",
          "chunk_index": 4,
          "quote_summary": "在专用电子产品行业增速放缓的情况下，公司总体业绩表现良好，主要由于公司重视自主研发和人才管理计划的实施。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "4f55c61452dc",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **“链主”与“链属”企业高效协同**：2022 年底，园区已实现全功能运营，围绕成飞构建“1 小时”全链条配套圈，原材料进入园区后，可在园区内完成精密机加、钣金、热表处理、装配、检验检测、交付等全流程，成为一个可交付的飞机核心大部件。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:f650a25d99a7",
          "chunk_index": 109,
          "quote_summary": "* **“链主”与“链属”企业高效协同**：2022 年底，园区已实现全功能运营，围绕成飞构建“1 小时”全链条配套圈，原材料进入园区后，可在园区内完成精密机加、钣金、热表处理、装配、检验检测、交付等全流程，成为一个可交付的飞机核心大部件。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "3fb896f295cd",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 安徽佳力奇先进复合材料科技股份有限公司 | 4.42% | 碳纤维复合材料结构件的生产与销售，产品广泛应用于战斗机、运输机、无人机、导弹等重点 J 工装备 |",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:5535a34e7b27",
          "chunk_index": 112,
          "quote_summary": "| 安徽佳力奇先进复合材料科技股份有限公司 | 4.42% | 碳纤维复合材料结构件的生产与销售，产品广泛应用于战斗机、运输机、无人机、导弹等重点 J 工装备 |"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "4f2ae9254e6e",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* 产业链基金广泛投资航空产业链上游公司：投资企业中安徽佳力奇、泰格尔、永峰科技、大连长之琳作为供应复材结构件、蒙皮、连接件等零部件，北京瑞风协同供应软件服务，西安羚控提供检测服务并在检测设备方面开展协同研发，洛阳科品为上游供应商提供钛合金零件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:b53403b2ff9a",
          "chunk_index": 111,
          "quote_summary": "* 产业链基金广泛投资航空产业链上游公司：投资企业中安徽佳力奇、泰格尔、永峰科技、大连长之琳作为供应复材结构件、蒙皮、连接件等零部件，北京瑞风协同供应软件服务，西安羚控提供检测服务并在检测设备方面开展协同研发，洛阳科品为上游供应商提供钛合金零件。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "6c6dfa8e04b7",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "需求恢复不及预期，免税业务经营风险，扩建影响超预期风险，收费价格管制风险，航油政策风险。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md",
          "chunk_id": "chunk:f2cda552397e",
          "chunk_index": 1,
          "quote_summary": "需求恢复不及预期，免税业务经营风险，扩建影响超预期风险，收费价格管制风险，航油政策风险。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "922811aacaae",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "25Q2 公司营收 429 亿元，同比+6.7%，归母净亏 7.9 亿元（24Q2 归母净亏 19.8 亿元），扣非归母净亏 8.7 亿（24Q2 扣非归母净亏 40.1 亿元），公司同比减亏主要由于油价下降以及确认川航投资损失减少。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-2025-年半年报点评-fe0b974cf087.md",
          "chunk_id": "chunk:845cbdd78ad0",
          "chunk_index": 0,
          "quote_summary": "25Q2 公司营收 429 亿元，同比+6.7%，归母净亏 7.9 亿元（24Q2 归母净亏 19.8 亿元），扣非归母净亏 8.7 亿（24Q2 扣非归母净亏 40.1 亿元），公司同比减亏主要由于油价下降以及确认川航投资损失减少。"
        },
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-1a40ffca14f5.md",
          "chunk_id": "chunk:c5c8823cb886",
          "chunk_index": 0,
          "quote_summary": "受油价下降影响，2025Q3 公司单位座公里营业成本为 0.41 元，同比下降 3.9%。"
        },
        {
          "source_path": "sources/stock-research-report-q3-盈利同比增长-重视价格回升的盈利释放能力-0f33ba77ea6e.md",
          "chunk_id": "chunk:4b20841442bb",
          "chunk_index": 0,
          "quote_summary": "**运力扩张部分对冲降价影响：** 我们测算 25Q3 公司整体客收同比-3.6%，其中国内同比-3.6%、国际同比-3.7%，暑期旺季价格表现较弱而 9 月淡季价格转为同比上涨，航班管家显示 7-9 月国内航线含燃油附加费价格同比-4.6%，而 9 月同比+1.0%，运力增速高于价格降幅，带动三季度收入小幅增长。"
        },
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-优于大市-007bd90c5c59.md",
          "chunk_id": "chunk:1fd2c0d0db67",
          "chunk_index": 2,
          "quote_summary": "**风险提示：**宏观经济下行，油价汇率剧烈波动，安全事故。"
        },
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-d497f977e0ee.md",
          "chunk_id": "chunk:1416531a3b86",
          "chunk_index": 0,
          "quote_summary": "价方面，2024H1 公司客公里收益为 0.46 元，同比下降 6%，主要系商务线承压及燃油附加费减少，座公里收益同比下降 3%；"
        },
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-2025-年中报点评-客座率高位提升-看好座收修复弹性-3641a6857a25.md",
          "chunk_id": "chunk:cd7524f49c04",
          "chunk_index": 0,
          "quote_summary": "其中单位燃油成本 0.137 元，同比-13.9%，与油价降幅大体一致；"
        },
        {
          "source_path": "sources/stock-research-report-信达证券-09b3014218b9.md",
          "chunk_id": "chunk:600be45ad3bc",
          "chunk_index": 1,
          "quote_summary": "➢ **票价小幅下降，单位成本受益于油价仍有缩减。"
        },
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md",
          "chunk_id": "chunk:92118e652f04",
          "chunk_index": 1,
          "quote_summary": "**人民币汇率波动，油价上涨，出行需求不及预期，地缘政治风险。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md",
          "chunk_id": "chunk:ee24ea4f61c6",
          "chunk_index": 2,
          "quote_summary": "* **油价下跌助力成本节约，业绩符合预期**"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 9
    },
    {
      "edge_id": "b60dfa288139",
      "from": "company:600029.SH",
      "from_name": "南方航空",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "得益于 2025 油价降低，航油成本同比-4.48%，致营业成本扩张有限，同比+2.64%、小于收入增幅，带动盈利大幅改善。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-b04dbbd1e4ea.md",
          "chunk_id": "chunk:541daa0b4847",
          "chunk_index": 0,
          "quote_summary": "得益于 2025 油价降低，航油成本同比-4.48%，致营业成本扩张有限，同比+2.64%、小于收入增幅，带动盈利大幅改善。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029.SH",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "19d14ea5e308",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "销售毛利率由 2024 年上半年的 13.10%降至 2025 年上半年的 6.28%，主因成本端原材料及人工上涨。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-76b24ab60f43.md",
          "chunk_id": "chunk:b562cf223c55",
          "chunk_index": 6,
          "quote_summary": "销售毛利率由 2024 年上半年的 13.10%降至 2025 年上半年的 6.28%，主因成本端原材料及人工上涨。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "62829a63a289",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "C919 大型客机复合材料自动制孔技术实现批产应用，工艺能力再上台阶。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-76b24ab60f43.md",
          "chunk_id": "chunk:10c2a774af65",
          "chunk_index": 8,
          "quote_summary": "C919 大型客机复合材料自动制孔技术实现批产应用，工艺能力再上台阶。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "ea17e326f8ad",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "为此行业依靠大型化风机与技术进步实现降本增效，以及原材料价格下行拓宽盈利空间，达到平价过度。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:fc9a6359e18e",
          "chunk_index": 6,
          "quote_summary": "为此行业依靠大型化风机与技术进步实现降本增效，以及原材料价格下行拓宽盈利空间，达到平价过度。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "c39ca4e56d76",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "material:煤炭",
      "to_name": "煤炭",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "碳中和，立足我国能源资源禀赋，坚持先立后破，有计划分步骤实施碳达峰行动，深入推进能源革命，加强煤炭清洁高效利用，加快规划建设新型能源体系，积极参与应对气候变化全球治理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:c1d78885e6d4",
          "chunk_index": 44,
          "quote_summary": "碳中和，立足我国能源资源禀赋，坚持先立后破，有计划分步骤实施碳达峰行动，深入推进能源革命，加强煤炭清洁高效利用，加快规划建设新型能源体系，积极参与应对气候变化全球治理。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "material:煤炭",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "cd06ea90f8e9",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "并购后，公司业务整合，有望依托上市公司工程实力快速推进电场建设，从电力销售与电场滚动开发转让方面贡献利润高增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:02bcd4fc05a6",
          "chunk_index": 7,
          "quote_summary": "并购后，公司业务整合，有望依托上市公司工程实力快速推进电场建设，从电力销售与电场滚动开发转让方面贡献利润高增长。"
        },
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md",
          "chunk_id": "chunk:0df2e3edce7f",
          "chunk_index": 0,
          "quote_summary": "◆ 公司研究·公司快评 ◆ 电力设备·风电设备 ◆ 投资评级：无评级"
        },
        {
          "source_path": "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md",
          "chunk_id": "chunk:c87ed9007413",
          "chunk_index": 11,
          "quote_summary": "主要客户包括国内主要央企电力集团、部分地方国企及大型民企，同时公司经国家科技部授权组建“国家海上风力发电工程技术研究中心”，取得多项科研成果、荣誉，在海上风电技术的研发、海上风电运维管理等方面积累了丰富的技术储备，综合技术实力处于国内领先水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "040e97f09493",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "图 14： 2018 年 9 月-2022 年 9 月风电招标价格与钢材综合价格指数(元/kw) 20",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:88647660c68d",
          "chunk_index": 10,
          "quote_summary": "图 14： 2018 年 9 月-2022 年 9 月风电招标价格与钢材综合价格指数(元/kw) 20"
        },
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md",
          "chunk_id": "chunk:0df2e3edce7f",
          "chunk_index": 0,
          "quote_summary": "◆ 中船科技：公司以大型钢结构工程业务起家，现定位为高科技、新产业的多元上市平台"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "5ccad96cf0dc",
      "from": "company:600072.SH",
      "from_name": "中船科技",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**随着俄乌战争、原材料价格大幅上涨、疫情等不利因素消除，根据全球风能理事会预测，2023 年起全球海上风电装机逐渐迎来复苏。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md",
          "chunk_id": "chunk:438c6bed4242",
          "chunk_index": 1,
          "quote_summary": "**随着俄乌战争、原材料价格大幅上涨、疫情等不利因素消除，根据全球风能理事会预测，2023 年起全球海上风电装机逐渐迎来复苏。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072.SH",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "a76290a04ab6",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司第三季度营业成本相比 2019 年同期增长 7.5%，主要受燃油价格拖累。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md",
          "chunk_id": "chunk:f1a85e60d756",
          "chunk_index": 0,
          "quote_summary": "公司第三季度营业成本相比 2019 年同期增长 7.5%，主要受燃油价格拖累。"
        },
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-2025-年三季报点评-1ee76431cb6c.md",
          "chunk_id": "chunk:8ea017e1b5c9",
          "chunk_index": 0,
          "quote_summary": "➢ **25Q3 座收同比降幅有限，油价回落、成本费用控制出色带动盈利增长，汇率升值对单季度盈利贡献有限。"
        },
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-2025-年半年报点评-d68910cf4939.md",
          "chunk_id": "chunk:ff81499801db",
          "chunk_index": 0,
          "quote_summary": "* **25Q2 座收同比降幅有限，油价回落、成本费用控制出色推动半年减亏，汇率升值对半年度盈利影响有限。"
        },
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-买-入-ceb3ce71422c.md",
          "chunk_id": "chunk:0f2681b7ee6e",
          "chunk_index": 0,
          "quote_summary": "**因供需快速修复，2023 年公司营业成本实现 1124.6 亿元，同比增长 50.8%，其中航油成本 411.0 亿元，同比增长 84.9%，非油成本 713.6 亿元，同比增长 36.3%。"
        },
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md",
          "chunk_id": "chunk:b2cea14da419",
          "chunk_index": 0,
          "quote_summary": "**得益于经营效率提升以及油价下跌，公司单位成本同比下降。"
        },
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:4e3b12780242",
          "chunk_index": 2,
          "quote_summary": "③油价和汇率因素：油价和汇率是影响航司盈利能力的两个重要因素，2025 年前 9 月，航空煤油均价为 85.85 美元/桶，较去年同期下降 11.93%。"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-3-月-31-日-e2028a93e24d.md",
          "chunk_id": "chunk:0f738ccf6e3b",
          "chunk_index": 4,
          "quote_summary": "因业务量恢复，公司 2023 年营业成本 1124.6 亿元，同比增长 50.8%，其中航油成本因用油量上升及航油价格下降的综合影响，成本达到 411.0 亿元，升幅为 84.9%，单位 ASK 航油成本 0.1678 元，同比下降 27.4%。"
        },
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-2024-年报点评-15c44a06a787.md",
          "chunk_id": "chunk:7426855fdc7a",
          "chunk_index": 0,
          "quote_summary": "* **油价同比回落但座收同比降幅有限、单位扣油成本控制出色推动全年减亏，汇率贬值拖累盈利。"
        },
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-b7fd69cbe01a.md",
          "chunk_id": "chunk:5be1291b1118",
          "chunk_index": 4,
          "quote_summary": "若考虑单位净利润，3Q23 东航实现单机归母净利润 466.0 万元，在油价高企的背景下仍较 19 年同期的 345.1 万元有较为明显的提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 9
    },
    {
      "edge_id": "02b339121f96",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "中标中石油北斗导航能源安全生产综合监管系统项",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md",
          "chunk_id": "chunk:26d3a1ca726c",
          "chunk_index": 6,
          "quote_summary": "中标中石油北斗导航能源安全生产综合监管系统项"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "3aa3448723fc",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "归母净利润下降主要是收入下降，以及上年同期减持钛金科技产生了 7240 万元投资收益而本期无此收益等共同导致。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年中报点评-a78f4760fe85.md",
          "chunk_id": "chunk:6aa4d22d8519",
          "chunk_index": 0,
          "quote_summary": "归母净利润下降主要是收入下降，以及上年同期减持钛金科技产生了 7240 万元投资收益而本期无此收益等共同导致。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-bb3e8f1f3e58.md",
          "chunk_id": "chunk:67f6774624b7",
          "chunk_index": 0,
          "quote_summary": "2022年前三季度，公司收入（52.87亿元，+21.13%）快速增长，特别是三季度收入（20.42亿元，+66.44%）同比实现高速增长，但单季度毛利率（10.46%，-1.35pcts）环比出现下降，促使公司前三季度整体毛利率有所下降（11.78%，-3.15pcts），公司前三季度归母净利润（2.83亿元，+3..."
        },
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年三季报点评-e7d921db1a75.md",
          "chunk_id": "chunk:43109c05fd8d",
          "chunk_index": 0,
          "quote_summary": "归母净利润下降主要是收入下降，以及上年减持钛金科技产生了 7240 万元投资收益而本期无此收益等共同导致。"
        },
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md",
          "chunk_id": "chunk:32476ad18eb7",
          "chunk_index": 0,
          "quote_summary": "公司业绩下降主要有 2 点原因：1）上年同期公司合并财务报表范围发生变化，对钛金科技由控制变为实施重大影响，产生投资收益 0.7 亿元，而 23 年无此项收益；"
        },
        {
          "source_path": "sources/stock-research-report-谨慎推荐-维持评级-a1f8b26d7487.md",
          "chunk_id": "chunk:b9f911b3cace",
          "chunk_index": 0,
          "quote_summary": "2）2022 年 9 月 28 日，中国卫星参股公司钛金科技完成收购中国航发山西航空发动机维修有限责任公司 51%股权在产权交易所摘牌，并于 9 月 30 日取得产权交易凭证。"
        },
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年一季报点评-9b91560312ed.md",
          "chunk_id": "chunk:0cae10a35693",
          "chunk_index": 0,
          "quote_summary": "公司联营企业东方蓝天钛金科技于 2022 年 6 月起不再并表，上年同期取得借款收到的现金主要为东方蓝天钛金科技为满足日常资金需求而取得的短期借款。"
        },
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2022-年中报点评-35a28c3671ef.md",
          "chunk_id": "chunk:c51047256189",
          "chunk_index": 0,
          "quote_summary": "**上半年业绩增加较多主要是公司对钛金科技持股比例减少且不再并表，投资收益同比增加 7358 万元。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 7
    },
    {
      "edge_id": "823fc63c6677",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "3）提升交付能力：合并后，更大的收入规模可以为技术研发创新提供更多资金支持，推动 LNG 船等高附加值船生产技术提升，以及促进生产效率提升，缩短生产周期，加快订单交付节奏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md",
          "chunk_id": "chunk:67a97f649d8d",
          "chunk_index": 0,
          "quote_summary": "3）提升交付能力：合并后，更大的收入规模可以为技术研发创新提供更多资金支持，推动 LNG 船等高附加值船生产技术提升，以及促进生产效率提升，缩短生产周期，加快订单交付节奏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "42bc8c6555b6",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "原材料价格波动、人民币汇率波动、新订单增速不及预期、碳减排政策执行力度低于预期风险。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md",
          "chunk_id": "chunk:bee11cf3b3d7",
          "chunk_index": 4,
          "quote_summary": "原材料价格波动、人民币汇率波动、新订单增速不及预期、碳减排政策执行力度低于预期风险。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "20b6cff3c219",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* ◼ **风险提示：宏观经济波动、地缘政治风险、原油价格波动等。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-b95ae1e4e4d3.md",
          "chunk_id": "chunk:d9d0cea6e1c9",
          "chunk_index": 8,
          "quote_summary": "* ◼ **风险提示：宏观经济波动、地缘政治风险、原油价格波动等。"
        },
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-c53c0462f757.md",
          "chunk_id": "chunk:40eaa96e5768",
          "chunk_index": 5,
          "quote_summary": "◼ **风险提示**：宏观经济波动、地缘政治风险、原油价格波动等。"
        },
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-af27eafae237.md",
          "chunk_id": "chunk:eef752351773",
          "chunk_index": 10,
          "quote_summary": "■ **风险提示**：宏观经济波动、地缘政治风险、原油价格波动等。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "b7e82beaae48",
      "from": "company:600151",
      "from_name": "航天机电",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "清华大学工学硕士，电力设备与新能源行业研究员，2016年加入东兴证券，目前研究重点主要覆盖光伏、储能、新能源汽车等板块。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md",
          "chunk_id": "chunk:538b20fbd2b2",
          "chunk_index": 10,
          "quote_summary": "清华大学工学硕士，电力设备与新能源行业研究员，2016年加入东兴证券，目前研究重点主要覆盖光伏、储能、新能源汽车等板块。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600151",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "e34f1efdb6a3",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "光学玻璃材料制造对于设备和生产技术的要求高，属于资本密集型和技术密集型产业，通常根据下游用户需求和应用领域设计原材料配方，采购对应的矿产、稀土及化工原材料，并精进制造工艺，生产出不同性能的光学玻璃材料。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:e55f64058f8e",
          "chunk_index": 41,
          "quote_summary": "光学玻璃材料制造对于设备和生产技术的要求高，属于资本密集型和技术密集型产业，通常根据下游用户需求和应用领域设计原材料配方，采购对应的矿产、稀土及化工原材料，并精进制造工艺，生产出不同性能的光学玻璃材料。"
        },
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-dd3e3a7f96de.md",
          "chunk_id": "chunk:e748e4b9e151",
          "chunk_index": 5,
          "quote_summary": "由于2018年原材料价格上涨，但公司并未提高产品售价，导致产品毛利率有所下降。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "c9eee1a46060",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "material:稀土",
      "to_name": "稀土",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "光学玻璃材料制造对于设备和生产技术的要求高，属于资本密集型和技术密集型产业，通常根据下游用户需求和应用领域设计原材料配方，采购对应的矿产、稀土及化工原材料，并精进制造工艺，生产出不同性能的光学玻璃材料。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:e55f64058f8e",
          "chunk_index": 41,
          "quote_summary": "光学玻璃材料制造对于设备和生产技术的要求高，属于资本密集型和技术密集型产业，通常根据下游用户需求和应用领域设计原材料配方，采购对应的矿产、稀土及化工原材料，并精进制造工艺，生产出不同性能的光学玻璃材料。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "material:稀土",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "fa8b73cbd5fc",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "material:铜",
      "to_name": "铜",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2）美陆军研制的 155 毫米“铜斑蛇”激光制导炮弹导引头采用陀螺光学耦合式位标器，其探测器与弹体固联，光学系统装在陀螺上，陀螺起稳定光学系统探测轴的作用。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:9461fb83df40",
          "chunk_index": 30,
          "quote_summary": "2）美陆军研制的 155 毫米“铜斑蛇”激光制导炮弹导引头采用陀螺光学耦合式位标器，其探测器与弹体固联，光学系统装在陀螺上，陀螺起稳定光学系统探测轴的作用。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "material:铜",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "e03b71147558",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**人民币汇率波动，油价上涨，出行需求不及预期，债务扩大。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-60bf9d1768ac.md",
          "chunk_id": "chunk:e9ea28b754ce",
          "chunk_index": 1,
          "quote_summary": "**人民币汇率波动，油价上涨，出行需求不及预期，债务扩大。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "5b0c201396a1",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "在存货端，公司上半年存货金额期末金额为 41.57 亿元，同比增加 38.42%，主要为公司本期原材料增加。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-73cf8ffba7c5.md",
          "chunk_id": "chunk:0b8a8fcfd477",
          "chunk_index": 0,
          "quote_summary": "在存货端，公司上半年存货金额期末金额为 41.57 亿元，同比增加 38.42%，主要为公司本期原材料增加。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "85748b15af92",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "技术研发上，电磁阀类、航空电力系统等募投项目进展顺利，达产后将形成新增长点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-f3e0e22db897.md",
          "chunk_id": "chunk:cf726dee7a6a",
          "chunk_index": 4,
          "quote_summary": "技术研发上，电磁阀类、航空电力系统等募投项目进展顺利，达产后将形成新增长点。"
        },
        {
          "source_path": "sources/stock-research-report-中航机载-600372-sh-2025-年半年报点评-0e8bdc3b381e.md",
          "chunk_id": "chunk:3e55208def80",
          "chunk_index": 0,
          "quote_summary": "2）航空引气子系统等机载产品产能提升项目、航空电力系统生产能力提升项目、燃油测控系统等机载产品产能提升建设项目、悬挂发射系统产能提升项目进度分别是 31%、31%、53%、67%，均预计于 2026 年 6 月达到预定可使用状态。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "3fe8156a1e26",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2）航空引气子系统等机载产品产能提升项目、航空电力系统生产能力提升项目、燃油测控系统等机载产品产能提升建设项目、悬挂发射系统产能提升项目进度分别是 31%、31%、53%、67%，均预计于 2026 年 6 月达到预定可使用状态。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-sh-2025-年半年报点评-0e8bdc3b381e.md",
          "chunk_id": "chunk:3e55208def80",
          "chunk_index": 0,
          "quote_summary": "2）航空引气子系统等机载产品产能提升项目、航空电力系统生产能力提升项目、燃油测控系统等机载产品产能提升建设项目、悬挂发射系统产能提升项目进度分别是 31%、31%、53%、67%，均预计于 2026 年 6 月达到预定可使用状态。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "cbfa696f1c9b",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司作为中国航空发动机集团旗下零部件板块的上市平台，将是航空发动机和燃气轮机“两机”科技重大专项实施的直接受益者，未来发展前景十分广阔。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发科技-600391-0cb4fc3d581c.md",
          "chunk_id": "chunk:085bb935df9d",
          "chunk_index": 2,
          "quote_summary": "公司作为中国航空发动机集团旗下零部件板块的上市平台，将是航空发动机和燃气轮机“两机”科技重大专项实施的直接受益者，未来发展前景十分广阔。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md",
          "chunk_id": "chunk:22d2b3a06066",
          "chunk_index": 4,
          "quote_summary": "从业务构成上看，公司主要业务为航空发动机及燃气轮机零部件的研发、制造、销售、服务，主要分为内贸航空及衍生产品、外贸转包产品两个业务板块。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-695e420ac228.md",
          "chunk_id": "chunk:8f75b276acaf",
          "chunk_index": 4,
          "quote_summary": "公司主要业务为航空发动机及燃气轮机零部件的研发、制造、销售、服务，主要分为内贸航空及衍生产品、外贸转包产品两个业务板块。"
        },
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-e1d3bbf36f9c.md",
          "chunk_id": "chunk:44eeb805a7e6",
          "chunk_index": 4,
          "quote_summary": "外贸产品方面，主要为承接国际知名企业的民用航空发动机和燃气轮机零部件产品委托加工业务，目前已和包括 GE、RR、HON 在内的多家头部企业客户建立了稳定的合作关系。"
        },
        {
          "source_path": "sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md",
          "chunk_id": "chunk:69fd40ad7faf",
          "chunk_index": 8,
          "quote_summary": "③外贸产品：公司的民用航空发动机和燃气轮机零部件产品主要向部分国际知名发动机公司提供，且双方基本都处于战略协作关系。"
        },
        {
          "source_path": "sources/stock-research-report-航发科技-600391-2020-年报点评-9c025e3a6e96.md",
          "chunk_id": "chunk:98dae9cc9b57",
          "chunk_index": 6,
          "quote_summary": "**业务方面**：公司主要业务为航空发动机及燃气轮机零部件的研发、制造、销售、服务，包含内贸航空及衍生产品、外贸转包产品两个业务板块，内贸航空、外贸产品、航空轴承三大产品。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 6
    },
    {
      "edge_id": "b675f2df6f6c",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司存货 26.95 亿元（+6.99%），其中原材料 14.44 亿元（+5.04 亿元），在产品 8.38 亿元（+9.30%）, 公司持续备货，存货规模进一步扩大。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md",
          "chunk_id": "chunk:130f231600d5",
          "chunk_index": 7,
          "quote_summary": "公司存货 26.95 亿元（+6.99%），其中原材料 14.44 亿元（+5.04 亿元），在产品 8.38 亿元（+9.30%）, 公司持续备货，存货规模进一步扩大。"
        },
        {
          "source_path": "sources/stock-research-report-航发科技-600391-2020-年报点评-9c025e3a6e96.md",
          "chunk_id": "chunk:605ce9520dc7",
          "chunk_index": 8,
          "quote_summary": "受国内原材料价格和人工成本上涨影响，叠加市场激烈竞争等因素，为应对未来外贸转包持续盈利能力将逐步下滑的可能，公司正积极转型升级，将巩固传统优势，推动重点产品系列化和产品价值高端化。"
        },
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-e1d3bbf36f9c.md",
          "chunk_id": "chunk:07bc691c8c79",
          "chunk_index": 6,
          "quote_summary": "* **风险提示：** 外贸航空产品需求下滑、新品研制进度不及预期、原材料采购进度受疫情影响有所推迟。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "133d6ed95354",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "法斯特主要业务为石油钻探设备相关业务，此前经营成果不太理想，截至报告期末净资产为负。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md",
          "chunk_id": "chunk:130f231600d5",
          "chunk_index": 7,
          "quote_summary": "法斯特主要业务为石油钻探设备相关业务，此前经营成果不太理想，截至报告期末净资产为负。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "301aa6264700",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "A[元器件等其它原材料供应商<br/>（四级配套单位）] --> B",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:41ffec517860",
          "chunk_index": 29,
          "quote_summary": "A[元器件等其它原材料供应商<br/>（四级配套单位）] --> B"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "fa54a51b364b",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司以军品二三四级配套为主，以“导航控制和弹药信息化技术”为主营业务，涵盖导航与控制、军事通信、智能集成连接三大领域，以导航控制、弹药信息化系统、短波电台和卫星通信系统、军用电连接器等领域的整机、核心部件为主要产品。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:fae540d2eea2",
          "chunk_index": 6,
          "quote_summary": "公司以军品二三四级配套为主，以“导航控制和弹药信息化技术”为主营业务，涵盖导航与控制、军事通信、智能集成连接三大领域，以导航控制、弹药信息化系统、短波电台和卫星通信系统、军用电连接器等领域的整机、核心部件为主要产品。"
        },
        {
          "source_path": "sources/stock-research-report-北方导航-600435-178f8fb69c06.md",
          "chunk_id": "chunk:8f98c872e122",
          "chunk_index": 3,
          "quote_summary": "主要产品涵盖导航控制、弹药信息化系统、短波电台和卫星通信系统、军用电连接器等领域的整机、核心部件等。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "0eb8587a21d4",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "① **衡阳光电**：主要产品为电子控制箱及检测系统，复合材料、智能配电设备、伺服机构图像处理等。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-178f8fb69c06.md",
          "chunk_id": "chunk:b03acae73df6",
          "chunk_index": 4,
          "quote_summary": "① **衡阳光电**：主要产品为电子控制箱及检测系统，复合材料、智能配电设备、伺服机构图像处理等。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "4bb1fabbf57f",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "一方面，“量大”是“钢铁暴雨”作战方式的必然结果。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:e78e22b054b3",
          "chunk_index": 27,
          "quote_summary": "一方面，“量大”是“钢铁暴雨”作战方式的必然结果。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "1c7ec7200dba",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "1H25 燃气轮机新接台套数同比+56%，锂电池新接功率同比+20%，偏航变桨新接台套数同比+62%，风电增速齿轮箱新接台套数同比+81%，看好公司船海产业收入持续提升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-d20f4f2376c1.md",
          "chunk_id": "chunk:cd5946152e46",
          "chunk_index": 0,
          "quote_summary": "1H25 燃气轮机新接台套数同比+56%，锂电池新接功率同比+20%，偏航变桨新接台套数同比+62%，风电增速齿轮箱新接台套数同比+81%，看好公司船海产业收入持续提升。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-49cd1aa67d03.md",
          "chunk_id": "chunk:c4ff4d30addd",
          "chunk_index": 1,
          "quote_summary": "**根据公司子公司中船发动机官微，9 月 30 日，中船发动机建造的大缸径 LNG 双燃料船用低速发动机成功交付，标志着公司具备大缸径 LNG 双燃料船用低速发动机的制造和试验能力，公司在绿色船舶发动机建造领域实现新突破。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:b520c7cdc106",
          "chunk_index": 5,
          "quote_summary": "* 图表 1： 公司业务涵盖柴油机动力、燃气动力等七类动力业务及机电配套业务 5"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:a5481cde6886",
          "chunk_index": 4,
          "quote_summary": "◼ **中国动力：中船旗下核心动力装备上市平台，利润迎向上拐点**：中国动力为中船集团旗下核心动力装备上市公司，已形成覆盖柴油动力、化学动力、燃气蒸汽动力等七类动力业务及机电配套业务，产品包括柴油机、蓄电池、燃汽轮机、电机、齿轮箱等，下游覆盖国防动力、船舶海工和其他（工业、汽车、风光储等）。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:6c12c8547ee2",
          "chunk_index": 0,
          "quote_summary": "3、随着海运排放要求日益严格，LNG、甲醇燃料动力船舶比重明显提高，氨燃料、氢燃料动力船舶技术研发呈加速趋势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 5
    },
    {
      "edge_id": "83037b26ef4d",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "此外，柴油机等设备主要原材料为钢材，根据 iFind，钢材综合价格指数自 21 年 9 月以来呈现显著下滑趋势。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md",
          "chunk_id": "chunk:14e46d77eae7",
          "chunk_index": 1,
          "quote_summary": "此外，柴油机等设备主要原材料为钢材，根据 iFind，钢材综合价格指数自 21 年 9 月以来呈现显著下滑趋势。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:2c3867098256",
          "chunk_index": 1,
          "quote_summary": "**发动机价格提升+原材料价格维持低位，看好公司盈利提升。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md",
          "chunk_id": "chunk:a3e1aef595a5",
          "chunk_index": 5,
          "quote_summary": "原材料价格波动、人民币汇率波动、新订单增速不及预期、碳减排政策执行力度低于预期风险"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:6c12c8547ee2",
          "chunk_index": 0,
          "quote_summary": "* 全球航运产业链从上游原材料供应开始，由中游船厂制造，延伸到下游航运公司应用。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:2748676720a1",
          "chunk_index": 8,
          "quote_summary": "◼ **风险提示**：国际贸易政策变化风险、原材料价格波动风险、汇率波动风险"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 5
    },
    {
      "edge_id": "b33d34dd49c2",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "material:有色金属",
      "to_name": "有色金属",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "（2）原材料价格波动风险：原材料成本占公司主营业务成本比约80%，若钢铁、有色金属等大宗商品价格出现大幅上涨，将对公司成本端产生不利影响。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:e12ee4663f12",
          "chunk_index": 121,
          "quote_summary": "（2）原材料价格波动风险：原材料成本占公司主营业务成本比约80%，若钢铁、有色金属等大宗商品价格出现大幅上涨，将对公司成本端产生不利影响。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "material:有色金属",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "5efae3103345",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "material:煤炭",
      "to_name": "煤炭",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 蒸汽动力 | 应用于舰船、电厂大机组、石油化工、煤炭化工、冶金等领域。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:854484c80721",
          "chunk_index": 16,
          "quote_summary": "| 蒸汽动力 | 应用于舰船、电厂大机组、石油化工、煤炭化工、冶金等领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "material:煤炭",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "50d8f477f022",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**公司是国内动力系统龙头，业务涵盖柴油机动力、燃气动力、蒸汽动力、综合电力、化学动力、热气机动力、核动力（设备）等七类动力业务及机电配套业务，旗下拥有中船动力、沪东重机、中船三井、CPGC、陕柴、河柴、风帆、火炬、赛欧、重齿、永进等品牌。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:2cb71d66eb66",
          "chunk_index": 8,
          "quote_summary": "**公司是国内动力系统龙头，业务涵盖柴油机动力、燃气动力、蒸汽动力、综合电力、化学动力、热气机动力、核动力（设备）等七类动力业务及机电配套业务，旗下拥有中船动力、沪东重机、中船三井、CPGC、陕柴、河柴、风帆、火炬、赛欧、重齿、永进等品牌。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:2748676720a1",
          "chunk_index": 8,
          "quote_summary": "◼ **AIDC 缺电带动“船改燃”技术渗透，有望打造新增长曲线**：AI 电力需求的非线性增长和电网基建老化之间的矛盾导致北美缺电。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:44c09a1afe92",
          "chunk_index": 7,
          "quote_summary": "| 柴油机动力 | 主要应用于船舶海工、汽车机车和电力等多领域具有较好的应用。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "f8c499e30d29",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "图表 69： LNG、甲醇双燃料成品油轮比传统燃料油轮的价格更高 31",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:ab75124456b4",
          "chunk_index": 7,
          "quote_summary": "图表 69： LNG、甲醇双燃料成品油轮比传统燃料油轮的价格更高 31"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:3775cd306cae",
          "chunk_index": 16,
          "quote_summary": "2022 年 2 月，俄乌战争爆发，引发的原油贸易流向迅速改变，导致阿芙拉型和苏伊士型油轮运价大幅上涨。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:eef64e452c5b",
          "chunk_index": 17,
          "quote_summary": "期间，化学动力仍为第一大业务，2016-2019 年随燃油车铅酸蓄电池寿命更新、军品订单增加稳步增长；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "66d1b7bcde0b",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "在特种阀门方面，公司阀门产品有爆破阀、蒸汽隔离阀、核级波纹管截止阀、核三级钛合金蝶阀、高温烟气切断阀（800℃）等，技术水平达到国内先进水平。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:2d31900f5a4a",
          "chunk_index": 14,
          "quote_summary": "在特种阀门方面，公司阀门产品有爆破阀、蒸汽隔离阀、核级波纹管截止阀、核三级钛合金蝶阀、高温烟气切断阀（800℃）等，技术水平达到国内先进水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "1c340e1fd433",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**主要原材料价格波动风险**：公司铅酸蓄电池产品的主要原材料为金属铅，球形银粉主要原材料为金属银，柴油机等设备主要原材料钢材受宏观经济及供需情况变化影响，原材料采购成本仍存在一定压力。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:acef45dc9990",
          "chunk_index": 47,
          "quote_summary": "**主要原材料价格波动风险**：公司铅酸蓄电池产品的主要原材料为金属铅，球形银粉主要原材料为金属银，柴油机等设备主要原材料钢材受宏观经济及供需情况变化影响，原材料采购成本仍存在一定压力。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:77ff54869f73",
          "chunk_index": 34,
          "quote_summary": "**展望后续，公司盈利能力仍有提升空间：** 1）新造船市场结构性供需缺口中期存在，柴油发动机作为核心零部件，需求、价格有望维持高位，2）钢材等原材料价格仍呈下降趋势，产品售价与成本端形成剪刀差，3）公司贯彻“成本工程”，将聚焦三项费用压控，期间费用率稳中有降。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:2c3867098256",
          "chunk_index": 1,
          "quote_summary": "此外，柴油机等设备主要原材料为钢材，根据iFind，钢材综合价格指数自21年9月以来呈现显著下滑趋势。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md",
          "chunk_id": "chunk:14e46d77eae7",
          "chunk_index": 1,
          "quote_summary": "**发动机价格提升+钢价维持低位，看好公司盈利能力持续提升。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "60c82c536d2b",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "material:锂",
      "to_name": "锂",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2020 年后，随新能源汽车渗透率提升、“锂代铅”浪潮席卷行业，公司化学动力板块增速下行。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:eef64e452c5b",
          "chunk_index": 17,
          "quote_summary": "2020 年后，随新能源汽车渗透率提升、“锂代铅”浪潮席卷行业，公司化学动力板块增速下行。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-d20f4f2376c1.md",
          "chunk_id": "chunk:cd5946152e46",
          "chunk_index": 0,
          "quote_summary": "1H25 燃气轮机新接台套数同比+56%，锂电池新接功率同比+20%，偏航变桨新接台套数同比+62%，风电增速齿轮箱新接台套数同比+81%，看好公司船海产业收入持续提升。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:5a3958e9ad16",
          "chunk_index": 14,
          "quote_summary": "| 风帆有限责任公司 | 河北省 保定市 | 主营业务为起动用、牵引用、工业用铅酸蓄电池、特种材料制品以及消费型、动力型锂离子电池。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:7220714b5cde",
          "chunk_index": 13,
          "quote_summary": "⮚ 化学动力业务：汽车低压电池为公司化学动力业务的主打产品，储能锂电池产品处于迅速发展阶段。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "material:锂",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "7fca54ef0ec1",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "新承接大型液化天然气（LNG）船 14 艘，占全球总量的 35%，市场份额进一步提升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md",
          "chunk_id": "chunk:00cef936aa86",
          "chunk_index": 25,
          "quote_summary": "新承接大型液化天然气（LNG）船 14 艘，占全球总量的 35%，市场份额进一步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "412f1c0e2154",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **风险提示**：汇率波动风险、造船需求不及预期风险、原材料价格人工成本波动风险。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-26-日-128fc9fe809c.md",
          "chunk_id": "chunk:850050674602",
          "chunk_index": 1,
          "quote_summary": "* **风险提示**：汇率波动风险、造船需求不及预期风险、原材料价格人工成本波动风险。"
        },
        {
          "source_path": "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md",
          "chunk_id": "chunk:3ae92aff5b06",
          "chunk_index": 1,
          "quote_summary": "**船舶制造中原材料成本占到约 6 成，其中以钢板为主要原材料，回顾中国新造船价格，船价在很大程度上受船用钢板价格影响，然而随着钢价下降，新造船价仍处于高位，并没有受影响下跌，我们认为这是由于全球船厂产能收紧，小于需求，使得现在的船价主要由需求主导而非供给原料钢板主导。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "2fc4f040f03c",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "该型船配备了脱硫设备、完整的低硫燃油供应系统、AMP 岸电绞车系统，并采用最新减阻防污漆等一系列节能、环保技术，符合当前全球航运业对绿色、低碳发展的要求。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航海装备ii-a517f162d983.md",
          "chunk_id": "chunk:a1c5b6229cf8",
          "chunk_index": 17,
          "quote_summary": "该型船配备了脱硫设备、完整的低硫燃油供应系统、AMP 岸电绞车系统，并采用最新减阻防污漆等一系列节能、环保技术，符合当前全球航运业对绿色、低碳发展的要求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "edf05410d08e",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "⚫ **公司船海业务营收占比下降，钢结构工程业务表现突出。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2019-年报点评-经营业绩持续改善-盈利能力提升未来可期-f39b2482e3b1.md",
          "chunk_id": "chunk:6641f0544c2b",
          "chunk_index": 4,
          "quote_summary": "⚫ **公司船海业务营收占比下降，钢结构工程业务表现突出。"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-26-日-128fc9fe809c.md",
          "chunk_id": "chunk:130857fe9306",
          "chunk_index": 7,
          "quote_summary": "2）考虑到造船企业中原材料占成本的比重较大，我们根据造船完工量以及钢材价格预测公司 2024/25/26 年造船业务成本分别增长 12.4%/18.6%/5.4%。"
        },
        {
          "source_path": "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md",
          "chunk_id": "chunk:3ae92aff5b06",
          "chunk_index": 1,
          "quote_summary": "**船舶制造中原材料成本占到约 6 成，其中以钢板为主要原材料，回顾中国新造船价格，船价在很大程度上受船用钢板价格影响，然而随着钢价下降，新造船价仍处于高位，并没有受影响下跌，我们认为这是由于全球船厂产能收紧，小于需求，使得现在的船价主要由需求主导而非供给原料钢板主导。"
        },
        {
          "source_path": "sources/stock-research-report-公司点评报告-f3e4d2cad667.md",
          "chunk_id": "chunk:8d81172dd590",
          "chunk_index": 2,
          "quote_summary": "修船、钢结构工程、机电产品及其他业务板块占总营收比重与去年基本持平。"
        },
        {
          "source_path": "sources/stock-research-report-中航证券研究所-1ea6a2cd43cd.md",
          "chunk_id": "chunk:df6e3ace65d5",
          "chunk_index": 1,
          "quote_summary": "钢结构工程实现营收 9.04 亿元（+49.17%）；"
        },
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md",
          "chunk_id": "chunk:7fa929fd8a91",
          "chunk_index": 4,
          "quote_summary": "分业务来看，公司主要业务可分为造船业务、钢结构工程业务、海工业务、修船业务、机电产品及其他业务。"
        },
        {
          "source_path": "sources/stock-research-report-中航证券研究所-ad905009f20f.md",
          "chunk_id": "chunk:77f3a0a0be4f",
          "chunk_index": 6,
          "quote_summary": "* **钢结构工程业务发展势头强劲，业务占比提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 7
    },
    {
      "edge_id": "939d6bc83616",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "1）定增：** 公司作为现代航空工业体系建设“主力军”，复材、钛合金产业化发展持续推进，航空产业布局系统新塑；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-2025-年三季报点评-34d22a648184.md",
          "chunk_id": "chunk:898cbf01224d",
          "chunk_index": 1,
          "quote_summary": "1）定增：** 公司作为现代航空工业体系建设“主力军”，复材、钛合金产业化发展持续推进，航空产业布局系统新塑；"
        },
        {
          "source_path": "sources/stock-research-report-其他军工iii-f477ce31494a.md",
          "chunk_id": "chunk:82d95ce7198a",
          "chunk_index": 2,
          "quote_summary": "同时公司持续推进复材、钛合金产业化发展，复材与钛合金生产能力得到扩充，产业布局持续优化。"
        },
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-db99473a0847.md",
          "chunk_id": "chunk:b1a9c422c8f7",
          "chunk_index": 4,
          "quote_summary": "* **2025 年上半年公司加速新质生产力布局：**新一代隐身战斗机歼-35A 亮相巴黎航展，复材及钛合金生产线能力建设项目持续推进，高商载无人机货运项目落地。"
        },
        {
          "source_path": "sources/stock-research-report-其他军工iii-ceecd743f594.md",
          "chunk_id": "chunk:2b6304b118c0",
          "chunk_index": 2,
          "quote_summary": "随着复材、钛合金产业化发展持续推进，公司复材与钛合金生产能力得到扩充，产业布局持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "2dadea62fb20",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "在油气相关设备业务方向上，报告期内市场开拓取得新进展，LNG 系列产品成功争取到沪东中华船厂 12 条 LNG 运输船鞍座项目。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-5fb259699aad.md",
          "chunk_id": "chunk:8e43a2f1d172",
          "chunk_index": 8,
          "quote_summary": "在油气相关设备业务方向上，报告期内市场开拓取得新进展，LNG 系列产品成功争取到沪东中华船厂 12 条 LNG 运输船鞍座项目。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "315cbe8c5411",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "主要原因在于部分行业细分领域受到投资规模缩小、项目执行周期延长、项目结算时间延后等因素影响，同时可能也与市场竞争加剧、原材料成本上升等有关。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-2510805f74af.md",
          "chunk_id": "chunk:949b0cdceda1",
          "chunk_index": 4,
          "quote_summary": "主要原因在于部分行业细分领域受到投资规模缩小、项目执行周期延长、项目结算时间延后等因素影响，同时可能也与市场竞争加剧、原材料成本上升等有关。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md",
          "chunk_id": "chunk:813435228692",
          "chunk_index": 4,
          "quote_summary": "利润表方面，2025 年上半年销售毛利率由 36.46%降至 35.32%，因防务产品成本上升及原材料价格波动；"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "3817ba1efdd3",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司目前在电子防务装备领域拥有水声电子行业方向上国内唯一的全体系科研生产能力以及水下攻防、卫星通导、专用计算机、运动控制、专用电源等多个行业方向上的科研生产能力，并在这些领域中扮演着系统提供商、整机装备供应商以及配套产品提供商等多种角色，还拥有着多型特装电子元器件的供货能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-c04f645618d0.md",
          "chunk_id": "chunk:7e71831b11c4",
          "chunk_index": 8,
          "quote_summary": "公司目前在电子防务装备领域拥有水声电子行业方向上国内唯一的全体系科研生产能力以及水下攻防、卫星通导、专用计算机、运动控制、专用电源等多个行业方向上的科研生产能力，并在这些领域中扮演着系统提供商、整机装备供应商以及配套产品提供商等多种角色，还拥有着多型特装电子元器件的供货能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "9e5ac61664d2",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "非防务领域实现收入 7.36 亿元，同比增长 22.07%，智慧城市与智能制造板块表现突出，轨道交通智能运维、新能源汽车铝锻产线等项目落地，带动电子信息产品收入达 7.12 亿元，同比增长 21.28%，成为拉动整体营收的核心动力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md",
          "chunk_id": "chunk:813435228692",
          "chunk_index": 4,
          "quote_summary": "非防务领域实现收入 7.36 亿元，同比增长 22.07%，智慧城市与智能制造板块表现突出，轨道交通智能运维、新能源汽车铝锻产线等项目落地，带动电子信息产品收入达 7.12 亿元，同比增长 21.28%，成为拉动整体营收的核心动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "5f474b4c4257",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2）对标海外航空铸造龙头 Howmet，安吉精铸成长空间广阔：Howmet 是国际上最早生产航空发动机结构铸件的公司之一，能够生产叶片、机匣、热端部件等航空发动机结构铸件，亦可生产航天飞行器的结构铸件及工业燃气轮机等；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:659d425d66a2",
          "chunk_index": 1,
          "quote_summary": "2）对标海外航空铸造龙头 Howmet，安吉精铸成长空间广阔：Howmet 是国际上最早生产航空发动机结构铸件的公司之一，能够生产叶片、机匣、热端部件等航空发动机结构铸件，亦可生产航天飞行器的结构铸件及工业燃气轮机等；"
        },
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-5bab6a426235.md",
          "chunk_id": "chunk:2e31b396ea7e",
          "chunk_index": 2,
          "quote_summary": "2）宏山公司累计获得包括商飞、商发、赛峰、罗罗、东汽等 46 家客户的供应商准入资格，并具备 3 家重点型号客户订货资格，未来将进一步加大航空锻件、燃气轮机市场的开拓力度，尽快实现扭亏为盈。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "6143f73d284d",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **原材料成本上升及产能利用率不足**：2025 年上半年，公司综合毛利率为 29.27%（较上年同期微降），销售费用率 0.86%、管理费用率 6.94%、财务费用率 0.53%，整体费用控制基本稳定。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-a8f22a50abee.md",
          "chunk_id": "chunk:93564f8c76b8",
          "chunk_index": 4,
          "quote_summary": "* **原材料成本上升及产能利用率不足**：2025 年上半年，公司综合毛利率为 29.27%（较上年同期微降），销售费用率 0.86%、管理费用率 6.94%、财务费用率 0.53%，整体费用控制基本稳定。"
        },
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md",
          "chunk_id": "chunk:919f13c9af76",
          "chunk_index": 1,
          "quote_summary": "**公司持续推进产业链一体化，逐步完成从锻造龙头到基础结构主力军的蜕变：**建立“材料研发及再生-锻铸件成形-精加工及整体功能部件”的新生态配套环境，向上游增资中航特材打造原材料集中采购平台，参股中航上大、托管聚能钛、安立公司打通返回料循环体系；"
        },
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md",
          "chunk_id": "chunk:3b755678a93e",
          "chunk_index": 0,
          "quote_summary": "**青海安立公司收购青海聚能钛，公司在钛合金材料回收利用领域布局向前迈出了坚实一步：**青海聚能钛业具有世界领先的核心钛合金熔炉进口设备，本次通过资产收购形式进入青海安立公司，有望进一步增强中航重机钛合金等原材料研发生产能力，对中航重机构建材料循环再生体系具有里程碑式的重要意义。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "afa2bb239ba1",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **公司锻造业务覆盖全面，龙头地位稳固**：1）锻件工艺覆盖全面：覆盖涉及国内外航空、航天、电力、船舶、铁路、工程机械、石油、汽车等诸多行业。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:c8969f498059",
          "chunk_index": 10,
          "quote_summary": "* **公司锻造业务覆盖全面，龙头地位稳固**：1）锻件工艺覆盖全面：覆盖涉及国内外航空、航天、电力、船舶、铁路、工程机械、石油、汽车等诸多行业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "a32667a829fe",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **公司锻造业务覆盖全面，龙头地位稳固**：1）锻件工艺覆盖全面：覆盖涉及国内外航空、航天、电力、船舶、铁路、工程机械、石油、汽车等诸多行业。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:c8969f498059",
          "chunk_index": 10,
          "quote_summary": "* **公司锻造业务覆盖全面，龙头地位稳固**：1）锻件工艺覆盖全面：覆盖涉及国内外航空、航天、电力、船舶、铁路、工程机械、石油、汽车等诸多行业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "33a247cd3916",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2）受托管理的安立公司主要从事航空新材料、钛及钛合金、高温合金、复合材料研发、生产、加工，金属材料回收、清洗、冶炼及许可经营项目等业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md",
          "chunk_id": "chunk:3b755678a93e",
          "chunk_index": 0,
          "quote_summary": "2）受托管理的安立公司主要从事航空新材料、钛及钛合金、高温合金、复合材料研发、生产、加工，金属材料回收、清洗、冶炼及许可经营项目等业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "237889b7f0d1",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2）公司制定的采购综合压降工作方案取得了积极成效：25Q1 部分高温合金、钛合金等材料新签采购合同单价降低，后续故事将持续推进材料循环体系建设，进一步降低综合采购成本。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-买入-维持评级-d71b158bc1b1.md",
          "chunk_id": "chunk:5c547bc58c89",
          "chunk_index": 1,
          "quote_summary": "2）公司制定的采购综合压降工作方案取得了积极成效：25Q1 部分高温合金、钛合金等材料新签采购合同单价降低，后续故事将持续推进材料循环体系建设，进一步降低综合采购成本。"
        },
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md",
          "chunk_id": "chunk:919f13c9af76",
          "chunk_index": 1,
          "quote_summary": "**公司持续推进产业链一体化，逐步完成从锻造龙头到基础结构主力军的蜕变：**建立“材料研发及再生-锻铸件成形-精加工及整体功能部件”的新生态配套环境，向上游增资中航特材打造原材料集中采购平台，参股中航上大、托管聚能钛、安立公司打通返回料循环体系；"
        },
        {
          "source_path": "sources/stock-research-report-中航重机-600765-a8f22a50abee.md",
          "chunk_id": "chunk:5c5a922aae96",
          "chunk_index": 5,
          "quote_summary": "* **2025 上半年，中航重机核心竞争力继续强化**：250MN 等温锻压机、1500T 辗环机等旗舰设备满负荷运转，宏远公司钛合金整体框锻件通过装机评审，安大 4T 级高筒、6T 级厚壁超大锻件研制成功，填补国内空白。"
        },
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-bdcacdfeffd9.md",
          "chunk_id": "chunk:ccd4137f002d",
          "chunk_index": 1,
          "quote_summary": "核心能力持续突破，科创竞争力持续增强：1）加速研发框、梁、轴、环、机匣等新工艺新产品加速研发，宏远公司钛合金整体框锻件顺利通过装机评审，具备了承制超大型整体框锻件的能力。"
        },
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md",
          "chunk_id": "chunk:3b755678a93e",
          "chunk_index": 0,
          "quote_summary": "据“中航重机”微信公众号消息，12 月 11 日，青海聚能钛业与青海安立公司（中航重机托管的贵州安立公司全资子公司）在贵州省安顺市签署资产转让协议。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 5
    },
    {
      "edge_id": "bcc5685522aa",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 锻造业务 | 主要生产航空及其他军民用钛合金、高温合金、不锈钢、结构钢、铝合金、镁合金、铜合金以及新型的金属间化合物等不同材质的模锻件、自由锻件、等温锻件、环锻件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:573f16e84d65",
          "chunk_index": 9,
          "quote_summary": "| 锻造业务 | 主要生产航空及其他军民用钛合金、高温合金、不锈钢、结构钢、铝合金、镁合金、铜合金以及新型的金属间化合物等不同材质的模锻件、自由锻件、等温锻件、环锻件。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "4385427ad35b",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "material:钴",
      "to_name": "钴",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "M2[镍钴合金: 镍钴合金锭、板等]",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:0b248ebdb377",
          "chunk_index": 28,
          "quote_summary": "M2[镍钴合金: 镍钴合金锭、板等]"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "material:钴",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "c52ac28c0bd8",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "material:铜",
      "to_name": "铜",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 锻造业务 | 主要生产航空及其他军民用钛合金、高温合金、不锈钢、结构钢、铝合金、镁合金、铜合金以及新型的金属间化合物等不同材质的模锻件、自由锻件、等温锻件、环锻件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:573f16e84d65",
          "chunk_index": 9,
          "quote_summary": "| 锻造业务 | 主要生产航空及其他军民用钛合金、高温合金、不锈钢、结构钢、铝合金、镁合金、铜合金以及新型的金属间化合物等不同材质的模锻件、自由锻件、等温锻件、环锻件。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "material:铜",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "3af6a8d003f5",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 锻造业务 | 主要生产航空及其他军民用钛合金、高温合金、不锈钢、结构钢、铝合金、镁合金、铜合金以及新型的金属间化合物等不同材质的模锻件、自由锻件、等温锻件、环锻件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:573f16e84d65",
          "chunk_index": 9,
          "quote_summary": "| 锻造业务 | 主要生产航空及其他军民用钛合金、高温合金、不锈钢、结构钢、铝合金、镁合金、铜合金以及新型的金属间化合物等不同材质的模锻件、自由锻件、等温锻件、环锻件。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "6861d3faa0b7",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "material:镍",
      "to_name": "镍",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "M2[镍钴合金: 镍钴合金锭、板等]",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:0b248ebdb377",
          "chunk_index": 28,
          "quote_summary": "M2[镍钴合金: 镍钴合金锭、板等]"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "material:镍",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "19ed4fda737a",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "防军工、通信等市场需求快速增长的背景下拓展更大的市场份额，另一方面航空航天及军用电源的高毛利率，将有助于改善公司因安保科技竞争激烈导致的公司整体盈利能力下滑的问题，电源业务或将成为公司未来重要的利润增长点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-b9fa3da834e8.md",
          "chunk_id": "chunk:a147d89e1381",
          "chunk_index": 11,
          "quote_summary": "防军工、通信等市场需求快速增长的背景下拓展更大的市场份额，另一方面航空航天及军用电源的高毛利率，将有助于改善公司因安保科技竞争激烈导致的公司整体盈利能力下滑的问题，电源业务或将成为公司未来重要的利润增长点。"
        },
        {
          "source_path": "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md",
          "chunk_id": "chunk:0c66ba0eee0f",
          "chunk_index": 12,
          "quote_summary": "公司电源产业主要围绕军工级、工业级电源、定制化电源等方面开展经营，具体业务包括稳压电源、恒流电源、UPS/EPS 电源、脉冲电源、专用特种电源、网络能源与新能源、行业专用电源及电能质量管理，覆盖航空航天、船舶、机车、通信、工控、轻工、重工及科研等各种领域，尤其是在需要电源系统高可靠性的科研领域发挥着重要的作用，同时也..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "da71c38816dd",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "material:锂",
      "to_name": "锂",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "电源业务方面，2020 年公司收入（5.27 亿元，-17.39%）有所下降，主要系公司民品电源业务子公司航天柏克受疫情影响，传统的 UPS、EPS 电源业务以及梯次锂电池等产品销量减少，进而导致航天柏克 2020 年上半年收入（0.83 亿元，-43.80%）下滑，而从航天柏克全年收入（2.21 亿元，-39.15%）来看，航天柏克下半年疫情企稳后业绩有...",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md",
          "chunk_id": "chunk:a1bb90fad307",
          "chunk_index": 8,
          "quote_summary": "电源业务方面，2020 年公司收入（5.27 亿元，-17.39%）有所下降，主要系公司民品电源业务子公司航天柏克受疫情影响，传统的 UPS、EPS 电源业务以及梯次锂电池等产品销量减少，进而导致航天柏克 2020 年上半年收入（0.83 亿元，-43.80%）下滑，而从航天柏克全年收入（2.21 亿元，-39.15..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "material:锂",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "929c90e0825c",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "material:化工品",
      "to_name": "化工品",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**公司是目前我国航空领域唯一专业从事复合材料研发工程化的单位，先后承担了我国多型飞机的复材原材料/结构件研制任务，高性能树脂及预浸料等产品代表了我国航空高性能复合材料最高水平，具有显著的核心竞争力和稳固的行业地位。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:8c3605075bf3",
          "chunk_index": 3,
          "quote_summary": "**公司是目前我国航空领域唯一专业从事复合材料研发工程化的单位，先后承担了我国多型飞机的复材原材料/结构件研制任务，高性能树脂及预浸料等产品代表了我国航空高性能复合材料最高水平，具有显著的核心竞争力和稳固的行业地位。"
        },
        {
          "source_path": "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md",
          "chunk_id": "chunk:a86d472739a1",
          "chunk_index": 3,
          "quote_summary": "树脂及构件生产能力提升项目建设工程顺利完工，显著提升了树脂、预浸料等航空复合材料生产能力。"
        },
        {
          "source_path": "sources/stock-research-report-中航高科-600862-sh-2025-年半年报点评-8e865a6595b5.md",
          "chunk_id": "chunk:f4f858a7a989",
          "chunk_index": 1,
          "quote_summary": "**项目建设方面，** 公司持续推进民航复材构件能力提升、先进航空预浸料产能提升、树脂及构件产能提升、炭材料制品产线建设、航发用树脂基复材零组件产能建设等项目，加速民机和非航空复材产业布局，围绕无人机、eVTOL 等新赛道抢抓低空经济发展机遇。"
        },
        {
          "source_path": "sources/stock-research-report-公-司-研-究-6e41046c3f20.md",
          "chunk_id": "chunk:fdec0befbcd4",
          "chunk_index": 2,
          "quote_summary": "报告期内，中航工业复材完成某型号预浸料研制，实现碳纤维与树脂界面的匹配，形成预浸料批量稳定制备技术。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "material:化工品",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "61697234d8df",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**公司是目前我国航空领域唯一专业从事复合材料研发工程化的单位，先后承担了我国多型飞机的复材原材料/结构件研制任务，高性能树脂及预浸料等产品代表了我国航空高性能复合材料最高水平，具有显著的核心竞争力和稳固的行业地位。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:8c3605075bf3",
          "chunk_index": 3,
          "quote_summary": "**公司是目前我国航空领域唯一专业从事复合材料研发工程化的单位，先后承担了我国多型飞机的复材原材料/结构件研制任务，高性能树脂及预浸料等产品代表了我国航空高性能复合材料最高水平，具有显著的核心竞争力和稳固的行业地位。"
        },
        {
          "source_path": "sources/stock-research-report-中航高科-600862-0c4cc41a4dc5.md",
          "chunk_id": "chunk:a96d79272f0d",
          "chunk_index": 4,
          "quote_summary": "存货 127.86 亿元，与年初基本持平，其中原材料与在产品略有增加，库存商品小幅下降，整体库存管理稳健。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "31fca3a160ce",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 低密度 | 减轻航空器重量，显著提升其运载能力和燃油效率，<br/>降低运行成本，减少有害气体排放进而实现环保飞行 |",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:1216440d942a",
          "chunk_index": 44,
          "quote_summary": "| 低密度 | 减轻航空器重量，显著提升其运载能力和燃油效率，<br/>降低运行成本，减少有害气体排放进而实现环保飞行 |"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "46507851db01",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "除传统业务外，公司积极承接国家未来产业战略布局，抢先布局人形机器人赛道，已系统调研业内标杆企业，重点聚焦复合材料在人形机器人领域的创新应用路径，旨在以复合材料技术革新赋能人形机器人产业升级。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航高科-600862-sh-2025-年三季报点评-1af5bfba41eb.md",
          "chunk_id": "chunk:3895160d6551",
          "chunk_index": 0,
          "quote_summary": "除传统业务外，公司积极承接国家未来产业战略布局，抢先布局人形机器人赛道，已系统调研业内标杆企业，重点聚焦复合材料在人形机器人领域的创新应用路径，旨在以复合材料技术革新赋能人形机器人产业升级。"
        },
        {
          "source_path": "sources/stock-research-report-公-司-研-究-6e41046c3f20.md",
          "chunk_id": "chunk:fdec0befbcd4",
          "chunk_index": 2,
          "quote_summary": "报告期内，中航工业复材完成某型号预浸料研制，实现碳纤维与树脂界面的匹配，形成预浸料批量稳定制备技术。"
        },
        {
          "source_path": "sources/stock-research-report-中航高科-600862-sh-2025-年半年报点评-8e865a6595b5.md",
          "chunk_id": "chunk:f4f858a7a989",
          "chunk_index": 1,
          "quote_summary": "实现归母净利润 6.4 亿元，YOY +1.75%（其中，中航工业复材同比增长 2.08%），主要系航空复合材料交付增长所致。"
        },
        {
          "source_path": "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md",
          "chunk_id": "chunk:c807d051d9f9",
          "chunk_index": 2,
          "quote_summary": "报告期内，航空工业复材实现新一代 T800 级及以上碳纤维预浸料及预浸丝束产品产量的突破性增长，显著提升先进材料供给能力，为下一代主力产品的规模化量产奠定了坚实基础；"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:8c3605075bf3",
          "chunk_index": 3,
          "quote_summary": "* **中航工业集团旗下航空高性能复合材料龙头。"
        },
        {
          "source_path": "sources/stock-research-report-公司研究-877362ab8a29.md",
          "chunk_id": "chunk:6920f611c8c7",
          "chunk_index": 2,
          "quote_summary": "作为我国航空复合材料领域的龙头企业，公司在立足军品业务的基础上，积极拓展民用航空和低空经济等市场领域，未来成长空间十分广阔。"
        },
        {
          "source_path": "sources/stock-research-report-中航高科-600862-0c4cc41a4dc5.md",
          "chunk_id": "chunk:afa118f27caa",
          "chunk_index": 5,
          "quote_summary": "* **2025 年上半年，公司核心竞争力持续巩固：**中航复材新增授权专利 8 项，累计有效专利达 330 项，巩固航空复合材料领域技术领先地位；"
        },
        {
          "source_path": "sources/stock-research-report-其他军工iii-a155ac175e30.md",
          "chunk_id": "chunk:b95939776cc4",
          "chunk_index": 2,
          "quote_summary": "⮚ **持续受益于复合材料市场的蓬勃发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 8
    },
    {
      "edge_id": "ae209da72169",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**GE90 发动机的复合材料风扇叶片比传统钛合金空心风扇叶片质量轻 66%，强度却提高了 100%；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:f32201bbaeb0",
          "chunk_index": 62,
          "quote_summary": "**GE90 发动机的复合材料风扇叶片比传统钛合金空心风扇叶片质量轻 66%，强度却提高了 100%；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "99577291b02e",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **波音公司**：据《碳纤维增强复合材料在航空航天领域的应用》（黄亿洲等），B777 采用的复合材料仅占全机结构重量的 9%，而 B787 在机身、机翼、尾翼、地板梁、座椅框架等部件中应用了碳纤维复合材料，<u>应用率达到 50%，与铝合金结构相比重量减轻了 4500 千克，可节省燃油 20%</u>。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:d64c9455f782",
          "chunk_index": 55,
          "quote_summary": "* **波音公司**：据《碳纤维增强复合材料在航空航天领域的应用》（黄亿洲等），B777 采用的复合材料仅占全机结构重量的 9%，而 B787 在机身、机翼、尾翼、地板梁、座椅框架等部件中应用了碳纤维复合材料，<u>应用率达到 50%，与铝合金结构相比重量减轻了 4500 千克，可节省燃油 20%</u>。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "a613d481bfc8",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **毛利率同比微增，主要因原材料成本管控优化：**2025 年上半年公司销售毛利率 20.51%，较上年同期微幅波动，主要因营收规模下降但成本刚性支出占比提升。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-bfbae6698397.md",
          "chunk_id": "chunk:7fe0e69620aa",
          "chunk_index": 6,
          "quote_summary": "* **毛利率同比微增，主要因原材料成本管控优化：**2025 年上半年公司销售毛利率 20.51%，较上年同期微幅波动，主要因营收规模下降但成本刚性支出占比提升。"
        },
        {
          "source_path": "sources/stock-research-report-航天电子-600879-fb492d85a669.md",
          "chunk_id": "chunk:2272c363f962",
          "chunk_index": 2,
          "quote_summary": "销售毛利率为 19.01%，较去年同期的 22.80%有所下降，主因原材料成本波动及产品结构变化；"
        },
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:950c59070f45",
          "chunk_index": 25,
          "quote_summary": "2）航天电工主要从事电线电缆产品研发工作，受原材料价格波动、外部环境变化等因素影响，以及房地产行业不景气不断出现集中违约情形，2023 年航天电工对涉及房地产行业领域的相关资产进行了集中清理，计提 2693 万资产减值准备，以及 1.52 亿信用减值损失，导致航天电工亏损 1.97 亿元。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "a8a2cd178ba6",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "西安太乙公司主要从事专用电子元器件的检测、筛选、失效分析等业务，与公司航天电子信息主营业务高度协同，有利于丰富公司航天电子信息主营业务中的集成电路产业的产品线，提高公司盈利",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:125c98e746b6",
          "chunk_index": 29,
          "quote_summary": "西安太乙公司主要从事专用电子元器件的检测、筛选、失效分析等业务，与公司航天电子信息主营业务高度协同，有利于丰富公司航天电子信息主营业务中的集成电路产业的产品线，提高公司盈利"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "91e11c44f237",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "material:锂",
      "to_name": "锂",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 推进装置 | 锂电子电池、电动螺旋桨 | |",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:6a9b2ac57d30",
          "chunk_index": 58,
          "quote_summary": "| 推进装置 | 锂电子电池、电动螺旋桨 | |"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "material:锂",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "e2e1c99b8757",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **持续推进技术创新，加速追赶超越，不断提升航空发动机和燃气轮机研发制造水平：** 公司在军用航空发动机方面，已具备涡喷、涡扇、涡轴、涡桨、活塞等全谱系发动机的自主研发能力，成为国内唯一覆盖全品类军用航空发动机的企业，进一步巩固了其在国防装备领域的战略地位。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-ff9e17369c08.md",
          "chunk_id": "chunk:1b9cf15dfcb2",
          "chunk_index": 4,
          "quote_summary": "* **持续推进技术创新，加速追赶超越，不断提升航空发动机和燃气轮机研发制造水平：** 公司在军用航空发动机方面，已具备涡喷、涡扇、涡轴、涡桨、活塞等全谱系发动机的自主研发能力，成为国内唯一覆盖全品类军用航空发动机的企业，进一步巩固了其在国防装备领域的战略地位。"
        },
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2024-年三季报点评-312cd14bd10a.md",
          "chunk_id": "chunk:a8584bbb5455",
          "chunk_index": 2,
          "quote_summary": "未来公司将继续立足核心技术，围绕发展新质生产力布局产业链，发挥自身“链长”的拉动作用，提供高质量、高性能、低耗能的航空发动机和燃气轮机产品。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md",
          "chunk_id": "chunk:dd46a405e49c",
          "chunk_index": 7,
          "quote_summary": "主要产品和服务有航空发动机及燃气轮机整机、部件，维修保障服务以及航空发动机零部件出口转包等。"
        },
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:ec7db31693fb",
          "chunk_index": 0,
          "quote_summary": "** 根据 Precedence Research，2025 年全球燃气轮机市场规模已达 302.4 亿美元，未来 10 年将以 7.29%的复合年增长率高速增长，2035 年预计市场规模将达到 611.3 亿美元。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "812619281ab2",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "其次，原材料价格波动及供应链压力对生产成本造成一定冲击；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-ff9e17369c08.md",
          "chunk_id": "chunk:1b9cf15dfcb2",
          "chunk_index": 4,
          "quote_summary": "其次，原材料价格波动及供应链压力对生产成本造成一定冲击；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md",
          "chunk_id": "chunk:b978e5096ede",
          "chunk_index": 13,
          "quote_summary": "风险提示：原材料波动导致毛利率下滑的风险；"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "3fcd075ad8f2",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "material:煤炭",
      "to_name": "煤炭",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "但是，从细分能源领域的 2024 年全球发电能源结构来看，煤炭、天然气等火力发电仍为主流，分别占比 34.07%和 22.25%。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:e35905dd6ef9",
          "chunk_index": 36,
          "quote_summary": "但是，从细分能源领域的 2024 年全球发电能源结构来看，煤炭、天然气等火力发电仍为主流，分别占比 34.07%和 22.25%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "material:煤炭",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "aec032462019",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**全球电力需求激增，航改燃成公司未来新增长极。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:ec7db31693fb",
          "chunk_index": 0,
          "quote_summary": "**全球电力需求激增，航改燃成公司未来新增长极。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "d059b09ed3a7",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**上游产业：** 材料产业、机械制造、电子信息、石油化工、钢铁冶金",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:bf53d5872f9a",
          "chunk_index": 58,
          "quote_summary": "**上游产业：** 材料产业、机械制造、电子信息、石油化工、钢铁冶金"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "8b94c9f7e238",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "完成验证机研制、英国发布了航空零排放战略，无人化、数字化、电气化、氢能、增材制造、复合材料等新理念、新技术、新材料的应用都在快速积累量变。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md",
          "chunk_id": "chunk:28bfb146b48f",
          "chunk_index": 12,
          "quote_summary": "完成验证机研制、英国发布了航空零排放战略，无人化、数字化、电气化、氢能、增材制造、复合材料等新理念、新技术、新材料的应用都在快速积累量变。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "a175475a2307",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**上游产业：** 材料产业、机械制造、电子信息、石油化工、钢铁冶金",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:bf53d5872f9a",
          "chunk_index": 58,
          "quote_summary": "**上游产业：** 材料产业、机械制造、电子信息、石油化工、钢铁冶金"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "2c47aa62e967",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "其余业务中，外贸出口转包（主要为航空发动机零部件海外代工）占比 4.21%，非航空产品及其他（如铝型材、发电设备等）占比 0.50%。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:9a51a1adc016",
          "chunk_index": 10,
          "quote_summary": "其余业务中，外贸出口转包（主要为航空发动机零部件海外代工）占比 4.21%，非航空产品及其他（如铝型材、发电设备等）占比 0.50%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "d75892ed2076",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "** 2025H1 公司单位成本为 0.303 元，同比下降 3.5%，主要系油价下跌及日利用率小时同比提升 5.0%带来单位固定成本下降；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-5766424ee916.md",
          "chunk_id": "chunk:4540edb5529a",
          "chunk_index": 1,
          "quote_summary": "** 2025H1 公司单位成本为 0.303 元，同比下降 3.5%，主要系油价下跌及日利用率小时同比提升 5.0%带来单位固定成本下降；"
        },
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年半年报点评-ca95860047d8.md",
          "chunk_id": "chunk:9364e2d37df5",
          "chunk_index": 1,
          "quote_summary": "➢ **油价回落带动单位成本下降，飞机利用率恢复缓解单位扣油成本上涨压力。"
        },
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年中报点评-短期税盾影响利润增速-中长期看好经营稳健性-832f0bf7834e.md",
          "chunk_id": "chunk:d4376ab73e5c",
          "chunk_index": 1,
          "quote_summary": "其中单位燃油成本 0.102 元，同比-12.6%；"
        },
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-客座率高位-票价承压-业绩有望稳增-b3160ebb2276.md",
          "chunk_id": "chunk:1a06dd6656fb",
          "chunk_index": 0,
          "quote_summary": "➢ **票价降幅较大，成本端受益于油价有所下降。"
        },
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-101b70567709.md",
          "chunk_id": "chunk:7487d3c5b2b5",
          "chunk_index": 0,
          "quote_summary": "➢ **油价回落和飞机利用率恢复带动单位成本下降，但客公里收益阶段性承压导致利润率同比下滑。"
        },
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-7903c43d959f.md",
          "chunk_id": "chunk:a9eb44ec681d",
          "chunk_index": 0,
          "quote_summary": "**2025Q3 公司单位座公里营业成本为 0.29 元，同比下降 4.7%，主要系油价下跌以及利用率提升影响。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-bc08fa838fa8.md",
          "chunk_id": "chunk:4fd5a57cf3f8",
          "chunk_index": 4,
          "quote_summary": "2024 年公司成本费用表现基本稳定，尽管油价有所降低，但公司航油成本因用油量上升仍有所增长；"
        },
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md",
          "chunk_id": "chunk:534745c7e5be",
          "chunk_index": 0,
          "quote_summary": "** 公司持续提升国际市场运力投放，叠加国际油价影响，2024 年全年营业成本达到 174.1 亿，同比增长 12.2%，其中航油成本 61.4 亿，同比增长 8.9%，非油成本 112.7 亿，同比增长 14.1%。"
        },
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-优于大市-dd542bd9001b.md",
          "chunk_id": "chunk:b61bbb573015",
          "chunk_index": 0,
          "quote_summary": "公司单位成本同比下降的主要原因是国际油价全年呈现宽幅震荡下行趋势，使得公司单位航油成本同比下降 9.6%，以及日利用率小时同比提升摊薄了公司固定成本，公司 2025 年飞机日利用率为 9.97 小时，同比提升 7.2%，恢复至 2019 年同期的 88.7%。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 9
    },
    {
      "edge_id": "a3083eca6f88",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "客公里收益为 0.51 元，同比下降 4.9%，国内航线同比下降 6.2%，主要系商务线承压及燃油附加费减少；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-8d1d7fbbd773.md",
          "chunk_id": "chunk:2fc153c26b01",
          "chunk_index": 0,
          "quote_summary": "客公里收益为 0.51 元，同比下降 4.9%，国内航线同比下降 6.2%，主要系商务线承压及燃油附加费减少；"
        },
        {
          "source_path": "sources/stock-research-report-信达证券-37c6f7288787.md",
          "chunk_id": "chunk:e2f6fbc80fe5",
          "chunk_index": 0,
          "quote_summary": "➢ **票价跌幅好于行业，油价下行带动单位成本下降。"
        },
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-b34da45b74ec.md",
          "chunk_id": "chunk:232fda228790",
          "chunk_index": 0,
          "quote_summary": "1.《中国国航公司点评：裸票提升油价下降，Q2实现扭亏为盈》，2025.8.30"
        },
        {
          "source_path": "sources/stock-research-report-信达证券-b271a7b83bd8.md",
          "chunk_id": "chunk:4737d0975d0d",
          "chunk_index": 0,
          "quote_summary": "➢ **票价拖累盈利，油价下行带动单位成本下降。"
        },
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-2025-年三季报点评-8f6e831b93fc.md",
          "chunk_id": "chunk:638abf0846bd",
          "chunk_index": 0,
          "quote_summary": "25Q3 公司盈利同比回落主要受到非油成本持续高位拖累，公司座公里收益同比基本持平，油价下降部分缓解了成本压力。"
        },
        {
          "source_path": "sources/stock-research-report-东-兴-证-券-股-份-有-限-公-司-证-券-研-究-报-告-7ac596104f13.md",
          "chunk_id": "chunk:a48c3675048f",
          "chunk_index": 2,
          "quote_summary": "**25 年客座率同比提升约 2pct，燃油成本同比下降抵消大部分客公里收益降幅：** 25 年公司实现客运收入 1548.56 亿元，同比增加 30.67 亿元，其中因运力投入上升而增加收入 49.18 亿元，因客座率上升而增加收入 39.78 亿元，因收益水平下降而减少收入 58.29 亿元。"
        },
        {
          "source_path": "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c02789740bbe.md",
          "chunk_id": "chunk:66a54e23096c",
          "chunk_index": 2,
          "quote_summary": "**客收降幅在预期内，油价下降带动盈利回升：** 上半年公司实现客运收入 731.96 亿元，同比增加 0.59 亿元，拆分来看，其中因运力投放上升而增加收入 24.63 亿元，因客座率上升增加收入 13.61 亿元，因收益水平下降减少收入 37.65 亿元。"
        },
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-2025-年半年报点评-da42e1d3270a.md",
          "chunk_id": "chunk:d73eb3523a73",
          "chunk_index": 0,
          "quote_summary": "上半年看，尽管全行业国内航线价格同比承压、成本刚性，但油价和财务费用下降以及汇率升值共同推动利润同比改善。"
        },
        {
          "source_path": "sources/stock-research-report-601111-sh-9bea4445b90e.md",
          "chunk_id": "chunk:c2937851a492",
          "chunk_index": 1,
          "quote_summary": "**③油价和汇率因素：**油价和汇率是影响航司盈利能力的两个重要因素，2025年前10月，航空煤油均价为86.01美元/桶，较去年同期下降10.90%。"
        },
        {
          "source_path": "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c247265ae62b.md",
          "chunk_id": "chunk:993a5c1a4c5e",
          "chunk_index": 4,
          "quote_summary": "国内航线 24 年客座率已经基本恢复疫情前水平，甚至部分月份高于疫情前，但在油价高于 19 年同期的情况下，客公里收益水平（0.537 元/客公里）依旧低于 19 年同期（0.590 元/客公里），体现出目前国内公商务需求的恢复程度依旧存在不足。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 10
    },
    {
      "edge_id": "3555468dbd46",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "material:化工品",
      "to_name": "化工品",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 化工原料及产品 | 23 | |",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md",
          "chunk_id": "chunk:327f07543637",
          "chunk_index": 91,
          "quote_summary": "| 化工原料及产品 | 23 | |"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "material:化工品",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "3247c826f3df",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "空运业务方面，中货航 25H1 营收同比+5.0%，主要由货邮周转量同比+5.6%驱动、运价同比-0.6%，燃油价格同比下降、计入部分补贴后净利润同比持平，我们认为成本端或存在扰动。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2025-年半年报点评-e8d729eac717.md",
          "chunk_id": "chunk:79268b409dee",
          "chunk_index": 0,
          "quote_summary": "空运业务方面，中货航 25H1 营收同比+5.0%，主要由货邮周转量同比+5.6%驱动、运价同比-0.6%，燃油价格同比下降、计入部分补贴后净利润同比持平，我们认为成本端或存在扰动。"
        },
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md",
          "chunk_id": "chunk:973fb7909a4b",
          "chunk_index": 5,
          "quote_summary": "海外经济和国际关系波动风险、竞争加剧风险、油价大幅上涨风险、安全运行风险。"
        },
        {
          "source_path": "sources/stock-research-report-2025-年-5-月-7-日-6f05c2fad788.md",
          "chunk_id": "chunk:fadaf6201c73",
          "chunk_index": 4,
          "quote_summary": "**风险提示：** 运价下跌幅度超预期、关税政策变化影响超预期、油价大幅波动、宏观经济下行、安全风险。"
        },
        {
          "source_path": "sources/stock-research-report-交通运输-物流-2acff3e1a03a.md",
          "chunk_id": "chunk:36233fbc0072",
          "chunk_index": 1,
          "quote_summary": "**关税风险，航空货运需求增长不及预期，汇率波动，油价波动，地缘风险。"
        },
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2025-年三季报点评-358872701f9f.md",
          "chunk_id": "chunk:5c56d30e43ad",
          "chunk_index": 2,
          "quote_summary": "➢ **风险提示：** 油价大幅上涨、贸易摩擦和关税反复、地缘冲突升级。"
        },
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-医药冷链业务快速推进-q2-业绩增长凸显经营韧性-36138034d827.md",
          "chunk_id": "chunk:bd33aada9ce4",
          "chunk_index": 1,
          "quote_summary": "风险提示：运价下跌、关税政策变化、油价大幅波动、安全风险。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 6
    },
    {
      "edge_id": "9fa1c0bbe799",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "1）受大宗原材料涨价影响和军品产品结构变化，公司整体毛利率（23.78%，-3.19pcts）有所下降；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md",
          "chunk_id": "chunk:2d0fa48bb50c",
          "chunk_index": 3,
          "quote_summary": "1）受大宗原材料涨价影响和军品产品结构变化，公司整体毛利率（23.78%，-3.19pcts）有所下降；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:bdfeed47c471",
          "chunk_index": 76,
          "quote_summary": "3、受宏观环境及大宗商品价格变化的影响。"
        },
        {
          "source_path": "sources/stock-research-report-长城军工-601606-610931a94901.md",
          "chunk_id": "chunk:cdea252b1bf9",
          "chunk_index": 57,
          "quote_summary": "民品业务毛利率近三年分别为 21.56%、18.89% 和 15.36%，有所下降，主要是由于预应力锚具原材料价格上涨及产品单价下跌。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "68e5459a3c39",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "红星机电研制的 246 导电碳纤维子弹组件，配用于东风某型导弹纤维弹，是一种用于短路毁伤敌电力系统的软杀伤子弹，可使输配电系统在一定时间内停止供电时效，甚至导致电网系统大面积瘫痪，填补了国内空白，处于国际领先地位，荣获国家技术发明二等奖。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:53be29a331d8",
          "chunk_index": 60,
          "quote_summary": "红星机电研制的 246 导电碳纤维子弹组件，配用于东风某型导弹纤维弹，是一种用于短路毁伤敌电力系统的软杀伤子弹，可使输配电系统在一定时间内停止供电时效，甚至导致电网系统大面积瘫痪，填补了国内空白，处于国际领先地位，荣获国家技术发明二等奖。"
        },
        {
          "source_path": "sources/stock-research-report-长城军工-601606-610931a94901.md",
          "chunk_id": "chunk:7257e98ebd3c",
          "chunk_index": 40,
          "quote_summary": "| 441 航空导电纤维子弹 | 立项研制 | 该子弹可装配于武装直升机，攻击敌方高压变电站、输配电线路等电力设施，造成供电中断、用电系统瘫痪。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "54d9daffc1e9",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "研制碳纤维子弹组件，配用于导弹等系统中 19",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-610931a94901.md",
          "chunk_id": "chunk:34c0b7d91706",
          "chunk_index": 6,
          "quote_summary": "研制碳纤维子弹组件，配用于导弹等系统中 19"
        },
        {
          "source_path": "sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md",
          "chunk_id": "chunk:875cdf1b1e6c",
          "chunk_index": 7,
          "quote_summary": "报告期内，公司通过应用增程技术、减阻技术和复合材料技术增加弹药射程，如公司研制的 950 远程弹药射程增加近一倍；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:53be29a331d8",
          "chunk_index": 60,
          "quote_summary": "红星机电研制的 246 导电碳纤维子弹组件，配用于东风某型导弹纤维弹，是一种用于短路毁伤敌电力系统的软杀伤子弹，可使输配电系统在一定时间内停止供电时效，甚至导致电网系统大面积瘫痪，填补了国内空白，处于国际领先地位，荣获国家技术发明二等奖。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "2b0fffa93908",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 地雷 | AHM-200-1 反直升机地雷 | 保加利亚 | 利用声传感器和多普勒雷达探测目标，战斗部为单爆炸成型弹丸和球形钢珠，攻击高度为 100m。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-610931a94901.md",
          "chunk_id": "chunk:f0c9bb72f746",
          "chunk_index": 27,
          "quote_summary": "| 地雷 | AHM-200-1 反直升机地雷 | 保加利亚 | 利用声传感器和多普勒雷达探测目标，战斗部为单爆炸成型弹丸和球形钢珠，攻击高度为 100m。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:916374609738",
          "chunk_index": 64,
          "quote_summary": "金星预应力已经成功自主研发了高强度、大规格锚固组件，其中 YJM29 锚固体系是目前国内规格最大的预应力钢绞线锚固产品之一，2400MPa 超高强度锚具是目前国内强度最大的预应力钢绞线锚固产品之一；"
        },
        {
          "source_path": "sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md",
          "chunk_id": "chunk:875cdf1b1e6c",
          "chunk_index": 7,
          "quote_summary": "通过使用新型弹体材料和新型高能炸药，研究最佳的装填结构和装填配比，增强弹药的毁伤能力，如公司研制的 D053C 破片弹药通过使用高能炸药，提高爆破威力，通过装填预制破片环，形成钨、钢和自然破片，大大提高了杀伤和穿甲效能。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "aee8bab07496",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "material:铜",
      "to_name": "铜",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司产品上游涉及钢材、铜以及部分通用电子元器件等通用材料，公司通常从市场上直接购买，采购价格将随着市场价格有所波动。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:bdfeed47c471",
          "chunk_index": 76,
          "quote_summary": "公司产品上游涉及钢材、铜以及部分通用电子元器件等通用材料，公司通常从市场上直接购买，采购价格将随着市场价格有所波动。"
        },
        {
          "source_path": "sources/stock-research-report-长城军工-601606-610931a94901.md",
          "chunk_id": "chunk:0e8ddb0e4c66",
          "chunk_index": 24,
          "quote_summary": "| 制导炮弹 | M712 式“铜斑蛇”制导炮弹 | 美国 | 采用激光半主动寻的制导，主要用于攻击集群坦克或装甲目标。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "material:铜",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "06da84bc05af",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "报告期末，公司存货为 1.02 亿元（+86.91%），受下游客户结算进度影响，发出商品（0.48 亿元，+71.56%）明显增加，另外，占比较大的在产品（0.37 亿元，+116.43%）、原材料（0.15 亿元，+96.29%）均大幅提升，原材料及在产品的增加也表明公司积极备货，组织生产，以应对下游需求的快速增长。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md",
          "chunk_id": "chunk:31ac7cfb5a71",
          "chunk_index": 6,
          "quote_summary": "报告期末，公司存货为 1.02 亿元（+86.91%），受下游客户结算进度影响，发出商品（0.48 亿元，+71.56%）明显增加，另外，占比较大的在产品（0.37 亿元，+116.43%）、原材料（0.15 亿元，+96.29%）均大幅提升，原材料及在产品的增加也表明公司积极备货，组织生产，以应对下游需求的快速增长。"
        },
        {
          "source_path": "sources/stock-research-report-2022-年-07-月-29-日-c49c9979b9c1.md",
          "chunk_id": "chunk:a4e24a87d8bd",
          "chunk_index": 2,
          "quote_summary": "① 疫情影响部分原材料可能无法按期到厂，影响生产、交付正常推进；"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "2cb95b95e731",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "飞机部件装配业务门槛较高，对操作人员的装配技能、工艺编制及质量检验能力均有较高要求，公司 2013 年起便逐步切入部装业务，目前已建立共计一百余人的业务团队，基于自身在航空工装及零部件加工等领域多年研发优势，已掌握了包括复合材料结构装配、大部件对合精加工在内的多项关键技术，在部装领域处于行业领先地位。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md",
          "chunk_id": "chunk:76fd2f5f835b",
          "chunk_index": 8,
          "quote_summary": "飞机部件装配业务门槛较高，对操作人员的装配技能、工艺编制及质量检验能力均有较高要求，公司 2013 年起便逐步切入部装业务，目前已建立共计一百余人的业务团队，基于自身在航空工装及零部件加工等领域多年研发优势，已掌握了包括复合材料结构装配、大部件对合精加工在内的多项关键技术，在部装领域处于行业领先地位。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "c8a3fb88d2a4",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2、燃气轮机：AI 催化燃机需求上行，看好公司燃机叶片订单持续高增 ..................................",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:0888af10c5da",
          "chunk_index": 5,
          "quote_summary": "2、燃气轮机：AI 催化燃机需求上行，看好公司燃机叶片订单持续高增 .................................."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-通用设备-cb8360cb1477.md",
          "chunk_id": "chunk:4dd401394491",
          "chunk_index": 4,
          "quote_summary": "公司作为燃气轮机的叶片铸件供应商，充分受益于 AI 驱动下燃机需求增长。"
        },
        {
          "source_path": "sources/stock-research-report-股票投资评级-00faef49b0c4.md",
          "chunk_id": "chunk:6aa5976699e9",
          "chunk_index": 5,
          "quote_summary": "**燃气轮机方面，2025H1，公司燃气轮机叶片在国内外主流燃气轮机厂商的渗透率进一步提升。"
        },
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-a8e6785e0de2.md",
          "chunk_id": "chunk:e746d09a44df",
          "chunk_index": 0,
          "quote_summary": "全球算力投资持续超预期，催化燃气轮机需求增长提速。"
        },
        {
          "source_path": "sources/stock-research-report-华发集团控股公司-a852f437c4e3.md",
          "chunk_id": "chunk:136bf816429d",
          "chunk_index": 0,
          "quote_summary": "下游客户订单放量带动了燃气轮机高温合金叶片的需求增长，公司燃气轮机叶片在国内外主流燃气轮机厂商的渗透率进一步提升，已为西门子能源 F 级燃气轮机稳定供应叶片，H 级叶片持续开发，为 GE 航改燃机业务开发 LM2500、LM6000 系列产品，与贝克休斯紧密合作，在工业燃气轮机领域继续保持优势。"
        },
        {
          "source_path": "sources/stock-research-report-机械设备-报告日期-2025-年-08-月-13-日-92ff84317c47.md",
          "chunk_id": "chunk:ae82b9c14c1e",
          "chunk_index": 4,
          "quote_summary": "燃气轮机多款型号取得突破，通过国家“两机专项”大 F 级重型燃机一二三级定向空心透平叶片新产品验收并批量交付，取得西门子 9000HL 行燃气轮机透平叶片开发订单；"
        },
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md",
          "chunk_id": "chunk:82412b5da3f9",
          "chunk_index": 1,
          "quote_summary": "**投资建议：**公司作为国内航空发动机及燃气轮机精密铸件领先企业，燃机业务核心卡位、绑定海内外龙头受益行业景气上行；"
        },
        {
          "source_path": "sources/stock-research-report-应流股份-603308-3676d6e94836.md",
          "chunk_id": "chunk:30fe7d4ae8b5",
          "chunk_index": 4,
          "quote_summary": "公司为各大燃气轮机龙头公司叶片铸件供应商，充分受益于 AI 驱动下燃气轮机需求增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 8
    },
    {
      "edge_id": "a237256cb55f",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**风险提示：**原材料价格波动风险；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md",
          "chunk_id": "chunk:82412b5da3f9",
          "chunk_index": 1,
          "quote_summary": "**风险提示：**原材料价格波动风险；"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "247f520b4f8f",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "material:煤炭",
      "to_name": "煤炭",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "无缝管等燃气轮机、煤炭、核电等电厂用的结构件；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:274473eb245b",
          "chunk_index": 75,
          "quote_summary": "无缝管等燃气轮机、煤炭、核电等电厂用的结构件；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "material:煤炭",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "a8d9d4134a51",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "燃气轮机在电力、能源开采与输送、舰船以及分布式能源系统方面应用广泛，是关系国家安全和国民经济持续增长的重大动力装备，被誉为工业制造领域“皇冠上的明珠”，是展现一个国家先进科技水平、强大军事实力和综合国力的重要标志。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:49283eddcdb1",
          "chunk_index": 34,
          "quote_summary": "燃气轮机在电力、能源开采与输送、舰船以及分布式能源系统方面应用广泛，是关系国家安全和国民经济持续增长的重大动力装备，被誉为工业制造领域“皇冠上的明珠”，是展现一个国家先进科技水平、强大军事实力和综合国力的重要标志。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "e6c0cc46df97",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司前身为成立于 2000 年的安徽霍山应流铸造，主要生产泵及阀门零件、机械装备构件，产品应用于石油天然气、核电、工程和矿山机械领域。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:844a90bab900",
          "chunk_index": 11,
          "quote_summary": "公司前身为成立于 2000 年的安徽霍山应流铸造，主要生产泵及阀门零件、机械装备构件，产品应用于石油天然气、核电、工程和矿山机械领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "a2492d7af5bc",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**2025H1，公司营收 13.84 亿元，同比增长 9%，其中，高温合金产品及精密铸钢件产品收入 8.42 亿元，同比增长 6%，核电及其他中大型铸钢件产品收入 3.26 亿元，同比增长 6%，新型材料与装备收入 1.46 亿元，同比增长 74%，其他业务收入 0.64 亿元，同比减少 24%。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-00faef49b0c4.md",
          "chunk_id": "chunk:671a8e6c01a7",
          "chunk_index": 4,
          "quote_summary": "**2025H1，公司营收 13.84 亿元，同比增长 9%，其中，高温合金产品及精密铸钢件产品收入 8.42 亿元，同比增长 6%，核电及其他中大型铸钢件产品收入 3.26 亿元，同比增长 6%，新型材料与装备收入 1.46 亿元，同比增长 74%，其他业务收入 0.64 亿元，同比减少 24%。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-通用设备-cb8360cb1477.md",
          "chunk_id": "chunk:4dd401394491",
          "chunk_index": 4,
          "quote_summary": "分产品看，①高温合金产品及精密铸钢件产品：2025 年上半年实现收入 8.4 亿元，同比+6.4%，该业务核心为两机叶片，根据两机订单及交付周期推测，该板块有望于下半年实现较快收入环比增速；"
        },
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:9883a5c0c6c9",
          "chunk_index": 74,
          "quote_summary": "（2）锻造板块，公司为航空航天、工业燃气轮机和一般工业市场生产镍基、钛和钢合金部件；"
        },
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-d747a6cb716a.md",
          "chunk_id": "chunk:f4c7eaf5dab0",
          "chunk_index": 2,
          "quote_summary": "**从细分业务表现来看，（1）高温合金产品及精密铸钢件产品收入 8.4 亿元，yoy+6.4%，收入贡献 60.8%；"
        },
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md",
          "chunk_id": "chunk:b0ab2566a795",
          "chunk_index": 0,
          "quote_summary": "分业务看，2025 年上半年高温合金及精密铸钢件收入 8.42 亿元，同比增长 6.41%，毛利率 38.42%，同比提升 1.65pct；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 5
    },
    {
      "edge_id": "d4228529f5c1",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "material:钴",
      "to_name": "钴",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "用于能源市场的挤压无缝管，以及上游钛合金、镍钴合金等金属产品。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:9883a5c0c6c9",
          "chunk_index": 74,
          "quote_summary": "用于能源市场的挤压无缝管，以及上游钛合金、镍钴合金等金属产品。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "material:钴",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "7af6f6794ee1",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "material:锂",
      "to_name": "锂",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "先进材料首次在国产民机大规模应用，特别第三代铝锂合金材料、先进复合材料用量分别达到 8.8%和 12%；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:b0582e6a8c78",
          "chunk_index": 114,
          "quote_summary": "先进材料首次在国产民机大规模应用，特别第三代铝锂合金材料、先进复合材料用量分别达到 8.8%和 12%；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "material:锂",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "6195c64473bc",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "material:镍",
      "to_name": "镍",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "（2）锻造板块，公司为航空航天、工业燃气轮机和一般工业市场生产镍基、钛和钢合金部件；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:9883a5c0c6c9",
          "chunk_index": 74,
          "quote_summary": "（2）锻造板块，公司为航空航天、工业燃气轮机和一般工业市场生产镍基、钛和钢合金部件；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "material:镍",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "64451d674490",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **市场竞争加剧叠加原材料成本压力致使公司业绩承压，优化库存周转率及加强应收账款管理展现较强的运营韧性：**2024 年，实现营业收入 28.02 亿元，同比-20.04%；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-e51bb5f736bd.md",
          "chunk_id": "chunk:e9919d5df71a",
          "chunk_index": 4,
          "quote_summary": "* **市场竞争加剧叠加原材料成本压力致使公司业绩承压，优化库存周转率及加强应收账款管理展现较强的运营韧性：**2024 年，实现营业收入 28.02 亿元，同比-20.04%；"
        },
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-81a6b52909b7.md",
          "chunk_id": "chunk:ae599c8252ce",
          "chunk_index": 2,
          "quote_summary": "受上游关键原材料价格高位运行的影响，直接材料成本同比增长 47.27%，导致毛利率同比小幅收窄。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "a1e226671a05",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "从业务板块来看，自产元器件业务实现销售收入 9.92 亿元，同比下降 11.77%，其中股份公司重点产品如脉冲电容、钽电容及超级电容等在电力电网、轨道交通、工控及新能源等领域取得增长。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-e51bb5f736bd.md",
          "chunk_id": "chunk:e9919d5df71a",
          "chunk_index": 4,
          "quote_summary": "从业务板块来看，自产元器件业务实现销售收入 9.92 亿元，同比下降 11.77%，其中股份公司重点产品如脉冲电容、钽电容及超级电容等在电力电网、轨道交通、工控及新能源等领域取得增长。"
        },
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-752014ec5cae.md",
          "chunk_id": "chunk:6f7820d5570f",
          "chunk_index": 1,
          "quote_summary": "根据中国电子元件行业协会相关报告显示，2024 年全球消费品需求相较于上年度有所回升，家用电器增长态势较好；"
        },
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-81a6b52909b7.md",
          "chunk_id": "chunk:ae599c8252ce",
          "chunk_index": 2,
          "quote_summary": "同时，天极科技微波芯片电容器、薄膜电路订单同比明显增长，福建毫米通过聚焦核心项目、优化团队结构及加强协同管理实现扭亏为盈，叠加并购四川中星切入薄膜电容赛道、厦门芯一代推动民品及电力产品业务协同发展，共同支撑板块增长。"
        },
        {
          "source_path": "sources/stock-research-report-电容销售逆势增长-特种高性能新材料空间广阔-1b79fcf832b2.md",
          "chunk_id": "chunk:89a5ae6fc449",
          "chunk_index": 4,
          "quote_summary": "在民用市场方面，重点围绕电力电网、轨道交通、工控及新能源等领域积极开拓新市场、发掘新的应用场景。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "a46ee5bea19a",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "汽车产量虽然整体下降，但随着新能源汽车逐步渗透，其搭载更多 MLCC 产品，再叠加燃油汽车智能化、网联化给 MLCC 带来更广泛的应用空间，全球汽车电子用 MLCC 的需求量和市场规模都实现较高的增速。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-752014ec5cae.md",
          "chunk_id": "chunk:6f7820d5570f",
          "chunk_index": 1,
          "quote_summary": "汽车产量虽然整体下降，但随着新能源汽车逐步渗透，其搭载更多 MLCC 产品，再叠加燃油汽车智能化、网联化给 MLCC 带来更广泛的应用空间，全球汽车电子用 MLCC 的需求量和市场规模都实现较高的增速。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "8a2bb234b1c3",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司特种高性能新材料具有耐高温、密度低、优异的高温抗氧化性能等突出优势，可作为基体制造陶瓷基复合材料（CMC）。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-电容销售逆势增长-特种高性能新材料空间广阔-1b79fcf832b2.md",
          "chunk_id": "chunk:89a5ae6fc449",
          "chunk_index": 4,
          "quote_summary": "公司特种高性能新材料具有耐高温、密度低、优异的高温抗氧化性能等突出优势，可作为基体制造陶瓷基复合材料（CMC）。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "93bf150f8c52",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "** 公司收购了天津振海科技有限公司 100%股权，原材料采购成本进一步降低，实现产业链拓展和延伸。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-409c8b76d7d1.md",
          "chunk_id": "chunk:617ea55c6644",
          "chunk_index": 8,
          "quote_summary": "** 公司收购了天津振海科技有限公司 100%股权，原材料采购成本进一步降低，实现产业链拓展和延伸。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "f055f9afe711",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "无线通信是利用电磁波信号可以在自由空间中传播的特性进行信息交换的一种通信方式。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4273816e06fb.md",
          "chunk_id": "chunk:934e55c98169",
          "chunk_index": 28,
          "quote_summary": "无线通信是利用电磁波信号可以在自由空间中传播的特性进行信息交换的一种通信方式。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "88da56ce1828",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "在石油化工、农药制造、喷涂、纺织印染、、医药制造、橡胶制品制造、电子工业、印刷与包装印刷、黑色金属冶炼、废弃厂矿区、消防应急响应等行业成熟的应用。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md",
          "chunk_id": "chunk:af7b10a72a06",
          "chunk_index": 51,
          "quote_summary": "在石油化工、农药制造、喷涂、纺织印染、、医药制造、橡胶制品制造、电子工业、印刷与包装印刷、黑色金属冶炼、废弃厂矿区、消防应急响应等行业成熟的应用。"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-4273816e06fb.md",
          "chunk_id": "chunk:f25cea1759df",
          "chunk_index": 29,
          "quote_summary": "| 用户范围 | 军队、公共安全部门、公共事业部门（市政、供水、公交等），特殊行业（铁路运输、石油开采、航空航天等） | 个人用户和公司 |"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "10ffde699670",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "因业务量上升，公司营业成本有所增长，达到 189.8 亿元，同比增长 10.5%，单位 ASK 非航油成本延续节降态势，下降 5.2%至 0.216 元。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-b1af9b0cedea.md",
          "chunk_id": "chunk:81f6bcde7c9a",
          "chunk_index": 2,
          "quote_summary": "因业务量上升，公司营业成本有所增长，达到 189.8 亿元，同比增长 10.5%，单位 ASK 非航油成本延续节降态势，下降 5.2%至 0.216 元。"
        },
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md",
          "chunk_id": "chunk:485214ae2a4d",
          "chunk_index": 0,
          "quote_summary": "（2）价：2025H1 公司客公里收益为 0.45 元，同比-4%，其中估算国内国际线均同比回落，国内线下降或源于燃油附加费下降，国际线下降或源于航网结构改变及航线竞争等。"
        },
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-b98515d97bf1.md",
          "chunk_id": "chunk:7bfb3cbc571d",
          "chunk_index": 0,
          "quote_summary": "* **单位盈利方面，25Q3 油价下降抵冲飞机停场带来的非油成本上涨，运力向高收益航线集中有助于公司客收跑出相对涨幅。"
        },
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-f3cbfbf4851c.md",
          "chunk_id": "chunk:0e18b2ae202c",
          "chunk_index": 0,
          "quote_summary": "2025Q2 国内线价格同比降幅收窄，我们测算公司整体客收同比下降 2.9%、座收同比基本持平，ASK 同比+2%带动客运收入同比+2%，油价下降对冲因飞机停场造成的单位非油成本上涨，净利率同比+0.7pct。"
        },
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-优于大市-f1a64f7b5f39.md",
          "chunk_id": "chunk:789d26ce51c7",
          "chunk_index": 2,
          "quote_summary": "**风险提示：**宏观经济下行，油价汇率剧烈波动，安全事故。"
        },
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-营收及利润双增-看好座收回升利润弹性-2fe15db13883.md",
          "chunk_id": "chunk:925ab143a406",
          "chunk_index": 0,
          "quote_summary": "单位 ASK 成本看，25H1 公司单位 ASK 营业成本为 0.341 元，同比+1.4%，其中单位燃油成本 0.114 元，同比-11.1%；"
        },
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-航线收益品质优化-静待盈利回升-b2f270e6e3f1.md",
          "chunk_id": "chunk:0caff6a659cc",
          "chunk_index": 0,
          "quote_summary": "<u>单位 ASK 成本</u>看，25Q3 公司单位 ASK 营业成本为 0.350 元，同比+1.0%，一方面，受益于油价下跌影响，公司单位燃油成本或有下降；"
        },
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2024-年年报点评-a7f72d68bd90.md",
          "chunk_id": "chunk:cd85db93e716",
          "chunk_index": 0,
          "quote_summary": "2024 年公司运力投放增长大于价格降幅，ASK 同比+17%、座公里收益同比-8%、客运收入同比+8%，油价下降对冲降价影响，净利率同比+0.4pct。"
        },
        {
          "source_path": "sources/stock-research-report-发布时间-2025-11-03-826b798f0bcf.md",
          "chunk_id": "chunk:6901079ca7ab",
          "chunk_index": 2,
          "quote_summary": "三季度国际油价同比有所降低，公司航油成本同步下降，但因机队利用效率问题，公司单位非油成本有所上升，三季度公司营业成本 51.6 亿元，同比下降 0.5%。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 9
    },
    {
      "edge_id": "9234337e1a74",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "上游来看，公司采购的原材料主要为光学原材料、金属原材料、电气元件和结构件，其竞争较为充分、技术较为成熟、产品供给充足，公司每种原材料均有多家合作稳定的供应商。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东海证券-d3cb3f6bdead.md",
          "chunk_id": "chunk:f43152bb81bd",
          "chunk_index": 19,
          "quote_summary": "上游来看，公司采购的原材料主要为光学原材料、金属原材料、电气元件和结构件，其竞争较为充分、技术较为成熟、产品供给充足，公司每种原材料均有多家合作稳定的供应商。"
        },
        {
          "source_path": "sources/stock-research-report-中航证券研究所-8ebbbd9f4850.md",
          "chunk_id": "chunk:bca4065139f2",
          "chunk_index": 6,
          "quote_summary": "我们注意到，公司的存货各项均在上期高增长的基础上继续保持增长：公司本期存货为 8987.30 万元，较期初增加 29.06%，其中，原材料、在产品和库存商品较期初分别增加 13.88%、33.30%和 20.49%，合同负债 1762.73 万元，较期初增长 70.94%，我们认为，存货保持增加表明公司为在手订单做充..."
        },
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2020-年报点评-6b8aa2118b14.md",
          "chunk_id": "chunk:6c86e0526bc7",
          "chunk_index": 7,
          "quote_summary": "同时我们注意到，公司本期存货为 0.69 亿元，较上年同期增加 43.77%，其中，原材料、在产品和库存商品较期初分别增加 27.56%、38.16%和 204.16%，预付款项 0.16 亿元，较上年同期增加 122.90%，我们认为，存货和预付款项的增加表明公司为在手订单做充足准备，公司 2020 年业绩或存在跨..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "e93314f0de87",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "报告期内，公司民品业务收入 5631.05 万元（+408.34%）毛利率 38.49%（-5.93pcts），民品主要应用于电力系统领域、森林防火及人体测温等。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2020-年报点评-6b8aa2118b14.md",
          "chunk_id": "chunk:5ee1d0d90636",
          "chunk_index": 9,
          "quote_summary": "报告期内，公司民品业务收入 5631.05 万元（+408.34%）毛利率 38.49%（-5.93pcts），民品主要应用于电力系统领域、森林防火及人体测温等。"
        },
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md",
          "chunk_id": "chunk:464d1e1ef34e",
          "chunk_index": 19,
          "quote_summary": "同时公司基于自身公司结合自身光电领域研发优势及市场需求，针对森林防火、电力、铁路、安防等民用领域进行了探索，部分产品已完成试点应用，预计也能"
        },
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2019-年报点评-毛利率显著增长-新型测温产品有望促进公司民品业务收入增长-c958ed26be20.md",
          "chunk_id": "chunk:dcf5a8945f05",
          "chunk_index": 6,
          "quote_summary": "民品业务是公司 2019 年新拓展的领域，报告期内实现收入 0.11 亿元，主要用于电力系统，尚处于市场开发和推广阶段，预计未来将不断深化该领域与公司自身光电方面优势，广泛应用于民用领域。"
        },
        {
          "source_path": "sources/stock-research-report-中航证券研究所-8ebbbd9f4850.md",
          "chunk_id": "chunk:bca4065139f2",
          "chunk_index": 6,
          "quote_summary": "**其他业务收入 1101.37 万元**（+455.81%，相较 2019 年同期增长 342.58%），主要系电力检测产品通过试点验收后，已实现了在电力系统一定规模的销售，销售额同比增加 903.22 万元。"
        },
        {
          "source_path": "sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md",
          "chunk_id": "chunk:a4402cd4f254",
          "chunk_index": 12,
          "quote_summary": "公司在民品领域主要是光电相关系统在森林防火、电力、铁路巡检及安防方面应用。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 5
    },
    {
      "edge_id": "7739d77bbda8",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司在移动通信、电力、金融、工业互联网、大数据等领域开展了广泛合作，携手生态伙伴为各行业和领域提供“量子+”安全服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-cdbb867dba67.md",
          "chunk_id": "chunk:df12f4819d31",
          "chunk_index": 5,
          "quote_summary": "公司在移动通信、电力、金融、工业互联网、大数据等领域开展了广泛合作，携手生态伙伴为各行业和领域提供“量子+”安全服务。"
        },
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-01-日-3a755bdf7552.md",
          "chunk_id": "chunk:c91a006b911f",
          "chunk_index": 1,
          "quote_summary": "与此同时，公司量子通信业务作为收入基本盘，持续在运营商、电力、金融等重点行业推进应用落地，量子密话密信等应用平台用户规模不断扩大，行业应用正由试点示范向规模化推广过渡。"
        },
        {
          "source_path": "sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md",
          "chunk_id": "chunk:58dc3d3d5f75",
          "chunk_index": 6,
          "quote_summary": "图表 21： 量子安全电力调度自动化系统 14"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-08-日-8da78ebd44bf.md",
          "chunk_id": "chunk:f175266e3df7",
          "chunk_index": 4,
          "quote_summary": "同时公司利用量子通信的保密特性，在金融、政务、电力等注重信息安全的行业和领域中，有针对性地设计量子保密通信解决方案并投入使用。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "14e1c38ed8e7",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "与此同时，量子重力仪在矿产、石油及地下结构探测中具备巨大应用潜力，预计 2035 年量子重力测量市场规模将达 10.9 亿美元，年复合增长 17.21%。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md",
          "chunk_id": "chunk:685bd703b1ef",
          "chunk_index": 61,
          "quote_summary": "与此同时，量子重力仪在矿产、石油及地下结构探测中具备巨大应用潜力，预计 2035 年量子重力测量市场规模将达 10.9 亿美元，年复合增长 17.21%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "562e3985c144",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 高端钛合金大棒材 | 飞机结构件、航空发动机和燃气轮机部件、舰船、兵器 |",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:0b00ac976ca3",
          "chunk_index": 20,
          "quote_summary": "| 高端钛合金大棒材 | 飞机结构件、航空发动机和燃气轮机部件、舰船、兵器 |"
        },
        {
          "source_path": "sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md",
          "chunk_id": "chunk:01da38591e40",
          "chunk_index": 5,
          "quote_summary": "升机、无人机、商用飞机、商用航空发动机、燃气轮机、兵器等方面的推广应用取得了显著进展，获得了多个型号的供货资格，为公司扩大产品应用领域和新市场奠定了良好基础。"
        },
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-2024-年年报及-2025-年一季报点评-c01c6c0269fa.md",
          "chunk_id": "chunk:3c33b920377a",
          "chunk_index": 2,
          "quote_summary": "高端钛材在直升机、商用飞机、商用航空发动机、燃气轮机等方面的推广应用取得了显著进展，获得了多个型号的供货资格，为公司扩大产品应用领域和新市场奠定了良好基础。"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:308997c747c4",
          "chunk_index": 13,
          "quote_summary": "| 高端钛合金大棒材 | 飞机结构件、航空发动机和燃气轮机部件、 舰船、兵器 | |"
        },
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md",
          "chunk_id": "chunk:a5d81ac383d3",
          "chunk_index": 1,
          "quote_summary": "2）公司已获得多个重点型号航空发动机以及燃气轮机高温合金材料供货资质并开始批量供货，随着未来逐步释放产能，高温合金业绩贡献有望逐步抬升。"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md",
          "chunk_id": "chunk:f072c255c42a",
          "chunk_index": 0,
          "quote_summary": "年内销售持续向好，在直升机、无人机、商用飞机、商用航空发动机、燃气轮机、兵器等方面的推广应用取得了显著进展，获得了多个型号的供货资格。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 6
    },
    {
      "edge_id": "7c77a98e7f0c",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "看原材料金属价格，25H1，铌均价约 655.6 元/千克，同比持平；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md",
          "chunk_id": "chunk:5e2a82243275",
          "chunk_index": 0,
          "quote_summary": "看原材料金属价格，25H1，铌均价约 655.6 元/千克，同比持平；"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md",
          "chunk_id": "chunk:eebf4aabe5c5",
          "chunk_index": 5,
          "quote_summary": "⮚ **风险提示：**下游需求不及预期的风险、客户集中度较高的风险、主要原材料价格波动的风险。"
        },
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-2024-年年报及-2025-年一季报点评-c01c6c0269fa.md",
          "chunk_id": "chunk:f6f3b2520953",
          "chunk_index": 1,
          "quote_summary": "➢ **价：海绵钛等原材料价格同比下行，公司毛利率同比提升。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告公司研究军工公司点评-be5471231ede.md",
          "chunk_id": "chunk:b084a5685f12",
          "chunk_index": 3,
          "quote_summary": "**钛合金需求回暖带动盈利性向好**：2024年公司毛利率/净利率分别为33.55%/18.99%，分别同比+1.68pcts/+0.61pcts，盈利性改善主要系具备高附加值的钛合金产品毛利占比提升优化了产品结构，2024年公司钛合金产品毛利率为38.67%（+4.26pcts），盈利性改善较多主要得益于产销量回升..."
        },
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:441ae6a88bb5",
          "chunk_index": 18,
          "quote_summary": "作为国内高端材料领域的顶尖科研机构，西北有色金属研究所的持股既为公司筑牢了军工材料所需的技术积淀与资质壁垒，陕西省财政厅的实际控制也进一步串联起原材料供应、区域产业政策等资源。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 5
    },
    {
      "edge_id": "bc0eab04f5dd",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "material:有色金属",
      "to_name": "有色金属",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2025 年 5 月，公司铌钛超导线材成果通过中国有色金属学会鉴定，认为该成果全部技术完全自主可控，整体达到国际领先水平。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-08-31-7a01611a2c1d.md",
          "chunk_id": "chunk:3e2009c78a19",
          "chunk_index": 6,
          "quote_summary": "2025 年 5 月，公司铌钛超导线材成果通过中国有色金属学会鉴定，认为该成果全部技术完全自主可控，整体达到国际领先水平。"
        },
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:231200dacedd",
          "chunk_index": 7,
          "quote_summary": "公司核心团队源自西北有色金属研究院，继承了在稀有金属复合材料及超导技术方面的深厚基因。"
        },
        {
          "source_path": "sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md",
          "chunk_id": "chunk:c8aaa789fb54",
          "chunk_index": 3,
          "quote_summary": "| 第一大股东 | 西北有色金属研究院 |"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "material:有色金属",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "87ef4df8e24a",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**核聚变板块：**中国核能行业协会副理事长兼秘书长张廷克在 2024 春季核能可持续发展国际论坛上表示，预计 2035/2060 年核能发电量在中国电力结构中的占比将分别达到 10%/18%左右，在碳中和及能源安全的大背景下核电新增装机及发电量有望维持高速增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:894b008b0050",
          "chunk_index": 0,
          "quote_summary": "**核聚变板块：**中国核能行业协会副理事长兼秘书长张廷克在 2024 春季核能可持续发展国际论坛上表示，预计 2035/2060 年核能发电量在中国电力结构中的占比将分别达到 10%/18%左右，在碳中和及能源安全的大背景下核电新增装机及发电量有望维持高速增长。"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md",
          "chunk_id": "chunk:719fe1a85cfe",
          "chunk_index": 1,
          "quote_summary": "**核聚变板块：** 中国核能行业协会副理事长兼秘书长张廷克在 2024 春季核能可持续发展国际论坛上表示，预计 2035/2060 年核能发电量在中国电力结构中的占比将分别达到 10%/18%左右，在碳中和及能源安全的大背景下核电新增装机及发电量有望维持高速增长。"
        },
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md",
          "chunk_id": "chunk:a5d81ac383d3",
          "chunk_index": 1,
          "quote_summary": "➢ **核心看点：**1）超导产品市场开拓顺利，公司持续开发超导材料和磁体技术在半导体、光伏、医疗及电力等领域的应用，有望持续放量；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "7c888dac1fbb",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 舰船及海洋工程 | 潜艇耐压壳体，螺旋桨，舰船泵，海洋石油钻探用泵、阀、管件等 |",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:c389cca702ba",
          "chunk_index": 56,
          "quote_summary": "| 舰船及海洋工程 | 潜艇耐压壳体，螺旋桨，舰船泵，海洋石油钻探用泵、阀、管件等 |"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "4f34a6ea791e",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司核心团队源自西北有色金属研究院，继承了在稀有金属复合材料及超导技术方面的深厚基因。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:231200dacedd",
          "chunk_index": 7,
          "quote_summary": "公司核心团队源自西北有色金属研究院，继承了在稀有金属复合材料及超导技术方面的深厚基因。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "d32affc82cd2",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "分产品来看，①高端钛合金材料订单需求自二季度恢复以来保持了平稳交付，公司的高端钛材在两机领域获得了多个型号的供货资格，为未来产品需求端奠定了殷实的基础；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-f2ff2627d5ac.md",
          "chunk_id": "chunk:aaaf6e1adfac",
          "chunk_index": 2,
          "quote_summary": "分产品来看，①高端钛合金材料订单需求自二季度恢复以来保持了平稳交付，公司的高端钛材在两机领域获得了多个型号的供货资格，为未来产品需求端奠定了殷实的基础；"
        },
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-2024-年年报及-2025-年一季报点评-c01c6c0269fa.md",
          "chunk_id": "chunk:c22a7d0deba7",
          "chunk_index": 0,
          "quote_summary": "➢ **超导产品持续快速增长，钛合金业务修复态势显著。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-23af555b73c8.md",
          "chunk_id": "chunk:33ff8317770f",
          "chunk_index": 0,
          "quote_summary": "**三大业务规模均实现较快增长**：2025H1公司在超导产品、高端钛合金及高性能高温合金三大业务领域均取得优异成绩。"
        },
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md",
          "chunk_id": "chunk:5e2a82243275",
          "chunk_index": 0,
          "quote_summary": "➢ **经营分析：超导产品持续高速增长，高温合金业务放量加速，钛合金业务恢复增长。"
        },
        {
          "source_path": "sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md",
          "chunk_id": "chunk:54f67bac5844",
          "chunk_index": 4,
          "quote_summary": "1、超导产品需求持续放量、钛合金需求同比向好，2024 年公司业绩稳步增长。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告公司研究军工公司点评-be5471231ede.md",
          "chunk_id": "chunk:cdd18532579a",
          "chunk_index": 1,
          "quote_summary": "分产品来看，①高端钛合金材料实现营收27.52亿元（+9.87%），实现销量7910吨（+8.95%），产品均价为34.8万元/吨（+0.84%），钛合金订单需求自2024Q2恢复以来持续向好，带动销量提升，同时公司的高端钛材产品在海洋、兵器、核工业等领域钛合金研制任务进展顺利，且在“两机”领域获得了多个型号的供货资..."
        },
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:a5ad6b674a38",
          "chunk_index": 2,
          "quote_summary": "西部超导深耕高端钛合金与超导材料领域二十余载，已完成从科研院所技术储备到规模化产业应用的跨越。"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md",
          "chunk_id": "chunk:f072c255c42a",
          "chunk_index": 0,
          "quote_summary": "**高端钛合金：** 24 年实现营收 27.52 亿元，同比+9.87%；"
        },
        {
          "source_path": "sources/stock-research-report-2025-08-31-7a01611a2c1d.md",
          "chunk_id": "chunk:920439f66299",
          "chunk_index": 4,
          "quote_summary": "报告期内，公司在超导产品、高端钛合金及高性能高温合金三大业务领域均取得优异成绩。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 9
    },
    {
      "edge_id": "bcf1f6c59f88",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "考虑到主业的相似性，选取图南股份、中航高科、钢研高纳作为可比公司，均属于高端金属材料及航空发动机材料领域。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:55093b32ec36",
          "chunk_index": 34,
          "quote_summary": "考虑到主业的相似性，选取图南股份、中航高科、钢研高纳作为可比公司，均属于高端金属材料及航空发动机材料领域。"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:0ad5ad2a1297",
          "chunk_index": 53,
          "quote_summary": "钛具有密度小、比强度大、抗腐蚀性好、温度适应范围广、无磁性、高韧性、可焊接等突出特性，是被公认的替代钢、不锈钢、铜及其合金、铅、镍、锌、石墨、岩石等金属与非金属材料从而有效解决设备腐蚀问题的理想的金属结构材料，拥有“太空金属”、“海洋金属”等美誉。"
        },
        {
          "source_path": "sources/stock-research-report-2025-08-31-7a01611a2c1d.md",
          "chunk_id": "chunk:920439f66299",
          "chunk_index": 4,
          "quote_summary": "突破了航空结构件和紧固件用某高强钢各尺寸规格棒材稳定性控制技术，性能匹配良好、实现供货；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "b4572b023cd6",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "material:钴",
      "to_name": "钴",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**高温合金是指以铁、镍或钴为基体，加入多种合金元素进行强化，在 650℃以上的高温环境里能够承受极端的应力并且长期服役的一类合金，又被称为“超合金”，具有优异的高温强度、良好的抗氧化和抗热腐蚀性能、良好的疲劳性能和断裂韧性，被广泛应用于航空航天、核电、汽车工业、燃气轮机、石油化工等领域。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:a0a62eef8cae",
          "chunk_index": 63,
          "quote_summary": "**高温合金是指以铁、镍或钴为基体，加入多种合金元素进行强化，在 650℃以上的高温环境里能够承受极端的应力并且长期服役的一类合金，又被称为“超合金”，具有优异的高温强度、良好的抗氧化和抗热腐蚀性能、良好的疲劳性能和断裂韧性，被广泛应用于航空航天、核电、汽车工业、燃气轮机、石油化工等领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "material:钴",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "73a00e2d809b",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "material:铜",
      "to_name": "铜",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "青铜法 Nb3Sn 超导线材取得进展，损耗(4.2K,±3T)降低至 200mJ/cm3 以下。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-08-31-7a01611a2c1d.md",
          "chunk_id": "chunk:5d5d64962428",
          "chunk_index": 5,
          "quote_summary": "青铜法 Nb3Sn 超导线材取得进展，损耗(4.2K,±3T)降低至 200mJ/cm3 以下。"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:50a845dee2a6",
          "chunk_index": 15,
          "quote_summary": "| | Nb₃Sn 超导线材<br/>工程化生产技术 | 实现了 ITER 用青铜法 Nb₃Sn 超导线材长线连续加工<br/>各项性能指标满足核聚变和高场核磁共振谱仪技术要求，成功应用于中国首台 600MHZ NMR 制造 |"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "material:铜",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "aa2d1221b369",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 高韧性 | 在-60～20℃范围内进行冲击韧性试验，本身不存在脆性转变点，<br/>韧性强于铝合金和钢铁 |",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:0e82ecd6f152",
          "chunk_index": 54,
          "quote_summary": "| 高韧性 | 在-60～20℃范围内进行冲击韧性试验，本身不存在脆性转变点，<br/>韧性强于铝合金和钢铁 |"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "230ddb0f9dc6",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "material:镍",
      "to_name": "镍",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2024Q3公司毛利率/净利率分别为37.2%/24.7%，分别环比+2.87pcts/+4.77pcts，自2023Q4以来已实现连续三个季度回升，Q3毛利率环比提升主要系产品结构持续优化，以及海绵钛、电解镍等原料价格同比下行，净利率环比提升较多主要系Q3研发费用率环比下降3.63pcts，推测为偶发因素；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-f2ff2627d5ac.md",
          "chunk_id": "chunk:07ac93091fd5",
          "chunk_index": 4,
          "quote_summary": "2024Q3公司毛利率/净利率分别为37.2%/24.7%，分别环比+2.87pcts/+4.77pcts，自2023Q4以来已实现连续三个季度回升，Q3毛利率环比提升主要系产品结构持续优化，以及海绵钛、电解镍等原料价格同比下行，净利率环比提升较多主要系Q3研发费用率环比下降3.63pcts，推测为偶发因素；"
        },
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-2024-年年报及-2025-年一季报点评-c01c6c0269fa.md",
          "chunk_id": "chunk:f6f3b2520953",
          "chunk_index": 1,
          "quote_summary": "镍均价约 13.34 万元/吨，同比-23.34%。"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:0ad5ad2a1297",
          "chunk_index": 53,
          "quote_summary": "钛具有密度小、比强度大、抗腐蚀性好、温度适应范围广、无磁性、高韧性、可焊接等突出特性，是被公认的替代钢、不锈钢、铜及其合金、铅、镍、锌、石墨、岩石等金属与非金属材料从而有效解决设备腐蚀问题的理想的金属结构材料，拥有“太空金属”、“海洋金属”等美誉。"
        },
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md",
          "chunk_id": "chunk:5e2a82243275",
          "chunk_index": 0,
          "quote_summary": "镍均价约 12.6 万元/吨，同比-8.5%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "material:镍",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "88b19172594c",
      "from": "company:688132",
      "from_name": "邦彦技术",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "舰船通信产品的交付数量下降的风险，融合通信产品在军工用户推进不如预期的风险，型号装备产品未能列装批量销售的风险，行业及客户集中度较高的风险，子公司特立信被美国商务部列入实体清单及其他政治、社会、经济环境变化导致国外品牌原材料采购受限的风险，军品审价导致最终审定价格大幅低于暂定价格的风险，收入存在季节性波动的风险，诉讼风险，资质证书到期未能及时续办的风险等风...",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2022-年-09-月-05-日-公司研究-证券研究报告-a0d057dc4f70.md",
          "chunk_id": "chunk:5fce2fe62f89",
          "chunk_index": 26,
          "quote_summary": "舰船通信产品的交付数量下降的风险，融合通信产品在军工用户推进不如预期的风险，型号装备产品未能列装批量销售的风险，行业及客户集中度较高的风险，子公司特立信被美国商务部列入实体清单及其他政治、社会、经济环境变化导致国外品牌原材料采购受限的风险，军品审价导致最终审定价格大幅低于暂定价格的风险，收入存在季节性波动的风险，诉讼..."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md",
          "chunk_id": "chunk:3210631326b2",
          "chunk_index": 4,
          "quote_summary": "同时，公司主营业务为舰船通信产品研发和销售的子公司特立信被美国商务部列入实体清单，根据公司招股说明书，公司不存在直接采购境外原材料的情况，但存在通过部分供应商采购境外原材料的情况，近三年占原材料采购金额比例 12.78%、13.51%及 15.93%，且还需一定周期实现境外原材料国产化完全替代。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688132",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "811db0d5ab8c",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| | 金宏气体 | 主营业务特种气体、大宗气体和天然气。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-567a6aeef795.md",
          "chunk_id": "chunk:b09e2f0e358c",
          "chunk_index": 59,
          "quote_summary": "| | 金宏气体 | 主营业务特种气体、大宗气体和天然气。"
        },
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:cc734935002c",
          "chunk_index": 63,
          "quote_summary": "| | | 金宏气体 | 主营业务特种气体、大宗气体和天然气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "f35f8f81ff82",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "高纯钨粉及制品应用极其广泛，主要在电子信息领域用于芯片制造、元器件及溅射靶材等原材料；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-9058c22089bc.md",
          "chunk_id": "chunk:13eb8c6a4444",
          "chunk_index": 6,
          "quote_summary": "高纯钨粉及制品应用极其广泛，主要在电子信息领域用于芯片制造、元器件及溅射靶材等原材料；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-2b01e64ab606.md",
          "chunk_id": "chunk:ebd13313d7fd",
          "chunk_index": 4,
          "quote_summary": "** 原材料钨粉价格上涨对六氟化钨生产成本带来一定压力，公司作为全球六氟化钨主要供应商之一（产能 2000 吨/年），依托规模优势、技术壁垒和成本优势，已与客户就产品价格达成一致，并约定了定期调整机制，以有效传导成本压力。"
        },
        {
          "source_path": "sources/stock-research-report-中船特气-688146-sh-2024-年三季报点评-f11af7a42fc1.md",
          "chunk_id": "chunk:b35a4a839ecc",
          "chunk_index": 1,
          "quote_summary": "➢ **风险提示**：终端需求不及预期，产能建设不及预期，主要原材料价格波动。"
        },
        {
          "source_path": "sources/stock-research-report-买入-维持-dc3d1f3bfbf7.md",
          "chunk_id": "chunk:9aaa11519af2",
          "chunk_index": 1,
          "quote_summary": "* **风险提示：** 原材料价格变动风险，市场竞争加剧风险，产能消化风险。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "4360946b79ee",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "material:有色金属",
      "to_name": "有色金属",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "产业链下游根据用气量规模和品种大致分为大宗客户和零售客户，大宗客户用气量大，一般来自于钢铁、冶金、有色金属、石油化工、煤化工、化肥等传统行业；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:770ac9e8a830",
          "chunk_index": 32,
          "quote_summary": "产业链下游根据用气量规模和品种大致分为大宗客户和零售客户，大宗客户用气量大，一般来自于钢铁、冶金、有色金属、石油化工、煤化工、化肥等传统行业；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "material:有色金属",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "7fc91753d3e2",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "根据前瞻产业研究院数据显示，我国集成电路用电子气体的市场规模 2020 年为 76 亿元，2021 年增长至为 85 亿元，预计 2025 年规模将达到 134 亿元，2021 至 2025 年复合增长率为 **12.05%**，集成电路领域蓬勃发展，强势带动电子特气需求攀升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-567a6aeef795.md",
          "chunk_id": "chunk:1d87ca5758b0",
          "chunk_index": 29,
          "quote_summary": "根据前瞻产业研究院数据显示，我国集成电路用电子气体的市场规模 2020 年为 76 亿元，2021 年增长至为 85 亿元，预计 2025 年规模将达到 134 亿元，2021 至 2025 年复合增长率为 **12.05%**，集成电路领域蓬勃发展，强势带动电子特气需求攀升。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md",
          "chunk_id": "chunk:67b809c0b6e8",
          "chunk_index": 6,
          "quote_summary": "**作为国内电子特气产业龙头，公司研发、生产选品过程中一方面关注该产品的经济价值，另一方面注重集成电路用电子特气产业链安全自主可控。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "17b0d72d0be6",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "其三，工业气体生产过程中需要消耗大量的水电能源和燃油资源，相关成本占据气体生产公司的 1/3 左右。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:770ac9e8a830",
          "chunk_index": 32,
          "quote_summary": "其三，工业气体生产过程中需要消耗大量的水电能源和燃油资源，相关成本占据气体生产公司的 1/3 左右。"
        },
        {
          "source_path": "sources/stock-research-report-中船特气-688146-567a6aeef795.md",
          "chunk_id": "chunk:fd689f2e1d9a",
          "chunk_index": 50,
          "quote_summary": "此外，还可应用于有机硅、石油化工、橡胶、香精香料、农药等行业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "e565c647cfe5",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "material:硅材料",
      "to_name": "硅材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "同时，电子气体是集成电路制造的第二大制造材料，仅次于硅片，占晶圆制造成本的 13%。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-equity-research-company-research-semiconductor-8c90db321421.md",
          "chunk_id": "chunk:92900778aa6f",
          "chunk_index": 14,
          "quote_summary": "同时，电子气体是集成电路制造的第二大制造材料，仅次于硅片，占晶圆制造成本的 13%。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "material:硅材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "59d027981d4a",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 其他 | 六氯乙硅烷(Si2Cl6)、六氯化钨(WCl6)、四氯化钛(TiCl4)、四 氯化铪(HfCl4)、四乙氧基硅(Si(OC2H5)4)等 | |",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-equity-research-company-research-semiconductor-8c90db321421.md",
          "chunk_id": "chunk:b37739674b03",
          "chunk_index": 11,
          "quote_summary": "| 其他 | 六氯乙硅烷(Si2Cl6)、六氯化钨(WCl6)、四氯化钛(TiCl4)、四 氯化铪(HfCl4)、四乙氧基硅(Si(OC2H5)4)等 | |"
        },
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:d562023a7baa",
          "chunk_index": 34,
          "quote_summary": "| 电子特种气体 | 化学气相沉积（CVD） | 氨气、氮气、氧化亚氮、TEOS（正硅酸乙酯）、TEB（硼酸三乙酯）、TEPO（磷酸三乙酯）、磷化氢、三氟化氯、二氯硅烷、氟化氮、硅烷、六氟化钨、六氟乙烷、四氯化钛、甲烷等 |"
        },
        {
          "source_path": "sources/stock-research-report-中船特气-688146-567a6aeef795.md",
          "chunk_id": "chunk:6ec785a3c412",
          "chunk_index": 24,
          "quote_summary": "| | 其他 | 六氯乙硅烷(Si2Cl6)、六氯化钨(WCl6)、四氯化钛(TiCl4)、四氯<br/>化铪(HfCl4)、四乙氧基硅(Si(OC2H5)4)等 |"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "da4ff644a292",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "于通孔和接触孔，硅化钨则可以制作低电阻、高熔点的互连线，此外，六氟化钨可用于钢表面镀膜，改变钢表面性能。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md",
          "chunk_id": "chunk:e30cbaae98c0",
          "chunk_index": 5,
          "quote_summary": "于通孔和接触孔，硅化钨则可以制作低电阻、高熔点的互连线，此外，六氟化钨可用于钢表面镀膜，改变钢表面性能。"
        },
        {
          "source_path": "sources/stock-research-report-中船特气-688146-567a6aeef795.md",
          "chunk_id": "chunk:a871bca22f2d",
          "chunk_index": 58,
          "quote_summary": "| | 大阳日酸 | 在亚洲、欧洲、北美等地有 30 多家子公司，业务覆盖钢铁、化工、电子、汽车、建筑、造船、食品和医药等多个领域。"
        },
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:770ac9e8a830",
          "chunk_index": 32,
          "quote_summary": "气体生产设备主要有空分设备和气体提纯设备，气体储存设备主要有钢瓶和储槽，气体运输设备主要有用液化气槽车和管道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "a643ef753d6e",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| | 昭和电工 | 主营业务涉及石油、化学、无机、铝金属、电子信息等多种领域。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-567a6aeef795.md",
          "chunk_id": "chunk:a871bca22f2d",
          "chunk_index": 58,
          "quote_summary": "| | 昭和电工 | 主营业务涉及石油、化学、无机、铝金属、电子信息等多种领域。"
        },
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:4559ceb88fdb",
          "chunk_index": 62,
          "quote_summary": "| | 日本昭和电工 | 主营业务涉及石油、化学、无机、铝金属、电子信息等多种领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "7231fc828b0d",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "material:锂",
      "to_name": "锂",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "年产 3250 吨三氟化氮项目、年产 500 吨双（三氟甲磺酰）亚胺锂项目、年产 1500 吨高纯氯化氢扩建项目于 2023 年 12 月份达到预定可使用状态。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-sh-2023-年业绩快报点评-ab36aaa2b129.md",
          "chunk_id": "chunk:23c04145addb",
          "chunk_index": 1,
          "quote_summary": "年产 3250 吨三氟化氮项目、年产 500 吨双（三氟甲磺酰）亚胺锂项目、年产 1500 吨高纯氯化氢扩建项目于 2023 年 12 月份达到预定可使用状态。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md",
          "chunk_id": "chunk:089a6102bb52",
          "chunk_index": 7,
          "quote_summary": "**公司目前三氟甲磺酸年产能 660 吨，居世界前列，同时年产 500 吨双（三氟甲磺酰）亚胺锂项目于 2023 年 12 月份达到预定可使用状态。"
        },
        {
          "source_path": "sources/stock-research-report-中船特气-688146-567a6aeef795.md",
          "chunk_id": "chunk:1d25978db3c8",
          "chunk_index": 7,
          "quote_summary": "公司主要从事电子特种气体及三氟甲磺酸系列产品的研发、生产和销售，主要产品包括高纯三氟化氮、高纯六氟化钨、高纯氯化氢、高纯氟化氢、高纯四氟化硅、高纯氘气、高纯六氟丁二烯、高纯八氟环丁烷、高纯电子混合气等电子特种气体，以及三氟甲磺酸、三氟甲磺酸酐、双（三氟甲磺酰）亚胺锂等含氟新材料。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-9058c22089bc.md",
          "chunk_id": "chunk:1fdff1697244",
          "chunk_index": 5,
          "quote_summary": "**公司三氟甲磺酸系列产品包括三氟甲磺酸、三氟甲磺酸酐、三氟甲磺酸三甲基硅酯、双（三氟甲磺酰）亚胺锂、三氟甲磺酸锂等产品。"
        },
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:6510362266b5",
          "chunk_index": 1,
          "quote_summary": "在新能源领域，双（三氟甲磺酰）亚胺锂用作电解液添加剂，可以提高电解液的电化学稳定性，改善高低温和循环性能。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-2b01e64ab606.md",
          "chunk_id": "chunk:fcc6da570b1b",
          "chunk_index": 5,
          "quote_summary": "** 公司三氟甲磺酸系列产品主要包括三氟甲磺酸、三氟甲磺酸酐、硅酯及双（三氟甲磺酰）亚胺锂等。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "material:锂",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 6
    },
    {
      "edge_id": "14d7f70a0b32",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "material:镍",
      "to_name": "镍",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 化学转化法 | NF₃ 中的含有 N₂F₂ 和 N₂F₄ 等杂质，采用镍金属做催化剂进行分解提纯。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:08bd570d2ee7",
          "chunk_index": 75,
          "quote_summary": "| 化学转化法 | NF₃ 中的含有 N₂F₂ 和 N₂F₄ 等杂质，采用镍金属做催化剂进行分解提纯。"
        },
        {
          "source_path": "sources/stock-research-report-中船特气-688146-567a6aeef795.md",
          "chunk_id": "chunk:854c1ba45bbd",
          "chunk_index": 67,
          "quote_summary": "其中，年产 3250 吨三氟化氮项目拟投资 4.60 亿元，项目达产后每年将增加 3250 吨高纯三氟化氮产能，并回收副产品 50%氢氟酸 1600 吨、粗镍盐 75 吨。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "material:镍",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "f33671f5122e",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "图 19： 高温合金用于燃气发电的燃气轮机 15",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-914015653efb.md",
          "chunk_id": "chunk:a7fb99b9733c",
          "chunk_index": 10,
          "quote_summary": "图 19： 高温合金用于燃气发电的燃气轮机 15"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-3-月-21-日-a6d9d407397c.md",
          "chunk_id": "chunk:44a4238375d7",
          "chunk_index": 6,
          "quote_summary": "**公司紧抓全球先进航空发动机和燃气轮机市场持续增长、国内市场稳定增长的机遇，多点发力开拓市场，新牌号的持续导入大力提升高温合金产品的产量和销量，尤其是变形高温合金自项目投产以来三年时间取得了良好业绩。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md",
          "chunk_id": "chunk:d7d6f49af5ac",
          "chunk_index": 1,
          "quote_summary": "同时燃气轮机、汽车等下游行业的高温合金需求也有望保持稳步增长。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md",
          "chunk_id": "chunk:7809b9485efb",
          "chunk_index": 4,
          "quote_summary": "燃气轮机领域实现收入 0.75 亿元，同比减少 25%；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md",
          "chunk_id": "chunk:788646abd400",
          "chunk_index": 2,
          "quote_summary": "④燃气轮机：若干牌号的铸造高温合金已通过客户间接供应东方电气F级50MW重型燃气轮机等多个项目；"
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:8d4506b13c21",
          "chunk_index": 1,
          "quote_summary": "➢ **航空航天、燃气轮机、核电等下游需求多重共振，叠加国家战略及政策支持，高温合金发展前景广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 6
    },
    {
      "edge_id": "65e396b06e1e",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**风险提示**：原材料价格抬升风险、产品牌号验证进度不及预期、募投项目及投产进度不及预期等。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md",
          "chunk_id": "chunk:b407a5108a0e",
          "chunk_index": 5,
          "quote_summary": "**风险提示**：原材料价格抬升风险、产品牌号验证进度不及预期、募投项目及投产进度不及预期等。"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-3-月-21-日-a6d9d407397c.md",
          "chunk_id": "chunk:44a4238375d7",
          "chunk_index": 6,
          "quote_summary": "由于大宗商品价格下滑，公司计提存货跌价损失 2800 万元左右；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md",
          "chunk_id": "chunk:90eca8a9d324",
          "chunk_index": 0,
          "quote_summary": "单季度来看，Q2毛利率达到22.0%（环比+1.83pcts），主要得益于产品结构持续改善，以及原材料镍、钴、铜等大宗商品价格于二季度回落，净利率达到12.3%（环比+4.11pcts），增幅较大主要由于政府补贴使其他收益/营业外收入环比增长297%/180%；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md",
          "chunk_id": "chunk:7809b9485efb",
          "chunk_index": 4,
          "quote_summary": "受镍等金属原材料价格波动影响，公司 2022 年销售毛利率同比下滑 1.57pcts 至 18.30%。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "0022e72267e4",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "material:有色金属",
      "to_name": "有色金属",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "江苏隆达超合金股份有限公司（以下简称“隆达股份”或“公司”）专注于合金材料的研发、生产和销售，其经营范围主要包括生产有色金属复合材料、新型合金材料及其制品；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md",
          "chunk_id": "chunk:3d1c0254a0b9",
          "chunk_index": 5,
          "quote_summary": "江苏隆达超合金股份有限公司（以下简称“隆达股份”或“公司”）专注于合金材料的研发、生产和销售，其经营范围主要包括生产有色金属复合材料、新型合金材料及其制品；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md",
          "chunk_id": "chunk:d2e8301f4a22",
          "chunk_index": 0,
          "quote_summary": "证券研究报告：有色金属 | 公司点评报告"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-3-月-21-日-a6d9d407397c.md",
          "chunk_id": "chunk:9bfc5e15ef0a",
          "chunk_index": 1,
          "quote_summary": "| 日期 | 隆达股份 | 有色金属 |"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "material:有色金属",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "aee4215a7df1",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "20 世纪 90 年代，国外开发“真空感应+真空自耗+电渣重熔”的正三联变形合金冶炼工艺，美国通用电气（GE）、美国惠普、英国罗罗等外国航发制造企业已经认证，熔炼工艺是变形高温合金零部件长寿命、高可靠性的基础，三联冶炼工艺除杂效果更好，用于涡轮发动机的变形高温合金转动部件必须通过三联熔炼工艺制备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-914015653efb.md",
          "chunk_id": "chunk:452c85603b88",
          "chunk_index": 32,
          "quote_summary": "20 世纪 90 年代，国外开发“真空感应+真空自耗+电渣重熔”的正三联变形合金冶炼工艺，美国通用电气（GE）、美国惠普、英国罗罗等外国航发制造企业已经认证，熔炼工艺是变形高温合金零部件长寿命、高可靠性的基础，三联冶炼工艺除杂效果更好，用于涡轮发动机的变形高温合金转动部件必须通过三联熔炼工艺制备。"
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:66be36c633b2",
          "chunk_index": 14,
          "quote_summary": "**高温合金是应用于航空发动机和燃气轮机热端部件的关键基础材料，航空发动机和燃气轮机是我国亟需进一步提升自主创新能力的战略性高技术产业，是我国航空、能源、电力工业等产业对高性能动力装备的重要支撑。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md",
          "chunk_id": "chunk:606494deaeb2",
          "chunk_index": 7,
          "quote_summary": "公司的合金管材业务产品主要包括铜镍合金管、高铁地线合金管、高效管、黄铜管、紫铜管，下游应用领域包括船舶、石油化工、电力、轨道交通和制冷等民用领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "a8dfd245a252",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司的合金管材业务产品主要包括铜镍合金管、高铁地线合金管、高效管、黄铜管、紫铜管，下游应用领域包括船舶、石油化工、电力、轨道交通和制冷等民用领域。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md",
          "chunk_id": "chunk:606494deaeb2",
          "chunk_index": 7,
          "quote_summary": "公司的合金管材业务产品主要包括铜镍合金管、高铁地线合金管、高效管、黄铜管、紫铜管，下游应用领域包括船舶、石油化工、电力、轨道交通和制冷等民用领域。"
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-914015653efb.md",
          "chunk_id": "chunk:492e6ad88313",
          "chunk_index": 12,
          "quote_summary": "公司专注合金及高温合金的研发与生产，合金管材业务保持稳步发展，主要应用于船舶、石油化工等下游，还生产少量镍基耐蚀合金；"
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:0b7ad76f4a25",
          "chunk_index": 17,
          "quote_summary": "在高温合金焊粉、焊丝、石油钻采、高端石化装备用高温合金阀门等细分市场占有率上居国内行业领先水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "e9b27b205a27",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司技术团队由曾效力宝钢特钢、沈阳黎明等国内顶尖高温合金专家组成，实现正三联变形合金冶炼工艺贯通投产，部分单晶合金进入军机航发客户验证，突出的产品性能使得公司能够切入高毛利的军备材料市场，目前具备 26 个可供军品的牌号，订单上量后公司综合毛利将显著提升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-914015653efb.md",
          "chunk_id": "chunk:6f7445aa735d",
          "chunk_index": 4,
          "quote_summary": "公司技术团队由曾效力宝钢特钢、沈阳黎明等国内顶尖高温合金专家组成，实现正三联变形合金冶炼工艺贯通投产，部分单晶合金进入军机航发客户验证，突出的产品性能使得公司能够切入高毛利的军备材料市场，目前具备 26 个可供军品的牌号，订单上量后公司综合毛利将显著提升。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md",
          "chunk_id": "chunk:4318d804f05e",
          "chunk_index": 24,
          "quote_summary": "隆达股份作为民营企业，在2015年切入高温合金市场，相较钢研高纳、抚顺特钢等老牌企业，起步较晚。"
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:beea899ce0ad",
          "chunk_index": 16,
          "quote_summary": "一类是以抚顺特钢、宝钢特钢、长城特钢等特钢企业为主的大型钢铁厂变形高温合金生产基地；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "b48a8c5ad791",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "material:钴",
      "to_name": "钴",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "单季度来看，Q2毛利率达到22.0%（环比+1.83pcts），主要得益于产品结构持续改善，以及原材料镍、钴、铜等大宗商品价格于二季度回落，净利率达到12.3%（环比+4.11pcts），增幅较大主要由于政府补贴使其他收益/营业外收入环比增长297%/180%；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md",
          "chunk_id": "chunk:90eca8a9d324",
          "chunk_index": 0,
          "quote_summary": "单季度来看，Q2毛利率达到22.0%（环比+1.83pcts），主要得益于产品结构持续改善，以及原材料镍、钴、铜等大宗商品价格于二季度回落，净利率达到12.3%（环比+4.11pcts），增幅较大主要由于政府补贴使其他收益/营业外收入环比增长297%/180%；"
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:66be36c633b2",
          "chunk_index": 14,
          "quote_summary": "高温合金产业链包括上游原材料的采购（如镍、钴、铁等基体金属及钼、钨、铬等添加金属）、中游冶炼制成各种高温合金以及下游应用于终端消费。"
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-914015653efb.md",
          "chunk_id": "chunk:225f7d251281",
          "chunk_index": 30,
          "quote_summary": "高温合金，又称超合金，是指以铁、镍、钴为基体元素，能在 600℃以上的高温环境下抗氧化或耐腐蚀，并能在一定应力作用下长期工作的一类金属材料，具有良好的蠕变性能、疲劳性能、断裂韧性、组织稳定性、工艺性能等。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md",
          "chunk_id": "chunk:4ed45200c01c",
          "chunk_index": 23,
          "quote_summary": "高温合金一般以铁、镍、钴等为基，是能在600℃以上的高温及一定应力条件下长期工作的金属材料，具有良好的热疲劳性能、抗热腐蚀性能、较好的抗氧化性、良好的塑性和断裂韧性等综合性能。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "material:钴",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "efb37ce06d4a",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "material:铜",
      "to_name": "铜",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**高温合金业务高速成长，盈利性快速提升**：公司主营业务包括合金管材、高温合金、镍基耐蚀合金三类产品，近年来公司业务处于调整阶段，逐步由原主营业务铜基合金管材向具有更高附加值的高温合金产品转换。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md",
          "chunk_id": "chunk:90eca8a9d324",
          "chunk_index": 0,
          "quote_summary": "**高温合金业务高速成长，盈利性快速提升**：公司主营业务包括合金管材、高温合金、镍基耐蚀合金三类产品，近年来公司业务处于调整阶段，逐步由原主营业务铜基合金管材向具有更高附加值的高温合金产品转换。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md",
          "chunk_id": "chunk:606494deaeb2",
          "chunk_index": 7,
          "quote_summary": "公司自成立以来始终专注于合金材料的研发、生产和销售，公司的主营业务由合金管材（铜基合金）逐步向高温合金、镍基耐蚀合金等高端产品类别拓展。"
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:e2caf7d09b5c",
          "chunk_index": 3,
          "quote_summary": "2.2 铜管材行业：合金管材位于产业链下游，制冷、海洋领域应用前景向好 13"
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-914015653efb.md",
          "chunk_id": "chunk:6f7445aa735d",
          "chunk_index": 4,
          "quote_summary": "隆达股份从铜基合金管材起家，2015 年战略部署两机领域核心材料高温合金，先后建成铸造、变形高温合金产线，2022 年上半年形成 6000 吨产能，预计 2025 年达 8000 吨。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "material:铜",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "07ae2f1518dc",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司 GH4169 产品通过中国航发商发 CJ-1000 系列发动机盘合格认证，批量供给给航宇科技、派克新材、南山铝业等用于燃气轮机热端部件制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-914015653efb.md",
          "chunk_id": "chunk:89c1dfe9c81b",
          "chunk_index": 70,
          "quote_summary": "公司 GH4169 产品通过中国航发商发 CJ-1000 系列发动机盘合格认证，批量供给给航宇科技、派克新材、南山铝业等用于燃气轮机热端部件制造。"
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:47d106360ca2",
          "chunk_index": 46,
          "quote_summary": "| 海亮股份 | 铜管、铜棒、铜管接件、铜铝复合导体、铝型材等产品的研发、生产制造和销售 | 2021 年度海亮股份铜加工产品生产量为 931339.65 吨，销量为 913665.64 吨。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "6214b384b976",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "material:镍",
      "to_name": "镍",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "受镍等金属原材料价格波动影响，公司 2022 年销售毛利率同比下滑 1.57pcts 至 18.30%。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md",
          "chunk_id": "chunk:7809b9485efb",
          "chunk_index": 4,
          "quote_summary": "受镍等金属原材料价格波动影响，公司 2022 年销售毛利率同比下滑 1.57pcts 至 18.30%。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md",
          "chunk_id": "chunk:90eca8a9d324",
          "chunk_index": 0,
          "quote_summary": "**高温合金业务高速成长，盈利性快速提升**：公司主营业务包括合金管材、高温合金、镍基耐蚀合金三类产品，近年来公司业务处于调整阶段，逐步由原主营业务铜基合金管材向具有更高附加值的高温合金产品转换。"
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-914015653efb.md",
          "chunk_id": "chunk:492e6ad88313",
          "chunk_index": 12,
          "quote_summary": "公司从合金管材起家，2009 年起涉足镍基耐蚀合金业务，2015 年设立子公司江苏隆达超合金航材有限公司（简称：航材公司），战略重心锚定高品质航空级高温合金，业务迅速发展并取得丰硕成果，2021 年航材公司被选为我国工业强基工程之航空发动机和燃气轮机耐高温叶片“一条龙”应用计划的示范企业，获评 2021 年度江苏省专..."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md",
          "chunk_id": "chunk:284df31729b3",
          "chunk_index": 0,
          "quote_summary": "目前主营业务包括合金管材、高温合金、镍基耐蚀合金三类产品。"
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:f4b7a99c3ca2",
          "chunk_index": 0,
          "quote_summary": "➢ **隆达股份专注于合金材料的研发、生产和销售，业务逐步由合金管材向镍基耐蚀合金、高温合金战略转型。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md",
          "chunk_id": "chunk:5286ff1eb412",
          "chunk_index": 4,
          "quote_summary": "单季度来看，2023Q2销售毛利率为16.0%（环比+0.98pcts），主要得益于二季度电解镍原料均价环比下行，净利率为9.10%（环比-1.54pcts），与毛利率"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "material:镍",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 6
    },
    {
      "edge_id": "264e5350841b",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "在高温工作条件下具有较高的强度和良好的抗氧化、抗燃气腐蚀能力，因此 Inconel718 被广泛地用于航空航天中工作温度较高的零部件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:f241fe90044b",
          "chunk_index": 32,
          "quote_summary": "在高温工作条件下具有较高的强度和良好的抗氧化、抗燃气腐蚀能力，因此 Inconel718 被广泛地用于航空航天中工作温度较高的零部件。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "1418e44ed98f",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2023H1，公司定制化增材制造业务需求旺盛，实现营业收入 1.15 亿元，同比增长 56%，实现归母净利润 2748.15 万元，同比下降 24%，主要是由于公司持续加大研发及市场等投入，同时受股权激励费用计提、政府补助同比减少及主要原材料价格波动等因素影响。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-024354ecb643.md",
          "chunk_id": "chunk:d207fa090d7f",
          "chunk_index": 4,
          "quote_summary": "2023H1，公司定制化增材制造业务需求旺盛，实现营业收入 1.15 亿元，同比增长 56%，实现归母净利润 2748.15 万元，同比下降 24%，主要是由于公司持续加大研发及市场等投入，同时受股权激励费用计提、政府补助同比减少及主要原材料价格波动等因素影响。"
        },
        {
          "source_path": "sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md",
          "chunk_id": "chunk:e89f65675b53",
          "chunk_index": 4,
          "quote_summary": "2023Q1-Q3，公司实现整体毛利率 37.28%，同比下降 17.52pcts，主要系产品结构变化以及主要原材料价格波动所致。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "3a1a33cc6950",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "图表 18：多晶硅还原炉用电极冷喷涂银涂层 ...............................................",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:8a97b5d89c03",
          "chunk_index": 9,
          "quote_summary": "图表 18：多晶硅还原炉用电极冷喷涂银涂层 ..............................................."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "262536b433d2",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司设立初期专注于航空机载设备维修，主要从事军用及民用航空器气动附件、液压附件、燃油附件和电气附件的维修业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:f0f742d6a6f1",
          "chunk_index": 10,
          "quote_summary": "公司设立初期专注于航空机载设备维修，主要从事军用及民用航空器气动附件、液压附件、燃油附件和电气附件的维修业务。"
        },
        {
          "source_path": "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md",
          "chunk_id": "chunk:088e3d4e85c7",
          "chunk_index": 0,
          "quote_summary": "* **超卓航科（688237）**：公司主要从事军用及民用航空器气动附件、液压附件、燃油附件和电气附件的维修业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "123621dad156",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "首先，作为一种低温材料加工技术，冷喷涂过程中对材料的热影响小，喷涂粒子基本没有氧化、相变或晶粒长大的风险，适用于温度敏感材料、氧化敏感材料和相变敏感材料，例如铝、铜、钛以及它们的合金等；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:f4332f60a114",
          "chunk_index": 29,
          "quote_summary": "首先，作为一种低温材料加工技术，冷喷涂过程中对材料的热影响小，喷涂粒子基本没有氧化、相变或晶粒长大的风险，适用于温度敏感材料、氧化敏感材料和相变敏感材料，例如铝、铜、钛以及它们的合金等；"
        },
        {
          "source_path": "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md",
          "chunk_id": "chunk:c38ecf586edd",
          "chunk_index": 16,
          "quote_summary": "2、钛合金粉末的冷喷涂工艺开发项目：拟通过钛合金粉末的冷喷涂工艺开发项目，系统地研究冷喷涂钛基材料的沉积特性及其工艺影响因素。"
        },
        {
          "source_path": "sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md",
          "chunk_id": "chunk:e89f65675b53",
          "chunk_index": 4,
          "quote_summary": "“钛合金粉末的冷喷涂工艺开发项目”投资进度 37.23%；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "ad65d3e2a289",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "同时，ARL 将冷喷涂技术引入维修史崔克装甲车被腐蚀的装甲钢部件，并对修复后的部件",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:bd08c963a580",
          "chunk_index": 36,
          "quote_summary": "同时，ARL 将冷喷涂技术引入维修史崔克装甲车被腐蚀的装甲钢部件，并对修复后的部件"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "489c38850835",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "material:铜",
      "to_name": "铜",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "首先，作为一种低温材料加工技术，冷喷涂过程中对材料的热影响小，喷涂粒子基本没有氧化、相变或晶粒长大的风险，适用于温度敏感材料、氧化敏感材料和相变敏感材料，例如铝、铜、钛以及它们的合金等；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:f4332f60a114",
          "chunk_index": 29,
          "quote_summary": "首先，作为一种低温材料加工技术，冷喷涂过程中对材料的热影响小，喷涂粒子基本没有氧化、相变或晶粒长大的风险，适用于温度敏感材料、氧化敏感材料和相变敏感材料，例如铝、铜、钛以及它们的合金等；"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "material:铜",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "4b98306b948d",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2023H1，公司向中国民用航空中南地区管理局适航审定处提交的《铝合金、镁合金材质零部件的冷喷涂修复工艺规程》正式获得批准，标志着冷喷涂固态增材制造技术进军国内民航维修的道路正式打开。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-024354ecb643.md",
          "chunk_id": "chunk:d207fa090d7f",
          "chunk_index": 4,
          "quote_summary": "2023H1，公司向中国民用航空中南地区管理局适航审定处提交的《铝合金、镁合金材质零部件的冷喷涂修复工艺规程》正式获得批准，标志着冷喷涂固态增材制造技术进军国内民航维修的道路正式打开。"
        },
        {
          "source_path": "sources/stock-research-report-2023-08-16-657cc90d2ffe.md",
          "chunk_id": "chunk:8613f67d92c6",
          "chunk_index": 2,
          "quote_summary": "此外，公司向中国民用航空中南地区管理局适航审定处提交的《铝合金、镁合金材质零部件的冷喷涂修复工艺规程》正式获得批准，这标志着冷喷涂固态增材制造技术进军国内民航维修的道路正式打开。"
        },
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:8a97b5d89c03",
          "chunk_index": 9,
          "quote_summary": "图表 15：F/A-18E/F 战斗机 A357 铸铝工件表面的微动损伤冷喷涂技术修复前（左）后（右）......"
        },
        {
          "source_path": "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md",
          "chunk_id": "chunk:c38ecf586edd",
          "chunk_index": 16,
          "quote_summary": "具体的研究项目将包括“钛粉冷喷涂成形工艺研究”、“多相混合粉冷喷涂成形工艺研究”、“基于冷喷涂的钛铝基材料制备及性能研究”、“双相钛合金冷喷涂增材体强韧化处理工艺研究”等。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "0990f95d042e",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "material:镍",
      "to_name": "镍",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**冷喷涂镍基高温合金 Inconel718 涂层**：Inconel718 是一种含有 Ni、Cr、Mo、Nb、Ti、Al 等合金元素的镍基超级合金，通过形成 γ' 和 γ'' 强化相以及细小而稳定的碳化物，从而使得其",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:f241fe90044b",
          "chunk_index": 32,
          "quote_summary": "**冷喷涂镍基高温合金 Inconel718 涂层**：Inconel718 是一种含有 Ni、Cr、Mo、Nb、Ti、Al 等合金元素的镍基超级合金，通过形成 γ' 和 γ'' 强化相以及细小而稳定的碳化物，从而使得其"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "material:镍",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "70f79da4f6a7",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "其他财务数据方面，2023H1 末，公司存货（0.99 亿元，+98.36%）接近翻倍，其中原材料产品（3129.95 万元，+60.31%）、委托加工物资（1624.58 万元，+238.00%）以及库存商品（3752.71 万元，+111.74%）均出现显著增长，结合公司下游客户主要为特种行业领域装备制造商，且合同负债（2155.47 万元，+49.4...",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md",
          "chunk_id": "chunk:211042a57f03",
          "chunk_index": 19,
          "quote_summary": "其他财务数据方面，2023H1 末，公司存货（0.99 亿元，+98.36%）接近翻倍，其中原材料产品（3129.95 万元，+60.31%）、委托加工物资（1624.58 万元，+238.00%）以及库存商品（3752.71 万元，+111.74%）均出现显著增长，结合公司下游客户主要为特种行业领域装备制造商，且合..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "09d58d5801b0",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "在宇航领域，公司具备完善的型谱化星用抗辐照电源芯片、电源套片及模块产品，开发的多款宇航用电源芯片已为国内多个重大星载项目、航天器批量供货。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-6a05130610bb.md",
          "chunk_id": "chunk:c564605017ce",
          "chunk_index": 5,
          "quote_summary": "在宇航领域，公司具备完善的型谱化星用抗辐照电源芯片、电源套片及模块产品，开发的多款宇航用电源芯片已为国内多个重大星载项目、航天器批量供货。"
        },
        {
          "source_path": "sources/stock-research-report-2023-年-8-月-22-日-11676cd4aee3.md",
          "chunk_id": "chunk:ce2b2c5ea1f5",
          "chunk_index": 4,
          "quote_summary": "3、公司产品符合军用电子行业发展大趋势，多款产品获得实质性应用，未来业绩有望保持较快增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "07086c748925",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "工业级无人机主要应用领域包括禁毒侦查、反恐巡逻、环境监测、航空测绘、电力巡检和农林信息化等。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩稳健增长-看好智能防务装备成长性-25e26c0bdd9b.md",
          "chunk_id": "chunk:b995878815c7",
          "chunk_index": 5,
          "quote_summary": "工业级无人机主要应用领域包括禁毒侦查、反恐巡逻、环境监测、航空测绘、电力巡检和农林信息化等。"
        },
        {
          "source_path": "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md",
          "chunk_id": "chunk:26540c943547",
          "chunk_index": 4,
          "quote_summary": "民用领域，无人机在警用侦察、地理测绘、应急管理、环境保护、森林防火、资源普查、电力巡检等领域的需求体系已较为成熟，未来民用无人机市场规模将会进一步扩大，工业级无人机市场空间广阔，已超过消费级市场。"
        },
        {
          "source_path": "sources/stock-research-report-观典防务-688287-346c2ea92e32.md",
          "chunk_id": "chunk:55cd77646eb6",
          "chunk_index": 6,
          "quote_summary": "2022 年 6 月 9 日，公司发布“关于自愿披露公司非致命性防务装备产品通过权威机构检测的公告”，披露中国兵器装备集团兵器装备研究所测试试验中心、中国兵器装备特种产品质量监督检测中心、中国人民解放军新武器生物效应和军事病理学重点实验室、公安部警用装备技术重点实验室、公安部安全与警用电子产品质量检测中心、国家安全防..."
        },
        {
          "source_path": "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md",
          "chunk_id": "chunk:eb65e1155773",
          "chunk_index": 51,
          "quote_summary": "**据中电联发布的《中国电力行业年度发展报告 2021》，我国 110 千伏及以上的输电线路目前已接近 130 万千米，且每年以将近 10%的速度增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 4
    },
    {
      "edge_id": "580f1a31280d",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**成本构成方面，**公司无人机系统总装所需的各类原材料采取外购方式，因此无人机系统及相关产品成本构成以直接材料成本为主。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2023-年年报点评-5959f336af86.md",
          "chunk_id": "chunk:a31a2d8298e0",
          "chunk_index": 1,
          "quote_summary": "**成本构成方面，**公司无人机系统总装所需的各类原材料采取外购方式，因此无人机系统及相关产品成本构成以直接材料成本为主。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "1c2be6a0ffc3",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**风险提示：** 募投项目建设不及预期、产品研发不及预期、原材料价格波动、市场需求变化导致订单低于预期等。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:b8c3e7d2d3a9",
          "chunk_index": 1,
          "quote_summary": "**风险提示：** 募投项目建设不及预期、产品研发不及预期、原材料价格波动、市场需求变化导致订单低于预期等。"
        },
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-2022-年年报及-2023-年一季报点评-11ed1c66e60b.md",
          "chunk_id": "chunk:9e10bf25a6ac",
          "chunk_index": 0,
          "quote_summary": "2022 年，分产品：1）卫星导航：营收 3.7 亿元，YoY+0.8%，占总营收 78%，毛利率同比下滑 12.88ppt 至 54.0%，产品结构变化、国产替代致原材料涨价系下滑主因；"
        },
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-2023-年中报点评-dbb7ea8b28fe.md",
          "chunk_id": "chunk:fcca6587e927",
          "chunk_index": 1,
          "quote_summary": "➢ **风险提示**：募投项目建设不及预期、原材料价格波动、订单低于预期等。"
        },
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-2023-年三季报点评-2ac89b0082b3.md",
          "chunk_id": "chunk:d7a5a2c92651",
          "chunk_index": 2,
          "quote_summary": "* **风险提示：** 募投项目建设不及预期、原材料价格波动、订单低于预期等。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-dae40cb03e89.md",
          "chunk_id": "chunk:a0f02d3f72e0",
          "chunk_index": 17,
          "quote_summary": "其他财务数据方面，2023年上半年，公司应收账款（6.82亿元，+14.72%）稳定增长，存货（2.41亿元，+3.94%）有所增长，其中，发出商品达0.33亿元（-2.37%），2023下半年有望较快兑现至利润表，同时，存货中的原材料（1.25亿元，+8.42%），库存商品（0.32亿元，+7.88%）稳定增长，结..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 5
    },
    {
      "edge_id": "b01aafcb6973",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司电子对抗产品主要包括末端防御类产品、电子进攻类产品、训练及试验类产品，均属于军用电子对抗行业，主要运用于各个领域及平台的末端防御、欺骗干扰和模拟训练需求。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-dae40cb03e89.md",
          "chunk_id": "chunk:9469cd7e2815",
          "chunk_index": 21,
          "quote_summary": "公司电子对抗产品主要包括末端防御类产品、电子进攻类产品、训练及试验类产品，均属于军用电子对抗行业，主要运用于各个领域及平台的末端防御、欺骗干扰和模拟训练需求。"
        },
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:b0601c3602a3",
          "chunk_index": 69,
          "quote_summary": "电子对抗（也称电子战）是利用电磁能和定向能以控制电磁频谱，削弱和破坏敌方电子设备的使用效能，同时保护己方电子设备正常发挥效能而采取的措施和行动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "1034c0aec91c",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "3D 打印原材料实现营收 0.47 亿元，同比增长 72.57%。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上半年业绩高增-研发保持高强度投入-c075b1085579.md",
          "chunk_id": "chunk:4212eec54bf4",
          "chunk_index": 0,
          "quote_summary": "3D 打印原材料实现营收 0.47 亿元，同比增长 72.57%。"
        },
        {
          "source_path": "sources/stock-research-report-铂力特-688333-sh-2024-年三季报点评-e22e29fbc3b3.md",
          "chunk_id": "chunk:3e9e71378b6f",
          "chunk_index": 1,
          "quote_summary": "➢ **拟建设粉末原材料产业化基地；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md",
          "chunk_id": "chunk:663db3758dc7",
          "chunk_index": 2,
          "quote_summary": "**公司业绩保持高增**：在需求阶段性下降，竞争加剧的背景下，公司上半年业绩保持稳健增长，分产品来看，公司打印服务业务/打印设备/打印原材料业务分别实现收入3.2/2.3/0.5亿元（+37.0%/+33.8%/+72.5%），我们推测主要系公司通过多元化经营，实现了设备及服务收入的高增。"
        },
        {
          "source_path": "sources/stock-research-report-铂力特-688333-3faafb4d2902.md",
          "chunk_id": "chunk:2186de5b5404",
          "chunk_index": 4,
          "quote_summary": "* **3D 打印定制化产品和 3D 打印原材料的营业收入均实现增长，成为推动公司业绩提升的主要动力：**公司 2025 年上半年实现营业收入 6.67 亿元，同比增长 17.22%；"
        },
        {
          "source_path": "sources/stock-research-report-铂力特-688333-bc05dc995b54.md",
          "chunk_id": "chunk:d5ebf56d81b6",
          "chunk_index": 5,
          "quote_summary": "《铂力特(688333)：2024 年三季报点评：拟投资 10 亿元建设原材料产线，产能有望翻约 4 倍》 2024-10-30"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-72292db9bba8.md",
          "chunk_id": "chunk:56402d14bea3",
          "chunk_index": 2,
          "quote_summary": "**公司主业逐步恢复，盈利能力保持良好**：上半年公司营收分产品结构来看，3D打印服务、3D打印设备及3D打印原材料分别为4.22亿元（+30.52%）、1.86亿元（-6.34%）及0.59亿元（+25.3%)，服务需求仍然保持了较快的增长，我们分析认为主要系3C领域需求增加较多，同时带动了原材料的销售，而打印设备..."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-通用设备-76b7663b712d.md",
          "chunk_id": "chunk:af13d4e43739",
          "chunk_index": 8,
          "quote_summary": "* **拟投资 10 亿元建设金属增材制造专用粉末材料产线建设项目，产能有望增加约 4 倍至 3000 吨/年：**公司 9 月 23 日公告，拟设立全资子公司，预计在陕西省西咸新区沣西新城装备制造产业园，投资 10 亿元建设增材制造专用粉末材料产线建设项目，在金属增材制造大规模智能生产基地项目建设的基础上，进一步扩..."
        },
        {
          "source_path": "sources/stock-research-report-铂力特-688333-sh-2025-年半年报点评-bd9d3c92277a.md",
          "chunk_id": "chunk:e232d98b5daa",
          "chunk_index": 0,
          "quote_summary": "公司生产经营规模扩大，持续开拓新市场和应用领域，3D 打印定制化产品和原材料营收均实现增长。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 8
    },
    {
      "edge_id": "cd2c3f6f8513",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "1）**投资目的**：项目旨在针对公司金属增材制造全产业链发展和规划需求，计划建设高品质增材制造原材料钛合金、高温合金粉末生产线等。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-铂力特-688333-sh-2024-年三季报点评-e22e29fbc3b3.md",
          "chunk_id": "chunk:3e9e71378b6f",
          "chunk_index": 1,
          "quote_summary": "1）**投资目的**：项目旨在针对公司金属增材制造全产业链发展和规划需求，计划建设高品质增材制造原材料钛合金、高温合金粉末生产线等。"
        },
        {
          "source_path": "sources/stock-research-report-铂力特-688333-3faafb4d2902.md",
          "chunk_id": "chunk:2186de5b5404",
          "chunk_index": 4,
          "quote_summary": "三是 3D 打印原材料收入 0.59 亿元，占比 8.78%，因钛合金粉末产能提升及新客户导入。"
        },
        {
          "source_path": "sources/stock-research-report-铂力特-688333-sh-2025-年半年报点评-bd9d3c92277a.md",
          "chunk_id": "chunk:e232d98b5daa",
          "chunk_index": 0,
          "quote_summary": "产能方面，公司投资的增材制造专用粉末材料产线建设项目拟建设高品质增材制造原材料钛合金、高温合金粉末产线，预计本次投资后产能增至 3000 吨/年，以满足增材制造产业快速增长的市场需求，建成铂力特金属增材制造粉末原材料产业化基地。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "8f5433be41a6",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "研发投入 1.25 亿元，占营收 18.79%，重点布局耐高温钛合金、高强铝合金等新材料的工艺开发，投资建设了新的金属增材制造原材料产线，提升了原材料的自给能力和市场竞争力。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-铂力特-688333-3faafb4d2902.md",
          "chunk_id": "chunk:067ee4867b1b",
          "chunk_index": 5,
          "quote_summary": "研发投入 1.25 亿元，占营收 18.79%，重点布局耐高温钛合金、高强铝合金等新材料的工艺开发，投资建设了新的金属增材制造原材料产线，提升了原材料的自给能力和市场竞争力。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "67fa448e469e",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "利润表端，2025 年上半年综合毛利率 39.05%，同比提升 3.80 个百分点，得益于高毛利军品占比提升及原材料价格回落；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-f67130a46df0.md",
          "chunk_id": "chunk:545ca2dbb5f8",
          "chunk_index": 4,
          "quote_summary": "利润表端，2025 年上半年综合毛利率 39.05%，同比提升 3.80 个百分点，得益于高毛利军品占比提升及原材料价格回落；"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "f6211e23c100",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司销售毛利率为 70.06%，虽较去年同期 76.08%略有回落，但仍维持在较高水平，主要受原材料成本阶段性上行影响；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-纳睿雷达-688522-ec974ed1feb5.md",
          "chunk_id": "chunk:7d14dd4f7d41",
          "chunk_index": 4,
          "quote_summary": "公司销售毛利率为 70.06%，虽较去年同期 76.08%略有回落，但仍维持在较高水平，主要受原材料成本阶段性上行影响；"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "08bed03906ba",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2）存货 1.7 亿元，较年初增长 32.2%，主要是原材料及在产品增加导致；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天环宇-688523-sh-2024-年中报点评-af166b12db95.md",
          "chunk_id": "chunk:b9b9aa851e33",
          "chunk_index": 1,
          "quote_summary": "2）存货 1.7 亿元，较年初增长 32.2%，主要是原材料及在产品增加导致；"
        },
        {
          "source_path": "sources/stock-research-report-航天环宇-688523-sh-2023-年年报及-2024-年一季报点评-58a5827e5125.md",
          "chunk_id": "chunk:37bd90eb457d",
          "chunk_index": 1,
          "quote_summary": "2）存货 1.3 亿元，较年初增长 48.4%，主要是原材料及在产品增加；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md",
          "chunk_id": "chunk:fe667ae3a429",
          "chunk_index": 7,
          "quote_summary": "现金流方面，2023 年，公司经营活动现金流净额 (0.39 亿元，-62.97%) 明显减少，主要系购买商品、接受劳务支付的现金较上年同期增加 83.77%，由于材料成本较高的通信产品及航空航天工艺装备任务增长，预付材料款及存货增加，采购端资金占用增加等原因所致；"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 3
    },
    {
      "edge_id": "66e2da90b63e",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "商业低轨卫星方面，公司成功完成超宽带车载侦收天线、集装箱测控数传天线、商业低轨卫星互联网测控与馈电天线、大型紧缩场反射面等项目的研制与交付，依托上市募集资金加快卫星通信、测控与测试装备产业化项目建设进度，环宇航空产业园在卫星通信及测控测试装备板块、复合材料产品板块的产业化能力提升已初见成效。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-05-月-07-日-公司研究-证券研究报告-0fd0e01b774d.md",
          "chunk_id": "chunk:525a9a46fb33",
          "chunk_index": 4,
          "quote_summary": "商业低轨卫星方面，公司成功完成超宽带车载侦收天线、集装箱测控数传天线、商业低轨卫星互联网测控与馈电天线、大型紧缩场反射面等项目的研制与交付，依托上市募集资金加快卫星通信、测控与测试装备产业化项目建设进度，环宇航空产业园在卫星通信及测控测试装备板块、复合材料产品板块的产业化能力提升已初见成效。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md",
          "chunk_id": "chunk:942c666baf6b",
          "chunk_index": 5,
          "quote_summary": "产品主要包括金属及复合材料零部件成型工艺装备、装配型架、复合材料零件自动化生产线、部段和整机装配生产线、非标装备等产品的研制、维修及服务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "4e18e59042f0",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "* **上游专用原材料供给有所好转，全资子公司销售端有所落地**",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国科军工-688543-b2073a9531bb.md",
          "chunk_id": "chunk:4b7649ce4274",
          "chunk_index": 4,
          "quote_summary": "* **上游专用原材料供给有所好转，全资子公司销售端有所落地**"
        },
        {
          "source_path": "sources/stock-research-report-国科军工-688543-4bb3af6c55a8.md",
          "chunk_id": "chunk:2cfa967ec44f",
          "chunk_index": 4,
          "quote_summary": "受上游专用原材料供给不及预期影响下，公司营业收入出现下滑，此外，2025 年上半年增加股份支付费用 1,852.26 万元，剔除该因素影响，实现归属于上市公司股东的净利润 9,528.30 万元，较上年同期增加 19.64%。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "ac742eb20f94",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "信息化弹药本身技术含量较高，结构复杂，而且大量采用电子元器件、光学器件等，与传统弹药相比，其储存寿命会有所下降，更新采购的比例较高。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-12-27-957b96d5b5fc.md",
          "chunk_id": "chunk:16c0493a764a",
          "chunk_index": 41,
          "quote_summary": "信息化弹药本身技术含量较高，结构复杂，而且大量采用电子元器件、光学器件等，与传统弹药相比，其储存寿命会有所下降，更新采购的比例较高。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "3c0c9937ac95",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "在新型隔热材料技术方面，公司首创的新型隔热复合材料技术，可实现对固体发动机的能量进行有效管理和利用，解决了行业难题；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-12-27-957b96d5b5fc.md",
          "chunk_id": "chunk:c801e5209107",
          "chunk_index": 24,
          "quote_summary": "在新型隔热材料技术方面，公司首创的新型隔热复合材料技术，可实现对固体发动机的能量进行有效管理和利用，解决了行业难题；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "3ea1017714ec",
      "from": "company:688562",
      "from_name": "航天软件",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "宏观政策变化、海外市场疲软、技术研发不及预期、原材料价格波动风险、汇率波动风险。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md",
          "chunk_id": "chunk:7bd585d95ed1",
          "chunk_index": 7,
          "quote_summary": "宏观政策变化、海外市场疲软、技术研发不及预期、原材料价格波动风险、汇率波动风险。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688562",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "be92fac60992",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "国家“两机专项”将航空发动机和燃气轮机列为战略新兴产业重点发展方向之一，航空发动机相关产业进入快速发展期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:cf33b97c8017",
          "chunk_index": 2,
          "quote_summary": "国家“两机专项”将航空发动机和燃气轮机列为战略新兴产业重点发展方向之一，航空发动机相关产业进入快速发展期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "c023c0a9ffa2",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "成本方面，公司直接材料成本占比同比下降 4.9ppt 至 56.8%；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-sh-2024-年年报点评-79bec9ee3af6.md",
          "chunk_id": "chunk:c8e1f4dfe000",
          "chunk_index": 1,
          "quote_summary": "成本方面，公司直接材料成本占比同比下降 4.9ppt 至 56.8%；"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md",
          "chunk_id": "chunk:c2169c4db985",
          "chunk_index": 5,
          "quote_summary": "另外，公司2024年上半年存货（12.21亿元，较上年末期-1.87%）虽有所下降，但原材料（2.55亿元，较上年末期+34.22%）大幅增加，公司对原材料所进行的战略储备，也进一步证明下游需求的较高确定性。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "0ebf39050b4f",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "material:煤炭",
      "to_name": "煤炭",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "西北橡胶研究院主要从事橡胶材料配合及应用技术研究，配套领域涉及隧道工程、煤炭、油田、化纤、电力、建筑、交通运输等众多领域。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:5feeb23857bf",
          "chunk_index": 94,
          "quote_summary": "西北橡胶研究院主要从事橡胶材料配合及应用技术研究，配套领域涉及隧道工程、煤炭、油田、化纤、电力、建筑、交通运输等众多领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "material:煤炭",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "31d5f1cbc6c7",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "美国通用电气（GE）、普拉特·惠特尼（普惠）、英国罗尔斯·罗伊斯（罗罗）、由 GE 和法国赛峰集团合资的 CFM 国际公司以及由普惠、MTU 航空发动机和日本航空发动机协会合资的国际航空发动机公司（IAE），占据着全球商用航空发动机约 97%的市场，控制着商用飞机发动机的核心技术。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:8d32a0ce39ec",
          "chunk_index": 53,
          "quote_summary": "美国通用电气（GE）、普拉特·惠特尼（普惠）、英国罗尔斯·罗伊斯（罗罗）、由 GE 和法国赛峰集团合资的 CFM 国际公司以及由普惠、MTU 航空发动机和日本航空发动机协会合资的国际航空发动机公司（IAE），占据着全球商用航空发动机约 97%的市场，控制着商用飞机发动机的核心技术。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "97dcdf1dad47",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "| 钛合金精密铸造事业部 | 航空发动机中介机匣、压气机机匣、风扇机匣、防火墙，飞机机翼连接件、垂尾助力支架，航天发动机机进气道、油箱结构件、尾喷零件，以及民用石油化工泵阀体等 | 航空发动机、飞机、直升机、航天产品等 |",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md",
          "chunk_id": "chunk:c69378f80d5d",
          "chunk_index": 6,
          "quote_summary": "| 钛合金精密铸造事业部 | 航空发动机中介机匣、压气机机匣、风扇机匣、防火墙，飞机机翼连接件、垂尾助力支架，航天发动机机进气道、油箱结构件、尾喷零件，以及民用石油化工泵阀体等 | 航空发动机、飞机、直升机、航天产品等 |"
        },
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:f4203d216eaa",
          "chunk_index": 66,
          "quote_summary": "| 化学工业 | 氯碱、纯碱、塑料、冶金、石油化工、制盐等工业的电解槽、反应器、蒸馏塔、浓缩器、分离器、热交换电极等。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "68d7869a4e93",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "钛合金材料方面，第二届董事会第五次会议（定期会议）于 8 月 27 日审议通过了《关于使用超募资金收购股权暨关联交易的议案》，待注入后，镇江钛合金公司将成为公司的全资子公司，其产生的利润可合并至公司，并将进一步提升公司铸造钛合金，特别是国际宇航方面的生产能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6ef7a7c43abf.md",
          "chunk_id": "chunk:78424781259e",
          "chunk_index": 4,
          "quote_summary": "钛合金材料方面，第二届董事会第五次会议（定期会议）于 8 月 27 日审议通过了《关于使用超募资金收购股权暨关联交易的议案》，待注入后，镇江钛合金公司将成为公司的全资子公司，其产生的利润可合并至公司，并将进一步提升公司铸造钛合金，特别是国际宇航方面的生产能力。"
        },
        {
          "source_path": "sources/stock-research-report-航材股份-688563-sh-2024-年年报点评-79bec9ee3af6.md",
          "chunk_id": "chunk:c8e1f4dfe000",
          "chunk_index": 1,
          "quote_summary": "➢ **投资建议：** 公司是我国航空特材龙头企业，依托北京航材院打造航空特材“航母”平台，钛合金精密铸造、高温合金熔铸、橡胶与密封材料、飞机座舱透明件四大主业壁垒较高，赋予公司高稀缺性，未来发展潜力较大。"
        },
        {
          "source_path": "sources/stock-research-report-航材股份-688563-sh-2024-年三季报点评-581e37beb658.md",
          "chunk_id": "chunk:089ce8029acb",
          "chunk_index": 1,
          "quote_summary": "** 1）公司主营航空、航天用部件及材料，下设钛合金精密铸造、橡胶与密封材料、飞机座舱透明件、高温合金熔铸四大事业部。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md",
          "chunk_id": "chunk:415b4c23cd9e",
          "chunk_index": 5,
          "quote_summary": "公司是中国航发集团下属航空材料的龙头上市公司，主要从事航空航天用部件及材料研发、生产和销售，下设钛合金精密铸造事业部、橡胶与密封材料事业部、飞机座舱透明件事业部、高温合金熔铸事业部，主要应用于航空航天领域，同时广泛应用于船舶、兵器、电子、核工业、铁路、桥梁、化工、汽车、生物工程等领域。"
        },
        {
          "source_path": "sources/stock-research-report-推荐-维持评级-ae6a0a06cf9a.md",
          "chunk_id": "chunk:2729a176b611",
          "chunk_index": 1,
          "quote_summary": "**2023 年**：**1）钛合金精密铸造事业部**新产品开拓全面开花，公司是国内唯一能够承制新一代 LEAP 发动机中介机匣的单位，还承担了国内外各类发动机 20 余种机匣和千余种飞机、发动机各类中小结构件技术攻关和产品研发任务。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md",
          "chunk_id": "chunk:2ea47d3a2bfb",
          "chunk_index": 2,
          "quote_summary": "公司是中国航发目前唯一的航空新材料综合性上市公司，下设钛合金精密铸造事业部、橡胶与密封材料事业部、飞机座舱透明件事业部、高温合金熔铸事业部，主要产品主要应用于航空、航天领域，同时广泛应用于船舶、兵器、电子、核工业、铁路、桥梁、化工、生物工程等领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 6
    },
    {
      "edge_id": "a367dee26959",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "其中，航空发动机原材料成本占比 40%-60%，主要有钛合金、高温合金、铝合金、钢等。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:8d32a0ce39ec",
          "chunk_index": 53,
          "quote_summary": "其中，航空发动机原材料成本占比 40%-60%，主要有钛合金、高温合金、铝合金、钢等。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "acd1f7cdd156",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "material:钴",
      "to_name": "钴",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "根据主要元素来划分，有铁基、镍基、铁镍基和钴基高温合金，其中镍基高温合金在当今生产中所占的比例已经高达 80%。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:541ba77bc94b",
          "chunk_index": 118,
          "quote_summary": "根据主要元素来划分，有铁基、镍基、铁镍基和钴基高温合金，其中镍基高温合金在当今生产中所占的比例已经高达 80%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "material:钴",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "aa5870c2de91",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "material:铝",
      "to_name": "铝",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "其中，航空发动机原材料成本占比 40%-60%，主要有钛合金、高温合金、铝合金、钢等。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:8d32a0ce39ec",
          "chunk_index": 53,
          "quote_summary": "其中，航空发动机原材料成本占比 40%-60%，主要有钛合金、高温合金、铝合金、钢等。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md",
          "chunk_id": "chunk:cf7bb484f04b",
          "chunk_index": 7,
          "quote_summary": "公司当前产品主要包括钛合金精密铸造、橡胶与密封材料、飞机座舱透明件、高温合金等，为打造航空新材料综合性布局，公司推进先进铝合金制品多元布局，利用自有资金 6000 万元对核兴航材进行增资，成为其第二大股东。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "material:铝",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "62357e028785",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "material:镍",
      "to_name": "镍",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "从原材料来看，公司采购的原材料包括金属原材料（海绵钛、钛锭、电解镍、高温合金返回料等），橡胶与密封原材料，涤纶增强丙烯酸酯板材和航空有机玻璃。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md",
          "chunk_id": "chunk:22882ff57852",
          "chunk_index": 6,
          "quote_summary": "从原材料来看，公司采购的原材料包括金属原材料（海绵钛、钛锭、电解镍、高温合金返回料等），橡胶与密封原材料，涤纶增强丙烯酸酯板材和航空有机玻璃。"
        },
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:541ba77bc94b",
          "chunk_index": 118,
          "quote_summary": "根据主要元素来划分，有铁基、镍基、铁镍基和钴基高温合金，其中镍基高温合金在当今生产中所占的比例已经高达 80%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "material:镍",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "74acff8764e7",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "图表 9： 2022 年以来，受税收政策变化、原材料价格上涨、部分军品订单延期等影响，公司毛利率下降 7",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md",
          "chunk_id": "chunk:2f822140e379",
          "chunk_index": 6,
          "quote_summary": "图表 9： 2022 年以来，受税收政策变化、原材料价格上涨、部分军品订单延期等影响，公司毛利率下降 7"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "0132685997f9",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2）机载油箱惰性化防护系统可以提高飞机运行的安全性：通过从发动机引入空气，利用中空纤维膜对空气中氮气和氧气的选择透过性，在压差作用下实现氧氮分离以制出富氮气体，并用之替代燃油箱上部空间的可燃油气混合物，为飞机燃油箱在起飞、爬升、巡航和降落阶段提供富氮气体，降低燃油箱可燃性。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md",
          "chunk_id": "chunk:ee69cca9ba4f",
          "chunk_index": 26,
          "quote_summary": "2）机载油箱惰性化防护系统可以提高飞机运行的安全性：通过从发动机引入空气，利用中空纤维膜对空气中氮气和氧气的选择透过性，在压差作用下实现氧氮分离以制出富氮气体，并用之替代燃油箱上部空间的可燃油气混合物，为飞机燃油箱在起飞、爬升、巡航和降落阶段提供富氮气体，降低燃油箱可燃性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "ae023a81daa8",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "二是原材料价格上涨，增加了生产成本；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-智明达-688636-12a1ceeea1aa.md",
          "chunk_id": "chunk:46314a7b3c35",
          "chunk_index": 4,
          "quote_summary": "二是原材料价格上涨，增加了生产成本；"
        },
        {
          "source_path": "sources/stock-research-report-2025-03-28-c3f8772b1916.md",
          "chunk_id": "chunk:1de388bac0dd",
          "chunk_index": 21,
          "quote_summary": "我们认为，这些募投项目建成后，公司经营规模、原材料保障能力、研发能力和资金实力将显著提高，尤其是嵌入式计算机模块生产能力得到大幅提升，生产流程和工艺进一步完善，产业布局更趋完善，有利于巩固和加强公司在嵌入式计算机行业中的竞争优势，公司整体盈利能力有望迈上新台阶。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "61be1c1d6148",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司有望后续布局算力调度业务，算力调度类似于电力调度，是算力时代的国家电网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-迈信林-688685-9069495e938f.md",
          "chunk_id": "chunk:c57b05796870",
          "chunk_index": 4,
          "quote_summary": "公司有望后续布局算力调度业务，算力调度类似于电力调度，是算力时代的国家电网。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "4b2968a3edd4",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "material:石油",
      "to_name": "石油",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "广泛应用于航空器环境控制、生命保障、燃油系统、液压系统、气动系统等。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-迈信林-688685-9069495e938f.md",
          "chunk_id": "chunk:68f7d7396fd6",
          "chunk_index": 9,
          "quote_summary": "广泛应用于航空器环境控制、生命保障、燃油系统、液压系统、气动系统等。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "material:石油",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "6f95d60d2a62",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "二是公司增加了航空异型精密机构件、高强度合金钢等难加工材料的加工工艺研发费用，新增购买 CNC 加工设备等科研投入，本期比去年同期增加研发费用 0.05 亿元。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-迈信林-688685-9069495e938f.md",
          "chunk_id": "chunk:3b086da94865",
          "chunk_index": 10,
          "quote_summary": "二是公司增加了航空异型精密机构件、高强度合金钢等难加工材料的加工工艺研发费用，新增购买 CNC 加工设备等科研投入，本期比去年同期增加研发费用 0.05 亿元。"
        },
        {
          "source_path": "sources/stock-research-report-迈信林-688685-63d3058aa422.md",
          "chunk_id": "chunk:7ae21b39460e",
          "chunk_index": 8,
          "quote_summary": "此外，公司增加航空异型精密机构件、高强度合金钢等研发费用增大，新增购买 CNC 加工设备等科研投入。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "f8f968baa455",
      "from": "company:中国动力",
      "from_name": "中国动力",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "此外，柴油机等设备主要原材料为钢材，根据 iFind，钢材综合价格指数自 21 年 9 月以来呈现显著下滑趋势。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:d2f622a2f329",
          "chunk_index": 2,
          "quote_summary": "此外，柴油机等设备主要原材料为钢材，根据 iFind，钢材综合价格指数自 21 年 9 月以来呈现显著下滑趋势。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国动力",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "2e91edcf9048",
      "from": "company:中国动力",
      "from_name": "中国动力",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**发动机价格提升+钢价维持低位，看好公司盈利能力持续提升。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:d2f622a2f329",
          "chunk_index": 2,
          "quote_summary": "**发动机价格提升+钢价维持低位，看好公司盈利能力持续提升。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国动力",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "76d80204d156",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "material:天然气",
      "to_name": "天然气",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "第二阶段将从 2028 年 4 月开始，要求使用美国建造且运营的美国旗船舶运输一定比例的液化天然气（LNG）出口货物，到 2047 年 4 月将提高到 15%，为行业留出适应时间。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md",
          "chunk_id": "chunk:54ab22337819",
          "chunk_index": 74,
          "quote_summary": "第二阶段将从 2028 年 4 月开始，要求使用美国建造且运营的美国旗船舶运输一定比例的液化天然气（LNG）出口货物，到 2047 年 4 月将提高到 15%，为行业留出适应时间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "material:天然气",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "2c2ab24ee8ca",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "原材料价格波动、人民币汇率波动、新订单增速不及预期、碳减排政策执行力度低于预期风险。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-25年业绩高增-看好未来利润率持续提升-6e558bff8638.md",
          "chunk_id": "chunk:ede8351c213d",
          "chunk_index": 4,
          "quote_summary": "原材料价格波动、人民币汇率波动、新订单增速不及预期、碳减排政策执行力度低于预期风险。"
        },
        {
          "source_path": "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md",
          "chunk_id": "chunk:2d155ab19582",
          "chunk_index": 57,
          "quote_summary": "但从长期来看，在韩国产能扩张受限、劳动力和原材料成本高昂的情况下，随着韩国船企保障倍数逐步上升，其吸引订单的能力将再度弱化。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "c88392e74585",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "material:钢材",
      "to_name": "钢材",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "2024 年 3 月 12 日，包含美国钢铁工人联合会在内的五个美国全国性工会提交了一份请愿书，指控中国通过“非市场政策”主导全球海事、物流及造船业，威胁美国国家安全与商业利益，要求针对中国在海运、物流和造船行业寻求支配地位的行为、政策和做法进行调查。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md",
          "chunk_id": "chunk:f21f4d86458c",
          "chunk_index": 73,
          "quote_summary": "2024 年 3 月 12 日，包含美国钢铁工人联合会在内的五个美国全国性工会提交了一份请愿书，指控中国通过“非市场政策”主导全球海事、物流及造船业，威胁美国国家安全与商业利益，要求针对中国在海运、物流和造船行业寻求支配地位的行为、政策和做法进行调查。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "material:钢材",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "ae12d62f87bb",
      "from": "company:中航沈飞",
      "from_name": "中航沈飞",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "复合材料和钛合金生产线能力建设加速推进，为未来隐身战机批量化交付奠定产能基础。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交付节奏阶段性承压-订单充裕保障长期成长-d978e8e53704.md",
          "chunk_id": "chunk:92e7bc97744d",
          "chunk_index": 2,
          "quote_summary": "复合材料和钛合金生产线能力建设加速推进，为未来隐身战机批量化交付奠定产能基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航沈飞",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "fc9139243642",
      "from": "company:中航沈飞",
      "from_name": "中航沈飞",
      "to": "material:钛",
      "to_name": "钛",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "复合材料和钛合金生产线能力建设加速推进，为未来隐身战机批量化交付奠定产能基础。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交付节奏阶段性承压-订单充裕保障长期成长-d978e8e53704.md",
          "chunk_id": "chunk:92e7bc97744d",
          "chunk_index": 2,
          "quote_summary": "复合材料和钛合金生产线能力建设加速推进，为未来隐身战机批量化交付奠定产能基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航沈飞",
      "target": "material:钛",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "c884cfb940a7",
      "from": "company:中航高科",
      "from_name": "中航高科",
      "to": "material:化工品",
      "to_name": "化工品",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "创新科技成果转化管理模式，推动先进民用树脂、预浸料技术快速孵化与转化，提升预浸料在低空等领域的广泛应用；",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-1aec251ca65b.md",
          "chunk_id": "chunk:7ac1be99dd70",
          "chunk_index": 3,
          "quote_summary": "创新科技成果转化管理模式，推动先进民用树脂、预浸料技术快速孵化与转化，提升预浸料在低空等领域的广泛应用；"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航高科",
      "target": "material:化工品",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "c8d20cd4fb89",
      "from": "company:中航高科",
      "from_name": "中航高科",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "报告期内，中航工业复材聚焦未来复合材料技术创新方向和工程实践中的关键技术问题，构建复合材料原材料、民机复合材料结构件、低空经济复合材料的技术平台与产品平台，形成差异化产品谱系、关键与核心技术图谱；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-1aec251ca65b.md",
          "chunk_id": "chunk:7ac1be99dd70",
          "chunk_index": 3,
          "quote_summary": "报告期内，中航工业复材聚焦未来复合材料技术创新方向和工程实践中的关键技术问题，构建复合材料原材料、民机复合材料结构件、低空经济复合材料的技术平台与产品平台，形成差异化产品谱系、关键与核心技术图谱；"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航高科",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "b5441dd81158",
      "from": "company:中航高科",
      "from_name": "中航高科",
      "to": "material:碳纤维",
      "to_name": "碳纤维",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "报告期内，中航工业复材聚焦未来复合材料技术创新方向和工程实践中的关键技术问题，构建复合材料原材料、民机复合材料结构件、低空经济复合材料的技术平台与产品平台，形成差异化产品谱系、关键与核心技术图谱；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-1aec251ca65b.md",
          "chunk_id": "chunk:7ac1be99dd70",
          "chunk_index": 3,
          "quote_summary": "报告期内，中航工业复材聚焦未来复合材料技术创新方向和工程实践中的关键技术问题，构建复合材料原材料、民机复合材料结构件、低空经济复合材料的技术平台与产品平台，形成差异化产品谱系、关键与核心技术图谱；"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航高科",
      "target": "material:碳纤维",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "a84b0ff973ad",
      "from": "company:哈尔滨新光光电科技股份有限公司",
      "from_name": "哈尔滨新光光电科技股份有限公司",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "从原材料供应来看，公司原材料主要包括光学原材料、金属原材料、电子元器件和结构件等，总体来看竞争较为充分、技术较为成熟、产品供应渠道较为充足，具备可替代性，报告期内价格变动较为稳定，未对本行业产生不利影响。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md",
          "chunk_id": "chunk:5a247e8b11c2",
          "chunk_index": 23,
          "quote_summary": "从原材料供应来看，公司原材料主要包括光学原材料、金属原材料、电子元器件和结构件等，总体来看竞争较为充分、技术较为成熟、产品供应渠道较为充足，具备可替代性，报告期内价格变动较为稳定，未对本行业产生不利影响。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:哈尔滨新光光电科技股份有限公司",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "d03764c18315",
      "from": "company:哈尔滨新光光电科技股份有限公司",
      "from_name": "哈尔滨新光光电科技股份有限公司",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司结合自身光电领域研发优势及市场需求，针对森林防火、电力、铁路、安防等民用领域进行了探索，部分产品已完成试点应用，可提升国民经济相关行业信息化、智能化水平。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md",
          "chunk_id": "chunk:cd991a6f45ab",
          "chunk_index": 6,
          "quote_summary": "公司结合自身光电领域研发优势及市场需求，针对森林防火、电力、铁路、安防等民用领域进行了探索，部分产品已完成试点应用，可提升国民经济相关行业信息化、智能化水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:哈尔滨新光光电科技股份有限公司",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "dfff761ce50e",
      "from": "company:国盾量子",
      "from_name": "国盾量子",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**公司主要从事量子通信产品的研发、生产、销售及技术服务，为各类光纤量子保密通信网络以及星地一体广域量子保密通信地面站的建设系统地提供软硬件产品，为政务、金融、电力、国防等行业和领域提供组网及量子安全应用解决方案，公司是我国率先从事量子通信技术产业化的企业。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md",
          "chunk_id": "chunk:f48f686410c4",
          "chunk_index": 0,
          "quote_summary": "**公司主要从事量子通信产品的研发、生产、销售及技术服务，为各类光纤量子保密通信网络以及星地一体广域量子保密通信地面站的建设系统地提供软硬件产品，为政务、金融、电力、国防等行业和领域提供组网及量子安全应用解决方案，公司是我国率先从事量子通信技术产业化的企业。"
        },
        {
          "source_path": "sources/stock-research-report-华鑫证券-华鑫证券-科创板报告-829241e7bda5.md",
          "chunk_id": "chunk:98e33d7083c2",
          "chunk_index": 2,
          "quote_summary": "金融、电力、国防等行业和领域提供组网及量子安全应用解决方案。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国盾量子",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 2
    },
    {
      "edge_id": "d32a500def2c",
      "from": "company:安泰科技",
      "from_name": "安泰科技",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "由于 Q3 开始稀土永磁开始步入季节性旺季，需求环比改善下，公司稀土原材料和钕铁硼成品购销价差有望扩大；",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩符合预期-多板块业务景气度整体上行-7836d6a42696.md",
          "chunk_id": "chunk:542f22ddf354",
          "chunk_index": 0,
          "quote_summary": "由于 Q3 开始稀土永磁开始步入季节性旺季，需求环比改善下，公司稀土原材料和钕铁硼成品购销价差有望扩大；"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:安泰科技",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "79b33a19a92e",
      "from": "company:安泰科技",
      "from_name": "安泰科技",
      "to": "material:稀土",
      "to_name": "稀土",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "**季节性导致收入下滑，稀土、钼板块景气度上行增厚扣非利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩符合预期-多板块业务景气度整体上行-7836d6a42696.md",
          "chunk_id": "chunk:542f22ddf354",
          "chunk_index": 0,
          "quote_summary": "**季节性导致收入下滑，稀土、钼板块景气度上行增厚扣非利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:安泰科技",
      "target": "material:稀土",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "0952e9f7b66a",
      "from": "company:新光光电",
      "from_name": "新光光电",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "从原材料供应来看，公司原材料主要包括光学原材料、金属原材料、电子元器件和结构件等，总体来看竞争较为充分、技术较为成熟、产品供应渠道较为充足，具备可替代性，报告期内价格变动较为稳定，未对本行业产生不利影响。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板询价报告之新光光电-921c115963da.md",
          "chunk_id": "chunk:37ba8d826ae2",
          "chunk_index": 25,
          "quote_summary": "从原材料供应来看，公司原材料主要包括光学原材料、金属原材料、电子元器件和结构件等，总体来看竞争较为充分、技术较为成熟、产品供应渠道较为充足，具备可替代性，报告期内价格变动较为稳定，未对本行业产生不利影响。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:新光光电",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "ee77a95db3e1",
      "from": "company:新光光电",
      "from_name": "新光光电",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "公司结合自身光电领域研发优势及市场需求，针对森林防火、电力、铁路、安防等民用领域进行了探索，部分产品已完成试点应用，可提升国民经济相关行业信息化、智能化水平。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板询价报告之新光光电-921c115963da.md",
          "chunk_id": "chunk:8589ec7c6036",
          "chunk_index": 7,
          "quote_summary": "公司结合自身光电领域研发优势及市场需求，针对森林防火、电力、铁路、安防等民用领域进行了探索，部分产品已完成试点应用，可提升国民经济相关行业信息化、智能化水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:新光光电",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "28da5aaf9c52",
      "from": "company:晨光生物",
      "from_name": "晨光生物",
      "to": "material:工业原材料",
      "to_name": "工业原材料",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "植提业务受原材料成本下降、产品结构优化和规模效应拉动带来毛利率提升，而棉籽业务毛利率则因产品价格回升叠加严格对锁经营而提升。",
      "confidence": 0.78,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-32e0c5d5c837.md",
          "chunk_id": "chunk:8d2a8a37cdc9",
          "chunk_index": 0,
          "quote_summary": "植提业务受原材料成本下降、产品结构优化和规模效应拉动带来毛利率提升，而棉籽业务毛利率则因产品价格回升叠加严格对锁经营而提升。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:晨光生物",
      "target": "material:工业原材料",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "4bf7ea0cd40c",
      "from": "company:紫光国微",
      "from_name": "紫光国微",
      "to": "material:电力",
      "to_name": "电力",
      "relation": "raw_material_dependency",
      "direction": "upstream",
      "summary": "杨宇轩，电子行业分析师，华北电力大学本科，清华大学硕士，曾就职于东方证券、首创证券、赛迪智库，2025 年 1 月加入信达证券电子组，研究方向为半导体等。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-a1ee7a5beacd.md",
          "chunk_id": "chunk:b4eac2a399df",
          "chunk_index": 11,
          "quote_summary": "杨宇轩，电子行业分析师，华北电力大学本科，清华大学硕士，曾就职于东方证券、首创证券、赛迪智库，2025 年 1 月加入信达证券电子组，研究方向为半导体等。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:紫光国微",
      "target": "material:电力",
      "label": "raw_material_dependency",
      "category": "material",
      "group": "raw_material_dependency",
      "evidence_count": 1
    },
    {
      "edge_id": "7ef72159956d",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "company:603308",
      "to_name": "应流股份",
      "relation": "same_group",
      "direction": "peer",
      "summary": "33% | 5.89% | | | 毛利率 (%) | 21.01% | 23.74% | 23.99% | 24.13% | 资料来源：Wind，华金证券研究所 # 二、可比公司估值对比 我们选取业务结构相近的行业公司江苏神通（石化、冶金与核电阀门）、纽威股份（工业阀门）、应流股份（精密铸件、核级材料）作为可比公司。公司已形成阀门生产制造加服务的全产业链...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md",
          "chunk_id": "chunk:252b9d4fc3d8",
          "chunk_index": 9,
          "quote_summary": "33% | 5.89% | | | 毛利率 (%) | 21.01% | 23.74% | 23.99% | 24.13% | 资料来源：Wind，华金证券研究所 # 二、可比公司估值对比 我们选取业务结构相近的行业公司江苏神通（石化、冶金与核电阀门）、纽威股份（工业阀门）、应流股份（精密铸件、核级材料）作为可比公司..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "company:603308",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "fd210532c4ae",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "company:600372",
      "to_name": "中航机载",
      "relation": "same_group",
      "direction": "peer",
      "summary": "业经验，2026 年 1 月起任中航光电董事长。中航光电董事张航，毕业于中国航空研究院 618 所导航、制导与控制专业，法国高等航空航天学院系统工程专业，高级工程师，历任中国航空工业集团公司西安飞行自动控制研究所规划发展部副部长、规划发展部事业部推进办公室主任、规划发展部副部长，中航机载系统有限公司规划发展部部长，在专业领域深耕多年，2026 年 1 月起...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:3bc5782715f8",
          "chunk_index": 0,
          "quote_summary": "业经验，2026 年 1 月起任中航光电董事长。中航光电董事张航，毕业于中国航空研究院 618 所导航、制导与控制专业，法国高等航空航天学院系统工程专业，高级工程师，历任中国航空工业集团公司西安飞行自动控制研究所规划发展部副部长、规划发展部事业部推进办公室主任、规划发展部副部长，中航机载系统有限公司规划发展部部长，在..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "company:600372",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "f9c0ed49dec3",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "company:600893",
      "to_name": "航发动力",
      "relation": "same_group",
      "direction": "peer",
      "summary": "马强 **SAC 登记编号**: S1340523080002 **Email**: maqiang@cnpsec.com **3、航空航天领域业务多元化发展以及高温合金跨领域应用拓展成效显著。**航空航天领域，公司业务多元化发展，2022 年，公司成立全资子公司四川高纳，与航发动力成立控股子公司西安钢研，2023 年成立辽宁高纳。2023 年，西安钢研实...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-6-月-30-日-240dda978b6b.md",
          "chunk_id": "chunk:541c6a192fe7",
          "chunk_index": 0,
          "quote_summary": "马强 **SAC 登记编号**: S1340523080002 **Email**: maqiang@cnpsec.com **3、航空航天领域业务多元化发展以及高温合金跨领域应用拓展成效显著。**航空航天领域，公司业务多元化发展，2022 年，公司成立全资子公司四川高纳，与航发动力成立控股子公司西安钢研，2023 ..."
        },
        {
          "source_path": "sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md",
          "chunk_id": "chunk:2d96f1764ed8",
          "chunk_index": 0,
          "quote_summary": "领域应用拓展成效显著。** 公司判断未来 3-5 年为行业发展的关键时期，公司将致力于在这 3-5 年内实现转型：市场从国内转型到国内国际。 际两个市场、产品逐步实现由坯到件的转变、部分产品从航空发动机拓展到航空领域、能源、石化领域。2022 年，公司成立全资子公司四川高纳，与航发动力成立控股子公司西安钢研，2023..."
        },
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md",
          "chunk_id": "chunk:c4e333c0efa7",
          "chunk_index": 6,
          "quote_summary": "省七市十厂的产业布局，完成青岛产业基地建设投产，实现铸造和德凯两个业务单元的整合调整，通过多种形式拓展延伸产业链。 2023年10月21日，四川钢研高纳如期建成投产，锻轧产线以3万吨模锻以及500吨环轧设备为主，标志着高端金属盘环锻件科研与产业基地正式启航。西安钢研由钢研高纳与航发动力共同设立，其中钢研高纳持股比例6..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "company:600893",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 3
    },
    {
      "edge_id": "ab4162e3df49",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "company:600879",
      "to_name": "航天电子",
      "relation": "same_group",
      "direction": "peer",
      "summary": "证券 CHINA POST SECURITIES 航天七院下辖企事业单位 27 家，其中企业单位 6 家、事业单位 12 家、全资及控股公司 9 家，分布在四川省成都市、泸州市、万源市、彭山县以及重庆市，从业人员近 2 万人。下属单位包括七部、四川航天长征装备制造有限公司、四川航天电子设备研究所、四川航天烽火伺服控制技术有限公司、四川航天川南火工技术有限公...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md",
          "chunk_id": "chunk:8f869c0be82b",
          "chunk_index": 0,
          "quote_summary": "证券 CHINA POST SECURITIES 航天七院下辖企事业单位 27 家，其中企业单位 6 家、事业单位 12 家、全资及控股公司 9 家，分布在四川省成都市、泸州市、万源市、彭山县以及重庆市，从业人员近 2 万人。下属单位包括七部、四川航天长征装备制造有限公司、四川航天电子设备研究所、四川航天烽火伺服控制..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "company:600879",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "4ffb59e7034c",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "company:600150",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "中船科技拟发行股份收购中国船舶集团旗下中国海装、中船风电等新能源资产，实现集团内部资产整合与业务转型。",
      "confidence": 0.95,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md",
          "chunk_id": "chunk:bf7e47a26e1f",
          "chunk_index": 6,
          "quote_summary": "中船科技拟发行股份收购中国船舶集团旗下中国海装、中船风电等新能源资产，实现集团内部资产整合与业务转型。"
        },
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:fc9a6359e18e",
          "chunk_index": 6,
          "quote_summary": "分析师： 李孔逸 **执业登记编码**：S0760522030007 **邮箱**：likongyi@sxzq.com 投资要点： **核心逻辑：转型新能源、海风高景气、深远海技术领先、风电资源储备丰富** * **并购整合中船系风电业务，募集资金助推发展。**公司将对中国船舶集团旗下的风电资产进行整合，拟通过发行股..."
        },
        {
          "source_path": "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md",
          "chunk_id": "chunk:bf7e47a26e1f",
          "chunk_index": 6,
          "quote_summary": "2 | | 净资产收益率 | 0.09 | ⮚ **新能源业务为公司带来新的想象空间。**公司拟通过发行股份的方式购买交易对方持有的标的资产，即中国海装 100%股份、凌久电气 10%少数股权、洛阳双瑞 44.64%少数股权、中船风电 88.58%股权和新疆海为 100%股权，对中国船舶集团旗下的新能源资产进行整合。..."
        },
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md",
          "chunk_id": "chunk:0df2e3edce7f",
          "chunk_index": 0,
          "quote_summary": "eiqi2@guosen.com.cn 执证编码：S0980520080003 **联系人**： 陈抒扬 0755-81982965 chenshuyang@guosen.com.cn ### 事项 2022 年 10 月 10 日，公司公告拟通过发行股份和支付现金的方式收购中国船舶集团旗下中国海装（风电制造业务）、..."
        },
        {
          "source_path": "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md",
          "chunk_id": "chunk:73122650dc4c",
          "chunk_index": 0,
          "quote_summary": "工程业务有望迎来突破** 当前工程勘察设计类业务为公司主要业绩来源，占公司营业收入的 96.22%，主要由全资子公司中船九院作为经营主体。根据中船九院公司官网显示，公司在国家海洋强国建设中，承担着践行环渤海地区、长 三角地区、珠三角地区的船舶工业规划设计“国家队”的角色。作为中国船舶集团间接控股、中船工业集团直接控股..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "company:600150",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 5
    },
    {
      "edge_id": "ffd15821166d",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "company:600150.SH",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "2 | | 净资产收益率 | 0.09 | ⮚ **新能源业务为公司带来新的想象空间。**公司拟通过发行股份的方式购买交易对方持有的标的资产，即中国海装 100%股份、凌久电气 10%少数股权、洛阳双瑞 44.64%少数股权、中船风电 88.58%股权和新疆海为 100%股权，对中国船舶集团旗下的新能源资产进行整合。本次交易完成后，公司将直接持有中国海装 ...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md",
          "chunk_id": "chunk:bf7e47a26e1f",
          "chunk_index": 6,
          "quote_summary": "2 | | 净资产收益率 | 0.09 | ⮚ **新能源业务为公司带来新的想象空间。**公司拟通过发行股份的方式购买交易对方持有的标的资产，即中国海装 100%股份、凌久电气 10%少数股权、洛阳双瑞 44.64%少数股权、中船风电 88.58%股权和新疆海为 100%股权，对中国船舶集团旗下的新能源资产进行整合。..."
        },
        {
          "source_path": "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md",
          "chunk_id": "chunk:73122650dc4c",
          "chunk_index": 0,
          "quote_summary": "工程业务有望迎来突破** 当前工程勘察设计类业务为公司主要业绩来源，占公司营业收入的 96.22%，主要由全资子公司中船九院作为经营主体。根据中船九院公司官网显示，公司在国家海洋强国建设中，承担着践行环渤海地区、长 三角地区、珠三角地区的船舶工业规划设计“国家队”的角色。作为中国船舶集团间接控股、中船工业集团直接控股..."
        },
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:fc9a6359e18e",
          "chunk_index": 6,
          "quote_summary": "分析师： 李孔逸 **执业登记编码**：S0760522030007 **邮箱**：likongyi@sxzq.com 投资要点： **核心逻辑：转型新能源、海风高景气、深远海技术领先、风电资源储备丰富** * **并购整合中船系风电业务，募集资金助推发展。**公司将对中国船舶集团旗下的风电资产进行整合，拟通过发行股..."
        },
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md",
          "chunk_id": "chunk:0df2e3edce7f",
          "chunk_index": 0,
          "quote_summary": "eiqi2@guosen.com.cn 执证编码：S0980520080003 **联系人**： 陈抒扬 0755-81982965 chenshuyang@guosen.com.cn ### 事项 2022 年 10 月 10 日，公司公告拟通过发行股份和支付现金的方式收购中国船舶集团旗下中国海装（风电制造业务）、..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "company:600150.SH",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 4
    },
    {
      "edge_id": "d2c4387a7442",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "company:中国船舶",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "2 | | 净资产收益率 | 0.09 | ⮚ **新能源业务为公司带来新的想象空间。**公司拟通过发行股份的方式购买交易对方持有的标的资产，即中国海装 100%股份、凌久电气 10%少数股权、洛阳双瑞 44.64%少数股权、中船风电 88.58%股权和新疆海为 100%股权，对中国船舶集团旗下的新能源资产进行整合。本次交易完成后，公司将直接持有中国海装 ...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md",
          "chunk_id": "chunk:bf7e47a26e1f",
          "chunk_index": 6,
          "quote_summary": "2 | | 净资产收益率 | 0.09 | ⮚ **新能源业务为公司带来新的想象空间。**公司拟通过发行股份的方式购买交易对方持有的标的资产，即中国海装 100%股份、凌久电气 10%少数股权、洛阳双瑞 44.64%少数股权、中船风电 88.58%股权和新疆海为 100%股权，对中国船舶集团旗下的新能源资产进行整合。..."
        },
        {
          "source_path": "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md",
          "chunk_id": "chunk:73122650dc4c",
          "chunk_index": 0,
          "quote_summary": "工程业务有望迎来突破** 当前工程勘察设计类业务为公司主要业绩来源，占公司营业收入的 96.22%，主要由全资子公司中船九院作为经营主体。根据中船九院公司官网显示，公司在国家海洋强国建设中，承担着践行环渤海地区、长 三角地区、珠三角地区的船舶工业规划设计“国家队”的角色。作为中国船舶集团间接控股、中船工业集团直接控股..."
        },
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:fc9a6359e18e",
          "chunk_index": 6,
          "quote_summary": "分析师： 李孔逸 **执业登记编码**：S0760522030007 **邮箱**：likongyi@sxzq.com 投资要点： **核心逻辑：转型新能源、海风高景气、深远海技术领先、风电资源储备丰富** * **并购整合中船系风电业务，募集资金助推发展。**公司将对中国船舶集团旗下的风电资产进行整合，拟通过发行股..."
        },
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md",
          "chunk_id": "chunk:0df2e3edce7f",
          "chunk_index": 0,
          "quote_summary": "eiqi2@guosen.com.cn 执证编码：S0980520080003 **联系人**： 陈抒扬 0755-81982965 chenshuyang@guosen.com.cn ### 事项 2022 年 10 月 10 日，公司公告拟通过发行股份和支付现金的方式收购中国船舶集团旗下中国海装（风电制造业务）、..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "company:中国船舶",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 4
    },
    {
      "edge_id": "fbe8dd1c2b32",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:002928",
      "to_name": "华夏航空",
      "relation": "same_group",
      "direction": "peer",
      "summary": "0.16 元、0.30 元、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务航空公司，华夏航空是区域全服务航空，春秋航空是国内最大的低成本航空。 **表 2：可比公司...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md",
          "chunk_id": "chunk:6d914a147218",
          "chunk_index": 1,
          "quote_summary": "0.16 元、0.30 元、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务航空公司，华夏航空是区域全服务航空，春秋航空是国内..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:002928",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "76d186751641",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:601021",
      "to_name": "春秋航空",
      "relation": "same_group",
      "direction": "peer",
      "summary": "、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务航空公司，华夏航空是区域全服务航空，春秋航空是国内最大的低成本航空。 **表 2：可比公司估值** | 证券代码 |...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md",
          "chunk_id": "chunk:6d914a147218",
          "chunk_index": 1,
          "quote_summary": "、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务航空公司，华夏航空是区域全服务航空，春秋航空是国内最大的低成本航空。 **表..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:601021",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "54c7fb7fe935",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:601111",
      "to_name": "中国国航",
      "relation": "same_group",
      "direction": "peer",
      "summary": "67.3 亿元（扭亏为盈）、105.1 亿元（+56.2%），EPS 分别为 -0.16 元、0.30 元、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务航空公司，...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md",
          "chunk_id": "chunk:4ed35cb512c9",
          "chunk_index": 7,
          "quote_summary": "67.3 亿元（扭亏为盈）、105.1 亿元（+56.2%），EPS 分别为 -0.16 元、0.30 元、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以..."
        },
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:66927fdcf268",
          "chunk_index": 0,
          "quote_summary": "9年的均值分别下降45.0%和13.0%。 图表 30. 2016-2024 年波音和空客交付飞机 资料来源：Wind，中银证券 我国主要航空上市公司机队规模未来 3 年净引进飞机增速均值为 4.76%。根据航空上市公司披露数据显示，2025-2027 年净引进飞机计划为：中国国航为 30、30、55 架，南方航空为..."
        },
        {
          "source_path": "sources/stock-research-report-601111-sh-9bea4445b90e.md",
          "chunk_id": "chunk:fceecd35173c",
          "chunk_index": 0,
          "quote_summary": "-2024 年波音和空客交付飞机 资料来源：Wind，中银证券 我国主要航空上市公司机队规模未来 3 年净引进飞机增速均值为 4.76%。根据航空上市公司披露数据显示，2025-2027 年净引进飞机计划为：中国国航为 30、30、55 架，南方航空为 53、55、59 架，中国东航为 34、51、28 架，吉祥航空..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:601111",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 3
    },
    {
      "edge_id": "a7aba5aaa908",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:601156",
      "to_name": "东航物流",
      "relation": "same_group",
      "direction": "peer",
      "summary": "2010 | 东航与上航重组完成，中联航随着上航一同加入东航 | | 2011 | 加入天合联盟，成为加入天合联盟的第14家航空公司 | | 2017 | 东航集团战略入股法荷航集团，获得法荷航集团10%的股权 | | 2020 | 东航厦门分公司正式成立 | | 2021 | 东航物流在上交所主板挂牌上市 | 资料来源：中国民航报，第一财经日报，中国日报...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:d6796418b31d",
          "chunk_index": 9,
          "quote_summary": "2010 | 东航与上航重组完成，中联航随着上航一同加入东航 | | 2011 | 加入天合联盟，成为加入天合联盟的第14家航空公司 | | 2017 | 东航集团战略入股法荷航集团，获得法荷航集团10%的股权 | | 2020 | 东航厦门分公司正式成立 | | 2021 | 东航物流在上交所主板挂牌上市 | 资料..."
        },
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md",
          "chunk_id": "chunk:8ae46138bd2a",
          "chunk_index": 0,
          "quote_summary": "远等向公司增资；联想控股将其所持4.9%的股权转让给北京君联 2018 : 东航物流有限于2018年12月整体变更为股份有限公司，完成股份制改革 2021 : 公司在上海证券交易所主板挂牌上市，成为“航空混改第一股” 2023 : 东航产投持有的公司40.5%股份无偿划转至中国东航集团 ``` 来源：公司公告，国金证..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:601156",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 2
    },
    {
      "edge_id": "70c54e3fd084",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:603885",
      "to_name": "吉祥航空",
      "relation": "same_group",
      "direction": "peer",
      "summary": "05.1 亿元（+56.2%），EPS 分别为 -0.16 元、0.30 元、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务航空公司，华夏航空是区域全服务航空，春秋...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md",
          "chunk_id": "chunk:4ed35cb512c9",
          "chunk_index": 7,
          "quote_summary": "05.1 亿元（+56.2%），EPS 分别为 -0.16 元、0.30 元、0.47 元，2024-25 年 EPS 对应动态 PE 分别为 14.1 倍和 9.0 倍。 综合考虑业务范围，选取了交通运输行业 6 家上市航空公司作为估值参考，其中中国国航、南方航空、中国东航、吉祥航空以及海航控股是全国范围内的全服务..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:603885",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "53920a6deb3c",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "company:000519",
      "to_name": "中兵红箭",
      "relation": "same_group",
      "direction": "peer",
      "summary": "备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 20 ## 表2：分产品毛利（百万元）及毛利率预测 资料来源：wind，ifind，民生证券研究院预测 ## 4.2 估值分析与投资建议 考虑到光电股份业务属性，没有较为直接的可比公司，我们选取同产业链上的中兵红箭、北方导航、高德红外作为公司的可比公司进行比较分析。1) **中兵红箭**：公...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:5930f48ef744",
          "chunk_index": 0,
          "quote_summary": "备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 20 ## 表2：分产品毛利（百万元）及毛利率预测 资料来源：wind，ifind，民生证券研究院预测 ## 4.2 估值分析与投资建议 考虑到光电股份业务属性，没有较为直接的可比公司，我们选取同产业链上的中兵红箭、北方导航、高德红外作为公司的可比公司..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "company:000519",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "3bfcf2561ebd",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "company:600435",
      "to_name": "北方导航",
      "relation": "same_group",
      "direction": "peer",
      "summary": "咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 20 ## 表2：分产品毛利（百万元）及毛利率预测 资料来源：wind，ifind，民生证券研究院预测 ## 4.2 估值分析与投资建议 考虑到光电股份业务属性，没有较为直接的可比公司，我们选取同产业链上的中兵红箭、北方导航、高德红外作为公司的可比公司进行比较分析。1) **中兵红箭**：公司是中国兵...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:5930f48ef744",
          "chunk_index": 0,
          "quote_summary": "咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 20 ## 表2：分产品毛利（百万元）及毛利率预测 资料来源：wind，ifind，民生证券研究院预测 ## 4.2 估值分析与投资建议 考虑到光电股份业务属性，没有较为直接的可比公司，我们选取同产业链上的中兵红箭、北方导航、高德红外作为公司的可比公司进行比较分..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "company:600435",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "25cc34dd993e",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "company:002928",
      "to_name": "华夏航空",
      "relation": "same_group",
      "direction": "peer",
      "summary": "空 | 3U | | 西安国资 | 幸福航空 | JR | | 青岛国资 | 青岛航空 | QW | | 贵州国资 | 多彩贵州 | GY | | 内蒙国资 | 天骄航空 | 9D | | 央企 | 奥凯航空 | BK | | 王正华 | 春秋航空 | 9C | | 胡晓军 | 华夏航空 | G5 | | 陈仕洲 | 东海航空 | DZ | | 陈芹 | ...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md",
          "chunk_id": "chunk:fe5dd66c4f20",
          "chunk_index": 0,
          "quote_summary": "空 | 3U | | 西安国资 | 幸福航空 | JR | | 青岛国资 | 青岛航空 | QW | | 贵州国资 | 多彩贵州 | GY | | 内蒙国资 | 天骄航空 | 9D | | 央企 | 奥凯航空 | BK | | 王正华 | 春秋航空 | 9C | | 胡晓军 | 华夏航空 | G5 | | 陈仕洲 |..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "company:002928",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "9acf4f7966ca",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "company:601021",
      "to_name": "春秋航空",
      "relation": "same_group",
      "direction": "peer",
      "summary": "| EU | | 四川国资 | 四川航空 | 3U | | 西安国资 | 幸福航空 | JR | | 青岛国资 | 青岛航空 | QW | | 贵州国资 | 多彩贵州 | GY | | 内蒙国资 | 天骄航空 | 9D | | 央企 | 奥凯航空 | BK | | 王正华 | 春秋航空 | 9C | | 胡晓军 | 华夏航空 | G5 | | 陈仕洲 | ...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md",
          "chunk_id": "chunk:fe5dd66c4f20",
          "chunk_index": 0,
          "quote_summary": "| EU | | 四川国资 | 四川航空 | 3U | | 西安国资 | 幸福航空 | JR | | 青岛国资 | 青岛航空 | QW | | 贵州国资 | 多彩贵州 | GY | | 内蒙国资 | 天骄航空 | 9D | | 央企 | 奥凯航空 | BK | | 王正华 | 春秋航空 | 9C | | 胡晓军 | ..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "company:601021",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "816a80a56cee",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "company:601111",
      "to_name": "中国国航",
      "relation": "same_group",
      "direction": "peer",
      "summary": "融资性租赁占比 | 6.9% | | | | | | | # ■ 海南航空与三大航机队结构对比（2/2） 海南航空宽型机占比远超三大航，与其2018年起为打造核心枢纽，积极开设以深圳为枢纽的大量国际及地区航线的战略布局相关 ## 海南控股航空机队结构概况，2020年 ## 中国国航机队结构概况，2020年 | 类别 | 占比 | 机队数总计 | 自有 | ...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md",
          "chunk_id": "chunk:fe5dd66c4f20",
          "chunk_index": 0,
          "quote_summary": "融资性租赁占比 | 6.9% | | | | | | | # ■ 海南航空与三大航机队结构对比（2/2） 海南航空宽型机占比远超三大航，与其2018年起为打造核心枢纽，积极开设以深圳为枢纽的大量国际及地区航线的战略布局相关 ## 海南控股航空机队结构概况，2020年 ## 中国国航机队结构概况，2020年 | 类别 ..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "company:601111",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "c58de103308a",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "company:002179",
      "to_name": "中航光电",
      "relation": "same_group",
      "direction": "peer",
      "summary": "工业<br/>股份有限公司] -- 43.77% --> B[江西洪都航空工业股份<br/>有限公司] A2[江西洪都航空工业<br/>集团有限责任公司] -- 4.38% --> B A3[其他股东] -- 51.85% --> B B -- 35.00% --> C1[中航光电互连科技<br/>（南昌）有限公司] B -- 35.00% --> C2[...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md",
          "chunk_id": "chunk:25206086d5ab",
          "chunk_index": 0,
          "quote_summary": "工业<br/>股份有限公司] -- 43.77% --> B[江西洪都航空工业股份<br/>有限公司] A2[江西洪都航空工业<br/>集团有限责任公司] -- 4.38% --> B A3[其他股东] -- 51.85% --> B B -- 35.00% --> C1[中航光电互连科技<br/>（南昌）有限公司]..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "company:002179",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "3979c6b80568",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "company:688543",
      "to_name": "国科军工",
      "relation": "same_group",
      "direction": "peer",
      "summary": "京自动化控制设备研究所、保定开拓精密仪器制造有限责任公司等] F[兵器集团下属企业、理工导航、晨曦航空、星网宇达、航天电子、中航六一八所等] G[兵器集团及其下属单位<br/>（包括北方导航）、<br/>航天科工集团及其下属单位、<br/>航天科技集团及其下属单位、<br/>国科军工等] H[兵器集团及其其下属单位、<br/>航天科工集团及其下属单位、<b...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:de6e176db17a",
          "chunk_index": 0,
          "quote_summary": "京自动化控制设备研究所、保定开拓精密仪器制造有限责任公司等] F[兵器集团下属企业、理工导航、晨曦航空、星网宇达、航天电子、中航六一八所等] G[兵器集团及其下属单位<br/>（包括北方导航）、<br/>航天科工集团及其下属单位、<br/>航天科技集团及其下属单位、<br/>国科军工等] H[兵器集团及其其下属单位、..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "company:688543",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "600a5cf4f22d",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "company:600072",
      "to_name": "中船科技",
      "relation": "same_group",
      "direction": "peer",
      "summary": "D -- 20.18% --> J[中国船舶重工集团动力股份有限公司] E -- 1.56% --> J F -- 1.93% --> J G -- 1.72% --> J H -- 25.01% --> J K[七〇四所] -- 1.56% --> J L[中船科技投资] -- 1.78% --> J M[军民融合海洋<br/>防务] -- 1.38% ...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:d52162c1637b",
          "chunk_index": 0,
          "quote_summary": "D -- 20.18% --> J[中国船舶重工集团动力股份有限公司] E -- 1.56% --> J F -- 1.93% --> J G -- 1.72% --> J H -- 25.01% --> J K[七〇四所] -- 1.56% --> J L[中船科技投资] -- 1.78% --> J M[军民融合..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "company:600072",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "d584e2a34466",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "company:600150",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "中国船舶集团为间接控股股东，中船重工集团为直接控股股东，公司定位为中国船舶集团下属船舶动力业务上市公司。",
      "confidence": 0.95,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:19756bbdc9aa",
          "chunk_index": 13,
          "quote_summary": "中国船舶集团为间接控股股东，中船重工集团为直接控股股东，公司定位为中国船舶集团下属船舶动力业务上市公司。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md",
          "chunk_id": "chunk:6cb821a9c8e2",
          "chunk_index": 0,
          "quote_summary": "油机 242 台，同比+21.61%。同时，公司上半年顺利交付国内首台甲醇双燃料低速发动机，1H24 产出的船用双燃料低速机同比增长（按功率测算）119.34%。受益低速柴油机板块表现突出，公司 1H24 实现归母净利润 3.87 亿元，同比+53.09%，业绩高增。 **背靠中国船舶集团+双燃料技术提升，看好公司接..."
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:e6c99a1d5108",
          "chunk_index": 0,
          "quote_summary": "周期持续上行。动力系统是船舶运行的核心设备，在全船设备总成本中占比约30%以上，占整体造价的20%以上，造船景气上行推动动力系统需求提升。同时，伴随着航运业环保政策趋严，双燃料船替代传统燃料船为大势所趋，利好双燃料发动机需求释放。公司是全球船用低速柴油机龙头，背靠全球最大造船集团中国船舶集团，船舶发动机订单确定性较高..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "company:600150",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 3
    },
    {
      "edge_id": "cec3f2a8646c",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "company:600150.SH",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "油机 242 台，同比+21.61%。同时，公司上半年顺利交付国内首台甲醇双燃料低速发动机，1H24 产出的船用双燃料低速机同比增长（按功率测算）119.34%。受益低速柴油机板块表现突出，公司 1H24 实现归母净利润 3.87 亿元，同比+53.09%，业绩高增。 **背靠中国船舶集团+双燃料技术提升，看好公司接单能力提升。**公司是全球船用低速柴油机...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md",
          "chunk_id": "chunk:6cb821a9c8e2",
          "chunk_index": 0,
          "quote_summary": "油机 242 台，同比+21.61%。同时，公司上半年顺利交付国内首台甲醇双燃料低速发动机，1H24 产出的船用双燃料低速机同比增长（按功率测算）119.34%。受益低速柴油机板块表现突出，公司 1H24 实现归母净利润 3.87 亿元，同比+53.09%，业绩高增。 **背靠中国船舶集团+双燃料技术提升，看好公司接..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "company:600150.SH",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "b29d317f2277",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "company:603712",
      "to_name": "七一二",
      "relation": "same_group",
      "direction": "peer",
      "summary": "- 100.00% --> B[中国船舶集团] B -- 100.00% --> C[中船重工集团] C -- 34.53% --> D[中国重工] C -- 100% --> E[七〇三所] C -- 100% --> F[七一一所] C -- 100% --> G[七一二所] C -- 100% --> H[国家军民融合<br/>产业投资基金] C -...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:d52162c1637b",
          "chunk_index": 0,
          "quote_summary": "- 100.00% --> B[中国船舶集团] B -- 100.00% --> C[中船重工集团] C -- 34.53% --> D[中国重工] C -- 100% --> E[七〇三所] C -- 100% --> F[七一一所] C -- 100% --> G[七一二所] C -- 100% --> H[国家..."
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:e6c99a1d5108",
          "chunk_index": 0,
          "quote_summary": "---------------------------- | | 2016 | 综合电力 | 上海推进 | 100.00% | 中船重工集团、七〇四所 | 整合动力推进系统集成（常规、电推）、汽轮辅机、供电系统及减振降噪等 | | 长海电推 | 100.00% | 中船重工集团、七一二所 | 整合水下电力推进相关设备..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "company:603712",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 2
    },
    {
      "edge_id": "0930682c1fb6",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "company:中国船舶",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "油机 242 台，同比+21.61%。同时，公司上半年顺利交付国内首台甲醇双燃料低速发动机，1H24 产出的船用双燃料低速机同比增长（按功率测算）119.34%。受益低速柴油机板块表现突出，公司 1H24 实现归母净利润 3.87 亿元，同比+53.09%，业绩高增。 **背靠中国船舶集团+双燃料技术提升，看好公司接单能力提升。**公司是全球船用低速柴油机...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md",
          "chunk_id": "chunk:6cb821a9c8e2",
          "chunk_index": 0,
          "quote_summary": "油机 242 台，同比+21.61%。同时，公司上半年顺利交付国内首台甲醇双燃料低速发动机，1H24 产出的船用双燃料低速机同比增长（按功率测算）119.34%。受益低速柴油机板块表现突出，公司 1H24 实现归母净利润 3.87 亿元，同比+53.09%，业绩高增。 **背靠中国船舶集团+双燃料技术提升，看好公司接..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "company:中国船舶",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "5f21d22e179d",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "company:002179",
      "to_name": "中航光电",
      "relation": "same_group",
      "direction": "peer",
      "summary": "通(亿股)**: 14.13/5.49 **总市值/流通(亿元)**: 472.54/183.64 **12个月最高/最低(元)**: 35.47/22.77 ### 相关研究报告： * **中航飞机（000768）年报点评**：运-20正式列装服役，业绩拐点渐行渐近 * **中航光电（002179）年报点评**：军民融合成效显著，新业务发展后劲十足 * ...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司点评报告-f3e4d2cad667.md",
          "chunk_id": "chunk:8d81172dd590",
          "chunk_index": 2,
          "quote_summary": "通(亿股)**: 14.13/5.49 **总市值/流通(亿元)**: 472.54/183.64 **12个月最高/最低(元)**: 35.47/22.77 ### 相关研究报告： * **中航飞机（000768）年报点评**：运-20正式列装服役，业绩拐点渐行渐近 * **中航光电（002179）年报点评**：军..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "company:002179",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "0e7d76b053a7",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "company:600038",
      "to_name": "中直股份",
      "relation": "same_group",
      "direction": "peer",
      "summary": "/183.64 **12个月最高/最低(元)**: 35.47/22.77 ### 相关研究报告： * **中航飞机（000768）年报点评**：运-20正式列装服役，业绩拐点渐行渐近 * **中航光电（002179）年报点评**：军民融合成效显著，新业务发展后劲十足 * **中直股份（600038）年报点评**：需求缺口保增长，资产注入存预期 **证券分...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司点评报告-f3e4d2cad667.md",
          "chunk_id": "chunk:8d81172dd590",
          "chunk_index": 2,
          "quote_summary": "/183.64 **12个月最高/最低(元)**: 35.47/22.77 ### 相关研究报告： * **中航飞机（000768）年报点评**：运-20正式列装服役，业绩拐点渐行渐近 * **中航光电（002179）年报点评**：军民融合成效显著，新业务发展后劲十足 * **中直股份（600038）年报点评**：需..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "company:600038",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "8fec092749f1",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "company:600150",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "两船合并战略性重组背景下，中船防务向中国船舶出售广船国际27.42%股权，并放弃相关优先购买权，以优化产业结构与资产质量。",
      "confidence": 0.95,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2019-年报点评-经营业绩持续改善-盈利能力提升未来可期-f39b2482e3b1.md",
          "chunk_id": "chunk:15549efa86cd",
          "chunk_index": 6,
          "quote_summary": "两船合并战略性重组背景下，中船防务向中国船舶出售广船国际27.42%股权，并放弃相关优先购买权，以优化产业结构与资产质量。"
        },
        {
          "source_path": "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md",
          "chunk_id": "chunk:2067b0d77a33",
          "chunk_index": 6,
          "quote_summary": "中船防务为中国船舶集团旗下大型造船骨干企业，实控人为国务院国资委。"
        },
        {
          "source_path": "sources/stock-research-report-公司点评报告-f3e4d2cad667.md",
          "chunk_id": "chunk:2c6506573b5e",
          "chunk_index": 3,
          "quote_summary": "公司为中国船舶工业集团旗下海洋防务装备资产上市平台，未来有望承接集团军船总装资产注入。"
        },
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md",
          "chunk_id": "chunk:937beb93053c",
          "chunk_index": 9,
          "quote_summary": "中船防务为中船集团下属大型骨干造船企业及国家核心军工生产企业，集团承诺推进资产整合以解决同业竞争。"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-航海装备ii-a517f162d983.md",
          "chunk_id": "chunk:0071da4bdc10",
          "chunk_index": 0,
          "quote_summary": "24060003 daimingyu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com ### 联系人 ### 投资要点： * **专注综合海洋装备制造，聚焦主业盈利跃升。**中船防务是中国船舶集团旗下核心造船企业之一，于 1993..."
        },
        {
          "source_path": "sources/stock-research-report-公司点评报告-f3e4d2cad667.md",
          "chunk_id": "chunk:2c6506573b5e",
          "chunk_index": 3,
          "quote_summary": "加10.5个百分点；海工业务实现收入25.78亿元，同比下降53.88%，占总营收比重为11.17%，较去年同期减少10.97个百分点；修船、钢结构工程、机电产品及其他业务板块占总营收比重与去年基本持平。 **中船工业集团领衔央企混改，海军装备建设加速升级换代**。2016年，中国船舶工业集团被列为第一批央企混改试点..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "company:600150",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 6
    },
    {
      "edge_id": "3a2cb1aa061d",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "company:600150.SH",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "24060003 daimingyu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com ### 联系人 ### 投资要点： * **专注综合海洋装备制造，聚焦主业盈利跃升。**中船防务是中国船舶集团旗下核心造船企业之一，于 1993 年分别在上海和香港上市，控股股东为中国...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航海装备ii-a517f162d983.md",
          "chunk_id": "chunk:0071da4bdc10",
          "chunk_index": 0,
          "quote_summary": "24060003 daimingyu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com ### 联系人 ### 投资要点： * **专注综合海洋装备制造，聚焦主业盈利跃升。**中船防务是中国船舶集团旗下核心造船企业之一，于 1993..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "company:600150.SH",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "b477539f91b3",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "company:中国船舶",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "24060003 daimingyu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com ### 联系人 ### 投资要点： * **专注综合海洋装备制造，聚焦主业盈利跃升。**中船防务是中国船舶集团旗下核心造船企业之一，于 1993 年分别在上海和香港上市，控股股东为中国...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航海装备ii-a517f162d983.md",
          "chunk_id": "chunk:0071da4bdc10",
          "chunk_index": 0,
          "quote_summary": "24060003 daimingyu@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com ### 联系人 ### 投资要点： * **专注综合海洋装备制造，聚焦主业盈利跃升。**中船防务是中国船舶集团旗下核心造船企业之一，于 1993..."
        },
        {
          "source_path": "sources/stock-research-report-公司点评报告-f3e4d2cad667.md",
          "chunk_id": "chunk:2c6506573b5e",
          "chunk_index": 3,
          "quote_summary": "加10.5个百分点；海工业务实现收入25.78亿元，同比下降53.88%，占总营收比重为11.17%，较去年同期减少10.97个百分点；修船、钢结构工程、机电产品及其他业务板块占总营收比重与去年基本持平。 **中船工业集团领衔央企混改，海军装备建设加速升级换代**。2016年，中国船舶工业集团被列为第一批央企混改试点..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "company:中国船舶",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 2
    },
    {
      "edge_id": "993fb0fefb70",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "company:600150",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "存在中国船舶优质资产整合预期，有望增厚公司资产与业务规模。",
      "confidence": 0.8,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-2510805f74af.md",
          "chunk_id": "chunk:6dabb7ddc6e9",
          "chunk_index": 8,
          "quote_summary": "存在中国船舶优质资产整合预期，有望增厚公司资产与业务规模。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "company:600150",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "48e5fa38104f",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "company:002025",
      "to_name": "航天电器",
      "relation": "same_group",
      "direction": "peer",
      "summary": "：公司发展历程 ```mermaid timeline title 公司发展历程 1995年 : 公司前身武汉电缆上市 1999年 : 航天一院成为公司大股东，置换获得北京遥测技术研究所、北京建华电子仪器厂部分净资产 2002年 : 置入航天时代旗下上海科学仪器厂、桂林航天电器公司、杭州电连接器厂、河南通达航天电器厂等资产 2004年 : 航天时代电子成为...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:a262e875cac8",
          "chunk_index": 0,
          "quote_summary": "：公司发展历程 ```mermaid timeline title 公司发展历程 1995年 : 公司前身武汉电缆上市 1999年 : 航天一院成为公司大股东，置换获得北京遥测技术研究所、北京建华电子仪器厂部分净资产 2002年 : 置入航天时代旗下上海科学仪器厂、桂林航天电器公司、杭州电连接器厂、河南通达航天电器厂..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "company:002025",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "88e2633999aa",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "company:603885",
      "to_name": "吉祥航空",
      "relation": "same_group",
      "direction": "peer",
      "summary": "资料来源：Wind，中银证券 我国主要航空上市公司机队规模未来 3 年净引进飞机增速均值为 4.76%。根据航空上市公司披露数据显示，2025-2027 年净引进飞机计划为：中国国航为 30、30、55 架，南方航空为 53、55、59 架，中国东航为 34、51、28 架，吉祥航空为 3、8、6 架，春秋航空 5、12、14 架；海航控股 2024-20...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-601111-sh-9bea4445b90e.md",
          "chunk_id": "chunk:fceecd35173c",
          "chunk_index": 0,
          "quote_summary": "资料来源：Wind，中银证券 我国主要航空上市公司机队规模未来 3 年净引进飞机增速均值为 4.76%。根据航空上市公司披露数据显示，2025-2027 年净引进飞机计划为：中国国航为 30、30、55 架，南方航空为 53、55、59 架，中国东航为 34、51、28 架，吉祥航空为 3、8、6 架，春秋航空 5、..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "company:603885",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "20fbb40fd64d",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "company:601816",
      "to_name": "京沪高铁",
      "relation": "same_group",
      "direction": "peer",
      "summary": "简介 公司专注于弹药武器装备的研制和生产，已掌握迫击炮弹、光电对抗弹药、单兵火箭等系列弹药武器装备及引信、子弹药、火工品的核心技术，数项产品被列入“国家高新工程”和我军重点武器装备序列。同时，公司积极发展与军品业务技术相近、工艺相通、资源共享类的民品业务，其预应力锚具已成功应用于京沪高铁、兰新铁路、杭州湾大桥、淮南煤矿井下支护等多项重点工程。此外，公司还利...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-fb27c26d2b3f.md",
          "chunk_id": "chunk:b238af36e13c",
          "chunk_index": 0,
          "quote_summary": "简介 公司专注于弹药武器装备的研制和生产，已掌握迫击炮弹、光电对抗弹药、单兵火箭等系列弹药武器装备及引信、子弹药、火工品的核心技术，数项产品被列入“国家高新工程”和我军重点武器装备序列。同时，公司积极发展与军品业务技术相近、工艺相通、资源共享类的民品业务，其预应力锚具已成功应用于京沪高铁、兰新铁路、杭州湾大桥、淮南煤..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "company:601816",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "bddab31bcb60",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "company:国盾量子",
      "to_name": "国盾量子",
      "relation": "same_group",
      "direction": "peer",
      "summary": "华发集团旗下企业 2024 年 03 月 14 日 公司研究●证券研究报告 # 国盾量子（688027.SH） # 公司快报 # 中电信量子集团入股，量子通信产业化验证提速 通信 | 通信终端及配件Ⅲ **投资评级**: 增持-B(首次) **股价(2024-03-13)**: 132.79 元 投资要点 ### 交易数据 **总市值（百万元）**: 10...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-cdbb867dba67.md",
          "chunk_id": "chunk:379fe59df654",
          "chunk_index": 0,
          "quote_summary": "华发集团旗下企业 2024 年 03 月 14 日 公司研究●证券研究报告 # 国盾量子（688027.SH） # 公司快报 # 中电信量子集团入股，量子通信产业化验证提速 通信 | 通信终端及配件Ⅲ **投资评级**: 增持-B(首次) **股价(2024-03-13)**: 132.79 元 投资要点 ### 交..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "company:国盾量子",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "0e3873d26edb",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "company:600150",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "产业投资基金、国家集成电路基金（二期）等，上述机构投资者累计持股 7%。其中，国家集成电路投资产业基金是由国家出资设立的基金,旨在支持我国集成电路行业的发展和技术进步。 #### 图2：公司股权结构（截至 2023 年 7 月） ```mermaid graph TD A[中国船舶集团<br/>（实际控制人）] -- 100% --> B[七一八所] B ...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-567a6aeef795.md",
          "chunk_id": "chunk:ebdfbbafad75",
          "chunk_index": 0,
          "quote_summary": "产业投资基金、国家集成电路基金（二期）等，上述机构投资者累计持股 7%。其中，国家集成电路投资产业基金是由国家出资设立的基金,旨在支持我国集成电路行业的发展和技术进步。 #### 图2：公司股权结构（截至 2023 年 7 月） ```mermaid graph TD A[中国船舶集团<br/>（实际控制人）] --..."
        },
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:273650261684",
          "chunk_index": 0,
          "quote_summary": "余种 | | 2023 | 公司在科创板上市，证券代码：688146.SH | 资料来源：公司招股说明书，公司官网，东海证券研究所 ## 1.2.股权结构稳定，新设上海子公司完善战略布局 截至 2023 年 10 月 20 日，公司前十大股东合计持有公司 87.03%的股权。中国船舶集团通过七一八所和中国船舶集团投资..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "company:600150",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 2
    },
    {
      "edge_id": "1c03e2e23f35",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "company:600150.SH",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "产业投资基金、国家集成电路基金（二期）等，上述机构投资者累计持股 7%。其中，国家集成电路投资产业基金是由国家出资设立的基金,旨在支持我国集成电路行业的发展和技术进步。 #### 图2：公司股权结构（截至 2023 年 7 月） ```mermaid graph TD A[中国船舶集团<br/>（实际控制人）] -- 100% --> B[七一八所] B ...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-567a6aeef795.md",
          "chunk_id": "chunk:ebdfbbafad75",
          "chunk_index": 0,
          "quote_summary": "产业投资基金、国家集成电路基金（二期）等，上述机构投资者累计持股 7%。其中，国家集成电路投资产业基金是由国家出资设立的基金,旨在支持我国集成电路行业的发展和技术进步。 #### 图2：公司股权结构（截至 2023 年 7 月） ```mermaid graph TD A[中国船舶集团<br/>（实际控制人）] --..."
        },
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:273650261684",
          "chunk_index": 0,
          "quote_summary": "余种 | | 2023 | 公司在科创板上市，证券代码：688146.SH | 资料来源：公司招股说明书，公司官网，东海证券研究所 ## 1.2.股权结构稳定，新设上海子公司完善战略布局 截至 2023 年 10 月 20 日，公司前十大股东合计持有公司 87.03%的股权。中国船舶集团通过七一八所和中国船舶集团投资..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "company:600150.SH",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 2
    },
    {
      "edge_id": "944b90f8d62f",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "company:中国船舶",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "产业投资基金、国家集成电路基金（二期）等，上述机构投资者累计持股 7%。其中，国家集成电路投资产业基金是由国家出资设立的基金,旨在支持我国集成电路行业的发展和技术进步。 #### 图2：公司股权结构（截至 2023 年 7 月） ```mermaid graph TD A[中国船舶集团<br/>（实际控制人）] -- 100% --> B[七一八所] B ...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-567a6aeef795.md",
          "chunk_id": "chunk:ebdfbbafad75",
          "chunk_index": 0,
          "quote_summary": "产业投资基金、国家集成电路基金（二期）等，上述机构投资者累计持股 7%。其中，国家集成电路投资产业基金是由国家出资设立的基金,旨在支持我国集成电路行业的发展和技术进步。 #### 图2：公司股权结构（截至 2023 年 7 月） ```mermaid graph TD A[中国船舶集团<br/>（实际控制人）] --..."
        },
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:273650261684",
          "chunk_index": 0,
          "quote_summary": "余种 | | 2023 | 公司在科创板上市，证券代码：688146.SH | 资料来源：公司招股说明书，公司官网，东海证券研究所 ## 1.2.股权结构稳定，新设上海子公司完善战略布局 截至 2023 年 10 月 20 日，公司前十大股东合计持有公司 87.03%的股权。中国船舶集团通过七一八所和中国船舶集团投资..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "company:中国船舶",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 2
    },
    {
      "edge_id": "6834d82b5288",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "company:600879",
      "to_name": "航天电子",
      "relation": "same_group",
      "direction": "peer",
      "summary": "---------------------------------------------------- | ---------------------- | | 中电科五十四所 | 1952 | 新中国成立的第一个电信技术研究所，主要从事军事通信、卫星导航定位、通信与信息对抗、航天电子信息系统与综合应用等前沿领域的技术研发、生产制造和系统集成 | 专用 ...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:2c8cdb02d665",
          "chunk_index": 6,
          "quote_summary": "---------------------------------------------------- | ---------------------- | | 中电科五十四所 | 1952 | 新中国成立的第一个电信技术研究所，主要从事军事通信、卫星导航定位、通信与信息对抗、航天电子信息系统与综合应用等前沿领域的..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "company:600879",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "5df095cb2cbd",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "company:300034",
      "to_name": "钢研高纳",
      "relation": "same_group",
      "direction": "peer",
      "summary": "高温合金、铝合金、钢等。钛合金主要用在发动机冷端部件，高温合金主要用在热端部件及压气机后面级温度较高的部分，两者价值量占比分别在 30%和 35%左右。 # 图 20：先进航空发动机中关键的热端承力部件（红色部分）为高温合金 资料来源：《航空发动机叶片关键制造技术研究》郑娟，钢研高纳招股说明书，国元证券研究所 全球商用航空发动机市场主要处于国外寡头企业的垄...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:1dc86bbdad25",
          "chunk_index": 0,
          "quote_summary": "高温合金、铝合金、钢等。钛合金主要用在发动机冷端部件，高温合金主要用在热端部件及压气机后面级温度较高的部分，两者价值量占比分别在 30%和 35%左右。 # 图 20：先进航空发动机中关键的热端承力部件（红色部分）为高温合金 资料来源：《航空发动机叶片关键制造技术研究》郑娟，钢研高纳招股说明书，国元证券研究所 全球商..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "company:300034",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "21dc8593d42d",
      "from": "company:中国动力",
      "from_name": "中国动力",
      "to": "company:600150",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "背靠全球最大造船集团中国船舶集团，船舶发动机订单确定性较高。",
      "confidence": 0.9,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:515f9b8ad22a",
          "chunk_index": 0,
          "quote_summary": "背靠全球最大造船集团中国船舶集团，船舶发动机订单确定性较高。"
        },
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:515f9b8ad22a",
          "chunk_index": 0,
          "quote_summary": "元，同比提升 60%-80%，业绩高增，主要系 1）船舶行业发展良好，柴油机板块销售规模扩大，订单大幅增长，且主要产品船用低速发动机的订单价格和毛利率增长，毛利较高的机型销售量同比增加；2）上半年公司船用机械销售规模有所扩大，且毛利率较高的产品订单增长，利润同比提升。 **背靠中国船舶集团+双燃料技术提升，看好公司接..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国动力",
      "target": "company:600150",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 2
    },
    {
      "edge_id": "75280366d084",
      "from": "company:中国动力",
      "from_name": "中国动力",
      "to": "company:600150.SH",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "元，同比提升 60%-80%，业绩高增，主要系 1）船舶行业发展良好，柴油机板块销售规模扩大，订单大幅增长，且主要产品船用低速发动机的订单价格和毛利率增长，毛利较高的机型销售量同比增加；2）上半年公司船用机械销售规模有所扩大，且毛利率较高的产品订单增长，利润同比提升。 **背靠中国船舶集团+双燃料技术提升，看好公司接单能力提升。**公司是全球船用低速柴油机...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:515f9b8ad22a",
          "chunk_index": 0,
          "quote_summary": "元，同比提升 60%-80%，业绩高增，主要系 1）船舶行业发展良好，柴油机板块销售规模扩大，订单大幅增长，且主要产品船用低速发动机的订单价格和毛利率增长，毛利较高的机型销售量同比增加；2）上半年公司船用机械销售规模有所扩大，且毛利率较高的产品订单增长，利润同比提升。 **背靠中国船舶集团+双燃料技术提升，看好公司接..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国动力",
      "target": "company:600150.SH",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "0e5d8a60b4dc",
      "from": "company:中国动力",
      "from_name": "中国动力",
      "to": "company:中国船舶",
      "to_name": "中国船舶",
      "relation": "same_group",
      "direction": "peer",
      "summary": "元，同比提升 60%-80%，业绩高增，主要系 1）船舶行业发展良好，柴油机板块销售规模扩大，订单大幅增长，且主要产品船用低速发动机的订单价格和毛利率增长，毛利较高的机型销售量同比增加；2）上半年公司船用机械销售规模有所扩大，且毛利率较高的产品订单增长，利润同比提升。 **背靠中国船舶集团+双燃料技术提升，看好公司接单能力提升。**公司是全球船用低速柴油机...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:515f9b8ad22a",
          "chunk_index": 0,
          "quote_summary": "元，同比提升 60%-80%，业绩高增，主要系 1）船舶行业发展良好，柴油机板块销售规模扩大，订单大幅增长，且主要产品船用低速发动机的订单价格和毛利率增长，毛利较高的机型销售量同比增加；2）上半年公司船用机械销售规模有所扩大，且毛利率较高的产品订单增长，利润同比提升。 **背靠中国船舶集团+双燃料技术提升，看好公司接..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国动力",
      "target": "company:中国船舶",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "61b8cc2d8090",
      "from": "company:国博电子",
      "from_name": "国博电子",
      "to": "company:688375",
      "to_name": "国博电子",
      "relation": "same_group",
      "direction": "peer",
      "summary": "增长。预计公司 2025-2027 年归母净利润 5.04/6.97 亿/9.88 亿元，同比+4%/+38%/+42%，对应 PE 为 81/59/41 倍，维持“买入”评级。 ## 风险提示 产能释放不及预期；下游装备需求及基站建设不及预期。 **相关报告：** 1. 《国博电子公司点评：Q2 环比大增，下游景气逐步复苏》，2025.8.29 2. 《...",
      "confidence": 0.74,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-硅基-gan-终端射频功放量产-打造第二增长曲线-9ff616181a9a.md",
          "chunk_id": "chunk:586c73b59395",
          "chunk_index": 1,
          "quote_summary": "增长。预计公司 2025-2027 年归母净利润 5.04/6.97 亿/9.88 亿元，同比+4%/+38%/+42%，对应 PE 为 81/59/41 倍，维持“买入”评级。 ## 风险提示 产能释放不及预期；下游装备需求及基站建设不及预期。 **相关报告：** 1. 《国博电子公司点评：Q2 环比大增，下游景气..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国博电子",
      "target": "company:688375",
      "label": "same_group",
      "category": "company",
      "group": "same_group",
      "evidence_count": 1
    },
    {
      "edge_id": "fda0a163eafc",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "company:600760",
      "to_name": "中航沈飞",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同为航空防务装备整机供应商，用于相对估值可比。",
      "confidence": 0.85,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:20558d6992ed",
          "chunk_index": 22,
          "quote_summary": "同为航空防务装备整机供应商，用于相对估值可比。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "company:600760",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "0cb1c88593fb",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "company:603308",
      "to_name": "应流股份",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "业务相近的可比公司，用于估值对比。",
      "confidence": 0.9,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-c0a2eca6c861.md",
          "chunk_id": "chunk:3bedfa98adee",
          "chunk_index": 4,
          "quote_summary": "业务相近的可比公司，用于估值对比。"
        },
        {
          "source_path": "sources/stock-research-report-机械设备-报告日期-2025-年-08-月-13-日-92ff84317c47.md",
          "chunk_id": "chunk:290ac5bc5877",
          "chunk_index": 5,
          "quote_summary": "作为可比公司进行估值对比。"
        },
        {
          "source_path": "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md",
          "chunk_id": "chunk:252b9d4fc3d8",
          "chunk_index": 9,
          "quote_summary": "同为核级材料及精密铸件领域可比公司。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "company:603308",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 3
    },
    {
      "edge_id": "0770da552379",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "company:紫光国微",
      "to_name": "紫光国微",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "# 紫光国微（002049） ## 2025 年中报点评：特种集成电路业务保持强劲增长，智能安全芯片市场竞争加剧 ### 买入（维持） **2025 年 08 月 20 日** **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S060",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-b06181fa6602.md",
          "chunk_id": "chunk:f9068a186118",
          "chunk_index": 0,
          "quote_summary": "# 紫光国微（002049） ## 2025 年中报点评：特种集成电路业务保持强劲增长，智能安全芯片市场竞争加剧 ### 买入（维持） **2025 年 08 月 20 日** **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "company:紫光国微",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "7b08436cdc72",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "company:600118",
      "to_name": "中国卫星",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "图 26： 数智生态产业融合发展，为数字化、智能化提速，全面赋能数字经济 20 图 27： 公司软件与信息服务业务 20 图 28： 军用卫星通信系统示意图，多种终端搭配组建通信网络 21 图 29： 公司卫星通信产品包括芯片、天线、射频模块、整机、系统总体 21 图 30： 中国卫星通信产业链格局，海格通信占据中游 22 图 31： 手机直连卫星 22 ...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md",
          "chunk_id": "chunk:246046ae42d0",
          "chunk_index": 0,
          "quote_summary": "图 26： 数智生态产业融合发展，为数字化、智能化提速，全面赋能数字经济 20 图 27： 公司软件与信息服务业务 20 图 28： 军用卫星通信系统示意图，多种终端搭配组建通信网络 21 图 29： 公司卫星通信产品包括芯片、天线、射频模块、整机、系统总体 21 图 30： 中国卫星通信产业链格局，海格通信占据中游..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "company:600118",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "5a2f1d506f76",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "company:600879",
      "to_name": "航天电子",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "图30：中国卫星通信产业链格局，海格通信占据中游 | 产业链环节<br/>上游 | 卫星制造/通信/国防<br/>卫星制造<br/>卫星制造企业：中国航天、中国卫星、长光卫星等 | 卫星发射/导航/交通<br/>卫星发射<br/>卫星发射：中国运载火箭技术研究院等控制系统：上海航天电子有限公司等 | 卫星地面设备/遥感/消防/运输<br/>卫星地面设备与网...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md",
          "chunk_id": "chunk:246046ae42d0",
          "chunk_index": 0,
          "quote_summary": "图30：中国卫星通信产业链格局，海格通信占据中游 | 产业链环节<br/>上游 | 卫星制造/通信/国防<br/>卫星制造<br/>卫星制造企业：中国航天、中国卫星、长光卫星等 | 卫星发射/导航/交通<br/>卫星发射<br/>卫星发射：中国运载火箭技术研究院等控制系统：上海航天电子有限公司等 | 卫星地面设备/遥..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "company:600879",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "8c7481e0bf7d",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "company:600115",
      "to_name": "中国东航",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "2024.3 | 2500 | 250 | 40 | 400 | 数据来源：CAAC，西南证券整理 ## 3.2 飞机引进速度放缓，供给增量收缩 在民航业高质量发展要求的指引下，“十四五”期间我国主要航司飞机引进速度放缓至 3%。2020-2022 年，中国国航、南方航空和中国东航机队规模复合增速分别为 2.53%、1.34% 和 2.25%；2022 年...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md",
          "chunk_id": "chunk:ca98f35a0aeb",
          "chunk_index": 0,
          "quote_summary": "2024.3 | 2500 | 250 | 40 | 400 | 数据来源：CAAC，西南证券整理 ## 3.2 飞机引进速度放缓，供给增量收缩 在民航业高质量发展要求的指引下，“十四五”期间我国主要航司飞机引进速度放缓至 3%。2020-2022 年，中国国航、南方航空和中国东航机队规模复合增速分别为 2.53%、..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "company:600115",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "546770e422e4",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "company:601021",
      "to_name": "春秋航空",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "73.7、91.6、101.4 亿元，归母净利润分别为 3.8、8.7、12.6 亿元，EPS 分别为 0.30、0.68、0.98 元，对应 PE 分别为 22、10、7 倍。 ## 5.2 相对估值 鉴于公司为民营航空公司，同时考虑公司运营模式以及市场定位，选取更为接近的春秋航空、吉祥航空作为对标，可比公司 24 年 PB 均值为 2.7 倍。我们给予...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md",
          "chunk_id": "chunk:ca98f35a0aeb",
          "chunk_index": 0,
          "quote_summary": "73.7、91.6、101.4 亿元，归母净利润分别为 3.8、8.7、12.6 亿元，EPS 分别为 0.30、0.68、0.98 元，对应 PE 分别为 22、10、7 倍。 ## 5.2 相对估值 鉴于公司为民营航空公司，同时考虑公司运营模式以及市场定位，选取更为接近的春秋航空、吉祥航空作为对标，可比公司 24..."
        },
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md",
          "chunk_id": "chunk:8991ff1c0189",
          "chunk_index": 0,
          "quote_summary": "--------------- | | 干线航司 | 全服务航司 | 东航、南航、国航、海航等 | 出行需求旺盛、客源充足的大型门户城市、全国性枢纽城市和部分区域枢纽城市、省会城市和省内经济发达城市 | 对价格相对不敏感的公商务出行旅客及自费出行旅客 | | | 低成本航司 | 春秋航空、九元航空等 | | 对价格较..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "company:601021",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 2
    },
    {
      "edge_id": "ab3c51684b75",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "company:601111",
      "to_name": "中国国航",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "| 1100 | | 2024.3 | 2500 | 250 | 40 | 400 | 数据来源：CAAC，西南证券整理 ## 3.2 飞机引进速度放缓，供给增量收缩 在民航业高质量发展要求的指引下，“十四五”期间我国主要航司飞机引进速度放缓至 3%。2020-2022 年，中国国航、南方航空和中国东航机队规模复合增速分别为 2.53%、1.34% 和 2...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md",
          "chunk_id": "chunk:ca98f35a0aeb",
          "chunk_index": 0,
          "quote_summary": "| 1100 | | 2024.3 | 2500 | 250 | 40 | 400 | 数据来源：CAAC，西南证券整理 ## 3.2 飞机引进速度放缓，供给增量收缩 在民航业高质量发展要求的指引下，“十四五”期间我国主要航司飞机引进速度放缓至 3%。2020-2022 年，中国国航、南方航空和中国东航机队规模复合增..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "company:601111",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "35f854b86c44",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "company:603885",
      "to_name": "吉祥航空",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "大多数中小城市 | 需求分散的中小城市、旅游城市 | 资料来源：公司年报，中银证券 ## 2.1 市场格局：支线航空为航空细分赛道，华夏航空具有先发优势 支线航空相比干线竞争压力较小。我国国航、东航、南航和海航四大航空集团占据了国内干线航空客货运输市场的较大份额，春秋航空、吉祥航空等区域性航空公司主要面向干线市场，在支线航空投入比例有限。由于支线航空的机型...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md",
          "chunk_id": "chunk:8991ff1c0189",
          "chunk_index": 0,
          "quote_summary": "大多数中小城市 | 需求分散的中小城市、旅游城市 | 资料来源：公司年报，中银证券 ## 2.1 市场格局：支线航空为航空细分赛道，华夏航空具有先发优势 支线航空相比干线竞争压力较小。我国国航、东航、南航和海航四大航空集团占据了国内干线航空客货运输市场的较大份额，春秋航空、吉祥航空等区域性航空公司主要面向干线市场，在..."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md",
          "chunk_id": "chunk:ca98f35a0aeb",
          "chunk_index": 0,
          "quote_summary": "91.6、101.4 亿元，归母净利润分别为 3.8、8.7、12.6 亿元，EPS 分别为 0.30、0.68、0.98 元，对应 PE 分别为 22、10、7 倍。 ## 5.2 相对估值 鉴于公司为民营航空公司，同时考虑公司运营模式以及市场定位，选取更为接近的春秋航空、吉祥航空作为对标，可比公司 24 年 PB..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "company:603885",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 2
    },
    {
      "edge_id": "c427a000c07f",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "company:600118",
      "to_name": "中国卫星",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "源极为急缺以及美国捷足先登的背景下，各国加快了对低轨卫星的部署工作。国际方面，Starlink 已规划 4.2 万颗，预计将独占大部分近地轨道，英国 Oneweb 同样申请了近 4.8 万颗卫星发射量，韩国三星、加拿大 Telesat 等公司也在进行低轨卫星的建设工作。国内方面，中国卫星网络集团已向 ITU 申请了“GW”星座计划，共计 12992 颗卫星...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md",
          "chunk_id": "chunk:9894d5a381a0",
          "chunk_index": 0,
          "quote_summary": "源极为急缺以及美国捷足先登的背景下，各国加快了对低轨卫星的部署工作。国际方面，Starlink 已规划 4.2 万颗，预计将独占大部分近地轨道，英国 Oneweb 同样申请了近 4.8 万颗卫星发射量，韩国三星、加拿大 Telesat 等公司也在进行低轨卫星的建设工作。国内方面，中国卫星网络集团已向 ITU 申请了“..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "company:600118",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "9c282484a403",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "company:688270",
      "to_name": "臻镭科技",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "作为可比公司进行估值对比，航天智装PE低于行业平均。",
      "confidence": 0.9,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md",
          "chunk_id": "chunk:6ecc2ad8a3c7",
          "chunk_index": 9,
          "quote_summary": "作为可比公司进行估值对比，航天智装PE低于行业平均。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "company:688270",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "648d66d0f7b2",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "company:002023",
      "to_name": "海特高新",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "业务结构相近的可比公司，主营航空维修。",
      "confidence": 0.8,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md",
          "chunk_id": "chunk:1e259aef9835",
          "chunk_index": 7,
          "quote_summary": "业务结构相近的可比公司，主营航空维修。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "company:002023",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "9856208c7544",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "company:300474",
      "to_name": "景嘉微",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "业务结构相近的可比公司，主营图形显控。",
      "confidence": 0.8,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md",
          "chunk_id": "chunk:1e259aef9835",
          "chunk_index": 7,
          "quote_summary": "业务结构相近的可比公司，主营图形显控。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "company:300474",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "02bb041397bc",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "company:600391",
      "to_name": "航发科技",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "力度，进一步扩大公司主营业务产品市场份额。 公司积极参与的航空领域“小核心、大协作”配套，拓展产品品类，加强与战略客户合作，致力于完善公司产业链布局，夯实核心竞争力。公司通过参股合作，绑定战略客户，完成维修、特种工艺处理、陶瓷基复合材料等新业务布局。2022 年公司参股沈阳华秦航发科技有限责任公司，该公司主要开展航空发动机零部件加工、制造、维修、特种工艺处...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md",
          "chunk_id": "chunk:ca0db37b5764",
          "chunk_index": 9,
          "quote_summary": "力度，进一步扩大公司主营业务产品市场份额。 公司积极参与的航空领域“小核心、大协作”配套，拓展产品品类，加强与战略客户合作，致力于完善公司产业链布局，夯实核心竞争力。公司通过参股合作，绑定战略客户，完成维修、特种工艺处理、陶瓷基复合材料等新业务布局。2022 年公司参股沈阳华秦航发科技有限责任公司，该公司主要开展航空..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "company:600391",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "15a203f610eb",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "company:600760",
      "to_name": "中航沈飞",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同为国内航空主机厂，成飞在军机出口价值量及人均创收指标上显著领先。",
      "confidence": 0.85,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:daf21e46a6ff",
          "chunk_index": 98,
          "quote_summary": "同为国内航空主机厂，成飞在军机出口价值量及人均创收指标上显著领先。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "company:600760",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "5a3263f95c06",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "company:601111",
      "to_name": "中国国航",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "作为三大航之一，在估值对比与行业供需格局中互为可比公司。",
      "confidence": 0.85,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md",
          "chunk_id": "chunk:92118e652f04",
          "chunk_index": 1,
          "quote_summary": "作为三大航之一，在估值对比与行业供需格局中互为可比公司。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "company:601111",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "2e76616e8532",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:600029",
      "to_name": "南方航空",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同为三大航之一，在客运量及货邮运输量市场份额上形成竞争格局。",
      "confidence": 0.9,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:10652eb4bb08",
          "chunk_index": 40,
          "quote_summary": "同为三大航之一，在客运量及货邮运输量市场份额上形成竞争格局。"
        },
        {
          "source_path": "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md",
          "chunk_id": "chunk:4ed35cb512c9",
          "chunk_index": 7,
          "quote_summary": "同为全国全服务航空公司，用于PE估值对标。"
        },
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-63275ea5abdf.md",
          "chunk_id": "chunk:c86b55026187",
          "chunk_index": 25,
          "quote_summary": "同为国内大型航司，用于远期PE估值对标，2027年PE均处于10-15倍区间。"
        },
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md",
          "chunk_id": "chunk:950e884b945d",
          "chunk_index": 25,
          "quote_summary": "同为三大航之一，用于远期PE估值对比。"
        },
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md",
          "chunk_id": "chunk:92118e652f04",
          "chunk_index": 1,
          "quote_summary": "作为三大航之一，在估值对比与行业供需格局中互为可比公司。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:600029",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 5
    },
    {
      "edge_id": "8658829405c9",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:601021",
      "to_name": "春秋航空",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "民营航司代表，用于远期PE估值对比。",
      "confidence": 0.9,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md",
          "chunk_id": "chunk:950e884b945d",
          "chunk_index": 25,
          "quote_summary": "民营航司代表，用于远期PE估值对比。"
        },
        {
          "source_path": "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md",
          "chunk_id": "chunk:4ed35cb512c9",
          "chunk_index": 7,
          "quote_summary": "国内低成本航空龙头，用于行业估值对比。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:601021",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 2
    },
    {
      "edge_id": "e462c91786b3",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:601111",
      "to_name": "中国国航",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同为三大航之一，用于远期PE估值对比。",
      "confidence": 0.9,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md",
          "chunk_id": "chunk:950e884b945d",
          "chunk_index": 25,
          "quote_summary": "同为三大航之一，用于远期PE估值对比。"
        },
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:10652eb4bb08",
          "chunk_index": 40,
          "quote_summary": "同为三大国有骨干航司，在运输总周转量及核心航线网络存在直接竞争。"
        },
        {
          "source_path": "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md",
          "chunk_id": "chunk:4ed35cb512c9",
          "chunk_index": 7,
          "quote_summary": "同为全国全服务航空公司，用于PE估值对标。"
        },
        {
          "source_path": "sources/stock-research-report-601111-sh-9bea4445b90e.md",
          "chunk_id": "chunk:c2937851a492",
          "chunk_index": 1,
          "quote_summary": "同为三大航龙头，2024年三大航运输总周转量合计占比达62.64%，干线市场竞争激烈。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:601111",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 4
    },
    {
      "edge_id": "9ed8b02e8678",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:603885",
      "to_name": "吉祥航空",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "民营航司代表，用于远期PE估值对比。",
      "confidence": 0.9,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md",
          "chunk_id": "chunk:950e884b945d",
          "chunk_index": 25,
          "quote_summary": "民营航司代表，用于远期PE估值对比。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:603885",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "3f9c5e14ddca",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "company:000519",
      "to_name": "中兵红箭",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同属兵器工业集团产业链，制导业务具有可比性，用于估值对标。",
      "confidence": 0.85,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:8d49c386036b",
          "chunk_index": 89,
          "quote_summary": "同属兵器工业集团产业链，制导业务具有可比性，用于估值对标。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "company:000519",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "a49c62fce485",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "company:600435",
      "to_name": "北方导航",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "导航控制与弹药信息化业务可比，用于估值对标。",
      "confidence": 0.85,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:8d49c386036b",
          "chunk_index": 89,
          "quote_summary": "导航控制与弹药信息化业务可比，用于估值对标。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "company:600435",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "c171dee3e46e",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "company:600004",
      "to_name": "白云机场",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "---- | -- | -- | -- | -- | -- | | 北京首都机场 | 49 | 16 | 14 | 10 | 11 | | 海口美兰机场 | 6 | 22 | 4 | 29 | 39 | | 深圳宝安机场 | 33 | 29 | 6 | 9 | 23 | | 广州白云机场 | 15 | 54 | 11 | 7 | 13 | | 西安咸阳机场...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md",
          "chunk_id": "chunk:fe5dd66c4f20",
          "chunk_index": 0,
          "quote_summary": "---- | -- | -- | -- | -- | -- | | 北京首都机场 | 49 | 16 | 14 | 10 | 11 | | 海口美兰机场 | 6 | 22 | 4 | 29 | 39 | | 深圳宝安机场 | 33 | 29 | 6 | 9 | 23 | | 广州白云机场 | 15 | 54 | 11..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "company:600004",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "3f7fad91ee7b",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "company:688543",
      "to_name": "国科军工",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同为弹药产业链上市公司，用于相对估值对比。北方导航在制导系统环节壁垒与市占率高于国科军工的动力部件。",
      "confidence": 0.85,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:a4ca6d1785ca",
          "chunk_index": 33,
          "quote_summary": "同为弹药产业链上市公司，用于相对估值对比。北方导航在制导系统环节壁垒与市占率高于国科军工的动力部件。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "company:688543",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "adfc9d18292d",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "company:600150",
      "to_name": "中国船舶",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同为造船产业链核心上市公司，在估值对比中作为可比公司参考。",
      "confidence": 0.85,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:7eb6dbf48474",
          "chunk_index": 46,
          "quote_summary": "同为造船产业链核心上市公司，在估值对比中作为可比公司参考。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:d52162c1637b",
          "chunk_index": 0,
          "quote_summary": "装备上市平台，业绩加速释放 ## 1.1. 中国动力：中船集团旗下核心动力装备上市平台 **中国动力为中船集团旗下核心动力装备上市公司。**中国动力前身为风帆股份有限公司，成立于 2000 年，主营铅酸蓄电池生产，2004 年于上交所上市。2015 年公司启动重大资产重组，向中国船舶重工集团等收购包括燃气动力、柴油动..."
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:dc6f88dff146",
          "chunk_index": 6,
          "quote_summary": "设立柴油机公司，有效整合低速机企业资源，提升整体竞争力，打造低速机服务体系，扩大低速柴油机产能。2018 年以支付现金方式完成对陕柴重工、重齿公司的收购，增资。 2022 年为进一步规范柴油机动力业务同业竞争，子公司中船柴油机以股权及现金作为对价收购中船工业集团、中船重工集团、中国船舶及中国动力各自持有的柴油机动力业..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "company:600150",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 3
    },
    {
      "edge_id": "16ef6a52f128",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "company:600150",
      "to_name": "中国船舶",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同为国内造船行业核心上市公司，在估值与业务结构上具有可比性。",
      "confidence": 0.85,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md",
          "chunk_id": "chunk:98356b0f3673",
          "chunk_index": 48,
          "quote_summary": "同为国内造船行业核心上市公司，在估值与业务结构上具有可比性。"
        },
        {
          "source_path": "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md",
          "chunk_id": "chunk:123b38133bf7",
          "chunk_index": 0,
          "quote_summary": "3 年第三季度报告。2023 年第三季度，公司实现营业收入 37.9 亿元，同比上涨 25.2%，前三季度共实现营业收入 97.7 亿元，较上年同期同比增长 33.9%；第三季度实现归属于母公司的净利润 0.1 亿元，前三季度共实现归母净利润 0.2 亿元。 * **中船防务是中国船舶集团有限公司属下的大型造船骨干企..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "company:600150",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 2
    },
    {
      "edge_id": "99cabc5e9133",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "company:600150.SH",
      "to_name": "中国船舶",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "3 年第三季度报告。2023 年第三季度，公司实现营业收入 37.9 亿元，同比上涨 25.2%，前三季度共实现营业收入 97.7 亿元，较上年同期同比增长 33.9%；第三季度实现归属于母公司的净利润 0.1 亿元，前三季度共实现归母净利润 0.2 亿元。 * **中船防务是中国船舶集团有限公司属下的大型造船骨干企业之一，其前身是广州广船国际股份有限公司...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md",
          "chunk_id": "chunk:123b38133bf7",
          "chunk_index": 0,
          "quote_summary": "3 年第三季度报告。2023 年第三季度，公司实现营业收入 37.9 亿元，同比上涨 25.2%，前三季度共实现营业收入 97.7 亿元，较上年同期同比增长 33.9%；第三季度实现归属于母公司的净利润 0.1 亿元，前三季度共实现归母净利润 0.2 亿元。 * **中船防务是中国船舶集团有限公司属下的大型造船骨干企..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "company:600150.SH",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "9cdf00e26149",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "company:中国船舶",
      "to_name": "中国船舶",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "3 年第三季度报告。2023 年第三季度，公司实现营业收入 37.9 亿元，同比上涨 25.2%，前三季度共实现营业收入 97.7 亿元，较上年同期同比增长 33.9%；第三季度实现归属于母公司的净利润 0.1 亿元，前三季度共实现归母净利润 0.2 亿元。 * **中船防务是中国船舶集团有限公司属下的大型造船骨干企业之一，其前身是广州广船国际股份有限公司...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md",
          "chunk_id": "chunk:123b38133bf7",
          "chunk_index": 0,
          "quote_summary": "3 年第三季度报告。2023 年第三季度，公司实现营业收入 37.9 亿元，同比上涨 25.2%，前三季度共实现营业收入 97.7 亿元，较上年同期同比增长 33.9%；第三季度实现归属于母公司的净利润 0.1 亿元，前三季度共实现归母净利润 0.2 亿元。 * **中船防务是中国船舶集团有限公司属下的大型造船骨干企..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "company:中国船舶",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "b61838788bad",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "company:600150",
      "to_name": "中国船舶",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "，我们下调先前的预测，预计公司 2025-2026 年归母净利润预测值分别为 2.95/3.67 亿元，前值 4.37/5.36 亿元，新增 2027 年预测 4.63 亿元，对应 PE 分别为 67/54/43 倍，考虑到公司水声电子防务及特装产品受益于我国海军信息化建设，以及中国船舶优质资产整合预期，维持“增持”评级。 * **风险提示：**1）行业竞...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-2510805f74af.md",
          "chunk_id": "chunk:5abbb1ae9d18",
          "chunk_index": 9,
          "quote_summary": "，我们下调先前的预测，预计公司 2025-2026 年归母净利润预测值分别为 2.95/3.67 亿元，前值 4.37/5.36 亿元，新增 2027 年预测 4.63 亿元，对应 PE 分别为 67/54/43 倍，考虑到公司水声电子防务及特装产品受益于我国海军信息化建设，以及中国船舶优质资产整合预期，维持“增持”..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "company:600150",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "da9257df2df3",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "company:600150.SH",
      "to_name": "中国船舶",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "，我们下调先前的预测，预计公司 2025-2026 年归母净利润预测值分别为 2.95/3.67 亿元，前值 4.37/5.36 亿元，新增 2027 年预测 4.63 亿元，对应 PE 分别为 67/54/43 倍，考虑到公司水声电子防务及特装产品受益于我国海军信息化建设，以及中国船舶优质资产整合预期，维持“增持”评级。 * **风险提示：**1）行业竞...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-2510805f74af.md",
          "chunk_id": "chunk:5abbb1ae9d18",
          "chunk_index": 9,
          "quote_summary": "，我们下调先前的预测，预计公司 2025-2026 年归母净利润预测值分别为 2.95/3.67 亿元，前值 4.37/5.36 亿元，新增 2027 年预测 4.63 亿元，对应 PE 分别为 67/54/43 倍，考虑到公司水声电子防务及特装产品受益于我国海军信息化建设，以及中国船舶优质资产整合预期，维持“增持”..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "company:600150.SH",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "ab380dc7a37a",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "company:中国船舶",
      "to_name": "中国船舶",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "，我们下调先前的预测，预计公司 2025-2026 年归母净利润预测值分别为 2.95/3.67 亿元，前值 4.37/5.36 亿元，新增 2027 年预测 4.63 亿元，对应 PE 分别为 67/54/43 倍，考虑到公司水声电子防务及特装产品受益于我国海军信息化建设，以及中国船舶优质资产整合预期，维持“增持”评级。 * **风险提示：**1）行业竞...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-2510805f74af.md",
          "chunk_id": "chunk:5abbb1ae9d18",
          "chunk_index": 9,
          "quote_summary": "，我们下调先前的预测，预计公司 2025-2026 年归母净利润预测值分别为 2.95/3.67 亿元，前值 4.37/5.36 亿元，新增 2027 年预测 4.63 亿元，对应 PE 分别为 67/54/43 倍，考虑到公司水声电子防务及特装产品受益于我国海军信息化建设，以及中国船舶优质资产整合预期，维持“增持”..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "company:中国船舶",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "346043d7ef25",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "company:600009",
      "to_name": "上海机场",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "货站和浦东东区货站 5 个货站。其中，公司在上海浦东机场的主要竞争对手为上海浦东国际机场货运站有限公司（“PACTL”），双方按货站操作量计算的市场占有率各为 50%左右，呈现平分秋色的市场竞争格局。 上海虹桥机场：公司拥有虹桥西区货站和虹桥东区货站 2 个货站，主要竞争对手为上海机场浦虹国际物流有限公司，公司在上海虹桥机场按货站操作量计算的市场占有率处于...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md",
          "chunk_id": "chunk:8ae46138bd2a",
          "chunk_index": 0,
          "quote_summary": "货站和浦东东区货站 5 个货站。其中，公司在上海浦东机场的主要竞争对手为上海浦东国际机场货运站有限公司（“PACTL”），双方按货站操作量计算的市场占有率各为 50%左右，呈现平分秋色的市场竞争格局。 上海虹桥机场：公司拥有虹桥西区货站和虹桥东区货站 2 个货站，主要竞争对手为上海机场浦虹国际物流有限公司，公司在上海..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "company:600009",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "49011fd65b93",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "company:601816",
      "to_name": "京沪高铁",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "大宗物资涨价影响，原材料成本大幅上升所致。公司孙公司金星预应力积极参与市场竞争，承接的合同项目遍布全 30 多个省、直辖市和自治区，与中国中铁股份有限公司和中国铁建股份有限公司等国内大型工程建设单位建立了良好的合作关系，积累了较好的客户资源，抗风险能力较强。其产品在雄安新区建设、京沪高铁、兰新铁路、沪昆铁路、北京大兴机场、港珠澳大桥等多个国家重点工程中应用...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md",
          "chunk_id": "chunk:ef412679b3f4",
          "chunk_index": 9,
          "quote_summary": "大宗物资涨价影响，原材料成本大幅上升所致。公司孙公司金星预应力积极参与市场竞争，承接的合同项目遍布全 30 多个省、直辖市和自治区，与中国中铁股份有限公司和中国铁建股份有限公司等国内大型工程建设单位建立了良好的合作关系，积累了较好的客户资源，抗风险能力较强。其产品在雄安新区建设、京沪高铁、兰新铁路、沪昆铁路、北京大兴..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "company:601816",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "255702d92d94",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "company:002465",
      "to_name": "海格通信",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "海格通信在短波通信电台领域占优，七一二主营超短波及窄带业务，两者在军用通信市场存在差异化竞争。",
      "confidence": 0.85,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md",
          "chunk_id": "chunk:5d90c59757bd",
          "chunk_index": 8,
          "quote_summary": "海格通信在短波通信电台领域占优，七一二主营超短波及窄带业务，两者在军用通信市场存在差异化竞争。"
        },
        {
          "source_path": "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md",
          "chunk_id": "chunk:7597058c43b8",
          "chunk_index": 64,
          "quote_summary": "军用通信领域可比公司，用于相对估值测算。"
        },
        {
          "source_path": "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md",
          "chunk_id": "chunk:5d90c59757bd",
          "chunk_index": 8,
          "quote_summary": "，公司在航空超短波领域竞争力强** 军用专网通信领域：军用专网通信行业对军工资质以及产品技术有一定的要求，对新进入者形成了较高的资质和技术壁垒，因而市场参与者不多，市场竞争程度也较低。目前主要的市场参与者有七一二、 [七一二（603712）公司点评报告] 中电科 10 所、海格通信、烽火电子、中原电子和上海瀚讯。**..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "company:002465",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 3
    },
    {
      "edge_id": "97eda9431719",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "company:600879",
      "to_name": "航天电子",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "场参与者不多，市场竞争程度也较低。目前主要的市场参与者有七一二、 [七一二（603712）公司点评报告] 中电科 10 所、海格通信、烽火电子、中原电子和上海瀚讯。**竞争格局上**，公司产品包括超短波通信设备和航空抗干扰通信设备等，竞争对手中电科 10 所主要从事航空电子、航天电子、通信、侦察对抗、识别、雷达等领域电子系统工程及设备的研制和生产，各专业领...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md",
          "chunk_id": "chunk:5d90c59757bd",
          "chunk_index": 8,
          "quote_summary": "场参与者不多，市场竞争程度也较低。目前主要的市场参与者有七一二、 [七一二（603712）公司点评报告] 中电科 10 所、海格通信、烽火电子、中原电子和上海瀚讯。**竞争格局上**，公司产品包括超短波通信设备和航空抗干扰通信设备等，竞争对手中电科 10 所主要从事航空电子、航天电子、通信、侦察对抗、识别、雷达等领域..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "company:600879",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "84377b566d55",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "company:002149",
      "to_name": "西部材料",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同为军用钛合金/高温合金核心供应商，作为可比公司进行估值对比。",
      "confidence": 0.95,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:9c5d4da4fbfb",
          "chunk_index": 6,
          "quote_summary": "同为军用钛合金/高温合金核心供应商，作为可比公司进行估值对比。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "company:002149",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "4c497af4b2a9",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "company:300034",
      "to_name": "钢研高纳",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同属高端金属材料及航空发动机材料领域，用于PE估值横向对比。",
      "confidence": 0.9,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:55093b32ec36",
          "chunk_index": 34,
          "quote_summary": "同属高端金属材料及航空发动机材料领域，用于PE估值横向对比。"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md",
          "chunk_id": "chunk:16859c43297b",
          "chunk_index": 8,
          "quote_summary": "同为高温合金及新材料领域可比公司，用于相对估值参考。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "company:300034",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 2
    },
    {
      "edge_id": "0f81456d093b",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "company:300855",
      "to_name": "图南股份",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同为军用钛合金/高温合金核心供应商，作为可比公司进行估值对比。",
      "confidence": 0.95,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:9c5d4da4fbfb",
          "chunk_index": 6,
          "quote_summary": "同为军用钛合金/高温合金核心供应商，作为可比公司进行估值对比。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "company:300855",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "0ddfb0889459",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "company:688563",
      "to_name": "航材股份",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同为军用钛合金/高温合金核心供应商，作为可比公司进行估值对比。",
      "confidence": 0.95,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:9c5d4da4fbfb",
          "chunk_index": 6,
          "quote_summary": "同为军用钛合金/高温合金核心供应商，作为可比公司进行估值对比。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "company:688563",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "eabf591541d4",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "company:300034",
      "to_name": "钢研高纳",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同为国内高温合金主要生产企业，在铸造及变形高温合金领域存在竞争。",
      "confidence": 0.85,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:beea899ce0ad",
          "chunk_index": 16,
          "quote_summary": "同为国内高温合金主要生产企业，在铸造及变形高温合金领域存在竞争。"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md",
          "chunk_id": "chunk:55fc88c638fd",
          "chunk_index": 26,
          "quote_summary": "同属国内高温合金行业，存在差异化竞争与竞合关系。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "company:300034",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 2
    },
    {
      "edge_id": "68a0830d9cd5",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "company:300855",
      "to_name": "图南股份",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同为国内少数能同时批量化生产变形及铸造高温合金的企业，业务结构相似。",
      "confidence": 0.85,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:beea899ce0ad",
          "chunk_index": 16,
          "quote_summary": "同为国内少数能同时批量化生产变形及铸造高温合金的企业，业务结构相似。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "company:300855",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "df5651d22961",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "company:603308",
      "to_name": "应流股份",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "检测技术方面，公司建立的高温合金标准化检测体系，涵盖了从原辅材料、生产过程、成品全过程的检测与检验，并得到了CNAS（中国合格评定国家认可委员会）的认可，通过了NADCAP（国家航空航天和国防合同方授信项目）的认证；客户资源方面，公司的航空级高温合金已进入中国航发商发、万泽股份、应流股份、东方汽轮机和江苏永瀚等下游知名客户的供应商体系，上下游稳定的合作关系...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md",
          "chunk_id": "chunk:284df31729b3",
          "chunk_index": 0,
          "quote_summary": "检测技术方面，公司建立的高温合金标准化检测体系，涵盖了从原辅材料、生产过程、成品全过程的检测与检验，并得到了CNAS（中国合格评定国家认可委员会）的认可，通过了NADCAP（国家航空航天和国防合同方授信项目）的认证；客户资源方面，公司的航空级高温合金已进入中国航发商发、万泽股份、应流股份、东方汽轮机和江苏永瀚等下游知..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "company:603308",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "c4393b3f374a",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "company:002023",
      "to_name": "海特高新",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同属机载设备维修领域可比上市公司。",
      "confidence": 0.85,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md",
          "chunk_id": "chunk:6f63851f25ad",
          "chunk_index": 18,
          "quote_summary": "同属机载设备维修领域可比上市公司。"
        },
        {
          "source_path": "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md",
          "chunk_id": "chunk:e920b2dbcffb",
          "chunk_index": 2,
          "quote_summary": "到 70%以上，使得公司的毛利率优势显著。 35%到 40%左右，而公司旋转溅射靶材正常溅射利用率可达到 70%以上，使得公司的毛利率优势显著。 * 同行业上市公司对比：超卓航科的可比上市公司选取靶材领域的江丰电子、阿石创，航空紧固件领域的爱乐达、迈信林，以及机载设备维修领域的海特高新、安达维尔。从可比公司情况来看，..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "company:002023",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 2
    },
    {
      "edge_id": "5ec98d7ef972",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "company:300719",
      "to_name": "安达维尔",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同属机载设备维修领域可比上市公司。",
      "confidence": 0.85,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md",
          "chunk_id": "chunk:6f63851f25ad",
          "chunk_index": 18,
          "quote_summary": "同属机载设备维修领域可比上市公司。"
        },
        {
          "source_path": "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md",
          "chunk_id": "chunk:e920b2dbcffb",
          "chunk_index": 2,
          "quote_summary": "以上，使得公司的毛利率优势显著。 35%到 40%左右，而公司旋转溅射靶材正常溅射利用率可达到 70%以上，使得公司的毛利率优势显著。 * 同行业上市公司对比：超卓航科的可比上市公司选取靶材领域的江丰电子、阿石创，航空紧固件领域的爱乐达、迈信林，以及机载设备维修领域的海特高新、安达维尔。从可比公司情况来看，平均收入规..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "company:300719",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 2
    },
    {
      "edge_id": "e1758df429e7",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "company:688685",
      "to_name": "迈信林",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "旋转溅射靶材正常溅射利用率可达到 70%以上，使得公司的毛利率优势显著。 35%到 40%左右，而公司旋转溅射靶材正常溅射利用率可达到 70%以上，使得公司的毛利率优势显著。 * 同行业上市公司对比：超卓航科的可比上市公司选取靶材领域的江丰电子、阿石创，航空紧固件领域的爱乐达、迈信林，以及机载设备维修领域的海特高新、安达维尔。从可比公司情况来看，平均收入规...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md",
          "chunk_id": "chunk:e920b2dbcffb",
          "chunk_index": 2,
          "quote_summary": "旋转溅射靶材正常溅射利用率可达到 70%以上，使得公司的毛利率优势显著。 35%到 40%左右，而公司旋转溅射靶材正常溅射利用率可达到 70%以上，使得公司的毛利率优势显著。 * 同行业上市公司对比：超卓航科的可比上市公司选取靶材领域的江丰电子、阿石创，航空紧固件领域的爱乐达、迈信林，以及机载设备维修领域的海特高新、..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "company:688685",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "58fa7ae21481",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "company:002389",
      "to_name": "航天彩虹",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同为无人机系统领域上市公司，业务相近，作为估值可比公司。",
      "confidence": 0.9,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md",
          "chunk_id": "chunk:ac99ffb5ba8f",
          "chunk_index": 61,
          "quote_summary": "同为无人机系统领域上市公司，业务相近，作为估值可比公司。"
        },
        {
          "source_path": "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md",
          "chunk_id": "chunk:8a4af4a90e47",
          "chunk_index": 62,
          "quote_summary": "同为无人机装备代表性供应商，用于相对估值对比。"
        },
        {
          "source_path": "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md",
          "chunk_id": "chunk:c2e917eb5b7d",
          "chunk_index": 2,
          "quote_summary": "2023/07/05 2. 中无人机（688297.SH）首次覆盖报告：无人机系列#1：“大国之翼”，我国稀缺无人机系统龙头-2022/07/03 3. 纵横股份（688070.SH）首次覆盖报告：无人机系列#2：“大鹏纵横”，我国工业级无人机领军者-2022/07/22 4. 航天彩虹（002389.SZ）首次覆盖..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "company:002389",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 3
    },
    {
      "edge_id": "1c8ca0941223",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "company:688297",
      "to_name": "中无人机",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同为大型无人机系统龙头，业务相近，作为估值可比公司。",
      "confidence": 0.9,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md",
          "chunk_id": "chunk:ac99ffb5ba8f",
          "chunk_index": 61,
          "quote_summary": "同为大型无人机系统龙头，业务相近，作为估值可比公司。"
        },
        {
          "source_path": "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md",
          "chunk_id": "chunk:8a4af4a90e47",
          "chunk_index": 62,
          "quote_summary": "同为无人机装备代表性供应商，用于相对估值对比。"
        },
        {
          "source_path": "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md",
          "chunk_id": "chunk:c2e917eb5b7d",
          "chunk_index": 2,
          "quote_summary": "023~2025 年 PE 为 37x/27x/20x。我们考虑到公司下游需求较好以及公司在无人机禁毒领域的较强竞争力，首次覆盖，给予“推荐”评级。 ### 相关研究 1. 国防军工行业点评：无人驾驶航空器飞行管理暂行条例出台，板块或迎重要发展机遇-2023/07/05 2. 中无人机（688297.SH）首次覆盖报..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "company:688297",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 3
    },
    {
      "edge_id": "067967ab1d3c",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "company:002413",
      "to_name": "雷科防务",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "同业竞争者，主要在卫星导航组件、接收机等领域参与比选竞争。",
      "confidence": 0.85,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:c4be3d4b8a64",
          "chunk_index": 42,
          "quote_summary": "同业竞争者，主要在卫星导航组件、接收机等领域参与比选竞争。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "company:002413",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "ee4828e79da6",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "company:002465",
      "to_name": "海格通信",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "端设备制造和卫星运营服务 | 抗干扰接收机 | | 中电科二十所 | 1961 | 又名西安导航技术研究所，主要从事无线电导航、卫星导航、数据通信和信息协同等领域应用技术研究、产品研发与生产、电子信息系统工程设计与系统集成等业务 | 十五通道射频组件、卫通卫导一体化天线 | | 海格通信 | 2000 | 主要从事军事通信设备和导航设备的研发、生产和销售 ...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:70f380128919",
          "chunk_index": 0,
          "quote_summary": "端设备制造和卫星运营服务 | 抗干扰接收机 | | 中电科二十所 | 1961 | 又名西安导航技术研究所，主要从事无线电导航、卫星导航、数据通信和信息协同等领域应用技术研究、产品研发与生产、电子信息系统工程设计与系统集成等业务 | 十五通道射频组件、卫通卫导一体化天线 | | 海格通信 | 2000 | 主要从事军..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "company:002465",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "f9e8e98177cf",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "company:301050",
      "to_name": "雷电微力",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "X 频段存在少量交叉。其他单位如二十四所、重庆声光电等侧重硅基模拟芯片，整机研究所（如十所、十四所）自产组件仅用于内部整机，不对外销售。中国电科已明确将国博电子作为 T/R 组件对外市场化销售的核心上市平台，有效实现体系内业务协同与竞争隔离。此外，市场化竞争对手亦呈现差异化特征：雷电微力专注于毫米波有源相控阵微系统，侧重系统级集成；天箭科技则以高波段大功率...",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md",
          "chunk_id": "chunk:3c3f06a90a7f",
          "chunk_index": 0,
          "quote_summary": "X 频段存在少量交叉。其他单位如二十四所、重庆声光电等侧重硅基模拟芯片，整机研究所（如十所、十四所）自产组件仅用于内部整机，不对外销售。中国电科已明确将国博电子作为 T/R 组件对外市场化销售的核心上市平台，有效实现体系内业务协同与竞争隔离。此外，市场化竞争对手亦呈现差异化特征：雷电微力专注于毫米波有源相控阵微系统，..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "company:301050",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "6dcf7d700117",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "company:600150",
      "to_name": "中国船舶",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "年 7 月份以来首次实现月度环比提升。此外，从订单量上看，25 年 12 月全球新接订单 2488.5 万 DWT，中国新接订单 2153.3 万 DWT，新接订单全球份额达 86.5%，环比 11 月提升 20.1pcts，中国造船竞争力提升。 **相关报告：** 1. 《中国船舶公司点评：“南北船”合并收官，全球龙头扬帆起航》，2025.9.18 2....",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-25年业绩高增-看好未来利润率持续提升-6e558bff8638.md",
          "chunk_id": "chunk:5ab8c28090d8",
          "chunk_index": 0,
          "quote_summary": "年 7 月份以来首次实现月度环比提升。此外，从订单量上看，25 年 12 月全球新接订单 2488.5 万 DWT，中国新接订单 2153.3 万 DWT，新接订单全球份额达 86.5%，环比 11 月提升 20.1pcts，中国造船竞争力提升。 **相关报告：** 1. 《中国船舶公司点评：“南北船”合并收官，全球..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "company:600150",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "c67b3e6c55e7",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "company:600150.SH",
      "to_name": "中国船舶",
      "relation": "competitor_of",
      "direction": "peer",
      "summary": "年 7 月份以来首次实现月度环比提升。此外，从订单量上看，25 年 12 月全球新接订单 2488.5 万 DWT，中国新接订单 2153.3 万 DWT，新接订单全球份额达 86.5%，环比 11 月提升 20.1pcts，中国造船竞争力提升。 **相关报告：** 1. 《中国船舶公司点评：“南北船”合并收官，全球龙头扬帆起航》，2025.9.18 2....",
      "confidence": 0.72,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-25年业绩高增-看好未来利润率持续提升-6e558bff8638.md",
          "chunk_id": "chunk:5ab8c28090d8",
          "chunk_index": 0,
          "quote_summary": "年 7 月份以来首次实现月度环比提升。此外，从订单量上看，25 年 12 月全球新接订单 2488.5 万 DWT，中国新接订单 2153.3 万 DWT，新接订单全球份额达 86.5%，环比 11 月提升 20.1pcts，中国造船竞争力提升。 **相关报告：** 1. 《中国船舶公司点评：“南北船”合并收官，全球..."
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "company:600150.SH",
      "label": "competitor_of",
      "category": "company",
      "group": "competitor_of",
      "evidence_count": 1
    },
    {
      "edge_id": "b1e76b6eb2da",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "company:振华科技",
      "to_name": "振华科技",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# 振华科技（000733.SZ）2025 年三季报点评 ## 前三季度业绩逐季增长；资产重组实现产业协同发展 2025 年 10 月 25 日 ➢ **事件**：10 月 24 日，公司发布 2025 年三季报，1~3Q25 实现营收 39.26 亿元，YOY +4.98%；归母净利润 6.23 亿元，YOY -3.31%。毛",
      "confidence": 0.66,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-2025-年三季报点评-050f1c3d9de0.md",
          "chunk_id": "chunk:6336dbb6f9eb",
          "chunk_index": 0,
          "quote_summary": "# 振华科技（000733.SZ）2025 年三季报点评 ## 前三季度业绩逐季增长；资产重组实现产业协同发展 2025 年 10 月 25 日 ➢ **事件**：10 月 24 日，公司发布 2025 年三季报，1~3Q25 实现营收 39.26 亿元，YOY +4.98%；归母净利润 6.23 亿元，YOY -3..."
        },
        {
          "source_path": "sources/stock-research-report-振华科技-000733-a8200142e6ad.md",
          "chunk_id": "chunk:24cfd190f353",
          "chunk_index": 0,
          "quote_summary": "# 振华科技（000733） # 2024 年报点评：国防预算结构性倾斜，有望注入长期增长动能 2025 年 04 月 24 日 ### 买入（维持） **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S0600523060002..."
        },
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-2024-年年报及-2025-年一季报点评-7e1d52d5837b.md",
          "chunk_id": "chunk:2f14b603cbab",
          "chunk_index": 0,
          "quote_summary": "# 振华科技（000733.SZ）2024 年年报及 2025 年一季报点评 ## 短期业绩承压；有望触底反弹 2025 年 04 月 24 日 **推荐** **维持评级** **当前价格：** **54.23 元** ➢ **事件：** 4 月 23 日，公司发布 2024 年年报，全年实现营收 52.2 亿元，..."
        },
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-fd745e89d727.md",
          "chunk_id": "chunk:ee38a7980bf7",
          "chunk_index": 0,
          "quote_summary": "# 振华科技（000733.SZ） # 买入（维持评级） 公司点评 证券研究报告 # 业绩压力充分释放，看好今年迎来拐点 **军工组** ## 业绩简评 **分析师**：杨晨（执业 S1130522060001） yangchen@gjzq.com.cn 2025 年 4 月 23 日，公司发布 24 年年报和 2"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md",
          "chunk_id": "chunk:40edee692ad3",
          "chunk_index": 0,
          "quote_summary": "2025年04月29日 证券研究报告|公司研究|军工公司点评 # 振华科技 (000733) # 24年年报及25Q1点评：业绩短期承压，新兴战略行业挖掘新增量 **投资评级**: 买入 **维持评级** **2025年04月28日** **收盘价（元)**: 52.70 **目标价（元)**: 63.00 ## 报..."
        },
        {
          "source_path": "sources/stock-research-report-振华科技-000733-46db8c9f6bba.md",
          "chunk_id": "chunk:3fedac8a1a64",
          "chunk_index": 0,
          "quote_summary": "# 振华科技（000733） # 2025 年中报点评：聚焦电子元器件生态链建设，为高端市场拓展奠基 2025 年 08 月 25 日 ### 买入（维持） **证券分析师**: 苏立赞 **执业证书**: S0600521110001 sulz@dwzq.com.cn **证券分析师**: 许牧 **执业证书**:..."
        },
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md",
          "chunk_id": "chunk:aaf0bd39b72e",
          "chunk_index": 0,
          "quote_summary": "# 振华科技（000733.SZ） # 买入（维持评级） 公司点评 证券研究报告 # Q2业绩呈现环比改善，下半年有望持续好转 **军工组** **分析师**：杨晨(执业S1130522060001) yangchen@gjzq.com.cn **联系人**：冯茗馨 fengmingxin@gjzq.com.cn **"
        },
        {
          "source_path": "sources/stock-research-report-振华科技-000733-83b334bf0b0f.md",
          "chunk_id": "chunk:1e2726415d3d",
          "chunk_index": 0,
          "quote_summary": "# 振华科技（000733） ## 2025 年三季报点评：军品高端元器件升级放量、民品底部磨底蓄力 ### 买入（维持） **2025 年 10 月 28 日** **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S060052..."
        },
        {
          "source_path": "sources/stock-research-report-发布时间-2025-04-30-c34d965da472.md",
          "chunk_id": "chunk:8b4174b0ed53",
          "chunk_index": 0,
          "quote_summary": "发布时间：2025-04-30 股票投资评级 # 振华科技(000733) ## 买入|维持 ## 业绩短期承压，前瞻性指标向好 个股表现 ### ⚫ 事件 | 日期 | 振华科技 | 国防军工 | | ------- | ---- | ---- | | 2024-04 | 0 | 0 | | 2024-07 | -..."
        },
        {
          "source_path": "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md",
          "chunk_id": "chunk:3802d77f376c",
          "chunk_index": 0,
          "quote_summary": "司披露三季报，前三季度实现营收 39.3 亿元，同比+5.0%；实现归母净利润 6.2 亿元，同比-3.3%。其中，Q3 实现营收 15.16 亿元，同比+15.8%，环比+1.0%；实现归母净利润 3.1 亿元，同比+38.7%。环比+22.8%。 **相关报告：** 1.《振华科技公司点评：Q2业绩呈现环比改善，..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "company:振华科技",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 10
    },
    {
      "edge_id": "a25891a09348",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "company:600115",
      "to_name": "中国东航",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "C919 设计定位于航空运输市场最主流的 150 座级单通道市场，基本型混合布局 158 座，全经济舱布局 168 座，标准航程 4075 公里，增大航程 5555 公里。预计到 2043 年，我国客机市场 160 座级需求占总需求比例达 56.2%，需求数量为 4655 架，以中国东航披露的 C919 单价 0.99 亿元测算，未来 20 年我国大飞机市...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:54510744b741",
          "chunk_index": 0,
          "quote_summary": "C919 设计定位于航空运输市场最主流的 150 座级单通道市场，基本型混合布局 158 座，全经济舱布局 168 座，标准航程 4075 公里，增大航程 5555 公里。预计到 2043 年，我国客机市场 160 座级需求占总需求比例达 56.2%，需求数量为 4655 架，以中国东航披露的 C919 单价 0.9..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "company:600115",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "3f9d170b1e93",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "company:600316",
      "to_name": "洪都航空",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "| 7.47% | | | 毛利（百万元） | 2,779.67 | 2,878.80 | 3,146.09 | 3,523.47 | 资料来源：同花顺，东海证券研究所测算 ## 4.2.投资建议 公司主营业务在大中型军机和民机等航空装备领域，我们选取航空制造领域的中航沈飞、洪都航空和机载系统领域的中航机载作为可比公司，对应 2026-2028 年可比公司...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md",
          "chunk_id": "chunk:28ede6768a3b",
          "chunk_index": 0,
          "quote_summary": "| 7.47% | | | 毛利（百万元） | 2,779.67 | 2,878.80 | 3,146.09 | 3,523.47 | 资料来源：同花顺，东海证券研究所测算 ## 4.2.投资建议 公司主营业务在大中型军机和民机等航空装备领域，我们选取航空制造领域的中航沈飞、洪都航空和机载系统领域的中航机载作为可比公..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "company:600316",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "af1e28956bce",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "company:600372",
      "to_name": "中航机载",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "| 毛利（百万元） | 2,779.67 | 2,878.80 | 3,146.09 | 3,523.47 | 资料来源：同花顺，东海证券研究所测算 ## 4.2.投资建议 公司主营业务在大中型军机和民机等航空装备领域，我们选取航空制造领域的中航沈飞、洪都航空和机载系统领域的中航机载作为可比公司，对应 2026-2028 年可比公司 PE 平均值为 78....",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md",
          "chunk_id": "chunk:28ede6768a3b",
          "chunk_index": 0,
          "quote_summary": "| 毛利（百万元） | 2,779.67 | 2,878.80 | 3,146.09 | 3,523.47 | 资料来源：同花顺，东海证券研究所测算 ## 4.2.投资建议 公司主营业务在大中型军机和民机等航空装备领域，我们选取航空制造领域的中航沈飞、洪都航空和机载系统领域的中航机载作为可比公司，对应 2026-20..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "company:600372",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "f7b6fd8305bf",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "company:000969.SZ",
      "to_name": "安泰科技",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# 安泰科技 (000969.SZ) # 买入 （维持评级） **公司点评** **证券研究报告** ## 盈利逆势扩张，聚焦核心产业 **金属材料组** **分析师：李超（执业 S1130522120001)** **lichao3@gjzq.com.cn** **分析师：王钦扬（执业 S1130523120001)*",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md",
          "chunk_id": "chunk:4b48f6024703",
          "chunk_index": 0,
          "quote_summary": "# 安泰科技 (000969.SZ) # 买入 （维持评级） **公司点评** **证券研究报告** ## 盈利逆势扩张，聚焦核心产业 **金属材料组** **分析师：李超（执业 S1130522120001)** **lichao3@gjzq.com.cn** **分析师：王钦扬（执业 S1130523120001..."
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md",
          "chunk_id": "chunk:d6ad8fa49b18",
          "chunk_index": 0,
          "quote_summary": "# 安泰科技（000969.SZ) 买入（维持评级） **公司点评** 证券研究报告 # 完成股权处置增厚利润，关注钨钼业务进展 ## 事件 8 月 29 日公司发布 2024 半年报，24H1 公司实现营收 39.22 亿元，同比-7.18%；归母净利润为 2.80 亿元，同比+78.69%。2Q24 实现营收为 ..."
        },
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md",
          "chunk_id": "chunk:f99177a9523c",
          "chunk_index": 0,
          "quote_summary": "# 有色金属 | 金属新材料 ## 非金融|公司点评报告 2026 年 04 月 01 日 # 安泰科技 (000969. SZ) **投资评级： 增持（维持）** ### ——25 年扣非归母同比+38%高速增长，主业提质成效持续兑现 **证券分析师** * **田源** SAC：S1350524030001 ti..."
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md",
          "chunk_id": "chunk:33c7901fdac0",
          "chunk_index": 0,
          "quote_summary": "# 安泰科技(000969)公司点评报告 2024 年 09 月 03 日 ## 难熔钨钼业绩稳增，新产品布局初见成效 **增持|首次评级** ——安泰科技 2024 年半年度报告点评 **事件：**公司 8 月 29 日发布 2024 年半年度报告，期内实现营业收入 39.22 亿元，同比下降 7.18%；归母净利..."
        },
        {
          "source_path": "sources/stock-research-report-有色金属-证券研究报告-调整盈利预测-2025年11月11日-3eac50725b82.md",
          "chunk_id": "chunk:f05d3bd084ea",
          "chunk_index": 0,
          "quote_summary": "# 有色金属 | 证券研究报告 — 调整盈利预测 <span style=\"float:right\">2025年11月11日</span> # 000969.SZ 安泰科技 ## 买入 Q3业绩稳健，孵育可控核聚变等新兴业务成长可期 **原评级：买入** **市场价格：人民币 19.73** **板块评级：强于大市*..."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md",
          "chunk_id": "chunk:d5a2e02d150c",
          "chunk_index": 0,
          "quote_summary": "证券研究报告：有色金属 | 公司点评报告 2024 年 5 月 13 日 股票投资评级 # 安泰科技(000969) ## 买入|首次覆盖 ## 业绩符合预期，新材料业务多元化发展 ### 个股表现 | Date | 安泰科技 | 有色金属 | | ------- | ---- | ---- | | 2023-05 ..."
        },
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:dff3e4fc61bc",
          "chunk_index": 0,
          "quote_summary": "证券研究报告 # 有色金属 | 金属新材料 # 非金融 | 首次覆盖报告 2025 年 07 月 10 日 # 安泰科技 (000969.SZ) **投资评级**： 增持（首次） ——传统业务“稳增长”，特粉+非晶+核聚变三大业务“迎风来” ## 证券分析师 * **田源** * SAC：S1350524030001..."
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-78b242ea291c.md",
          "chunk_id": "chunk:8d7546a703df",
          "chunk_index": 0,
          "quote_summary": "# 安泰科技（000969.SZ) # 买入（维持评级） ### 公司点评 证券研究报告 # 业绩符合预期，关注非晶及可控核聚变相关业务 ## 事件 4 月 28 日公司发布 2025 年一季报，实现营收 17.82 亿元，环比 +3.62%、同比-5.76%；归母净利润为 0.83 亿元，环比+155.07%、 同..."
        },
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-08930126384e.md",
          "chunk_id": "chunk:cd700504d92e",
          "chunk_index": 0,
          "quote_summary": "证券研究报告 # 有色金属 | 金属新材料 ## 非金融|公司点评报告 2025 年 08 月 28 日 # 安泰科技(000969.SZ) **投资评级：** 增持（维持） ——Q2 扣非归母同比+36%稳健增长，多业务共振下中长期空间有望释放 ### 证券分析师 **田源** SAC：S1350524030001..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "company:000969.SZ",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 9
    },
    {
      "edge_id": "8584459f75ad",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "company:安泰科技",
      "to_name": "安泰科技",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "证券研究报告 # 有色金属 | 金属新材料 # 非金融 | 首次覆盖报告 2025 年 07 月 10 日 # 安泰科技 (000969.SZ) **投资评级**： 增持（首次） ——传统业务“稳增长”，特粉+非晶+核聚变三大业务“迎风来” ## 证券分析师 * **田源** * SAC：S1350524030001 * tianyuan@huayuans...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:dff3e4fc61bc",
          "chunk_index": 0,
          "quote_summary": "证券研究报告 # 有色金属 | 金属新材料 # 非金融 | 首次覆盖报告 2025 年 07 月 10 日 # 安泰科技 (000969.SZ) **投资评级**： 增持（首次） ——传统业务“稳增长”，特粉+非晶+核聚变三大业务“迎风来” ## 证券分析师 * **田源** * SAC：S1350524030001..."
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md",
          "chunk_id": "chunk:4b48f6024703",
          "chunk_index": 0,
          "quote_summary": "# 安泰科技 (000969.SZ) # 买入 （维持评级） **公司点评** **证券研究报告** ## 盈利逆势扩张，聚焦核心产业 **金属材料组** **分析师：李超（执业 S1130522120001)** **lichao3@gjzq.com.cn** **分析师：王钦扬（执业 S1130523120001..."
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-78b242ea291c.md",
          "chunk_id": "chunk:8d7546a703df",
          "chunk_index": 0,
          "quote_summary": "# 安泰科技（000969.SZ) # 买入（维持评级） ### 公司点评 证券研究报告 # 业绩符合预期，关注非晶及可控核聚变相关业务 ## 事件 4 月 28 日公司发布 2025 年一季报，实现营收 17.82 亿元，环比 +3.62%、同比-5.76%；归母净利润为 0.83 亿元，环比+155.07%、 同..."
        },
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-08930126384e.md",
          "chunk_id": "chunk:cd700504d92e",
          "chunk_index": 0,
          "quote_summary": "证券研究报告 # 有色金属 | 金属新材料 ## 非金融|公司点评报告 2025 年 08 月 28 日 # 安泰科技(000969.SZ) **投资评级：** 增持（维持） ——Q2 扣非归母同比+36%稳健增长，多业务共振下中长期空间有望释放 ### 证券分析师 **田源** SAC：S1350524030001..."
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md",
          "chunk_id": "chunk:33c7901fdac0",
          "chunk_index": 0,
          "quote_summary": "# 安泰科技(000969)公司点评报告 2024 年 09 月 03 日 ## 难熔钨钼业绩稳增，新产品布局初见成效 **增持|首次评级** ——安泰科技 2024 年半年度报告点评 **事件：**公司 8 月 29 日发布 2024 年半年度报告，期内实现营业收入 39.22 亿元，同比下降 7.18%；归母净利..."
        },
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md",
          "chunk_id": "chunk:d6ad8fa49b18",
          "chunk_index": 0,
          "quote_summary": "# 安泰科技（000969.SZ) 买入（维持评级） **公司点评** 证券研究报告 # 完成股权处置增厚利润，关注钨钼业务进展 ## 事件 8 月 29 日公司发布 2024 半年报，24H1 公司实现营收 39.22 亿元，同比-7.18%；归母净利润为 2.80 亿元，同比+78.69%。2Q24 实现营收为 ..."
        },
        {
          "source_path": "sources/stock-research-report-有色金属-证券研究报告-调整盈利预测-2025年11月11日-3eac50725b82.md",
          "chunk_id": "chunk:f05d3bd084ea",
          "chunk_index": 0,
          "quote_summary": "# 有色金属 | 证券研究报告 — 调整盈利预测 <span style=\"float:right\">2025年11月11日</span> # 000969.SZ 安泰科技 ## 买入 Q3业绩稳健，孵育可控核聚变等新兴业务成长可期 **原评级：买入** **市场价格：人民币 19.73** **板块评级：强于大市*..."
        },
        {
          "source_path": "sources/stock-research-report-业绩符合预期-多板块业务景气度整体上行-7836d6a42696.md",
          "chunk_id": "chunk:dccca2278fc3",
          "chunk_index": 1,
          "quote_summary": "**金属材料组** 分析师：李超（执业 S1130522120001) lichao3@gjzq.com.cn 分析师：王钦扬（执业 S1130523120001) wangqinyang@gjzq.com.cn 市价（人民币）：10.22 元 **相关报告：** 1.《安泰科技公司点评：完成股权处置增厚利润，关注钨..."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md",
          "chunk_id": "chunk:d5a2e02d150c",
          "chunk_index": 0,
          "quote_summary": "证券研究报告：有色金属 | 公司点评报告 2024 年 5 月 13 日 股票投资评级 # 安泰科技(000969) ## 买入|首次覆盖 ## 业绩符合预期，新材料业务多元化发展 ### 个股表现 | Date | 安泰科技 | 有色金属 | | ------- | ---- | ---- | | 2023-05 ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "company:安泰科技",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 9
    },
    {
      "edge_id": "f61cf97328ea",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "company:紫光国微",
      "to_name": "紫光国微",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "公司研究|信息技术|半导体与半导体生产设备 证券研究报告 # 紫光国微(002049)公司点评报告 2024 年 05 月 04 日 # 产品谱系持续丰富，短期承压不改长期投资价值 **买入|上调** ## ——紫光国微 2023 一季报点评 **事件：**2024 年 4 月 26 日，公司发布 2024 年一季度报告，公司实现营业收入 11.41 亿元...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-信息技术-半导体与半导体生产设备-ba52fd924b7a.md",
          "chunk_id": "chunk:67fc89050c57",
          "chunk_index": 0,
          "quote_summary": "公司研究|信息技术|半导体与半导体生产设备 证券研究报告 # 紫光国微(002049)公司点评报告 2024 年 05 月 04 日 # 产品谱系持续丰富，短期承压不改长期投资价值 **买入|上调** ## ——紫光国微 2023 一季报点评 **事件：**2024 年 4 月 26 日，公司发布 2024 年一季度..."
        },
        {
          "source_path": "sources/stock-research-report-信达证券-d4e8d495dae0.md",
          "chunk_id": "chunk:52f91288d3ca",
          "chunk_index": 2,
          "quote_summary": "------------------------------------------------------------------------------------------- | - | | \\*\\*公司研究\\*\\* | | | \\*\\*公司点评报告\\*\\* | | | 紫光国微 (002049) | | |..."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-半导体-439c5d226baf.md",
          "chunk_id": "chunk:b79ff2138719",
          "chunk_index": 0,
          "quote_summary": "证券研究报告·公司点评报告·半导体 # 紫光国微（002049） # 2025 年三季报点评：技术驱动与产能扩张并举，有望迎来盈利与现金流的共振释放 2025 年 10 月 29 日 ### 买入（维持） **证券分析师**：苏立赞 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分..."
        },
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-2024-年三季报点评-f575d224a412.md",
          "chunk_id": "chunk:16fe7717f2a3",
          "chunk_index": 0,
          "quote_summary": "# 紫光国微（002049.SZ）2024 年三季报点评 ## 业绩有所承压，静待行业复苏 **推荐** **维持评级** **当前价格：** **64.18 元** ➢ **事件：** 10 月 29 日晚，紫光国微发布 2024 年三季报，2024 年前三季度，公司实现营业收入 42.63 亿元，同比下滑 24...."
        },
        {
          "source_path": "sources/stock-research-report-信达证券-a1ee7a5beacd.md",
          "chunk_id": "chunk:02af2df0ad64",
          "chunk_index": 0,
          "quote_summary": "信达证券 CINDA SECURITIES ## 紫光国微 2025 半年报点评：二季度环比大幅提升，特种 IC 业务强劲复苏 **2025 年 08 月 19 日** **事件：** 紫光国微发布 2025 年半年报，2025 年上半年公司实现营业收入 30.47 亿元，同比增长 6.07%；毛利率 55.56%，..."
        },
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-2051a3ce8098.md",
          "chunk_id": "chunk:de1251397a9b",
          "chunk_index": 0,
          "quote_summary": "# 紫光国微（002049） ## 2023 年年报点评：业务表现的基本稳定，产品谱系持续拓展 ### 买入（维持） **2024 年 04 月 22 日** **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S060052306..."
        },
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-事件点评-2b11f3d139e1.md",
          "chunk_id": "chunk:316584121582",
          "chunk_index": 0,
          "quote_summary": "# 紫光国微（002049.SZ）事件点评 ## 股权激励高目标彰显信心，特种芯片龙头焕新机 2025 年 09 月 27 日 ➢ **事件**：紫光国微 9 月 25 日晚发布 2025 年股权激励计划（草案），计划向激励对象授予股票期权 1680 万份，占公司股本的 1.98%，其中首次授予股票期权 1560.1..."
        },
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-a6180ff324d1.md",
          "chunk_id": "chunk:dcab358aacba",
          "chunk_index": 0,
          "quote_summary": "# 紫光国微（002049） # 2024 年中报点评：半导体市场稳步复苏，业绩有望持续增长 ### 买入（维持） **2024 年 08 月 26 日** **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S0600523060..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "company:紫光国微",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 8
    },
    {
      "edge_id": "007c911799c5",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "company:中航光电",
      "to_name": "中航光电",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# 深度研究 # 买入（维持） # 高端互连技术平台，多赛道布局打开成长空间 中航光电（002179）深度报告 ## 2026 年 3 月 31 日 ### 投资要点： **分析师：陈湛谦** SAC 执业证书编号：S0340524070002 电话：0769-22119302 邮箱：chenzhanqian@dgzq.com.cn **分析师：罗炜斌**...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:3bc5782715f8",
          "chunk_index": 0,
          "quote_summary": "# 深度研究 # 买入（维持） # 高端互连技术平台，多赛道布局打开成长空间 中航光电（002179）深度报告 ## 2026 年 3 月 31 日 ### 投资要点： **分析师：陈湛谦** SAC 执业证书编号：S0340524070002 电话：0769-22119302 邮箱：chenzhanqian@dgz..."
        },
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2025-年三季报点评-9e872cb8c3c7.md",
          "chunk_id": "chunk:08e126351a16",
          "chunk_index": 0,
          "quote_summary": "# 中航光电（002179.SZ）2025 年三季报点评 ## 前三季度营收增长 12%；产品结构影响利润短期表现 ### 2025 年 10 月 30 日 ➢ **事件**：10 月 29 日，公司发布 2025 年三季报，1~3Q25 实现营收 158.38 亿元，YOY +12.36%；归母净利润 17.37 ..."
        },
        {
          "source_path": "sources/stock-research-report-国防军工-9e4b4aaf499e.md",
          "chunk_id": "chunk:a152b75e641a",
          "chunk_index": 0,
          "quote_summary": "国防军工 # 积极布局新兴领域，多项产品实现突破 ■ 走势比较 | Date | 中航光电 | 沪深300 | | ------ | ---- | ----- | | Aug/24 | 0 | 0 | | Sep/24 | 18 | 15 | | Oct/24 | 20 | 25 | | Nov/24 | 15 | ..."
        },
        {
          "source_path": "sources/stock-research-report-中航光电-002179-448d59faa827.md",
          "chunk_id": "chunk:f8416f4ae3e3",
          "chunk_index": 0,
          "quote_summary": "# 中航光电（002179） # 2025 年三季报点评：短期利润让位于高端产能与研发卡位，为下一轮需求释放蓄势 2025 年 11 月 04 日 ### 买入（维持） **证券分析师**: 苏立赞 **执业证书**: S0600521110001 **邮箱**: sulz@dwzq.com.cn **证券分析师**:"
        },
        {
          "source_path": "sources/stock-research-report-公-司-研-究-7b5cadfb6be8.md",
          "chunk_id": "chunk:947ae1883431",
          "chunk_index": 0,
          "quote_summary": "v style=\"writing-mode: vertical-rl; position: absolute; left: 28px; top: 327px;\"> 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 </div> 公司点评 买入/ 维持 # 中航光电（002179） **目标价**：5..."
        },
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2025-年半年报点评-f345ecbe2202.md",
          "chunk_id": "chunk:67473a1481c8",
          "chunk_index": 0,
          "quote_summary": "# 中航光电（002179.SZ）2025 年半年报点评 ## 1H25 营收增长 22%；数据中心业务同比翻倍增长 2025 年 08 月 30 日 **推荐** **维持评级** **当前价格：** **41.85 元** ➢ **事件：** 8 月 28 日，公司发布 2025 年半年报，1H25 实现营收 1..."
        },
        {
          "source_path": "sources/stock-research-report-中航光电-002179-5fad9f344c7d.md",
          "chunk_id": "chunk:f63b5edf457e",
          "chunk_index": 0,
          "quote_summary": "# 中航光电（002179） ## 2024 年报点评：整体稳健增长，产能持续爬升 2025 年 03 月 30 日 ### 买入（维持） **证券分析师**：苏立赞 **执业证书**：S0600521110001 **Email**: sulz@dwzq.com.cn **证券分析师**：许牧 **执业证书**：S..."
        },
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2024-年三季报点评-2f3f0aa07a82.md",
          "chunk_id": "chunk:b37ba58b9e37",
          "chunk_index": 0,
          "quote_summary": "# 中航光电（002179.SZ）2024 年三季报点评 # 3Q24 营收同比增长 6%；静待行业需求复苏 2024 年 10 月 30 日 * **事件：** 10 月 29 日，公司发布 2024 年三季报，1~3Q24 实现营收 140.95 亿元，YOY -8.2%；归母净利润 25.13 亿元，YOY -..."
        },
        {
          "source_path": "sources/stock-research-report-中航光电-002179-ccc8d2641408.md",
          "chunk_id": "chunk:f65c9eba9187",
          "chunk_index": 0,
          "quote_summary": "# 中航光电（002179） ## 2025 年中报点评：成功布局新兴领域，推出多款高性能连接产品 **2025 年 09 月 01 日** ### 买入（维持） **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S0600523..."
        },
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2024-年年报点评-82761672eef4.md",
          "chunk_id": "chunk:facb88866203",
          "chunk_index": 0,
          "quote_summary": "# 中航光电（002179.SZ）2024 年年报点评 ## 2024 年实现高质量稳增长；布局未来产业开拓新空间 2025 年 03 月 29 日 **推荐** **维持评级** **当前价格：** **41.95 元** * **事件：** 3 月 28 日，公司发布 2024 年年报，全年实现营收 206.9 ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "company:中航光电",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 10
    },
    {
      "edge_id": "56c6b2ec1095",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "company:600118",
      "to_name": "中国卫星",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "，北斗二代建成前，2008-2012 年海格通信和振芯科技的北斗业务营收之和的复合增速为 14.71%，北斗二代建成后，2012-2016 年两者北斗业务营收之和的复合增速为 32.34%，北斗导航业务与北斗系统建设周期具有较强的相关性。<mark>另一方面，</mark>根据《中国卫星导航与位置服务产业发展白皮书》披露，2022 年我国卫星导航与位置服务...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md",
          "chunk_id": "chunk:4e41ccd01836",
          "chunk_index": 7,
          "quote_summary": "，北斗二代建成前，2008-2012 年海格通信和振芯科技的北斗业务营收之和的复合增速为 14.71%，北斗二代建成后，2012-2016 年两者北斗业务营收之和的复合增速为 32.34%，北斗导航业务与北斗系统建设周期具有较强的相关性。<mark>另一方面，</mark>根据《中国卫星导航与位置服务产业发展白皮书》..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "company:600118",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "7336cd994a23",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "company:688297",
      "to_name": "中无人机",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "| ------ | ------ | | 翼龙-2 | 35 | | 翼龙-1 | 16 | | 彩虹-3 | 19 | | 彩虹-4 | 22 | | 其他彩虹型号 | 2 | | 其他型号 | 6 | 资料来源：SIPRI，民生证券研究院 图28：2019~2021 年中无人机收入拆分 | 年份 | 翼龙-1 | 翼龙-2 | 卫通地面站等 | 技术...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:c59aa9ec655a",
          "chunk_index": 0,
          "quote_summary": "| ------ | ------ | | 翼龙-2 | 35 | | 翼龙-1 | 16 | | 彩虹-3 | 19 | | 彩虹-4 | 22 | | 其他彩虹型号 | 2 | | 其他型号 | 6 | 资料来源：SIPRI，民生证券研究院 图28：2019~2021 年中无人机收入拆分 | 年份 | 翼龙-1 ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "company:688297",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "bfa76485a4a4",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "company:600893",
      "to_name": "航发动力",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "双方合资成立控股子公司西安钢研，2024H1实现收入1.30亿元，净利润3533万元。",
      "confidence": 0.95,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md",
          "chunk_id": "chunk:546be4760e42",
          "chunk_index": 4,
          "quote_summary": "双方合资成立控股子公司西安钢研，2024H1实现收入1.30亿元，净利润3533万元。"
        },
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md",
          "chunk_id": "chunk:c4e333c0efa7",
          "chunk_index": 6,
          "quote_summary": "合资设立西安钢研高纳（钢研高纳持股67.79%，航发动力持股32.03%），旨在承接主机厂外溢产能并拓展零部件加工业务。"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-6-月-30-日-240dda978b6b.md",
          "chunk_id": "chunk:61e6bfe44b5b",
          "chunk_index": 4,
          "quote_summary": "合资成立控股子公司西安钢研，布局航空航天发动机精铸件业务"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "company:600893",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 3
    },
    {
      "edge_id": "671a5d96cfb7",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "company:300132.SZ",
      "to_name": "青松股份",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# Q3 计提商誉减值，业绩端承压 ## ——青松股份（300132）2022 年三季报点评 # 买入|维持 **事件：** 公司发布 2022 年三季度报告。 **报告要点：** ### ● Q3 业绩承压，商誉减值拉低利润 2022Q1-3，公司实现营业收入 21.42 亿元，同比下滑 19.61%；归母净亏损 6.57 亿元，同比下降 653.82%...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md",
          "chunk_id": "chunk:5c93e34d8db5",
          "chunk_index": 0,
          "quote_summary": "# Q3 计提商誉减值，业绩端承压 ## ——青松股份（300132）2022 年三季报点评 # 买入|维持 **事件：** 公司发布 2022 年三季度报告。 **报告要点：** ### ● Q3 业绩承压，商誉减值拉低利润 2022Q1-3，公司实现营业收入 21.42 亿元，同比下滑 19.61%；归母净亏损 ..."
        },
        {
          "source_path": "sources/stock-research-report-公司研究-材料-材料ii-证券研究报告-8d3425a92bc4.md",
          "chunk_id": "chunk:0496ac3d2072",
          "chunk_index": 0,
          "quote_summary": "# 公司研究|材料|材料Ⅱ 证券研究报告 ## 青松股份(300132)公司点评报告 2023 年 05 月 06 日 # 22 年多重因素致业绩承压，Q1 松节油业务剥离完成 ## ——青松股份(300132)2022 年报及 2023 年一季报点评 **增持|维持** **事件：** 公司发布 2022 年年报及..."
        },
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md",
          "chunk_id": "chunk:ee63c89301f1",
          "chunk_index": 0,
          "quote_summary": "# 青松股份（300132.SZ）深度报告 ## 聚焦化妆品代工业务，产品矩阵完善期待产能释放 2022 年 11 月 20 日 - **推荐**: 首次评级 - **当前价格**: 7.08 元 ➢ **定增计划：摆脱 3 年无实控人状态，聚焦化妆品 ODM 业务。**公司 10 月公告称，拟定增募资 3.2-4...."
        },
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-2022-年年报及-2023-年一季报点评-643e3156ef91.md",
          "chunk_id": "chunk:a849d0c23132",
          "chunk_index": 0,
          "quote_summary": "# 青松股份（300132.SZ）2022 年年报及 2023 年一季报点评 # 短期不利因素导致毛利率下滑，业绩持续承压 2023 年 05 月 04 日 ➢ **事件**：22 年公司实现营收 29.17 亿元/yoy-21.01%，归母净利润-7.42 亿元/yoy+18.56%，扣非归母净利润 7.59 亿元..."
        },
        {
          "source_path": "sources/stock-research-report-公司研究-a5290b01bd67.md",
          "chunk_id": "chunk:a930b85d710d",
          "chunk_index": 0,
          "quote_summary": "## 证券研究报告 ## 公司研究 ## 点评报告 ### 青松股份 (300132. SZ) **投资评级** **上次评级** 刘嘉仁 社零&美护首席分析师 执业编号：S1500522110002 联系电话：15000310173 邮箱：liujiaren@cindasc.com 王越 社零&美护分析师 执业编号..."
        },
        {
          "source_path": "sources/stock-research-report-信达证券-43af80fbdc58.md",
          "chunk_id": "chunk:e9ff51807554",
          "chunk_index": 0,
          "quote_summary": "信达证券 CINDA SECURITIES ## 证券研究报告 ### 公司研究 #### 点评报告 **青松股份 (300132. SZ)** 投资评级 上次评级 刘嘉仁 社零&美护首席分析师 执业编号：S1500522110002 联系电话：15000310173 邮箱：liujiaren@cindasc.com..."
        },
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-2023-年中报点评-踏上复苏-扭亏之路-6efd3b55dc15.md",
          "chunk_id": "chunk:c06911dd8849",
          "chunk_index": 0,
          "quote_summary": "## 青松股份 (300132. SZ) 2023 年中报点评：踏上复苏、扭亏之路 **2023 年 8 月 30 日** > **公司公告：** 23H1 营收 9.24 亿元/-34.75%，归母净利-0.62 亿元/+61.16%，扣非归母净利-0.64 亿元/+60.25%。其中，23Q2 单季度营收 5.2..."
        },
        {
          "source_path": "sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md",
          "chunk_id": "chunk:96486d974d99",
          "chunk_index": 1,
          "quote_summary": "元） | 12.31/5.08 | | 总股本（百万股） | 517 | | 流通股本（百万股） | 492 | | 流通比例（%） | 95.25 | | 总市值（亿元） | 38 | | 流通市值（亿元） | 37 | ### 公司价格与沪深 300 走势比较 | 日期 | 青松股份 | 沪深300 | | --..."
        },
        {
          "source_path": "sources/stock-research-report-公司研究-7cedcbfc70a4.md",
          "chunk_id": "chunk:79c562e19fb5",
          "chunk_index": 0,
          "quote_summary": "## 证券研究报告 ### 公司研究 #### 点评报告 青松股份 (300132. SZ) 投资评级 上次评级 刘嘉仁 社零&美护首席分析师 执业编号：S1500522110002 联系电话：15000310173 邮箱：liujiaren@cindasc.com 王越 社零社零&美护分析师 执业编号：S15005..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "company:300132.SZ",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 9
    },
    {
      "edge_id": "56efba27017d",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "company:信维通信",
      "to_name": "信维通信",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "发布时间：2025-12-24 # 股票投资评级 ## 买入 | 维持 # 信维通信(300136) ## 端侧复苏释放增量，商业卫星深耕赋能 # 个股表现 | Date | 信维通信 | 电子 | | ------- | ---- | --- | | 2024-12 | 0 | 0 | | 2025-03 | -14 | -10 | | 2025-05 ...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-12-24-b5dad5b8852e.md",
          "chunk_id": "chunk:775ac2cd8710",
          "chunk_index": 0,
          "quote_summary": "发布时间：2025-12-24 # 股票投资评级 ## 买入 | 维持 # 信维通信(300136) ## 端侧复苏释放增量，商业卫星深耕赋能 # 个股表现 | Date | 信维通信 | 电子 | | ------- | ---- | --- | | 2024-12 | 0 | 0 | | 2025-03 | -1..."
        },
        {
          "source_path": "sources/stock-research-report-信维通信-300136-b65be7c6d9d7.md",
          "chunk_id": "chunk:cced99197aac",
          "chunk_index": 0,
          "quote_summary": "# 信维通信（300136） ## 海外卫星计划加速，公司业务有望受益成长 2024 年 04 月 03 日 ### 买入（维持） **证券分析师**：马天翼 执业证书：S0600522090001 maty@dwzq.com.cn **证券分析师**：周高鼎 执业证书：S0600523030003 zhougd@d..."
        },
        {
          "source_path": "sources/stock-research-report-信维通信-300136-2f3d6ba00fb7.md",
          "chunk_id": "chunk:95e10e2c4266",
          "chunk_index": 0,
          "quote_summary": "# 信维通信（300136） # 2024 年中报点评：主业受益 AI 手机升级，海外卫星加速渗透带来第二成长曲线 ### 买入（维持） 2024 年 08 月 26 日 **证券分析师 马天翼** 执业证书：S0600522090001 maty@dwzq.com.cn **证券分析师 周高鼎** 执业证书：S06..."
        },
        {
          "source_path": "sources/stock-research-report-信维通信-300136-e313a9a557cc.md",
          "chunk_id": "chunk:a2a5afa4bcfe",
          "chunk_index": 0,
          "quote_summary": "# 信维通信（300136） # 传统业务基本盘稳健，卫星与汽车业务构筑新成长曲线 ## 买入（维持） 2025 年 09 月 19 日 **证券分析师 陈海进** 执业证书：S0600525020001 chenhj@dwzq.com.cn | 盈利预测与估值 | 2023A | 2024A | 2025E | 2..."
        },
        {
          "source_path": "sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md",
          "chunk_id": "chunk:74618c3c53cb",
          "chunk_index": 0,
          "quote_summary": "# 证 券 研 究 报 告 # 公 司 点 评 # 23 年业绩短期承压，卫星互联网开辟新成长曲线 ——信维通信 23 年年报及 24 年一季报点评 ## 买入（维持） **行业**: 电子 **日期**: 2024年04月25日 **分析师**: 刘京昭 **E-mail**: liujingzhao@shzq.c..."
        },
        {
          "source_path": "sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md",
          "chunk_id": "chunk:1620d3732470",
          "chunk_index": 0,
          "quote_summary": "# 买入（维持） **行业**: 通信 **日期**: 2024年11月01日 **分析师**: 刘京昭 **E-mail**: liujingzhao@shzq.com **SAC 编号**: S0870523040005 # Q3 业绩稳中向好，消费电子回暖加速 ——信维通信 2024 年三季报点评 ## 基本数..."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-5bdb3145c12c.md",
          "chunk_id": "chunk:c103e6123b0e",
          "chunk_index": 0,
          "quote_summary": "证券研究报告：电子 | 公司点评报告 2024 年 12 月 2 日 股票投资评级 # 买入|首次覆盖 # 信维通信(300136) ## 消费电子+卫星通讯+智能汽车，多业务发展阶段的跨越 个股表现 | Date | 信维通信 | 电子 | | ------- | ---- | --- | | 2023-12 | ..."
        },
        {
          "source_path": "sources/stock-research-report-信维通信-300136-60bff0ac37a7.md",
          "chunk_id": "chunk:ec0fb0647b5d",
          "chunk_index": 0,
          "quote_summary": "# 信维通信（300136） ## 2023 年年报及 2024 年一季报点评：消费电子业务短期承压，看好海外业务成长和主业复苏 2024 年 04 月 25 日 ### 买入（维持） **证券分析师** 马天翼 执业证书：S0600522090001 maty@dwzq.com.cn **证券分析师** 周高鼎 执..."
        },
        {
          "source_path": "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md",
          "chunk_id": "chunk:9894d5a381a0",
          "chunk_index": 0,
          "quote_summary": "# 信维通信（300136） > 证券研究报告 # 泛射频领域开拓先行者，卫星通信催化新成长曲线 ## ——信维通信深度研究报告 # 买入（首次） * **行业**: 通信 * **日期**: 2024年03月13日 * **分析师**: 刘京昭 * **E-mail**: liujingzhao@shzq.com ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "company:信维通信",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 9
    },
    {
      "edge_id": "8172cc38349a",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "company:晨光生物",
      "to_name": "晨光生物",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# 晨光生物（300138.SZ） 主业反转持续，梯队业务多点开花 2025 年 10 月 28 日 ——公司信息更新报告 **投资评级：** 买入（维持） **张宇光（分析师）** **方勇（分析师）** zhangyuguang@kysec.cn fangyong@kysec.cn 证书编号：S079052003000",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-晨光生物-300138-sz-主业反转持续-梯队业务多点开花-f3ea2fed5ede.md",
          "chunk_id": "chunk:6b8882cfe1de",
          "chunk_index": 0,
          "quote_summary": "# 晨光生物（300138.SZ） 主业反转持续，梯队业务多点开花 2025 年 10 月 28 日 ——公司信息更新报告 **投资评级：** 买入（维持） **张宇光（分析师）** **方勇（分析师）** zhangyuguang@kysec.cn fangyong@kysec.cn 证书编号：S079052003..."
        },
        {
          "source_path": "sources/stock-research-report-2026-年-01-月-15-日-6a0879566dd2.md",
          "chunk_id": "chunk:be0f55ec1274",
          "chunk_index": 0,
          "quote_summary": "2026 年 01 月 15 日 证券研究报告•2025 年业绩预告点评 # 买入（维持） **当前价**：13.48 元 **目标价**：—— 元（6 个月） # 晨光生物（300138）农林牧渔 # 业绩大超预期，产品多点开花 ### 投资要点 ### 西南证券研究院 * **事件**：公司发布 2025 年度业..."
        },
        {
          "source_path": "sources/stock-research-report-2025-年-09-月-02-日-c4ae9aec1613.md",
          "chunk_id": "chunk:18b9351abba0",
          "chunk_index": 0,
          "quote_summary": "2025 年 09 月 02 日 证券研究报告•2025 年中报点评 # 晨光生物（300138）农林牧渔 # 买入（维持） **当前价**：13.24 元 **目标价**：18.00 元（6 个月） # 棉籽业务扭亏为盈，盈利修复势能向上 ## 投资要点 ## 西南证券研究院 ● **事件**：公司发布 2025 ..."
        },
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-28-日-829b83593af3.md",
          "chunk_id": "chunk:df5f39e70c9e",
          "chunk_index": 0,
          "quote_summary": "2025 年 10 月 28 日 证券研究报告•2025 年三季报点评 # 买入（维持） # 晨光生物（300138）农林牧渔 **当前价**：13.52 元 **目标价**：—— 元（6 个月） # 盈利显著修复，拐点持续向上 ## 投资要点 ### 西南证券研究院 ● **事件**：公司发布 2025 年三季报，..."
        },
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md",
          "chunk_id": "chunk:c6af5376e3bc",
          "chunk_index": 0,
          "quote_summary": "2026 年 04 月 06 日 证券研究报告•2025 年报点评 # 晨光生物（300138）农林牧渔 # 买入（维持） **当前价**：11.81 元 **目标价**：—— 元（6 个月） # 棉籽大幅扭亏，上行拐点将至 ## 投资要点 * **事件：公司发布 2025 年年报，25 年实现营业收入 65.6 亿..."
        },
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-27-日-c2b82dca504d.md",
          "chunk_id": "chunk:ae5bb0239666",
          "chunk_index": 0,
          "quote_summary": "2025 年 10 月 27 日 # 价格拐点初显，盈利能力加速释放 ## — 晨光生物（300138.SZ）公司事件点评报告 ### 买入(维持) ### 事件 **分析师：孙山山** S1050521110005 sunss@cfsc.com.cn **联系人：张倩** S1050124070037 zhangq..."
        },
        {
          "source_path": "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md",
          "chunk_id": "chunk:fb45bd4901c8",
          "chunk_index": 0,
          "quote_summary": "证券研究报告 新材料 # 晨光生物（300138.SZ） # 买入-B(首次) ## 经营向好，有望受益于 FDA 新政下全球天然色素市场翻倍机遇 2025 年 10 月 20 日 公司研究/公司快报 ### 公司近一年市场表现 | 日期 | 晨光生物 | 创业板指 | | ----- | ---- | ---- |..."
        },
        {
          "source_path": "sources/stock-research-report-股票投资评级-6c79f34daabd.md",
          "chunk_id": "chunk:bbe1b2ba29e4",
          "chunk_index": 0,
          "quote_summary": "# 股票投资评级 ## 买入|维持 # 个股表现 | 日期 | 晨光生物 | 农林牧渔 | | ------- | ---- | ---- | | 2025-04 | 14 | 7 | | 2025-06 | 18 | 10 | | 2025-08 | 35 | 15 | | 2025-11 | 42 | 18 | ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "company:晨光生物",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 8
    },
    {
      "edge_id": "bee197446572",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "company:600391",
      "to_name": "航发科技",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "参股合作开展航空发动机零部件加工、制造、维修及特种工艺处理，完善产业链布局。",
      "confidence": 0.9,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md",
          "chunk_id": "chunk:ca0db37b5764",
          "chunk_index": 9,
          "quote_summary": "参股合作开展航空发动机零部件加工、制造、维修及特种工艺处理，完善产业链布局。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "company:600391",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "4f0f0baf2e06",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "company:600893",
      "to_name": "航发动力",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "025-2026 年投资收益（2024 年暂未计入）。 ### 5.3 投资建议及估值 根据上述假设，我们预计公司 2024-2026 归母净利润 1.27 亿/39.89 亿/50.41 亿，当前股价对应 PE 为 334/42/33 倍。我们选取航空和航发主机厂中航西飞、航发动力、中航沈飞作为可比公司，2025 年平均 PE 为 46 倍。考虑公司在我...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:1ce1cc1dba5a",
          "chunk_index": 6,
          "quote_summary": "025-2026 年投资收益（2024 年暂未计入）。 ### 5.3 投资建议及估值 根据上述假设，我们预计公司 2024-2026 归母净利润 1.27 亿/39.89 亿/50.41 亿，当前股价对应 PE 为 334/42/33 倍。我们选取航空和航发主机厂中航西飞、航发动力、中航沈飞作为可比公司，2025 ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "company:600893",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "cdb68433b653",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "company:600009",
      "to_name": "上海机场",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "2023 年及 2024 年一季度业绩逐步恢复，基本符合预期。 ### ⚫ 重签免税协议，扣点有所调整 公司公告与中免签订 T1 航站楼 1747.18 ㎡出境免税店经营权项目合同，经营期 20+X 个月，保底租金 2180 元/月·㎡，提成比例 23.15%，该提成比例与上海机场的补充协议基本接近，也符合口岸免税店管理办法的管理思路。 ### ⚫ 投资建...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-5-月-5-日-e04dfdf1b5df.md",
          "chunk_id": "chunk:9744ff760cc2",
          "chunk_index": 5,
          "quote_summary": "2023 年及 2024 年一季度业绩逐步恢复，基本符合预期。 ### ⚫ 重签免税协议，扣点有所调整 公司公告与中免签订 T1 航站楼 1747.18 ㎡出境免税店经营权项目合同，经营期 20+X 个月，保底租金 2180 元/月·㎡，提成比例 23.15%，该提成比例与上海机场的补充协议基本接近，也符合口岸免税店..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "company:600009",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "a3e429fd35bd",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "company:白云机场",
      "to_name": "白云机场",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# 白云机场 (600004.SH) **买入（维持评级）** **公司点评** 证券研究报告 ## Q3 净利大增，T3 投产空间广阔 **交通运输组** ### 业绩 2025 年 10 月 30 日，白云机场发布 2025 年第三季度报告。2025 年前三季度公司营业收入为 57 亿元，同比增长 7.5%；归母净",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-99dddce77676.md",
          "chunk_id": "chunk:2d7970332ec0",
          "chunk_index": 0,
          "quote_summary": "# 白云机场 (600004.SH) **买入（维持评级）** **公司点评** 证券研究报告 ## Q3 净利大增，T3 投产空间广阔 **交通运输组** ### 业绩 2025 年 10 月 30 日，白云机场发布 2025 年第三季度报告。2025 年前三季度公司营业收入为 57 亿元，同比增长 7.5%；归母净"
        },
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-3de909ddbe97.md",
          "chunk_id": "chunk:16745ca840b4",
          "chunk_index": 0,
          "quote_summary": "# 白云机场 (600004.SH) **买入（维持评级）** 公司点评 证券研究报告 # 出行需求旺盛 Q3 利润大增 **交通运输组** **分析师：郑树明（执业 S1130521040001)** zhengshuming@gjzq.com.cn **分析师：王凯婕（执业 S1130522070001)** w..."
        },
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md",
          "chunk_id": "chunk:a8ef01bb8cf8",
          "chunk_index": 0,
          "quote_summary": "# 白云机场 (600004.SH) # 买入（维持评级） **公司点评** 证券研究报告 # Q2 营收增长叠加成本改善 扭亏为盈 **交通运输组** - **分析师**：郑树明（执业S1130521040001） - **邮箱**：zhengshuming@gjzq.com.cn - **分析师**：王凯婕（执业..."
        },
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-8a72463ac912.md",
          "chunk_id": "chunk:78ba956ca3c5",
          "chunk_index": 0,
          "quote_summary": "# 白云机场 (600004.SH) **买入（维持评级）** 公司点评 证券研究报告 # 业务量持续恢复 推动利润大幅改善 **交通运输组** * **分析师**：郑树明（执业S1130521040001) * zhengshuming@gjzq.com.cn * **分析师**：王凯婕（执业S1130522070..."
        },
        {
          "source_path": "sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md",
          "chunk_id": "chunk:69581322d4c4",
          "chunk_index": 0,
          "quote_summary": "om.cn **分析师**：王凯婕（执业S1130522070001） wangkaijie@gjzq.com.cn **联系人**：霍泽嘉 huozejia@gjzq.com.cn **市价（人民币）：10.58元** ## 业绩简评 2024 年 4 月 27 日，白云机场发布 2023 年年度报告以及 2024..."
        },
        {
          "source_path": "sources/stock-research-report-2025-年-08-月-28-日-8ec8707434a1.md",
          "chunk_id": "chunk:5d576d9e9068",
          "chunk_index": 0,
          "quote_summary": "2025 年 08 月 28 日 公司点评 增持/ 维持 # 白云机场(600004) 目标价: 昨收盘: 9.84 公司研究 太平洋证券股份有限公司证券研究报告 # 白云机场，2025H1 点评，净利润同比大增，产能空间被打开 ## ◼ 走势比较 | Date | 白云机场 | 沪深300 | | ------- ..."
        },
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-20b1e39ae990.md",
          "chunk_id": "chunk:5ceb1ae30464",
          "chunk_index": 0,
          "quote_summary": "# 白云机场 (600004.SH) # 买入（维持评级） 公司点评 证券研究报告 # Q3 经营持续恢复 连续三季扭亏为盈 ## 业绩简评 2023 年 10 月 30 日，白云机场发布 2023 年三季度报告。2023 年前三季度公司营业收入为 46.1 亿元，同比增长 39%；归母净利润为 2.7 亿元，上年同..."
        },
        {
          "source_path": "sources/stock-research-report-2024-年-5-月-5-日-e04dfdf1b5df.md",
          "chunk_id": "chunk:38c8e274488f",
          "chunk_index": 0,
          "quote_summary": "2024 年 5 月 5 日 # 股票投资评级 ## 增持|首次覆盖 # 个股表现 | 日期 | 白云机场 | 交通运输 | | ------- | ---- | ---- | | 2023-05 | 0 | 0 | | 2023-07 | -10 | -6 | | 2023-09 | -20 | -12 | | 2..."
        },
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-78d1f1dbe021.md",
          "chunk_id": "chunk:b1aea61c5409",
          "chunk_index": 0,
          "quote_summary": "# 白云机场 (600004.SH) **买入（维持评级）** **公司点评** 证券研究报告 # 业务量及营业外收入增长 H1 利润同比大增 **交通运输组** ## 业绩简评 分析师：郑树明（执业 S1130521040001) zhengshuming@gjzq.com.cn 分析师：王凯婕（执业 S11305"
        },
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-9909663d3647.md",
          "chunk_id": "chunk:2ffabe9d246b",
          "chunk_index": 0,
          "quote_summary": "# 白云机场 (600004.SH) # 买入 （维持评级） **公司点评** 证券研究报告 # 业务量持续增长 全年利润同比大增 **交通运输组** **分析师：郑树明（执业S1130521040001)** zhengshuming@gjzq.com.cn **分析师：王凯婕（执业S1130522070001)*"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "company:白云机场",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 10
    },
    {
      "edge_id": "a6f3fc626fe6",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "company:600029.SH",
      "to_name": "南方航空",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# 南方航空（600029.SH）2025 年半年报点评 ## Q2 投资损失收窄，看好全货机盈利潜力释放 2025 年 09 月 02 日 * **2025 年 8 月 28 日公司发布 2025 年中报：**2025H1 公司营收 863 亿元，同比+1.8%，归母净亏 15.3 亿元（24H1 归母净亏 12.3 亿元",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-2025-年半年报点评-fe0b974cf087.md",
          "chunk_id": "chunk:845cbdd78ad0",
          "chunk_index": 0,
          "quote_summary": "# 南方航空（600029.SH）2025 年半年报点评 ## Q2 投资损失收窄，看好全货机盈利潜力释放 2025 年 09 月 02 日 * **2025 年 8 月 28 日公司发布 2025 年中报：**2025H1 公司营收 863 亿元，同比+1.8%，归母净亏 15.3 亿元（24H1 归母净亏 12...."
        },
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-1a40ffca14f5.md",
          "chunk_id": "chunk:c5c8823cb886",
          "chunk_index": 0,
          "quote_summary": "# 南方航空 (600029.SH) # 买入 （维持评级） 公司点评 证券研究报告 ## 成本优化明显 Q3 净利大增 **交通运输组** **分析师：郑树明（执业S1130521040001)** zhengshuming@gjzq.com.cn **分析师：王凯婕（执业S1130522070001）** wan..."
        },
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-优于大市-007bd90c5c59.md",
          "chunk_id": "chunk:fe55bff28203",
          "chunk_index": 0,
          "quote_summary": "# 南方航空（600029.SH） <span style=\"float:right\">**优于大市**</span> ## 全年业绩扭亏为盈，盈利能力持续改善 ### 核心观点 **公司研究 · 财报点评** **交通运输 · 航空机场** **南方航空发布 2025 年业绩预告，同比实现扭亏为盈。**2025 年..."
        },
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-2025-年中报点评-客座率高位提升-看好座收修复弹性-3641a6857a25.md",
          "chunk_id": "chunk:cd7524f49c04",
          "chunk_index": 0,
          "quote_summary": "## 南方航空（600029.SH）2025 年中报点评：客座率高位提升，看好座收修复弹性 2025 年 08 月 29 日 **事件：** 南方航空发布 **2025** 年半年报。**2025** 年上半年，公司实现营业收入 **863** 亿元，同比+1.8%；实现归母净利**-15.33** 亿元，同比-24..."
        },
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-b04dbbd1e4ea.md",
          "chunk_id": "chunk:541daa0b4847",
          "chunk_index": 0,
          "quote_summary": "证券研究报告 交通运输 | 航空机场 非金融|公司点评报告 2026 年 04 月 01 日 # 南方航空 (600029. SH) ## ——经营效率提升见效，“三大航”中率先扭亏为盈 **投资评级**： 买入（维持） ### 投资要点： **证券分析师** **孙延** SAC：S1350524050003 su..."
        },
        {
          "source_path": "sources/stock-research-report-q3-盈利同比增长-重视价格回升的盈利释放能力-0f33ba77ea6e.md",
          "chunk_id": "chunk:4b20841442bb",
          "chunk_index": 0,
          "quote_summary": "*分析师** **张骁瀚** 执业证书： S0100525020001 邮箱： zhangxiaohan@glms.com.cn **研究助理** **陈佳裕** 执业证书： S0100124110008 邮箱： chenjiayu@glms.com.cn # 相关研究 1.南方航空（600029.SH）2025 年..."
        },
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-d497f977e0ee.md",
          "chunk_id": "chunk:1416531a3b86",
          "chunk_index": 0,
          "quote_summary": "# 南方航空 (600029.SH) # 买入 （维持评级） 公司点评 证券研究报告 # 油价下降毛利提升 H1 扣非净利减亏 **交通运输组** ## 业绩 2025 年 8 月 28 日，南方航空发布 2025 年半年报。2025H1 公司营业收入为 863 亿元，同比增长 1.8%；归母净利润为-12.3 亿元，"
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md",
          "chunk_id": "chunk:ac95db9a9e04",
          "chunk_index": 0,
          "quote_summary": "证券研究报告：交通运输 | 公司点评报告 发布时间：2025-10-29 股票投资评级 # 南方航空(600029) ## 买入|维持 ## 客座率再创新高，三季度业绩同比回升 ### 个股表现 | 日期 | 南方航空 | 交通运输 | | ------- | ---- | ---- | | 2024-10 | 0 ..."
        },
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md",
          "chunk_id": "chunk:38ad28995605",
          "chunk_index": 0,
          "quote_summary": "## 交通运输 | 航空机场 非金融 | 首次覆盖报告 2026 年 01 月 29 日 # 南方航空 (600029.SH) **投资评级： 买入（首次）** ### ——枢纽网络优势巩固，复苏弹性有望释放 **证券分析师** **孙延** SAC：S1350524050003 sunyan01@huayuanst..."
        },
        {
          "source_path": "sources/stock-research-report-信达证券-09b3014218b9.md",
          "chunk_id": "chunk:0bf6fa89305e",
          "chunk_index": 0,
          "quote_summary": "信达证券 CINDA SECURITIES ## 证券研究报告 ## 公司研究 ### 公司点评报告 **南方航空 (600029)** 投资评级 **增持** 上次评级 **增持** 匡培钦 交通运输行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com ##..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "company:600029.SH",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 10
    },
    {
      "edge_id": "10051cdd565c",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "company:600072.SH",
      "to_name": "中船科技",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# 信义山证 汇通天下 证券研究报告 **船舶制造** | **中船科技（600072.SH）** | **买入-B(首次)** ## 资产整合渐入佳境 2022 年 8 月 30 日 | 公司研究/公司快报 ### 公司近一年市场表现 | Date | 中船科技 | 上证指数 | | ----- | ---- | ---- | | 21/08 | 0 |...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md",
          "chunk_id": "chunk:e08e76ee2f23",
          "chunk_index": 0,
          "quote_summary": "# 信义山证 汇通天下 证券研究报告 **船舶制造** | **中船科技（600072.SH）** | **买入-B(首次)** ## 资产整合渐入佳境 2022 年 8 月 30 日 | 公司研究/公司快报 ### 公司近一年市场表现 | Date | 中船科技 | 上证指数 | | ----- | ---- | ..."
        },
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:a291617decbd",
          "chunk_index": 0,
          "quote_summary": "证券研究报告 船舶制造 # 中船科技（600072.SH） 买入-B(维持) ## 优质资产拟注入，海风龙头现雏形 2022 年 12 月 6 日 公司研究/深度分析 公司近一年市场表现 | Date | 中船科技 | 上证指数 | | ----- | ---- | ---- | | 21/12 | 0 | 0 | ..."
        },
        {
          "source_path": "sources/stock-research-report-船舶制造-3ce05636c4be.md",
          "chunk_id": "chunk:d30d3339a309",
          "chunk_index": 0,
          "quote_summary": "证券研究报告 船舶制造 # 中船科技（600072.SH） **买入-B(维持)** ### 并购信息更新，风电资产估值上升，重组有望加速 2023 年 3 月 3 日 公司研究/公司快报 **公司近一年市场表现** | Date | 中船科技 | 上证指数 | | ----- | ---- | ---- | | 2..."
        },
        {
          "source_path": "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md",
          "chunk_id": "chunk:73122650dc4c",
          "chunk_index": 0,
          "quote_summary": "# 中船科技（600072）2021 年报点评：扣非后归母净利润历史最高，整合风电企业打开全新市场空间 **中航证券研究所** 分析师：张 超 证券执业证书号：S0640519070001 邮箱：zhangchao@avicsec.com **行业分类：国防军工** **2022 年 4 月 25 日** | 公司投..."
        },
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md",
          "chunk_id": "chunk:0df2e3edce7f",
          "chunk_index": 0,
          "quote_summary": "# 中船科技（600072.SH） <span style=\"float:right\">无评级</span> ## 发行股份购买风电资产，构成重大资产重组 ◆ 公司研究·公司快评 ◆ 电力设备·风电设备 ◆ 投资评级：无评级 **证券分析师**： 王蔚祺 010-88005313 wangweiqi2@guosen...."
        },
        {
          "source_path": "sources/stock-research-report-中船科技-600072-2267995363a0.md",
          "chunk_id": "chunk:a1bc16b707b4",
          "chunk_index": 0,
          "quote_summary": "# 中船科技（600072） 公司研究/点评报告 # 持续推进业务转型，有望实现业绩逆转 点评报告/国防军工 2019年4月18日 ### 一、事件概述 4月17日，公司发布2018年年报，全年实现营业收入32.64亿元，同比减少23.44%；实现归母净利润6543万元，同比增长115.09%。 **推荐** 首次评级"
        },
        {
          "source_path": "sources/stock-research-report-船舶制造-936e1e6a1e27.md",
          "chunk_id": "chunk:92e14ac89387",
          "chunk_index": 0,
          "quote_summary": "证券研究报告 船舶制造 # 中船科技（600072.SH） **买入-B(维持)** ### 业绩超预期，申请恢复并购审核 2023 年 4 月 3 日 公司研究/公司快报 **公司近一年市场表现** | 日期 | 中船科技 (%) | 上证指数 (%) | | ----- | -------- | --------..."
        },
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md",
          "chunk_id": "chunk:13923a76e44f",
          "chunk_index": 0,
          "quote_summary": "# 中船科技（600072. SH） <span style=\"float:right; background-color:red; color:white; padding:5px 15px; border-radius:20px;\">无评级</span> ## 重组注入优质风电资产，产业融合促进持续增长 ### ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "company:600072.SH",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 8
    },
    {
      "edge_id": "ceb4b925e661",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:600004",
      "to_name": "白云机场",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "，我国拥有运输机场总数达到 263 个，通用机场达 475 个，已基本形成京津冀、长三角、粤港澳大湾区和成渝四大世界级机场群。京津冀机场群主要机场有首都机场、大兴机场、天津滨海国际机场等；长三角机场群主要机场有上海虹桥机场、上海浦东机场、南京禄口机场等；粤港澳大湾区主要机场有广州白云机场、深圳宝安机场、香港国际机场、澳门国际机场等；成渝地区机场主要有成都双...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:66927fdcf268",
          "chunk_index": 0,
          "quote_summary": "，我国拥有运输机场总数达到 263 个，通用机场达 475 个，已基本形成京津冀、长三角、粤港澳大湾区和成渝四大世界级机场群。京津冀机场群主要机场有首都机场、大兴机场、天津滨海国际机场等；长三角机场群主要机场有上海虹桥机场、上海浦东机场、南京禄口机场等；粤港澳大湾区主要机场有广州白云机场、深圳宝安机场、香港国际机场、..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:600004",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "bbd16970ce62",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:601021",
      "to_name": "春秋航空",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "低成本航空是近年来表现出较强劲的发展势头的一种航空运输经营模式，通过取消一些传统航空乘客服务，比如餐食、行李托运和额外保险作为辅助服务，将营运成本控制得比较低，坚持单一机型、二线机场起降、点对点飞行、机票直销和高运营效率法则，从而可以长期大量提供便宜票价。中国低成本航空公司主要有春秋航空、成都航空、九元航空、乌鲁木齐航空、西部航空、祥鹏航空等航空公司。 图...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:66927fdcf268",
          "chunk_index": 0,
          "quote_summary": "低成本航空是近年来表现出较强劲的发展势头的一种航空运输经营模式，通过取消一些传统航空乘客服务，比如餐食、行李托运和额外保险作为辅助服务，将营运成本控制得比较低，坚持单一机型、二线机场起降、点对点飞行、机票直销和高运营效率法则，从而可以长期大量提供便宜票价。中国低成本航空公司主要有春秋航空、成都航空、九元航空、乌鲁木齐..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:601021",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "df00d4f62af0",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "company:600150.SH",
      "to_name": "中国船舶",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# 中国船舶 (600150.SH) # 买入 （维持评级） 公司点评 证券研究报告 ## “南北船”合并收官，全球龙头扬帆起航 ### 机械组 **分析师**：满在朋(执业S1130522030002) manzaipeng@gjzq.com.cn **分析师**：房灵聪（执业S1130525070003） fan",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md",
          "chunk_id": "chunk:67a97f649d8d",
          "chunk_index": 0,
          "quote_summary": "# 中国船舶 (600150.SH) # 买入 （维持评级） 公司点评 证券研究报告 ## “南北船”合并收官，全球龙头扬帆起航 ### 机械组 **分析师**：满在朋(执业S1130522030002) manzaipeng@gjzq.com.cn **分析师**：房灵聪（执业S1130525070003） fan"
        },
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-b95ae1e4e4d3.md",
          "chunk_id": "chunk:88012ec981ca",
          "chunk_index": 0,
          "quote_summary": "# 中国船舶（600150） # 2025 年半年度业绩预增：25H1 归母净利润同比+98%~119%，在手订单兑现业绩超预期 ### 买入（维持） **2025 年 07 月 13 日** - **证券分析师：周尔双** - 执业证书：S0600515110002 - 021-60199784 - zhouers"
        },
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-af27eafae237.md",
          "chunk_id": "chunk:26499998281b",
          "chunk_index": 0,
          "quote_summary": "# 中国船舶（600150） # 2025 年三季报点评：Q3 归母净利润同比+98%符合预期，南北船合并落地 2025 年 10 月 30 日 ### 买入（维持） **证券分析师 周尔双** 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn **证券分析师..."
        },
        {
          "source_path": "sources/stock-research-report-国防军工-航海装备ii-81067ebdf534.md",
          "chunk_id": "chunk:9ba1ab66f6a7",
          "chunk_index": 0,
          "quote_summary": "# 证券研究报告 国防军工 | 航海装备Ⅱ 非金融|公司点评报告 2025 年 09 月 02 日 # 中国船舶(600150. SH) **投资评级： 买入（维持）** ## —— 2025 年中报点评：利润持续兑现，关注周期趋势 ### 证券分析师 * **孙延** * SAC：S1350524050003 * ..."
        },
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-c53c0462f757.md",
          "chunk_id": "chunk:90a8fa8a164a",
          "chunk_index": 0,
          "quote_summary": "# 中国船舶（600150） # 2025 年中报点评：Q2 归母净利润+80%符合预期，南北船合并已步入收官阶段 ### 买入（维持） **2025 年 09 月 01 日** **证券分析师 周尔双** 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn *..."
        },
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md",
          "chunk_id": "chunk:a59c9577db23",
          "chunk_index": 0,
          "quote_summary": "2025 年 10 月 30 日 # 中国船舶（600150.SH） 制造业/ 船舶制造 # “两船”并表完成，业绩有望持续提升 ## 强烈推荐（维持评级） ● **事件：** 公司发布 2025 年三季报，2025 年前三季度公司实现营业收入 1074.03 亿元（考虑合并因素），调整后 yoy +17.96%，主..."
        },
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md",
          "chunk_id": "chunk:483b57dffe55",
          "chunk_index": 0,
          "quote_summary": "# 中国船舶 (600150.SH) 买入（维持评级） **公司点评** **证券研究报告** ## 上半年业绩高增，毛利率稳步提升 **机械组** **分析师：满在朋(执业S1130522030002)** manzaipeng@gjzq.com.cn **分析师：房灵聪（执业S1130525070003）** f..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "company:600150.SH",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 7
    },
    {
      "edge_id": "1806869d2b2c",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "company:中国船舶",
      "to_name": "中国船舶",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# 中国船舶 (600150.SH) # 买入 （维持评级） 公司点评 证券研究报告 ## “南北船”合并收官，全球龙头扬帆起航 ### 机械组 **分析师**：满在朋(执业S1130522030002) manzaipeng@gjzq.com.cn **分析师**：房灵聪（执业S1130525070003） fan",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md",
          "chunk_id": "chunk:67a97f649d8d",
          "chunk_index": 0,
          "quote_summary": "# 中国船舶 (600150.SH) # 买入 （维持评级） 公司点评 证券研究报告 ## “南北船”合并收官，全球龙头扬帆起航 ### 机械组 **分析师**：满在朋(执业S1130522030002) manzaipeng@gjzq.com.cn **分析师**：房灵聪（执业S1130525070003） fan"
        },
        {
          "source_path": "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md",
          "chunk_id": "chunk:2950c6b02f57",
          "chunk_index": 2,
          "quote_summary": "0%，环比+1.55%；销售毛利率为 12.84%，同比+5.62pct，环比+0.64pct；销售净利率为 8.05%，同比+5.40pct，环比+1.36pct；期间费用率为 5.84%，同比+0.72pct，环比-1.43pct。 **股价一年走势** | Date | 中国船舶 | 沪深300 | | ---..."
        },
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-af27eafae237.md",
          "chunk_id": "chunk:26499998281b",
          "chunk_index": 0,
          "quote_summary": "# 中国船舶（600150） # 2025 年三季报点评：Q3 归母净利润同比+98%符合预期，南北船合并落地 2025 年 10 月 30 日 ### 买入（维持） **证券分析师 周尔双** 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn **证券分析师..."
        },
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md",
          "chunk_id": "chunk:a59c9577db23",
          "chunk_index": 0,
          "quote_summary": "2025 年 10 月 30 日 # 中国船舶（600150.SH） 制造业/ 船舶制造 # “两船”并表完成，业绩有望持续提升 ## 强烈推荐（维持评级） ● **事件：** 公司发布 2025 年三季报，2025 年前三季度公司实现营业收入 1074.03 亿元（考虑合并因素），调整后 yoy +17.96%，主..."
        },
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md",
          "chunk_id": "chunk:483b57dffe55",
          "chunk_index": 0,
          "quote_summary": "# 中国船舶 (600150.SH) 买入（维持评级） **公司点评** **证券研究报告** ## 上半年业绩高增，毛利率稳步提升 **机械组** **分析师：满在朋(执业S1130522030002)** manzaipeng@gjzq.com.cn **分析师：房灵聪（执业S1130525070003）** f..."
        },
        {
          "source_path": "sources/stock-research-report-船价景气-份额提升-盈利能力显著改善-0b20e2ffded8.md",
          "chunk_id": "chunk:26d144d1573b",
          "chunk_index": 1,
          "quote_summary": "| 1671.79 | | 流通股本(亿股): | 44.72 | | 流通市值(亿元): | 1671.79 | | 近 3 月换手率: | 59.02% | ● **高船价+公司降本增效取得显著成果，推动利润增速跑赢收入增速** #### 股价一年走势 | Date | 中国船舶 | 沪深300 | | ----..."
        },
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-c53c0462f757.md",
          "chunk_id": "chunk:90a8fa8a164a",
          "chunk_index": 0,
          "quote_summary": "# 中国船舶（600150） # 2025 年中报点评：Q2 归母净利润+80%符合预期，南北船合并已步入收官阶段 ### 买入（维持） **2025 年 09 月 01 日** **证券分析师 周尔双** 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn *..."
        },
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-b95ae1e4e4d3.md",
          "chunk_id": "chunk:88012ec981ca",
          "chunk_index": 0,
          "quote_summary": "# 中国船舶（600150） # 2025 年半年度业绩预增：25H1 归母净利润同比+98%~119%，在手订单兑现业绩超预期 ### 买入（维持） **2025 年 07 月 13 日** - **证券分析师：周尔双** - 执业证书：S0600515110002 - 021-60199784 - zhouers"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "company:中国船舶",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 8
    },
    {
      "edge_id": "ae8893e2bcef",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "company:002389",
      "to_name": "航天彩虹",
      "relation": "partner_of",
      "direction": "peer",
      "summary": ".0/119.6/159.1 亿元，同比+46.6%/+55.4%/33.0%；实现归母净利润 1.2/2.0/2.7 亿元，同比+203.8%/+70.4%/+34.6%，对应 EPS 为 0.17/0.28/0.38 元。我们选取与公司业务相近的航空主机厂航发动力、中无人机、航天彩虹作为可比公司，2027 年 PE 中位数为 89 倍。考虑到公司新产品...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md",
          "chunk_id": "chunk:52d99b5574b2",
          "chunk_index": 2,
          "quote_summary": ".0/119.6/159.1 亿元，同比+46.6%/+55.4%/33.0%；实现归母净利润 1.2/2.0/2.7 亿元，同比+203.8%/+70.4%/+34.6%，对应 EPS 为 0.17/0.28/0.38 元。我们选取与公司业务相近的航空主机厂航发动力、中无人机、航天彩虹作为可比公司，2027 年 P..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "company:002389",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "2237c45b64eb",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "company:600893",
      "to_name": "航发动力",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "司实现营业收入 77.0/119.6/159.1 亿元，同比+46.6%/+55.4%/33.0%；实现归母净利润 1.2/2.0/2.7 亿元，同比+203.8%/+70.4%/+34.6%，对应 EPS 为 0.17/0.28/0.38 元。我们选取与公司业务相近的航空主机厂航发动力、中无人机、航天彩虹作为可比公司，2027 年 PE 中位数为 89 ...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md",
          "chunk_id": "chunk:25206086d5ab",
          "chunk_index": 0,
          "quote_summary": "司实现营业收入 77.0/119.6/159.1 亿元，同比+46.6%/+55.4%/33.0%；实现归母净利润 1.2/2.0/2.7 亿元，同比+203.8%/+70.4%/+34.6%，对应 EPS 为 0.17/0.28/0.38 元。我们选取与公司业务相近的航空主机厂航发动力、中无人机、航天彩虹作为可比公..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "company:600893",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "4d5766bd22dc",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "company:688297",
      "to_name": "中无人机",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "收入 77.0/119.6/159.1 亿元，同比+46.6%/+55.4%/33.0%；实现归母净利润 1.2/2.0/2.7 亿元，同比+203.8%/+70.4%/+34.6%，对应 EPS 为 0.17/0.28/0.38 元。我们选取与公司业务相近的航空主机厂航发动力、中无人机、航天彩虹作为可比公司，2027 年 PE 中位数为 89 倍。考虑到...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md",
          "chunk_id": "chunk:25206086d5ab",
          "chunk_index": 0,
          "quote_summary": "收入 77.0/119.6/159.1 亿元，同比+46.6%/+55.4%/33.0%；实现归母净利润 1.2/2.0/2.7 亿元，同比+203.8%/+70.4%/+34.6%，对应 EPS 为 0.17/0.28/0.38 元。我们选取与公司业务相近的航空主机厂航发动力、中无人机、航天彩虹作为可比公司，202..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "company:688297",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "e95a3e40cde0",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "company:600150",
      "to_name": "中国船舶",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "背靠全球最大造船集团中国船舶集团，下属多家总装船厂，发动机业务订单确定性及可预见性较高。",
      "confidence": 0.9,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:e6c99a1d5108",
          "chunk_index": 0,
          "quote_summary": "背靠全球最大造船集团中国船舶集团，下属多家总装船厂，发动机业务订单确定性及可预见性较高。"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md",
          "chunk_id": "chunk:6cb821a9c8e2",
          "chunk_index": 0,
          "quote_summary": "背靠全球最大造船集团中国船舶集团，船舶发动机订单确定性较高。"
        }
      ],
      "needs_review": false,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "company:600150",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 2
    },
    {
      "edge_id": "edbda48655e4",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "company:600685",
      "to_name": "中船防务",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "| 0.04 | 0.63 | 1.39 | 2.02 | 823 | 52 | 24 | 16 | | 601989.SH | 中国重工 | 4.40 | -0.1 | -0.03 | 0.13 | 0.23 | - | - | 34 | 19 | | 600685.SH | 中船防务 | 24.51 | 0.49 | 0.48 | 1.05 | 1.4...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:6c12c8547ee2",
          "chunk_index": 0,
          "quote_summary": "| 0.04 | 0.63 | 1.39 | 2.02 | 823 | 52 | 24 | 16 | | 601989.SH | 中国重工 | 4.40 | -0.1 | -0.03 | 0.13 | 0.23 | - | - | 34 | 19 | | 600685.SH | 中船防务 | 24.51 | 0.49..."
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:d52162c1637b",
          "chunk_index": 0,
          "quote_summary": "- | ------------ | ------------ | | 600150.SH | 中国船舶 | CNY | 30.8 | 2,321 | 36.1 | 93.0 | 137.0 | 179.0 | 64 | 25 | 17 | 13 | | 600685.SH | 中船防务 | CNY | 29.8 |..."
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:e6c99a1d5108",
          "chunk_index": 0,
          "quote_summary": "--- | ------------ | | 600150.SH | 中国船舶 | 37.14 | 0.04 | 0.66 | 1.34 | 2.07 | 2.82 | 977.37 | 56.19 | 27.65 | 17.94 | 13.16 | | 600685.SH | 中船防务 | 26.94 | 0.49..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "company:600685",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 3
    },
    {
      "edge_id": "ffd7ebbd8f1c",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "company:600893",
      "to_name": "航发动力",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "65 | 17.94 | 13.16 | | 600685.SH | 中船防务 | 26.94 | 0.49 | 0.03 | 0.62 | 0.96 | 1.61 | 54.98 | 898.00 | 43.45 | 28.06 | 16.73 | | 600893.SH | 航发动力 | 37.31 | 0.48 | 0.53 | 0.62 | 0.7...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:e6c99a1d5108",
          "chunk_index": 0,
          "quote_summary": "65 | 17.94 | 13.16 | | 600685.SH | 中船防务 | 26.94 | 0.49 | 0.03 | 0.62 | 0.96 | 1.61 | 54.98 | 898.00 | 43.45 | 28.06 | 16.73 | | 600893.SH | 航发动力 | 37.31 | 0.48..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "company:600893",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "948245165e9b",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "company:601606",
      "to_name": "长城军工",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "] E1 --> E1b[招商南油] E1 --> E1c[中远海能] E1 --> E1d[中远海控] E1 --> E1e[中远海特] E --> E2[国防军工] E2 --> E2a[天和防务] E2 --> E2b[新余国科] E2 --> E2c[长城军工] E2 --> E2d[国瑞科技] E2 --> E2e[铭普光磁] E --> E3[...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:6c12c8547ee2",
          "chunk_index": 0,
          "quote_summary": "] E1 --> E1b[招商南油] E1 --> E1c[中远海能] E1 --> E1d[中远海控] E1 --> E1e[中远海特] E --> E2[国防军工] E2 --> E2a[天和防务] E2 --> E2b[新余国科] E2 --> E2c[长城军工] E2 --> E2d[国瑞科技] E2 -->..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "company:601606",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "968818f35257",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "company:中航沈飞",
      "to_name": "中航沈飞",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# 中航沈飞（600760） # 2025 年中报点评：军品交付进度调整，民品收入占比提升 ### 买入（维持） **2025 年 08 月 26 日** | 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | ------------- | ------ | ------",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-db99473a0847.md",
          "chunk_id": "chunk:b3ced836a828",
          "chunk_index": 0,
          "quote_summary": "# 中航沈飞（600760） # 2025 年中报点评：军品交付进度调整，民品收入占比提升 ### 买入（维持） **2025 年 08 月 26 日** | 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | ------------- | ------ | --..."
        },
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-31-日-daa5c1e9546d.md",
          "chunk_id": "chunk:f32200514219",
          "chunk_index": 0,
          "quote_summary": "2025 年 10 月 31 日 # 合同负债相较期初增长 60.20%，公司加速开拓军贸市场 ## — 中航沈飞（600760.SH）公司事件点评报告 ### 买入(首次) **分析师：**宋子豪 S1050525090001 songzh@cfsc.com.cn ### 事件 中航沈飞发布 2025 年三季报，公..."
        },
        {
          "source_path": "sources/stock-research-report-信义山证-汇通天下-2645156ea84c.md",
          "chunk_id": "chunk:976a1acfb5d7",
          "chunk_index": 0,
          "quote_summary": "# 信义山证 汇通天下 证券研究报告 ## 其他军工Ⅲ ## 中航沈飞（600760.SH） ## 买入-A(维持) ### 三季度业绩恢复增长，持续推进能力建设 2025 年 11 月 3 日 公司研究/公司快报 **公司近一年市场表现** | 日期 | 中航沈飞 | 上证指数 | | ----- | ---- |..."
        },
        {
          "source_path": "sources/stock-research-report-其他军工iii-f477ce31494a.md",
          "chunk_id": "chunk:4b427459ddd9",
          "chunk_index": 0,
          "quote_summary": "其他军工Ⅲ # 中航沈飞（600760.SH） # 买入-A(维持) ### 加速产品转代更迭，内装外贸双轮驱动 2026 年 4 月 9 日 公司研究/公司快报 **公司近一年市场表现** | 日期 | 中航沈飞 | 上证指数 | | ----- | ---- | ---- | | 25/04 | 0 | 0 | ..."
        },
        {
          "source_path": "sources/stock-research-report-交付节奏阶段性承压-订单充裕保障长期成长-d978e8e53704.md",
          "chunk_id": "chunk:0df9221b0ea3",
          "chunk_index": 0,
          "quote_summary": "# 交付节奏阶段性承压，订单充裕保障长期成长 ——中航沈飞 2025 年半年度报告点评 # 买入|维持 **事件**：公司 8 月 26 日发布 2025 年半年度报告，期内实现营业收入 146.28 亿元，同比下降 32.35%；实现归母净利润 11.36 亿元，同比下降 29.78%。 **点评**： **当前价..."
        },
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-e31a5a2e4b1b.md",
          "chunk_id": "chunk:60036f2b8f57",
          "chunk_index": 0,
          "quote_summary": "# 中航沈飞（600760） # 2025 年三季报点评：新一代装备全面突破，短期业绩波动不改长期发展主航道 2025 年 10 月 30 日 ### 买入（维持） **证券分析师**：苏立赞 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师**：许牧 执业证书：S060052..."
        },
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-27e067635881.md",
          "chunk_id": "chunk:63845d2af4d7",
          "chunk_index": 0,
          "quote_summary": "# 中航沈飞（600760） 公司点评 # 第三季度经营稳健，军贸或成未来关注方向 ## 投资评级：买入（维持） ### 主要观点： **报告日期：** 2025-11-06 **⚫ 事件描述** **收盘价（元）**: 60.38 **近 12 个月最高/最低（元）**: 73.66/39.06 **总股本（百万股"
        },
        {
          "source_path": "sources/stock-research-report-其他军工iii-ceecd743f594.md",
          "chunk_id": "chunk:5afef2eeabcc",
          "chunk_index": 0,
          "quote_summary": "证券研究报告 其他军工Ⅲ # 中航沈飞（600760.SH） **买入-A(维持)** ### 合同负债较年初大增，内装外贸双轮驱动 2025 年 8 月 26 日 公司研究/公司快报 **公司近一年市场表现** | 日期 | 中航沈飞 | 上证指数 | | ----- | ---- | ---- | | 24/08..."
        },
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-2025-年三季报点评-34d22a648184.md",
          "chunk_id": "chunk:4934ba2737ce",
          "chunk_index": 0,
          "quote_summary": "# 中航沈飞（600760.SH）2025 年三季报点评 # 3Q25 营收增长 63%；增资吉航公司推动维保能力建设 # 2025 年 10 月 31 日 ➢ **事件：** 10 月 29 日，公司发布 2025 年三季报，1~3Q25 实现营收 206.07 亿元，YOY -18.54%；归母净利润 13.62..."
        },
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md",
          "chunk_id": "chunk:28dd52e6120d",
          "chunk_index": 0,
          "quote_summary": "# 中航沈飞（600760.SH） # 买入（维持评级） ## 公司点评 证券研究报告 # 25Q3 营收同比高增，新厂区建设提速 彰显发展信心 **军工组** **分析师**：杨晨（执业 S1130522060001） yangchen@gjzq.com.cn **分析师**：任旭欢（执业 S11305240700..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "company:中航沈飞",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 10
    },
    {
      "edge_id": "f640e8ab3bde",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "company:300855",
      "to_name": "图南股份",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "，毛利率为 32.6%/33.1%/33.5%。预计公司 2024-2026 年归母净利润分别为 15.68/18.85/22.68 亿元，同比+18.05%/+20.18%/+20.32%，当前股价对应 PE 为 19/16/13 倍。我们选取航空锻铸造企业三角防务、航材股份、图南股份作为可比公司，2025 年平均 PE 为 21 倍。公司正在逐步完成从...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:d6346d128be3",
          "chunk_index": 0,
          "quote_summary": "，毛利率为 32.6%/33.1%/33.5%。预计公司 2024-2026 年归母净利润分别为 15.68/18.85/22.68 亿元，同比+18.05%/+20.18%/+20.32%，当前股价对应 PE 为 19/16/13 倍。我们选取航空锻铸造企业三角防务、航材股份、图南股份作为可比公司，2025 年平均..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "company:300855",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "cb2ffb47d4d4",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "company:688563",
      "to_name": "航材股份",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "7.75%，毛利率为 32.6%/33.1%/33.5%。预计公司 2024-2026 年归母净利润分别为 15.68/18.85/22.68 亿元，同比+18.05%/+20.18%/+20.32%，当前股价对应 PE 为 19/16/13 倍。我们选取航空锻铸造企业三角防务、航材股份、图南股份作为可比公司，2025 年平均 PE 为 21 倍。公司正在...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:d6346d128be3",
          "chunk_index": 0,
          "quote_summary": "7.75%，毛利率为 32.6%/33.1%/33.5%。预计公司 2024-2026 年归母净利润分别为 15.68/18.85/22.68 亿元，同比+18.05%/+20.18%/+20.32%，当前股价对应 PE 为 19/16/13 倍。我们选取航空锻铸造企业三角防务、航材股份、图南股份作为可比公司，202..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "company:688563",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "01a76357730e",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "company:中航高科",
      "to_name": "中航高科",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# 中航高科（600862） # 2025 年中报点评：持续推进产能建设，营收利润稳健增长 **2025 年 08 月 25 日** ### 买入（维持） **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S0600523060002",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航高科-600862-0c4cc41a4dc5.md",
          "chunk_id": "chunk:d8b0971832af",
          "chunk_index": 0,
          "quote_summary": "# 中航高科（600862） # 2025 年中报点评：持续推进产能建设，营收利润稳健增长 **2025 年 08 月 25 日** ### 买入（维持） **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S06005230600..."
        },
        {
          "source_path": "sources/stock-research-report-国防军工-1aec251ca65b.md",
          "chunk_id": "chunk:c561d4739c18",
          "chunk_index": 0,
          "quote_summary": "国防军工 # 核心主业保持增长，产能布局持续优化 ■ 走势比较 | Date | 中航高科 | 沪深300 | | ------ | ---- | ----- | | Aug/24 | 0 | 0 | | Sep/24 | 15 | 12 | | Oct/24 | 50 | 15 | | Nov/24 | 30 | ..."
        },
        {
          "source_path": "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md",
          "chunk_id": "chunk:9f6ef745dbc5",
          "chunk_index": 0,
          "quote_summary": "2026 年 03 月 25 日 公司点评 买入/ 维持 # 中航高科(600862) 昨收盘:21.26 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 # 材料主业小幅下降，市场领域加速拓展 ## ■ 走势比较 | 日期 | 中航高科 | 沪深300 | | -------- | ---- |..."
        },
        {
          "source_path": "sources/stock-research-report-中航高科-600862-sh-2025-年半年报点评-8e865a6595b5.md",
          "chunk_id": "chunk:405f8b0b626a",
          "chunk_index": 0,
          "quote_summary": "# 中航高科（600862.SH）2025 年半年报点评 # 1H25 业绩稳步增长；抢抓新质生产力发展机遇 2025 年 08 月 23 日 ➢ **事件：** 8 月 22 日，公司发布 2025 年半年报，1H25 实现营收 27.5 亿元，YOY +7.9%；归母净利润 6.1 亿元，YOY +0.2%；扣非..."
        },
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:3363043912d0",
          "chunk_index": 0,
          "quote_summary": "证券研究报告 国防军工 | 航空装备Ⅱ 非金融|首次覆盖报告 2025 年 04 月 21 日 # 中航高科(600862.SH) **投资评级： 增持（首次）** ——国内航空复材龙头，军民多领域景气共振业绩有望加速释放 ### 证券分析师 **田源** SAC：S1350524030001 tianyuan@hu..."
        },
        {
          "source_path": "sources/stock-research-report-其他军工iii-a155ac175e30.md",
          "chunk_id": "chunk:c9cb7079a70c",
          "chunk_index": 0,
          "quote_summary": "证券研究报告 其他军工Ⅲ 中航高科（600862.SH） 增持-A(维持) # 航空新材料业务稳健增长，持续受益复材市场蓬勃发展 2025 年 8 月 25 日 公司研究/公司快报 ## 公司近一年市场表现 | 日期 | 中航高科 | 上证指数 | | ----- | ---- | ---- | | 24/08 | ..."
        },
        {
          "source_path": "sources/stock-research-report-公-司-研-究-6e41046c3f20.md",
          "chunk_id": "chunk:850890aa0573",
          "chunk_index": 0,
          "quote_summary": "公<br/>司<br/>研<br/>究 公司点评 **买入 / 维持** # 中航高科（600862） **目标价**：30.00 **昨收盘**：25.46 国防军工 # 材料主业保持增长，科技创新成效显著 太<br/>平<br/>洋<br/>证<br/>券<br/>股<br/>份<br/>有<br/>限<br/>..."
        },
        {
          "source_path": "sources/stock-research-report-公司研究-877362ab8a29.md",
          "chunk_id": "chunk:717870b6c97b",
          "chunk_index": 0,
          "quote_summary": "# 公司研究 ## 中航高科（600862） **目标价**：30.00 **昨收盘**：22.43 国防军工 # 经营业绩小幅承压，看好长期发展前景 太平洋证券股份有限公司证券研究报告 ### ■ 走势比较 | Date | 中航高科 | 沪深300 | | ------ | ---- | ----- | | No..."
        },
        {
          "source_path": "sources/stock-research-report-中航高科-600862-baa5aad0af41.md",
          "chunk_id": "chunk:bc708cf7d151",
          "chunk_index": 0,
          "quote_summary": "# 中航高科（600862） # 2025 年三季报点评：高端复合材料赛道产能蓄力、盈利短暂换挡但现金流充沛 ### 买入（维持） **2025 年 10 月 29 日** **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S06..."
        },
        {
          "source_path": "sources/stock-research-report-中航高科-600862-sh-2025-年三季报点评-1af5bfba41eb.md",
          "chunk_id": "chunk:3895160d6551",
          "chunk_index": 0,
          "quote_summary": "# 中航高科（600862.SH）2025 年三季报点评 # 新材料完成年度目标 64%，积极布局未来产业 2025 年 10 月 26 日 **推荐** **维持评级** **当前价格：** **23.11 元** ➢ **事件：** 10 月 24 日，公司发布 2025 年三季报，1~3Q25 营收 37.61..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "company:中航高科",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 10
    },
    {
      "edge_id": "53c017c5638d",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "company:688297",
      "to_name": "中无人机",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "显 4 个 35 米口径天线接收到的来自遥远火星探测器发出的测控信号。 # 3 无人化智能化系装备发展趋势，公司无人装备谱系齐全 ## 3.1 无人机渐入现代战场中央，装备无人化智能化发展趋势明显 无人机作为现代空袭作战体系中的重要元素，逐渐走入战场中央。据张君彪《俄乌冲突中无人机作战运用情况及启示》介绍，无人机打破了传统空袭作战样式，可携带或搭载不同载荷...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:a262e875cac8",
          "chunk_index": 0,
          "quote_summary": "显 4 个 35 米口径天线接收到的来自遥远火星探测器发出的测控信号。 # 3 无人化智能化系装备发展趋势，公司无人装备谱系齐全 ## 3.1 无人机渐入现代战场中央，装备无人化智能化发展趋势明显 无人机作为现代空袭作战体系中的重要元素，逐渐走入战场中央。据张君彪《俄乌冲突中无人机作战运用情况及启示》介绍，无人机打破..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "company:688297",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "abbfd1a14f29",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "company:000738",
      "to_name": "航发控制",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "3.8%至 50.9 亿元，利润总额 436 万元，23 年同期为-0.69 亿元。 > **新老型号过渡业绩阶段性承压**。2025 年公司经营计划预计实现收入 476.6 亿元，与 24 年收入基本持平；预计归母净利润 5.92 亿元，较 24 年同比下滑 31.2%。根据航发控制 2024 年报描述“持续多年量产的部分型号阶段性达峰，部分新研产品尚在...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2024-年年报点评-859bd5fbb5b9.md",
          "chunk_id": "chunk:fa1d80a31335",
          "chunk_index": 0,
          "quote_summary": "3.8%至 50.9 亿元，利润总额 436 万元，23 年同期为-0.69 亿元。 > **新老型号过渡业绩阶段性承压**。2025 年公司经营计划预计实现收入 476.6 亿元，与 24 年收入基本持平；预计归母净利润 5.92 亿元，较 24 年同比下滑 31.2%。根据航发控制 2024 年报描述“持续多年量..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "company:000738",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "92b752228914",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "company:600004",
      "to_name": "白云机场",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "，我国拥有运输机场总数达到 263 个，通用机场达 475 个，已基本形成京津冀、长三角、粤港澳大湾区和成渝四大世界级机场群。京津冀机场群主要机场有首都机场、大兴机场、天津滨海国际机场等；长三角机场群主要机场有上海虹桥机场、上海浦东机场、南京禄口机场等；粤港澳大湾区主要机场有广州白云机场、深圳宝安机场、香港国际机场、澳门国际机场等；成渝地区机场主要有成都双...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-601111-sh-9bea4445b90e.md",
          "chunk_id": "chunk:fceecd35173c",
          "chunk_index": 0,
          "quote_summary": "，我国拥有运输机场总数达到 263 个，通用机场达 475 个，已基本形成京津冀、长三角、粤港澳大湾区和成渝四大世界级机场群。京津冀机场群主要机场有首都机场、大兴机场、天津滨海国际机场等；长三角机场群主要机场有上海虹桥机场、上海浦东机场、南京禄口机场等；粤港澳大湾区主要机场有广州白云机场、深圳宝安机场、香港国际机场、..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "company:600004",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "a94dc50e8ea5",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "company:601021",
      "to_name": "春秋航空",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "低成本航空是近年来表现出较强劲的发展势头的一种航空运输经营模式，通过取消一些传统航空乘客服务，比如餐食、行李托运和额外保险作为辅助服务，将营运成本控制得比较低，坚持单一机型、二线机场起降、点对点飞行、机票直销和高运营效率法则，从而可以长期大量提供便宜票价。中国低成本航空公司主要有春秋航空、成都航空、九元航空、乌鲁木齐航空、西部航空、祥鹏航空等航空公司。 图...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-601111-sh-9bea4445b90e.md",
          "chunk_id": "chunk:fceecd35173c",
          "chunk_index": 0,
          "quote_summary": "低成本航空是近年来表现出较强劲的发展势头的一种航空运输经营模式，通过取消一些传统航空乘客服务，比如餐食、行李托运和额外保险作为辅助服务，将营运成本控制得比较低，坚持单一机型、二线机场起降、点对点飞行、机票直销和高运营效率法则，从而可以长期大量提供便宜票价。中国低成本航空公司主要有春秋航空、成都航空、九元航空、乌鲁木齐..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "company:601021",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "d185434427aa",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "company:600038",
      "to_name": "中直股份",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "-- | ----------- | ------------ | ------------ | ------------- | --------------- | | 601606 长城军工 | — | 0.16 摊薄 | — | 14.9 | 6.87 | | 600038 中直股份 | 40.61 | 0.77 | 243 | 120.48 | 6....",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-恒泰证券-e2fc888c7acf.md",
          "chunk_id": "chunk:2c4817b40ef1",
          "chunk_index": 7,
          "quote_summary": "-- | ----------- | ------------ | ------------ | ------------- | --------------- | | 601606 长城军工 | — | 0.16 摊薄 | — | 14.9 | 6.87 | | 600038 中直股份 | 40.61 | 0.77..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "company:600038",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "8ba757e6ab59",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "company:600316",
      "to_name": "洪都航空",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "2022 年新增 1 家上市公司理工导航，2023 年新增 1 家上市公司国科军工。 图26 弹药/智能弹药产业投资图谱 ```mermaid graph TD Title[弹药/智能弹药产业投资图谱] subgraph \"智能弹药总装\" A1[中兵红箭] A2[洪都航空] A3[湖南兵器] A4[新余国科] A5[高德红外] A6[国科军工] A7[长城...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:96a7d7319cbc",
          "chunk_index": 0,
          "quote_summary": "2022 年新增 1 家上市公司理工导航，2023 年新增 1 家上市公司国科军工。 图26 弹药/智能弹药产业投资图谱 ```mermaid graph TD Title[弹药/智能弹药产业投资图谱] subgraph \"智能弹药总装\" A1[中兵红箭] A2[洪都航空] A3[湖南兵器] A4[新余国科] A5[..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "company:600316",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "f265853978ef",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "company:601816",
      "to_name": "京沪高铁",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "在加压装置中的应用 | 桩的静荷载试验、沉箱下沉加重等。 | 数据来源：公司招股说明书，东吴证券研究所 金星预应力掌握锚具领域多项核心技术，目前产品主要涉及道桥基础加固、井巷及隧道支护和现有结构物补强加固领域，包括高强度紧固件、高强度锚具、低回缩锚具和矿用锚具等，已成功应用于京沪高铁、兰新铁路、沪昆铁路、广州南站、杭州湾大桥、上海虹桥枢纽、淮南煤矿井下支护...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-610931a94901.md",
          "chunk_id": "chunk:fca0bff82938",
          "chunk_index": 0,
          "quote_summary": "在加压装置中的应用 | 桩的静荷载试验、沉箱下沉加重等。 | 数据来源：公司招股说明书，东吴证券研究所 金星预应力掌握锚具领域多项核心技术，目前产品主要涉及道桥基础加固、井巷及隧道支护和现有结构物补强加固领域，包括高强度紧固件、高强度锚具、低回缩锚具和矿用锚具等，已成功应用于京沪高铁、兰新铁路、沪昆铁路、广州南站、杭..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "company:601816",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "3114ccfe5bdb",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "company:688543",
      "to_name": "国科军工",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "-.-> I ``` 资料来源：中航证券研究所整理 弹药/智能弹药产业链上市公司数量相对于军工行业其他子行业上市公司数量有限，并主要集中在 2016 年之后。近年新增 2 家弹药相关上市公司，分别是：2022 年新增 1 家上市公司理工导航，2023 年新增 1 家上市公司国科军工。 图26 弹药/智能弹药产业投资图谱 ```mermaid graph T...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:96a7d7319cbc",
          "chunk_index": 0,
          "quote_summary": "-.-> I ``` 资料来源：中航证券研究所整理 弹药/智能弹药产业链上市公司数量相对于军工行业其他子行业上市公司数量有限，并主要集中在 2016 年之后。近年新增 2 家弹药相关上市公司，分别是：2022 年新增 1 家上市公司理工导航，2023 年新增 1 家上市公司国科军工。 图26 弹药/智能弹药产业投资图..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "company:688543",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "d9b29895c0e7",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "company:300034",
      "to_name": "钢研高纳",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "期战略合作协议。截至 2024 年末，合同负债达 1.82 亿元，同比增长超 100%，看好公司两机零部件外销收入 2025 年加速提升。同时，伴随着近年来两机国产化加速推进，公司两机领域国内收入也有望持续提升。 我们选取同行业的万泽股份，以及产业链上游高温合金环节的隆达股份和钢研高纳作为可比公司。我们预计公司 25-27 年营业收入分别为 31.64/3...",
      "confidence": 0.66,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:5adcbf757c2a",
          "chunk_index": 0,
          "quote_summary": "期战略合作协议。截至 2024 年末，合同负债达 1.82 亿元，同比增长超 100%，看好公司两机零部件外销收入 2025 年加速提升。同时，伴随着近年来两机国产化加速推进，公司两机领域国内收入也有望持续提升。 我们选取同行业的万泽股份，以及产业链上游高温合金环节的隆达股份和钢研高纳作为可比公司。我们预计公司 25..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "company:300034",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "4dfc8884fa62",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "company:600115",
      "to_name": "中国东航",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "局部的融合设计；采用先进的机载系统和发动机，经济性能更好；先进材料首次在国产民机大规模应用，特别第三代铝锂合金材料、先进复合材料用量分别达到 8.8%和 12%；氮氧化物排放比 ICAO CEAP6 标准低 50%，二氧化碳排放比现役飞机低 12%。 * **价格优势**：根据中国东航、中国南航公告以及 aerocorner 数据，C919（标准型）目录价...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:5adcbf757c2a",
          "chunk_index": 0,
          "quote_summary": "局部的融合设计；采用先进的机载系统和发动机，经济性能更好；先进材料首次在国产民机大规模应用，特别第三代铝锂合金材料、先进复合材料用量分别达到 8.8%和 12%；氮氧化物排放比 ICAO CEAP6 标准低 50%，二氧化碳排放比现役飞机低 12%。 * **价格优势**：根据中国东航、中国南航公告以及 aeroco..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "company:600115",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "41565eeed2cf",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "company:688231",
      "to_name": "隆达股份",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "罗等签订长期战略合作协议。截至 2024 年末，合同负债达 1.82 亿元，同比增长超 100%，看好公司两机零部件外销收入 2025 年加速提升。同时，伴随着近年来两机国产化加速推进，公司两机领域国内收入也有望持续提升。 我们选取同行业的万泽股份，以及产业链上游高温合金环节的隆达股份和钢研高纳作为可比公司。我们预计公司 25-27 年营业收入分别为 31...",
      "confidence": 0.66,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:5adcbf757c2a",
          "chunk_index": 0,
          "quote_summary": "罗等签订长期战略合作协议。截至 2024 年末，合同负债达 1.82 亿元，同比增长超 100%，看好公司两机零部件外销收入 2025 年加速提升。同时，伴随着近年来两机国产化加速推进，公司两机领域国内收入也有望持续提升。 我们选取同行业的万泽股份，以及产业链上游高温合金环节的隆达股份和钢研高纳作为可比公司。我们预计..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "company:688231",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "4a691de10a2a",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "company:火炬电子",
      "to_name": "火炬电子",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# 火炬电子（603678.SH）：产业拐点将至，员工持股计划业绩目标彰显信心 2025 年 3 月 28 日 ## ——公司 2024 年度业绩点评 **推荐/维持** **火炬电子** | **公司报告** > 东兴证券股份有限公司证券研究报告 ### 事件： 2025 年 3 月 22 日，火炬电子发布 202",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-产业拐点将至-员工持股计划业绩目标彰显信心-69ae1c892cd7.md",
          "chunk_id": "chunk:463771787617",
          "chunk_index": 0,
          "quote_summary": "# 火炬电子（603678.SH）：产业拐点将至，员工持股计划业绩目标彰显信心 2025 年 3 月 28 日 ## ——公司 2024 年度业绩点评 **推荐/维持** **火炬电子** | **公司报告** > 东兴证券股份有限公司证券研究报告 ### 事件： 2025 年 3 月 22 日，火炬电子发布 202"
        },
        {
          "source_path": "sources/stock-research-report-电容销售逆势增长-特种高性能新材料空间广阔-1b79fcf832b2.md",
          "chunk_id": "chunk:8f012cc58807",
          "chunk_index": 0,
          "quote_summary": "# 电容销售逆势增长，特种高性能新材料空间广阔 ## — 火炬电子（603678.SH）公司事件点评报告 ### 买入(首次) **分析师**：高永豪 S1050524120001 gaoyh7@cfsc.com.cn **联系人**：张璐 S1050123120019 zhanglu2@cfsc.com.cn ##..."
        },
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-752014ec5cae.md",
          "chunk_id": "chunk:d114ea7d0b4a",
          "chunk_index": 0,
          "quote_summary": "# 火炬电子（603678.SH）：行业景气度逐步改善，三大业务持续向好 ## ——公司 2025 半年报业绩点评 2025 年 8 月 30 日 **推荐/维持** **火炬电子 | 公司报告** ### 事件： 2025 年 8 月 23 日，火炬电子发布 2025 年半年度报告，报告期内，实现营业收入 17.72"
        },
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-e51bb5f736bd.md",
          "chunk_id": "chunk:c94222e76649",
          "chunk_index": 0,
          "quote_summary": "# 火炬电子（603678） # 2024 年报点评：拐点已至看好业绩回暖，第四期员工持股计划出炉 2025 年 03 月 24 日 ### 买入（维持） **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S06005230600..."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md",
          "chunk_id": "chunk:99ef0a27a8d5",
          "chunk_index": 0,
          "quote_summary": "2025年03月25日 证券研究报告|公司研究|军工公司点评 # 火炬电子 (603678) ## 2024年报点评：元器件、碳化硅纤维双轮驱动 * **投资评级**: 增持 * **维持评级** * **日期**: 2025年03月24日 * **收盘价(元)**: 38.38 **业绩概要**：2024年公司实现..."
        },
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-81a6b52909b7.md",
          "chunk_id": "chunk:8a42c601a6a7",
          "chunk_index": 0,
          "quote_summary": "# 火炬电子（603678.SH）：行业景气度逐步改善，三大业务持续向好 ——公司 2025 年报业绩点评 2026 年 4 月 14 日 | 推荐/维持 | | ----------------- | | \\*\\*火炬电子\\*\\* 公司报告 | ### 事件： 2026 年 3 月 30 日，火炬电子发布 2025..."
        },
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-b9bbbc31466e.md",
          "chunk_id": "chunk:adc425992836",
          "chunk_index": 0,
          "quote_summary": "# 火炬电子（603678） **目标价**：50.00 **昨收盘**：33.39 国防军工 # 盈利能力稳步提升，未来前景持续向好 ## ■ 走势比较 | 月份 | 火炬电子 | 沪深300 | | ------ | ---- | ----- | | Nov/24 | 0 | 0 | | Dec/24 | 5 |..."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-9f3094998ec2.md",
          "chunk_id": "chunk:1d83c7f4a214",
          "chunk_index": 0,
          "quote_summary": "2025年08月22日 证券研究报告|公司研究|公司点评 # 火炬电子 (603678) ## 2025年中报点评：主业稳健，陶瓷纤维超预期放量 **投资评级**: 买入 **上调评级** 2025年08月22日 **收盘价(元)**: 40.38 **业绩概要**：2025年上半年公司实现营业收入17.72亿元（+..."
        },
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-4ebf2b2e79b1.md",
          "chunk_id": "chunk:0a9f2e401f09",
          "chunk_index": 0,
          "quote_summary": "# 火炬电子（603678） # 2025 年中报点评：行业景气度改善及市场需求回升，电子元器件订单快速恢复 ## 买入（维持） **2025 年 08 月 26 日** **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S060..."
        },
        {
          "source_path": "sources/stock-research-report-国防军工-b797e3309d85.md",
          "chunk_id": "chunk:62a936d3987f",
          "chunk_index": 0,
          "quote_summary": "国防军工 # 受益行业景气回暖，盈利能力明显改善 ■ 走势比较 | Month | 火炬电子 | 沪深300 | | ------ | ---- | ----- | | Aug/24 | 0 | 0 | | Sep/24 | 20 | 5 | | Oct/24 | 35 | 10 | | Nov/24 | 45 | ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "company:火炬电子",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 10
    },
    {
      "edge_id": "59420965b1ae",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "company:002465",
      "to_name": "海格通信",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "发 | 量产阶段 | 资料来源：招股说明书，太平洋研究院整理 图表 8：2019 年可比公司研发投入占比 | 公司 | 研发人员占比 | 研发支出占收入比重 | | ---- | ------ | --------- | | 七一二 | 40.55% | 22.11% | | 海格通信 | 30.36% | 14.71% | | 烽火电子 | 40.6% ...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4273816e06fb.md",
          "chunk_id": "chunk:8773e5dafd77",
          "chunk_index": 0,
          "quote_summary": "发 | 量产阶段 | 资料来源：招股说明书，太平洋研究院整理 图表 8：2019 年可比公司研发投入占比 | 公司 | 研发人员占比 | 研发支出占收入比重 | | ---- | ------ | --------- | | 七一二 | 40.55% | 22.11% | | 海格通信 | 30.36% | 14.7..."
        },
        {
          "source_path": "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md",
          "chunk_id": "chunk:9802a0ca0117",
          "chunk_index": 0,
          "quote_summary": "- | --------------------- | --------------------- | ---------------- | ---------------- | --------------- | --------------- | | 002465.SZ | 海格通信 | 267.09 | 11...."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "company:002465",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 2
    },
    {
      "edge_id": "54a355cc56d4",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "company:七一二",
      "to_name": "七一二",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "2021-03-18 公司点评报告 **买入/维持** **七一二 (603712)** 昨收盘：33.26 国防军工 # 七一二(603712)：系统产品收入增长迅猛，盈利能力持续提升 ### 走势比较 | Date | 七一二 | 沪深300 | | -------- | --- | ----- | | 20/3/18 | 0 | 0 | | 20/5...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2021-03-18-1c9d3233987c.md",
          "chunk_id": "chunk:996c89acecc8",
          "chunk_index": 0,
          "quote_summary": "2021-03-18 公司点评报告 **买入/维持** **七一二 (603712)** 昨收盘：33.26 国防军工 # 七一二(603712)：系统产品收入增长迅猛，盈利能力持续提升 ### 走势比较 | Date | 七一二 | 沪深300 | | -------- | --- | ----- | | 20/3..."
        },
        {
          "source_path": "sources/stock-research-report-七一二-603712-2cb336b30b26.md",
          "chunk_id": "chunk:a0cdda05ca75",
          "chunk_index": 0,
          "quote_summary": "# 七一二（603712） 公司研究/点评报告 # 业绩高增长，看好公司长期发展 ——七一二（603712）2020 年三季报点评 ## 点评报告/国防军工 **推荐** 维持评级 **当前价格：** 45.39 元 ### 一、事件概述 10 月 27 日，公司发布 2020 年三季报，实现营业收入 13.10"
        },
        {
          "source_path": "sources/stock-research-report-七一二-603712-dcf3f461c09d.md",
          "chunk_id": "chunk:96f7eaa89101",
          "chunk_index": 0,
          "quote_summary": "# 七一二（603712） 公司研究/点评报告 # 订单增长显著，业绩高增长可期 ## ——七一二（603712）2020年中报点评 **点评报告/国防军工** **2020年8月6日** ### 一、事件概述 8月5日，公司发布2020年中报，实现营业收入8.40亿元，同比增长16.12%；实现归母净利润1.03亿..."
        },
        {
          "source_path": "sources/stock-research-report-国防军工-4478573c6187.md",
          "chunk_id": "chunk:96ac4a45ef35",
          "chunk_index": 0,
          "quote_summary": "国防军工 # 七一二半年报点评：军品业务快速增长，上半年净利润同比增 53% ## ■ 走势比较 | Date | 七一二 | 沪深300 | | ------- | --- | ----- | | 19/8/6 | 0 | 0 | | 19/10/6 | 10 | 5 | | 19/12/6 | 15 | 10 |..."
        },
        {
          "source_path": "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md",
          "chunk_id": "chunk:9802a0ca0117",
          "chunk_index": 0,
          "quote_summary": "# 公 司 研 究 ## 七一二（603712.SH） ## 超短波军工专网通信领头羊，民用专网领域有望再领航 2021 年 01 月 05 日 **投资评级：增持（首次）** ——公司首次覆盖报告 # 公 司 首 次 覆 盖 报 告 | 日期 | 2021/1/5 | | ------------ | ------..."
        },
        {
          "source_path": "sources/stock-research-report-七一二-603712-409c8b76d7d1.md",
          "chunk_id": "chunk:08d3da4adc3d",
          "chunk_index": 0,
          "quote_summary": "# 七一二（603712） # 2022 年年报点评：加速产业布局，军民双轨产能持续释放 ## 买入（维持） 2023 年 04 月 07 日 **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 钱佳兴** 执业证书：S0600521120002 qia"
        },
        {
          "source_path": "sources/stock-research-report-国防军工-4273816e06fb.md",
          "chunk_id": "chunk:8773e5dafd77",
          "chunk_index": 0,
          "quote_summary": "国防军工 # 七一二（603712）：军用无线通信领军企业，研发驱动新增长 ◼ **走势比较** 一年该股与沪深 300 走势比较 | 日期 | 七一二 | 沪深300 | | -------- | --- | ----- | | 19/11/28 | 0 | 0 | | 20/1/28 | 25 | 10 | | ..."
        },
        {
          "source_path": "sources/stock-research-report-七一二-603712-e83fb4ba43df.md",
          "chunk_id": "chunk:f13a0e7657f4",
          "chunk_index": 0,
          "quote_summary": "# 七一二（603712） 公司研究/公司点评 # 经营业绩稳中有进，持续强化原创性引领性技术攻关 ## 投资评级：买入（维持） **报告日期：** 2023-10-31 **收盘价（元）**: 26.56 **近 12 个月最高/最低（元）**: 38.74/24.36 **总股本（百万股）**: 772 **流通..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "company:七一二",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 8
    },
    {
      "edge_id": "56c62c1ef15b",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "company:600184",
      "to_name": "光电股份",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "5 | 0.86 | -20.2 | 52 | 2.8 | 10.1 | | 300516 | 久之洋 | 30.09 | 54 | 9.8 | 3.9 | 0.35 | 5 | 50.1 | 0.46 | 2.8 | 111 | 5.3 | 11.0 | | 600184 | 光电股份 | 12.05 | 61 | 2.4 | 2.5 | 0.66 | ...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md",
          "chunk_id": "chunk:0856c37f135f",
          "chunk_index": 0,
          "quote_summary": "5 | 0.86 | -20.2 | 52 | 2.8 | 10.1 | | 300516 | 久之洋 | 30.09 | 54 | 9.8 | 3.9 | 0.35 | 5 | 50.1 | 0.46 | 2.8 | 111 | 5.3 | 11.0 | | 600184 | 光电股份 | 12.05 | 61 |..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "company:600184",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "8fcc671ea966",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "company:哈尔滨新光光电科技股份有限公司",
      "to_name": "哈尔滨新光光电科技股份有限公司",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "> HQ K[哈博永新] -- 1.38% --> HQ L[朗江汇鑫] -- 1.15% --> HQ M[朗江创新] -- 0.84% --> HQ N[哈创新投资] -- 0.20% --> HQ O[凯致天使] -- 0.17% --> HQ end HQ[哈尔滨新光光电科技股份有限公司] HQ -- 100.00% --> S1[永鑫科技] HQ...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md",
          "chunk_id": "chunk:0856c37f135f",
          "chunk_index": 0,
          "quote_summary": "> HQ K[哈博永新] -- 1.38% --> HQ L[朗江汇鑫] -- 1.15% --> HQ M[朗江创新] -- 0.84% --> HQ N[哈创新投资] -- 0.20% --> HQ O[凯致天使] -- 0.17% --> HQ end HQ[哈尔滨新光光电科技股份有限公司] HQ -- 100..."
        },
        {
          "source_path": "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md",
          "chunk_id": "chunk:a0606d3a42c4",
          "chunk_index": 0,
          "quote_summary": "2019年4月15日 # 科创板高端装备系列之四：新光光电 机械 ## 主要财务指标（单位：百万元） | | 2016A | 2017A | 2018A | | -------- | ----- | ------- | ------ | | 营业收入 | 159 | 182 | 208 | | (+/-) | - |..."
        },
        {
          "source_path": "sources/stock-research-report-东海证券-d3cb3f6bdead.md",
          "chunk_id": "chunk:7bdfc22a308f",
          "chunk_index": 0,
          "quote_summary": "C[哈创新投资] --- P14[0.20%] KT[凯致天使] --- P15[0.17%] P1 & P2 & P3 & P4 & P5 & P6 & P7 & P8 & P9 & P10 & P11 & P12 & P13 & P14 & P15 --- Parent[哈尔滨新光光电科技股份有限公司] Pare..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "company:哈尔滨新光光电科技股份有限公司",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 3
    },
    {
      "edge_id": "1726cc802c67",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "company:新光光电",
      "to_name": "新光光电",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "2019年07月03日 公司研究●证券研究报告 # 新光光电（688011.SH） # 新股覆盖研究 ## 成长中的智能光电系统提供商 所属一级行业名称 ### 主要看点 ### 交易数据 * **总市值（百万元）**: * **流通市值（百万元）**: * **总股本（百万股）**: 75.00 * **流通股本（百万股）**: * **12个月价格区间...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md",
          "chunk_id": "chunk:0856c37f135f",
          "chunk_index": 0,
          "quote_summary": "2019年07月03日 公司研究●证券研究报告 # 新光光电（688011.SH） # 新股覆盖研究 ## 成长中的智能光电系统提供商 所属一级行业名称 ### 主要看点 ### 交易数据 * **总市值（百万元）**: * **流通市值（百万元）**: * **总股本（百万股）**: 75.00 * **流通股本（..."
        },
        {
          "source_path": "sources/stock-research-report-中航证券研究所-8ebbbd9f4850.md",
          "chunk_id": "chunk:84343e8251cb",
          "chunk_index": 0,
          "quote_summary": "证券研究所 分析师：张 超 证券执业证书号：S0640519070001 分析师：王菁菁 证券执业证书号：S0640518090001 分析师：王宏涛 证券执业证书号：S0640520110001 电话：010-59562519 邮箱：wanght@avicsec.com # 新光光电（688011）2021 年中报..."
        },
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2020-年报点评-6b8aa2118b14.md",
          "chunk_id": "chunk:758518b39a20",
          "chunk_index": 0,
          "quote_summary": "# 新光光电（688011）2020 年报点评： # 疫情影响 2020 年交付验收，2021 年一季度业务已恢复 中航证券研究所 分析师：张 超 证券执业证书号：S0640519070001 分析师：王菁菁 证券执业证书号：S0640518090001 分析师：王宏涛 证券执业证书号：S0640520110001 ..."
        },
        {
          "source_path": "sources/stock-research-report-东海证券-d3cb3f6bdead.md",
          "chunk_id": "chunk:7bdfc22a308f",
          "chunk_index": 0,
          "quote_summary": "东海证券 DONGHAI SECURITIES 2019 年 07 月 09 日 证券研究报告—科创板专用报告 ## 新光光电(688011) 军工电子信息领域的优质企业 分析日期 2019 年 07 月 09 日 **投资评级：中性/首次** **证券分析师：牛畅** 执业证书编号：S0630115060032 电..."
        },
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md",
          "chunk_id": "chunk:32b29603f9d1",
          "chunk_index": 0,
          "quote_summary": "云 **证券执业证书号：** S0640515120001 **研究助理：** 王宏涛 **证券执业证书号：** S0640118100010 **电话：** 010-59262519 **邮箱：** wanght@avicsec.com # 中航科创板投资手册 之一 ## 新光光电（688011）： 精确制导武器之..."
        },
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2019-年报点评-毛利率显著增长-新型测温产品有望促进公司民品业务收入增长-c958ed26be20.md",
          "chunk_id": "chunk:e6c941c0cca8",
          "chunk_index": 0,
          "quote_summary": "# 新光光电（688011）2019 年报点评：毛利率显著增长，新型测温产品有望促进公司民品业务收入增长 **中航证券金融研究所** **分析师：**张 超 **证券执业证书号：**S0640519070001 **分析师：**王菁菁 **证券执业证书号：**S0640518090001 **研究助理：**王宏涛 *..."
        },
        {
          "source_path": "sources/stock-research-report-科创板询价报告之新光光电-921c115963da.md",
          "chunk_id": "chunk:e6e4ef0a99b8",
          "chunk_index": 0,
          "quote_summary": "2019年7月3日 # 科创板询价报告之新光光电 国防军工 **建议询价区间：28.92-37.60元/股** ### 主要财务指标（单位：百万元） | | 2018A | 2019E | 2020E | 2021E | | -------- | ------ | ------ | ----- | ----- | |..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "company:新光光电",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 7
    },
    {
      "edge_id": "7399f4d19561",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "company:国盾量子",
      "to_name": "国盾量子",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "股票研究 | 2025-09-29 # 量子计算驱动业绩高增，与中电信协同效应显著 ## 国盾量子(688027) 电信运营/信息技术 ■ 公司跟踪报告 **688027 CH** **Quantumctek** **Rating: OUTPERFORM** **Target Price: Rmb336.17** **Lin Yang** <lin.yan...",
      "confidence": 0.66,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md",
          "chunk_id": "chunk:7f77adb840ef",
          "chunk_index": 0,
          "quote_summary": "股票研究 | 2025-09-29 # 量子计算驱动业绩高增，与中电信协同效应显著 ## 国盾量子(688027) 电信运营/信息技术 ■ 公司跟踪报告 **688027 CH** **Quantumctek** **Rating: OUTPERFORM** **Target Price: Rmb336.17** *..."
        },
        {
          "source_path": "sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md",
          "chunk_id": "chunk:f48f686410c4",
          "chunk_index": 0,
          "quote_summary": "# 科创板重点标的解析之二——国盾量子 **计算机行业首席分析师：王文龙** **2019年3月** # 目录： # 1.公司产品概览 # 量子通信市场龙头,产品覆盖全面 * **深耕量子通信业务。**公司主要从事量子通信产品的研发、生产、销售及技术服务，为各类光纤量子保密通信网络以及星地一体广域量子保密通信地面站的..."
        },
        {
          "source_path": "sources/stock-research-report-华鑫证券-华鑫证券-科创板报告-829241e7bda5.md",
          "chunk_id": "chunk:e9521634f2be",
          "chunk_index": 0,
          "quote_summary": "华鑫证券 华鑫证券·科创板报告 CHINAFORTUNESECURITIES 证券研究报告·行业研究·通信系列 2019年4月9日 科创板通信系列之一：国盾量子 通信 主要财务指标（单位：百万元） 截止4月10日，科创板已受理企业达57家，其中TMT 行业企业占据大多数。本系列我们从国盾量子开始介绍科创 板中的通信企..."
        },
        {
          "source_path": "sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md",
          "chunk_id": "chunk:43b6f1cb2ba6",
          "chunk_index": 0,
          "quote_summary": "# 国盾量子 (688027.SH) # 买入 （首次评级） 公司深度研究 证券研究报告 ## 国之重盾，量创智子 **国金证券研究所** **分析师：夏昌盛(执业S1130524020003）** xiachangsheng@gjzq.com.cn **分析师：张真桢（执业S1130524060002）** zhan"
        },
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-08-日-8da78ebd44bf.md",
          "chunk_id": "chunk:d9b65ad83f1e",
          "chunk_index": 0,
          "quote_summary": "2024 年 04 月 08 日 证券研究报告•2023 年年报点评 # 持有（首次） **当前价**：170.55 元 **目标价**：—— 元（6 个月） ## 国盾量子（688027）通信 # 国之重盾，量子领军 ### 投资要点 ### 西南证券研究发展中心 * **事件**：公司发布 2023 年年报，报告..."
        },
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-01-日-3a755bdf7552.md",
          "chunk_id": "chunk:2aeafb9ac383",
          "chunk_index": 0,
          "quote_summary": "2026 年 04 月 01 日 证券研究报告•2025 年年报点评 # 国盾量子（688027）通信 # 持有 （首次） **当前价**：547.17 元 **目标价**：—— 元（ 6 个月） # 量子计算放量驱动业绩拐点，央企赋能加速商业化兑现 ## 投资要点 * **事件：公司发布 2025 年年报。2025..."
        },
        {
          "source_path": "sources/stock-research-report-国盾量子-688027-sh-买入-维持评级-c8c733c4ea58.md",
          "chunk_id": "chunk:f53e8bb9eb87",
          "chunk_index": 0,
          "quote_summary": "# 国盾量子 (688027.SH) 买入（维持评级） **公司点评** 证券研究报告 # Q3 营收+127%，量子业务潜力渐显 **国金证券研究所** **分析师：夏昌盛（执业S1130524020003)** xiachangsheng@gjzq.com.cn **分析师：张真桢（执业S113052406000..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "company:国盾量子",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 7
    },
    {
      "edge_id": "7df50442de31",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "company:300034",
      "to_name": "钢研高纳",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "我们预计 2025-2027 年公司的营收分别为 52.37、66.79、81.29 亿元，归母净利润分别为 8.40、10.75、13.00 亿元，当前股价对应 2025-2027 年 PE 分别为 57.6/45.0/37.2 倍。考虑到主业的相似性，选取图南股份、中航高科、钢研高纳作为可比公司，均属于高端金属材料及航空发动机材料领域。根据 2026 ...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:25fb723a8c87",
          "chunk_index": 0,
          "quote_summary": "我们预计 2025-2027 年公司的营收分别为 52.37、66.79、81.29 亿元，归母净利润分别为 8.40、10.75、13.00 亿元，当前股价对应 2025-2027 年 PE 分别为 57.6/45.0/37.2 倍。考虑到主业的相似性，选取图南股份、中航高科、钢研高纳作为可比公司，均属于高端金属材..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "company:300034",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "ce75e86d3a06",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "company:300855",
      "to_name": "图南股份",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "估值与评级 综上，我们预计 2025-2027 年公司的营收分别为 52.37、66.79、81.29 亿元，归母净利润分别为 8.40、10.75、13.00 亿元，当前股价对应 2025-2027 年 PE 分别为 57.6/45.0/37.2 倍。考虑到主业的相似性，选取图南股份、中航高科、钢研高纳作为可比公司，均属于高端金属材料及航空发动机材料领域...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:25fb723a8c87",
          "chunk_index": 0,
          "quote_summary": "估值与评级 综上，我们预计 2025-2027 年公司的营收分别为 52.37、66.79、81.29 亿元，归母净利润分别为 8.40、10.75、13.00 亿元，当前股价对应 2025-2027 年 PE 分别为 57.6/45.0/37.2 倍。考虑到主业的相似性，选取图南股份、中航高科、钢研高纳作为可比公司..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "company:300855",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "b3787b5d6d44",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "company:600862",
      "to_name": "中航高科",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "综上，我们预计 2025-2027 年公司的营收分别为 52.37、66.79、81.29 亿元，归母净利润分别为 8.40、10.75、13.00 亿元，当前股价对应 2025-2027 年 PE 分别为 57.6/45.0/37.2 倍。考虑到主业的相似性，选取图南股份、中航高科、钢研高纳作为可比公司，均属于高端金属材料及航空发动机材料领域。根据 20...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:25fb723a8c87",
          "chunk_index": 0,
          "quote_summary": "综上，我们预计 2025-2027 年公司的营收分别为 52.37、66.79、81.29 亿元，归母净利润分别为 8.40、10.75、13.00 亿元，当前股价对应 2025-2027 年 PE 分别为 57.6/45.0/37.2 倍。考虑到主业的相似性，选取图南股份、中航高科、钢研高纳作为可比公司，均属于高端..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "company:600862",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "cf402f5ba3da",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "company:中航高科",
      "to_name": "中航高科",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "综上，我们预计 2025-2027 年公司的营收分别为 52.37、66.79、81.29 亿元，归母净利润分别为 8.40、10.75、13.00 亿元，当前股价对应 2025-2027 年 PE 分别为 57.6/45.0/37.2 倍。考虑到主业的相似性，选取图南股份、中航高科、钢研高纳作为可比公司，均属于高端金属材料及航空发动机材料领域。根据 20...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:25fb723a8c87",
          "chunk_index": 0,
          "quote_summary": "综上，我们预计 2025-2027 年公司的营收分别为 52.37、66.79、81.29 亿元，归母净利润分别为 8.40、10.75、13.00 亿元，当前股价对应 2025-2027 年 PE 分别为 57.6/45.0/37.2 倍。考虑到主业的相似性，选取图南股份、中航高科、钢研高纳作为可比公司，均属于高端..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "company:中航高科",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "a85275efaa98",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "company:300034",
      "to_name": "钢研高纳",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "大学] end subgraph Smelting[\"主要冶炼及铸锭开坯单位：\"] S1[隆达股份] S2[西部超导] S3[图南股份] S4[中信特钢] S5[六合特钢] S6[攀长钢] S7[北冶功能材料] S8[抚顺特钢] S9[宝武特冶] S10[钢研高纳] S11[中航上大] S12[广大特材] S13[北京航材院] end subgraph F...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md",
          "chunk_id": "chunk:284df31729b3",
          "chunk_index": 0,
          "quote_summary": "大学] end subgraph Smelting[\"主要冶炼及铸锭开坯单位：\"] S1[隆达股份] S2[西部超导] S3[图南股份] S4[中信特钢] S5[六合特钢] S6[攀长钢] S7[北冶功能材料] S8[抚顺特钢] S9[宝武特冶] S10[钢研高纳] S11[中航上大] S12[广大特材] S13[北..."
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:1efcfce8c83c",
          "chunk_index": 5,
          "quote_summary": "--------------------------------------------------------------------------------------------------------------------------------------- | | 钢研高纳 | 铸造高温合金制品、变形高..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "company:300034",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 2
    },
    {
      "edge_id": "d49922de784b",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "company:300855",
      "to_name": "图南股份",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "金属所] R3[西北工业大学] R4[中南大学] R5[北京航材院] R6[北京科技大学] R7[上海交通大学] R8[北京航空航天大学] end subgraph Smelting[\"主要冶炼及铸锭开坯单位：\"] S1[隆达股份] S2[西部超导] S3[图南股份] S4[中信特钢] S5[六合特钢] S6[攀长钢] S7[北冶功能材料] S8[抚顺特钢...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md",
          "chunk_id": "chunk:284df31729b3",
          "chunk_index": 0,
          "quote_summary": "金属所] R3[西北工业大学] R4[中南大学] R5[北京航材院] R6[北京科技大学] R7[上海交通大学] R8[北京航空航天大学] end subgraph Smelting[\"主要冶炼及铸锭开坯单位：\"] S1[隆达股份] S2[西部超导] S3[图南股份] S4[中信特钢] S5[六合特钢] S6[攀长钢..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "company:300855",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "84896c4d10f5",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "company:688122",
      "to_name": "西部超导",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "院] R2[中科院金属所] R3[西北工业大学] R4[中南大学] R5[北京航材院] R6[北京科技大学] R7[上海交通大学] R8[北京航空航天大学] end subgraph Smelting[\"主要冶炼及铸锭开坯单位：\"] S1[隆达股份] S2[西部超导] S3[图南股份] S4[中信特钢] S5[六合特钢] S6[攀长钢] S7[北冶功能材料...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md",
          "chunk_id": "chunk:284df31729b3",
          "chunk_index": 0,
          "quote_summary": "院] R2[中科院金属所] R3[西北工业大学] R4[中南大学] R5[北京航材院] R6[北京科技大学] R7[上海交通大学] R8[北京航空航天大学] end subgraph Smelting[\"主要冶炼及铸锭开坯单位：\"] S1[隆达股份] S2[西部超导] S3[图南股份] S4[中信特钢] S5[六合特..."
        },
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:f4b7a99c3ca2",
          "chunk_index": 0,
          "quote_summary": "高温合金、铸造高温合金（母合金、精密铸件）产品的企业之一。2019 年铸造高温合金产量为 467813.44kg，销量 455778.4kg，产销率达 97.43%；变形高温合金产量为 1291010.08kg，销量为 1289568.81kg，产销率为 99.89%。 | | 西部超导 | 钛合金材料、超导产品和高..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "company:688122",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 2
    },
    {
      "edge_id": "c90363aa9ffa",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "company:688333",
      "to_name": "铂力特",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "---------- | ---- | ---------------- | ---------------- | ---------------- | ------------- | ------------- | ------------- | | 688333. SH | 铂力特 | 2.18 | 3.60 | 4.98 | 59.72 | 36.0...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:f98995bd0920",
          "chunk_index": 0,
          "quote_summary": "---------- | ---- | ---------------- | ---------------- | ---------------- | ------------- | ------------- | ------------- | | 688333. SH | 铂力特 | 2.18 | 3.60 |..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "company:688333",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "eca8c0d242e1",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "company:688685",
      "to_name": "迈信林",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "3. SH | 铂力特 | 2.18 | 3.60 | 4.98 | 59.72 | 36.07 | 26.04 | | 300696. SZ | 爱乐达 | 1.23 | 1.67 | 1.92 | 19.71 | 14.48 | 12.61 | | 688685. SH | 迈信林 | 0.65 | 0.72 | 0.82 | 31.09 | 27.6...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:f98995bd0920",
          "chunk_index": 0,
          "quote_summary": "3. SH | 铂力特 | 2.18 | 3.60 | 4.98 | 59.72 | 36.07 | 26.04 | | 300696. SZ | 爱乐达 | 1.23 | 1.67 | 1.92 | 19.71 | 14.48 | 12.61 | | 688685. SH | 迈信林 | 0.65 | 0.72 |..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "company:688685",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "deafce2e7b49",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "company:002389",
      "to_name": "航天彩虹",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "段，还没有形成规模化的市场，整体处于蓝海市场。随着无人机技术的不断发展和商业应用的不断成熟，每个行业和领域的潜在需求市场空间极大，无人机在工业领域的普遍应用将具有更大的商业价值和市场规模。目前中国无人机行业内的龙头企业除了观典防务外，主要有纵横股份、广联航空、航天宏图、中科星图、航天彩虹、中航无人机、科比特、大疆创新等，且各龙头企业的市场定位也各不相同。 ...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md",
          "chunk_id": "chunk:57cc673a16fd",
          "chunk_index": 0,
          "quote_summary": "段，还没有形成规模化的市场，整体处于蓝海市场。随着无人机技术的不断发展和商业应用的不断成熟，每个行业和领域的潜在需求市场空间极大，无人机在工业领域的普遍应用将具有更大的商业价值和市场规模。目前中国无人机行业内的龙头企业除了观典防务外，主要有纵横股份、广联航空、航天宏图、中科星图、航天彩虹、中航无人机、科比特、大疆创新..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "company:002389",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "c9972ac568ea",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "company:688066",
      "to_name": "航天宏图",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "依旧是处于不断探索阶段，还没有形成规模化的市场，整体处于蓝海市场。随着无人机技术的不断发展和商业应用的不断成熟，每个行业和领域的潜在需求市场空间极大，无人机在工业领域的普遍应用将具有更大的商业价值和市场规模。目前中国无人机行业内的龙头企业除了观典防务外，主要有纵横股份、广联航空、航天宏图、中科星图、航天彩虹、中航无人机、科比特、大疆创新等，且各龙头企业的市...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md",
          "chunk_id": "chunk:57cc673a16fd",
          "chunk_index": 0,
          "quote_summary": "依旧是处于不断探索阶段，还没有形成规模化的市场，整体处于蓝海市场。随着无人机技术的不断发展和商业应用的不断成熟，每个行业和领域的潜在需求市场空间极大，无人机在工业领域的普遍应用将具有更大的商业价值和市场规模。目前中国无人机行业内的龙头企业除了观典防务外，主要有纵横股份、广联航空、航天宏图、中科星图、航天彩虹、中航无人..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "company:688066",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "b402bc67a6f4",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "company:688636",
      "to_name": "智明达",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "030069 - **电话**: 010-85127668 - **邮箱**: zhaoboxuan@mszq.com ### 相关研究 1. 国博电子（688375.SH）首次覆盖报告：信息化系列#2：先进雷达 T/R 组件龙头；射频芯片领跑者-2022/12/25 2. 智明达（688636.SH）首次覆盖报告：信息化系列#1：多领域拓展成长性好；高研...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:4db20f6359ac",
          "chunk_index": 2,
          "quote_summary": "030069 - **电话**: 010-85127668 - **邮箱**: zhaoboxuan@mszq.com ### 相关研究 1. 国博电子（688375.SH）首次覆盖报告：信息化系列#2：先进雷达 T/R 组件龙头；射频芯片领跑者-2022/12/25 2. 智明达（688636.SH）首次覆盖报告：..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "company:688636",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "26de60cadab6",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "company:600118",
      "to_name": "中国卫星",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "中国可回收火箭技术突破在即，卫星互联网建设进入放量前夜。当前中国可回收火箭技术尚处试验阶段，商业发射排期紧张、成本居高不下，严重制约大规模部署节奏。2026 年我国主要商业航天企业可回收火箭计划密集落地，我们预计未来 3 年，中国可复用火箭将进入“边发射、边迭代”的工程应用阶段，中国卫星制造产业链有望进入放量周期。依据 SpaceX 经验，中国可复用火箭技...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md",
          "chunk_id": "chunk:3c3f06a90a7f",
          "chunk_index": 0,
          "quote_summary": "中国可回收火箭技术突破在即，卫星互联网建设进入放量前夜。当前中国可回收火箭技术尚处试验阶段，商业发射排期紧张、成本居高不下，严重制约大规模部署节奏。2026 年我国主要商业航天企业可回收火箭计划密集落地，我们预计未来 3 年，中国可复用火箭将进入“边发射、边迭代”的工程应用阶段，中国卫星制造产业链有望进入放量周期。依..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "company:600118",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "fb9b4be446e2",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "company:688270",
      "to_name": "臻镭科技",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "，我们预计公司 2025-2027 年的营收分别为 26.30、33.67、45.43 亿元，归母净利润分别为 4.84、6.65、8.31 亿元，当前股价对应 2025-2027 年 PE 分别为 146.6、106.6、85.4 倍。考虑到主业的相似性，我们选取*ST 铖昌、臻镭科技、雷电微力、亚光科技作为可比公司，均属于军工电子及高可靠集成电路领域。...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md",
          "chunk_id": "chunk:3c3f06a90a7f",
          "chunk_index": 0,
          "quote_summary": "，我们预计公司 2025-2027 年的营收分别为 26.30、33.67、45.43 亿元，归母净利润分别为 4.84、6.65、8.31 亿元，当前股价对应 2025-2027 年 PE 分别为 146.6、106.6、85.4 倍。考虑到主业的相似性，我们选取*ST 铖昌、臻镭科技、雷电微力、亚光科技作为可比公..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "company:688270",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "1fc8d46ce23a",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "company:国博电子",
      "to_name": "国博电子",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# 国博电子（688375.SH）2025 年半年报点评 # 2Q25 净利润同比增长 16%；卫星、手机产品拓展顺利 2025 年 08 月 29 日 ➢ **事件**：8 月 28 日，公司发布 2025 年半年报，1H25 实现营收 10.7 亿元，YOY -17.8%；归母净利润 2.0 亿元，YOY -17.7%；",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-2025-年半年报点评-b1fb77901ff3.md",
          "chunk_id": "chunk:ef5bd26ce69d",
          "chunk_index": 0,
          "quote_summary": "# 国博电子（688375.SH）2025 年半年报点评 # 2Q25 净利润同比增长 16%；卫星、手机产品拓展顺利 2025 年 08 月 29 日 ➢ **事件**：8 月 28 日，公司发布 2025 年半年报，1H25 实现营收 10.7 亿元，YOY -17.8%；归母净利润 2.0 亿元，YOY -17..."
        },
        {
          "source_path": "sources/stock-research-report-国博电子-688375-1047e22daf50.md",
          "chunk_id": "chunk:a8aa5be6a292",
          "chunk_index": 0,
          "quote_summary": "# 国博电子（688375） # 2025 年三季报点评：处于过渡的关键蓄力期，短期业绩扰动不改长期成长底色 ## 买入（维持） **2025 年 10 月 30 日** **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S060..."
        },
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-2025-年三季报点评-db9dc677f2e5.md",
          "chunk_id": "chunk:55288d03198a",
          "chunk_index": 0,
          "quote_summary": "# 国博电子（688375.SH）2025 年三季报点评 ## 3Q25 营收同比小幅下滑；功放芯片量产交付超百万只 **2025 年 10 月 31 日** ➢ **事件：** 10 月 29 日，公司发布 2025 年三季报，1~3Q25 实现营收 15.69 亿元，YOY -13.51%；归母净利润 2.47 ..."
        },
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md",
          "chunk_id": "chunk:3c3f06a90a7f",
          "chunk_index": 0,
          "quote_summary": "# 国博电子（688375.SH） T/R 组件龙头，商业航天及军品订单共同驱动增长 2026 年 02 月 09 日 ——公司深度报告 **投资评级：买入（维持）** **王加煨（分析师）** wangjiawei2@kysec.cn 证书编号：S0790525070009 **马智焱（联系人）** mazhiya"
        },
        {
          "source_path": "sources/stock-research-report-其他军工iii-10d649359b5b.md",
          "chunk_id": "chunk:4a50a6261ffd",
          "chunk_index": 0,
          "quote_summary": "证券研究报告 # 其他军工Ⅲ # 国博电子（688375.SH） # 增持-A(维持) ## 运营质效持续提升，把握新产业新业态机遇 2026 年 4 月 15 日 公司研究/公司快报 ### 公司近一年市场表现 | 日期 | 国博电子 | 上证指数 | | ----- | ---- | ---- | | 25/04..."
        },
        {
          "source_path": "sources/stock-research-report-国博电子-688375-f67130a46df0.md",
          "chunk_id": "chunk:202a56335bd7",
          "chunk_index": 0,
          "quote_summary": "# 国博电子（688375） # 2025 年中报点评：有源相控阵雷达领域保持稳定增长，积极拓展商业航天新兴市场 2025 年 09 月 01 日 ### 买入（维持） **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S0600..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "company:国博电子",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 6
    },
    {
      "edge_id": "18a345e09d83",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "company:600343",
      "to_name": "航天动力",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "大力推进经纬公司产能提升工作，年内实现提升 30%生产能力，为后续订单履约提供有力保障。按照“整体筹划、分步实施”原则，动力模块扩能项目已通过行业主管部门核准，正稳步推进实施，项目建成后将进一步提升装药工艺自动化、智能化水平，实现推进剂装药智能制造。公司统筹推进动力模块扩能项目、航天动力建设等重点工程，为后续提高经营效益奠定坚实基础。 原则，动力模块扩能项...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-04-日-40e265f047b4.md",
          "chunk_id": "chunk:dd3be7f93f80",
          "chunk_index": 3,
          "quote_summary": "大力推进经纬公司产能提升工作，年内实现提升 30%生产能力，为后续订单履约提供有力保障。按照“整体筹划、分步实施”原则，动力模块扩能项目已通过行业主管部门核准，正稳步推进实施，项目建成后将进一步提升装药工艺自动化、智能化水平，实现推进剂装药智能制造。公司统筹推进动力模块扩能项目、航天动力建设等重点工程，为后续提高经营..."
        },
        {
          "source_path": "sources/stock-research-report-2025-12-27-957b96d5b5fc.md",
          "chunk_id": "chunk:df8c187a531b",
          "chunk_index": 5,
          "quote_summary": "箭）固体发动机与控制产品：已列装多型现役装备，内需外贸空间广阔。**公司是国内少数从事导弹（火箭）固体发动机动力模块及总装科研生产的企业之一，发动机动力模块产品广泛应用于各类导弹、火箭弹系统动力，发动机总装主要应用于靶弹、各类助推器。随着“固体火箭发动机制造应急能力建设项目”和“航天动力建设项目”的持续推进，不仅能够..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "company:600343",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 2
    },
    {
      "edge_id": "e67cfa6e37f9",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "company:300855",
      "to_name": "图南股份",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "抗氧化性等高温性能较为良好的合金。其合金化程度高，通常包括 Fe、Ni、Co、Cr、Mo、Al、Ti、Nb 等元素。根据主要元素来划分，有铁基、镍基、铁镍基和钴基高温合金，其中镍基高温合金在当今生产中所占的比例已经高达 80%。 # 图 46：高温合金化学元素构成 资料来源：图南股份招股说明书，国元证券研究所 按制备工艺，高温合金可分为铸造高温合金、变形高...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:1dc86bbdad25",
          "chunk_index": 0,
          "quote_summary": "抗氧化性等高温性能较为良好的合金。其合金化程度高，通常包括 Fe、Ni、Co、Cr、Mo、Al、Ti、Nb 等元素。根据主要元素来划分，有铁基、镍基、铁镍基和钴基高温合金，其中镍基高温合金在当今生产中所占的比例已经高达 80%。 # 图 46：高温合金化学元素构成 资料来源：图南股份招股说明书，国元证券研究所 按制备..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "company:300855",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "e34291e82a77",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "company:600862",
      "to_name": "中航高科",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "产的航空发动机用高温合金母合金产品。 ## 6.2 盈利预测与估值 公司四大业务涵盖金属材料和非金属材料，其中钛合金和高温合金业务属于金属材料，橡胶密封材料和透明件属于非金属材料。因此，我们选取了和公司业务相近的两家金属材料上市公司西部材料、钢研高纳以及两家非金属材料上市公司中航高科、菲利华作为可比公司。 表 24：可比公司情况对比 | 股票代码 | 股票...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:1dc86bbdad25",
          "chunk_index": 0,
          "quote_summary": "产的航空发动机用高温合金母合金产品。 ## 6.2 盈利预测与估值 公司四大业务涵盖金属材料和非金属材料，其中钛合金和高温合金业务属于金属材料，橡胶密封材料和透明件属于非金属材料。因此，我们选取了和公司业务相近的两家金属材料上市公司西部材料、钢研高纳以及两家非金属材料上市公司中航高科、菲利华作为可比公司。 表 24：..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "company:600862",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "c97ea7772869",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "company:600115",
      "to_name": "中国东航",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "| 4165 | 3944 | 3.0 | | 2023 | 4270 | 4020 | 2.5 | | 2024 | 4394 | 3232 | 3.0 | 来源：iFinD，国家统计局，国金证券研究所 图表26：2021-2024三大航维修成本及平均维修成本 | 年份 | 中国东航总维护成本（亿元） | 南方航空总维护成本（亿元） | 中国国航总维护成...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md",
          "chunk_id": "chunk:78cd225ff234",
          "chunk_index": 0,
          "quote_summary": "| 4165 | 3944 | 3.0 | | 2023 | 4270 | 4020 | 2.5 | | 2024 | 4394 | 3232 | 3.0 | 来源：iFinD，国家统计局，国金证券研究所 图表26：2021-2024三大航维修成本及平均维修成本 | 年份 | 中国东航总维护成本（亿元） | 南方航空..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "company:600115",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "f26ca9854697",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "company:600372",
      "to_name": "中航机载",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "- | | 总股本/流通股本（亿股） | 7.91 / 7.91 | | 总市值/流通市值（亿元） | 90 / 90 | | 52 周内最高/最低价 | 11.43 / 7.42 | | 资产负债率(%) | 31.1% | | 市盈率 | 71.19 | | 第一大股东 | 中航机载系统有限公司 | # 研究所 **分析师**: 鲍学博 **SAC 登...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-07-25-bd931579faf9.md",
          "chunk_id": "chunk:5368b90d6209",
          "chunk_index": 3,
          "quote_summary": "- | | 总股本/流通股本（亿股） | 7.91 / 7.91 | | 总市值/流通市值（亿元） | 90 / 90 | | 52 周内最高/最低价 | 11.43 / 7.42 | | 资产负债率(%) | 31.1% | | 市盈率 | 71.19 | | 第一大股东 | 中航机载系统有限公司 | # 研究所 ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "company:600372",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "c327aeff431d",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "company:601111",
      "to_name": "中国国航",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "270 | 4020 | 2.5 | | 2024 | 4394 | 3232 | 3.0 | 来源：iFinD，国家统计局，国金证券研究所 图表26：2021-2024三大航维修成本及平均维修成本 | 年份 | 中国东航总维护成本（亿元） | 南方航空总维护成本（亿元） | 中国国航总维护成本（亿元） | 中国东航平均维护成本（百万元） | 南方航空平均...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md",
          "chunk_id": "chunk:78cd225ff234",
          "chunk_index": 0,
          "quote_summary": "270 | 4020 | 2.5 | | 2024 | 4394 | 3232 | 3.0 | 来源：iFinD，国家统计局，国金证券研究所 图表26：2021-2024三大航维修成本及平均维修成本 | 年份 | 中国东航总维护成本（亿元） | 南方航空总维护成本（亿元） | 中国国航总维护成本（亿元） | 中国东航..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "company:601111",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "a24d0f294c1d",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "company:300900",
      "to_name": "广联航空",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "4 | 597.49 | 824.92 | | 同比增长率 | 1% | -5% | 90% | 50% | 38% | | 毛利率 | 32% | 29% | 33% | 35% | 37% | **数据来源**：Wind，东吴证券研究所 根据业务相似性原则，我们选取爱乐达和广联航空作为可比公司。截至 2024 年 10 月 24 日，可比公司 2024...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-迈信林-688685-9069495e938f.md",
          "chunk_id": "chunk:253c60523ce6",
          "chunk_index": 0,
          "quote_summary": "4 | 597.49 | 824.92 | | 同比增长率 | 1% | -5% | 90% | 50% | 38% | | 毛利率 | 32% | 29% | 33% | 35% | 37% | **数据来源**：Wind，东吴证券研究所 根据业务相似性原则，我们选取爱乐达和广联航空作为可比公司。截至 2024 年..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "company:300900",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "60e1f325de09",
      "from": "company:中国动力",
      "from_name": "中国动力",
      "to": "company:600482",
      "to_name": "中国动力",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "4.59-5.16 亿元，较上年同期增加 1.72-2.30 亿元，同比提升 60%-80%；预计实现扣非后归母净利润 3.83-4.37 亿元，较上年同期增加 2.46-3.01 亿元，同比提升 180%-220%，业绩高增。 ## 经营分析 **相关报告：** 1. 《中国动力公司深度：国内动力系统龙头，柴油动力迎量价齐升》，2024.6.3 2. 《...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:515f9b8ad22a",
          "chunk_index": 0,
          "quote_summary": "4.59-5.16 亿元，较上年同期增加 1.72-2.30 亿元，同比提升 60%-80%；预计实现扣非后归母净利润 3.83-4.37 亿元，较上年同期增加 2.46-3.01 亿元，同比提升 180%-220%，业绩高增。 ## 经营分析 **相关报告：** 1. 《中国动力公司深度：国内动力系统龙头，柴油动力..."
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md",
          "chunk_id": "chunk:6cb821a9c8e2",
          "chunk_index": 0,
          "quote_summary": "# 中国动力 (600482.SH) ## 增持（维持评级） 公司点评 证券研究报告 # 1H24 利润高增，看好未来盈利能力提升 **机械组** **分析师**：满在朋 (执业 S1130522030002) manzaipeng@gjzq.com.cn **联系人**：房灵聪 fanglingcong@gjzq.c"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-95bc57171e25.md",
          "chunk_id": "chunk:3910b94bcbee",
          "chunk_index": 0,
          "quote_summary": "# 中国动力 (600482.SH) # 买入 （维持评级） 公司点评 证券研究报告 ## 三季报业绩高增，合同负债持续攀升 **机械组** **分析师**：满在朋(执业S1130522030002) manzaipeng@gjzq.com.cn **分析师**：房灵聪（执业S1130525070003） fangli"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-d20f4f2376c1.md",
          "chunk_id": "chunk:cd5946152e46",
          "chunk_index": 0,
          "quote_summary": "# 中国动力 (600482.SH) # 买入 （维持评级） 公司点评 证券研究报告 # 订单持续高增，看好公司收入长期提升 **机械组** **分析师：满在朋(执业S1130522030002)** manzaipeng@gjzq.com.cn **分析师：房灵聪（执业S1130525070003）** fangl"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-49cd1aa67d03.md",
          "chunk_id": "chunk:84d48bb1dda9",
          "chunk_index": 0,
          "quote_summary": "# 中国动力 (600482.SH) # 增持（维持评级） 公司点评 证券研究报告 ## 三季报业绩高增，盈利能力稳步提升 **机械组** **分析师：满在朋(执业S1130522030002）** manzaipeng@gjzq.com.cn **联系人：房灵聪** fanglingcong@gjzq.com."
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md",
          "chunk_id": "chunk:67cdbe7ab8bd",
          "chunk_index": 0,
          "quote_summary": "# 中国动力 (600482.SH) # 买入 （维持评级） 公司点评 证券研究报告 ## 24年业绩高增，柴油动力量价齐升 **机械组** ### 业绩简评 2025 年 4 月 25 日公司发布 24 年年报和 25 年一季报，24 年实现营业收入 516.97 亿元，同比增长 14.62%；实现归母净利润 13"
        },
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-47bfad6a5cd6.md",
          "chunk_id": "chunk:7d8324bb7694",
          "chunk_index": 0,
          "quote_summary": "# 中国动力 (600482.SH) # 增持 （维持评级） 公司点评 证券研究报告 ## 柴油机量价齐升，经营业绩显著改善 **机械组** **分析师**：满在朋（执业S1130522030002） manzaipeng@gjzq.com.cn **联系人**：房灵聪 fanglingcong@gjzq.com.cn"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国动力",
      "target": "company:600482",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 7
    },
    {
      "edge_id": "544665216120",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "company:600150.SH",
      "to_name": "中国船舶",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "0%，环比+1.55%；销售毛利率为 12.84%，同比+5.62pct，环比+0.64pct；销售净利率为 8.05%，同比+5.40pct，环比+1.36pct；期间费用率为 5.84%，同比+0.72pct，环比-1.43pct。 **股价一年走势** | Date | 中国船舶 | 沪深300 | | ------- | ---- | ----- ...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md",
          "chunk_id": "chunk:2950c6b02f57",
          "chunk_index": 2,
          "quote_summary": "0%，环比+1.55%；销售毛利率为 12.84%，同比+5.62pct，环比+0.64pct；销售净利率为 8.05%，同比+5.40pct，环比+1.36pct；期间费用率为 5.84%，同比+0.72pct，环比-1.43pct。 **股价一年走势** | Date | 中国船舶 | 沪深300 | | ---..."
        },
        {
          "source_path": "sources/stock-research-report-国防军工-航海装备ii-81067ebdf534.md",
          "chunk_id": "chunk:9ba1ab66f6a7",
          "chunk_index": 0,
          "quote_summary": "# 证券研究报告 国防军工 | 航海装备Ⅱ 非金融|公司点评报告 2025 年 09 月 02 日 # 中国船舶(600150. SH) **投资评级： 买入（维持）** ## —— 2025 年中报点评：利润持续兑现，关注周期趋势 ### 证券分析师 * **孙延** * SAC：S1350524050003 * ..."
        },
        {
          "source_path": "sources/stock-research-report-船价景气-份额提升-盈利能力显著改善-0b20e2ffded8.md",
          "chunk_id": "chunk:26d144d1573b",
          "chunk_index": 1,
          "quote_summary": "| 1671.79 | | 流通股本(亿股): | 44.72 | | 流通市值(亿元): | 1671.79 | | 近 3 月换手率: | 59.02% | ● **高船价+公司降本增效取得显著成果，推动利润增速跑赢收入增速** #### 股价一年走势 | Date | 中国船舶 | 沪深300 | | ----..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "company:600150.SH",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 3
    },
    {
      "edge_id": "23628935f751",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "company:600685",
      "to_name": "中船防务",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "46 | 23.21% | | 沪东中华 | 沪东中华 | 88 | 10,987.25 | 7,387.18 | 23,119.77 | 7.92% | | 上海船厂 | 沪东中华 | 3 | 66.34 | 72.95 | 228.31 | 0.08% | | 黄埔文冲 | 中船防务 | 107 | 4,452.56 | 2,087.79 | 6,53...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md",
          "chunk_id": "chunk:b20a13eef59f",
          "chunk_index": 0,
          "quote_summary": "46 | 23.21% | | 沪东中华 | 沪东中华 | 88 | 10,987.25 | 7,387.18 | 23,119.77 | 7.92% | | 上海船厂 | 沪东中华 | 3 | 66.34 | 72.95 | 228.31 | 0.08% | | 黄埔文冲 | 中船防务 | 107 | 4,452...."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "company:600685",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "b6a6118c1614",
      "from": "company:哈尔滨新光光电科技股份有限公司",
      "from_name": "哈尔滨新光光电科技股份有限公司",
      "to": "company:300474",
      "to_name": "景嘉微",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "| 102.13 | 63.62 | 3.88 | 46.57 | | 002414.SZ | 高德红外 | 26.65 | 0.09 | 0.21 | 0.37 | 284.72 | 125.95 | 72.03 | 5.00 | 166.36 | | 300474.SZ | 景嘉微 | 46.04 | 0.44 | 0.53 | 0.65 | 104....",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md",
          "chunk_id": "chunk:a0606d3a42c4",
          "chunk_index": 0,
          "quote_summary": "| 102.13 | 63.62 | 3.88 | 46.57 | | 002414.SZ | 高德红外 | 26.65 | 0.09 | 0.21 | 0.37 | 284.72 | 125.95 | 72.03 | 5.00 | 166.36 | | 300474.SZ | 景嘉微 | 46.04 | 0.44 ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:哈尔滨新光光电科技股份有限公司",
      "target": "company:300474",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "ec7737c6176d",
      "from": "company:哈尔滨新光光电科技股份有限公司",
      "from_name": "哈尔滨新光光电科技股份有限公司",
      "to": "company:新光光电",
      "to_name": "新光光电",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "2019年4月15日 # 科创板高端装备系列之四：新光光电 机械 ## 主要财务指标（单位：百万元） | | 2016A | 2017A | 2018A | | -------- | ----- | ------- | ------ | | 营业收入 | 159 | 182 | 208 | | (+/-) | - | 14.81% | 14.48% | |...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md",
          "chunk_id": "chunk:a0606d3a42c4",
          "chunk_index": 0,
          "quote_summary": "2019年4月15日 # 科创板高端装备系列之四：新光光电 机械 ## 主要财务指标（单位：百万元） | | 2016A | 2017A | 2018A | | -------- | ----- | ------- | ------ | | 营业收入 | 159 | 182 | 208 | | (+/-) | - |..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:哈尔滨新光光电科技股份有限公司",
      "target": "company:新光光电",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "9f42a52518a0",
      "from": "company:安泰科技",
      "from_name": "安泰科技",
      "to": "company:000969.SZ",
      "to_name": "安泰科技",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "**金属材料组** 分析师：李超（执业 S1130522120001) lichao3@gjzq.com.cn 分析师：王钦扬（执业 S1130523120001) wangqinyang@gjzq.com.cn 市价（人民币）：10.22 元 **相关报告：** 1.《安泰科技公司点评：完成股权处置增厚利润，关注钨钼业务进展》，2024.8.30 2.《...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩符合预期-多板块业务景气度整体上行-7836d6a42696.md",
          "chunk_id": "chunk:dccca2278fc3",
          "chunk_index": 1,
          "quote_summary": "**金属材料组** 分析师：李超（执业 S1130522120001) lichao3@gjzq.com.cn 分析师：王钦扬（执业 S1130523120001) wangqinyang@gjzq.com.cn 市价（人民币）：10.22 元 **相关报告：** 1.《安泰科技公司点评：完成股权处置增厚利润，关注钨..."
        },
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md",
          "chunk_id": "chunk:f99177a9523c",
          "chunk_index": 0,
          "quote_summary": "# 有色金属 | 金属新材料 ## 非金融|公司点评报告 2026 年 04 月 01 日 # 安泰科技 (000969. SZ) **投资评级： 增持（维持）** ### ——25 年扣非归母同比+38%高速增长，主业提质成效持续兑现 **证券分析师** * **田源** SAC：S1350524030001 ti..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:安泰科技",
      "target": "company:000969.SZ",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 2
    },
    {
      "edge_id": "8af9c92b3981",
      "from": "company:新光光电",
      "from_name": "新光光电",
      "to": "company:300474",
      "to_name": "景嘉微",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "2 | 71.97 | 70.67 | 4.80 | 49.23 | | 002414.SZ | 高德红外 | 20.40 | 0.09 | 0.21 | 0.25 | 217.95 | 96.41 | 80.76 | 5.76 | 191.02 | | 300474.SZ | 景嘉微 | 40.05 | 0.44 | 0.53 | 0.64 | 91.0...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板询价报告之新光光电-921c115963da.md",
          "chunk_id": "chunk:e6e4ef0a99b8",
          "chunk_index": 0,
          "quote_summary": "2 | 71.97 | 70.67 | 4.80 | 49.23 | | 002414.SZ | 高德红外 | 20.40 | 0.09 | 0.21 | 0.25 | 217.95 | 96.41 | 80.76 | 5.76 | 191.02 | | 300474.SZ | 景嘉微 | 40.05 | 0.44 ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:新光光电",
      "target": "company:300474",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 1
    },
    {
      "edge_id": "766fcbda0218",
      "from": "company:臻镭科技",
      "from_name": "臻镭科技",
      "to": "company:688270",
      "to_name": "臻镭科技",
      "relation": "partner_of",
      "direction": "peer",
      "summary": "# 主要产品优势明显，科技创新成效显著 ### ■ 走势比较 | Month | 臻镭科技 | 沪深300 | | ------ | ---- | ----- | | Aug/22 | 0 | 0 | | Sep/22 | 15 | -5 | | Oct/22 | 45 | -10 | | Nov/22 | 65 | -5 | | Dec/22 | 40 ...",
      "confidence": 0.44,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md",
          "chunk_id": "chunk:62e809447c01",
          "chunk_index": 0,
          "quote_summary": "# 主要产品优势明显，科技创新成效显著 ### ■ 走势比较 | Month | 臻镭科技 | 沪深300 | | ------ | ---- | ----- | | Aug/22 | 0 | 0 | | Sep/22 | 15 | -5 | | Oct/22 | 45 | -10 | | Nov/22 | 65 |..."
        },
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-048169cb6a7e.md",
          "chunk_id": "chunk:521c2ee4a15c",
          "chunk_index": 0,
          "quote_summary": "# 臻镭科技（688270） 公司研究/公司点评 # 营收稳步增长，持续研发投入奠定长期成长驱动力 ## 投资评级：买入（维持） ## 主要观点： | 报告日期： 2023-10-31 | 报告日期： 2023-10-31 | | ---------------- | ---------------- | | 收盘价..."
        },
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-af00b02379f9.md",
          "chunk_id": "chunk:85857ef96aeb",
          "chunk_index": 0,
          "quote_summary": "# 臻镭科技（688270） # 2024 年中报点评：深耕核心技术研发，业务订单有序落地 2024 年 08 月 27 日 ### 买入（维持） **证券分析师 苏立赞** 执业证书：S0600521110001 sulz@dwzq.com.cn **证券分析师 许牧** 执业证书：S0600523060002 x..."
        },
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md",
          "chunk_id": "chunk:cbbcaadc0aa1",
          "chunk_index": 0,
          "quote_summary": "# 臻镭科技（688270） 公司研究/公司点评 # 业绩短期承压，持续维持高强度的研发投入 ## 投资评级：买入（维持） ## 主要观点： **报告日期：** 2023-09-03 ### ⚫ 事件描述 | 收盘价（元） | 50.50 | | --------------- | ------------ | | 近"
        },
        {
          "source_path": "sources/stock-research-report-2023-年-8-月-22-日-11676cd4aee3.md",
          "chunk_id": "chunk:3e85edc3a47e",
          "chunk_index": 0,
          "quote_summary": "2023 年 8 月 22 日 股票投资评级 # 臻镭科技(688270) ## 增持 | 首次覆盖 ## 营收保持稳定增长，高强度研发投入拖累业绩 ### 个股表现 | 日期 | 臻镭科技 | 电子 | | ------- | ---- | --- | | 2022-08 | 0 | 0 | | 2022-11 |..."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-b55c08bdec4e.md",
          "chunk_id": "chunk:b35726d96722",
          "chunk_index": 0,
          "quote_summary": "证券研究报告：电子 | 公司点评报告 2024 年 4 月 8 日 股票投资评级 **增持 | 维持** # 臻镭科技(688270) ## 研发大幅增长夯实技术壁垒，紧盯低轨卫星市场前景广阔 个股表现 | 日期 | 臻镭科技 | 电子 | | ------- | ---- | --- | | 2023-04 | 0..."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-6a05130610bb.md",
          "chunk_id": "chunk:79e9022406c2",
          "chunk_index": 0,
          "quote_summary": "2025年08月29日 证券研究报告|公司研究|军工公司点评 # 臻镭科技 (688270) # 2025年半年报点评：半年报业绩创历史新高，有望持续受益于卫星互联的加速建设 **投资评级**：买入 **维持评级** 2025年08月28日 **收盘价（元)**：81.90 **目标价(元)**： ◆ **事件**：..."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md",
          "chunk_id": "chunk:34c6e6bbc846",
          "chunk_index": 0,
          "quote_summary": "2023年09月11日 证券研究报告|公司研究|军工公司点评 # 臻镭科技 (688270) # 2023年中报点评：立足中长期持续性发展，研发费用率再创同期新高 **投资评级**：买入 **维持评级** 2023年09月08日 **收盘价(元)**：57.43 ## 报告摘要 ◆ **事件**：公司 8 月 16 ..."
        },
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-183562a6d2df.md",
          "chunk_id": "chunk:01694b8a001b",
          "chunk_index": 0,
          "quote_summary": "# 臻镭科技（688270） # 2023 年年报点评：研发持续投入，扩充销售队伍，产品结构优化助力稳步增长 ### 买入（维持） 2024 年 04 月 01 日 **证券分析师**：苏立赞 **执业证书**：S0600521110001 sulz@dwzq.com.cn **证券分析师**：许牧 **执业证书**..."
        },
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-4b8397772dd7.md",
          "chunk_id": "chunk:c3b9b5495235",
          "chunk_index": 0,
          "quote_summary": "2024年10月31日 证券研究报告|公司研究|军工公司点评 # 臻镭科技 (688270) **投资评级：买入** ## 2024 年三季报点评：Q3 单季度利润增速回正，业绩修复有望提速 **维持评级** 2024年10月30日 **收盘价(元)：** 33.79 **目标价(元)：** ◆ 事件：10月25日公..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:臻镭科技",
      "target": "company:688270",
      "label": "partner_of",
      "category": "company",
      "group": "partner_of",
      "evidence_count": 10
    },
    {
      "edge_id": "3e4dbe8cce1e",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "company:603308",
      "to_name": "应流股份",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "。石油石化行业受益我国石化燃料保供上产支撑，有望维持增长，其他阀门业务公司积淀较深，有望保持稳健。我们预计公司 2025-2027 年实现归母净利润分别为 3.12/3.71/4.17 亿元，对应 PE 分别为 20.0/16.9/15.0 倍。我们选取与公司业务相近的纽威股份、应流股份、江苏神通作为可比公司，公司当前估值合理。首次覆盖，给予“增持”评级。...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-c0a2eca6c861.md",
          "chunk_id": "chunk:4a4638d6483d",
          "chunk_index": 5,
          "quote_summary": "。石油石化行业受益我国石化燃料保供上产支撑，有望维持增长，其他阀门业务公司积淀较深，有望保持稳健。我们预计公司 2025-2027 年实现归母净利润分别为 3.12/3.71/4.17 亿元，对应 PE 分别为 20.0/16.9/15.0 倍。我们选取与公司业务相近的纽威股份、应流股份、江苏神通作为可比公司，公司当..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "company:603308",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "7b6a3342a812",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "company:601698",
      "to_name": "中国卫通",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "装备、机器人赛道有望随着我国核工业的发展迎来新的增长阶段。综上所述，我们预计公司 2024-2026 年归母净利润分别为 1.04/1.25/1.54 亿元，对应 2024-2026 年 PE 分别为 78.8/65.4/53.2 倍。与可比公司臻镭科技 (688270.SH)、中国卫通 (601698.SH)、天银机电 (300342.SZ)、华力创通 ...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md",
          "chunk_id": "chunk:2a55fdf49eb7",
          "chunk_index": 0,
          "quote_summary": "装备、机器人赛道有望随着我国核工业的发展迎来新的增长阶段。综上所述，我们预计公司 2024-2026 年归母净利润分别为 1.04/1.25/1.54 亿元，对应 2024-2026 年 PE 分别为 78.8/65.4/53.2 倍。与可比公司臻镭科技 (688270.SH)、中国卫通 (601698.SH)、天银..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "company:601698",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "57f705b0ee22",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "company:688270",
      "to_name": "臻镭科技",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "密度实现翻番。公司所处的核工业智能装备、机器人赛道有望随着我国核工业的发展迎来新的增长阶段。综上所述，我们预计公司 2024-2026 年归母净利润分别为 1.04/1.25/1.54 亿元，对应 2024-2026 年 PE 分别为 78.8/65.4/53.2 倍。与可比公司臻镭科技 (688270.SH)、中国卫通 (601698.SH)、天银机电 ...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md",
          "chunk_id": "chunk:2a55fdf49eb7",
          "chunk_index": 0,
          "quote_summary": "密度实现翻番。公司所处的核工业智能装备、机器人赛道有望随着我国核工业的发展迎来新的增长阶段。综上所述，我们预计公司 2024-2026 年归母净利润分别为 1.04/1.25/1.54 亿元，对应 2024-2026 年 PE 分别为 78.8/65.4/53.2 倍。与可比公司臻镭科技 (688270.SH)、中国..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "company:688270",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "2f3222ae3452",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "company:臻镭科技",
      "to_name": "臻镭科技",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "密度实现翻番。公司所处的核工业智能装备、机器人赛道有望随着我国核工业的发展迎来新的增长阶段。综上所述，我们预计公司 2024-2026 年归母净利润分别为 1.04/1.25/1.54 亿元，对应 2024-2026 年 PE 分别为 78.8/65.4/53.2 倍。与可比公司臻镭科技 (688270.SH)、中国卫通 (601698.SH)、天银机电 ...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md",
          "chunk_id": "chunk:2a55fdf49eb7",
          "chunk_index": 0,
          "quote_summary": "密度实现翻番。公司所处的核工业智能装备、机器人赛道有望随着我国核工业的发展迎来新的增长阶段。综上所述，我们预计公司 2024-2026 年归母净利润分别为 1.04/1.25/1.54 亿元，对应 2024-2026 年 PE 分别为 78.8/65.4/53.2 倍。与可比公司臻镭科技 (688270.SH)、中国..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "company:臻镭科技",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "2a2b53b607ac",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "company:600115",
      "to_name": "中国东航",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "资川航影响逐步消化、退出经济性较差的飞机、优化客舱布局等举措，或为未来业绩释放奠定扎实基础。 * **盈利预测与评级：**我们预计公司 2025-2027 年归母净利润分别为 5.32/49.50/83.45 亿元，同比增速分别为-/830.92%/68.58%。参考中国国航、中国东航等可比公司 2025-2027 年平均估值，公司 PE 分别为 248x...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md",
          "chunk_id": "chunk:92118e652f04",
          "chunk_index": 1,
          "quote_summary": "资川航影响逐步消化、退出经济性较差的飞机、优化客舱布局等举措，或为未来业绩释放奠定扎实基础。 * **盈利预测与评级：**我们预计公司 2025-2027 年归母净利润分别为 5.32/49.50/83.45 亿元，同比增速分别为-/830.92%/68.58%。参考中国国航、中国东航等可比公司 2025-2027 ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "company:600115",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "42c502dd2c28",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "company:601111",
      "to_name": "中国国航",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "外，公司增资川航影响逐步消化、退出经济性较差的飞机、优化客舱布局等举措，或为未来业绩释放奠定扎实基础。 * **盈利预测与评级：**我们预计公司 2025-2027 年归母净利润分别为 5.32/49.50/83.45 亿元，同比增速分别为-/830.92%/68.58%。参考中国国航、中国东航等可比公司 2025-2027 年平均估值，公司 PE 分别为...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md",
          "chunk_id": "chunk:92118e652f04",
          "chunk_index": 1,
          "quote_summary": "外，公司增资川航影响逐步消化、退出经济性较差的飞机、优化客舱布局等举措，或为未来业绩释放奠定扎实基础。 * **盈利预测与评级：**我们预计公司 2025-2027 年归母净利润分别为 5.32/49.50/83.45 亿元，同比增速分别为-/830.92%/68.58%。参考中国国航、中国东航等可比公司 2025-..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "company:601111",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "820ee32efe3a",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:600029",
      "to_name": "南方航空",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "处于修复阶段，叠加未来几年我国民航客运供给增速又明显放缓，我们预计 2026-2027 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2027 年的远期 PE 估值。以 2027 年净利润为基数，中国东航与可比公司（南方航空）的 PE 水平基本位于同一区间（10\\~15 倍 PE）。 表2：中...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-63275ea5abdf.md",
          "chunk_id": "chunk:670b1fd80964",
          "chunk_index": 0,
          "quote_summary": "处于修复阶段，叠加未来几年我国民航客运供给增速又明显放缓，我们预计 2026-2027 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2027 年的远期 PE 估值。以 2027 年净利润为基数，中国东航与可比公司（南方航空）的 PE 水平基本位于同一区..."
        },
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md",
          "chunk_id": "chunk:b2cea14da419",
          "chunk_index": 0,
          "quote_summary": "段，叠加未来几年我国民航客运供给增速又明显放缓，我们预计 2025-2026 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2026 年的远期 PE 估值。以 2026 年净利润为基数，中国东航与可比公司（中国国航、南方航空、春秋航空、吉祥航空）的 PE..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:600029",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 2
    },
    {
      "edge_id": "27b9e6361fce",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:600029.SH",
      "to_name": "南方航空",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "处于修复阶段，叠加未来几年我国民航客运供给增速又明显放缓，我们预计 2026-2027 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2027 年的远期 PE 估值。以 2027 年净利润为基数，中国东航与可比公司（南方航空）的 PE 水平基本位于同一区间（10\\~15 倍 PE）。 表2：中...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-63275ea5abdf.md",
          "chunk_id": "chunk:670b1fd80964",
          "chunk_index": 0,
          "quote_summary": "处于修复阶段，叠加未来几年我国民航客运供给增速又明显放缓，我们预计 2026-2027 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2027 年的远期 PE 估值。以 2027 年净利润为基数，中国东航与可比公司（南方航空）的 PE 水平基本位于同一区..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:600029.SH",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "e64dde6a5b42",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:601021",
      "to_name": "春秋航空",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "来几年我国民航客运供给增速又明显放缓，我们预计 2025-2026 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2026 年的远期 PE 估值。以 2026 年净利润为基数，中国东航与可比公司（中国国航、南方航空、春秋航空、吉祥航空）的 PE 水平基本位于同一区间（10\\~15 倍 PE）。...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md",
          "chunk_id": "chunk:b2cea14da419",
          "chunk_index": 0,
          "quote_summary": "来几年我国民航客运供给增速又明显放缓，我们预计 2025-2026 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2026 年的远期 PE 估值。以 2026 年净利润为基数，中国东航与可比公司（中国国航、南方航空、春秋航空、吉祥航空）的 PE 水平基本..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:601021",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "fc13bf1869fe",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:601111",
      "to_name": "中国国航",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "处于修复阶段，叠加未来几年我国民航客运供给增速又明显放缓，我们预计 2025-2026 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2026 年的远期 PE 估值。以 2026 年净利润为基数，中国东航与可比公司（中国国航、南方航空、春秋航空、吉祥航空）的 PE 水平基本位于同一区间（10\\...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md",
          "chunk_id": "chunk:b2cea14da419",
          "chunk_index": 0,
          "quote_summary": "处于修复阶段，叠加未来几年我国民航客运供给增速又明显放缓，我们预计 2025-2026 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2026 年的远期 PE 估值。以 2026 年净利润为基数，中国东航与可比公司（中国国航、南方航空、春秋航空、吉祥航空..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:601111",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "900bb9ab7b74",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "company:603885",
      "to_name": "吉祥航空",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "民航客运供给增速又明显放缓，我们预计 2025-2026 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2026 年的远期 PE 估值。以 2026 年净利润为基数，中国东航与可比公司（中国国航、南方航空、春秋航空、吉祥航空）的 PE 水平基本位于同一区间（10\\~15 倍 PE）。 表2：中...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md",
          "chunk_id": "chunk:b2cea14da419",
          "chunk_index": 0,
          "quote_summary": "民航客运供给增速又明显放缓，我们预计 2025-2026 年我国民航客运供需将逐步达到平衡，届时航空公司业绩也将恢复至正常水平，且确定性较高，因此目前可以对比航空公司 2026 年的远期 PE 估值。以 2026 年净利润为基数，中国东航与可比公司（中国国航、南方航空、春秋航空、吉祥航空）的 PE 水平基本位于同一区..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "company:603885",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "1c6aca56a015",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "company:601111",
      "to_name": "中国国航",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "客收达 0.53 元，位列行业第三、达到“三大航”水平，在上市航司中，相对 2019 年同期涨幅最高。 * **盈利预测与评级：**我们预计公司 2025-2027 年归母净利润分别为 27.17/44.91/56.84 亿元，同比增速分别为-/65.31%/26.56%。参考中国国航、吉祥航空等可比公司 2025-2027 平均估值（25x/15x/12...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-60bf9d1768ac.md",
          "chunk_id": "chunk:99b722f488cf",
          "chunk_index": 0,
          "quote_summary": "客收达 0.53 元，位列行业第三、达到“三大航”水平，在上市航司中，相对 2019 年同期涨幅最高。 * **盈利预测与评级：**我们预计公司 2025-2027 年归母净利润分别为 27.17/44.91/56.84 亿元，同比增速分别为-/65.31%/26.56%。参考中国国航、吉祥航空等可比公司 2025-..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "company:601111",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "fa8d775cfcc2",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "company:603885",
      "to_name": "吉祥航空",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": ".53 元，位列行业第三、达到“三大航”水平，在上市航司中，相对 2019 年同期涨幅最高。 * **盈利预测与评级：**我们预计公司 2025-2027 年归母净利润分别为 27.17/44.91/56.84 亿元，同比增速分别为-/65.31%/26.56%。参考中国国航、吉祥航空等可比公司 2025-2027 平均估值（25x/15x/12x），公司...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-60bf9d1768ac.md",
          "chunk_id": "chunk:99b722f488cf",
          "chunk_index": 0,
          "quote_summary": ".53 元，位列行业第三、达到“三大航”水平，在上市航司中，相对 2019 年同期涨幅最高。 * **盈利预测与评级：**我们预计公司 2025-2027 年归母净利润分别为 27.17/44.91/56.84 亿元，同比增速分别为-/65.31%/26.56%。参考中国国航、吉祥航空等可比公司 2025-2027 ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "company:603885",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "ae3a13de42c4",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "company:600150",
      "to_name": "中国船舶",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "亿元，以及确认资产减值损失同比减少 4.35 亿元。报告期内，两船合并战略性重组，公 **股市有风险 入市须谨慎** 请务必阅读正文后的免责条款部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航资本大厦中航证券有限公司 [中船防务（600685）点评报告] 司向中国船舶出售广船国际 27.42%股权，同时，放弃公司市场化债转股投资者拟转让所持有的广...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2019-年报点评-经营业绩持续改善-盈利能力提升未来可期-f39b2482e3b1.md",
          "chunk_id": "chunk:e7bce75ff6a0",
          "chunk_index": 0,
          "quote_summary": "亿元，以及确认资产减值损失同比减少 4.35 亿元。报告期内，两船合并战略性重组，公 **股市有风险 入市须谨慎** 请务必阅读正文后的免责条款部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航资本大厦中航证券有限公司 [中船防务（600685）点评报告] 司向中国船舶出售广船国际 27.42%股权，同时，放..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "company:600150",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "9cdae2c4e1a9",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "company:600150.SH",
      "to_name": "中国船舶",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "亿元，以及确认资产减值损失同比减少 4.35 亿元。报告期内，两船合并战略性重组，公 **股市有风险 入市须谨慎** 请务必阅读正文后的免责条款部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航资本大厦中航证券有限公司 [中船防务（600685）点评报告] 司向中国船舶出售广船国际 27.42%股权，同时，放弃公司市场化债转股投资者拟转让所持有的广...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2019-年报点评-经营业绩持续改善-盈利能力提升未来可期-f39b2482e3b1.md",
          "chunk_id": "chunk:e7bce75ff6a0",
          "chunk_index": 0,
          "quote_summary": "亿元，以及确认资产减值损失同比减少 4.35 亿元。报告期内，两船合并战略性重组，公 **股市有风险 入市须谨慎** 请务必阅读正文后的免责条款部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航资本大厦中航证券有限公司 [中船防务（600685）点评报告] 司向中国船舶出售广船国际 27.42%股权，同时，放..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "company:600150.SH",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "a9680bdba099",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "company:中国船舶",
      "to_name": "中国船舶",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "亿元，以及确认资产减值损失同比减少 4.35 亿元。报告期内，两船合并战略性重组，公 **股市有风险 入市须谨慎** 请务必阅读正文后的免责条款部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航资本大厦中航证券有限公司 [中船防务（600685）点评报告] 司向中国船舶出售广船国际 27.42%股权，同时，放弃公司市场化债转股投资者拟转让所持有的广...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2019-年报点评-经营业绩持续改善-盈利能力提升未来可期-f39b2482e3b1.md",
          "chunk_id": "chunk:e7bce75ff6a0",
          "chunk_index": 0,
          "quote_summary": "亿元，以及确认资产减值损失同比减少 4.35 亿元。报告期内，两船合并战略性重组，公 **股市有风险 入市须谨慎** 请务必阅读正文后的免责条款部分 联系地址：北京市朝阳区望京街道望京东园四区2号楼中航资本大厦中航证券有限公司 [中船防务（600685）点评报告] 司向中国船舶出售广船国际 27.42%股权，同时，放..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "company:中国船舶",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "00e4916fc361",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "company:600004",
      "to_name": "白云机场",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "2024 | 804 | 来源：wind，国金证券研究所 ## 图表25：2024年上海浦东机场货邮吞吐量为第一 | 机场 | 整体（万吨） | 国际（万吨） | | ------ | ------ | ------ | | 上海浦东机场 | 420 | 304 | | 广州白云机场 | 237 | 151 | | 深圳宝安机场 | 188 | 90 | ...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md",
          "chunk_id": "chunk:8ae46138bd2a",
          "chunk_index": 0,
          "quote_summary": "2024 | 804 | 来源：wind，国金证券研究所 ## 图表25：2024年上海浦东机场货邮吞吐量为第一 | 机场 | 整体（万吨） | 国际（万吨） | | ------ | ------ | ------ | | 上海浦东机场 | 420 | 304 | | 广州白云机场 | 237 | 151 | | ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "company:600004",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "32b849dc45a8",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "company:白云机场",
      "to_name": "白云机场",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "2024 | 804 | 来源：wind，国金证券研究所 ## 图表25：2024年上海浦东机场货邮吞吐量为第一 | 机场 | 整体（万吨） | 国际（万吨） | | ------ | ------ | ------ | | 上海浦东机场 | 420 | 304 | | 广州白云机场 | 237 | 151 | | 深圳宝安机场 | 188 | 90 | ...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md",
          "chunk_id": "chunk:8ae46138bd2a",
          "chunk_index": 0,
          "quote_summary": "2024 | 804 | 来源：wind，国金证券研究所 ## 图表25：2024年上海浦东机场货邮吞吐量为第一 | 机场 | 整体（万吨） | 国际（万吨） | | ------ | ------ | ------ | | 上海浦东机场 | 420 | 304 | | 广州白云机场 | 237 | 151 | | ..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "company:白云机场",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "52d7c1d297e2",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "company:000777",
      "to_name": "中核科技",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "手订单再创新高，有望维持稳健增长。出于谨慎性考虑，我们维持前次盈利测算，预计 2025-2027 年公司归母净利润分别为 3.92/4.74/5.65 亿元，EPS 分别为 0.58/0.70/0.83 元，对应 PE 分别为 47.7/39.4/33.1 倍。我们选取纽威股份、中核科技、江苏神通作为可比公司，公司当前估值水平较可比公司高估，考虑到公司航空...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-报告日期-2025-年-08-月-13-日-92ff84317c47.md",
          "chunk_id": "chunk:290ac5bc5877",
          "chunk_index": 5,
          "quote_summary": "手订单再创新高，有望维持稳健增长。出于谨慎性考虑，我们维持前次盈利测算，预计 2025-2027 年公司归母净利润分别为 3.92/4.74/5.65 亿元，EPS 分别为 0.58/0.70/0.83 元，对应 PE 分别为 47.7/39.4/33.1 倍。我们选取纽威股份、中核科技、江苏神通作为可比公司，公司当..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "company:000777",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "810f3c1c862d",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "company:新光光电",
      "to_name": "新光光电",
      "relation": "risk_transmits_to",
      "direction": "risk",
      "summary": "# 科创板新股报告 # 新股报告 # 公司研究 # 证券研究报告 **风险评级：** 中高风险 ## 国内军用光学仿真领域的领军者 新光光电（688011） 2019 年 7 月 10 日 **李隆海（SAC 执业证书编号： S0340510120006）** **电话：** 0769-22119462 **邮箱：** llh@dgzq.com.cn ◼ ...",
      "confidence": 0.58,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板新股报告-6242e61c7645.md",
          "chunk_id": "chunk:b360109612af",
          "chunk_index": 0,
          "quote_summary": "# 科创板新股报告 # 新股报告 # 公司研究 # 证券研究报告 **风险评级：** 中高风险 ## 国内军用光学仿真领域的领军者 新光光电（688011） 2019 年 7 月 10 日 **李隆海（SAC 执业证书编号： S0340510120006）** **电话：** 0769-22119462 **邮箱：*..."
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "company:新光光电",
      "label": "risk_transmits_to",
      "category": "risk",
      "group": "risk_transmits_to",
      "evidence_count": 1
    },
    {
      "edge_id": "d397db7be487",
      "from": "company:000519",
      "from_name": "中兵红箭",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中兵红箭 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md",
          "chunk_id": "chunk:d8cb725902de",
          "chunk_index": 0,
          "quote_summary": "特种装备业务高速增长，Q2业绩环比扭亏，在手订单充裕支撑未来增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000519",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2bc83bbf8245",
      "from": "company:000519",
      "from_name": "中兵红箭",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中兵红箭 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-182d13714a53.md",
          "chunk_id": "chunk:7041556f053f",
          "chunk_index": 4,
          "quote_summary": "实战化训练催生弹药消耗补充与新装备定型量产需求，特种装备业务订单增长带动收入占比持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000519",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1f1d8c74d5f3",
      "from": "company:000519",
      "from_name": "中兵红箭",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中兵红箭 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-182d13714a53.md",
          "chunk_id": "chunk:7041556f053f",
          "chunk_index": 4,
          "quote_summary": "实战化训练催生弹药消耗补充与新装备定型量产需求，特种装备业务订单增长带动收入占比持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000519",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d84ce786e148",
      "from": "company:000519",
      "from_name": "中兵红箭",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中兵红箭 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md",
          "chunk_id": "chunk:d8cb725902de",
          "chunk_index": 0,
          "quote_summary": "特种装备业务高速增长，Q2业绩环比扭亏，在手订单充裕支撑未来增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000519",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "238f7d9e9009",
      "from": "company:000519",
      "from_name": "中兵红箭",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中兵红箭 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md",
          "chunk_id": "chunk:d8cb725902de",
          "chunk_index": 0,
          "quote_summary": "特种装备业务高速增长，Q2业绩环比扭亏，在手订单充裕支撑未来增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000519",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff6d525c0e79",
      "from": "company:000519",
      "from_name": "中兵红箭",
      "to": "topic:培育钻石",
      "to_name": "培育钻石",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中兵红箭 研报中反复涉及 培育钻石。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-182d13714a53.md",
          "chunk_id": "chunk:7041556f053f",
          "chunk_index": 4,
          "quote_summary": "实战化训练催生弹药消耗补充与新装备定型量产需求，特种装备业务订单增长带动收入占比持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000519",
      "target": "topic:培育钻石",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ae726fc4f5eb",
      "from": "company:000519",
      "from_name": "中兵红箭",
      "to": "topic:弹药消耗",
      "to_name": "弹药消耗",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中兵红箭 研报中反复涉及 弹药消耗。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-182d13714a53.md",
          "chunk_id": "chunk:7041556f053f",
          "chunk_index": 4,
          "quote_summary": "实战化训练催生弹药消耗补充与新装备定型量产需求，特种装备业务订单增长带动收入占比持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000519",
      "target": "topic:弹药消耗",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1f23b8da142f",
      "from": "company:000519",
      "from_name": "中兵红箭",
      "to": "topic:汽车零部件",
      "to_name": "汽车零部件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中兵红箭 研报中反复涉及 汽车零部件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md",
          "chunk_id": "chunk:d8cb725902de",
          "chunk_index": 0,
          "quote_summary": "特种装备业务高速增长，Q2业绩环比扭亏，在手订单充裕支撑未来增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000519",
      "target": "topic:汽车零部件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a4e541d1d037",
      "from": "company:000519",
      "from_name": "中兵红箭",
      "to": "topic:特种装备",
      "to_name": "特种装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中兵红箭 研报中反复涉及 特种装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md",
          "chunk_id": "chunk:d8cb725902de",
          "chunk_index": 0,
          "quote_summary": "特种装备业务高速增长，Q2业绩环比扭亏，在手订单充裕支撑未来增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000519",
      "target": "topic:特种装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "acb6706ac0e5",
      "from": "company:000519",
      "from_name": "中兵红箭",
      "to": "topic:订单充裕",
      "to_name": "订单充裕",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中兵红箭 研报中反复涉及 订单充裕。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md",
          "chunk_id": "chunk:d8cb725902de",
          "chunk_index": 0,
          "quote_summary": "特种装备业务高速增长，Q2业绩环比扭亏，在手订单充裕支撑未来增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000519",
      "target": "topic:订单充裕",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "118bad51a8a7",
      "from": "company:000519",
      "from_name": "中兵红箭",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中兵红箭 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md",
          "chunk_id": "chunk:d8cb725902de",
          "chunk_index": 0,
          "quote_summary": "特种装备业务高速增长，Q2业绩环比扭亏，在手订单充裕支撑未来增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000519",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "258002015703",
      "from": "company:000519",
      "from_name": "中兵红箭",
      "to": "topic:超硬材料",
      "to_name": "超硬材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中兵红箭 研报中反复涉及 超硬材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e2e2920c015.md",
          "chunk_id": "chunk:d8cb725902de",
          "chunk_index": 0,
          "quote_summary": "特种装备业务高速增长，Q2业绩环比扭亏，在手订单充裕支撑未来增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000519",
      "target": "topic:超硬材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2f6ba0880e3a",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-04-30-c34d965da472.md",
          "chunk_id": "chunk:ffb7aed95db6",
          "chunk_index": 4,
          "quote_summary": "新型电子集采深化与装备采购节奏调整导致短期业绩承压，但存货备货与合同负债增长预示订单需求回暖，2025年财务预算指引营收与利润双增，中长期盈利修复逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4fb91ff3b1ea",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
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          "chunk_index": 0,
          "quote_summary": "军工元器件平台型龙头，行业复苏背景下业绩呈现边际改善，Q2环比大幅好转，下半年有望持续恢复高增长。"
        }
      ],
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      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:业绩拐点",
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      "category": "topic",
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    },
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      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:业绩触底",
      "to_name": "业绩触底",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 业绩触底。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-2024-年年报及-2025-年一季报点评-7e1d52d5837b.md",
          "chunk_id": "chunk:2f14b603cbab",
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          "quote_summary": "短期业绩受市场周期性波动、集采降价及装备采购节奏调整影响承压，但行业长期向好逻辑未发生变化。"
        }
      ],
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      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:业绩触底",
      "label": "involves_topic",
      "category": "topic",
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    },
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      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:产品结构优化",
      "to_name": "产品结构优化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 产品结构优化。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-振华科技-000733-46db8c9f6bba.md",
          "chunk_id": "chunk:b1f6c71890ec",
          "chunk_index": 4,
          "quote_summary": "主营构成变化反映战略转型期主动优化产品结构，为长期竞争力提升奠定基础"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
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      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:ffb7aed95db6",
          "chunk_index": 4,
          "quote_summary": "新型电子集采深化与装备采购节奏调整导致短期业绩承压，但存货备货与合同负债增长预示订单需求回暖，2025年财务预算指引营收与利润双增，中长期盈利修复逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 低空经济。",
      "confidence": 0.62,
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        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md",
          "chunk_id": "chunk:aaf0bd39b72e",
          "chunk_index": 0,
          "quote_summary": "军工元器件平台型龙头，行业复苏背景下业绩呈现边际改善，Q2环比大幅好转，下半年有望持续恢复高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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    },
    {
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      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:元器件",
      "to_name": "元器件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 元器件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md",
          "chunk_id": "chunk:aaf0bd39b72e",
          "chunk_index": 0,
          "quote_summary": "军工元器件平台型龙头，行业复苏背景下业绩呈现边际改善，Q2环比大幅好转，下半年有望持续恢复高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:元器件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a6b75c962f7a",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md",
          "chunk_id": "chunk:40edee692ad3",
          "chunk_index": 0,
          "quote_summary": "深耕电子元器件主业，军品基本盘稳固，积极向商业航天、低空经济、民用航空及新能源汽车等战略新兴领域延伸挖掘新增量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md",
          "chunk_id": "chunk:aaf0bd39b72e",
          "chunk_index": 0,
          "quote_summary": "军工元器件平台型龙头，行业复苏背景下业绩呈现边际改善，Q2环比大幅好转，下半年有望持续恢复高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f4c42184bad4",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-fd745e89d727.md",
          "chunk_id": "chunk:ee38a7980bf7",
          "chunk_index": 0,
          "quote_summary": "十四五收官之年军工行业需求恢复，叠加公司积极备货与订单回暖，业绩有望迎来拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:半导体",
      "to_name": "半导体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 半导体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-46db8c9f6bba.md",
          "chunk_id": "chunk:b1f6c71890ec",
          "chunk_index": 4,
          "quote_summary": "主营构成变化反映战略转型期主动优化产品结构，为长期竞争力提升奠定基础"
        }
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:半导体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6784871b4709",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:半导体分立器件",
      "to_name": "半导体分立器件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 半导体分立器件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-fd745e89d727.md",
          "chunk_id": "chunk:ee38a7980bf7",
          "chunk_index": 0,
          "quote_summary": "十四五收官之年军工行业需求恢复，叠加公司积极备货与订单回暖，业绩有望迎来拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:半导体分立器件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "711f0313fc0c",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
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          "chunk_id": "chunk:aaf0bd39b72e",
          "chunk_index": 0,
          "quote_summary": "军工元器件平台型龙头，行业复苏背景下业绩呈现边际改善，Q2环比大幅好转，下半年有望持续恢复高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c7d97316c995",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md",
          "chunk_id": "chunk:aaf0bd39b72e",
          "chunk_index": 0,
          "quote_summary": "军工元器件平台型龙头，行业复苏背景下业绩呈现边际改善，Q2环比大幅好转，下半年有望持续恢复高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cacea63cab0a",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 国产替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-81ea11d2fa00.md",
          "chunk_id": "chunk:40edee692ad3",
          "chunk_index": 0,
          "quote_summary": "深耕电子元器件主业，军品基本盘稳固，积极向商业航天、低空经济、民用航空及新能源汽车等战略新兴领域延伸挖掘新增量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "53857126ffea",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-a8200142e6ad.md",
          "chunk_id": "chunk:40cc52f96646",
          "chunk_index": 4,
          "quote_summary": "国防预算结构性倾斜与装备信息化需求增长为行业注入长期动能，高新电子元件自主化趋势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8d2096567f3d",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:存货周期",
      "to_name": "存货周期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 存货周期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-04-30-c34d965da472.md",
          "chunk_id": "chunk:ffb7aed95db6",
          "chunk_index": 4,
          "quote_summary": "新型电子集采深化与装备采购节奏调整导致短期业绩承压，但存货备货与合同负债增长预示订单需求回暖，2025年财务预算指引营收与利润双增，中长期盈利修复逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:存货周期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "15d8c8d1c2b2",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:年报点评",
      "to_name": "年报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 年报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-a8200142e6ad.md",
          "chunk_id": "chunk:40cc52f96646",
          "chunk_index": 4,
          "quote_summary": "国防预算结构性倾斜与装备信息化需求增长为行业注入长期动能，高新电子元件自主化趋势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:年报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "59700ba59133",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:新型电子元器件",
      "to_name": "新型电子元器件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 新型电子元器件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-a8200142e6ad.md",
          "chunk_id": "chunk:40cc52f96646",
          "chunk_index": 4,
          "quote_summary": "国防预算结构性倾斜与装备信息化需求增长为行业注入长期动能，高新电子元件自主化趋势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:新型电子元器件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ad3f6dbde91a",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:新能源汽车",
      "to_name": "新能源汽车",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 新能源汽车。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:40edee692ad3",
          "chunk_index": 0,
          "quote_summary": "深耕电子元器件主业，军品基本盘稳固，积极向商业航天、低空经济、民用航空及新能源汽车等战略新兴领域延伸挖掘新增量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:新能源汽车",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f0aeb2b93733",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-发布时间-2025-04-30-c34d965da472.md",
          "chunk_id": "chunk:ffb7aed95db6",
          "chunk_index": 4,
          "quote_summary": "新型电子集采深化与装备采购节奏调整导致短期业绩承压，但存货备货与合同负债增长预示订单需求回暖，2025年财务预算指引营收与利润双增，中长期盈利修复逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "66057477acb7",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:毛利率修复",
      "to_name": "毛利率修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 毛利率修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-fd745e89d727.md",
          "chunk_id": "chunk:ee38a7980bf7",
          "chunk_index": 0,
          "quote_summary": "十四五收官之年军工行业需求恢复，叠加公司积极备货与订单回暖，业绩有望迎来拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:毛利率修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "74173b69b587",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:毛利率改善",
      "to_name": "毛利率改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 毛利率改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md",
          "chunk_id": "chunk:aaf0bd39b72e",
          "chunk_index": 0,
          "quote_summary": "军工元器件平台型龙头，行业复苏背景下业绩呈现边际改善，Q2环比大幅好转，下半年有望持续恢复高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:毛利率改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "921f8bcac6a1",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:现金流管理",
      "to_name": "现金流管理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 现金流管理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-83b334bf0b0f.md",
          "chunk_id": "chunk:1e2726415d3d",
          "chunk_index": 0,
          "quote_summary": "军品高端元器件升级放量与民品底部磨底蓄力双主线并行，主业基本面韧性较强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:现金流管理",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5ac988d41413",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:电子元器件",
      "to_name": "电子元器件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 电子元器件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-46db8c9f6bba.md",
          "chunk_id": "chunk:b1f6c71890ec",
          "chunk_index": 4,
          "quote_summary": "主营构成变化反映战略转型期主动优化产品结构，为长期竞争力提升奠定基础"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:电子元器件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "54054cf2726f",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:营收",
      "to_name": "营收",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 营收。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-fd745e89d727.md",
          "chunk_id": "chunk:ee38a7980bf7",
          "chunk_index": 0,
          "quote_summary": "十四五收官之年军工行业需求恢复，叠加公司积极备货与订单回暖，业绩有望迎来拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:营收",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a6d15936dbcd",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:订单回暖",
      "to_name": "订单回暖",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 订单回暖。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-fd745e89d727.md",
          "chunk_id": "chunk:ee38a7980bf7",
          "chunk_index": 0,
          "quote_summary": "十四五收官之年军工行业需求恢复，叠加公司积极备货与订单回暖，业绩有望迎来拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:订单回暖",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b308257fa082",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-9777be882b4b.md",
          "chunk_id": "chunk:aaf0bd39b72e",
          "chunk_index": 0,
          "quote_summary": "军工元器件平台型龙头，行业复苏背景下业绩呈现边际改善，Q2环比大幅好转，下半年有望持续恢复高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a174605e7750",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-2025-年三季报点评-050f1c3d9de0.md",
          "chunk_id": "chunk:f691bb79904c",
          "chunk_index": 1,
          "quote_summary": "公司作为国内高新电子元器件核心供应商，依托高可靠产品体系与全产业链协同能力，深度绑定商业航天、低空经济、民用航空及新能源汽车等战略新兴领域需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4e25a2f5186b",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:集采降价",
      "to_name": "集采降价",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 集采降价。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-2024-年年报及-2025-年一季报点评-7e1d52d5837b.md",
          "chunk_id": "chunk:2f14b603cbab",
          "chunk_index": 0,
          "quote_summary": "短期业绩受市场周期性波动、集采降价及装备采购节奏调整影响承压，但行业长期向好逻辑未发生变化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:集采降价",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "70d9b8ffab15",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-a8200142e6ad.md",
          "chunk_id": "chunk:40cc52f96646",
          "chunk_index": 4,
          "quote_summary": "国防预算结构性倾斜与装备信息化需求增长为行业注入长期动能，高新电子元件自主化趋势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c0f0eef654f2",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:高新电子元器件",
      "to_name": "高新电子元器件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 高新电子元器件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-sz-2025-年三季报点评-050f1c3d9de0.md",
          "chunk_id": "chunk:f691bb79904c",
          "chunk_index": 1,
          "quote_summary": "公司作为国内高新电子元器件核心供应商，依托高可靠产品体系与全产业链协同能力，深度绑定商业航天、低空经济、民用航空及新能源汽车等战略新兴领域需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:高新电子元器件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7e091047af48",
      "from": "company:000733",
      "from_name": "振华科技",
      "to": "topic:高端元器件",
      "to_name": "高端元器件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 高端元器件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-振华科技-000733-83b334bf0b0f.md",
          "chunk_id": "chunk:1e2726415d3d",
          "chunk_index": 0,
          "quote_summary": "军品高端元器件升级放量与民品底部磨底蓄力双主线并行，主业基本面韧性较强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000733",
      "target": "topic:高端元器件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "caec59ecb80a",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 三季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2024-年三季报点评-e424f34444eb.md",
          "chunk_id": "chunk:10103956d7a7",
          "chunk_index": 1,
          "quote_summary": "公司主营航空发动机及燃气轮机控制系统，在细分领域处于行业领先地位，将持续受益于下游型号批产放量及维修后市场的稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:三季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7738e43adc15",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md",
          "chunk_id": "chunk:0cf4859c23ab",
          "chunk_index": 2,
          "quote_summary": "军工行业整体承压背景下，公司业绩逆势增长，毛利率与净利率双升，盈利能力持续增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aefc7fff993b",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:两机控制系统",
      "to_name": "两机控制系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 两机控制系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2024-年中报点评-c63b20e32a69.md",
          "chunk_id": "chunk:cd1ea20a53c5",
          "chunk_index": 1,
          "quote_summary": "公司作为“两机”控制系统机械领域龙头，将持续受益于下游型号批产放量及维修后市场的稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:两机控制系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "60976428a103",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md",
          "chunk_id": "chunk:0cf4859c23ab",
          "chunk_index": 2,
          "quote_summary": "军工行业整体承压背景下，公司业绩逆势增长，毛利率与净利率双升，盈利能力持续增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8da30819f26f",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天军工-d04fa08f4dcb.md",
          "chunk_id": "chunk:9fbdd7f90538",
          "chunk_index": 2,
          "quote_summary": "业绩稳步增长，盈利能力持续提升。2024年前三季度营收42.10亿元（同比+2.67%），归母净利润6.29亿元（同比+5.48%），毛利率同比提升0.42个百分点至29.71%，净利率提升0.4个百分点至15.02%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7750b70a6832",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md",
          "chunk_id": "chunk:0cf4859c23ab",
          "chunk_index": 2,
          "quote_summary": "军工行业整体承压背景下，公司业绩逆势增长，毛利率与净利率双升，盈利能力持续增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "651d96f80b15",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md",
          "chunk_id": "chunk:0cf4859c23ab",
          "chunk_index": 2,
          "quote_summary": "军工行业整体承压背景下，公司业绩逆势增长，毛利率与净利率双升，盈利能力持续增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b6dd69d8b1c7",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:军贸出口",
      "to_name": "军贸出口",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 军贸出口。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2025-年三季报点评-3f47433fb49f.md",
          "chunk_id": "chunk:545fdf20bcd9",
          "chunk_index": 1,
          "quote_summary": "公司作为“两机”控制系统机械领域龙头，虽处新老型号过渡期业绩阶段性承压，但将长期受益于下游新型号批产放量及维修后市场稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:军贸出口",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d14dc009515a",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2024-年三季报点评-e424f34444eb.md",
          "chunk_id": "chunk:10103956d7a7",
          "chunk_index": 1,
          "quote_summary": "公司主营航空发动机及燃气轮机控制系统，在细分领域处于行业领先地位，将持续受益于下游型号批产放量及维修后市场的稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8757a587529a",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-c73f59215d42.md",
          "chunk_id": "chunk:766f46229b7d",
          "chunk_index": 2,
          "quote_summary": "公司步入新老型号交替关键期，部分量产型号阶段性达峰，新研产品逐步上量；同时加快通用航空和无人机动力控制配套产品自主研制与市场拓展，以商业成功为目标平滑周期波动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "82fe707b781b",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:国企改革",
      "to_name": "国企改革",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 国企改革。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2025-年半年报点评-375bfd412012.md",
          "chunk_id": "chunk:858bfc224a50",
          "chunk_index": 2,
          "quote_summary": "公司作为“两机”控制系统机械领域龙头，虽短期受新老型号过渡期及增值税改革影响业绩承压，但长期将深度受益于下游新型号批产放量与维修后市场稳定增长，叠加国企改革潜力，具备长期稳健增长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:国企改革",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8da6b0c14099",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:增值税改革",
      "to_name": "增值税改革",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 增值税改革。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2025-年半年报点评-375bfd412012.md",
          "chunk_id": "chunk:858bfc224a50",
          "chunk_index": 2,
          "quote_summary": "公司作为“两机”控制系统机械领域龙头，虽短期受新老型号过渡期及增值税改革影响业绩承压，但长期将深度受益于下游新型号批产放量与维修后市场稳定增长，叠加国企改革潜力，具备长期稳健增长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:增值税改革",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9bb1bcd88a1d",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2025-年三季报点评-3f47433fb49f.md",
          "chunk_id": "chunk:545fdf20bcd9",
          "chunk_index": 1,
          "quote_summary": "公司作为“两机”控制系统机械领域龙头，虽处新老型号过渡期业绩阶段性承压，但将长期受益于下游新型号批产放量及维修后市场稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "059d1d364540",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:控制系统",
      "to_name": "控制系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 控制系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-c73f59215d42.md",
          "chunk_id": "chunk:766f46229b7d",
          "chunk_index": 2,
          "quote_summary": "公司步入新老型号交替关键期，部分量产型号阶段性达峰，新研产品逐步上量；同时加快通用航空和无人机动力控制配套产品自主研制与市场拓展，以商业成功为目标平滑周期波动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:控制系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e9ee353ceb5d",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:新老型号交替",
      "to_name": "新老型号交替",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 新老型号交替。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-c73f59215d42.md",
          "chunk_id": "chunk:766f46229b7d",
          "chunk_index": 2,
          "quote_summary": "公司步入新老型号交替关键期，部分量产型号阶段性达峰，新研产品逐步上量；同时加快通用航空和无人机动力控制配套产品自主研制与市场拓展，以商业成功为目标平滑周期波动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:新老型号交替",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "914b4561bc0f",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:新老型号过渡",
      "to_name": "新老型号过渡",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 新老型号过渡。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2024-年年报点评-5dc94f73d135.md",
          "chunk_id": "chunk:2134b43abdf3",
          "chunk_index": 1,
          "quote_summary": "公司作为“两机”控制系统机械领域龙头，长期受益于下游新型号批产放量及航空发动机维修后市场的稳定增长，叠加国企改革潜力，具备稳健增长的长期趋势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:新老型号过渡",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fdcad22b3fd1",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:无人机动力",
      "to_name": "无人机动力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 无人机动力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-c73f59215d42.md",
          "chunk_id": "chunk:766f46229b7d",
          "chunk_index": 2,
          "quote_summary": "公司步入新老型号交替关键期，部分量产型号阶段性达峰，新研产品逐步上量；同时加快通用航空和无人机动力控制配套产品自主研制与市场拓展，以商业成功为目标平滑周期波动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:无人机动力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "29d979538e0e",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:民机",
      "to_name": "民机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 民机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2025-年半年报点评-375bfd412012.md",
          "chunk_id": "chunk:858bfc224a50",
          "chunk_index": 2,
          "quote_summary": "公司作为“两机”控制系统机械领域龙头，虽短期受新老型号过渡期及增值税改革影响业绩承压，但长期将深度受益于下游新型号批产放量与维修后市场稳定增长，叠加国企改革潜力，具备长期稳健增长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:民机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3355f433ee8b",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:民机配套",
      "to_name": "民机配套",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 民机配套。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2024-年一季报点评-9ff161225854.md",
          "chunk_id": "chunk:b5a38ce3c3f6",
          "chunk_index": 1,
          "quote_summary": "公司作为“两机”控制系统机械领域龙头，将持续受益于下游型号批产放量及维修后市场稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:民机配套",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f52b51381d15",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:燃气轮机",
      "to_name": "燃气轮机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 燃气轮机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md",
          "chunk_id": "chunk:0cf4859c23ab",
          "chunk_index": 2,
          "quote_summary": "军工行业整体承压背景下，公司业绩逆势增长，毛利率与净利率双升，盈利能力持续增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:燃气轮机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "46d15d62e75d",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:盈利能力",
      "to_name": "盈利能力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 盈利能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2024-年三季报点评-e424f34444eb.md",
          "chunk_id": "chunk:10103956d7a7",
          "chunk_index": 1,
          "quote_summary": "公司主营航空发动机及燃气轮机控制系统，在细分领域处于行业领先地位，将持续受益于下游型号批产放量及维修后市场的稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:盈利能力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "63a2c00628b1",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:经营效率",
      "to_name": "经营效率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 经营效率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2024-年年报点评-5dc94f73d135.md",
          "chunk_id": "chunk:2134b43abdf3",
          "chunk_index": 1,
          "quote_summary": "公司作为“两机”控制系统机械领域龙头，长期受益于下游新型号批产放量及航空发动机维修后市场的稳定增长，叠加国企改革潜力，具备稳健增长的长期趋势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:经营效率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0c5a6be32b43",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:维修后市场",
      "to_name": "维修后市场",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 维修后市场。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2025-年三季报点评-3f47433fb49f.md",
          "chunk_id": "chunk:545fdf20bcd9",
          "chunk_index": 1,
          "quote_summary": "公司作为“两机”控制系统机械领域龙头，虽处新老型号过渡期业绩阶段性承压，但将长期受益于下游新型号批产放量及维修后市场稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:维修后市场",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ca55b752be5c",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:航天军工",
      "to_name": "航天军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 航天军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天军工-d04fa08f4dcb.md",
          "chunk_id": "chunk:9fbdd7f90538",
          "chunk_index": 2,
          "quote_summary": "业绩稳步增长，盈利能力持续提升。2024年前三季度营收42.10亿元（同比+2.67%），归母净利润6.29亿元（同比+5.48%），毛利率同比提升0.42个百分点至29.71%，净利率提升0.4个百分点至15.02%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:航天军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c255e776f77e",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md",
          "chunk_id": "chunk:0cf4859c23ab",
          "chunk_index": 2,
          "quote_summary": "军工行业整体承压背景下，公司业绩逆势增长，毛利率与净利率双升，盈利能力持续增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "adc22432378a",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:航空发动机",
      "to_name": "航空发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 航空发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md",
          "chunk_id": "chunk:0cf4859c23ab",
          "chunk_index": 2,
          "quote_summary": "军工行业整体承压背景下，公司业绩逆势增长，毛利率与净利率双升，盈利能力持续增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:航空发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2f4ea5909b1a",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:航空发动机控制",
      "to_name": "航空发动机控制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 航空发动机控制。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发控制-000738-sz-2025-年三季报点评-3f47433fb49f.md",
          "chunk_id": "chunk:545fdf20bcd9",
          "chunk_index": 1,
          "quote_summary": "公司作为“两机”控制系统机械领域龙头，虽处新老型号过渡期业绩阶段性承压，但将长期受益于下游新型号批产放量及维修后市场稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:航空发动机控制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6f4df5f7ed26",
      "from": "company:000738",
      "from_name": "航发控制",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发控制 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63358ec50bed.md",
          "chunk_id": "chunk:0cf4859c23ab",
          "chunk_index": 2,
          "quote_summary": "军工行业整体承压背景下，公司业绩逆势增长，毛利率与净利率双升，盈利能力持续增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000738",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "98004f50f9c0",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:c919",
      "to_name": "C919",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 C919。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md",
          "chunk_id": "chunk:3cdbe64e1532",
          "chunk_index": 3,
          "quote_summary": "资产重组彻底聚焦军机整机与民机核心部段主业，经营质地显著改善，净利率由2022年1.39%稳步回升至2025年2.81%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:c919",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "91c24fc319f9",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:c919-c929",
      "to_name": "c919-c929",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 C919/C929。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-74db948a135c.md",
          "chunk_id": "chunk:97ace5f37f74",
          "chunk_index": 4,
          "quote_summary": "业绩呈现“量缩利增”特征，核心驱动力为资源配置优化、降本节支及规模效应释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:c919-c929",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b00559266868",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:c929",
      "to_name": "C929",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 C929。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-6eb816e41ee0.md",
          "chunk_id": "chunk:ad41a213b54f",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空主业，生产交付节奏趋于均衡，经营质效双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:c929",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e1439e03d0a3",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-6eb816e41ee0.md",
          "chunk_id": "chunk:ad41a213b54f",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空主业，生产交付节奏趋于均衡，经营质效双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d33d94bbd9ab",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:业绩点评",
      "to_name": "业绩点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 业绩点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-2025-年半年报点评-db084885e22d.md",
          "chunk_id": "chunk:3f0da29b20fc",
          "chunk_index": 0,
          "quote_summary": "紧抓国内民机产业高速发展机遇，持续做大做强国际转包业务，业绩表现符合预期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:业绩点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e9af55c5804e",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-ecc301731a3b.md",
          "chunk_id": "chunk:d27783e1c8cf",
          "chunk_index": 0,
          "quote_summary": "军工长久期资产与大中型飞机制造龙头地位稳固，传统军民用大飞机业务步入收获期，盈利能力稳步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a1a74306e64d",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:估值修复",
      "to_name": "估值修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 估值修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:54510744b741",
          "chunk_index": 0,
          "quote_summary": "军品基本盘稳固，运-20系列迭代及军贸出海（运-9E交付、运-20E亮相）打开增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:估值修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ddc7519dab69",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:54510744b741",
          "chunk_index": 0,
          "quote_summary": "军品基本盘稳固，运-20系列迭代及军贸出海（运-9E交付、运-20E亮相）打开增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eaaa56b30ded",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md",
          "chunk_id": "chunk:3cdbe64e1532",
          "chunk_index": 3,
          "quote_summary": "资产重组彻底聚焦军机整机与民机核心部段主业，经营质地显著改善，净利率由2022年1.39%稳步回升至2025年2.81%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e270ffe3a5f3",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:军机整机",
      "to_name": "军机整机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 军机整机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md",
          "chunk_id": "chunk:3cdbe64e1532",
          "chunk_index": 3,
          "quote_summary": "资产重组彻底聚焦军机整机与民机核心部段主业，经营质地显著改善，净利率由2022年1.39%稳步回升至2025年2.81%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:军机整机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0ef77a3c49ff",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:军贸出海",
      "to_name": "军贸出海",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 军贸出海。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:54510744b741",
          "chunk_index": 0,
          "quote_summary": "军品基本盘稳固，运-20系列迭代及军贸出海（运-9E交付、运-20E亮相）打开增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:军贸出海",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b8b541d59778",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-74db948a135c.md",
          "chunk_id": "chunk:97ace5f37f74",
          "chunk_index": 4,
          "quote_summary": "业绩呈现“量缩利增”特征，核心驱动力为资源配置优化、降本节支及规模效应释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a165bf78d407",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:利润率改善",
      "to_name": "利润率改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 利润率改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-2025-年半年报点评-db084885e22d.md",
          "chunk_id": "chunk:3f0da29b20fc",
          "chunk_index": 0,
          "quote_summary": "紧抓国内民机产业高速发展机遇，持续做大做强国际转包业务，业绩表现符合预期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:利润率改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "60be99aadbc8",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-9dc97721bf89.md",
          "chunk_id": "chunk:bd9eea9438fd",
          "chunk_index": 2,
          "quote_summary": "盈利质量稳中有进，利润结构持续优化，核心盈利能力稳步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "87eb2648d683",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:国企改革",
      "to_name": "国企改革",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 国企改革。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:54510744b741",
          "chunk_index": 0,
          "quote_summary": "军品基本盘稳固，运-20系列迭代及军贸出海（运-9E交付、运-20E亮相）打开增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:国企改革",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9cca94f518fd",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:国际转包",
      "to_name": "国际转包",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 国际转包。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md",
          "chunk_id": "chunk:3cdbe64e1532",
          "chunk_index": 3,
          "quote_summary": "资产重组彻底聚焦军机整机与民机核心部段主业，经营质地显著改善，净利率由2022年1.39%稳步回升至2025年2.81%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:国际转包",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f6f491a13acb",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:大飞机",
      "to_name": "大飞机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 大飞机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md",
          "chunk_id": "chunk:3cdbe64e1532",
          "chunk_index": 3,
          "quote_summary": "资产重组彻底聚焦军机整机与民机核心部段主业，经营质地显著改善，净利率由2022年1.39%稳步回升至2025年2.81%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:大飞机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dc3e9e440b0b",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:大飞机产业链",
      "to_name": "大飞机产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 大飞机产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:54510744b741",
          "chunk_index": 0,
          "quote_summary": "军品基本盘稳固，运-20系列迭代及军贸出海（运-9E交付、运-20E亮相）打开增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:大飞机产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8b4f2f9dfa20",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:成本控制",
      "to_name": "成本控制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 成本控制。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-74db948a135c.md",
          "chunk_id": "chunk:97ace5f37f74",
          "chunk_index": 4,
          "quote_summary": "业绩呈现“量缩利增”特征，核心驱动力为资源配置优化、降本节支及规模效应释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:成本控制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2a3f636e546c",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-中航西飞-000768-sz-增持-a-维持-409abc2aba3d.md",
          "chunk_id": "chunk:83f8eccd7c92",
          "chunk_index": 2,
          "quote_summary": "公司持续降本增效，2025H1毛利率与净利率同比双升，盈利能力持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7d6499992a50",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:新质生产力",
      "to_name": "新质生产力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 新质生产力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-ecc301731a3b.md",
          "chunk_id": "chunk:d27783e1c8cf",
          "chunk_index": 0,
          "quote_summary": "军工长久期资产与大中型飞机制造龙头地位稳固，传统军民用大飞机业务步入收获期，盈利能力稳步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:新质生产力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fceb04390128",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-6eb816e41ee0.md",
          "chunk_id": "chunk:ad41a213b54f",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空主业，生产交付节奏趋于均衡，经营质效双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "504e402c07d4",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:民机",
      "to_name": "民机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 民机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-9dc97721bf89.md",
          "chunk_id": "chunk:bd9eea9438fd",
          "chunk_index": 2,
          "quote_summary": "盈利质量稳中有进，利润结构持续优化，核心盈利能力稳步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:民机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "83462fd68027",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:民机产业链",
      "to_name": "民机产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 民机产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-74db948a135c.md",
          "chunk_id": "chunk:97ace5f37f74",
          "chunk_index": 4,
          "quote_summary": "业绩呈现“量缩利增”特征，核心驱动力为资源配置优化、降本节支及规模效应释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:民机产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d266a59de692",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:民机制造",
      "to_name": "民机制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 民机制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-中航西飞-000768-sz-增持-a-维持-409abc2aba3d.md",
          "chunk_id": "chunk:83f8eccd7c92",
          "chunk_index": 2,
          "quote_summary": "公司持续降本增效，2025H1毛利率与净利率同比双升，盈利能力持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:民机制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3572a80610a0",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:民用航空",
      "to_name": "民用航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 民用航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-015c3a2d7c59.md",
          "chunk_id": "chunk:316f447ad95c",
          "chunk_index": 2,
          "quote_summary": "公司通过全流程成本改进提升盈利能力，民用航空业务交付量与收入占比双创新高；依托大中型飞机部件制造优势，深度绑定C909/C919/AG600等国产机型批产，并积极拓展国际转包市场，民机业务有望持续贡献业绩增量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:民用航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e007f5ef647f",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:民用飞机",
      "to_name": "民用飞机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 民用飞机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-6eb816e41ee0.md",
          "chunk_id": "chunk:ad41a213b54f",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空主业，生产交付节奏趋于均衡，经营质效双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:民用飞机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "97e8e9078762",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:现金流改善",
      "to_name": "现金流改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 现金流改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-9dc97721bf89.md",
          "chunk_id": "chunk:bd9eea9438fd",
          "chunk_index": 2,
          "quote_summary": "盈利质量稳中有进，利润结构持续优化，核心盈利能力稳步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:现金流改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d9df03b2d9e8",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:盈利能力",
      "to_name": "盈利能力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 盈利能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-ecc301731a3b.md",
          "chunk_id": "chunk:d27783e1c8cf",
          "chunk_index": 0,
          "quote_summary": "军工长久期资产与大中型飞机制造龙头地位稳固，传统军民用大飞机业务步入收获期，盈利能力稳步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:盈利能力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7f87e464a314",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:股权变更",
      "to_name": "股权变更",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 股权变更。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-74db948a135c.md",
          "chunk_id": "chunk:97ace5f37f74",
          "chunk_index": 4,
          "quote_summary": "业绩呈现“量缩利增”特征，核心驱动力为资源配置优化、降本节支及规模效应释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:股权变更",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "41c8a80a73bb",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:54510744b741",
          "chunk_index": 0,
          "quote_summary": "军品基本盘稳固，运-20系列迭代及军贸出海（运-9E交付、运-20E亮相）打开增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "99dd0ef74b15",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:航空军工",
      "to_name": "航空军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 航空军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-015c3a2d7c59.md",
          "chunk_id": "chunk:316f447ad95c",
          "chunk_index": 2,
          "quote_summary": "公司通过全流程成本改进提升盈利能力，民用航空业务交付量与收入占比双创新高；依托大中型飞机部件制造优势，深度绑定C909/C919/AG600等国产机型批产，并积极拓展国际转包市场，民机业务有望持续贡献业绩增量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:航空军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7db9f36990f3",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:航空制造",
      "to_name": "航空制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 航空制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md",
          "chunk_id": "chunk:3cdbe64e1532",
          "chunk_index": 3,
          "quote_summary": "资产重组彻底聚焦军机整机与民机核心部段主业，经营质地显著改善，净利率由2022年1.39%稳步回升至2025年2.81%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:航空制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "35709eb08ab7",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:航空装备",
      "to_name": "航空装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 航空装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:54510744b741",
          "chunk_index": 0,
          "quote_summary": "军品基本盘稳固，运-20系列迭代及军贸出海（运-9E交付、运-20E亮相）打开增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:航空装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fb6d34dd6f0a",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-优于大市-651d42630ff7.md",
          "chunk_id": "chunk:54510744b741",
          "chunk_index": 0,
          "quote_summary": "军品基本盘稳固，运-20系列迭代及军贸出海（运-9E交付、运-20E亮相）打开增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "27356bdfeb39",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:财务优化",
      "to_name": "财务优化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 财务优化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-9dc97721bf89.md",
          "chunk_id": "chunk:bd9eea9438fd",
          "chunk_index": 2,
          "quote_summary": "盈利质量稳中有进，利润结构持续优化，核心盈利能力稳步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:财务优化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "64c14262debb",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:财务预测",
      "to_name": "财务预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 财务预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-74db948a135c.md",
          "chunk_id": "chunk:97ace5f37f74",
          "chunk_index": 4,
          "quote_summary": "业绩呈现“量缩利增”特征，核心驱动力为资源配置优化、降本节支及规模效应释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:财务预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a4318d874a47",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-增持-首次覆盖-d12cf1eeb2cc.md",
          "chunk_id": "chunk:3cdbe64e1532",
          "chunk_index": 3,
          "quote_summary": "资产重组彻底聚焦军机整机与民机核心部段主业，经营质地显著改善，净利率由2022年1.39%稳步回升至2025年2.81%。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "426ac17a3af5",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:转包生产",
      "to_name": "转包生产",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 转包生产。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-015c3a2d7c59.md",
          "chunk_id": "chunk:316f447ad95c",
          "chunk_index": 2,
          "quote_summary": "公司通过全流程成本改进提升盈利能力，民用航空业务交付量与收入占比双创新高；依托大中型飞机部件制造优势，深度绑定C909/C919/AG600等国产机型批产，并积极拓展国际转包市场，民机业务有望持续贡献业绩增量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:转包生产",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "29a1f4dcefa3",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:降本增效",
      "to_name": "降本增效",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 降本增效。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-中航西飞-000768-sz-增持-a-维持-409abc2aba3d.md",
          "chunk_id": "chunk:83f8eccd7c92",
          "chunk_index": 2,
          "quote_summary": "公司持续降本增效，2025H1毛利率与净利率同比双升，盈利能力持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:降本增效",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a6272f201e9c",
      "from": "company:000768",
      "from_name": "中航西飞",
      "to": "topic:高端制造",
      "to_name": "高端制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航西飞 研报中反复涉及 高端制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航西飞-000768-sz-6eb816e41ee0.md",
          "chunk_id": "chunk:ad41a213b54f",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空主业，生产交付节奏趋于均衡，经营质效双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000768",
      "target": "topic:高端制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3ae8bb271026",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-c0a2eca6c861.md",
          "chunk_id": "chunk:3bedfa98adee",
          "chunk_index": 4,
          "quote_summary": "业绩稳健增长，经营性现金流大幅改善，核工程阀门产品营收占比及增速显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "add3cd8f3454",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md",
          "chunk_id": "chunk:200bb4749f59",
          "chunk_index": 4,
          "quote_summary": "“十五五”期间我国将安全有序积极发展核电，新建机组规模翻番，2030年前运行核电规模有望登顶世界第一，行业高景气驱动需求增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dac177210141",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:价格",
      "to_name": "价格",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 价格。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-c0a2eca6c861.md",
          "chunk_id": "chunk:3bedfa98adee",
          "chunk_index": 4,
          "quote_summary": "业绩稳健增长，经营性现金流大幅改善，核工程阀门产品营收占比及增速显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:价格",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "849ddb7d1c18",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md",
          "chunk_id": "chunk:200bb4749f59",
          "chunk_index": 4,
          "quote_summary": "“十五五”期间我国将安全有序积极发展核电，新建机组规模翻番，2030年前运行核电规模有望登顶世界第一，行业高景气驱动需求增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "52eb2e3a3295",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:估值分析",
      "to_name": "估值分析",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 估值分析。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md",
          "chunk_id": "chunk:200bb4749f59",
          "chunk_index": 4,
          "quote_summary": "“十五五”期间我国将安全有序积极发展核电，新建机组规模翻番，2030年前运行核电规模有望登顶世界第一，行业高景气驱动需求增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:估值分析",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "24f9ecd4f182",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:出海布局",
      "to_name": "出海布局",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 出海布局。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-核电阀门驱动业绩稳增-国产化加速-海外突破-f4b66e14729a.md",
          "chunk_id": "chunk:4bbd53635139",
          "chunk_index": 1,
          "quote_summary": "核电阀门国产替代与高端化构成核心增长主线，公司具备二至四代机组全系供货能力，依托全产业链协同与中核集团资源整合持续受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:出海布局",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9528e47fcf89",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-核电阀门驱动业绩稳增-国产化加速-海外突破-f4b66e14729a.md",
          "chunk_id": "chunk:4bbd53635139",
          "chunk_index": 1,
          "quote_summary": "核电阀门国产替代与高端化构成核心增长主线，公司具备二至四代机组全系供货能力，依托全产业链协同与中核集团资源整合持续受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b824d35eba21",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 国产替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-c0a2eca6c861.md",
          "chunk_id": "chunk:3bedfa98adee",
          "chunk_index": 4,
          "quote_summary": "业绩稳健增长，经营性现金流大幅改善，核工程阀门产品营收占比及增速显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "533c0b1522e4",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:工业阀门",
      "to_name": "工业阀门",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 工业阀门。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-c0a2eca6c861.md",
          "chunk_id": "chunk:3bedfa98adee",
          "chunk_index": 4,
          "quote_summary": "业绩稳健增长，经营性现金流大幅改善，核工程阀门产品营收占比及增速显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:工业阀门",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6757d2a47b02",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:机械设备",
      "to_name": "机械设备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 机械设备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-c0a2eca6c861.md",
          "chunk_id": "chunk:3bedfa98adee",
          "chunk_index": 4,
          "quote_summary": "业绩稳健增长，经营性现金流大幅改善，核工程阀门产品营收占比及增速显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:机械设备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1f4ff87732f9",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:核电",
      "to_name": "核电",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 核电。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-c0a2eca6c861.md",
          "chunk_id": "chunk:3bedfa98adee",
          "chunk_index": 4,
          "quote_summary": "业绩稳健增长，经营性现金流大幅改善，核工程阀门产品营收占比及增速显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:核电",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "329bf8926c5e",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:核电装备",
      "to_name": "核电装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 核电装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md",
          "chunk_id": "chunk:200bb4749f59",
          "chunk_index": 4,
          "quote_summary": "“十五五”期间我国将安全有序积极发展核电，新建机组规模翻番，2030年前运行核电规模有望登顶世界第一，行业高景气驱动需求增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:核电装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "00ce09108bf2",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:核电阀门",
      "to_name": "核电阀门",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 核电阀门。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-核电阀门驱动业绩稳增-国产化加速-海外突破-f4b66e14729a.md",
          "chunk_id": "chunk:4bbd53635139",
          "chunk_index": 1,
          "quote_summary": "核电阀门国产替代与高端化构成核心增长主线，公司具备二至四代机组全系供货能力，依托全产业链协同与中核集团资源整合持续受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:核电阀门",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "faa9f50fb862",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团控股公司-4eafcc93318a.md",
          "chunk_id": "chunk:200bb4749f59",
          "chunk_index": 4,
          "quote_summary": "“十五五”期间我国将安全有序积极发展核电，新建机组规模翻番，2030年前运行核电规模有望登顶世界第一，行业高景气驱动需求增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f66972742735",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:毛利率承压",
      "to_name": "毛利率承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 毛利率承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-核电阀门驱动业绩稳增-国产化加速-海外突破-f4b66e14729a.md",
          "chunk_id": "chunk:4bbd53635139",
          "chunk_index": 1,
          "quote_summary": "核电阀门国产替代与高端化构成核心增长主线，公司具备二至四代机组全系供货能力，依托全产业链协同与中核集团资源整合持续受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:毛利率承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ddb25de4fc43",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:现金流改善",
      "to_name": "现金流改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 现金流改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-c0a2eca6c861.md",
          "chunk_id": "chunk:3bedfa98adee",
          "chunk_index": 4,
          "quote_summary": "业绩稳健增长，经营性现金流大幅改善，核工程阀门产品营收占比及增速显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:现金流改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f05e76f7f36b",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-c0a2eca6c861.md",
          "chunk_id": "chunk:3bedfa98adee",
          "chunk_index": 4,
          "quote_summary": "业绩稳健增长，经营性现金流大幅改善，核工程阀门产品营收占比及增速显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0719af01241f",
      "from": "company:000777",
      "from_name": "中核科技",
      "to": "topic:运维服务",
      "to_name": "运维服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中核科技 研报中反复涉及 运维服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-核电阀门驱动业绩稳增-国产化加速-海外突破-f4b66e14729a.md",
          "chunk_id": "chunk:4bbd53635139",
          "chunk_index": 1,
          "quote_summary": "核电阀门国产替代与高端化构成核心增长主线，公司具备二至四代机组全系供货能力，依托全产业链协同与中核集团资源整合持续受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000777",
      "target": "topic:运维服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e600a6b586bc",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:ai技术",
      "to_name": "ai技术",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 AI技术。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md",
          "chunk_id": "chunk:5bf11f393c52",
          "chunk_index": 4,
          "quote_summary": "公司新材料业务呈现多元化发展态势，钨钼制品、稀土永磁、纳米晶及粉末高速钢等核心板块协同发力，产品结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:ai技术",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "feb129de8c05",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:业绩符合预期",
      "to_name": "业绩符合预期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 业绩符合预期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-78b242ea291c.md",
          "chunk_id": "chunk:8d7546a703df",
          "chunk_index": 0,
          "quote_summary": "非晶合金业务展现强劲成长性，新签合同与产销量大幅突破，成为核心增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:业绩符合预期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "26857307dec1",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:先进功能材料",
      "to_name": "先进功能材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 先进功能材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-08930126384e.md",
          "chunk_id": "chunk:d0bd99b5a439",
          "chunk_index": 2,
          "quote_summary": "Q2扣非归母同比+36%稳健增长，多业务共振下中长期空间有望释放。新兴业务聚焦特粉、非晶、可控核聚变打造第二增长曲线，传统业务横向拓展与纵向延伸巩固细分领域壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:先进功能材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b7082ae16b34",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:先进金属新材料",
      "to_name": "先进金属新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 先进金属新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-证券研究报告-调整盈利预测-2025年11月11日-3eac50725b82.md",
          "chunk_id": "chunk:f05d3bd084ea",
          "chunk_index": 0,
          "quote_summary": "公司聚焦难熔钨钼与稀土永磁两大核心产业，积极布局特粉及可控核聚变等新兴业务，有望充分受益于下游需求增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:先进金属新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7f1bb45189e8",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md",
          "chunk_id": "chunk:d6ad8fa49b18",
          "chunk_index": 0,
          "quote_summary": "剥离非核心资产聚焦主业，股权处置收益显著增厚当期利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d5d52f2fdbf6",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:半导体",
      "to_name": "半导体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 半导体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md",
          "chunk_id": "chunk:5bf11f393c52",
          "chunk_index": 4,
          "quote_summary": "公司新材料业务呈现多元化发展态势，钨钼制品、稀土永磁、纳米晶及粉末高速钢等核心板块协同发力，产品结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:半导体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bf6ed2b6304f",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:半导体材料",
      "to_name": "半导体材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 半导体材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md",
          "chunk_id": "chunk:ba087ce5fe25",
          "chunk_index": 4,
          "quote_summary": "公司作为中国钢研旗下核心金属新材料平台，技术壁垒深厚，十余种细分产品产能居行业第一梯队。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:半导体材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a6ecec24d65a",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:半导体靶材",
      "to_name": "半导体靶材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 半导体靶材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md",
          "chunk_id": "chunk:d6ad8fa49b18",
          "chunk_index": 0,
          "quote_summary": "剥离非核心资产聚焦主业，股权处置收益显著增厚当期利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:半导体靶材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7e1793270123",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:可控核聚变",
      "to_name": "可控核聚变",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 可控核聚变。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:dff3e4fc61bc",
          "chunk_index": 0,
          "quote_summary": "中国钢研集团金属新材料产业化平台，“2+3+4”业务体系构筑多谱系共振发展格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:可控核聚变",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a9748b37d374",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md",
          "chunk_id": "chunk:d6ad8fa49b18",
          "chunk_index": 0,
          "quote_summary": "剥离非核心资产聚焦主业，股权处置收益显著增厚当期利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "548acc6eb74a",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:新材料",
      "to_name": "新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md",
          "chunk_id": "chunk:d6ad8fa49b18",
          "chunk_index": 0,
          "quote_summary": "剥离非核心资产聚焦主业，股权处置收益显著增厚当期利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1afe0c48737c",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:新能源",
      "to_name": "新能源",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 新能源。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md",
          "chunk_id": "chunk:5bf11f393c52",
          "chunk_index": 4,
          "quote_summary": "公司新材料业务呈现多元化发展态势，钨钼制品、稀土永磁、纳米晶及粉末高速钢等核心板块协同发力，产品结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:新能源",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6638edb7e99b",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:新能源汽车",
      "to_name": "新能源汽车",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 新能源汽车。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:dff3e4fc61bc",
          "chunk_index": 0,
          "quote_summary": "中国钢研集团金属新材料产业化平台，“2+3+4”业务体系构筑多谱系共振发展格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:新能源汽车",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "355fc9fb83cb",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:有色金属",
      "to_name": "有色金属",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 有色金属。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-证券研究报告-调整盈利预测-2025年11月11日-3eac50725b82.md",
          "chunk_id": "chunk:f05d3bd084ea",
          "chunk_index": 0,
          "quote_summary": "公司聚焦难熔钨钼与稀土永磁两大核心产业，积极布局特粉及可控核聚变等新兴业务，有望充分受益于下游需求增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:有色金属",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bad87a416609",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:消费电子",
      "to_name": "消费电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 消费电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:dff3e4fc61bc",
          "chunk_index": 0,
          "quote_summary": "中国钢研集团金属新材料产业化平台，“2+3+4”业务体系构筑多谱系共振发展格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:消费电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8dfb50085339",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:特种粉末冶金",
      "to_name": "特种粉末冶金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 特种粉末冶金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-08930126384e.md",
          "chunk_id": "chunk:d0bd99b5a439",
          "chunk_index": 2,
          "quote_summary": "Q2扣非归母同比+36%稳健增长，多业务共振下中长期空间有望释放。新兴业务聚焦特粉、非晶、可控核聚变打造第二增长曲线，传统业务横向拓展与纵向延伸巩固细分领域壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:特种粉末冶金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a57d16e0cafb",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:环比",
      "to_name": "环比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 环比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md",
          "chunk_id": "chunk:c2057cc36fc0",
          "chunk_index": 1,
          "quote_summary": "完成安泰环境股权转让出表，战略聚焦难熔钨钼与稀土永磁两大核心产业，平台化布局推进带动盈利韧性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:环比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d366675dab49",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md",
          "chunk_id": "chunk:c2057cc36fc0",
          "chunk_index": 1,
          "quote_summary": "完成安泰环境股权转让出表，战略聚焦难熔钨钼与稀土永磁两大核心产业，平台化布局推进带动盈利韧性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1398b713b8b0",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:盈利预测调整",
      "to_name": "盈利预测调整",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 盈利预测调整。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-证券研究报告-调整盈利预测-2025年11月11日-3eac50725b82.md",
          "chunk_id": "chunk:f05d3bd084ea",
          "chunk_index": 0,
          "quote_summary": "公司聚焦难熔钨钼与稀土永磁两大核心产业，积极布局特粉及可控核聚变等新兴业务，有望充分受益于下游需求增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:盈利预测调整",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f32f8df5cd28",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:稀土永磁",
      "to_name": "稀土永磁",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 稀土永磁。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:dff3e4fc61bc",
          "chunk_index": 0,
          "quote_summary": "中国钢研集团金属新材料产业化平台，“2+3+4”业务体系构筑多谱系共振发展格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:稀土永磁",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b4cea81ec4fb",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:粉末冶金",
      "to_name": "粉末冶金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 粉末冶金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md",
          "chunk_id": "chunk:ba087ce5fe25",
          "chunk_index": 4,
          "quote_summary": "公司作为中国钢研旗下核心金属新材料平台，技术壁垒深厚，十余种细分产品产能居行业第一梯队。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:粉末冶金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a4e0010cb542",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:粉末高速钢",
      "to_name": "粉末高速钢",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 粉末高速钢。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md",
          "chunk_id": "chunk:5bf11f393c52",
          "chunk_index": 4,
          "quote_summary": "公司新材料业务呈现多元化发展态势，钨钼制品、稀土永磁、纳米晶及粉末高速钢等核心板块协同发力，产品结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:粉末高速钢",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "513bd9a2c8da",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:纳米晶",
      "to_name": "纳米晶",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 纳米晶。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md",
          "chunk_id": "chunk:5bf11f393c52",
          "chunk_index": 4,
          "quote_summary": "公司新材料业务呈现多元化发展态势，钨钼制品、稀土永磁、纳米晶及粉末高速钢等核心板块协同发力，产品结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:纳米晶",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ee836dea62a2",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:股权处置",
      "to_name": "股权处置",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 股权处置。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md",
          "chunk_id": "chunk:d6ad8fa49b18",
          "chunk_index": 0,
          "quote_summary": "剥离非核心资产聚焦主业，股权处置收益显著增厚当期利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:股权处置",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5393b8f0f110",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:dff3e4fc61bc",
          "chunk_index": 0,
          "quote_summary": "中国钢研集团金属新材料产业化平台，“2+3+4”业务体系构筑多谱系共振发展格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "43d7f04000fc",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:费率优化",
      "to_name": "费率优化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 费率优化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md",
          "chunk_id": "chunk:c2057cc36fc0",
          "chunk_index": 1,
          "quote_summary": "完成安泰环境股权转让出表，战略聚焦难熔钨钼与稀土永磁两大核心产业，平台化布局推进带动盈利韧性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:费率优化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "38cff5a6421a",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:资产剥离",
      "to_name": "资产剥离",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 资产剥离。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md",
          "chunk_id": "chunk:c2057cc36fc0",
          "chunk_index": 1,
          "quote_summary": "完成安泰环境股权转让出表，战略聚焦难熔钨钼与稀土永磁两大核心产业，平台化布局推进带动盈利韧性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:资产剥离",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1a67f03380c8",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:软磁粉末",
      "to_name": "软磁粉末",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 软磁粉末。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:dff3e4fc61bc",
          "chunk_index": 0,
          "quote_summary": "中国钢研集团金属新材料产业化平台，“2+3+4”业务体系构筑多谱系共振发展格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:软磁粉末",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8bdc393244ff",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:金属新材料",
      "to_name": "金属新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 金属新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:dff3e4fc61bc",
          "chunk_index": 0,
          "quote_summary": "中国钢研集团金属新材料产业化平台，“2+3+4”业务体系构筑多谱系共振发展格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:金属新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ef1332d5b672",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:钨钼制品",
      "to_name": "钨钼制品",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 钨钼制品。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-128367a1304e.md",
          "chunk_id": "chunk:5bf11f393c52",
          "chunk_index": 4,
          "quote_summary": "公司新材料业务呈现多元化发展态势，钨钼制品、稀土永磁、纳米晶及粉末高速钢等核心板块协同发力，产品结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:钨钼制品",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fd7dda92e21c",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:钨钼材料",
      "to_name": "钨钼材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 钨钼材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-721880a2efe2.md",
          "chunk_id": "chunk:c2057cc36fc0",
          "chunk_index": 1,
          "quote_summary": "完成安泰环境股权转让出表，战略聚焦难熔钨钼与稀土永磁两大核心产业，平台化布局推进带动盈利韧性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:钨钼材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fe40bb1b8edc",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:钨铜材料",
      "to_name": "钨铜材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 钨铜材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-78b242ea291c.md",
          "chunk_id": "chunk:8d7546a703df",
          "chunk_index": 0,
          "quote_summary": "非晶合金业务展现强劲成长性，新签合同与产销量大幅突破，成为核心增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:钨铜材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "08ed44f05c2f",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:降本增效",
      "to_name": "降本增效",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 降本增效。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-78b242ea291c.md",
          "chunk_id": "chunk:8d7546a703df",
          "chunk_index": 0,
          "quote_summary": "非晶合金业务展现强劲成长性，新签合同与产销量大幅突破，成为核心增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:降本增效",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2212d962e715",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:难熔钨钼",
      "to_name": "难熔钨钼",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 难熔钨钼。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-买入-维持评级-4023803ccf22.md",
          "chunk_id": "chunk:d6ad8fa49b18",
          "chunk_index": 0,
          "quote_summary": "剥离非核心资产聚焦主业，股权处置收益显著增厚当期利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:难熔钨钼",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "239d767c7964",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:非晶合金",
      "to_name": "非晶合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 非晶合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-sz-78b242ea291c.md",
          "chunk_id": "chunk:8d7546a703df",
          "chunk_index": 0,
          "quote_summary": "非晶合金业务展现强劲成长性，新签合同与产销量大幅突破，成为核心增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:非晶合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f9800a245709",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:非晶带材",
      "to_name": "非晶带材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 非晶带材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-433687664137.md",
          "chunk_id": "chunk:dff3e4fc61bc",
          "chunk_index": 0,
          "quote_summary": "中国钢研集团金属新材料产业化平台，“2+3+4”业务体系构筑多谱系共振发展格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:非晶带材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6af1227c9fcc",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:非晶纳米晶",
      "to_name": "非晶纳米晶",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 非晶纳米晶。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-安泰科技-000969-公司点评报告-dbe9b839f3e9.md",
          "chunk_id": "chunk:ba087ce5fe25",
          "chunk_index": 4,
          "quote_summary": "公司作为中国钢研旗下核心金属新材料平台，技术壁垒深厚，十余种细分产品产能居行业第一梯队。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:非晶纳米晶",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e1f363ef318c",
      "from": "company:000969",
      "from_name": "安泰科技",
      "to": "topic:高品质特钢",
      "to_name": "高品质特钢",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 高品质特钢。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-08930126384e.md",
          "chunk_id": "chunk:d0bd99b5a439",
          "chunk_index": 2,
          "quote_summary": "Q2扣非归母同比+36%稳健增长，多业务共振下中长期空间有望释放。新兴业务聚焦特粉、非晶、可控核聚变打造第二增长曲线，传统业务横向拓展与纵向延伸巩固细分领域壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969",
      "target": "topic:高品质特钢",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "752d0b820ceb",
      "from": "company:000969.SZ",
      "from_name": "安泰科技",
      "to": "topic:医疗装备",
      "to_name": "医疗装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 医疗装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md",
          "chunk_id": "chunk:f99177a9523c",
          "chunk_index": 0,
          "quote_summary": "25年扣非归母同比+38%高速增长，主业提质成效持续兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969.SZ",
      "target": "topic:医疗装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "17b4a44f0da0",
      "from": "company:000969.SZ",
      "from_name": "安泰科技",
      "to": "topic:半导体材料",
      "to_name": "半导体材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 半导体材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md",
          "chunk_id": "chunk:f99177a9523c",
          "chunk_index": 0,
          "quote_summary": "25年扣非归母同比+38%高速增长，主业提质成效持续兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969.SZ",
      "target": "topic:半导体材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "947bf5d87786",
      "from": "company:000969.SZ",
      "from_name": "安泰科技",
      "to": "topic:提质增效",
      "to_name": "提质增效",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 提质增效。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md",
          "chunk_id": "chunk:f99177a9523c",
          "chunk_index": 0,
          "quote_summary": "25年扣非归母同比+38%高速增长，主业提质成效持续兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969.SZ",
      "target": "topic:提质增效",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9dc9d7062cd6",
      "from": "company:000969.SZ",
      "from_name": "安泰科技",
      "to": "topic:机器人",
      "to_name": "机器人",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 机器人。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md",
          "chunk_id": "chunk:f99177a9523c",
          "chunk_index": 0,
          "quote_summary": "25年扣非归母同比+38%高速增长，主业提质成效持续兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969.SZ",
      "target": "topic:机器人",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6a70eb9009e0",
      "from": "company:000969.SZ",
      "from_name": "安泰科技",
      "to": "topic:核聚变材料",
      "to_name": "核聚变材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 核聚变材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md",
          "chunk_id": "chunk:f99177a9523c",
          "chunk_index": 0,
          "quote_summary": "25年扣非归母同比+38%高速增长，主业提质成效持续兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969.SZ",
      "target": "topic:核聚变材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f02efa1d8558",
      "from": "company:000969.SZ",
      "from_name": "安泰科技",
      "to": "topic:特种粉末",
      "to_name": "特种粉末",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 特种粉末。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md",
          "chunk_id": "chunk:f99177a9523c",
          "chunk_index": 0,
          "quote_summary": "25年扣非归母同比+38%高速增长，主业提质成效持续兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969.SZ",
      "target": "topic:特种粉末",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4844707fe306",
      "from": "company:000969.SZ",
      "from_name": "安泰科技",
      "to": "topic:稀土永磁",
      "to_name": "稀土永磁",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 稀土永磁。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md",
          "chunk_id": "chunk:f99177a9523c",
          "chunk_index": 0,
          "quote_summary": "25年扣非归母同比+38%高速增长，主业提质成效持续兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969.SZ",
      "target": "topic:稀土永磁",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "145f9aa3eeeb",
      "from": "company:000969.SZ",
      "from_name": "安泰科技",
      "to": "topic:非晶带材",
      "to_name": "非晶带材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 非晶带材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-有色金属-金属新材料-9b2d522818f2.md",
          "chunk_id": "chunk:f99177a9523c",
          "chunk_index": 0,
          "quote_summary": "25年扣非归母同比+38%高速增长，主业提质成效持续兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000969.SZ",
      "target": "topic:非晶带材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2259b2a37a71",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:业绩扭亏",
      "to_name": "业绩扭亏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 业绩扭亏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-acbb7ca2c093.md",
          "chunk_id": "chunk:0073e9804598",
          "chunk_index": 0,
          "quote_summary": "原料价格回升叠加产销旺季推动Q2扭亏，降本增效与高研发投入并行，资本结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:业绩扭亏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "07d9e9bdf7cf",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:业绩改善",
      "to_name": "业绩改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 业绩改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-9f2026906015.md",
          "chunk_id": "chunk:4255d788bd7e",
          "chunk_index": 0,
          "quote_summary": "需求好转叠加原料价格上涨，带动公司盈利能力环比回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:业绩改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3fe5f7b5d0c1",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:业绩点评",
      "to_name": "业绩点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 业绩点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-2b6fa0f7d98f.md",
          "chunk_id": "chunk:a8a8c3c5ce29",
          "chunk_index": 2,
          "quote_summary": "稀土供需有望持续修复，人形机器人与低空经济打开新增需求，磁材标的有望与资源标的共振；公司在稀土涨价周期中具备天然库存收益，且重稀土用量大，业绩改善弹性显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:业绩点评",
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      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
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      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:人形机器人",
      "to_name": "人形机器人",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 人形机器人。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-2b6fa0f7d98f.md",
          "chunk_id": "chunk:a8a8c3c5ce29",
          "chunk_index": 2,
          "quote_summary": "稀土供需有望持续修复，人形机器人与低空经济打开新增需求，磁材标的有望与资源标的共振；公司在稀土涨价周期中具备天然库存收益，且重稀土用量大，业绩改善弹性显著。"
        }
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
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      "category": "topic",
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      "from": "company:000970",
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      "to": "topic:以旧换新",
      "to_name": "以旧换新",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 以旧换新。",
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          "quote_summary": "原料价格回升叠加产销旺季推动Q2扭亏，降本增效与高研发投入并行，资本结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:以旧换新",
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      "category": "topic",
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      "from": "company:000970",
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      "to": "topic:价格",
      "to_name": "价格",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 价格。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:0073e9804598",
          "chunk_index": 0,
          "quote_summary": "原料价格回升叠加产销旺季推动Q2扭亏，降本增效与高研发投入并行，资本结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:价格",
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      "category": "topic",
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    },
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      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-2b6fa0f7d98f.md",
          "chunk_id": "chunk:a8a8c3c5ce29",
          "chunk_index": 2,
          "quote_summary": "稀土供需有望持续修复，人形机器人与低空经济打开新增需求，磁材标的有望与资源标的共振；公司在稀土涨价周期中具备天然库存收益，且重稀土用量大，业绩改善弹性显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:低空经济",
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      "category": "topic",
      "group": "involves_topic",
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    },
    {
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      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:供需格局",
      "to_name": "供需格局",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 供需格局。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-acbb7ca2c093.md",
          "chunk_id": "chunk:0073e9804598",
          "chunk_index": 0,
          "quote_summary": "原料价格回升叠加产销旺季推动Q2扭亏，降本增效与高研发投入并行，资本结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:供需格局",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4b2f38a4ca75",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-2b6fa0f7d98f.md",
          "chunk_id": "chunk:a8a8c3c5ce29",
          "chunk_index": 2,
          "quote_summary": "稀土供需有望持续修复，人形机器人与低空经济打开新增需求，磁材标的有望与资源标的共振；公司在稀土涨价周期中具备天然库存收益，且重稀土用量大，业绩改善弹性显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2d30a89efda8",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:周期复苏",
      "to_name": "周期复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 周期复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md",
          "chunk_id": "chunk:420e7538252e",
          "chunk_index": 1,
          "quote_summary": "稀土永磁行业处于周期底部，海外矿供应走弱及配额增速放缓有望改善供需格局，叠加设备更新政策落地，存量与增量需求并举，公司作为钕铁硼龙头有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:周期复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d0d5e55ffab8",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:存货减值",
      "to_name": "存货减值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 存货减值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md",
          "chunk_id": "chunk:420e7538252e",
          "chunk_index": 1,
          "quote_summary": "稀土永磁行业处于周期底部，海外矿供应走弱及配额增速放缓有望改善供需格局，叠加设备更新政策落地，存量与增量需求并举，公司作为钕铁硼龙头有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:存货减值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e9f449d58b1f",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:库存收益",
      "to_name": "库存收益",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 库存收益。",
      "confidence": 0.62,
      "evidence": [
        {
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          "chunk_id": "chunk:a8a8c3c5ce29",
          "chunk_index": 2,
          "quote_summary": "稀土供需有望持续修复，人形机器人与低空经济打开新增需求，磁材标的有望与资源标的共振；公司在稀土涨价周期中具备天然库存收益，且重稀土用量大，业绩改善弹性显著。"
        }
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:库存收益",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2c5fd44a2127",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:新能源汽车",
      "to_name": "新能源汽车",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 新能源汽车。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-9f2026906015.md",
          "chunk_id": "chunk:4255d788bd7e",
          "chunk_index": 0,
          "quote_summary": "需求好转叠加原料价格上涨，带动公司盈利能力环比回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:新能源汽车",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "db276b525537",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:环比",
      "to_name": "环比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 环比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md",
          "chunk_id": "chunk:420e7538252e",
          "chunk_index": 1,
          "quote_summary": "稀土永磁行业处于周期底部，海外矿供应走弱及配额增速放缓有望改善供需格局，叠加设备更新政策落地，存量与增量需求并举，公司作为钕铁硼龙头有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:环比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4f1aae2dab88",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:稀土",
      "to_name": "稀土",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 稀土。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-2b6fa0f7d98f.md",
          "chunk_id": "chunk:a8a8c3c5ce29",
          "chunk_index": 2,
          "quote_summary": "稀土供需有望持续修复，人形机器人与低空经济打开新增需求，磁材标的有望与资源标的共振；公司在稀土涨价周期中具备天然库存收益，且重稀土用量大，业绩改善弹性显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:稀土",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4b3d2c9f08d4",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:稀土永磁",
      "to_name": "稀土永磁",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 稀土永磁。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md",
          "chunk_id": "chunk:420e7538252e",
          "chunk_index": 1,
          "quote_summary": "稀土永磁行业处于周期底部，海外矿供应走弱及配额增速放缓有望改善供需格局，叠加设备更新政策落地，存量与增量需求并举，公司作为钕铁硼龙头有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:稀土永磁",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6d4e19ec4b8c",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:设备更新",
      "to_name": "设备更新",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 设备更新。",
      "confidence": 0.62,
      "evidence": [
        {
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          "chunk_id": "chunk:420e7538252e",
          "chunk_index": 1,
          "quote_summary": "稀土永磁行业处于周期底部，海外矿供应走弱及配额增速放缓有望改善供需格局，叠加设备更新政策落地，存量与增量需求并举，公司作为钕铁硼龙头有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:设备更新",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0aeef54157f6",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md",
          "chunk_id": "chunk:420e7538252e",
          "chunk_index": 1,
          "quote_summary": "稀土永磁行业处于周期底部，海外矿供应走弱及配额增速放缓有望改善供需格局，叠加设备更新政策落地，存量与增量需求并举，公司作为钕铁硼龙头有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8753750d762c",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:资本结构优化",
      "to_name": "资本结构优化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 资本结构优化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-9f2026906015.md",
          "chunk_id": "chunk:4255d788bd7e",
          "chunk_index": 0,
          "quote_summary": "需求好转叠加原料价格上涨，带动公司盈利能力环比回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:资本结构优化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bc8d62954e7b",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md",
          "chunk_id": "chunk:420e7538252e",
          "chunk_index": 1,
          "quote_summary": "稀土永磁行业处于周期底部，海外矿供应走弱及配额增速放缓有望改善供需格局，叠加设备更新政策落地，存量与增量需求并举，公司作为钕铁硼龙头有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a0f18a6ced93",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:钕铁硼",
      "to_name": "钕铁硼",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 钕铁硼。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-f1a1f739cc95.md",
          "chunk_id": "chunk:420e7538252e",
          "chunk_index": 1,
          "quote_summary": "稀土永磁行业处于周期底部，海外矿供应走弱及配额增速放缓有望改善供需格局，叠加设备更新政策落地，存量与增量需求并举，公司作为钕铁硼龙头有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:钕铁硼",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ce75df126b7a",
      "from": "company:000970",
      "from_name": "中科三环",
      "to": "topic:降本增效",
      "to_name": "降本增效",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中科三环 研报中反复涉及 降本增效。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中科三环-000970-sz-acbb7ca2c093.md",
          "chunk_id": "chunk:0073e9804598",
          "chunk_index": 0,
          "quote_summary": "原料价格回升叠加产销旺季推动Q2扭亏，降本增效与高研发投入并行，资本结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:000970",
      "target": "topic:降本增效",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "05c93647f556",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:evtol",
      "to_name": "eVTOL",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 eVTOL。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md",
          "chunk_id": "chunk:c623550d6bc9",
          "chunk_index": 0,
          "quote_summary": "公司“三位一体”布局（航空工程、高端装备、集成电路）稳步推进，民航业复苏带动维修与客改货需求，叠加低空经济eVTOL战略合作，业绩有望保持较快增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:evtol",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e1fed29027ce",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:业绩反转",
      "to_name": "业绩反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 业绩反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海特高新-002023-sz-2023-年年报及-2024-年一季报点评-4531fe891d53.md",
          "chunk_id": "chunk:abf43b4b1b41",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空工程技术与服务、高端核心装备研制与保障主业，深度参与国产大飞机配套及客改货改装业务，同时前瞻布局eVTOL模拟器研发，打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:业绩反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e011018f0cd5",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md",
          "chunk_id": "chunk:c623550d6bc9",
          "chunk_index": 0,
          "quote_summary": "公司“三位一体”布局（航空工程、高端装备、集成电路）稳步推进，民航业复苏带动维修与客改货需求，叠加低空经济eVTOL战略合作，业绩有望保持较快增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5c05cbf843b5",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海特高新-002023-sz-2023-年年报及-2024-年一季报点评-4531fe891d53.md",
          "chunk_id": "chunk:abf43b4b1b41",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空工程技术与服务、高端核心装备研制与保障主业，深度参与国产大飞机配套及客改货改装业务，同时前瞻布局eVTOL模拟器研发，打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "498f640a9649",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:化合物半导体",
      "to_name": "化合物半导体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 化合物半导体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md",
          "chunk_id": "chunk:c623550d6bc9",
          "chunk_index": 0,
          "quote_summary": "公司“三位一体”布局（航空工程、高端装备、集成电路）稳步推进，民航业复苏带动维修与客改货需求，叠加低空经济eVTOL战略合作，业绩有望保持较快增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:化合物半导体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3a951d09a713",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海特高新-002023-sz-2023-年年报及-2024-年一季报点评-4531fe891d53.md",
          "chunk_id": "chunk:abf43b4b1b41",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空工程技术与服务、高端核心装备研制与保障主业，深度参与国产大飞机配套及客改货改装业务，同时前瞻布局eVTOL模拟器研发，打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "082c8c55a290",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-26-日-dcad5a6a219c.md",
          "chunk_id": "chunk:aeac41191862",
          "chunk_index": 4,
          "quote_summary": "国家重磅政策加持低空经济与商业航天，公司布局eVTOL模拟机及国产大飞机项目，有望充分受益产业爆发。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "db1cc9053d2b",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 国产替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73f8fa1d3359.md",
          "chunk_id": "chunk:9d8887048de8",
          "chunk_index": 0,
          "quote_summary": "民航复苏带动航空维修与客改货业务量价齐升，基本盘稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "613ae85a375f",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:大飞机产业链",
      "to_name": "大飞机产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 大飞机产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海特高新-002023-sz-2023-年年报及-2024-年一季报点评-4531fe891d53.md",
          "chunk_id": "chunk:abf43b4b1b41",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空工程技术与服务、高端核心装备研制与保障主业，深度参与国产大飞机配套及客改货改装业务，同时前瞻布局eVTOL模拟器研发，打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:大飞机产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5897bcb8de31",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:客改货",
      "to_name": "客改货",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 客改货。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md",
          "chunk_id": "chunk:c623550d6bc9",
          "chunk_index": 0,
          "quote_summary": "公司“三位一体”布局（航空工程、高端装备、集成电路）稳步推进，民航业复苏带动维修与客改货需求，叠加低空经济eVTOL战略合作，业绩有望保持较快增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:客改货",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6b54a0fe2783",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:盈利改善",
      "to_name": "盈利改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 盈利改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-26-日-dcad5a6a219c.md",
          "chunk_id": "chunk:aeac41191862",
          "chunk_index": 4,
          "quote_summary": "国家重磅政策加持低空经济与商业航天，公司布局eVTOL模拟机及国产大飞机项目，有望充分受益产业爆发。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:盈利改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2e3bf4602b78",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md",
          "chunk_id": "chunk:c623550d6bc9",
          "chunk_index": 0,
          "quote_summary": "公司“三位一体”布局（航空工程、高端装备、集成电路）稳步推进，民航业复苏带动维修与客改货需求，叠加低空经济eVTOL战略合作，业绩有望保持较快增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "178ec48aebb7",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:航空维修",
      "to_name": "航空维修",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 航空维修。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md",
          "chunk_id": "chunk:c623550d6bc9",
          "chunk_index": 0,
          "quote_summary": "公司“三位一体”布局（航空工程、高端装备、集成电路）稳步推进，民航业复苏带动维修与客改货需求，叠加低空经济eVTOL战略合作，业绩有望保持较快增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:航空维修",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7c6c4fe638c3",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md",
          "chunk_id": "chunk:c623550d6bc9",
          "chunk_index": 0,
          "quote_summary": "公司“三位一体”布局（航空工程、高端装备、集成电路）稳步推进，民航业复苏带动维修与客改货需求，叠加低空经济eVTOL战略合作，业绩有望保持较快增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a77434b8fc40",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:飞行培训",
      "to_name": "飞行培训",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 飞行培训。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73f8fa1d3359.md",
          "chunk_id": "chunk:9d8887048de8",
          "chunk_index": 0,
          "quote_summary": "民航复苏带动航空维修与客改货业务量价齐升，基本盘稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:飞行培训",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "86e16267e865",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:飞行模拟",
      "to_name": "飞行模拟",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 飞行模拟。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空主业发展稳健-布局低空经济未来可期-18b817c8bc1a.md",
          "chunk_id": "chunk:c623550d6bc9",
          "chunk_index": 0,
          "quote_summary": "公司“三位一体”布局（航空工程、高端装备、集成电路）稳步推进，民航业复苏带动维修与客改货需求，叠加低空经济eVTOL战略合作，业绩有望保持较快增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:飞行模拟",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ee7bcc7e2c55",
      "from": "company:002023",
      "from_name": "海特高新",
      "to": "topic:高端装备制造",
      "to_name": "高端装备制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海特高新 研报中反复涉及 高端装备制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海特高新-002023-sz-2023-年年报及-2024-年一季报点评-4531fe891d53.md",
          "chunk_id": "chunk:abf43b4b1b41",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空工程技术与服务、高端核心装备研制与保障主业，深度参与国产大飞机配套及客改货改装业务，同时前瞻布局eVTOL模拟器研发，打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002023",
      "target": "topic:高端装备制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3139f96ae69e",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:ai算力",
      "to_name": "AI算力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 AI算力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-03-月-21-日-7dfdb22edd28.md",
          "chunk_id": "chunk:03df7f6de700",
          "chunk_index": 0,
          "quote_summary": "AI算力需求从训练转向推理，Token消耗呈指数级增长，国产算力产业链迎来替代与放量机遇。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:ai算力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ee9b6eaea201",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md",
          "chunk_id": "chunk:aa0e7b309574",
          "chunk_index": 0,
          "quote_summary": "防务需求阶段性放缓导致2024年业绩下滑，但伴随下游需求回暖及新质新域/商业航天/低空经济等布局，产品订单已大幅增长，未来收入与盈利有望迎来高弹性修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c3c55a7ef802",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:业绩承压",
      "to_name": "业绩承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 业绩承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md",
          "chunk_id": "chunk:ca0625385c0d",
          "chunk_index": 0,
          "quote_summary": "短期业绩受降价与验收周期拉长双重压制，但连接器降价反增印证交付量大幅提升，订单向收入转化具备滞后性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:业绩承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a5247e76fad6",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:互连一体化",
      "to_name": "互连一体化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 互连一体化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-2025-年半年报点评-55ecac57b2f3.md",
          "chunk_id": "chunk:fa74c73f4c2f",
          "chunk_index": 2,
          "quote_summary": "国内特种连接器龙头，业务正由单一元器件向互连一体化、驱动控制整体解决方案转型升级。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:互连一体化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "82429f578836",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md",
          "chunk_id": "chunk:ca0625385c0d",
          "chunk_index": 0,
          "quote_summary": "短期业绩受降价与验收周期拉长双重压制，但连接器降价反增印证交付量大幅提升，订单向收入转化具备滞后性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "04bba2ab5113",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:人工智能",
      "to_name": "人工智能",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 人工智能。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-2bc3aabe1db3.md",
          "chunk_id": "chunk:5a87aa9e3c23",
          "chunk_index": 0,
          "quote_summary": "新增订单已至，交付验收周期导致短期业绩承压，静待业绩修复"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:人工智能",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7c0263cf2593",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md",
          "chunk_id": "chunk:aa0e7b309574",
          "chunk_index": 0,
          "quote_summary": "防务需求阶段性放缓导致2024年业绩下滑，但伴随下游需求回暖及新质新域/商业航天/低空经济等布局，产品订单已大幅增长，未来收入与盈利有望迎来高弹性修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1afb6269e508",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:信创",
      "to_name": "信创",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 信创。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-2bc3aabe1db3.md",
          "chunk_id": "chunk:5a87aa9e3c23",
          "chunk_index": 0,
          "quote_summary": "新增订单已至，交付验收周期导致短期业绩承压，静待业绩修复"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:信创",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dfd2672b4d64",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:光模块",
      "to_name": "光模块",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 光模块。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-7c86d05be172.md",
          "chunk_id": "chunk:adde2a0cf404",
          "chunk_index": 4,
          "quote_summary": "公司围绕新域新质加速布局，航天、商业航天、低空经济等前沿领域订单实现同比增长，新基建及商业航天需求带动连接器业务放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:光模块",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "247b95201c19",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天军工-98dda398c1e0.md",
          "chunk_id": "chunk:aece6e34645f",
          "chunk_index": 3,
          "quote_summary": "防务业务需求持续好转筑牢经营基本盘，商业航天、低空经济、新能源、海洋装备、人工智能及数据中心等新质新域领域迎来增长高潮，公司战略新兴产业市场拓展初见成效，份额提升与配套能力增强将驱动业绩持续高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1b2ad2339275",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:军工复苏",
      "to_name": "军工复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 军工复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-cec566dd92f6.md",
          "chunk_id": "chunk:a86303fcb3e3",
          "chunk_index": 2,
          "quote_summary": "盈利下滑系规模扩张与价格策略的过渡代价，费用收敛及高端连接器新品爬坡有望驱动利润修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:军工复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5c8cd2eb6ae6",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md",
          "chunk_id": "chunk:aa0e7b309574",
          "chunk_index": 0,
          "quote_summary": "防务需求阶段性放缓导致2024年业绩下滑，但伴随下游需求回暖及新质新域/商业航天/低空经济等布局，产品订单已大幅增长，未来收入与盈利有望迎来高弹性修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "63cfd736d285",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:军工连接器",
      "to_name": "军工连接器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 军工连接器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-2bc3aabe1db3.md",
          "chunk_id": "chunk:5a87aa9e3c23",
          "chunk_index": 0,
          "quote_summary": "新增订单已至，交付验收周期导致短期业绩承压，静待业绩修复"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:军工连接器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "33e20f3d2b62",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-2025-年半年报点评-55ecac57b2f3.md",
          "chunk_id": "chunk:fa74c73f4c2f",
          "chunk_index": 2,
          "quote_summary": "国内特种连接器龙头，业务正由单一元器件向互连一体化、驱动控制整体解决方案转型升级。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ac5677ae58ec",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:减值计提",
      "to_name": "减值计提",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 减值计提。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-2025-年半年报点评-55ecac57b2f3.md",
          "chunk_id": "chunk:fa74c73f4c2f",
          "chunk_index": 2,
          "quote_summary": "国内特种连接器龙头，业务正由单一元器件向互连一体化、驱动控制整体解决方案转型升级。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:减值计提",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "db414353533b",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:卫星互联网",
      "to_name": "卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-cec566dd92f6.md",
          "chunk_id": "chunk:a86303fcb3e3",
          "chunk_index": 2,
          "quote_summary": "盈利下滑系规模扩张与价格策略的过渡代价，费用收敛及高端连接器新品爬坡有望驱动利润修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "263af5ff42b9",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:原材料涨价",
      "to_name": "原材料涨价",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 原材料涨价。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md",
          "chunk_id": "chunk:ca0625385c0d",
          "chunk_index": 0,
          "quote_summary": "短期业绩受降价与验收周期拉长双重压制，但连接器降价反增印证交付量大幅提升，订单向收入转化具备滞后性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:原材料涨价",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fb2ffcf32d8c",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md",
          "chunk_id": "chunk:ca0625385c0d",
          "chunk_index": 0,
          "quote_summary": "短期业绩受降价与验收周期拉长双重压制，但连接器降价反增印证交付量大幅提升，订单向收入转化具备滞后性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "767d35a5d422",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md",
          "chunk_id": "chunk:aa0e7b309574",
          "chunk_index": 0,
          "quote_summary": "防务需求阶段性放缓导致2024年业绩下滑，但伴随下游需求回暖及新质新域/商业航天/低空经济等布局，产品订单已大幅增长，未来收入与盈利有望迎来高弹性修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a0f5681e84fc",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:微特电机",
      "to_name": "微特电机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 微特电机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md",
          "chunk_id": "chunk:aa0e7b309574",
          "chunk_index": 0,
          "quote_summary": "防务需求阶段性放缓导致2024年业绩下滑，但伴随下游需求回暖及新质新域/商业航天/低空经济等布局，产品订单已大幅增长，未来收入与盈利有望迎来高弹性修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:微特电机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ebbc2dbce989",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:战新产业",
      "to_name": "战新产业",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 战新产业。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md",
          "chunk_id": "chunk:ca0625385c0d",
          "chunk_index": 0,
          "quote_summary": "短期业绩受降价与验收周期拉长双重压制，但连接器降价反增印证交付量大幅提升，订单向收入转化具备滞后性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:战新产业",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3d78b505e9e8",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:战略新兴产业",
      "to_name": "战略新兴产业",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 战略新兴产业。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天军工-98dda398c1e0.md",
          "chunk_id": "chunk:aece6e34645f",
          "chunk_index": 3,
          "quote_summary": "防务业务需求持续好转筑牢经营基本盘，商业航天、低空经济、新能源、海洋装备、人工智能及数据中心等新质新域领域迎来增长高潮，公司战略新兴产业市场拓展初见成效，份额提升与配套能力增强将驱动业绩持续高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:战略新兴产业",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3705eec92ec6",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:数据中心",
      "to_name": "数据中心",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 数据中心。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md",
          "chunk_id": "chunk:aa0e7b309574",
          "chunk_index": 0,
          "quote_summary": "防务需求阶段性放缓导致2024年业绩下滑，但伴随下游需求回暖及新质新域/商业航天/低空经济等布局，产品订单已大幅增长，未来收入与盈利有望迎来高弹性修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:数据中心",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6bb0fa9acbae",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:新能源",
      "to_name": "新能源",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 新能源。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-7c86d05be172.md",
          "chunk_id": "chunk:adde2a0cf404",
          "chunk_index": 4,
          "quote_summary": "公司围绕新域新质加速布局，航天、商业航天、低空经济等前沿领域订单实现同比增长，新基建及商业航天需求带动连接器业务放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:新能源",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8eb0c1bd5ea8",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:昇腾生态",
      "to_name": "昇腾生态",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 昇腾生态。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-03-月-21-日-7dfdb22edd28.md",
          "chunk_id": "chunk:03df7f6de700",
          "chunk_index": 0,
          "quote_summary": "AI算力需求从训练转向推理，Token消耗呈指数级增长，国产算力产业链迎来替代与放量机遇。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:昇腾生态",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "37ec12a3d008",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:毛利率承压",
      "to_name": "毛利率承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 毛利率承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-2025-年半年报点评-55ecac57b2f3.md",
          "chunk_id": "chunk:fa74c73f4c2f",
          "chunk_index": 2,
          "quote_summary": "国内特种连接器龙头，业务正由单一元器件向互连一体化、驱动控制整体解决方案转型升级。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:毛利率承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d89dcfa26b0c",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:液冷散热",
      "to_name": "液冷散热",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 液冷散热。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-03-月-21-日-7dfdb22edd28.md",
          "chunk_id": "chunk:03df7f6de700",
          "chunk_index": 0,
          "quote_summary": "AI算力需求从训练转向推理，Token消耗呈指数级增长，国产算力产业链迎来替代与放量机遇。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:液冷散热",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d8d7e115b6ea",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:特种连接器",
      "to_name": "特种连接器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 特种连接器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-2025-年半年报点评-55ecac57b2f3.md",
          "chunk_id": "chunk:fa74c73f4c2f",
          "chunk_index": 2,
          "quote_summary": "国内特种连接器龙头，业务正由单一元器件向互连一体化、驱动控制整体解决方案转型升级。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:特种连接器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e933446ad215",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-7c86d05be172.md",
          "chunk_id": "chunk:adde2a0cf404",
          "chunk_index": 4,
          "quote_summary": "公司围绕新域新质加速布局，航天、商业航天、低空经济等前沿领域订单实现同比增长，新基建及商业航天需求带动连接器业务放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8fda4f3f6746",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:订单饱满",
      "to_name": "订单饱满",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 订单饱满。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md",
          "chunk_id": "chunk:ca0625385c0d",
          "chunk_index": 0,
          "quote_summary": "短期业绩受降价与验收周期拉长双重压制，但连接器降价反增印证交付量大幅提升，订单向收入转化具备滞后性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:订单饱满",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d6a7ebdcfa75",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md",
          "chunk_id": "chunk:aa0e7b309574",
          "chunk_index": 0,
          "quote_summary": "防务需求阶段性放缓导致2024年业绩下滑，但伴随下游需求回暖及新质新域/商业航天/低空经济等布局，产品订单已大幅增长，未来收入与盈利有望迎来高弹性修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c51935683e76",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:连接器",
      "to_name": "连接器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 连接器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-sz-1ca8c2a8c4f4.md",
          "chunk_id": "chunk:ca0625385c0d",
          "chunk_index": 0,
          "quote_summary": "短期业绩受降价与验收周期拉长双重压制，但连接器降价反增印证交付量大幅提升，订单向收入转化具备滞后性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:连接器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "255f5e54c0cb",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:防务装备",
      "to_name": "防务装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 防务装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-7c86d05be172.md",
          "chunk_id": "chunk:adde2a0cf404",
          "chunk_index": 4,
          "quote_summary": "公司围绕新域新质加速布局，航天、商业航天、低空经济等前沿领域订单实现同比增长，新基建及商业航天需求带动连接器业务放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:防务装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "827d09d025a6",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电器-002025-cec566dd92f6.md",
          "chunk_id": "chunk:a86303fcb3e3",
          "chunk_index": 2,
          "quote_summary": "盈利下滑系规模扩张与价格策略的过渡代价，费用收敛及高端连接器新品爬坡有望驱动利润修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "96764cd9be9d",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:高端连接器",
      "to_name": "高端连接器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 高端连接器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-196916ea555a.md",
          "chunk_id": "chunk:aa0e7b309574",
          "chunk_index": 0,
          "quote_summary": "防务需求阶段性放缓导致2024年业绩下滑，但伴随下游需求回暖及新质新域/商业航天/低空经济等布局，产品订单已大幅增长，未来收入与盈利有望迎来高弹性修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:高端连接器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3d78156fbc01",
      "from": "company:002025",
      "from_name": "航天电器",
      "to": "topic:高速连接器",
      "to_name": "高速连接器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电器 研报中反复涉及 高速连接器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-03-月-21-日-7dfdb22edd28.md",
          "chunk_id": "chunk:03df7f6de700",
          "chunk_index": 0,
          "quote_summary": "AI算力需求从训练转向推理，Token消耗呈指数级增长，国产算力产业链迎来替代与放量机遇。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002025",
      "target": "topic:高速连接器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "02fc974317b8",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 三季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-半导体-439c5d226baf.md",
          "chunk_id": "chunk:b98f33f2797a",
          "chunk_index": 4,
          "quote_summary": "特种集成电路等核心业务需求稳健叠加成本控制能力提升，盈利弹性显著增强；在建工程与固定资产同步增长预示产能有序扩张，为中长期业绩增长蓄力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:三季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "207daf32bb66",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:业绩复苏",
      "to_name": "业绩复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 业绩复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-a6180ff324d1.md",
          "chunk_id": "chunk:cbadea688dbb",
          "chunk_index": 4,
          "quote_summary": "特种集成电路短期需求疲软导致H1业绩承压，但Q2营收环比大幅反弹，行业周期触底回升，公司凭借新品迭代与研发蓄力，中长期增长逻辑未变。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:业绩复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6d662e4367ab",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:业绩承压",
      "to_name": "业绩承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 业绩承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-2024-年三季报点评-f575d224a412.md",
          "chunk_id": "chunk:5fb3ae0e3839",
          "chunk_index": 2,
          "quote_summary": "公司作为国内领先特种集成电路平台型企业，将持续受益于特种IC行业成长与国产替代需求增长，短期业绩波动不改长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:业绩承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a9c39917901f",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md",
          "chunk_id": "chunk:985782e524f8",
          "chunk_index": 0,
          "quote_summary": "下游特种集成电路需求复苏不及预期叠加降价去库存压力，导致短期业绩显著承压，但Q2环比已现改善迹象。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8b9ced77ce11",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-半导体-439c5d226baf.md",
          "chunk_id": "chunk:b98f33f2797a",
          "chunk_index": 4,
          "quote_summary": "特种集成电路等核心业务需求稳健叠加成本控制能力提升，盈利弹性显著增强；在建工程与固定资产同步增长预示产能有序扩张，为中长期业绩增长蓄力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6f886e33f5db",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md",
          "chunk_id": "chunk:985782e524f8",
          "chunk_index": 0,
          "quote_summary": "下游特种集成电路需求复苏不及预期叠加降价去库存压力，导致短期业绩显著承压，但Q2环比已现改善迹象。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ea1c04748183",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:估值下修",
      "to_name": "估值下修",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 估值下修。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-2024-年三季报点评-f575d224a412.md",
          "chunk_id": "chunk:5fb3ae0e3839",
          "chunk_index": 2,
          "quote_summary": "公司作为国内领先特种集成电路平台型企业，将持续受益于特种IC行业成长与国产替代需求增长，短期业绩波动不改长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:估值下修",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "05490e5eb505",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md",
          "chunk_id": "chunk:985782e524f8",
          "chunk_index": 0,
          "quote_summary": "下游特种集成电路需求复苏不及预期叠加降价去库存压力，导致短期业绩显著承压，但Q2环比已现改善迹象。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eb4554a18901",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:半导体",
      "to_name": "半导体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 半导体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-信息技术-半导体与半导体生产设备-ba52fd924b7a.md",
          "chunk_id": "chunk:67fc89050c57",
          "chunk_index": 0,
          "quote_summary": "特种集成电路业务短期受下游需求不足影响，但公司持续强化研发并拓展新产品谱系（如特种Nand Flash、RF-SOC、超微型石英晶体谐振器等），核心竞争力与长期盈利能力有望持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:半导体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "470158807d09",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:半导体研发",
      "to_name": "半导体研发",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 半导体研发。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md",
          "chunk_id": "chunk:985782e524f8",
          "chunk_index": 0,
          "quote_summary": "下游特种集成电路需求复苏不及预期叠加降价去库存压力，导致短期业绩显著承压，但Q2环比已现改善迹象。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:半导体研发",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a010b304c4dc",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md",
          "chunk_id": "chunk:985782e524f8",
          "chunk_index": 0,
          "quote_summary": "下游特种集成电路需求复苏不及预期叠加降价去库存压力，导致短期业绩显著承压，但Q2环比已现改善迹象。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a566bbbc2ebe",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 国产替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-事件点评-2b11f3d139e1.md",
          "chunk_id": "chunk:316584121582",
          "chunk_index": 0,
          "quote_summary": "发布2025年股权激励计划，设定2025-2028年扣非归母净利润复合增速约25.74%的高考核目标，彰显管理层对未来三年业绩增长的强烈信心。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c4ab2dcac413",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-事件点评-2b11f3d139e1.md",
          "chunk_id": "chunk:316584121582",
          "chunk_index": 0,
          "quote_summary": "发布2025年股权激励计划，设定2025-2028年扣非归母净利润复合增速约25.74%的高考核目标，彰显管理层对未来三年业绩增长的强烈信心。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "32d85668078b",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:新产品研发",
      "to_name": "新产品研发",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 新产品研发。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-2024-年三季报点评-f575d224a412.md",
          "chunk_id": "chunk:5fb3ae0e3839",
          "chunk_index": 2,
          "quote_summary": "公司作为国内领先特种集成电路平台型企业，将持续受益于特种IC行业成长与国产替代需求增长，短期业绩波动不改长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:新产品研发",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7c6a2e31b9c1",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:智能安全芯片",
      "to_name": "智能安全芯片",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 智能安全芯片。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md",
          "chunk_id": "chunk:985782e524f8",
          "chunk_index": 0,
          "quote_summary": "下游特种集成电路需求复苏不及预期叠加降价去库存压力，导致短期业绩显著承压，但Q2环比已现改善迹象。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:智能安全芯片",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e2c0e07ea014",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-b06181fa6602.md",
          "chunk_id": "chunk:75e5a39216af",
          "chunk_index": 4,
          "quote_summary": "特种集成电路业务保持强劲增长，宇航用FPGA、存储器等高端产品实现批量交付，技术壁垒巩固市场地位，成为公司核心增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1ce7b910f7aa",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:汽车电子",
      "to_name": "汽车电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 汽车电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-d4e8d495dae0.md",
          "chunk_id": "chunk:279def0be428",
          "chunk_index": 0,
          "quote_summary": "公司聚焦特种IC主业，通过持续推出新品及拓展汽车电子等新应用领域，有望进一步打开盈利空间，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:汽车电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "af3ab7df63c3",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:特种集成电路",
      "to_name": "特种集成电路",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 特种集成电路。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md",
          "chunk_id": "chunk:985782e524f8",
          "chunk_index": 0,
          "quote_summary": "下游特种集成电路需求复苏不及预期叠加降价去库存压力，导致短期业绩显著承压，但Q2环比已现改善迹象。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:特种集成电路",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "da250577c098",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:盈利改善",
      "to_name": "盈利改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 盈利改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-半导体-439c5d226baf.md",
          "chunk_id": "chunk:b98f33f2797a",
          "chunk_index": 4,
          "quote_summary": "特种集成电路等核心业务需求稳健叠加成本控制能力提升，盈利弹性显著增强；在建工程与固定资产同步增长预示产能有序扩张，为中长期业绩增长蓄力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:盈利改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9e8960cfbce1",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-b06181fa6602.md",
          "chunk_id": "chunk:75e5a39216af",
          "chunk_index": 4,
          "quote_summary": "特种集成电路业务保持强劲增长，宇航用FPGA、存储器等高端产品实现批量交付，技术壁垒巩固市场地位，成为公司核心增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "109e89110e13",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:石英晶体",
      "to_name": "石英晶体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 石英晶体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-2051a3ce8098.md",
          "chunk_id": "chunk:833093e7c74c",
          "chunk_index": 2,
          "quote_summary": "公司为特种芯片设计领域领先企业，拥有20余年研发经验与全行业资质，构建高技术壁垒，预计将持续受益于特种芯片行业发展与国产化替代进程。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:石英晶体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b4a1a713e13e",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:石英晶体谐振器",
      "to_name": "石英晶体谐振器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 石英晶体谐振器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-信息技术-半导体与半导体生产设备-ba52fd924b7a.md",
          "chunk_id": "chunk:67fc89050c57",
          "chunk_index": 0,
          "quote_summary": "特种集成电路业务短期受下游需求不足影响，但公司持续强化研发并拓展新产品谱系（如特种Nand Flash、RF-SOC、超微型石英晶体谐振器等），核心竞争力与长期盈利能力有望持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:石英晶体谐振器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aaa0e7f33fbe",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-信息技术-半导体与半导体生产设备-ba52fd924b7a.md",
          "chunk_id": "chunk:67fc89050c57",
          "chunk_index": 0,
          "quote_summary": "特种集成电路业务短期受下游需求不足影响，但公司持续强化研发并拓展新产品谱系（如特种Nand Flash、RF-SOC、超微型石英晶体谐振器等），核心竞争力与长期盈利能力有望持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "64cea2e55fdc",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:股权激励",
      "to_name": "股权激励",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 股权激励。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-事件点评-2b11f3d139e1.md",
          "chunk_id": "chunk:316584121582",
          "chunk_index": 0,
          "quote_summary": "发布2025年股权激励计划，设定2025-2028年扣非归母净利润复合增速约25.74%的高考核目标，彰显管理层对未来三年业绩增长的强烈信心。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:股权激励",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3aaafb35451c",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:芯片设计",
      "to_name": "芯片设计",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 芯片设计。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-2051a3ce8098.md",
          "chunk_id": "chunk:833093e7c74c",
          "chunk_index": 2,
          "quote_summary": "公司为特种芯片设计领域领先企业，拥有20余年研发经验与全行业资质，构建高技术壁垒，预计将持续受益于特种芯片行业发展与国产化替代进程。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:芯片设计",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e742560f95d8",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-6471c67d60fd.md",
          "chunk_id": "chunk:985782e524f8",
          "chunk_index": 0,
          "quote_summary": "下游特种集成电路需求复苏不及预期叠加降价去库存压力，导致短期业绩显著承压，但Q2环比已现改善迹象。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a164ea0a69bf",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:财务指标",
      "to_name": "财务指标",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 财务指标。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-sz-事件点评-2b11f3d139e1.md",
          "chunk_id": "chunk:316584121582",
          "chunk_index": 0,
          "quote_summary": "发布2025年股权激励计划，设定2025-2028年扣非归母净利润复合增速约25.74%的高考核目标，彰显管理层对未来三年业绩增长的强烈信心。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:财务指标",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "063df257fa8c",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:财务预测",
      "to_name": "财务预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 财务预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-d4e8d495dae0.md",
          "chunk_id": "chunk:279def0be428",
          "chunk_index": 0,
          "quote_summary": "公司聚焦特种IC主业，通过持续推出新品及拓展汽车电子等新应用领域，有望进一步打开盈利空间，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:财务预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f30d39b70942",
      "from": "company:002049",
      "from_name": "紫光国微",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-紫光国微-002049-2051a3ce8098.md",
          "chunk_id": "chunk:833093e7c74c",
          "chunk_index": 2,
          "quote_summary": "公司为特种芯片设计领域领先企业，拥有20余年研发经验与全行业资质，构建高技术壁垒，预计将持续受益于特种芯片行业发展与国产化替代进程。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002049",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bd5b531ebd72",
      "from": "company:002149",
      "from_name": "西部材料",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部材料 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md",
          "chunk_id": "chunk:98ac7a333461",
          "chunk_index": 5,
          "quote_summary": "围绕航空航天等军品及核电、海洋工程、新能源等高端民用领域优化产品结构，培育利润增长点，提升高附加值产品市占率。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002149",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c06deabbdeeb",
      "from": "company:002149",
      "from_name": "西部材料",
      "to": "topic:新能源",
      "to_name": "新能源",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部材料 研报中反复涉及 新能源。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md",
          "chunk_id": "chunk:98ac7a333461",
          "chunk_index": 5,
          "quote_summary": "围绕航空航天等军品及核电、海洋工程、新能源等高端民用领域优化产品结构，培育利润增长点，提升高附加值产品市占率。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002149",
      "target": "topic:新能源",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1fbf727221eb",
      "from": "company:002149",
      "from_name": "西部材料",
      "to": "topic:核电",
      "to_name": "核电",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部材料 研报中反复涉及 核电。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md",
          "chunk_id": "chunk:98ac7a333461",
          "chunk_index": 5,
          "quote_summary": "围绕航空航天等军品及核电、海洋工程、新能源等高端民用领域优化产品结构，培育利润增长点，提升高附加值产品市占率。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002149",
      "target": "topic:核电",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a0dacf0a1c9f",
      "from": "company:002149",
      "from_name": "西部材料",
      "to": "topic:海洋工程",
      "to_name": "海洋工程",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部材料 研报中反复涉及 海洋工程。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md",
          "chunk_id": "chunk:98ac7a333461",
          "chunk_index": 5,
          "quote_summary": "围绕航空航天等军品及核电、海洋工程、新能源等高端民用领域优化产品结构，培育利润增长点，提升高附加值产品市占率。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002149",
      "target": "topic:海洋工程",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "152ecea4779a",
      "from": "company:002149",
      "from_name": "西部材料",
      "to": "topic:稀有金属",
      "to_name": "稀有金属",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部材料 研报中反复涉及 稀有金属。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md",
          "chunk_id": "chunk:98ac7a333461",
          "chunk_index": 5,
          "quote_summary": "围绕航空航天等军品及核电、海洋工程、新能源等高端民用领域优化产品结构，培育利润增长点，提升高附加值产品市占率。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002149",
      "target": "topic:稀有金属",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e498ea14112e",
      "from": "company:002149",
      "from_name": "西部材料",
      "to": "topic:航空航天",
      "to_name": "航空航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部材料 研报中反复涉及 航空航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md",
          "chunk_id": "chunk:98ac7a333461",
          "chunk_index": 5,
          "quote_summary": "围绕航空航天等军品及核电、海洋工程、新能源等高端民用领域优化产品结构，培育利润增长点，提升高附加值产品市占率。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002149",
      "target": "topic:航空航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b0ac8accb13d",
      "from": "company:002149",
      "from_name": "西部材料",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部材料 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md",
          "chunk_id": "chunk:98ac7a333461",
          "chunk_index": 5,
          "quote_summary": "围绕航空航天等军品及核电、海洋工程、新能源等高端民用领域优化产品结构，培育利润增长点，提升高附加值产品市占率。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002149",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "916675a331ee",
      "from": "company:002149",
      "from_name": "西部材料",
      "to": "topic:钛材",
      "to_name": "钛材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部材料 研报中反复涉及 钛材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-92b0f9680791.md",
          "chunk_id": "chunk:98ac7a333461",
          "chunk_index": 5,
          "quote_summary": "围绕航空航天等军品及核电、海洋工程、新能源等高端民用领域优化产品结构，培育利润增长点，提升高附加值产品市占率。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002149",
      "target": "topic:钛材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "57f7da252f86",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:roe",
      "to_name": "ROE",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 ROE。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2024-年年报点评-82761672eef4.md",
          "chunk_id": "chunk:60e1f9cf3bc3",
          "chunk_index": 1,
          "quote_summary": "防务连接器龙头地位稳固，基本盘提供业绩韧性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:roe",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "42609637bcf5",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 三季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2024-年三季报点评-2f3f0aa07a82.md",
          "chunk_id": "chunk:f462d0a716d0",
          "chunk_index": 1,
          "quote_summary": "公司作为国内特种连接器龙头，坚定向全球一流互连方案供应商迈进，通过加大战略新兴产业拓展与创新驱动打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:三季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "88168685d5a6",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:三季报点评",
      "to_name": "三季报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 三季报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-448d59faa827.md",
          "chunk_id": "chunk:f8416f4ae3e3",
          "chunk_index": 0,
          "quote_summary": "短期利润让位于高端产能与研发卡位，为下一轮需求释放蓄势"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:三季报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "962aeb07eb49",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:业绩复苏",
      "to_name": "业绩复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 业绩复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2024-年三季报点评-2f3f0aa07a82.md",
          "chunk_id": "chunk:f462d0a716d0",
          "chunk_index": 1,
          "quote_summary": "公司作为国内特种连接器龙头，坚定向全球一流互连方案供应商迈进，通过加大战略新兴产业拓展与创新驱动打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:业绩复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dc02a6fdfa51",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:业绩承压",
      "to_name": "业绩承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 业绩承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2025-年三季报点评-9e872cb8c3c7.md",
          "chunk_id": "chunk:d4c958536148",
          "chunk_index": 1,
          "quote_summary": "防务基本盘稳固并拓展无人、深水、星箭等新兴领域，订单呈恢复态势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:业绩承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3dedaec67a3a",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:业绩稳增长",
      "to_name": "业绩稳增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 业绩稳增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2024-年年报点评-82761672eef4.md",
          "chunk_id": "chunk:60e1f9cf3bc3",
          "chunk_index": 1,
          "quote_summary": "防务连接器龙头地位稳固，基本盘提供业绩韧性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:业绩稳增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4ec201710ee8",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:产业基金合作",
      "to_name": "产业基金合作",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 产业基金合作。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2024-年三季报点评-2f3f0aa07a82.md",
          "chunk_id": "chunk:f462d0a716d0",
          "chunk_index": 1,
          "quote_summary": "公司作为国内特种连接器龙头，坚定向全球一流互连方案供应商迈进，通过加大战略新兴产业拓展与创新驱动打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:产业基金合作",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c251a8271e67",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-5fad9f344c7d.md",
          "chunk_id": "chunk:5190d560efb7",
          "chunk_index": 4,
          "quote_summary": "公司深耕防务、航空航天、通信网络及新能源汽车等高端制造领域，技术领先且产能持续扩张，通过成本优化与股权激励提升运营效率，长期竞争力稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4393a72e7409",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:人工智能",
      "to_name": "人工智能",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 人工智能。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:3bc5782715f8",
          "chunk_index": 0,
          "quote_summary": "公司深耕航空防务与高端制造互连解决方案，多赛道布局打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:人工智能",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1f53f4bfb152",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2024-年三季报点评-2f3f0aa07a82.md",
          "chunk_id": "chunk:f462d0a716d0",
          "chunk_index": 1,
          "quote_summary": "公司作为国内特种连接器龙头，坚定向全球一流互连方案供应商迈进，通过加大战略新兴产业拓展与创新驱动打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e78d23e0f383",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2024-年年报点评-82761672eef4.md",
          "chunk_id": "chunk:60e1f9cf3bc3",
          "chunk_index": 1,
          "quote_summary": "防务连接器龙头地位稳固，基本盘提供业绩韧性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cf07e4a44361",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:3bc5782715f8",
          "chunk_index": 0,
          "quote_summary": "公司深耕航空防务与高端制造互连解决方案，多赛道布局打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dbdd42f3c216",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-7b5cadfb6be8.md",
          "chunk_id": "chunk:92cc1356d563",
          "chunk_index": 2,
          "quote_summary": "以持续研发投入驱动原创技术突破，围绕商业航天、深海装备及智能网联等战略新兴领域打造第二增长曲线，叠加股份回购稳定市值，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "07e94fdeb181",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:卫星通讯",
      "to_name": "卫星通讯",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 卫星通讯。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2025-年三季报点评-9e872cb8c3c7.md",
          "chunk_id": "chunk:d4c958536148",
          "chunk_index": 1,
          "quote_summary": "防务基本盘稳固并拓展无人、深水、星箭等新兴领域，订单呈恢复态势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:卫星通讯",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5eb6e44632ff",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-448d59faa827.md",
          "chunk_id": "chunk:f8416f4ae3e3",
          "chunk_index": 0,
          "quote_summary": "短期利润让位于高端产能与研发卡位，为下一轮需求释放蓄势"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6c374e2b98ce",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:3bc5782715f8",
          "chunk_index": 0,
          "quote_summary": "公司深耕航空防务与高端制造互连解决方案，多赛道布局打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "afa66fb6457d",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-7b5cadfb6be8.md",
          "chunk_id": "chunk:92cc1356d563",
          "chunk_index": 2,
          "quote_summary": "以持续研发投入驱动原创技术突破，围绕商业航天、深海装备及智能网联等战略新兴领域打造第二增长曲线，叠加股份回购稳定市值，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "60ffc7f092b4",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:数据中心",
      "to_name": "数据中心",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 数据中心。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:3bc5782715f8",
          "chunk_index": 0,
          "quote_summary": "公司深耕航空防务与高端制造互连解决方案，多赛道布局打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:数据中心",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eb4d7172b69d",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:新能源汽车",
      "to_name": "新能源汽车",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 新能源汽车。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-5fad9f344c7d.md",
          "chunk_id": "chunk:5190d560efb7",
          "chunk_index": 4,
          "quote_summary": "公司深耕防务、航空航天、通信网络及新能源汽车等高端制造领域，技术领先且产能持续扩张，通过成本优化与股权激励提升运营效率，长期竞争力稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:新能源汽车",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4a87a3381057",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:智能网联",
      "to_name": "智能网联",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 智能网联。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-7b5cadfb6be8.md",
          "chunk_id": "chunk:92cc1356d563",
          "chunk_index": 2,
          "quote_summary": "以持续研发投入驱动原创技术突破，围绕商业航天、深海装备及智能网联等战略新兴领域打造第二增长曲线，叠加股份回购稳定市值，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:智能网联",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c5e685984447",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:毛利率承压",
      "to_name": "毛利率承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 毛利率承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-448d59faa827.md",
          "chunk_id": "chunk:f8416f4ae3e3",
          "chunk_index": 0,
          "quote_summary": "短期利润让位于高端产能与研发卡位，为下一轮需求释放蓄势"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:毛利率承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "88bca9b51982",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:毛利率波动",
      "to_name": "毛利率波动",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 毛利率波动。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-ccc8d2641408.md",
          "chunk_id": "chunk:6505b6d951c4",
          "chunk_index": 6,
          "quote_summary": "防务订单恢复叠加新能源汽车与数据中心业务高速扩张，构成营收端21.60%强劲增长的核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:毛利率波动",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a2286935ebf4",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:民机装备",
      "to_name": "民机装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 民机装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2024-年年报点评-82761672eef4.md",
          "chunk_id": "chunk:60e1f9cf3bc3",
          "chunk_index": 1,
          "quote_summary": "防务连接器龙头地位稳固，基本盘提供业绩韧性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:民机装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6626bff2c2f6",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:液冷散热",
      "to_name": "液冷散热",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 液冷散热。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:3bc5782715f8",
          "chunk_index": 0,
          "quote_summary": "公司深耕航空防务与高端制造互连解决方案，多赛道布局打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:液冷散热",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c0feeb017cae",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:液冷解决方案",
      "to_name": "液冷解决方案",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 液冷解决方案。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2024-年年报点评-82761672eef4.md",
          "chunk_id": "chunk:60e1f9cf3bc3",
          "chunk_index": 1,
          "quote_summary": "防务连接器龙头地位稳固，基本盘提供业绩韧性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:液冷解决方案",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6b02b1a1ee4f",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:特种连接器",
      "to_name": "特种连接器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 特种连接器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2025-年半年报点评-f345ecbe2202.md",
          "chunk_id": "chunk:67473a1481c8",
          "chunk_index": 0,
          "quote_summary": "防务领域在手订单呈明显恢复态势，公司在无人、深水、星箭等新兴领域实现多项产品突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:特种连接器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "22056f4e1622",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:现金流管理",
      "to_name": "现金流管理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 现金流管理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-ccc8d2641408.md",
          "chunk_id": "chunk:6505b6d951c4",
          "chunk_index": 6,
          "quote_summary": "防务订单恢复叠加新能源汽车与数据中心业务高速扩张，构成营收端21.60%强劲增长的核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:现金流管理",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2b99e5355f19",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-448d59faa827.md",
          "chunk_id": "chunk:f8416f4ae3e3",
          "chunk_index": 0,
          "quote_summary": "短期利润让位于高端产能与研发卡位，为下一轮需求释放蓄势"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e493434b0762",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:第二成长曲线",
      "to_name": "第二成长曲线",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 第二成长曲线。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2025-年三季报点评-9e872cb8c3c7.md",
          "chunk_id": "chunk:d4c958536148",
          "chunk_index": 1,
          "quote_summary": "防务基本盘稳固并拓展无人、深水、星箭等新兴领域，订单呈恢复态势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:第二成长曲线",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "74cec4381202",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:算力基建",
      "to_name": "算力基建",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 算力基建。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:3bc5782715f8",
          "chunk_index": 0,
          "quote_summary": "公司深耕航空防务与高端制造互连解决方案，多赛道布局打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:算力基建",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b588ee96f9df",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:股份回购",
      "to_name": "股份回购",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 股份回购。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-7b5cadfb6be8.md",
          "chunk_id": "chunk:92cc1356d563",
          "chunk_index": 2,
          "quote_summary": "以持续研发投入驱动原创技术突破，围绕商业航天、深海装备及智能网联等战略新兴领域打造第二增长曲线，叠加股份回购稳定市值，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:股份回购",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "de3ab3ef53ac",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:股权激励",
      "to_name": "股权激励",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 股权激励。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-5fad9f344c7d.md",
          "chunk_id": "chunk:5190d560efb7",
          "chunk_index": 4,
          "quote_summary": "公司深耕防务、航空航天、通信网络及新能源汽车等高端制造领域，技术领先且产能持续扩张，通过成本优化与股权激励提升运营效率，长期竞争力稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:股权激励",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2dbf1cfe7010",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:航空航天",
      "to_name": "航空航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 航空航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-5fad9f344c7d.md",
          "chunk_id": "chunk:5190d560efb7",
          "chunk_index": 4,
          "quote_summary": "公司深耕防务、航空航天、通信网络及新能源汽车等高端制造领域，技术领先且产能持续扩张，通过成本优化与股权激励提升运营效率，长期竞争力稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:航空航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "10d9f372f0c2",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:航空防务",
      "to_name": "航空防务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 航空防务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:3bc5782715f8",
          "chunk_index": 0,
          "quote_summary": "公司深耕航空防务与高端制造互连解决方案，多赛道布局打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:航空防务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ceb483b302b6",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-448d59faa827.md",
          "chunk_id": "chunk:f8416f4ae3e3",
          "chunk_index": 0,
          "quote_summary": "短期利润让位于高端产能与研发卡位，为下一轮需求释放蓄势"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c492937b2b39",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:连接器",
      "to_name": "连接器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 连接器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-448d59faa827.md",
          "chunk_id": "chunk:f8416f4ae3e3",
          "chunk_index": 0,
          "quote_summary": "短期利润让位于高端产能与研发卡位，为下一轮需求释放蓄势"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:连接器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "053214fe9e22",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:通信网络",
      "to_name": "通信网络",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 通信网络。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:5190d560efb7",
          "chunk_index": 4,
          "quote_summary": "公司深耕防务、航空航天、通信网络及新能源汽车等高端制造领域，技术领先且产能持续扩张，通过成本优化与股权激励提升运营效率，长期竞争力稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:通信网络",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "22917cb0759d",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-7b5cadfb6be8.md",
          "chunk_id": "chunk:92cc1356d563",
          "chunk_index": 2,
          "quote_summary": "以持续研发投入驱动原创技术突破，围绕商业航天、深海装备及智能网联等战略新兴领域打造第二增长曲线，叠加股份回购稳定市值，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7f478d788e7c",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:防务",
      "to_name": "防务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 防务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-5fad9f344c7d.md",
          "chunk_id": "chunk:5190d560efb7",
          "chunk_index": 4,
          "quote_summary": "公司深耕防务、航空航天、通信网络及新能源汽车等高端制造领域，技术领先且产能持续扩张，通过成本优化与股权激励提升运营效率，长期竞争力稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:防务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "439e282dd536",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:防务军工",
      "to_name": "防务军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 防务军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-ccc8d2641408.md",
          "chunk_id": "chunk:6505b6d951c4",
          "chunk_index": 6,
          "quote_summary": "防务订单恢复叠加新能源汽车与数据中心业务高速扩张，构成营收端21.60%强劲增长的核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:防务军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "19e8ae5ded50",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:防务装备",
      "to_name": "防务装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 防务装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2025-年半年报点评-f345ecbe2202.md",
          "chunk_id": "chunk:67473a1481c8",
          "chunk_index": 0,
          "quote_summary": "防务领域在手订单呈明显恢复态势，公司在无人、深水、星箭等新兴领域实现多项产品突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:防务装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bccd4e78d359",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:防务连接器",
      "to_name": "防务连接器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 防务连接器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-sz-2024-年年报点评-82761672eef4.md",
          "chunk_id": "chunk:60e1f9cf3bc3",
          "chunk_index": 1,
          "quote_summary": "防务连接器龙头地位稳固，基本盘提供业绩韧性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:防务连接器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fc5c97599b33",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航光电-002179-448d59faa827.md",
          "chunk_id": "chunk:f8416f4ae3e3",
          "chunk_index": 0,
          "quote_summary": "短期利润让位于高端产能与研发卡位，为下一轮需求释放蓄势"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "076aad858557",
      "from": "company:002179",
      "from_name": "中航光电",
      "to": "topic:高速连接器",
      "to_name": "高速连接器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 高速连接器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-深度研究-e3420e3e6c50.md",
          "chunk_id": "chunk:3bc5782715f8",
          "chunk_index": 0,
          "quote_summary": "公司深耕航空防务与高端制造互连解决方案，多赛道布局打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002179",
      "target": "topic:高速连接器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a85c3234daff",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:一季报",
      "to_name": "一季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 一季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天彩虹-002389-sz-2024-年一季报点评-3e9a7c4bd35e.md",
          "chunk_id": "chunk:f521749d72f6",
          "chunk_index": 1,
          "quote_summary": "无人机产业是低空经济重要载体，公司作为特种与工业无人机龙头，有望深度受益于低空产业发展及政策催化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:一季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0d9b97fa8339",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:业绩复苏",
      "to_name": "业绩复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 业绩复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md",
          "chunk_id": "chunk:43861c8303e2",
          "chunk_index": 4,
          "quote_summary": "军贸市场持续突破，出口业务成为核心增长引擎，差异化采购与战略备份需求推动军贸稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:业绩复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4ce6d0b0d6ec",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:业绩承压",
      "to_name": "业绩承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 业绩承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天彩虹-002389-sz-2024-年一季报点评-3e9a7c4bd35e.md",
          "chunk_id": "chunk:f521749d72f6",
          "chunk_index": 1,
          "quote_summary": "无人机产业是低空经济重要载体，公司作为特种与工业无人机龙头，有望深度受益于低空产业发展及政策催化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:业绩承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0f8149508b67",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-03-30-840a2acf7eaa.md",
          "chunk_id": "chunk:e833d0e9e4bb",
          "chunk_index": 2,
          "quote_summary": "军贸市场持续突破与国内装备竞标立项取得重大进展，叠加高研发投入驱动产品迭代与降本，公司业绩有望于2025年迎来拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b8d54873d91c",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:业绩点评",
      "to_name": "业绩点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 业绩点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天彩虹-002389-sz-2024-年中报点评-2c8e2b25583b.md",
          "chunk_id": "chunk:ae79c9c2c765",
          "chunk_index": 2,
          "quote_summary": "公司是我国稀缺无人机系统研制龙头，受益于无人机市场需求增长及低空经济政策催化，未来有望保持较好发展态势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:业绩点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "24f962d2d5c2",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天彩虹-002389-sz-2024-年一季报点评-3e9a7c4bd35e.md",
          "chunk_id": "chunk:f521749d72f6",
          "chunk_index": 1,
          "quote_summary": "无人机产业是低空经济重要载体，公司作为特种与工业无人机龙头，有望深度受益于低空产业发展及政策催化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "95a88b70d412",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天彩虹-002389-sz-2024-年中报点评-2c8e2b25583b.md",
          "chunk_id": "chunk:ae79c9c2c765",
          "chunk_index": 2,
          "quote_summary": "公司是我国稀缺无人机系统研制龙头，受益于无人机市场需求增长及低空经济政策催化，未来有望保持较好发展态势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6ac5031cfb2b",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:军工装备",
      "to_name": "军工装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 军工装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-31-日-93cb794cdc54.md",
          "chunk_id": "chunk:27057f9c1262",
          "chunk_index": 0,
          "quote_summary": "无人机业务稳中有升，国外业务景气度持续提升，国内需求整体稳定，公司主力产品已批量装备并实现国内重要装备领域全覆盖。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:军工装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3d52282ed25f",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:军贸出口",
      "to_name": "军贸出口",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 军贸出口。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md",
          "chunk_id": "chunk:43861c8303e2",
          "chunk_index": 4,
          "quote_summary": "军贸市场持续突破，出口业务成为核心增长引擎，差异化采购与战略备份需求推动军贸稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:军贸出口",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3a8ace3d8c0c",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md",
          "chunk_id": "chunk:43861c8303e2",
          "chunk_index": 4,
          "quote_summary": "军贸市场持续突破，出口业务成为核心增长引擎，差异化采购与战略备份需求推动军贸稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ec7f0104929b",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md",
          "chunk_id": "chunk:43861c8303e2",
          "chunk_index": 4,
          "quote_summary": "军贸市场持续突破，出口业务成为核心增长引擎，差异化采购与战略备份需求推动军贸稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "12b74da6b7b6",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md",
          "chunk_id": "chunk:43861c8303e2",
          "chunk_index": 4,
          "quote_summary": "军贸市场持续突破，出口业务成为核心增长引擎，差异化采购与战略备份需求推动军贸稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "890be0b19c72",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-03-30-840a2acf7eaa.md",
          "chunk_id": "chunk:e833d0e9e4bb",
          "chunk_index": 2,
          "quote_summary": "军贸市场持续突破与国内装备竞标立项取得重大进展，叠加高研发投入驱动产品迭代与降本，公司业绩有望于2025年迎来拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "adcb590335d5",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:新材料",
      "to_name": "新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-31-日-93cb794cdc54.md",
          "chunk_id": "chunk:27057f9c1262",
          "chunk_index": 0,
          "quote_summary": "无人机业务稳中有升，国外业务景气度持续提升，国内需求整体稳定，公司主力产品已批量装备并实现国内重要装备领域全覆盖。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7fdccc356be9",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md",
          "chunk_id": "chunk:43861c8303e2",
          "chunk_index": 4,
          "quote_summary": "军贸市场持续突破，出口业务成为核心增长引擎，差异化采购与战略备份需求推动军贸稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "060bb5c81bbe",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md",
          "chunk_id": "chunk:43861c8303e2",
          "chunk_index": 4,
          "quote_summary": "军贸市场持续突破，出口业务成为核心增长引擎，差异化采购与战略备份需求推动军贸稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d17c2cc28bec",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天彩虹-002389-sz-2024-年一季报点评-3e9a7c4bd35e.md",
          "chunk_id": "chunk:f521749d72f6",
          "chunk_index": 1,
          "quote_summary": "无人机产业是低空经济重要载体，公司作为特种与工业无人机龙头，有望深度受益于低空产业发展及政策催化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "97746f0288ab",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:膜业务",
      "to_name": "膜业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 膜业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天彩虹-002389-sz-2024-年中报点评-2c8e2b25583b.md",
          "chunk_id": "chunk:ae79c9c2c765",
          "chunk_index": 2,
          "quote_summary": "公司是我国稀缺无人机系统研制龙头，受益于无人机市场需求增长及低空经济政策催化，未来有望保持较好发展态势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:膜业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1222bd236b7f",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:膜产品",
      "to_name": "膜产品",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 膜产品。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天彩虹-002389-sz-2024-年一季报点评-3e9a7c4bd35e.md",
          "chunk_id": "chunk:f521749d72f6",
          "chunk_index": 1,
          "quote_summary": "无人机产业是低空经济重要载体，公司作为特种与工业无人机龙头，有望深度受益于低空产业发展及政策催化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:膜产品",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2133efd58d1d",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:航空航天装备",
      "to_name": "航空航天装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 航空航天装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-03-30-840a2acf7eaa.md",
          "chunk_id": "chunk:e833d0e9e4bb",
          "chunk_index": 2,
          "quote_summary": "军贸市场持续突破与国内装备竞标立项取得重大进展，叠加高研发投入驱动产品迭代与降本，公司业绩有望于2025年迎来拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:航空航天装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6b824904685a",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:订单景气度",
      "to_name": "订单景气度",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 订单景气度。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-31-日-93cb794cdc54.md",
          "chunk_id": "chunk:27057f9c1262",
          "chunk_index": 0,
          "quote_summary": "无人机业务稳中有升，国外业务景气度持续提升，国内需求整体稳定，公司主力产品已批量装备并实现国内重要装备领域全覆盖。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:订单景气度",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8593b7a55707",
      "from": "company:002389",
      "from_name": "航天彩虹",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天彩虹 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-f85f69972166.md",
          "chunk_id": "chunk:43861c8303e2",
          "chunk_index": 4,
          "quote_summary": "军贸市场持续突破，出口业务成为核心增长引擎，差异化采购与战略备份需求推动军贸稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002389",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4b6ee877f0bb",
      "from": "company:002413",
      "from_name": "雷科防务",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷科防务 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md",
          "chunk_id": "chunk:83d043df96c1",
          "chunk_index": 2,
          "quote_summary": "公司聚焦雷达系统、卫星应用与智能控制三大核心板块，在星上实时处理及新体制雷达算法领域具备技术领先优势，伴随募投项目推进与下游需求回暖，中长期业绩具备修复弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002413",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "48e1612240c0",
      "from": "company:002413",
      "from_name": "雷科防务",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷科防务 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md",
          "chunk_id": "chunk:83d043df96c1",
          "chunk_index": 2,
          "quote_summary": "公司聚焦雷达系统、卫星应用与智能控制三大核心板块，在星上实时处理及新体制雷达算法领域具备技术领先优势，伴随募投项目推进与下游需求回暖，中长期业绩具备修复弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002413",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bef8985236e6",
      "from": "company:002413",
      "from_name": "雷科防务",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷科防务 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md",
          "chunk_id": "chunk:83d043df96c1",
          "chunk_index": 2,
          "quote_summary": "公司聚焦雷达系统、卫星应用与智能控制三大核心板块，在星上实时处理及新体制雷达算法领域具备技术领先优势，伴随募投项目推进与下游需求回暖，中长期业绩具备修复弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002413",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "412669f550a0",
      "from": "company:002413",
      "from_name": "雷科防务",
      "to": "topic:卫星互联网",
      "to_name": "卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷科防务 研报中反复涉及 卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md",
          "chunk_id": "chunk:83d043df96c1",
          "chunk_index": 2,
          "quote_summary": "公司聚焦雷达系统、卫星应用与智能控制三大核心板块，在星上实时处理及新体制雷达算法领域具备技术领先优势，伴随募投项目推进与下游需求回暖，中长期业绩具备修复弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002413",
      "target": "topic:卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4602aa863b85",
      "from": "company:002413",
      "from_name": "雷科防务",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷科防务 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md",
          "chunk_id": "chunk:83d043df96c1",
          "chunk_index": 2,
          "quote_summary": "公司聚焦雷达系统、卫星应用与智能控制三大核心板块，在星上实时处理及新体制雷达算法领域具备技术领先优势，伴随募投项目推进与下游需求回暖，中长期业绩具备修复弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002413",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "acf593b5f07d",
      "from": "company:002413",
      "from_name": "雷科防务",
      "to": "topic:智能控制",
      "to_name": "智能控制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷科防务 研报中反复涉及 智能控制。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md",
          "chunk_id": "chunk:83d043df96c1",
          "chunk_index": 2,
          "quote_summary": "公司聚焦雷达系统、卫星应用与智能控制三大核心板块，在星上实时处理及新体制雷达算法领域具备技术领先优势，伴随募投项目推进与下游需求回暖，中长期业绩具备修复弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002413",
      "target": "topic:智能控制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c28f015e8c9c",
      "from": "company:002413",
      "from_name": "雷科防务",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷科防务 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md",
          "chunk_id": "chunk:83d043df96c1",
          "chunk_index": 2,
          "quote_summary": "公司聚焦雷达系统、卫星应用与智能控制三大核心板块，在星上实时处理及新体制雷达算法领域具备技术领先优势，伴随募投项目推进与下游需求回暖，中长期业绩具备修复弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002413",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5f4ba24804f9",
      "from": "company:002413",
      "from_name": "雷科防务",
      "to": "topic:雷达系统",
      "to_name": "雷达系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷科防务 研报中反复涉及 雷达系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷科防务-002413-sz-2024-年中报点评-9aa8bffa4998.md",
          "chunk_id": "chunk:83d043df96c1",
          "chunk_index": 2,
          "quote_summary": "公司聚焦雷达系统、卫星应用与智能控制三大核心板块，在星上实时处理及新体制雷达算法领域具备技术领先优势，伴随募投项目推进与下游需求回暖，中长期业绩具备修复弹性。"
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002413",
      "target": "topic:雷达系统",
      "label": "involves_topic",
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    },
    {
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      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:5g通信",
      "to_name": "5g通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 5G通信。",
      "confidence": 0.62,
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          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md",
          "chunk_id": "chunk:4e41ccd01836",
          "chunk_index": 7,
          "quote_summary": "北斗三号换装及“北斗+智慧交通”打开增量市场，导航业务实现高增长并有望成为新支柱。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:5g通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8130a0039918",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:6g",
      "to_name": "6g",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 6G。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-海格通信-002465-b1c5e2961d36.md",
          "chunk_id": "chunk:07509e464bec",
          "chunk_index": 2,
          "quote_summary": "行业需求波动与战略性研发投入导致短期利润承压，但公司在北斗、卫星互联网、低空经济及6G等新兴领域的布局与民品业务拓展将构筑长期增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:6g",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a266e7e6083b",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:6g通信",
      "to_name": "6g通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 6G通信。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-海格通信-002465-617ab3a514f9.md",
          "chunk_id": "chunk:5b6d142a2962",
          "chunk_index": 2,
          "quote_summary": "公司主营业务覆盖无线通信、北斗导航、航空航天、数智生态四大领域，并前瞻布局AI技术军事化、卫星互联网、低空经济和6G通信等创新赛道，技术先发优势显著，有望驱动中长期业绩高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:6g通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fc8c199b2857",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-海格通信-002465-1e9eb99d5164.md",
          "chunk_id": "chunk:a450d76f3903",
          "chunk_index": 0,
          "quote_summary": "短期业绩受行业周期与客户调整拖累，但公司坚定加大芯片、低空、卫星互联网、AI及机器人等新兴领域研发投入，技术储备与产业落地有望驱动中长期业绩反转。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "78d856f033a1",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-sz-2024-年三季报点评-3ded5fff3b34.md",
          "chunk_id": "chunk:d2a0a382d2c9",
          "chunk_index": 2,
          "quote_summary": "军民通信与北斗导航龙头，充分受益国防信息化推进与北斗三号下游产品放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5e322c01d863",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:人工智能",
      "to_name": "人工智能",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 人工智能。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-sz-2024-年年报及-2025-年一季报点评-bca995eb59cb.md",
          "chunk_id": "chunk:494da5c3c3ac",
          "chunk_index": 0,
          "quote_summary": "24年受行业客户调整及新兴领域研发投入加大影响业绩承压，25年作为十四五收官年特种产品交付预计加快，25Q1归母净利润已实现反转。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:人工智能",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "76d53d178e80",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md",
          "chunk_id": "chunk:cf552e228292",
          "chunk_index": 2,
          "quote_summary": "国防信息化处于成长期，军事无线通信需求持续景气，公司全频段覆盖与系统集成能力构筑核心壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6b9a19280052",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md",
          "chunk_id": "chunk:4e41ccd01836",
          "chunk_index": 7,
          "quote_summary": "北斗三号换装及“北斗+智慧交通”打开增量市场，导航业务实现高增长并有望成为新支柱。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4a2becd60308",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:军工通信",
      "to_name": "军工通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 军工通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-617ab3a514f9.md",
          "chunk_id": "chunk:5b6d142a2962",
          "chunk_index": 2,
          "quote_summary": "公司主营业务覆盖无线通信、北斗导航、航空航天、数智生态四大领域，并前瞻布局AI技术军事化、卫星互联网、低空经济和6G通信等创新赛道，技术先发优势显著，有望驱动中长期业绩高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:军工通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e968004bf8a7",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:军民融合",
      "to_name": "军民融合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 军民融合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-sz-2024-年三季报点评-3ded5fff3b34.md",
          "chunk_id": "chunk:d2a0a382d2c9",
          "chunk_index": 2,
          "quote_summary": "军民通信与北斗导航龙头，充分受益国防信息化推进与北斗三号下游产品放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:军民融合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f293b78e3404",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-755e370f71eb.md",
          "chunk_id": "chunk:783f07a0dfe0",
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          "quote_summary": "行业阶段性调整导致合同签订延缓与收入确认延后，短期利润受挤压，但公司战略性加大新兴领域研发，新产品拓展可期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "79bbc9a3961e",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:北斗导航",
      "to_name": "北斗导航",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 北斗导航。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md",
          "chunk_id": "chunk:cf552e228292",
          "chunk_index": 2,
          "quote_summary": "国防信息化处于成长期，军事无线通信需求持续景气，公司全频段覆盖与系统集成能力构筑核心壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:北斗导航",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c991e998e89a",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:卫星",
      "to_name": "卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md",
          "chunk_id": "chunk:cf552e228292",
          "chunk_index": 2,
          "quote_summary": "国防信息化处于成长期，军事无线通信需求持续景气，公司全频段覆盖与系统集成能力构筑核心壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "245444d6f262",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:卫星互联网",
      "to_name": "卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md",
          "chunk_id": "chunk:cf552e228292",
          "chunk_index": 2,
          "quote_summary": "国防信息化处于成长期，军事无线通信需求持续景气，公司全频段覆盖与系统集成能力构筑核心壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "52c796fc534f",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-sz-2024-年年报及-2025-年一季报点评-bca995eb59cb.md",
          "chunk_id": "chunk:494da5c3c3ac",
          "chunk_index": 0,
          "quote_summary": "24年受行业客户调整及新兴领域研发投入加大影响业绩承压，25年作为十四五收官年特种产品交付预计加快，25Q1归母净利润已实现反转。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "94040bcd1d10",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:国防信息化",
      "to_name": "国防信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 国防信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md",
          "chunk_id": "chunk:cf552e228292",
          "chunk_index": 2,
          "quote_summary": "国防信息化处于成长期，军事无线通信需求持续景气，公司全频段覆盖与系统集成能力构筑核心壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:国防信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a2e0a38b546d",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:战略合作",
      "to_name": "战略合作",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 战略合作。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-海格通信-002465-sz-2024-年三季报点评-3ded5fff3b34.md",
          "chunk_id": "chunk:d2a0a382d2c9",
          "chunk_index": 2,
          "quote_summary": "军民通信与北斗导航龙头，充分受益国防信息化推进与北斗三号下游产品放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:战略合作",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5714a441fb6c",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
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          "chunk_id": "chunk:d2a0a382d2c9",
          "chunk_index": 2,
          "quote_summary": "军民通信与北斗导航龙头，充分受益国防信息化推进与北斗三号下游产品放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:投资建议",
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      "from": "company:002465",
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      "to": "topic:数智生态",
      "to_name": "数智生态",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 数智生态。",
      "confidence": 0.62,
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          "chunk_id": "chunk:cf552e228292",
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          "quote_summary": "国防信息化处于成长期，军事无线通信需求持续景气，公司全频段覆盖与系统集成能力构筑核心壁垒。"
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      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
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      "to": "topic:无人系统",
      "to_name": "无人系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 无人系统。",
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          "chunk_id": "chunk:4e41ccd01836",
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        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
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      "relation": "involves_topic",
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          "chunk_id": "chunk:cf552e228292",
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          "quote_summary": "国防信息化处于成长期，军事无线通信需求持续景气，公司全频段覆盖与系统集成能力构筑核心壁垒。"
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      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:无线通信",
      "label": "involves_topic",
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      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
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          "chunk_id": "chunk:43536ae65df1",
          "chunk_index": 4,
          "quote_summary": "公司围绕高质量发展主题，积极应对行业调整，通过自主创新与加大战略性新兴产业投入抢筑市场空间，北斗导航业务实现大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:盈利预测",
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    {
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      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 研发投入。",
      "confidence": 0.62,
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          "chunk_id": "chunk:a450d76f3903",
          "chunk_index": 0,
          "quote_summary": "短期业绩受行业周期与客户调整拖累，但公司坚定加大芯片、低空、卫星互联网、AI及机器人等新兴领域研发投入，技术储备与产业落地有望驱动中长期业绩反转。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
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    {
      "edge_id": "b67c6b926d82",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:航空航天",
      "to_name": "航空航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 航空航天。",
      "confidence": 0.62,
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          "source_path": "sources/stock-research-report-海格通信-002465-cdce98b45cf2.md",
          "chunk_id": "chunk:cf552e228292",
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          "quote_summary": "国防信息化处于成长期，军事无线通信需求持续景气，公司全频段覆盖与系统集成能力构筑核心壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:航空航天",
      "label": "involves_topic",
      "category": "topic",
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      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 证券。",
      "confidence": 0.62,
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          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md",
          "chunk_id": "chunk:4e41ccd01836",
          "chunk_index": 7,
          "quote_summary": "北斗三号换装及“北斗+智慧交通”打开增量市场，导航业务实现高增长并有望成为新支柱。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:证券",
      "label": "involves_topic",
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      "evidence_count": 1
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    {
      "edge_id": "af762ee4c268",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:车联网",
      "to_name": "车联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 车联网。",
      "confidence": 0.62,
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          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8e84fd1c1bf5.md",
          "chunk_id": "chunk:4e41ccd01836",
          "chunk_index": 7,
          "quote_summary": "北斗三号换装及“北斗+智慧交通”打开增量市场，导航业务实现高增长并有望成为新支柱。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:车联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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    {
      "edge_id": "9b9445f60af9",
      "from": "company:002465",
      "from_name": "海格通信",
      "to": "topic:通信设备",
      "to_name": "通信设备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海格通信 研报中反复涉及 通信设备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩短期波动-持续加大战略性新兴产业投入-ceb54d1f59bd.md",
          "chunk_id": "chunk:43536ae65df1",
          "chunk_index": 4,
          "quote_summary": "公司围绕高质量发展主题，积极应对行业调整，通过自主创新与加大战略性新兴产业投入抢筑市场空间，北斗导航业务实现大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002465",
      "target": "topic:通信设备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3ce38876af12",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:c2-c3产业链",
      "to_name": "c2-c3产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 C2/C3产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-12-日-cd7e650a2b9f.md",
          "chunk_id": "chunk:8836b32505f4",
          "chunk_index": 2,
          "quote_summary": "依托“C2+C3”双产业链的轻烃一体化战略，公司在复杂行业环境中展现强经营韧性，成本优势显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:c2-c3产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "244c64243c7d",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:poe",
      "to_name": "poe",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 POE。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-扣非净利稳健增长-功能化学品表现亮眼-18e370b70179.md",
          "chunk_id": "chunk:cfbb8fc6179c",
          "chunk_index": 4,
          "quote_summary": "功能化学品业务成为业绩核心驱动力，营收与毛利率双升，有效对冲高分子新材料板块周期压力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:poe",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4c29e0d36696",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:α-烯烃",
      "to_name": "α-烯烃",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 α-烯烃。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md",
          "chunk_id": "chunk:c486537383a7",
          "chunk_index": 0,
          "quote_summary": "公司作为国内轻烃产业链一体化龙头，短期利润受例行检修及下游产品价格回落影响，但成本端价差走扩提供支撑；高性能催化新材料与α-烯烃综合利用项目加速落地，向高端聚烯烃及浸没式液冷冷却液延伸，长期成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:α-烯烃",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4055dc06e078",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:一季报",
      "to_name": "一季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 一季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-47b60e98e593.md",
          "chunk_id": "chunk:01abe02209f5",
          "chunk_index": 4,
          "quote_summary": "地缘冲突推涨油价背景下，公司气头制烯烃路线安全性与盈利性凸显，自主可控的全球轻烃供应链构建显著成本护城河。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:一季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8f4bf11824e8",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:丙烯酸产业链",
      "to_name": "丙烯酸产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 丙烯酸产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-基础化工-证券研究报告-调整盈利预测-2026年3月27日-5f9ddf623e80.md",
          "chunk_id": "chunk:a52326f6ae21",
          "chunk_index": 3,
          "quote_summary": "全球石化行业向低成本、大型化、一体化集中，公司作为国内领先乙烷裂解制乙烯企业，轻烃路线成本与碳排优势进一步放大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:丙烯酸产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f9ab5ced3a38",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:丙烯酸及酯",
      "to_name": "丙烯酸及酯",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 丙烯酸及酯。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-1297cf03d9ca.md",
          "chunk_id": "chunk:2d9194976835",
          "chunk_index": 4,
          "quote_summary": "海外老旧产能退出带来结构性机遇，公司丙烯酸及酯、高吸水性树脂等产品出口量居国内前列，加速拓展海外市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:丙烯酸及酯",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "32ceda4dc300",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:业绩点评",
      "to_name": "业绩点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 业绩点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md",
          "chunk_id": "chunk:c486537383a7",
          "chunk_index": 0,
          "quote_summary": "公司作为国内轻烃产业链一体化龙头，短期利润受例行检修及下游产品价格回落影响，但成本端价差走扩提供支撑；高性能催化新材料与α-烯烃综合利用项目加速落地，向高端聚烯烃及浸没式液冷冷却液延伸，长期成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:业绩点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aaf4f3a2bdc6",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-12-日-cd7e650a2b9f.md",
          "chunk_id": "chunk:8836b32505f4",
          "chunk_index": 2,
          "quote_summary": "依托“C2+C3”双产业链的轻烃一体化战略，公司在复杂行业环境中展现强经营韧性，成本优势显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8b1e433c07c6",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:乙烷供应链",
      "to_name": "乙烷供应链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 乙烷供应链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-f8bb7ccb23e6.md",
          "chunk_id": "chunk:5e0d4bf55d1c",
          "chunk_index": 2,
          "quote_summary": "地缘冲突推升国际油价，轻烃制烯烃路线在收率、流程长度及能耗水平上具备显著比较优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:乙烷供应链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f3cc58ce2e5d",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:乙烷裂解",
      "to_name": "乙烷裂解",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 乙烷裂解。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-基础化工-证券研究报告-调整盈利预测-2026年3月27日-5f9ddf623e80.md",
          "chunk_id": "chunk:a52326f6ae21",
          "chunk_index": 3,
          "quote_summary": "全球石化行业向低成本、大型化、一体化集中，公司作为国内领先乙烷裂解制乙烯企业，轻烃路线成本与碳排优势进一步放大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:乙烷裂解",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2e8aaf7b7074",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:产能检修",
      "to_name": "产能检修",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 产能检修。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-1297cf03d9ca.md",
          "chunk_id": "chunk:2d9194976835",
          "chunk_index": 4,
          "quote_summary": "海外老旧产能退出带来结构性机遇，公司丙烯酸及酯、高吸水性树脂等产品出口量居国内前列，加速拓展海外市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:产能检修",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ebd135b7fa7c",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:供应链安全",
      "to_name": "供应链安全",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 供应链安全。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-47b60e98e593.md",
          "chunk_id": "chunk:01abe02209f5",
          "chunk_index": 4,
          "quote_summary": "地缘冲突推涨油价背景下，公司气头制烯烃路线安全性与盈利性凸显，自主可控的全球轻烃供应链构建显著成本护城河。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:供应链安全",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "89b3fd4d5210",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md",
          "chunk_id": "chunk:c486537383a7",
          "chunk_index": 0,
          "quote_summary": "公司作为国内轻烃产业链一体化龙头，短期利润受例行检修及下游产品价格回落影响，但成本端价差走扩提供支撑；高性能催化新材料与α-烯烃综合利用项目加速落地，向高端聚烯烃及浸没式液冷冷却液延伸，长期成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "26abee46a8e5",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:出海",
      "to_name": "出海",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 出海。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-基础化工-证券研究报告-调整盈利预测-2026年3月27日-5f9ddf623e80.md",
          "chunk_id": "chunk:a52326f6ae21",
          "chunk_index": 3,
          "quote_summary": "全球石化行业向低成本、大型化、一体化集中，公司作为国内领先乙烷裂解制乙烯企业，轻烃路线成本与碳排优势进一步放大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:出海",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f6e232b1d575",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:功能化学品",
      "to_name": "功能化学品",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 功能化学品。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-基础化工-公司点评报告-e23e4ee04a94.md",
          "chunk_id": "chunk:f8d1884640d1",
          "chunk_index": 4,
          "quote_summary": "油价上行凸显气头路线成本优势，欧洲乙烯产能收缩支撑烯烃及功能化学品价差修复，公司凭借低成本一体化轻烃产业链充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:功能化学品",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4bf1e6052bb5",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:化学制品",
      "to_name": "化学制品",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 化学制品。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-dafefb44f90d.md",
          "chunk_id": "chunk:ea3757ca4442",
          "chunk_index": 0,
          "quote_summary": "2025年扣非归母净利润同比增长4.0%，业绩符合预期，平湖与嘉兴基地新装置成功投产，研发持续投入。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:化学制品",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0eac692d2dfb",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:化工",
      "to_name": "化工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 化工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-47b60e98e593.md",
          "chunk_id": "chunk:01abe02209f5",
          "chunk_index": 4,
          "quote_summary": "地缘冲突推涨油价背景下，公司气头制烯烃路线安全性与盈利性凸显，自主可控的全球轻烃供应链构建显著成本护城河。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:化工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c13cdfe8a053",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:化工新材料",
      "to_name": "化工新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 化工新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md",
          "chunk_id": "chunk:c486537383a7",
          "chunk_index": 0,
          "quote_summary": "公司作为国内轻烃产业链一体化龙头，短期利润受例行检修及下游产品价格回落影响，但成本端价差走扩提供支撑；高性能催化新材料与α-烯烃综合利用项目加速落地，向高端聚烯烃及浸没式液冷冷却液延伸，长期成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:化工新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a28f8585101c",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:卫星",
      "to_name": "卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-66521306fd4c.md",
          "chunk_id": "chunk:0fdd5758ad65",
          "chunk_index": 5,
          "quote_summary": "三季度表观利润受检修及白银租赁价格波动影响，但实际经营盈利环比改善；远期依托自主研发高碳α-烯烃技术及充足乙烷运力保障，向高端聚烯烃及弹性体延伸，打开第二成长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "159c3f8cba8f",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md",
          "chunk_id": "chunk:c486537383a7",
          "chunk_index": 0,
          "quote_summary": "公司作为国内轻烃产业链一体化龙头，短期利润受例行检修及下游产品价格回落影响，但成本端价差走扩提供支撑；高性能催化新材料与α-烯烃综合利用项目加速落地，向高端聚烯烃及浸没式液冷冷却液延伸，长期成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b314267a525f",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:基础化工",
      "to_name": "基础化工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 基础化工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-dafefb44f90d.md",
          "chunk_id": "chunk:ea3757ca4442",
          "chunk_index": 0,
          "quote_summary": "2025年扣非归母净利润同比增长4.0%，业绩符合预期，平湖与嘉兴基地新装置成功投产，研发持续投入。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:基础化工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e2bb7ff39f40",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:成本优势",
      "to_name": "成本优势",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 成本优势。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-基础化工-公司点评报告-e23e4ee04a94.md",
          "chunk_id": "chunk:f8d1884640d1",
          "chunk_index": 4,
          "quote_summary": "油价上行凸显气头路线成本优势，欧洲乙烯产能收缩支撑烯烃及功能化学品价差修复，公司凭借低成本一体化轻烃产业链充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:成本优势",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "725adbc880bb",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:扣非净利润",
      "to_name": "扣非净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 扣非净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-扣非净利稳健增长-功能化学品表现亮眼-18e370b70179.md",
          "chunk_id": "chunk:cfbb8fc6179c",
          "chunk_index": 4,
          "quote_summary": "功能化学品业务成为业绩核心驱动力，营收与毛利率双升，有效对冲高分子新材料板块周期压力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:扣非净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0a55fdec0351",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:新材料",
      "to_name": "新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-dafefb44f90d.md",
          "chunk_id": "chunk:ea3757ca4442",
          "chunk_index": 0,
          "quote_summary": "2025年扣非归母净利润同比增长4.0%，业绩符合预期，平湖与嘉兴基地新装置成功投产，研发持续投入。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d3e66022e45e",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:油-气价差",
      "to_name": "油-气价差",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 油-气价差。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-dafefb44f90d.md",
          "chunk_id": "chunk:ea3757ca4442",
          "chunk_index": 0,
          "quote_summary": "2025年扣非归母净利润同比增长4.0%，业绩符合预期，平湖与嘉兴基地新装置成功投产，研发持续投入。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:油-气价差",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "38d9372885b2",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:海外出口",
      "to_name": "海外出口",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 海外出口。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-1297cf03d9ca.md",
          "chunk_id": "chunk:2d9194976835",
          "chunk_index": 4,
          "quote_summary": "海外老旧产能退出带来结构性机遇，公司丙烯酸及酯、高吸水性树脂等产品出口量居国内前列，加速拓展海外市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:海外出口",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "55272eb9c0e9",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:烯烃",
      "to_name": "烯烃",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 烯烃。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-dafefb44f90d.md",
          "chunk_id": "chunk:ea3757ca4442",
          "chunk_index": 0,
          "quote_summary": "2025年扣非归母净利润同比增长4.0%，业绩符合预期，平湖与嘉兴基地新装置成功投产，研发持续投入。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:烯烃",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "50c1d9efb12e",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:环比",
      "to_name": "环比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 环比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md",
          "chunk_id": "chunk:c486537383a7",
          "chunk_index": 0,
          "quote_summary": "公司作为国内轻烃产业链一体化龙头，短期利润受例行检修及下游产品价格回落影响，但成本端价差走扩提供支撑；高性能催化新材料与α-烯烃综合利用项目加速落地，向高端聚烯烃及浸没式液冷冷却液延伸，长期成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:环比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "00770274a4c5",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:现金流优化",
      "to_name": "现金流优化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 现金流优化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-扣非净利稳健增长-功能化学品表现亮眼-18e370b70179.md",
          "chunk_id": "chunk:cfbb8fc6179c",
          "chunk_index": 4,
          "quote_summary": "功能化学品业务成为业绩核心驱动力，营收与毛利率双升，有效对冲高分子新材料板块周期压力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:现金流优化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9a6eb175316b",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:盈利预测调整",
      "to_name": "盈利预测调整",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 盈利预测调整。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-基础化工-证券研究报告-调整盈利预测-2026年3月27日-5f9ddf623e80.md",
          "chunk_id": "chunk:a52326f6ae21",
          "chunk_index": 3,
          "quote_summary": "全球石化行业向低成本、大型化、一体化集中，公司作为国内领先乙烷裂解制乙烯企业，轻烃路线成本与碳排优势进一步放大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:盈利预测调整",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff381334b74d",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md",
          "chunk_id": "chunk:c486537383a7",
          "chunk_index": 0,
          "quote_summary": "公司作为国内轻烃产业链一体化龙头，短期利润受例行检修及下游产品价格回落影响，但成本端价差走扩提供支撑；高性能催化新材料与α-烯烃综合利用项目加速落地，向高端聚烯烃及浸没式液冷冷却液延伸，长期成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "88453fceb87d",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:轻烃一体化",
      "to_name": "轻烃一体化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 轻烃一体化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-sz-优于大市-9a4f777c174d.md",
          "chunk_id": "chunk:c486537383a7",
          "chunk_index": 0,
          "quote_summary": "公司作为国内轻烃产业链一体化龙头，短期利润受例行检修及下游产品价格回落影响，但成本端价差走扩提供支撑；高性能催化新材料与α-烯烃综合利用项目加速落地，向高端聚烯烃及浸没式液冷冷却液延伸，长期成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:轻烃一体化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1511745c8b92",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:轻烃化工",
      "to_name": "轻烃化工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 轻烃化工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-66521306fd4c.md",
          "chunk_id": "chunk:0fdd5758ad65",
          "chunk_index": 5,
          "quote_summary": "三季度表观利润受检修及白银租赁价格波动影响，但实际经营盈利环比改善；远期依托自主研发高碳α-烯烃技术及充足乙烷运力保障，向高端聚烯烃及弹性体延伸，打开第二成长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:轻烃化工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "68c25f1792f9",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:轻烃裂解",
      "to_name": "轻烃裂解",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 轻烃裂解。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-基础化工-公司点评报告-e23e4ee04a94.md",
          "chunk_id": "chunk:f8d1884640d1",
          "chunk_index": 4,
          "quote_summary": "油价上行凸显气头路线成本优势，欧洲乙烯产能收缩支撑烯烃及功能化学品价差修复，公司凭借低成本一体化轻烃产业链充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:轻烃裂解",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1c3d86ae3273",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:高分子新材料",
      "to_name": "高分子新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 高分子新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-基础化工-公司点评报告-e23e4ee04a94.md",
          "chunk_id": "chunk:f8d1884640d1",
          "chunk_index": 4,
          "quote_summary": "油价上行凸显气头路线成本优势，欧洲乙烯产能收缩支撑烯烃及功能化学品价差修复，公司凭借低成本一体化轻烃产业链充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:高分子新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e9999b39108c",
      "from": "company:002648",
      "from_name": "卫星化学",
      "to": "topic:高端新材料",
      "to_name": "高端新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "卫星化学 研报中反复涉及 高端新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-卫星化学-002648-66521306fd4c.md",
          "chunk_id": "chunk:0fdd5758ad65",
          "chunk_index": 5,
          "quote_summary": "三季度表观利润受检修及白银租赁价格波动影响，但实际经营盈利环比改善；远期依托自主研发高碳α-烯烃技术及充足乙烷运力保障，向高端聚烯烃及弹性体延伸，打开第二成长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002648",
      "target": "topic:高端新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9b258610fb37",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:c909机型替代",
      "to_name": "c909机型替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 C909机型替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md",
          "chunk_id": "chunk:67dcdcefa63a",
          "chunk_index": 2,
          "quote_summary": "稀缺支线龙头定位，独飞航线占比高，构建全国性支线网络与区域壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:c909机型替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3d4564e42b8c",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:cpa运力购买",
      "to_name": "cpa运力购买",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 CPA运力购买。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md",
          "chunk_id": "chunk:ca98f35a0aeb",
          "chunk_index": 0,
          "quote_summary": "支线航空补贴办法修订优化补贴方式，2024Q1公司其他收益大幅高于历史同期，直接增厚利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:cpa运力购买",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6d25cb7c8ac4",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 三季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华夏航空-002928-sz-2025-年三季报点评-ccf475abd697.md",
          "chunk_id": "chunk:2a2cde9409ce",
          "chunk_index": 0,
          "quote_summary": "公司盈利高增长主要受益于单位成本下降，运力增长持续摊薄单位非油成本，叠加油价下行降低运营成本；收益端客座率同比提升有效对冲票价下滑，经营改善趋势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:三季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e852d749c097",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-6f06d7949e64.md",
          "chunk_id": "chunk:a12eaf08b13f",
          "chunk_index": 6,
          "quote_summary": "支线航空补贴管理办法修订后补贴收益显著增长，拉动一季度扭亏，且具备可持续性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "18e6b4d628fe",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:业绩扭亏",
      "to_name": "业绩扭亏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 业绩扭亏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-13a56902800d.md",
          "chunk_id": "chunk:84734a580c8a",
          "chunk_index": 2,
          "quote_summary": "机队运营效率持续恢复带动业务量提升，有效摊薄单位运营成本，叠加支线航空补贴管理办法修订带来的收益大增，共同驱动公司业绩进入上行通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:业绩扭亏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "349aeac9ef61",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华夏航空-002928-sz-2024-年年报及-2025-年一季报点评-3af431c094f5.md",
          "chunk_id": "chunk:4bc87e9223c6",
          "chunk_index": 1,
          "quote_summary": "看好支线市场增长潜力及公司先发优势，行业降价环境下政府运力购买模式对价格端形成支撑，支线补贴新规下单位运力补贴水平提升有望持续增厚盈利。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "560bf1667d20",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:估值修复",
      "to_name": "估值修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 估值修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md",
          "chunk_id": "chunk:ca98f35a0aeb",
          "chunk_index": 0,
          "quote_summary": "支线航空补贴办法修订优化补贴方式，2024Q1公司其他收益大幅高于历史同期，直接增厚利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:估值修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "efa457a1f831",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华夏航空-002928-sz-2024-年年报及-2025-年一季报点评-3af431c094f5.md",
          "chunk_id": "chunk:4bc87e9223c6",
          "chunk_index": 1,
          "quote_summary": "看好支线市场增长潜力及公司先发优势，行业降价环境下政府运力购买模式对价格端形成支撑，支线补贴新规下单位运力补贴水平提升有望持续增厚盈利。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3e87d0ebde83",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-6f06d7949e64.md",
          "chunk_id": "chunk:a12eaf08b13f",
          "chunk_index": 6,
          "quote_summary": "支线航空补贴管理办法修订后补贴收益显著增长，拉动一季度扭亏，且具备可持续性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eb6eea274494",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:成本控制",
      "to_name": "成本控制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 成本控制。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-民营支线航司翘楚-扭亏为盈逐步释放利润-bd7e6d93688d.md",
          "chunk_id": "chunk:ec28740b4f78",
          "chunk_index": 0,
          "quote_summary": "专注支线市场的差异化定位，独飞航线占比高，支线飞机占比超六成，构筑区域壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:成本控制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b8c85cd85ceb",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:成本摊薄",
      "to_name": "成本摊薄",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 成本摊薄。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-13a56902800d.md",
          "chunk_id": "chunk:84734a580c8a",
          "chunk_index": 2,
          "quote_summary": "机队运营效率持续恢复带动业务量提升，有效摊薄单位运营成本，叠加支线航空补贴管理办法修订带来的收益大增，共同驱动公司业绩进入上行通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:成本摊薄",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e8261f39d7e4",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:成本管控",
      "to_name": "成本管控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 成本管控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-6f06d7949e64.md",
          "chunk_id": "chunk:a12eaf08b13f",
          "chunk_index": 6,
          "quote_summary": "支线航空补贴管理办法修订后补贴收益显著增长，拉动一季度扭亏，且具备可持续性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:成本管控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "65b6bb29ce09",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:扭亏为盈",
      "to_name": "扭亏为盈",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 扭亏为盈。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md",
          "chunk_id": "chunk:ca98f35a0aeb",
          "chunk_index": 0,
          "quote_summary": "支线航空补贴办法修订优化补贴方式，2024Q1公司其他收益大幅高于历史同期，直接增厚利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:扭亏为盈",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5ea033232be2",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华夏航空-002928-sz-2025-年半年报点评-738489c5cf4b.md",
          "chunk_id": "chunk:e760195f0054",
          "chunk_index": 0,
          "quote_summary": "机构购买运力托底单位收益，旅游航线淡季不淡改善结构。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "06fcd1dc7945",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:支线航空",
      "to_name": "支线航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 支线航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md",
          "chunk_id": "chunk:67dcdcefa63a",
          "chunk_index": 2,
          "quote_summary": "稀缺支线龙头定位，独飞航线占比高，构建全国性支线网络与区域壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:支线航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "918c347c35aa",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:政企协同",
      "to_name": "政企协同",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 政企协同。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md",
          "chunk_id": "chunk:67dcdcefa63a",
          "chunk_index": 2,
          "quote_summary": "稀缺支线龙头定位，独飞航线占比高，构建全国性支线网络与区域壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:政企协同",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "708f23e507b3",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:政府补贴",
      "to_name": "政府补贴",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 政府补贴。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-6f06d7949e64.md",
          "chunk_id": "chunk:a12eaf08b13f",
          "chunk_index": 6,
          "quote_summary": "支线航空补贴管理办法修订后补贴收益显著增长，拉动一季度扭亏，且具备可持续性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:政府补贴",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5ba0796cb56a",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:政府运力购买",
      "to_name": "政府运力购买",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 政府运力购买。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华夏航空-002928-sz-2025-年半年报点评-738489c5cf4b.md",
          "chunk_id": "chunk:e760195f0054",
          "chunk_index": 0,
          "quote_summary": "机构购买运力托底单位收益，旅游航线淡季不淡改善结构。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:政府运力购买",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "acbf3f574e48",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:机构运力购买",
      "to_name": "机构运力购买",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 机构运力购买。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md",
          "chunk_id": "chunk:67dcdcefa63a",
          "chunk_index": 2,
          "quote_summary": "稀缺支线龙头定位，独飞航线占比高，构建全国性支线网络与区域壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:机构运力购买",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "46e04bb65ab1",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:机队利用率",
      "to_name": "机队利用率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 机队利用率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-04-27-900407e0bcbd.md",
          "chunk_id": "chunk:4e96e659481e",
          "chunk_index": 3,
          "quote_summary": "我国支线航空下沉市场具备长期发展潜力，公司作为唯一以支线航空为主营的上市航司，机队运行效率仍有提升空间，业绩有望持续释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:机队利用率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "21d0e8209c16",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:次级枢纽",
      "to_name": "次级枢纽",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 次级枢纽。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md",
          "chunk_id": "chunk:67dcdcefa63a",
          "chunk_index": 2,
          "quote_summary": "稀缺支线龙头定位，独飞航线占比高，构建全国性支线网络与区域壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:次级枢纽",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "158b83d1991e",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:盈利修复",
      "to_name": "盈利修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 盈利修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md",
          "chunk_id": "chunk:67dcdcefa63a",
          "chunk_index": 2,
          "quote_summary": "稀缺支线龙头定位，独飞航线占比高，构建全国性支线网络与区域壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:盈利修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "642fad403be3",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:盈利改善",
      "to_name": "盈利改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 盈利改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华夏航空-002928-sz-2025-年三季报点评-ccf475abd697.md",
          "chunk_id": "chunk:2a2cde9409ce",
          "chunk_index": 0,
          "quote_summary": "公司盈利高增长主要受益于单位成本下降，运力增长持续摊薄单位非油成本，叠加油价下行降低运营成本；收益端客座率同比提升有效对冲票价下滑，经营改善趋势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:盈利改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cbe13a90b04c",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md",
          "chunk_id": "chunk:ca98f35a0aeb",
          "chunk_index": 0,
          "quote_summary": "支线航空补贴办法修订优化补贴方式，2024Q1公司其他收益大幅高于历史同期，直接增厚利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3724ff889a18",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:航空补贴",
      "to_name": "航空补贴",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 航空补贴。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md",
          "chunk_id": "chunk:67dcdcefa63a",
          "chunk_index": 2,
          "quote_summary": "稀缺支线龙头定位，独飞航线占比高，构建全国性支线网络与区域壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:航空补贴",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "92f55179ab79",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:航空运输",
      "to_name": "航空运输",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 航空运输。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-6f06d7949e64.md",
          "chunk_id": "chunk:a12eaf08b13f",
          "chunk_index": 6,
          "quote_summary": "支线航空补贴管理办法修订后补贴收益显著增长，拉动一季度扭亏，且具备可持续性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:航空运输",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cbcdbeab3f68",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:西部大开发",
      "to_name": "西部大开发",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 西部大开发。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-6f06d7949e64.md",
          "chunk_id": "chunk:a12eaf08b13f",
          "chunk_index": 6,
          "quote_summary": "支线航空补贴管理办法修订后补贴收益显著增长，拉动一季度扭亏，且具备可持续性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:西部大开发",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f122e1fdfc26",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究报告-531240c49c4c.md",
          "chunk_id": "chunk:ca98f35a0aeb",
          "chunk_index": 0,
          "quote_summary": "支线航空补贴办法修订优化补贴方式，2024Q1公司其他收益大幅高于历史同期，直接增厚利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "772abf5d8317",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:运力投放",
      "to_name": "运力投放",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 运力投放。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-13a56902800d.md",
          "chunk_id": "chunk:84734a580c8a",
          "chunk_index": 2,
          "quote_summary": "机队运营效率持续恢复带动业务量提升，有效摊薄单位运营成本，叠加支线航空补贴管理办法修订带来的收益大增，共同驱动公司业绩进入上行通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:运力投放",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9f0019f8c20f",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:通程航班",
      "to_name": "通程航班",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 通程航班。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-2026年4月12日-e87abb5b03aa.md",
          "chunk_id": "chunk:67dcdcefa63a",
          "chunk_index": 2,
          "quote_summary": "稀缺支线龙头定位，独飞航线占比高，构建全国性支线网络与区域壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:通程航班",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "98da28e60864",
      "from": "company:002928",
      "from_name": "华夏航空",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华夏航空 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-民营支线航司翘楚-扭亏为盈逐步释放利润-bd7e6d93688d.md",
          "chunk_id": "chunk:ec28740b4f78",
          "chunk_index": 0,
          "quote_summary": "专注支线市场的差异化定位，独飞航线占比高，支线飞机占比超六成，构筑区域壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:002928",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "83f59139da01",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:业绩承压",
      "to_name": "业绩承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 业绩承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-2025-年三季报点评-d0ad6d777da3.md",
          "chunk_id": "chunk:76a9be3d1099",
          "chunk_index": 1,
          "quote_summary": "公司背靠航天科技四院整合院内核心资产，实现“整箭总装+发动机核心材料+测控分系统技术”有机融合，具备稀缺性与长期成长性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:业绩承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "da64f1f0c2b8",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md",
          "chunk_id": "chunk:7d2a1184e094",
          "chunk_index": 4,
          "quote_summary": "公司依托航天科技四院背景，在小型固体火箭整箭及延伸技术领域具备核心竞争力，军品防务与航天探空需求确定性高，特种领域应用有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8b0a6a4d3953",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:人工影响天气",
      "to_name": "人工影响天气",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 人工影响天气。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:c59aa9ec655a",
          "chunk_index": 0,
          "quote_summary": "背靠航天科技四院整合核心资产，作为小型固体制导火箭总体单位具备强稀缺性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:人工影响天气",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0adc88b4f8a1",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:光伏产业链",
      "to_name": "光伏产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 光伏产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md",
          "chunk_id": "chunk:7d2a1184e094",
          "chunk_index": 4,
          "quote_summary": "公司依托航天科技四院背景，在小型固体火箭整箭及延伸技术领域具备核心竞争力，军品防务与航天探空需求确定性高，特种领域应用有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:光伏产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c4fa382cd6a7",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:光伏热场",
      "to_name": "光伏热场",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 光伏热场。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:c59aa9ec655a",
          "chunk_index": 0,
          "quote_summary": "背靠航天科技四院整合核心资产，作为小型固体制导火箭总体单位具备强稀缺性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:光伏热场",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "995177ff554c",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:c59aa9ec655a",
          "chunk_index": 0,
          "quote_summary": "背靠航天科技四院整合核心资产，作为小型固体制导火箭总体单位具备强稀缺性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "67a79e19fde7",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-2025-年三季报点评-d0ad6d777da3.md",
          "chunk_id": "chunk:76a9be3d1099",
          "chunk_index": 1,
          "quote_summary": "公司背靠航天科技四院整合院内核心资产，实现“整箭总装+发动机核心材料+测控分系统技术”有机融合，具备稀缺性与长期成长性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "76d71fb35847",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:制导火箭",
      "to_name": "制导火箭",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 制导火箭。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:c59aa9ec655a",
          "chunk_index": 0,
          "quote_summary": "背靠航天科技四院整合核心资产，作为小型固体制导火箭总体单位具备强稀缺性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:制导火箭",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fa0dd8e6856d",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:增雨防雹",
      "to_name": "增雨防雹",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 增雨防雹。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-2025-年三季报点评-d0ad6d777da3.md",
          "chunk_id": "chunk:76a9be3d1099",
          "chunk_index": 1,
          "quote_summary": "公司背靠航天科技四院整合院内核心资产，实现“整箭总装+发动机核心材料+测控分系统技术”有机融合，具备稀缺性与长期成长性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:增雨防雹",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0b7132e31213",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:小型固体火箭",
      "to_name": "小型固体火箭",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 小型固体火箭。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md",
          "chunk_id": "chunk:7d2a1184e094",
          "chunk_index": 4,
          "quote_summary": "公司依托航天科技四院背景，在小型固体火箭整箭及延伸技术领域具备核心竞争力，军品防务与航天探空需求确定性高，特种领域应用有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:小型固体火箭",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff1f05a2a6d5",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-2025-年三季报点评-d0ad6d777da3.md",
          "chunk_id": "chunk:76a9be3d1099",
          "chunk_index": 1,
          "quote_summary": "公司背靠航天科技四院整合院内核心资产，实现“整箭总装+发动机核心材料+测控分系统技术”有机融合，具备稀缺性与长期成长性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "871c59bf6334",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:c59aa9ec655a",
          "chunk_index": 0,
          "quote_summary": "背靠航天科技四院整合核心资产，作为小型固体制导火箭总体单位具备强稀缺性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ac1659e0504e",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:炭-炭热场材料",
      "to_name": "炭-炭热场材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 炭/炭热场材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md",
          "chunk_id": "chunk:7d2a1184e094",
          "chunk_index": 4,
          "quote_summary": "公司依托航天科技四院背景，在小型固体火箭整箭及延伸技术领域具备核心竞争力，军品防务与航天探空需求确定性高，特种领域应用有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:炭-炭热场材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "845275ba2297",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:碳纤维复合材料",
      "to_name": "碳纤维复合材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 碳纤维复合材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:c59aa9ec655a",
          "chunk_index": 0,
          "quote_summary": "背靠航天科技四院整合核心资产，作为小型固体制导火箭总体单位具备强稀缺性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:碳纤维复合材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d5dd4df631f8",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:c59aa9ec655a",
          "chunk_index": 0,
          "quote_summary": "背靠航天科技四院整合核心资产，作为小型固体制导火箭总体单位具备强稀缺性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "00b5d4e9360d",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:航天军工",
      "to_name": "航天军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 航天军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-2025-年三季报点评-d0ad6d777da3.md",
          "chunk_id": "chunk:76a9be3d1099",
          "chunk_index": 1,
          "quote_summary": "公司背靠航天科技四院整合院内核心资产，实现“整箭总装+发动机核心材料+测控分系统技术”有机融合，具备稀缺性与长期成长性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:航天军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cd2d8ca554ef",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:营收",
      "to_name": "营收",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 营收。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md",
          "chunk_id": "chunk:7d2a1184e094",
          "chunk_index": 4,
          "quote_summary": "公司依托航天科技四院背景，在小型固体火箭整箭及延伸技术领域具备核心竞争力，军品防务与航天探空需求确定性高，特种领域应用有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:营收",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e3e17540e6f2",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:订单储备",
      "to_name": "订单储备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 订单储备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-73830bae5eed.md",
          "chunk_id": "chunk:7d2a1184e094",
          "chunk_index": 4,
          "quote_summary": "公司依托航天科技四院背景，在小型固体火箭整箭及延伸技术领域具备核心竞争力，军品防务与航天探空需求确定性高，特种领域应用有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:订单储备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6defc1a13e90",
      "from": "company:003009",
      "from_name": "中天火箭",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中天火箭 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中天火箭-003009-sz-首次覆盖报告-e103e7808115.md",
          "chunk_id": "chunk:c59aa9ec655a",
          "chunk_index": 0,
          "quote_summary": "背靠航天科技四院整合核心资产，作为小型固体制导火箭总体单位具备强稀缺性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:003009",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "628942e8e0ad",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:三季报点评",
      "to_name": "三季报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 三季报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-31e095c5b880.md",
          "chunk_id": "chunk:0233c3a91151",
          "chunk_index": 5,
          "quote_summary": "深耕航空航天发动机高温合金，核心受益于新一代航空装备列装需求及民航领域扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:三季报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2f46d1d91d82",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-sz-2024-年中报点评-34aeb160983d.md",
          "chunk_id": "chunk:588a25f145b6",
          "chunk_index": 2,
          "quote_summary": "公司作为高温合金制品龙头，背靠钢研院保持技术领先，积极向下游航空部件拓展，充分受益于“两机”高景气周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "26658c3276cd",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md",
          "chunk_id": "chunk:546be4760e42",
          "chunk_index": 4,
          "quote_summary": "国内航空航天产业中长期发展趋势明朗，提高国产化率属国家安全战略，公司超60%产品面向该领域客户，将充分受益于产业扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "40c3b10c8040",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:两机产业",
      "to_name": "两机产业",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 两机产业。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-sz-2024-年三季报点评-bccf1e4ec03e.md",
          "chunk_id": "chunk:221167c8984f",
          "chunk_index": 2,
          "quote_summary": "公司是我国高端和新型高温合金制品生产规模最大的企业之一，具备航空航天用高温合金母合金及精铸件量产能力，技术领先，未来有望充分受益于“两机”产业高景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:两机产业",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9a440bdfe23b",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:中报点评",
      "to_name": "中报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 中报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-fd991e900c78.md",
          "chunk_id": "chunk:09a93ca8b03d",
          "chunk_index": 0,
          "quote_summary": "新增产能释放加剧市场竞争，加速新型合金商业化进程"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:中报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "567b17883262",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:产业链延伸",
      "to_name": "产业链延伸",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 产业链延伸。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md",
          "chunk_id": "chunk:c4e333c0efa7",
          "chunk_index": 6,
          "quote_summary": "航空发动机、燃气轮机国产化及“一带一路”外贸需求共同拉动高端高温合金长期需求增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:产业链延伸",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c7d5668a7ef4",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-sz-2024-年三季报点评-bccf1e4ec03e.md",
          "chunk_id": "chunk:221167c8984f",
          "chunk_index": 2,
          "quote_summary": "公司是我国高端和新型高温合金制品生产规模最大的企业之一，具备航空航天用高温合金母合金及精铸件量产能力，技术领先，未来有望充分受益于“两机”产业高景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "033a34a49270",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:价格",
      "to_name": "价格",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 价格。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md",
          "chunk_id": "chunk:f5cbbe88ddd8",
          "chunk_index": 4,
          "quote_summary": "国防预算稳健增长及军/民航发需求释放，行业景气度向上确定性较强，公司作为高端高温合金龙头深度受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:价格",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "74543a0f4e27",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md",
          "chunk_id": "chunk:f5cbbe88ddd8",
          "chunk_index": 4,
          "quote_summary": "国防预算稳健增长及军/民航发需求释放，行业景气度向上确定性较强，公司作为高端高温合金龙头深度受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "87c26d63cb90",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:军工新材料",
      "to_name": "军工新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 军工新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md",
          "chunk_id": "chunk:c4e333c0efa7",
          "chunk_index": 6,
          "quote_summary": "航空发动机、燃气轮机国产化及“一带一路”外贸需求共同拉动高端高温合金长期需求增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:军工新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5a484792dfcf",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-25ca2fc3587d.md",
          "chunk_id": "chunk:c4e333c0efa7",
          "chunk_index": 6,
          "quote_summary": "航空发动机、燃气轮机国产化及“一带一路”外贸需求共同拉动高端高温合金长期需求增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5e6889313458",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:发动机材料",
      "to_name": "发动机材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 发动机材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-31e095c5b880.md",
          "chunk_id": "chunk:0233c3a91151",
          "chunk_index": 5,
          "quote_summary": "深耕航空航天发动机高温合金，核心受益于新一代航空装备列装需求及民航领域扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:发动机材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "16d9bd88daab",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md",
          "chunk_id": "chunk:546be4760e42",
          "chunk_index": 4,
          "quote_summary": "国内航空航天产业中长期发展趋势明朗，提高国产化率属国家安全战略，公司超60%产品面向该领域客户，将充分受益于产业扩张。"
        }
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      "target": "topic:同比",
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      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 国产替代。",
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          "quote_summary": "国防预算稳健增长及军/民航发需求释放，行业景气度向上确定性较强，公司作为高端高温合金龙头深度受益。"
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      "relation": "involves_topic",
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          "quote_summary": "国防预算稳健增长及军/民航发需求释放，行业景气度向上确定性较强，公司作为高端高温合金龙头深度受益。"
        }
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          "chunk_id": "chunk:221167c8984f",
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          "quote_summary": "公司是我国高端和新型高温合金制品生产规模最大的企业之一，具备航空航天用高温合金母合金及精铸件量产能力，技术领先，未来有望充分受益于“两机”产业高景气。"
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      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 定向增发。",
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          "chunk_id": "chunk:479ccb177e93",
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          "quote_summary": "向控股股东定增募资不超过2.8亿元补充流动资金，优化资本结构并夯实长期发展基础"
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      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
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      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 定增。",
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          "quote_summary": "公司作为高温合金制品龙头，背靠钢研院保持技术领先，积极向下游航空部件拓展，充分受益于“两机”高景气周期。"
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      "to_name": "定增募资",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 定增募资。",
      "confidence": 0.62,
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          "chunk_id": "chunk:546be4760e42",
          "chunk_index": 4,
          "quote_summary": "国内航空航天产业中长期发展趋势明朗，提高国产化率属国家安全战略，公司超60%产品面向该领域客户，将充分受益于产业扩张。"
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      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
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      "to": "topic:定增融资",
      "to_name": "定增融资",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 定增融资。",
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          "chunk_id": "chunk:221167c8984f",
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          "quote_summary": "公司是我国高端和新型高温合金制品生产规模最大的企业之一，具备航空航天用高温合金母合金及精铸件量产能力，技术领先，未来有望充分受益于“两机”产业高景气。"
        }
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:定增融资",
      "label": "involves_topic",
      "category": "topic",
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      "to": "topic:新材料",
      "to_name": "新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 新材料。",
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          "quote_summary": "公司作为高温合金制品龙头，背靠钢研院保持技术领先，积极向下游航空部件拓展，充分受益于“两机”高景气周期。"
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:新材料",
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      "category": "topic",
      "group": "involves_topic",
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      "to": "topic:毛利率提升",
      "to_name": "毛利率提升",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 毛利率提升。",
      "confidence": 0.62,
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          "chunk_id": "chunk:546be4760e42",
          "chunk_index": 4,
          "quote_summary": "国内航空航天产业中长期发展趋势明朗，提高国产化率属国家安全战略，公司超60%产品面向该领域客户，将充分受益于产业扩张。"
        }
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:毛利率提升",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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      "from_name": "钢研高纳",
      "to": "topic:海外业务拓展",
      "to_name": "海外业务拓展",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 海外业务拓展。",
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          "quote_summary": "航空发动机、燃气轮机国产化及“一带一路”外贸需求共同拉动高端高温合金长期需求增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:海外业务拓展",
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      "from": "company:300034",
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      "to": "topic:海外拓展",
      "to_name": "海外拓展",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 海外拓展。",
      "confidence": 0.62,
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        {
          "source_path": "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md",
          "chunk_id": "chunk:f5cbbe88ddd8",
          "chunk_index": 4,
          "quote_summary": "国防预算稳健增长及军/民航发需求释放，行业景气度向上确定性较强，公司作为高端高温合金龙头深度受益。"
        }
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:海外拓展",
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      "to": "topic:燃气轮机",
      "to_name": "燃气轮机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 燃气轮机。",
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          "chunk_id": "chunk:c4e333c0efa7",
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          "quote_summary": "航空发动机、燃气轮机国产化及“一带一路”外贸需求共同拉动高端高温合金长期需求增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:燃气轮机",
      "label": "involves_topic",
      "category": "topic",
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      "to": "topic:盈利能力",
      "to_name": "盈利能力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 盈利能力。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:588a25f145b6",
          "chunk_index": 2,
          "quote_summary": "公司作为高温合金制品龙头，背靠钢研院保持技术领先，积极向下游航空部件拓展，充分受益于“两机”高景气周期。"
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:盈利能力",
      "label": "involves_topic",
      "category": "topic",
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      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:自主可控",
      "to_name": "自主可控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 自主可控。",
      "confidence": 0.62,
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          "chunk_id": "chunk:479ccb177e93",
          "chunk_index": 2,
          "quote_summary": "向控股股东定增募资不超过2.8亿元补充流动资金，优化资本结构并夯实长期发展基础"
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      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:自主可控",
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      "category": "topic",
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      "evidence_count": 1
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      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-6-月-30-日-240dda978b6b.md",
          "chunk_id": "chunk:479ccb177e93",
          "chunk_index": 2,
          "quote_summary": "向控股股东定增募资不超过2.8亿元补充流动资金，优化资本结构并夯实长期发展基础"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:航天",
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      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-2024-年-6-月-30-日-240dda978b6b.md",
          "chunk_id": "chunk:479ccb177e93",
          "chunk_index": 2,
          "quote_summary": "向控股股东定增募资不超过2.8亿元补充流动资金，优化资本结构并夯实长期发展基础"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
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      "evidence_count": 1
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      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:航空发动机",
      "to_name": "航空发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 航空发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md",
          "chunk_id": "chunk:f5cbbe88ddd8",
          "chunk_index": 4,
          "quote_summary": "国防预算稳健增长及军/民航发需求释放，行业景气度向上确定性较强，公司作为高端高温合金龙头深度受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:航空发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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    },
    {
      "edge_id": "eaf74823ee3c",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:航空航天",
      "to_name": "航空航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 航空航天。",
      "confidence": 0.62,
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          "chunk_id": "chunk:546be4760e42",
          "chunk_index": 4,
          "quote_summary": "国内航空航天产业中长期发展趋势明朗，提高国产化率属国家安全战略，公司超60%产品面向该领域客户，将充分受益于产业扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:航空航天",
      "label": "involves_topic",
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    },
    {
      "edge_id": "50e2d059d725",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:航空航天发动机",
      "to_name": "航空航天发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 航空航天发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-fd991e900c78.md",
          "chunk_id": "chunk:09a93ca8b03d",
          "chunk_index": 0,
          "quote_summary": "新增产能释放加剧市场竞争，加速新型合金商业化进程"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:航空航天发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "af1c938a0346",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:航空装备",
      "to_name": "航空装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 航空装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0d50f2d43634.md",
          "chunk_id": "chunk:00abe34e912a",
          "chunk_index": 0,
          "quote_summary": "受益于我国航空领域扩张，下游需求有望恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:航空装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dce364870d3f",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md",
          "chunk_id": "chunk:f5cbbe88ddd8",
          "chunk_index": 4,
          "quote_summary": "国防预算稳健增长及军/民航发需求释放，行业景气度向上确定性较强，公司作为高端高温合金龙头深度受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "96a61549fd39",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:跨领域应用",
      "to_name": "跨领域应用",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 跨领域应用。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-10-月-29-日-fb636955125b.md",
          "chunk_id": "chunk:546be4760e42",
          "chunk_index": 4,
          "quote_summary": "国内航空航天产业中长期发展趋势明朗，提高国产化率属国家安全战略，公司超60%产品面向该领域客户，将充分受益于产业扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:跨领域应用",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d4ef67ad3841",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:钢材",
      "to_name": "钢材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 钢材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-钢研高纳-300034-sz-2024-年中报点评-34aeb160983d.md",
          "chunk_id": "chunk:588a25f145b6",
          "chunk_index": 2,
          "quote_summary": "公司作为高温合金制品龙头，背靠钢研院保持技术领先，积极向下游航空部件拓展，充分受益于“两机”高景气周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:钢材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "40ef15d9d406",
      "from": "company:300034",
      "from_name": "钢研高纳",
      "to": "topic:高温合金",
      "to_name": "高温合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "钢研高纳 研报中反复涉及 高温合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-报告日期-2025-年-04-月-28-日-6df53779ac7a.md",
          "chunk_id": "chunk:f5cbbe88ddd8",
          "chunk_index": 4,
          "quote_summary": "国防预算稳健增长及军/民航发需求释放，行业景气度向上确定性较强，公司作为高端高温合金龙头深度受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300034",
      "target": "topic:高温合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8554d5fa645b",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:odm",
      "to_name": "odm",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 ODM。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md",
          "chunk_id": "chunk:ee63c89301f1",
          "chunk_index": 0,
          "quote_summary": "定增落地将结束三年无实控人状态，林世达成为实控人，战略全面聚焦化妆品ODM业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:odm",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c77ed74320ce",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:业务剥离",
      "to_name": "业务剥离",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 业务剥离。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md",
          "chunk_id": "chunk:5c93e34d8db5",
          "chunk_index": 0,
          "quote_summary": "剥离传统松节油深加工业务，战略聚焦化妆品ODM大消费主业，管理层变更与定增落地有望推动经营拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:业务剥离",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "13a1c671fbfd",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-材料-材料ii-证券研究报告-8d3425a92bc4.md",
          "chunk_id": "chunk:33f3e68f39f8",
          "chunk_index": 1,
          "quote_summary": "公司系国内化妆品ODM龙头，研发与产品创新能力行业领先。21Q3以来受原材料价格波动、行业新规、用工及产能扩张等内外因素叠加影响，短期业绩承压。23Q1完成松节油业务剥离后，公司战略聚焦化妆品与大消费主业，预计营收与利润将逐步回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0136ac423d79",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:业绩承压",
      "to_name": "业绩承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 业绩承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md",
          "chunk_id": "chunk:5c93e34d8db5",
          "chunk_index": 0,
          "quote_summary": "剥离传统松节油深加工业务，战略聚焦化妆品ODM大消费主业，管理层变更与定增落地有望推动经营拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:业绩承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "087706178dcd",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-2022-年年报及-2023-年一季报点评-643e3156ef91.md",
          "chunk_id": "chunk:b95780712bf4",
          "chunk_index": 1,
          "quote_summary": "随着化妆品下游格局变化及产品备案数量增加，公司订单有望改善；行业监管趋严叠加市场竞争加剧，公司凭借龙头优势市场份额有望提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "99eefad6902b",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:产能利用率",
      "to_name": "产能利用率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 产能利用率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-2022-年年报及-2023-年一季报点评-643e3156ef91.md",
          "chunk_id": "chunk:b95780712bf4",
          "chunk_index": 1,
          "quote_summary": "随着化妆品下游格局变化及产品备案数量增加，公司订单有望改善；行业监管趋严叠加市场竞争加剧，公司凭借龙头优势市场份额有望提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:产能利用率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0f3f4cc8e36d",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:产能释放",
      "to_name": "产能释放",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 产能释放。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md",
          "chunk_id": "chunk:ee63c89301f1",
          "chunk_index": 0,
          "quote_summary": "定增落地将结束三年无实控人状态，林世达成为实控人，战略全面聚焦化妆品ODM业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:产能释放",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "311bee56317f",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md",
          "chunk_id": "chunk:5c93e34d8db5",
          "chunk_index": 0,
          "quote_summary": "剥离传统松节油深加工业务，战略聚焦化妆品ODM大消费主业，管理层变更与定增落地有望推动经营拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4a103f1107f2",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:化妆品odm",
      "to_name": "化妆品odm",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 化妆品ODM。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md",
          "chunk_id": "chunk:5c93e34d8db5",
          "chunk_index": 0,
          "quote_summary": "剥离传统松节油深加工业务，战略聚焦化妆品ODM大消费主业，管理层变更与定增落地有望推动经营拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:化妆品odm",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cdae916e2569",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:化妆品代工",
      "to_name": "化妆品代工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 化妆品代工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md",
          "chunk_id": "chunk:ee63c89301f1",
          "chunk_index": 0,
          "quote_summary": "定增落地将结束三年无实控人状态，林世达成为实控人，战略全面聚焦化妆品ODM业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:化妆品代工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3ec30e077db8",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:原材料成本",
      "to_name": "原材料成本",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 原材料成本。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md",
          "chunk_id": "chunk:503a6ff2f368",
          "chunk_index": 4,
          "quote_summary": "定增落地后实控人变更，公司战略全面聚焦化妆品与大消费业务，符合长期发展规划。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:原材料成本",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b2de7d233c4b",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-计提商誉减值-业绩端承压-48bad63271da.md",
          "chunk_id": "chunk:5c93e34d8db5",
          "chunk_index": 0,
          "quote_summary": "剥离传统松节油深加工业务，战略聚焦化妆品ODM大消费主业，管理层变更与定增落地有望推动经营拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e4379d4996db",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:商誉减值",
      "to_name": "商誉减值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 商誉减值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md",
          "chunk_id": "chunk:ee63c89301f1",
          "chunk_index": 0,
          "quote_summary": "定增落地将结束三年无实控人状态，林世达成为实控人，战略全面聚焦化妆品ODM业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:商誉减值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "03b21c6e4da2",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:定向增发",
      "to_name": "定向增发",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 定向增发。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md",
          "chunk_id": "chunk:503a6ff2f368",
          "chunk_index": 4,
          "quote_summary": "定增落地后实控人变更，公司战略全面聚焦化妆品与大消费业务，符合长期发展规划。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:定向增发",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7b70748a4c6f",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:定增",
      "to_name": "定增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 定增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md",
          "chunk_id": "chunk:ee63c89301f1",
          "chunk_index": 0,
          "quote_summary": "定增落地将结束三年无实控人状态，林世达成为实控人，战略全面聚焦化妆品ODM业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:定增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4b3a0d4f2091",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-材料-材料ii-证券研究报告-8d3425a92bc4.md",
          "chunk_id": "chunk:33f3e68f39f8",
          "chunk_index": 1,
          "quote_summary": "公司系国内化妆品ODM龙头，研发与产品创新能力行业领先。21Q3以来受原材料价格波动、行业新规、用工及产能扩张等内外因素叠加影响，短期业绩承压。23Q1完成松节油业务剥离后，公司战略聚焦化妆品与大消费主业，预计营收与利润将逐步回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "50759ad4988b",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:控制权变更",
      "to_name": "控制权变更",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 控制权变更。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md",
          "chunk_id": "chunk:503a6ff2f368",
          "chunk_index": 4,
          "quote_summary": "定增落地后实控人变更，公司战略全面聚焦化妆品与大消费业务，符合长期发展规划。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:控制权变更",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "58d69ea3c083",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:新锐品牌",
      "to_name": "新锐品牌",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 新锐品牌。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md",
          "chunk_id": "chunk:ee63c89301f1",
          "chunk_index": 0,
          "quote_summary": "定增落地将结束三年无实控人状态，林世达成为实控人，战略全面聚焦化妆品ODM业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:新锐品牌",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "afde363d3021",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:松节油剥离",
      "to_name": "松节油剥离",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 松节油剥离。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md",
          "chunk_id": "chunk:ee63c89301f1",
          "chunk_index": 0,
          "quote_summary": "定增落地将结束三年无实控人状态，林世达成为实控人，战略全面聚焦化妆品ODM业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:松节油剥离",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c6c923e9e121",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:松节油深加工",
      "to_name": "松节油深加工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 松节油深加工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-材料-材料ii-证券研究报告-8d3425a92bc4.md",
          "chunk_id": "chunk:33f3e68f39f8",
          "chunk_index": 1,
          "quote_summary": "公司系国内化妆品ODM龙头，研发与产品创新能力行业领先。21Q3以来受原材料价格波动、行业新规、用工及产能扩张等内外因素叠加影响，短期业绩承压。23Q1完成松节油业务剥离后，公司战略聚焦化妆品与大消费主业，预计营收与利润将逐步回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:松节油深加工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8bb7b94c418c",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:林产化学品",
      "to_name": "林产化学品",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 林产化学品。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-2022-年年报及-2023-年一季报点评-643e3156ef91.md",
          "chunk_id": "chunk:b95780712bf4",
          "chunk_index": 1,
          "quote_summary": "随着化妆品下游格局变化及产品备案数量增加，公司订单有望改善；行业监管趋严叠加市场竞争加剧，公司凭借龙头优势市场份额有望提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:林产化学品",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d9ed197b1a0d",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:毛利率修复",
      "to_name": "毛利率修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 毛利率修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-2022-年年报及-2023-年一季报点评-643e3156ef91.md",
          "chunk_id": "chunk:b95780712bf4",
          "chunk_index": 1,
          "quote_summary": "随着化妆品下游格局变化及产品备案数量增加，公司订单有望改善；行业监管趋严叠加市场竞争加剧，公司凭借龙头优势市场份额有望提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:毛利率修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e0001416fc89",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-深度报告-3e57fee3e7a5.md",
          "chunk_id": "chunk:ee63c89301f1",
          "chunk_index": 0,
          "quote_summary": "定增落地将结束三年无实控人状态，林世达成为实控人，战略全面聚焦化妆品ODM业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "80f6f79b02d0",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:财务修复",
      "to_name": "财务修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 财务修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-定增预案落地-化妆品代工龙头再出发-6dc3f938d134.md",
          "chunk_id": "chunk:503a6ff2f368",
          "chunk_index": 4,
          "quote_summary": "定增落地后实控人变更，公司战略全面聚焦化妆品与大消费业务，符合长期发展规划。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:财务修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "97cf6c5aafa6",
      "from": "company:300132",
      "from_name": "青松股份",
      "to": "topic:资产剥离",
      "to_name": "资产剥离",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 资产剥离。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-材料-材料ii-证券研究报告-8d3425a92bc4.md",
          "chunk_id": "chunk:33f3e68f39f8",
          "chunk_index": 1,
          "quote_summary": "公司系国内化妆品ODM龙头，研发与产品创新能力行业领先。21Q3以来受原材料价格波动、行业新规、用工及产能扩张等内外因素叠加影响，短期业绩承压。23Q1完成松节油业务剥离后，公司战略聚焦化妆品与大消费主业，预计营收与利润将逐步回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132",
      "target": "topic:资产剥离",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f25cfe37c119",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-43af80fbdc58.md",
          "chunk_id": "chunk:803fd537cc45",
          "chunk_index": 1,
          "quote_summary": "松节油深加工业务已全面剥离出表，公司战略重心回归化妆品代工主业，后续利润表结构有望显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "65fdf375a7fd",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:业绩反转",
      "to_name": "业绩反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 业绩反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-7cedcbfc70a4.md",
          "chunk_id": "chunk:79c562e19fb5",
          "chunk_index": 0,
          "quote_summary": "剥离低毛利化工业务，公司利润表有望显著改善，战略重心全面转向诺斯贝尔化妆品代工主业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:业绩反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "48be0ccbcf4a",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:业绩复苏",
      "to_name": "业绩复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 业绩复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-2023-年中报点评-踏上复苏-扭亏之路-6efd3b55dc15.md",
          "chunk_id": "chunk:c06911dd8849",
          "chunk_index": 0,
          "quote_summary": "化妆品代工业务需求回暖叠加降本增效措施落地，公司已度过最艰难时刻，后续利润率有望加速修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:业绩复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bef56e9a5e10",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:价格",
      "to_name": "价格",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 价格。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-43af80fbdc58.md",
          "chunk_id": "chunk:803fd537cc45",
          "chunk_index": 1,
          "quote_summary": "松节油深加工业务已全面剥离出表，公司战略重心回归化妆品代工主业，后续利润表结构有望显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:价格",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "91f15b56ea23",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:化妆品代工",
      "to_name": "化妆品代工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 化妆品代工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-43af80fbdc58.md",
          "chunk_id": "chunk:803fd537cc45",
          "chunk_index": 1,
          "quote_summary": "松节油深加工业务已全面剥离出表，公司战略重心回归化妆品代工主业，后续利润表结构有望显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:化妆品代工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f3fa9e55bc8b",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:化工业务剥离",
      "to_name": "化工业务剥离",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 化工业务剥离。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-7cedcbfc70a4.md",
          "chunk_id": "chunk:79c562e19fb5",
          "chunk_index": 0,
          "quote_summary": "剥离低毛利化工业务，公司利润表有望显著改善，战略重心全面转向诺斯贝尔化妆品代工主业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:化工业务剥离",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3dd126c28ee2",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:困境反转",
      "to_name": "困境反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 困境反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-a5290b01bd67.md",
          "chunk_id": "chunk:a930b85d710d",
          "chunk_index": 0,
          "quote_summary": "公司剥离化工业务后聚焦化妆品代工主业，诺斯贝尔23Q3两年来首次扭亏，收入与利润两端持续恢复，困境反转趋势显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:困境反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f83420c9da50",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:定增",
      "to_name": "定增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 定增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-7cedcbfc70a4.md",
          "chunk_id": "chunk:79c562e19fb5",
          "chunk_index": 0,
          "quote_summary": "剥离低毛利化工业务，公司利润表有望显著改善，战略重心全面转向诺斯贝尔化妆品代工主业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:定增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "24d167943140",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:扭亏",
      "to_name": "扭亏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 扭亏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-2023-年中报点评-踏上复苏-扭亏之路-6efd3b55dc15.md",
          "chunk_id": "chunk:c06911dd8849",
          "chunk_index": 0,
          "quote_summary": "化妆品代工业务需求回暖叠加降本增效措施落地，公司已度过最艰难时刻，后续利润率有望加速修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:扭亏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5ab3ae5cbbfc",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-43af80fbdc58.md",
          "chunk_id": "chunk:803fd537cc45",
          "chunk_index": 1,
          "quote_summary": "松节油深加工业务已全面剥离出表，公司战略重心回归化妆品代工主业，后续利润表结构有望显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4676aa296d4f",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:松节油深加工",
      "to_name": "松节油深加工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 松节油深加工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-7cedcbfc70a4.md",
          "chunk_id": "chunk:79c562e19fb5",
          "chunk_index": 0,
          "quote_summary": "剥离低毛利化工业务，公司利润表有望显著改善，战略重心全面转向诺斯贝尔化妆品代工主业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:松节油深加工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "87f93454d973",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:毛利率修复",
      "to_name": "毛利率修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 毛利率修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-2023-年中报点评-踏上复苏-扭亏之路-6efd3b55dc15.md",
          "chunk_id": "chunk:c06911dd8849",
          "chunk_index": 0,
          "quote_summary": "化妆品代工业务需求回暖叠加降本增效措施落地，公司已度过最艰难时刻，后续利润率有望加速修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:毛利率修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dbcd93a785ad",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-a5290b01bd67.md",
          "chunk_id": "chunk:a930b85d710d",
          "chunk_index": 0,
          "quote_summary": "公司剥离化工业务后聚焦化妆品代工主业，诺斯贝尔23Q3两年来首次扭亏，收入与利润两端持续恢复，困境反转趋势显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "84d0f04f79ab",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-43af80fbdc58.md",
          "chunk_id": "chunk:803fd537cc45",
          "chunk_index": 1,
          "quote_summary": "松节油深加工业务已全面剥离出表，公司战略重心回归化妆品代工主业，后续利润表结构有望显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6d7d88965754",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:诺斯贝尔",
      "to_name": "诺斯贝尔",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 诺斯贝尔。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-43af80fbdc58.md",
          "chunk_id": "chunk:803fd537cc45",
          "chunk_index": 1,
          "quote_summary": "松节油深加工业务已全面剥离出表，公司战略重心回归化妆品代工主业，后续利润表结构有望显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:诺斯贝尔",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "997d8dca2976",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:资产剥离",
      "to_name": "资产剥离",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 资产剥离。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-43af80fbdc58.md",
          "chunk_id": "chunk:803fd537cc45",
          "chunk_index": 1,
          "quote_summary": "松节油深加工业务已全面剥离出表，公司战略重心回归化妆品代工主业，后续利润表结构有望显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:资产剥离",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1739de3462e9",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:降本增效",
      "to_name": "降本增效",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 降本增效。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-青松股份-300132-sz-2023-年中报点评-踏上复苏-扭亏之路-6efd3b55dc15.md",
          "chunk_id": "chunk:c06911dd8849",
          "chunk_index": 0,
          "quote_summary": "化妆品代工业务需求回暖叠加降本增效措施落地，公司已度过最艰难时刻，后续利润率有望加速修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:降本增效",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "73515cef9310",
      "from": "company:300132.SZ",
      "from_name": "青松股份",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "青松股份 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-43af80fbdc58.md",
          "chunk_id": "chunk:803fd537cc45",
          "chunk_index": 1,
          "quote_summary": "松节油深加工业务已全面剥离出表，公司战略重心回归化妆品代工主业，后续利润表结构有望显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300132.SZ",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bd6fd731e436",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:aigc",
      "to_name": "AIGC",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 AIGC。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md",
          "chunk_id": "chunk:0fb3e75e5fb9",
          "chunk_index": 2,
          "quote_summary": "剧集储备与预售订单充足，短剧与出海赛道多元化布局保障长期业绩增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:aigc",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fc61351de07a",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:aigc应用",
      "to_name": "aigc应用",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 AIGC应用。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华策影视-300133-sz-优于大市-c2756f7c44b3.md",
          "chunk_id": "chunk:5c8df238517c",
          "chunk_index": 0,
          "quote_summary": "25年Q1营收及净利润同比大幅向上，电视剧业务拉动显著，优质内容储备进入集中释放期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:aigc应用",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "afb376db057c",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:ai大模型",
      "to_name": "ai大模型",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 AI大模型。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-传媒-公司点评报告-8fb3e98470f6.md",
          "chunk_id": "chunk:3fe85ccf82e2",
          "chunk_index": 4,
          "quote_summary": "影视基本盘稳健，毛利率进入上升通道，充足的项目储备为未来业绩增长奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:ai大模型",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "407ff209ba9a",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:ai算力",
      "to_name": "AI算力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 AI算力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-05-月-06-日-96b5281df9ea.md",
          "chunk_id": "chunk:23f63b66903c",
          "chunk_index": 0,
          "quote_summary": "剧集主业基本盘稳固，头部内容品牌效应凸显，2025Q1业绩高增为后续发展奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:ai算力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b6e0963a4145",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:ai算力服务",
      "to_name": "ai算力服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 AI算力服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-09-28-363ece72c879.md",
          "chunk_id": "chunk:2aabd5f8ca28",
          "chunk_index": 4,
          "quote_summary": "影视内容储备充足，短剧、动漫及海外业务拓展构筑第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:ai算力服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2a3f5fcd519b",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-09-28-363ece72c879.md",
          "chunk_id": "chunk:2aabd5f8ca28",
          "chunk_index": 4,
          "quote_summary": "影视内容储备充足，短剧、动漫及海外业务拓展构筑第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c0bd1a3ef3f4",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:人工智能",
      "to_name": "人工智能",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 人工智能。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华策影视-300133-sz-2023-年报点评-主营稳中向好-全产业链协同发展-2aeaee3ba7a7.md",
          "chunk_id": "chunk:6d510a6a8e22",
          "chunk_index": 4,
          "quote_summary": "电视剧制作发行与版权运营双轮驱动，预售项目储备充足，为中长期业绩提供确定性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:人工智能",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c6dcfa4ed1dc",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:传媒",
      "to_name": "传媒",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 传媒。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华策影视-300133-sz-2023-年报点评-主营稳中向好-全产业链协同发展-2aeaee3ba7a7.md",
          "chunk_id": "chunk:6d510a6a8e22",
          "chunk_index": 4,
          "quote_summary": "电视剧制作发行与版权运营双轮驱动，预售项目储备充足，为中长期业绩提供确定性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:传媒",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9f1d7c61f2a8",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:内容出海",
      "to_name": "内容出海",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 内容出海。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-09-28-363ece72c879.md",
          "chunk_id": "chunk:2aabd5f8ca28",
          "chunk_index": 4,
          "quote_summary": "影视内容储备充足，短剧、动漫及海外业务拓展构筑第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:内容出海",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "91e28859b976",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:内容制作",
      "to_name": "内容制作",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 内容制作。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华策影视-300133-sz-优于大市-94514e05d599.md",
          "chunk_id": "chunk:9eeaac545614",
          "chunk_index": 0,
          "quote_summary": "坚守“内容为王”战略，下半年8部电视剧及多部短剧计划开机，有望带动制作业务底部回暖。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:内容制作",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2a8dab0f723c",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华策影视-300133-sz-优于大市-c2756f7c44b3.md",
          "chunk_id": "chunk:5c8df238517c",
          "chunk_index": 0,
          "quote_summary": "25年Q1营收及净利润同比大幅向上，电视剧业务拉动显著，优质内容储备进入集中释放期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b9f45c19b410",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:出海",
      "to_name": "出海",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 出海。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华策影视-300133-sz-买入-ce9846411e4c.md",
          "chunk_id": "chunk:34cdfaf1921a",
          "chunk_index": 0,
          "quote_summary": "核心主业剧集预售充足且储备丰富，AIGC技术落地重塑影视工作流，短剧与版权出海业务打开第二增长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:出海",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cd8afab2474d",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:动漫ip",
      "to_name": "动漫ip",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 动漫IP。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华策影视-300133-sz-优于大市-aa55d30f6e9a.md",
          "chunk_id": "chunk:5e95fa3a627e",
          "chunk_index": 0,
          "quote_summary": "电视剧制作业务触底向上，丰富内容储备奠定下半年业绩基础"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:动漫ip",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2f1d580147e0",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华策影视-300133-sz-优于大市-c2756f7c44b3.md",
          "chunk_id": "chunk:5c8df238517c",
          "chunk_index": 0,
          "quote_summary": "25年Q1营收及净利润同比大幅向上，电视剧业务拉动显著，优质内容储备进入集中释放期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2d5e0bb36e31",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:大模型",
      "to_name": "大模型",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 大模型。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md",
          "chunk_id": "chunk:0fb3e75e5fb9",
          "chunk_index": 2,
          "quote_summary": "剧集储备与预售订单充足，短剧与出海赛道多元化布局保障长期业绩增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:大模型",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f83418cf8be2",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:影视传媒",
      "to_name": "影视传媒",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 影视传媒。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华策影视-300133-sz-买入-ce9846411e4c.md",
          "chunk_id": "chunk:34cdfaf1921a",
          "chunk_index": 0,
          "quote_summary": "核心主业剧集预售充足且储备丰富，AIGC技术落地重塑影视工作流，短剧与版权出海业务打开第二增长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:影视传媒",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "396143eafde4",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:影视内容制作",
      "to_name": "影视内容制作",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 影视内容制作。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华策影视-300133-sz-优于大市-c2756f7c44b3.md",
          "chunk_id": "chunk:5c8df238517c",
          "chunk_index": 0,
          "quote_summary": "25年Q1营收及净利润同比大幅向上，电视剧业务拉动显著，优质内容储备进入集中释放期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:影视内容制作",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "61c40b8a03cb",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:影视出海",
      "to_name": "影视出海",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 影视出海。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md",
          "chunk_id": "chunk:0fb3e75e5fb9",
          "chunk_index": 2,
          "quote_summary": "剧集储备与预售订单充足，短剧与出海赛道多元化布局保障长期业绩增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:影视出海",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "853c55221a7e",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:影视制作",
      "to_name": "影视制作",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 影视制作。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md",
          "chunk_id": "chunk:0fb3e75e5fb9",
          "chunk_index": 2,
          "quote_summary": "剧集储备与预售订单充足，短剧与出海赛道多元化布局保障长期业绩增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:影视制作",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4df98fd68d1c",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:微短剧",
      "to_name": "微短剧",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 微短剧。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-09-28-363ece72c879.md",
          "chunk_id": "chunk:2aabd5f8ca28",
          "chunk_index": 4,
          "quote_summary": "影视内容储备充足，短剧、动漫及海外业务拓展构筑第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:微短剧",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f47dbe36df54",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:数据资产",
      "to_name": "数据资产",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 数据资产。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md",
          "chunk_id": "chunk:0fb3e75e5fb9",
          "chunk_index": 2,
          "quote_summary": "剧集储备与预售订单充足，短剧与出海赛道多元化布局保障长期业绩增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:数据资产",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "71c3e070d205",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:文化出海",
      "to_name": "文化出海",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 文化出海。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华策影视-300133-sz-优于大市-94514e05d599.md",
          "chunk_id": "chunk:9eeaac545614",
          "chunk_index": 0,
          "quote_summary": "坚守“内容为王”战略，下半年8部电视剧及多部短剧计划开机，有望带动制作业务底部回暖。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:文化出海",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0a5c675d1cec",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:版权运营",
      "to_name": "版权运营",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 版权运营。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md",
          "chunk_id": "chunk:0fb3e75e5fb9",
          "chunk_index": 2,
          "quote_summary": "剧集储备与预售订单充足，短剧与出海赛道多元化布局保障长期业绩增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:版权运营",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6559ba265932",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:短剧",
      "to_name": "短剧",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 短剧。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md",
          "chunk_id": "chunk:0fb3e75e5fb9",
          "chunk_index": 2,
          "quote_summary": "剧集储备与预售订单充足，短剧与出海赛道多元化布局保障长期业绩增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:短剧",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c6ac0208b93b",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:短剧出海",
      "to_name": "短剧出海",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 短剧出海。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华策影视-300133-sz-优于大市-c2756f7c44b3.md",
          "chunk_id": "chunk:5c8df238517c",
          "chunk_index": 0,
          "quote_summary": "25年Q1营收及净利润同比大幅向上，电视剧业务拉动显著，优质内容储备进入集中释放期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:短剧出海",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "042359a8948a",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:算力服务",
      "to_name": "算力服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 算力服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华策影视-300133-sz-优于大市-c2756f7c44b3.md",
          "chunk_id": "chunk:5c8df238517c",
          "chunk_index": 0,
          "quote_summary": "25年Q1营收及净利润同比大幅向上，电视剧业务拉动显著，优质内容储备进入集中释放期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:算力服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a2cd545ae223",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:精品短剧",
      "to_name": "精品短剧",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 精品短剧。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-25-日-4def89e0aa21.md",
          "chunk_id": "chunk:0abf5d923cfd",
          "chunk_index": 3,
          "quote_summary": "AI技术驱动新质生产力，重塑影视内容行业工作流，高质量专业内容在AI生成时代稀缺性凸显。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:精品短剧",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cf99b6101d88",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:股权激励",
      "to_name": "股权激励",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 股权激励。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-25-日-4def89e0aa21.md",
          "chunk_id": "chunk:0abf5d923cfd",
          "chunk_index": 3,
          "quote_summary": "AI技术驱动新质生产力，重塑影视内容行业工作流，高质量专业内容在AI生成时代稀缺性凸显。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:股权激励",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d1ec546928f5",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-剧集储备充足-ai-驱动影视全链路环节-e88a0ccdd7a2.md",
          "chunk_id": "chunk:0fb3e75e5fb9",
          "chunk_index": 2,
          "quote_summary": "剧集储备与预售订单充足，短剧与出海赛道多元化布局保障长期业绩增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bf71d35dc635",
      "from": "company:300133",
      "from_name": "华策影视",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "华策影视 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-25-日-4def89e0aa21.md",
          "chunk_id": "chunk:0abf5d923cfd",
          "chunk_index": 3,
          "quote_summary": "AI技术驱动新质生产力，重塑影视内容行业工作流，高质量专业内容在AI生成时代稀缺性凸显。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300133",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5fef65841780",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:ai手机",
      "to_name": "ai手机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 AI手机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-2f3d6ba00fb7.md",
          "chunk_id": "chunk:31c066126fef",
          "chunk_index": 4,
          "quote_summary": "消费电子市场温和复苏叠加AI技术引发换机潮，带动天线、射频、连接器等零部件单机价值量提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:ai手机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "afa1f8ce609a",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:ai硬件",
      "to_name": "ai硬件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 AI硬件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-12-24-b5dad5b8852e.md",
          "chunk_id": "chunk:68f73b35e069",
          "chunk_index": 4,
          "quote_summary": "AI终端放量驱动天线、无线充电及精密结构件需求增长，产品结构优化带动毛利率提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:ai硬件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eabbf4829459",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:ai终端",
      "to_name": "ai终端",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 AI终端。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-5bdb3145c12c.md",
          "chunk_id": "chunk:bc9f8f360fa4",
          "chunk_index": 2,
          "quote_summary": "AI技术推动智能终端交互与硬件配置升级，带动射频信号传输、高精密连接器及结构件需求增长，公司相关产品已获客户认可。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:ai终端",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7b198198e182",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:lcp天线",
      "to_name": "lcp天线",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 LCP天线。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md",
          "chunk_id": "chunk:416efd8df492",
          "chunk_index": 5,
          "quote_summary": "泛射频业务全球化布局完善，从天线单一供应向多业务协同拓展，构筑技术护城河。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:lcp天线",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e6632ea63e53",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:mlcc",
      "to_name": "MLCC",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 MLCC。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-5bdb3145c12c.md",
          "chunk_id": "chunk:bc9f8f360fa4",
          "chunk_index": 2,
          "quote_summary": "AI技术推动智能终端交互与硬件配置升级，带动射频信号传输、高精密连接器及结构件需求增长，公司相关产品已获客户认可。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:mlcc",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2f3e19fde5a7",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:uwb模组",
      "to_name": "uwb模组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 UWB模组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-e313a9a557cc.md",
          "chunk_id": "chunk:32b12af6f32d",
          "chunk_index": 4,
          "quote_summary": "射频龙头全链路布局，传统天线、无线充电及精密结构件业务基本盘稳健，LCP与UWB等新品放量驱动增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:uwb模组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "10fd40a7dddd",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:业绩复苏",
      "to_name": "业绩复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 业绩复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-60bff0ac37a7.md",
          "chunk_id": "chunk:503b6f453f39",
          "chunk_index": 8,
          "quote_summary": "消费电子主业短期承压但全年有望复苏，海外业务扩展顺利及新料号导入将驱动增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:业绩复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8d17391aba5a",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-b65be7c6d9d7.md",
          "chunk_id": "chunk:ada4a4b04e67",
          "chunk_index": 27,
          "quote_summary": "星舰快速复用与低成本发射将大幅加速星链卫星组网，带动地面接收器需求爆发；公司凭借在射频与连接器领域的先发优势，有望在卫星互联网业务实现高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "24efc8523254",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-12-24-b5dad5b8852e.md",
          "chunk_id": "chunk:68f73b35e069",
          "chunk_index": 4,
          "quote_summary": "AI终端放量驱动天线、无线充电及精密结构件需求增长，产品结构优化带动毛利率提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2bd542b22f20",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:卫星",
      "to_name": "卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-b65be7c6d9d7.md",
          "chunk_id": "chunk:ada4a4b04e67",
          "chunk_index": 27,
          "quote_summary": "星舰快速复用与低成本发射将大幅加速星链卫星组网，带动地面接收器需求爆发；公司凭借在射频与连接器领域的先发优势，有望在卫星互联网业务实现高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1c161b29593c",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:卫星互联网",
      "to_name": "卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-b65be7c6d9d7.md",
          "chunk_id": "chunk:ada4a4b04e67",
          "chunk_index": 27,
          "quote_summary": "星舰快速复用与低成本发射将大幅加速星链卫星组网，带动地面接收器需求爆发；公司凭借在射频与连接器领域的先发优势，有望在卫星互联网业务实现高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "12167ad8fa5d",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:卫星通信",
      "to_name": "卫星通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 卫星通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md",
          "chunk_id": "chunk:416efd8df492",
          "chunk_index": 5,
          "quote_summary": "泛射频业务全球化布局完善，从天线单一供应向多业务协同拓展，构筑技术护城河。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:卫星通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8e78847ccc0c",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:卫星通讯",
      "to_name": "卫星通讯",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 卫星通讯。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-5bdb3145c12c.md",
          "chunk_id": "chunk:bc9f8f360fa4",
          "chunk_index": 2,
          "quote_summary": "AI技术推动智能终端交互与硬件配置升级，带动射频信号传输、高精密连接器及结构件需求增长，公司相关产品已获客户认可。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:卫星通讯",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "41ce6568f70b",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:商业卫星",
      "to_name": "商业卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 商业卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-12-24-b5dad5b8852e.md",
          "chunk_id": "chunk:68f73b35e069",
          "chunk_index": 4,
          "quote_summary": "AI终端放量驱动天线、无线充电及精密结构件需求增长，产品结构优化带动毛利率提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:商业卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0c6d5f6297ef",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:商业卫星通信",
      "to_name": "商业卫星通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 商业卫星通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-e313a9a557cc.md",
          "chunk_id": "chunk:32b12af6f32d",
          "chunk_index": 4,
          "quote_summary": "射频龙头全链路布局，传统天线、无线充电及精密结构件业务基本盘稳健，LCP与UWB等新品放量驱动增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:商业卫星通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f73cbc8b18ea",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-b65be7c6d9d7.md",
          "chunk_id": "chunk:ada4a4b04e67",
          "chunk_index": 27,
          "quote_summary": "星舰快速复用与低成本发射将大幅加速星链卫星组网，带动地面接收器需求爆发；公司凭借在射频与连接器领域的先发优势，有望在卫星互联网业务实现高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "73871d228e2d",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:天线",
      "to_name": "天线",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 天线。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-60bff0ac37a7.md",
          "chunk_id": "chunk:503b6f453f39",
          "chunk_index": 8,
          "quote_summary": "消费电子主业短期承压但全年有望复苏，海外业务扩展顺利及新料号导入将驱动增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:天线",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6d0f0bcca7be",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:射频器件",
      "to_name": "射频器件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 射频器件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-2f3d6ba00fb7.md",
          "chunk_id": "chunk:31c066126fef",
          "chunk_index": 4,
          "quote_summary": "消费电子市场温和复苏叠加AI技术引发换机潮，带动天线、射频、连接器等零部件单机价值量提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:射频器件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bcacdc58d0f5",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:射频天线",
      "to_name": "射频天线",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 射频天线。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-12-24-b5dad5b8852e.md",
          "chunk_id": "chunk:68f73b35e069",
          "chunk_index": 4,
          "quote_summary": "AI终端放量驱动天线、无线充电及精密结构件需求增长，产品结构优化带动毛利率提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:射频天线",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9f19f15a66d4",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:射频连接器",
      "to_name": "射频连接器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 射频连接器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-b65be7c6d9d7.md",
          "chunk_id": "chunk:ada4a4b04e67",
          "chunk_index": 27,
          "quote_summary": "星舰快速复用与低成本发射将大幅加速星链卫星组网，带动地面接收器需求爆发；公司凭借在射频与连接器领域的先发优势，有望在卫星互联网业务实现高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:射频连接器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aac3d072981f",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:无线充电",
      "to_name": "无线充电",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 无线充电。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md",
          "chunk_id": "chunk:416efd8df492",
          "chunk_index": 5,
          "quote_summary": "泛射频业务全球化布局完善，从天线单一供应向多业务协同拓展，构筑技术护城河。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:无线充电",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3da431a9b36d",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:星链",
      "to_name": "星链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 星链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md",
          "chunk_id": "chunk:416efd8df492",
          "chunk_index": 5,
          "quote_summary": "泛射频业务全球化布局完善，从天线单一供应向多业务协同拓展，构筑技术护城河。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:星链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bda75c68e682",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:智能汽车",
      "to_name": "智能汽车",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 智能汽车。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md",
          "chunk_id": "chunk:416efd8df492",
          "chunk_index": 5,
          "quote_summary": "泛射频业务全球化布局完善，从天线单一供应向多业务协同拓展，构筑技术护城河。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:智能汽车",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ef6fef3f3eaf",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:泛射频",
      "to_name": "泛射频",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 泛射频。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md",
          "chunk_id": "chunk:416efd8df492",
          "chunk_index": 5,
          "quote_summary": "泛射频业务全球化布局完善，从天线单一供应向多业务协同拓展，构筑技术护城河。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:泛射频",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5fb1d5558362",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:海外业务",
      "to_name": "海外业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 海外业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-60bff0ac37a7.md",
          "chunk_id": "chunk:503b6f453f39",
          "chunk_index": 8,
          "quote_summary": "消费电子主业短期承压但全年有望复苏，海外业务扩展顺利及新料号导入将驱动增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:海外业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "51cb8dcf7a50",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:消费电子",
      "to_name": "消费电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 消费电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md",
          "chunk_id": "chunk:416efd8df492",
          "chunk_index": 5,
          "quote_summary": "泛射频业务全球化布局完善，从天线单一供应向多业务协同拓展，构筑技术护城河。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:消费电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "51644639252b",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:物联网",
      "to_name": "物联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 物联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-29-日-adf5fc095bc6.md",
          "chunk_id": "chunk:d4ee12fe8ef9",
          "chunk_index": 0,
          "quote_summary": "消费电子行业处于存量调整期，AI应用、折叠屏创新及新一轮换机周期将带动终端需求边际改善，公司主业有望受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:物联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8d3c6e855f24",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:被动元件",
      "to_name": "被动元件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 被动元件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-5bdb3145c12c.md",
          "chunk_id": "chunk:bc9f8f360fa4",
          "chunk_index": 2,
          "quote_summary": "AI技术推动智能终端交互与硬件配置升级，带动射频信号传输、高精密连接器及结构件需求增长，公司相关产品已获客户认可。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:被动元件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "80ede1f5258e",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-b65be7c6d9d7.md",
          "chunk_id": "chunk:ada4a4b04e67",
          "chunk_index": 27,
          "quote_summary": "星舰快速复用与低成本发射将大幅加速星链卫星组网，带动地面接收器需求爆发；公司凭借在射频与连接器领域的先发优势，有望在卫星互联网业务实现高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "44fa1acfeb87",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:连接器",
      "to_name": "连接器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 连接器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信维通信-300136-16bc1e2ac19b.md",
          "chunk_id": "chunk:416efd8df492",
          "chunk_index": 5,
          "quote_summary": "泛射频业务全球化布局完善，从天线单一供应向多业务协同拓展，构筑技术护城河。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:连接器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7c35a0947d8b",
      "from": "company:300136",
      "from_name": "信维通信",
      "to": "topic:高精密连接器",
      "to_name": "高精密连接器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 高精密连接器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-29-日-adf5fc095bc6.md",
          "chunk_id": "chunk:d4ee12fe8ef9",
          "chunk_index": 0,
          "quote_summary": "消费电子行业处于存量调整期，AI应用、折叠屏创新及新一轮换机周期将带动终端需求边际改善，公司主业有望受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300136",
      "target": "topic:高精密连接器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "791f7710fbdc",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:vocs治理",
      "to_name": "vocs治理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 VOCs治理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-运营咨询业务收入翻番推动业绩增长-ad2ae0e67b8c.md",
          "chunk_id": "chunk:90adaabe55c2",
          "chunk_index": 0,
          "quote_summary": "环境监测市场下沉导致设备业务承压，但高毛利的运营及环境咨询业务实现翻倍增长，成为驱动公司业绩增长的核心引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:vocs治理",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "be728cd12f9b",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:业务转型",
      "to_name": "业务转型",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 业务转型。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-资源与环境研究中心-622bb55cef15.md",
          "chunk_id": "chunk:9b34cbbe2e4c",
          "chunk_index": 3,
          "quote_summary": "公司正由单纯设备销售商向“设备+服务”运营商转型，高毛利的运营及咨询服务成为业绩增长核心引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:业务转型",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6d7629bbc24a",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2019-08-28-43216487ce37.md",
          "chunk_id": "chunk:24dfb2084084",
          "chunk_index": 2,
          "quote_summary": "环境监测设备市场竞争加剧背景下，运营及环境管理咨询业务实现翻倍增长，成为营收与利润增长主力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0a92855e8e5e",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:仪器仪表",
      "to_name": "仪器仪表",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 仪器仪表。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-资源与环境研究中心-0f276708d209.md",
          "chunk_id": "chunk:63b2a24a6b62",
          "chunk_index": 4,
          "quote_summary": "网格化监测需求旺盛带动仪器仪表销量翻倍，业绩维持高增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:仪器仪表",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "067be6a8f86f",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:农村污水治理",
      "to_name": "农村污水治理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 农村污水治理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-监测-先河环保-300137-sz-维持评级-4133cc930107.md",
          "chunk_id": "chunk:38aafa71bef6",
          "chunk_index": 7,
          "quote_summary": "公司为监测行业龙头，网格化监测系统获政府认可且覆盖迅速拓展，带动设备销售及运营服务增长；切入农村污水治理领域并中标大额项目，有望成为新业绩增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:农村污水治理",
      "label": "involves_topic",
      "category": "topic",
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      "evidence_count": 1
    },
    {
      "edge_id": "9587bc1732f2",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-先河环保-300137-2f29051f4e13.md",
          "chunk_id": "chunk:f001cf5d5185",
          "chunk_index": 3,
          "quote_summary": "环境监测仪器仪表为绝对核心业务，营收占比近99.84%，贡献全部收入增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0adc46bd14a0",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-资源与环境研究中心-0f276708d209.md",
          "chunk_id": "chunk:63b2a24a6b62",
          "chunk_index": 4,
          "quote_summary": "网格化监测需求旺盛带动仪器仪表销量翻倍，业绩维持高增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1283dc345950",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-资源与环境研究中心-622bb55cef15.md",
          "chunk_id": "chunk:9b34cbbe2e4c",
          "chunk_index": 3,
          "quote_summary": "公司正由单纯设备销售商向“设备+服务”运营商转型，高毛利的运营及咨询服务成为业绩增长核心引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b09b22cddf12",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:政策",
      "to_name": "政策",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 政策。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2019-年-02-月-28-日-bbe051ff85a9.md",
          "chunk_id": "chunk:14dd5f262a27",
          "chunk_index": 7,
          "quote_summary": "环保政策强驱动下环境监测市场持续景气，公司作为网格化监测龙头深度受益于“千里眼计划”扩围，订单快速增长直接转化为业绩高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:政策",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2d4f937b6532",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:政策驱动",
      "to_name": "政策驱动",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 政策驱动。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md",
          "chunk_id": "chunk:3f646c1ea91b",
          "chunk_index": 2,
          "quote_summary": "环保物联网解决方案龙头，数据运营服务成为新引擎，商业模式向“测管治联动”一站式第三方服务转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:政策驱动",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a70156a55ec3",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:数据运营",
      "to_name": "数据运营",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 数据运营。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md",
          "chunk_id": "chunk:3f646c1ea91b",
          "chunk_index": 2,
          "quote_summary": "环保物联网解决方案龙头，数据运营服务成为新引擎，商业模式向“测管治联动”一站式第三方服务转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:数据运营",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "416999f274f9",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:智慧环保",
      "to_name": "智慧环保",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 智慧环保。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md",
          "chunk_id": "chunk:3f646c1ea91b",
          "chunk_index": 2,
          "quote_summary": "环保物联网解决方案龙头，数据运营服务成为新引擎，商业模式向“测管治联动”一站式第三方服务转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:智慧环保",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6551a0a94b83",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2019-08-28-43216487ce37.md",
          "chunk_id": "chunk:24dfb2084084",
          "chunk_index": 2,
          "quote_summary": "环境监测设备市场竞争加剧背景下，运营及环境管理咨询业务实现翻倍增长，成为营收与利润增长主力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6482468e95fa",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:水质监测",
      "to_name": "水质监测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 水质监测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-资源与环境研究中心-0f276708d209.md",
          "chunk_id": "chunk:63b2a24a6b62",
          "chunk_index": 4,
          "quote_summary": "网格化监测需求旺盛带动仪器仪表销量翻倍，业绩维持高增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:水质监测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2f28661e7d6e",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:污水治理",
      "to_name": "污水治理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 污水治理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营状况良好-业绩稳健提升-c851b2d1a931.md",
          "chunk_id": "chunk:40fde0bde78d",
          "chunk_index": 0,
          "quote_summary": "环境监测系统与运营咨询业务量价齐升，驱动业绩大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:污水治理",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1962b14b0a76",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:环保政策",
      "to_name": "环保政策",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 环保政策。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2019-08-28-43216487ce37.md",
          "chunk_id": "chunk:24dfb2084084",
          "chunk_index": 2,
          "quote_summary": "环境监测设备市场竞争加剧背景下，运营及环境管理咨询业务实现翻倍增长，成为营收与利润增长主力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:环保政策",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3bdc29fdecae",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:环保物联网",
      "to_name": "环保物联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 环保物联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md",
          "chunk_id": "chunk:3f646c1ea91b",
          "chunk_index": 2,
          "quote_summary": "环保物联网解决方案龙头，数据运营服务成为新引擎，商业模式向“测管治联动”一站式第三方服务转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:环保物联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3dd7d6254c52",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:环保设备",
      "to_name": "环保设备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 环保设备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-先河环保-300137-2f29051f4e13.md",
          "chunk_id": "chunk:f001cf5d5185",
          "chunk_index": 3,
          "quote_summary": "环境监测仪器仪表为绝对核心业务，营收占比近99.84%，贡献全部收入增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:环保设备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cba54fc680d6",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:环境监测",
      "to_name": "环境监测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 环境监测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md",
          "chunk_id": "chunk:3f646c1ea91b",
          "chunk_index": 2,
          "quote_summary": "环保物联网解决方案龙头，数据运营服务成为新引擎，商业模式向“测管治联动”一站式第三方服务转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:环境监测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2523b689f06f",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:现金流改善",
      "to_name": "现金流改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 现金流改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-资源与环境研究中心-0f276708d209.md",
          "chunk_id": "chunk:63b2a24a6b62",
          "chunk_index": 4,
          "quote_summary": "网格化监测需求旺盛带动仪器仪表销量翻倍，业绩维持高增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:现金流改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d856aeaee9ed",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:第三方运维",
      "to_name": "第三方运维",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 第三方运维。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md",
          "chunk_id": "chunk:3f646c1ea91b",
          "chunk_index": 2,
          "quote_summary": "环保物联网解决方案龙头，数据运营服务成为新引擎，商业模式向“测管治联动”一站式第三方服务转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:第三方运维",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "96a8c5d5fc75",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:网格化监测",
      "to_name": "网格化监测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 网格化监测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md",
          "chunk_id": "chunk:3f646c1ea91b",
          "chunk_index": 2,
          "quote_summary": "环保物联网解决方案龙头，数据运营服务成为新引擎，商业模式向“测管治联动”一站式第三方服务转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:网格化监测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3b48d6dd57ef",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:行业集中度提升",
      "to_name": "行业集中度提升",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 行业集中度提升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-资源与环境研究中心-0f276708d209.md",
          "chunk_id": "chunk:63b2a24a6b62",
          "chunk_index": 4,
          "quote_summary": "网格化监测需求旺盛带动仪器仪表销量翻倍，业绩维持高增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:行业集中度提升",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5b2c3e2587b0",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:订单增长",
      "to_name": "订单增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 订单增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-先河环保-300137-2f29051f4e13.md",
          "chunk_id": "chunk:f001cf5d5185",
          "chunk_index": 3,
          "quote_summary": "环境监测仪器仪表为绝对核心业务，营收占比近99.84%，贡献全部收入增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:订单增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6b870710643e",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-先河环保-300137-sz-环保物联网领军-数据运营开启新篇章-7ded65b97fd4.md",
          "chunk_id": "chunk:3f646c1ea91b",
          "chunk_index": 2,
          "quote_summary": "环保物联网解决方案龙头，数据运营服务成为新引擎，商业模式向“测管治联动”一站式第三方服务转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "37619c461099",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:费用管控",
      "to_name": "费用管控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 费用管控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营状况良好-业绩稳健提升-c851b2d1a931.md",
          "chunk_id": "chunk:40fde0bde78d",
          "chunk_index": 0,
          "quote_summary": "环境监测系统与运营咨询业务量价齐升，驱动业绩大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:费用管控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3326329d09c1",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:运维服务",
      "to_name": "运维服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 运维服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-先河环保-300137-2f29051f4e13.md",
          "chunk_id": "chunk:f001cf5d5185",
          "chunk_index": 3,
          "quote_summary": "环境监测仪器仪表为绝对核心业务，营收占比近99.84%，贡献全部收入增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:运维服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "51a039c8b08a",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:运营服务",
      "to_name": "运营服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 运营服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-资源与环境研究中心-622bb55cef15.md",
          "chunk_id": "chunk:9b34cbbe2e4c",
          "chunk_index": 3,
          "quote_summary": "公司正由单纯设备销售商向“设备+服务”运营商转型，高毛利的运营及咨询服务成为业绩增长核心引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:运营服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0cf9e3d7f471",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:钢材",
      "to_name": "钢材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 钢材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-运营咨询业务收入翻番推动业绩增长-ad2ae0e67b8c.md",
          "chunk_id": "chunk:90adaabe55c2",
          "chunk_index": 0,
          "quote_summary": "环境监测市场下沉导致设备业务承压，但高毛利的运营及环境咨询业务实现翻倍增长，成为驱动公司业绩增长的核心引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:钢材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bd0334d47075",
      "from": "company:300137",
      "from_name": "先河环保",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "先河环保 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-资源与环境研究中心-622bb55cef15.md",
          "chunk_id": "chunk:9b34cbbe2e4c",
          "chunk_index": 3,
          "quote_summary": "公司正由单纯设备销售商向“设备+服务”运营商转型，高毛利的运营及咨询服务成为业绩增长核心引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300137",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e24edc0f0743",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:fda政策",
      "to_name": "fda政策",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 FDA政策。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md",
          "chunk_id": "chunk:7b3a1e8263c9",
          "chunk_index": 6,
          "quote_summary": "FDA拟于2026年底前消除美国食品中石油基合成色素，天然色素替代空间广阔，全球市场规模有望从21亿美元翻倍至42亿美元。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:fda政策",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cfb6c0dc2a69",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:fda禁令替代",
      "to_name": "fda禁令替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 FDA禁令替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-01-月-15-日-6a0879566dd2.md",
          "chunk_id": "chunk:be0f55ec1274",
          "chunk_index": 0,
          "quote_summary": "植提主业量增价减，核心产品销量高增驱动增长，龙头地位稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:fda禁令替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a1693735f33f",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-6c79f34daabd.md",
          "chunk_id": "chunk:21d82e5b3d2c",
          "chunk_index": 4,
          "quote_summary": "公司坚持采销对锁与期现结合，主动控制棉籽贸易规模实现大幅扭亏；植提业务下游库存消耗带动销量底部回升，成本加成定价模式保障盈利修复，预计2026年延续量增利润改善趋势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5e3cc644d02c",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:业绩反转",
      "to_name": "业绩反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 业绩反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-晨光生物-300138-sz-主业反转持续-梯队业务多点开花-f3ea2fed5ede.md",
          "chunk_id": "chunk:1be9608328c4",
          "chunk_index": 2,
          "quote_summary": "主业反转持续，植提与棉籽业务盈利能力改善超预期，梯队业务多点开花。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:业绩反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fb861af9b6d2",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-28-日-829b83593af3.md",
          "chunk_id": "chunk:df5f39e70c9e",
          "chunk_index": 0,
          "quote_summary": "盈利显著修复，拐点持续向上。业绩大幅增长主要系棉籽业务扭亏为盈，以及植提主力产品销量快速增长、毛利率显著修复所致。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2aff652b0c6e",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:业绩超预期",
      "to_name": "业绩超预期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 业绩超预期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-01-月-15-日-6a0879566dd2.md",
          "chunk_id": "chunk:be0f55ec1274",
          "chunk_index": 0,
          "quote_summary": "植提主业量增价减，核心产品销量高增驱动增长，龙头地位稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:业绩超预期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4d0740e492a4",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:业绩预增",
      "to_name": "业绩预增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 业绩预增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md",
          "chunk_id": "chunk:7b3a1e8263c9",
          "chunk_index": 6,
          "quote_summary": "FDA拟于2026年底前消除美国食品中石油基合成色素，天然色素替代空间广阔，全球市场规模有望从21亿美元翻倍至42亿美元。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:业绩预增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1633b7085954",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:价格拐点",
      "to_name": "价格拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 价格拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-27-日-c2b82dca504d.md",
          "chunk_id": "chunk:11c30f19d39f",
          "chunk_index": 2,
          "quote_summary": "植提行业处于黄金期，需求侧持续向好且供给侧种植面积下降，行业正处拐点；公司强化种植、生产、研发端优势，市占率领先优势有望持续扩大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:价格拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a1d357a34318",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-09-月-02-日-c4ae9aec1613.md",
          "chunk_id": "chunk:18b9351abba0",
          "chunk_index": 0,
          "quote_summary": "公司业绩大幅增长核心系棉籽业务扭亏为盈及植提主业核心产品销量快速扩张，盈利能力进入显著修复通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "56f289855f73",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:农产品深加工",
      "to_name": "农产品深加工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 农产品深加工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-6c79f34daabd.md",
          "chunk_id": "chunk:21d82e5b3d2c",
          "chunk_index": 4,
          "quote_summary": "公司坚持采销对锁与期现结合，主动控制棉籽贸易规模实现大幅扭亏；植提业务下游库存消耗带动销量底部回升，成本加成定价模式保障盈利修复，预计2026年延续量增利润改善趋势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:农产品深加工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0a67209b6596",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:农林牧渔",
      "to_name": "农林牧渔",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 农林牧渔。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-09-月-02-日-c4ae9aec1613.md",
          "chunk_id": "chunk:18b9351abba0",
          "chunk_index": 0,
          "quote_summary": "公司业绩大幅增长核心系棉籽业务扭亏为盈及植提主业核心产品销量快速扩张，盈利能力进入显著修复通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:农林牧渔",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d6cec0afbd03",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-6c79f34daabd.md",
          "chunk_id": "chunk:21d82e5b3d2c",
          "chunk_index": 4,
          "quote_summary": "公司坚持采销对锁与期现结合，主动控制棉籽贸易规模实现大幅扭亏；植提业务下游库存消耗带动销量底部回升，成本加成定价模式保障盈利修复，预计2026年延续量增利润改善趋势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "37159817ee51",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:叶黄素",
      "to_name": "叶黄素",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 叶黄素。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-27-日-c2b82dca504d.md",
          "chunk_id": "chunk:11c30f19d39f",
          "chunk_index": 2,
          "quote_summary": "植提行业处于黄金期，需求侧持续向好且供给侧种植面积下降，行业正处拐点；公司强化种植、生产、研发端优势，市占率领先优势有望持续扩大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:叶黄素",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e3be3f2521a6",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:合成色素替代",
      "to_name": "合成色素替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 合成色素替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md",
          "chunk_id": "chunk:7b3a1e8263c9",
          "chunk_index": 6,
          "quote_summary": "FDA拟于2026年底前消除美国食品中石油基合成色素，天然色素替代空间广阔，全球市场规模有望从21亿美元翻倍至42亿美元。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:合成色素替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bcd1c5773582",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md",
          "chunk_id": "chunk:c6af5376e3bc",
          "chunk_index": 0,
          "quote_summary": "植提主业量增价稳，定制化渗透率持续提升，龙头地位稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "96d8761f7d5f",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:周期反转",
      "to_name": "周期反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 周期反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md",
          "chunk_id": "chunk:c6af5376e3bc",
          "chunk_index": 0,
          "quote_summary": "植提主业量增价稳，定制化渗透率持续提升，龙头地位稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:周期反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "966407abf822",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:周期拐点",
      "to_name": "周期拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 周期拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-01-月-15-日-6a0879566dd2.md",
          "chunk_id": "chunk:be0f55ec1274",
          "chunk_index": 0,
          "quote_summary": "植提主业量增价减，核心产品销量高增驱动增长，龙头地位稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:周期拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "01cd060cb2ba",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:大健康",
      "to_name": "大健康",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 大健康。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md",
          "chunk_id": "chunk:c6af5376e3bc",
          "chunk_index": 0,
          "quote_summary": "植提主业量增价稳，定制化渗透率持续提升，龙头地位稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:大健康",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6c0a92717298",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:天然色素",
      "to_name": "天然色素",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 天然色素。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md",
          "chunk_id": "chunk:c6af5376e3bc",
          "chunk_index": 0,
          "quote_summary": "植提主业量增价稳，定制化渗透率持续提升，龙头地位稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:天然色素",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cffde1baeeed",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:期现结合",
      "to_name": "期现结合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 期现结合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票投资评级-6c79f34daabd.md",
          "chunk_id": "chunk:21d82e5b3d2c",
          "chunk_index": 4,
          "quote_summary": "公司坚持采销对锁与期现结合，主动控制棉籽贸易规模实现大幅扭亏；植提业务下游库存消耗带动销量底部回升，成本加成定价模式保障盈利修复，预计2026年延续量增利润改善趋势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:期现结合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "16cd91539eac",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:棉籽业务",
      "to_name": "棉籽业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 棉籽业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md",
          "chunk_id": "chunk:7b3a1e8263c9",
          "chunk_index": 6,
          "quote_summary": "FDA拟于2026年底前消除美国食品中石油基合成色素，天然色素替代空间广阔，全球市场规模有望从21亿美元翻倍至42亿美元。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:棉籽业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2c647beee631",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:棉籽加工",
      "to_name": "棉籽加工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 棉籽加工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md",
          "chunk_id": "chunk:c6af5376e3bc",
          "chunk_index": 0,
          "quote_summary": "植提主业量增价稳，定制化渗透率持续提升，龙头地位稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:棉籽加工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b925c760ff9e",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:植物提取",
      "to_name": "植物提取",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 植物提取。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md",
          "chunk_id": "chunk:c6af5376e3bc",
          "chunk_index": 0,
          "quote_summary": "植提主业量增价稳，定制化渗透率持续提升，龙头地位稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:植物提取",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "829dcdac6cee",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:植物提取物",
      "to_name": "植物提取物",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 植物提取物。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md",
          "chunk_id": "chunk:7b3a1e8263c9",
          "chunk_index": 6,
          "quote_summary": "FDA拟于2026年底前消除美国食品中石油基合成色素，天然色素替代空间广阔，全球市场规模有望从21亿美元翻倍至42亿美元。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:植物提取物",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "782227203fc5",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-09-月-02-日-c4ae9aec1613.md",
          "chunk_id": "chunk:18b9351abba0",
          "chunk_index": 0,
          "quote_summary": "公司业绩大幅增长核心系棉籽业务扭亏为盈及植提主业核心产品销量快速扩张，盈利能力进入显著修复通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "677795c6ef80",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:毛利率修复",
      "to_name": "毛利率修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 毛利率修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-28-日-829b83593af3.md",
          "chunk_id": "chunk:df5f39e70c9e",
          "chunk_index": 0,
          "quote_summary": "盈利显著修复，拐点持续向上。业绩大幅增长主要系棉籽业务扭亏为盈，以及植提主力产品销量快速增长、毛利率显著修复所致。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:毛利率修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7a3e81bac2f3",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:毛利率改善",
      "to_name": "毛利率改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 毛利率改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-晨光生物-300138-sz-主业反转持续-梯队业务多点开花-f3ea2fed5ede.md",
          "chunk_id": "chunk:1be9608328c4",
          "chunk_index": 2,
          "quote_summary": "主业反转持续，植提与棉籽业务盈利能力改善超预期，梯队业务多点开花。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:毛利率改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "74496919baa8",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:海外供应链",
      "to_name": "海外供应链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 海外供应链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md",
          "chunk_id": "chunk:c6af5376e3bc",
          "chunk_index": 0,
          "quote_summary": "植提主业量增价稳，定制化渗透率持续提升，龙头地位稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:海外供应链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a431987008cf",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:盈利修复",
      "to_name": "盈利修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 盈利修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-09-月-02-日-c4ae9aec1613.md",
          "chunk_id": "chunk:18b9351abba0",
          "chunk_index": 0,
          "quote_summary": "公司业绩大幅增长核心系棉籽业务扭亏为盈及植提主业核心产品销量快速扩张，盈利能力进入显著修复通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:盈利修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "965bb9ea7c1b",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:盈利能力修复",
      "to_name": "盈利能力修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 盈利能力修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-27-日-c2b82dca504d.md",
          "chunk_id": "chunk:11c30f19d39f",
          "chunk_index": 2,
          "quote_summary": "植提行业处于黄金期，需求侧持续向好且供给侧种植面积下降，行业正处拐点；公司强化种植、生产、研发端优势，市占率领先优势有望持续扩大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:盈利能力修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9dce75af9eed",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-06-日-86a52867ebf5.md",
          "chunk_id": "chunk:c6af5376e3bc",
          "chunk_index": 0,
          "quote_summary": "植提主业量增价稳，定制化渗透率持续提升，龙头地位稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "035eac413582",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:辣椒红",
      "to_name": "辣椒红",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 辣椒红。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-晨光生物-300138-sz-20ba5d8d9192.md",
          "chunk_id": "chunk:7b3a1e8263c9",
          "chunk_index": 6,
          "quote_summary": "FDA拟于2026年底前消除美国食品中石油基合成色素，天然色素替代空间广阔，全球市场规模有望从21亿美元翻倍至42亿美元。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:辣椒红",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "63c177b2e640",
      "from": "company:300138",
      "from_name": "晨光生物",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-28-日-829b83593af3.md",
          "chunk_id": "chunk:df5f39e70c9e",
          "chunk_index": 0,
          "quote_summary": "盈利显著修复，拐点持续向上。业绩大幅增长主要系棉籽业务扭亏为盈，以及植提主力产品销量快速增长、毛利率显著修复所致。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300138",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ade33a623fa7",
      "from": "company:300140",
      "from_name": "中环装备",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中环装备 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md",
          "chunk_id": "chunk:262a6bb56429",
          "chunk_index": 0,
          "quote_summary": "依托大气治理传统优势，环境监测与智慧环保业务大单持续落地，成为新增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300140",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2ea5d152679e",
      "from": "company:300140",
      "from_name": "中环装备",
      "to": "topic:央企环保平台",
      "to_name": "央企环保平台",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中环装备 研报中反复涉及 央企环保平台。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md",
          "chunk_id": "chunk:262a6bb56429",
          "chunk_index": 0,
          "quote_summary": "依托大气治理传统优势，环境监测与智慧环保业务大单持续落地，成为新增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300140",
      "target": "topic:央企环保平台",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3191325f24ee",
      "from": "company:300140",
      "from_name": "中环装备",
      "to": "topic:并购重组",
      "to_name": "并购重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中环装备 研报中反复涉及 并购重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md",
          "chunk_id": "chunk:262a6bb56429",
          "chunk_index": 0,
          "quote_summary": "依托大气治理传统优势，环境监测与智慧环保业务大单持续落地，成为新增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300140",
      "target": "topic:并购重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "79bdfdbc8b08",
      "from": "company:300140",
      "from_name": "中环装备",
      "to": "topic:智慧环保",
      "to_name": "智慧环保",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中环装备 研报中反复涉及 智慧环保。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md",
          "chunk_id": "chunk:262a6bb56429",
          "chunk_index": 0,
          "quote_summary": "依托大气治理传统优势，环境监测与智慧环保业务大单持续落地，成为新增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300140",
      "target": "topic:智慧环保",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d4bd010d6219",
      "from": "company:300140",
      "from_name": "中环装备",
      "to": "topic:水务处理",
      "to_name": "水务处理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中环装备 研报中反复涉及 水务处理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md",
          "chunk_id": "chunk:262a6bb56429",
          "chunk_index": 0,
          "quote_summary": "依托大气治理传统优势，环境监测与智慧环保业务大单持续落地，成为新增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300140",
      "target": "topic:水务处理",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d51363b5bec1",
      "from": "company:300140",
      "from_name": "中环装备",
      "to": "topic:环保装备",
      "to_name": "环保装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中环装备 研报中反复涉及 环保装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md",
          "chunk_id": "chunk:262a6bb56429",
          "chunk_index": 0,
          "quote_summary": "依托大气治理传统优势，环境监测与智慧环保业务大单持续落地，成为新增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300140",
      "target": "topic:环保装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b9a4bc4f702a",
      "from": "company:300140",
      "from_name": "中环装备",
      "to": "topic:环境监测",
      "to_name": "环境监测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中环装备 研报中反复涉及 环境监测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md",
          "chunk_id": "chunk:262a6bb56429",
          "chunk_index": 0,
          "quote_summary": "依托大气治理传统优势，环境监测与智慧环保业务大单持续落地，成为新增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300140",
      "target": "topic:环境监测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "56fb9537ac81",
      "from": "company:300140",
      "from_name": "中环装备",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中环装备 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司动态跟踪报告-e644d36d53f1.md",
          "chunk_id": "chunk:262a6bb56429",
          "chunk_index": 0,
          "quote_summary": "依托大气治理传统优势，环境监测与智慧环保业务大单持续落地，成为新增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300140",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1645eb63f1b2",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 业绩高增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b7437ada9d45.md",
          "chunk_id": "chunk:3afc67e36fb7",
          "chunk_index": 0,
          "quote_summary": "重大资产重组落地后，公司确立汽车零部件、油气装备与高性能功能材料三大主业，营收与利润实现高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:业绩高增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fc892c192951",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:军工火工品",
      "to_name": "军工火工品",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 军工火工品。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天智造-300446-b8a512c003a6.md",
          "chunk_id": "chunk:ff0d8ae721c0",
          "chunk_index": 2,
          "quote_summary": "乘新能源汽车产业发展东风，汽车内外饰件业务迎来快速发展契机。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:军工火工品",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "604738b7cb40",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中邮证券-5555d6eda4f9.md",
          "chunk_id": "chunk:be47a8581d6e",
          "chunk_index": 2,
          "quote_summary": "汽车零部件业务营收保持快速增长，受益于国内自主品牌份额提升、新能源项目占比高及汽车出口强劲态势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4d1bddb816ba",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:射孔器材",
      "to_name": "射孔器材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 射孔器材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-9-月-14-日-0f2e99291fa5.md",
          "chunk_id": "chunk:2c03f8e6bcbf",
          "chunk_index": 4,
          "quote_summary": "汽车零部件业务受益于新能源车渗透及规模效应，净利率稳步提升，向智能座舱拓展有望提高单车价值量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:射孔器材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e9213ab7e4fc",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:市值管理",
      "to_name": "市值管理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 市值管理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b7437ada9d45.md",
          "chunk_id": "chunk:3afc67e36fb7",
          "chunk_index": 0,
          "quote_summary": "重大资产重组落地后，公司确立汽车零部件、油气装备与高性能功能材料三大主业，营收与利润实现高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:市值管理",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bde413737a19",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:新能源",
      "to_name": "新能源",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 新能源。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md",
          "chunk_id": "chunk:f00341ad44ae",
          "chunk_index": 2,
          "quote_summary": "公司完成重大资产重组，注入航天能源与航天模塑，正式成为航天七院上市平台，军技民用产业化路径清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:新能源",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6105dcd9b933",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:新能源汽车",
      "to_name": "新能源汽车",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 新能源汽车。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天智造-300446-b8a512c003a6.md",
          "chunk_id": "chunk:ff0d8ae721c0",
          "chunk_index": 2,
          "quote_summary": "乘新能源汽车产业发展东风，汽车内外饰件业务迎来快速发展契机。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:新能源汽车",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7e83aa35f2b4",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:智能座舱",
      "to_name": "智能座舱",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 智能座舱。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md",
          "chunk_id": "chunk:f00341ad44ae",
          "chunk_index": 2,
          "quote_summary": "公司完成重大资产重组，注入航天能源与航天模塑，正式成为航天七院上市平台，军技民用产业化路径清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:智能座舱",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d7bdb7e977fd",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:汽车零部件",
      "to_name": "汽车零部件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 汽车零部件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md",
          "chunk_id": "chunk:f00341ad44ae",
          "chunk_index": 2,
          "quote_summary": "公司完成重大资产重组，注入航天能源与航天模塑，正式成为航天七院上市平台，军技民用产业化路径清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:汽车零部件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1bc654daafb8",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:油气开采设备",
      "to_name": "油气开采设备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 油气开采设备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md",
          "chunk_id": "chunk:f00341ad44ae",
          "chunk_index": 2,
          "quote_summary": "公司完成重大资产重组，注入航天能源与航天模塑，正式成为航天七院上市平台，军技民用产业化路径清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:油气开采设备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "55f9cf6796af",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:油气装备",
      "to_name": "油气装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 油气装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天智造-300446-b8a512c003a6.md",
          "chunk_id": "chunk:ff0d8ae721c0",
          "chunk_index": 2,
          "quote_summary": "乘新能源汽车产业发展东风，汽车内外饰件业务迎来快速发展契机。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:油气装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5bf597ac4935",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:深海油气开发",
      "to_name": "深海油气开发",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 深海油气开发。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天智造-300446-b8a512c003a6.md",
          "chunk_id": "chunk:ff0d8ae721c0",
          "chunk_index": 2,
          "quote_summary": "乘新能源汽车产业发展东风，汽车内外饰件业务迎来快速发展契机。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:深海油气开发",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "413e4b4ae75e",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:深海科技",
      "to_name": "深海科技",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 深海科技。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中邮证券-5555d6eda4f9.md",
          "chunk_id": "chunk:be47a8581d6e",
          "chunk_index": 2,
          "quote_summary": "汽车零部件业务营收保持快速增长，受益于国内自主品牌份额提升、新能源项目占比高及汽车出口强劲态势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:深海科技",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3b3276f856e6",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md",
          "chunk_id": "chunk:f00341ad44ae",
          "chunk_index": 2,
          "quote_summary": "公司完成重大资产重组，注入航天能源与航天模塑，正式成为航天七院上市平台，军技民用产业化路径清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d84a59e47879",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:航天军工",
      "to_name": "航天军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 航天军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md",
          "chunk_id": "chunk:f00341ad44ae",
          "chunk_index": 2,
          "quote_summary": "公司完成重大资产重组，注入航天能源与航天模塑，正式成为航天七院上市平台，军技民用产业化路径清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:航天军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "39b5baf44adc",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b7437ada9d45.md",
          "chunk_id": "chunk:3afc67e36fb7",
          "chunk_index": 0,
          "quote_summary": "重大资产重组落地后，公司确立汽车零部件、油气装备与高性能功能材料三大主业，营收与利润实现高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b729e3bfed66",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:资产注入",
      "to_name": "资产注入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 资产注入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md",
          "chunk_id": "chunk:f00341ad44ae",
          "chunk_index": 2,
          "quote_summary": "公司完成重大资产重组，注入航天能源与航天模塑，正式成为航天七院上市平台，军技民用产业化路径清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:资产注入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3f7a84c39b6a",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-7-月-17-日-2ed5f2f589b1.md",
          "chunk_id": "chunk:f00341ad44ae",
          "chunk_index": 2,
          "quote_summary": "公司完成重大资产重组，注入航天能源与航天模塑，正式成为航天七院上市平台，军技民用产业化路径清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8d138b1947c0",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:页岩气开采",
      "to_name": "页岩气开采",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 页岩气开采。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-9-月-14-日-0f2e99291fa5.md",
          "chunk_id": "chunk:2c03f8e6bcbf",
          "chunk_index": 4,
          "quote_summary": "汽车零部件业务受益于新能源车渗透及规模效应，净利率稳步提升，向智能座舱拓展有望提高单车价值量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:页岩气开采",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f098e224f22a",
      "from": "company:300446",
      "from_name": "航天智造",
      "to": "topic:高性能功能材料",
      "to_name": "高性能功能材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智造 研报中反复涉及 高性能功能材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天智造-300446-b8a512c003a6.md",
          "chunk_id": "chunk:ff0d8ae721c0",
          "chunk_index": 2,
          "quote_summary": "乘新能源汽车产业发展东风，汽车内外饰件业务迎来快速发展契机。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300446",
      "target": "topic:高性能功能材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "045a8ed35472",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "topic:中报点评",
      "to_name": "中报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智装 研报中反复涉及 中报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md",
          "chunk_id": "chunk:761d2ba3958a",
          "chunk_index": 4,
          "quote_summary": "轨交、航天、核工业三大业务板块协同发展，长期受益于国家基建投资与产业升级。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "topic:中报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f7d3d0c7e24e",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智装 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md",
          "chunk_id": "chunk:0bcb50205ced",
          "chunk_index": 0,
          "quote_summary": "毛利率与净利率终结多年下滑趋势，2023年及2024Q1企稳回升，盈利质量改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1f18a3b86cc1",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智装 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md",
          "chunk_id": "chunk:0bcb50205ced",
          "chunk_index": 0,
          "quote_summary": "毛利率与净利率终结多年下滑趋势，2023年及2024Q1企稳回升，盈利质量改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "29684a8ca1e0",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智装 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md",
          "chunk_id": "chunk:0bcb50205ced",
          "chunk_index": 0,
          "quote_summary": "毛利率与净利率终结多年下滑趋势，2023年及2024Q1企稳回升，盈利质量改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "63de7810e527",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "topic:智能制造",
      "to_name": "智能制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智装 研报中反复涉及 智能制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md",
          "chunk_id": "chunk:0bcb50205ced",
          "chunk_index": 0,
          "quote_summary": "毛利率与净利率终结多年下滑趋势，2023年及2024Q1企稳回升，盈利质量改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "topic:智能制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "71910f6e6c32",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "topic:智能装备",
      "to_name": "智能装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智装 研报中反复涉及 智能装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md",
          "chunk_id": "chunk:761d2ba3958a",
          "chunk_index": 4,
          "quote_summary": "轨交、航天、核工业三大业务板块协同发展，长期受益于国家基建投资与产业升级。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "topic:智能装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "469cb8ee04d3",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "topic:机器人",
      "to_name": "机器人",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智装 研报中反复涉及 机器人。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md",
          "chunk_id": "chunk:761d2ba3958a",
          "chunk_index": 4,
          "quote_summary": "轨交、航天、核工业三大业务板块协同发展，长期受益于国家基建投资与产业升级。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "topic:机器人",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ecefcf79aa55",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "topic:核工业",
      "to_name": "核工业",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智装 研报中反复涉及 核工业。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md",
          "chunk_id": "chunk:0bcb50205ced",
          "chunk_index": 0,
          "quote_summary": "毛利率与净利率终结多年下滑趋势，2023年及2024Q1企稳回升，盈利质量改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "topic:核工业",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "07f4f5c86cff",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "topic:毛利率修复",
      "to_name": "毛利率修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智装 研报中反复涉及 毛利率修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md",
          "chunk_id": "chunk:0bcb50205ced",
          "chunk_index": 0,
          "quote_summary": "毛利率与净利率终结多年下滑趋势，2023年及2024Q1企稳回升，盈利质量改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "topic:毛利率修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8a720aadf448",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智装 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-报告日期-2024-年-08-月-13-日-5c65be74533f.md",
          "chunk_id": "chunk:761d2ba3958a",
          "chunk_index": 4,
          "quote_summary": "轨交、航天、核工业三大业务板块协同发展，长期受益于国家基建投资与产业升级。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "35275308aa4d",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智装 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md",
          "chunk_id": "chunk:0bcb50205ced",
          "chunk_index": 0,
          "quote_summary": "毛利率与净利率终结多年下滑趋势，2023年及2024Q1企稳回升，盈利质量改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "893c2b004923",
      "from": "company:300455",
      "from_name": "航天智装",
      "to": "topic:轨道交通",
      "to_name": "轨道交通",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天智装 研报中反复涉及 轨道交通。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-ad88e80585c3.md",
          "chunk_id": "chunk:0bcb50205ced",
          "chunk_index": 0,
          "quote_summary": "毛利率与净利率终结多年下滑趋势，2023年及2024Q1企稳回升，盈利质量改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300455",
      "target": "topic:轨道交通",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "27d27f0949e5",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:ai算力",
      "to_name": "AI算力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 AI算力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-ab2124b1419b.md",
          "chunk_id": "chunk:7ee0b3d86406",
          "chunk_index": 4,
          "quote_summary": "专用领域与信创行业景气度偏低导致招标延后，短期业绩承压，但2024Q1营收已现强劲复苏迹象。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:ai算力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c85e2328a8c5",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:ai芯片",
      "to_name": "ai芯片",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 AI芯片。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-推出-24-年股权激励-加速布局-ai-芯片-fc0519c79239.md",
          "chunk_id": "chunk:4e07c286d45e",
          "chunk_index": 0,
          "quote_summary": "发布2024年限制性股票激励计划，授予439名核心骨干，设定24/25年营收增速不低于11%/25%的考核目标，充分彰显管理层发展信心。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:ai芯片",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a337d4c9b3dc",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:cpu",
      "to_name": "CPU",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 CPU。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-sz-事件点评-f1f240187196.md",
          "chunk_id": "chunk:b794f117aef6",
          "chunk_index": 0,
          "quote_summary": "JM11系列完成流片封装，初步测试无异常，将丰富公司高性能GPU产品线并巩固市场竞争力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:cpu",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d7494e700610",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:gpgpu",
      "to_name": "gpgpu",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 GPGPU。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md",
          "chunk_id": "chunk:6e5b7ceeb4df",
          "chunk_index": 0,
          "quote_summary": "国产GPU稀缺标的，JM系列芯片在信创及特种领域加速落地，国产替代空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:gpgpu",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4c75ba70cc52",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:gpu",
      "to_name": "GPU",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 GPU。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md",
          "chunk_id": "chunk:b9f70b9659f0",
          "chunk_index": 0,
          "quote_summary": "公司坚定推进GPU由“专用”向“专用+通用”转型，景宏GPU与JM11显卡双线布局，叠加内部管理变革（IPD/LTC流程、低成本战略），有望在AI与信创需求驱动下实现业绩逐步修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:gpu",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5ba36fd7f1ed",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:roa",
      "to_name": "ROA",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 ROA。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md",
          "chunk_id": "chunk:b9f70b9659f0",
          "chunk_index": 0,
          "quote_summary": "公司坚定推进GPU由“专用”向“专用+通用”转型，景宏GPU与JM11显卡双线布局，叠加内部管理变革（IPD/LTC流程、低成本战略），有望在AI与信创需求驱动下实现业绩逐步修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:roa",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "093cd0c8582e",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:专用雷达",
      "to_name": "专用雷达",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 专用雷达。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-ab2124b1419b.md",
          "chunk_id": "chunk:7ee0b3d86406",
          "chunk_index": 4,
          "quote_summary": "专用领域与信创行业景气度偏低导致招标延后，短期业绩承压，但2024Q1营收已现强劲复苏迹象。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:专用雷达",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7ff3c976b8ef",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:云计算",
      "to_name": "云计算",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 云计算。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md",
          "chunk_id": "chunk:b9f70b9659f0",
          "chunk_index": 0,
          "quote_summary": "公司坚定推进GPU由“专用”向“专用+通用”转型，景宏GPU与JM11显卡双线布局，叠加内部管理变革（IPD/LTC流程、低成本战略），有望在AI与信创需求驱动下实现业绩逐步修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:云计算",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "30a84c464618",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:人工智能",
      "to_name": "人工智能",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 人工智能。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md",
          "chunk_id": "chunk:b9f70b9659f0",
          "chunk_index": 0,
          "quote_summary": "公司坚定推进GPU由“专用”向“专用+通用”转型，景宏GPU与JM11显卡双线布局，叠加内部管理变革（IPD/LTC流程、低成本战略），有望在AI与信创需求驱动下实现业绩逐步修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:人工智能",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "96670c54bca6",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:信创",
      "to_name": "信创",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 信创。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md",
          "chunk_id": "chunk:b9f70b9659f0",
          "chunk_index": 0,
          "quote_summary": "公司坚定推进GPU由“专用”向“专用+通用”转型，景宏GPU与JM11显卡双线布局，叠加内部管理变革（IPD/LTC流程、低成本战略），有望在AI与信创需求驱动下实现业绩逐步修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:信创",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1935d120fbb0",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-推出-24-年股权激励-加速布局-ai-芯片-fc0519c79239.md",
          "chunk_id": "chunk:4e07c286d45e",
          "chunk_index": 0,
          "quote_summary": "发布2024年限制性股票激励计划，授予439名核心骨干，设定24/25年营收增速不低于11%/25%的考核目标，充分彰显管理层发展信心。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6ba8dac0cf78",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-ab2124b1419b.md",
          "chunk_id": "chunk:7ee0b3d86406",
          "chunk_index": 4,
          "quote_summary": "专用领域与信创行业景气度偏低导致招标延后，短期业绩承压，但2024Q1营收已现强劲复苏迹象。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "26b527c658bc",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:半导体",
      "to_name": "半导体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 半导体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-sz-事件点评-f1f240187196.md",
          "chunk_id": "chunk:b794f117aef6",
          "chunk_index": 0,
          "quote_summary": "JM11系列完成流片封装，初步测试无异常，将丰富公司高性能GPU产品线并巩固市场竞争力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:半导体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0db6a5c2f991",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-ab2124b1419b.md",
          "chunk_id": "chunk:7ee0b3d86406",
          "chunk_index": 4,
          "quote_summary": "专用领域与信创行业景气度偏低导致招标延后，短期业绩承压，但2024Q1营收已现强劲复苏迹象。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c51fd2c1f256",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 国产替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md",
          "chunk_id": "chunk:6e5b7ceeb4df",
          "chunk_index": 0,
          "quote_summary": "国产GPU稀缺标的，JM系列芯片在信创及特种领域加速落地，国产替代空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "769b42036d0d",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:图形显控",
      "to_name": "图形显控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 图形显控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-ab2124b1419b.md",
          "chunk_id": "chunk:7ee0b3d86406",
          "chunk_index": 4,
          "quote_summary": "专用领域与信创行业景气度偏低导致招标延后，短期业绩承压，但2024Q1营收已现强劲复苏迹象。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:图形显控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bf76d0708d5a",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-sz-事件点评-f1f240187196.md",
          "chunk_id": "chunk:b794f117aef6",
          "chunk_index": 0,
          "quote_summary": "JM11系列完成流片封装，初步测试无异常，将丰富公司高性能GPU产品线并巩固市场竞争力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "abedb61fc431",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:显卡",
      "to_name": "显卡",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 显卡。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md",
          "chunk_id": "chunk:b9f70b9659f0",
          "chunk_index": 0,
          "quote_summary": "公司坚定推进GPU由“专用”向“专用+通用”转型，景宏GPU与JM11显卡双线布局，叠加内部管理变革（IPD/LTC流程、低成本战略），有望在AI与信创需求驱动下实现业绩逐步修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:显卡",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "80b4a7afcf02",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:智算模块",
      "to_name": "智算模块",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 智算模块。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-推出-24-年股权激励-加速布局-ai-芯片-fc0519c79239.md",
          "chunk_id": "chunk:4e07c286d45e",
          "chunk_index": 0,
          "quote_summary": "发布2024年限制性股票激励计划，授予439名核心骨干，设定24/25年营收增速不低于11%/25%的考核目标，充分彰显管理层发展信心。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:智算模块",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9acaf7d924a2",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:特种电子",
      "to_name": "特种电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 特种电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md",
          "chunk_id": "chunk:6e5b7ceeb4df",
          "chunk_index": 0,
          "quote_summary": "国产GPU稀缺标的，JM系列芯片在信创及特种领域加速落地，国产替代空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:特种电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "86392cd491a2",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:算力",
      "to_name": "算力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 算力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md",
          "chunk_id": "chunk:6e5b7ceeb4df",
          "chunk_index": 0,
          "quote_summary": "国产GPU稀缺标的，JM系列芯片在信创及特种领域加速落地，国产替代空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:算力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4b811da024e5",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:管理变革",
      "to_name": "管理变革",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 管理变革。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md",
          "chunk_id": "chunk:b9f70b9659f0",
          "chunk_index": 0,
          "quote_summary": "公司坚定推进GPU由“专用”向“专用+通用”转型，景宏GPU与JM11显卡双线布局，叠加内部管理变革（IPD/LTC流程、低成本战略），有望在AI与信创需求驱动下实现业绩逐步修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:管理变革",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7a318c628a74",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:股权激励",
      "to_name": "股权激励",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 股权激励。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-推出-24-年股权激励-加速布局-ai-芯片-fc0519c79239.md",
          "chunk_id": "chunk:4e07c286d45e",
          "chunk_index": 0,
          "quote_summary": "发布2024年限制性股票激励计划，授予439名核心骨干，设定24/25年营收增速不低于11%/25%的考核目标，充分彰显管理层发展信心。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:股权激励",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d3ccf56c96d5",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:营收",
      "to_name": "营收",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 营收。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-景嘉微-300474-sz-深度报告-e67d95f39e08.md",
          "chunk_id": "chunk:6e5b7ceeb4df",
          "chunk_index": 0,
          "quote_summary": "国产GPU稀缺标的，JM系列芯片在信创及特种领域加速落地，国产替代空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:营收",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b4b8b658e2d0",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-显卡-通用-gpu-双线布局-管理变革推动创新-c50200672f57.md",
          "chunk_id": "chunk:b9f70b9659f0",
          "chunk_index": 0,
          "quote_summary": "公司坚定推进GPU由“专用”向“专用+通用”转型，景宏GPU与JM11显卡双线布局，叠加内部管理变革（IPD/LTC流程、低成本战略），有望在AI与信创需求驱动下实现业绩逐步修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3f719a757ab9",
      "from": "company:300474",
      "from_name": "景嘉微",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "景嘉微 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-推出-24-年股权激励-加速布局-ai-芯片-fc0519c79239.md",
          "chunk_id": "chunk:4e07c286d45e",
          "chunk_index": 0,
          "quote_summary": "发布2024年限制性股票激励计划，授予439名核心骨干，设定24/25年营收增速不低于11%/25%的考核目标，充分彰显管理层发展信心。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300474",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fee8ad413ee3",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:c919",
      "to_name": "C919",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 C919。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-94c85c44eb90.md",
          "chunk_id": "chunk:8fc8f8ebcf9e",
          "chunk_index": 8,
          "quote_summary": "受益于“十四五”军工高景气与自主可控需求，叠加民航回暖、C919增量及低空经济等新兴产业布局，支撑公司长期发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:c919",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a6ab0dcb41ec",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:evtol",
      "to_name": "eVTOL",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 eVTOL。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md",
          "chunk_id": "chunk:40271590ee29",
          "chunk_index": 0,
          "quote_summary": "航空座椅交付结算量大幅增长及民航维修业务复苏带动营收利润创历史新高，运营效率与成本控制能力持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:evtol",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b98d79255151",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 业绩高增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md",
          "chunk_id": "chunk:40271590ee29",
          "chunk_index": 0,
          "quote_summary": "航空座椅交付结算量大幅增长及民航维修业务复苏带动营收利润创历史新高，运营效率与成本控制能力持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:业绩高增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bb35dd0084a5",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md",
          "chunk_id": "chunk:40271590ee29",
          "chunk_index": 0,
          "quote_summary": "航空座椅交付结算量大幅增长及民航维修业务复苏带动营收利润创历史新高，运营效率与成本控制能力持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b768e12a36de",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-94c85c44eb90.md",
          "chunk_id": "chunk:8fc8f8ebcf9e",
          "chunk_index": 8,
          "quote_summary": "受益于“十四五”军工高景气与自主可控需求，叠加民航回暖、C919增量及低空经济等新兴产业布局，支撑公司长期发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a2eb5ece802c",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-94c85c44eb90.md",
          "chunk_id": "chunk:8fc8f8ebcf9e",
          "chunk_index": 8,
          "quote_summary": "受益于“十四五”军工高景气与自主可控需求，叠加民航回暖、C919增量及低空经济等新兴产业布局，支撑公司长期发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1733125e25ed",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:国产大飞机",
      "to_name": "国产大飞机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 国产大飞机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-国防军工-14fe10d4d4b3.md",
          "chunk_id": "chunk:b140a24ab986",
          "chunk_index": 0,
          "quote_summary": "公司作为军用直升机核心配套商，机载设备研制与维修业务实现高速增长，管理效率提升助推期间费用率显著下降。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:国产大飞机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8c4e9d6c9224",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 国产替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md",
          "chunk_id": "chunk:40271590ee29",
          "chunk_index": 0,
          "quote_summary": "航空座椅交付结算量大幅增长及民航维修业务复苏带动营收利润创历史新高，运营效率与成本控制能力持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff9c5a408c0c",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-国防军工-14fe10d4d4b3.md",
          "chunk_id": "chunk:b140a24ab986",
          "chunk_index": 0,
          "quote_summary": "公司作为军用直升机核心配套商，机载设备研制与维修业务实现高速增长，管理效率提升助推期间费用率显著下降。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5a47fa748476",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:复材维修",
      "to_name": "复材维修",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 复材维修。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-94c85c44eb90.md",
          "chunk_id": "chunk:8fc8f8ebcf9e",
          "chunk_index": 8,
          "quote_summary": "受益于“十四五”军工高景气与自主可控需求，叠加民航回暖、C919增量及低空经济等新兴产业布局，支撑公司长期发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:复材维修",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "35476f425513",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:机载设备",
      "to_name": "机载设备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 机载设备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md",
          "chunk_id": "chunk:40271590ee29",
          "chunk_index": 0,
          "quote_summary": "航空座椅交付结算量大幅增长及民航维修业务复苏带动营收利润创历史新高，运营效率与成本控制能力持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:机载设备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "337e5b451a0e",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:航空军工",
      "to_name": "航空军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 航空军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md",
          "chunk_id": "chunk:40271590ee29",
          "chunk_index": 0,
          "quote_summary": "航空座椅交付结算量大幅增长及民航维修业务复苏带动营收利润创历史新高，运营效率与成本控制能力持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:航空军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ffdd113f68c7",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:航空座椅",
      "to_name": "航空座椅",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 航空座椅。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-国防军工-14fe10d4d4b3.md",
          "chunk_id": "chunk:b140a24ab986",
          "chunk_index": 0,
          "quote_summary": "公司作为军用直升机核心配套商，机载设备研制与维修业务实现高速增长，管理效率提升助推期间费用率显著下降。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:航空座椅",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3cca402ba51a",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:航空维修",
      "to_name": "航空维修",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 航空维修。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md",
          "chunk_id": "chunk:40271590ee29",
          "chunk_index": 0,
          "quote_summary": "航空座椅交付结算量大幅增长及民航维修业务复苏带动营收利润创历史新高，运营效率与成本控制能力持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:航空维修",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6789d80ad5e2",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:航空装备",
      "to_name": "航空装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 航空装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-94c85c44eb90.md",
          "chunk_id": "chunk:8fc8f8ebcf9e",
          "chunk_index": 8,
          "quote_summary": "受益于“十四五”军工高景气与自主可控需求，叠加民航回暖、C919增量及低空经济等新兴产业布局，支撑公司长期发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:航空装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7f12012a6bbc",
      "from": "company:300719",
      "from_name": "安达维尔",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安达维尔 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-16-日-公司研究-证券研究报告-0942a568568f.md",
          "chunk_id": "chunk:40271590ee29",
          "chunk_index": 0,
          "quote_summary": "航空座椅交付结算量大幅增长及民航维修业务复苏带动营收利润创历史新高，运营效率与成本控制能力持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300719",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2c9c2f452777",
      "from": "company:300726",
      "from_name": "宏达电子",
      "to": "topic:业绩点评",
      "to_name": "业绩点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "宏达电子 研报中反复涉及 业绩点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md",
          "chunk_id": "chunk:488a5e6345a9",
          "chunk_index": 0,
          "quote_summary": "公司作为国内高可靠钽电容器龙头，技术积累深厚，将直接受益于武器装备信息化与智能化迭代带来的高可靠性元器件需求提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300726",
      "target": "topic:业绩点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "68796145d68b",
      "from": "company:300726",
      "from_name": "宏达电子",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "宏达电子 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md",
          "chunk_id": "chunk:488a5e6345a9",
          "chunk_index": 0,
          "quote_summary": "公司作为国内高可靠钽电容器龙头，技术积累深厚，将直接受益于武器装备信息化与智能化迭代带来的高可靠性元器件需求提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300726",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ad233b6d9d58",
      "from": "company:300726",
      "from_name": "宏达电子",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "宏达电子 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md",
          "chunk_id": "chunk:488a5e6345a9",
          "chunk_index": 0,
          "quote_summary": "公司作为国内高可靠钽电容器龙头，技术积累深厚，将直接受益于武器装备信息化与智能化迭代带来的高可靠性元器件需求提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300726",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cb6c4a561b56",
      "from": "company:300726",
      "from_name": "宏达电子",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "宏达电子 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md",
          "chunk_id": "chunk:488a5e6345a9",
          "chunk_index": 0,
          "quote_summary": "公司作为国内高可靠钽电容器龙头，技术积累深厚，将直接受益于武器装备信息化与智能化迭代带来的高可靠性元器件需求提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300726",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "874fedd1d3b2",
      "from": "company:300726",
      "from_name": "宏达电子",
      "to": "topic:微电路模块",
      "to_name": "微电路模块",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "宏达电子 研报中反复涉及 微电路模块。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md",
          "chunk_id": "chunk:488a5e6345a9",
          "chunk_index": 0,
          "quote_summary": "公司作为国内高可靠钽电容器龙头，技术积累深厚，将直接受益于武器装备信息化与智能化迭代带来的高可靠性元器件需求提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300726",
      "target": "topic:微电路模块",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "330f4685b143",
      "from": "company:300726",
      "from_name": "宏达电子",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "宏达电子 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md",
          "chunk_id": "chunk:488a5e6345a9",
          "chunk_index": 0,
          "quote_summary": "公司作为国内高可靠钽电容器龙头，技术积累深厚，将直接受益于武器装备信息化与智能化迭代带来的高可靠性元器件需求提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300726",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3bd66638f184",
      "from": "company:300726",
      "from_name": "宏达电子",
      "to": "topic:钽电容器",
      "to_name": "钽电容器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "宏达电子 研报中反复涉及 钽电容器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md",
          "chunk_id": "chunk:488a5e6345a9",
          "chunk_index": 0,
          "quote_summary": "公司作为国内高可靠钽电容器龙头，技术积累深厚，将直接受益于武器装备信息化与智能化迭代带来的高可靠性元器件需求提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300726",
      "target": "topic:钽电容器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8788aa058e1d",
      "from": "company:300726",
      "from_name": "宏达电子",
      "to": "topic:需求复苏",
      "to_name": "需求复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "宏达电子 研报中反复涉及 需求复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bfcb19401490.md",
          "chunk_id": "chunk:488a5e6345a9",
          "chunk_index": 0,
          "quote_summary": "公司作为国内高可靠钽电容器龙头，技术积累深厚，将直接受益于武器装备信息化与智能化迭代带来的高可靠性元器件需求提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300726",
      "target": "topic:需求复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d8ed56811e6b",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:三季报点评",
      "to_name": "三季报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 三季报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md",
          "chunk_id": "chunk:f384fa08ff10",
          "chunk_index": 4,
          "quote_summary": "短期业绩受产品结构变化拖累，但公司持续加大研发投入，IPO募投项目及子公司新产线已投产，叠加陶瓷基复合材料等新业务布局，有望构筑第二增长曲线并支撑未来业绩高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:三季报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fedd6af880b4",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md",
          "chunk_id": "chunk:d8ebc0927a56",
          "chunk_index": 4,
          "quote_summary": "截至2025H1末，公司在手订单达17.50亿元，较2024年末大幅增长478%，其中子公司图南智造、图南部件的中小零部件业务在手订单14.50亿元，预计2025-2027年逐步确认收入，有望开启公司第二成长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "85bc8e902868",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:业绩点评",
      "to_name": "业绩点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 业绩点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-图南股份-300855-sz-2024-年年报及-2025-年一季报点评-b7dde0ddee64.md",
          "chunk_id": "chunk:a2b768bd69a6",
          "chunk_index": 0,
          "quote_summary": "受下游主要客户需求波动影响，公司2024年及2025年一季度业绩阶段性承压；但公司持续加大研发投入，并加速拓展增材制造和航空中小零部件加工业务，产业链延伸有望打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:业绩点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c4a2cdc4e6e3",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:业绩环比改善",
      "to_name": "业绩环比改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 业绩环比改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-04-25-132b09eb5429.md",
          "chunk_id": "chunk:dda11a14d8d7",
          "chunk_index": 2,
          "quote_summary": "下游需求波动导致短期业绩承压，但2025Q1营收与净利润环比大幅改善，业绩拐点初现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:业绩环比改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6bf157e69a65",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:两机赛道",
      "to_name": "两机赛道",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 两机赛道。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-图南股份-300855-sz-2024-年三季报点评-e61d85a4b94a.md",
          "chunk_id": "chunk:a59b8bc44a0f",
          "chunk_index": 1,
          "quote_summary": "公司是国内少数能同时批量化生产变形及铸造高温合金的企业，专注新材料主业并向产业链中下游延伸，打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:两机赛道",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8c7af122c26f",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:中小零部件",
      "to_name": "中小零部件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 中小零部件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md",
          "chunk_id": "chunk:d8ebc0927a56",
          "chunk_index": 4,
          "quote_summary": "截至2025H1末，公司在手订单达17.50亿元，较2024年末大幅增长478%，其中子公司图南智造、图南部件的中小零部件业务在手订单14.50亿元，预计2025-2027年逐步确认收入，有望开启公司第二成长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:中小零部件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "05d4ff2a1cc5",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:产业链延伸",
      "to_name": "产业链延伸",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 产业链延伸。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md",
          "chunk_id": "chunk:145cb772e11f",
          "chunk_index": 4,
          "quote_summary": "军民市场并进，军品与航空发动机厂商及高端民品客户建立稳定合作，业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:产业链延伸",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6ad95d2557bb",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:产能释放",
      "to_name": "产能释放",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 产能释放。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md",
          "chunk_id": "chunk:f384fa08ff10",
          "chunk_index": 4,
          "quote_summary": "短期业绩受产品结构变化拖累，但公司持续加大研发投入，IPO募投项目及子公司新产线已投产，叠加陶瓷基复合材料等新业务布局，有望构筑第二增长曲线并支撑未来业绩高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:产能释放",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9c92ff5713f2",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md",
          "chunk_id": "chunk:f384fa08ff10",
          "chunk_index": 4,
          "quote_summary": "短期业绩受产品结构变化拖累，但公司持续加大研发投入，IPO募投项目及子公司新产线已投产，叠加陶瓷基复合材料等新业务布局，有望构筑第二增长曲线并支撑未来业绩高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "344886ae6520",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:军工新材料",
      "to_name": "军工新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 军工新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md",
          "chunk_id": "chunk:f384fa08ff10",
          "chunk_index": 4,
          "quote_summary": "短期业绩受产品结构变化拖累，但公司持续加大研发投入，IPO募投项目及子公司新产线已投产，叠加陶瓷基复合材料等新业务布局，有望构筑第二增长曲线并支撑未来业绩高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:军工新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "991feb4c730c",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:军民融合",
      "to_name": "军民融合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 军民融合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md",
          "chunk_id": "chunk:145cb772e11f",
          "chunk_index": 4,
          "quote_summary": "军民市场并进，军品与航空发动机厂商及高端民品客户建立稳定合作，业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:军民融合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "91804e63b373",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md",
          "chunk_id": "chunk:f384fa08ff10",
          "chunk_index": 4,
          "quote_summary": "短期业绩受产品结构变化拖累，但公司持续加大研发投入，IPO募投项目及子公司新产线已投产，叠加陶瓷基复合材料等新业务布局，有望构筑第二增长曲线并支撑未来业绩高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9655d578461c",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:半年报点评",
      "to_name": "半年报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 半年报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-图南股份-300855-sz-2025-年半年报点评-b88659790014.md",
          "chunk_id": "chunk:4b408f0d9859",
          "chunk_index": 0,
          "quote_summary": "公司是国内少数能同时批量化生产变形与铸造高温合金的企业，深度绑定航空发动机产业链，具备大型复杂薄壁结构件核心供应能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:半年报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e771c22a2f56",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md",
          "chunk_id": "chunk:d8ebc0927a56",
          "chunk_index": 4,
          "quote_summary": "截至2025H1末，公司在手订单达17.50亿元，较2024年末大幅增长478%，其中子公司图南智造、图南部件的中小零部件业务在手订单14.50亿元，预计2025-2027年逐步确认收入，有望开启公司第二成长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8dfef07b71cf",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:增材制造",
      "to_name": "增材制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 增材制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-图南股份-300855-sz-2024-年年报及-2025-年一季报点评-b7dde0ddee64.md",
          "chunk_id": "chunk:a2b768bd69a6",
          "chunk_index": 0,
          "quote_summary": "受下游主要客户需求波动影响，公司2024年及2025年一季度业绩阶段性承压；但公司持续加大研发投入，并加速拓展增材制造和航空中小零部件加工业务，产业链延伸有望打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:增材制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "44eac46aae8b",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:新材料",
      "to_name": "新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md",
          "chunk_id": "chunk:047f06a58068",
          "chunk_index": 4,
          "quote_summary": "高端民品发力与海外需求拉动变形高温合金营收增长31%，有效对冲军品短期波动，保障业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d72460bb4c38",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:有色金属",
      "to_name": "有色金属",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 有色金属。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md",
          "chunk_id": "chunk:d8ebc0927a56",
          "chunk_index": 4,
          "quote_summary": "截至2025H1末，公司在手订单达17.50亿元，较2024年末大幅增长478%，其中子公司图南智造、图南部件的中小零部件业务在手订单14.50亿元，预计2025-2027年逐步确认收入，有望开启公司第二成长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:有色金属",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9904822df1d2",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md",
          "chunk_id": "chunk:047f06a58068",
          "chunk_index": 4,
          "quote_summary": "高端民品发力与海外需求拉动变形高温合金营收增长31%，有效对冲军品短期波动，保障业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1749e470bdd8",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:毛利率提升",
      "to_name": "毛利率提升",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 毛利率提升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-8-月-16-日-84b6bd68eda9.md",
          "chunk_id": "chunk:145cb772e11f",
          "chunk_index": 4,
          "quote_summary": "军民市场并进，军品与航空发动机厂商及高端民品客户建立稳定合作，业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:毛利率提升",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
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      "edge_id": "050a0fc5ba3c",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:特种不锈钢",
      "to_name": "特种不锈钢",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 特种不锈钢。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-04-25-132b09eb5429.md",
          "chunk_id": "chunk:dda11a14d8d7",
          "chunk_index": 2,
          "quote_summary": "下游需求波动导致短期业绩承压，但2025Q1营收与净利润环比大幅改善，业绩拐点初现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:特种不锈钢",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "88c6f00f4d53",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:盈利能力",
      "to_name": "盈利能力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 盈利能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-图南股份-300855-sz-2025-年半年报点评-b88659790014.md",
          "chunk_id": "chunk:4b408f0d9859",
          "chunk_index": 0,
          "quote_summary": "公司是国内少数能同时批量化生产变形与铸造高温合金的企业，深度绑定航空发动机产业链，具备大型复杂薄壁结构件核心供应能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:盈利能力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e51a4bbd0e1b",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-图南股份-300855-sz-2024-年三季报点评-e61d85a4b94a.md",
          "chunk_id": "chunk:a59b8bc44a0f",
          "chunk_index": 1,
          "quote_summary": "公司是国内少数能同时批量化生产变形及铸造高温合金的企业，专注新材料主业并向产业链中下游延伸，打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3354e568fac3",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:经营现金流",
      "to_name": "经营现金流",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 经营现金流。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-图南股份-300855-sz-2024-年中报点评-5dc0dae37445.md",
          "chunk_id": "chunk:8074a4321d50",
          "chunk_index": 1,
          "quote_summary": "公司作为我国高温合金及其制品核心供应商，积极向中下游机加工领域延伸产业链，叠加航空发动机持续高景气，打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:经营现金流",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "38863df39e8c",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:经营现金流改善",
      "to_name": "经营现金流改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 经营现金流改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-图南股份-300855-sz-2024-年三季报点评-e61d85a4b94a.md",
          "chunk_id": "chunk:a59b8bc44a0f",
          "chunk_index": 1,
          "quote_summary": "公司是国内少数能同时批量化生产变形及铸造高温合金的企业，专注新材料主业并向产业链中下游延伸，打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:经营现金流改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9f39145bf20e",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:航空发动机",
      "to_name": "航空发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 航空发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md",
          "chunk_id": "chunk:047f06a58068",
          "chunk_index": 4,
          "quote_summary": "高端民品发力与海外需求拉动变形高温合金营收增长31%，有效对冲军品短期波动，保障业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:航空发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "93272793a891",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:航空发动机产业链",
      "to_name": "航空发动机产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 航空发动机产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-图南股份-300855-sz-2024-年中报点评-5dc0dae37445.md",
          "chunk_id": "chunk:8074a4321d50",
          "chunk_index": 1,
          "quote_summary": "公司作为我国高温合金及其制品核心供应商，积极向中下游机加工领域延伸产业链，叠加航空发动机持续高景气，打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:航空发动机产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff9cbcf90898",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:航空发动机材料",
      "to_name": "航空发动机材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 航空发动机材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-04-25-132b09eb5429.md",
          "chunk_id": "chunk:dda11a14d8d7",
          "chunk_index": 2,
          "quote_summary": "下游需求波动导致短期业绩承压，但2025Q1营收与净利润环比大幅改善，业绩拐点初现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:航空发动机材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "15d5db12eefd",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:航空零部件",
      "to_name": "航空零部件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 航空零部件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md",
          "chunk_id": "chunk:f384fa08ff10",
          "chunk_index": 4,
          "quote_summary": "短期业绩受产品结构变化拖累，但公司持续加大研发投入，IPO募投项目及子公司新产线已投产，叠加陶瓷基复合材料等新业务布局，有望构筑第二增长曲线并支撑未来业绩高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:航空零部件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3808330c00bf",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:航空零部件制造",
      "to_name": "航空零部件制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 航空零部件制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-04-25-132b09eb5429.md",
          "chunk_id": "chunk:dda11a14d8d7",
          "chunk_index": 2,
          "quote_summary": "下游需求波动导致短期业绩承压，但2025Q1营收与净利润环比大幅改善，业绩拐点初现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:航空零部件制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "15847ddb10b0",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:营收",
      "to_name": "营收",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 营收。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md",
          "chunk_id": "chunk:047f06a58068",
          "chunk_index": 4,
          "quote_summary": "高端民品发力与海外需求拉动变形高温合金营收增长31%，有效对冲军品短期波动，保障业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:营收",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dd90414dd993",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:订单储备",
      "to_name": "订单储备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 订单储备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-图南股份-300855-sz-2025-年半年报点评-b88659790014.md",
          "chunk_id": "chunk:4b408f0d9859",
          "chunk_index": 0,
          "quote_summary": "公司是国内少数能同时批量化生产变形与铸造高温合金的企业，深度绑定航空发动机产业链，具备大型复杂薄壁结构件核心供应能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:订单储备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "21fe55b63379",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:订单增长",
      "to_name": "订单增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 订单增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-801003733ad1.md",
          "chunk_id": "chunk:d8ebc0927a56",
          "chunk_index": 4,
          "quote_summary": "截至2025H1末，公司在手订单达17.50亿元，较2024年末大幅增长478%，其中子公司图南智造、图南部件的中小零部件业务在手订单14.50亿元，预计2025-2027年逐步确认收入，有望开启公司第二成长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:订单增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b0db93e57ee7",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md",
          "chunk_id": "chunk:f384fa08ff10",
          "chunk_index": 4,
          "quote_summary": "短期业绩受产品结构变化拖累，但公司持续加大研发投入，IPO募投项目及子公司新产线已投产，叠加陶瓷基复合材料等新业务布局，有望构筑第二增长曲线并支撑未来业绩高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2791450bb3cf",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:陶瓷基复合材料",
      "to_name": "陶瓷基复合材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 陶瓷基复合材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-10-月-20-日-fd2ee13d71aa.md",
          "chunk_id": "chunk:d2a53b6ef6b5",
          "chunk_index": 4,
          "quote_summary": "军民市场双轮驱动，在手订单充裕保障业绩基本盘；通过子公司及参股公司积极拓展航空中小零部件自动化加工及陶瓷基复合材料业务，打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:陶瓷基复合材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "579ea7bb8fdc",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:高温合金",
      "to_name": "高温合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 高温合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a498ba09ec09.md",
          "chunk_id": "chunk:f384fa08ff10",
          "chunk_index": 4,
          "quote_summary": "短期业绩受产品结构变化拖累，但公司持续加大研发投入，IPO募投项目及子公司新产线已投产，叠加陶瓷基复合材料等新业务布局，有望构筑第二增长曲线并支撑未来业绩高增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:高温合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "71490d106e4c",
      "from": "company:300855",
      "from_name": "图南股份",
      "to": "topic:高端民品",
      "to_name": "高端民品",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "图南股份 研报中反复涉及 高端民品。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-5cdf13c5f8be.md",
          "chunk_id": "chunk:047f06a58068",
          "chunk_index": 4,
          "quote_summary": "高端民品发力与海外需求拉动变形高温合金营收增长31%，有效对冲军品短期波动，保障业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300855",
      "target": "topic:高端民品",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "10835c6ca2c9",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:evtol",
      "to_name": "eVTOL",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 eVTOL。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-广联航空-300900-sz-2024-年三季报点评-819ca945b284.md",
          "chunk_id": "chunk:4c9fe516d408",
          "chunk_index": 1,
          "quote_summary": "公司深耕航空航天制造全产业链，下游全面覆盖航空、制导装备及大飞机、无人机、eVTOL等新质生产力领域，成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:evtol",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d233c995a3f0",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:业绩点评",
      "to_name": "业绩点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 业绩点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-广联航空-300900-sz-2024-年中报点评-3f3a1fe37efa.md",
          "chunk_id": "chunk:0ba6e3310320",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空航天全产业链协同，下游覆盖大飞机、无人机及eVTOL等新质生产力领域，订单增长驱动营收持续扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:业绩点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "77ffda272171",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md",
          "chunk_id": "chunk:e3052d7d1510",
          "chunk_index": 0,
          "quote_summary": "营收规模持续高增长创上市以来同期新高，产品结构变化及各项费用阶段性增长导致短期利润承压，随着内部管理机制优化，盈利水平有望逐步恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0fa069161412",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md",
          "chunk_id": "chunk:e3052d7d1510",
          "chunk_index": 0,
          "quote_summary": "营收规模持续高增长创上市以来同期新高，产品结构变化及各项费用阶段性增长导致短期利润承压，随着内部管理机制优化，盈利水平有望逐步恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fe954616b6c7",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-广联航空-300900-sz-2024-年中报点评-3f3a1fe37efa.md",
          "chunk_id": "chunk:0ba6e3310320",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空航天全产业链协同，下游覆盖大飞机、无人机及eVTOL等新质生产力领域，订单增长驱动营收持续扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9038dedc8c79",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-广联航空-300900-sz-2024-年中报点评-3f3a1fe37efa.md",
          "chunk_id": "chunk:0ba6e3310320",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空航天全产业链协同，下游覆盖大飞机、无人机及eVTOL等新质生产力领域，订单增长驱动营收持续扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9c9542f66b6b",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md",
          "chunk_id": "chunk:e3052d7d1510",
          "chunk_index": 0,
          "quote_summary": "营收规模持续高增长创上市以来同期新高，产品结构变化及各项费用阶段性增长导致短期利润承压，随着内部管理机制优化，盈利水平有望逐步恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "70f515a27e57",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:复合材料",
      "to_name": "复合材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 复合材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md",
          "chunk_id": "chunk:e3052d7d1510",
          "chunk_index": 0,
          "quote_summary": "营收规模持续高增长创上市以来同期新高，产品结构变化及各项费用阶段性增长导致短期利润承压，随着内部管理机制优化，盈利水平有望逐步恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:复合材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "af37a23c48f5",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:大飞机",
      "to_name": "大飞机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 大飞机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md",
          "chunk_id": "chunk:e3052d7d1510",
          "chunk_index": 0,
          "quote_summary": "营收规模持续高增长创上市以来同期新高，产品结构变化及各项费用阶段性增长导致短期利润承压，随着内部管理机制优化，盈利水平有望逐步恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:大飞机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "510164bb2905",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:大飞机产业链",
      "to_name": "大飞机产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 大飞机产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-广联航空-300900-sz-2024-年中报点评-3f3a1fe37efa.md",
          "chunk_id": "chunk:0ba6e3310320",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空航天全产业链协同，下游覆盖大飞机、无人机及eVTOL等新质生产力领域，订单增长驱动营收持续扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:大飞机产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d7bd7296dcba",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md",
          "chunk_id": "chunk:e3052d7d1510",
          "chunk_index": 0,
          "quote_summary": "营收规模持续高增长创上市以来同期新高，产品结构变化及各项费用阶段性增长导致短期利润承压，随着内部管理机制优化，盈利水平有望逐步恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b70a5b06f2fd",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:燃气轮机",
      "to_name": "燃气轮机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 燃气轮机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-11-11-1ed3568e22f0.md",
          "chunk_id": "chunk:e6a0be03c3dc",
          "chunk_index": 2,
          "quote_summary": "紧跟客户需求加大研发投入，推进无人机总装及零配件制造项目，攻克大尺寸固定翼无人机核心技术，为后期批产订单提供支撑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:燃气轮机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4092e410016b",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-广联航空-300900-sz-2024-年中报点评-3f3a1fe37efa.md",
          "chunk_id": "chunk:0ba6e3310320",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空航天全产业链协同，下游覆盖大飞机、无人机及eVTOL等新质生产力领域，订单增长驱动营收持续扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "436200a7a6b9",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:航空制造",
      "to_name": "航空制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 航空制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-广联航空-300900-sz-2024-年中报点评-3f3a1fe37efa.md",
          "chunk_id": "chunk:0ba6e3310320",
          "chunk_index": 0,
          "quote_summary": "公司聚焦航空航天全产业链协同，下游覆盖大飞机、无人机及eVTOL等新质生产力领域，订单增长驱动营收持续扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:航空制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1c4b9096eeec",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:航空航天制造",
      "to_name": "航空航天制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 航空航天制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-广联航空-300900-sz-2024-年三季报点评-819ca945b284.md",
          "chunk_id": "chunk:4c9fe516d408",
          "chunk_index": 1,
          "quote_summary": "公司深耕航空航天制造全产业链，下游全面覆盖航空、制导装备及大飞机、无人机、eVTOL等新质生产力领域，成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:航空航天制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "af91df615113",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:航空装备",
      "to_name": "航空装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 航空装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md",
          "chunk_id": "chunk:e3052d7d1510",
          "chunk_index": 0,
          "quote_summary": "营收规模持续高增长创上市以来同期新高，产品结构变化及各项费用阶段性增长导致短期利润承压，随着内部管理机制优化，盈利水平有望逐步恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:航空装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7452d663c25e",
      "from": "company:300900",
      "from_name": "广联航空",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "广联航空 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e925c219449c.md",
          "chunk_id": "chunk:e3052d7d1510",
          "chunk_index": 0,
          "quote_summary": "营收规模持续高增长创上市以来同期新高，产品结构变化及各项费用阶段性增长导致短期利润承压，随着内部管理机制优化，盈利水平有望逐步恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:300900",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a66aab7bda27",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md",
          "chunk_id": "chunk:ee6decb2de01",
          "chunk_index": 5,
          "quote_summary": "军工导弹装备下游需求旺盛，公司作为精确制导核心配套商，交付验收量大幅增加带动业绩创历史新高，全年高增态势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9316e9cde636",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md",
          "chunk_id": "chunk:ee6decb2de01",
          "chunk_index": 5,
          "quote_summary": "军工导弹装备下游需求旺盛，公司作为精确制导核心配套商，交付验收量大幅增加带动业绩创历史新高，全年高增态势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "80cc32a2adc7",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md",
          "chunk_id": "chunk:ee6decb2de01",
          "chunk_index": 5,
          "quote_summary": "军工导弹装备下游需求旺盛，公司作为精确制导核心配套商，交付验收量大幅增加带动业绩创历史新高，全年高增态势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e4a23cfa01f3",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md",
          "chunk_id": "chunk:f08a5f0a1801",
          "chunk_index": 4,
          "quote_summary": "公司重视自主研发与人才激励，落实员工持股计划绑定核心骨干利益；低空经济与卫星互联网政策催化下游需求，TR组件领先地位有望带动业绩稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4157cde2e5be",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:卫星互联网",
      "to_name": "卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md",
          "chunk_id": "chunk:f08a5f0a1801",
          "chunk_index": 4,
          "quote_summary": "公司重视自主研发与人才激励，落实员工持股计划绑定核心骨干利益；低空经济与卫星互联网政策催化下游需求，TR组件领先地位有望带动业绩稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "279eca361195",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:卫星通信",
      "to_name": "卫星通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 卫星通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md",
          "chunk_id": "chunk:ee6decb2de01",
          "chunk_index": 5,
          "quote_summary": "军工导弹装备下游需求旺盛，公司作为精确制导核心配套商，交付验收量大幅增加带动业绩创历史新高，全年高增态势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:卫星通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7b96f9fa5758",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:合同负债",
      "to_name": "合同负债",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 合同负债。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷电微力-301050-sz-2023-年年报及-2024-年一季报点评-d7241388646f.md",
          "chunk_id": "chunk:c21b2b41c616",
          "chunk_index": 0,
          "quote_summary": "坚持聚焦毫米波微系统主业，推动核心产品向高集成度、小型化、低成本方向发展，自2019年定型后快速起量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:合同负债",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6ea26aa8a2e2",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md",
          "chunk_id": "chunk:f08a5f0a1801",
          "chunk_index": 4,
          "quote_summary": "公司重视自主研发与人才激励，落实员工持股计划绑定核心骨干利益；低空经济与卫星互联网政策催化下游需求，TR组件领先地位有望带动业绩稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "919baa5a228c",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:员工持股",
      "to_name": "员工持股",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 员工持股。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷电微力-301050-0f8c87aec0e4.md",
          "chunk_id": "chunk:f08a5f0a1801",
          "chunk_index": 4,
          "quote_summary": "公司重视自主研发与人才激励，落实员工持股计划绑定核心骨干利益；低空经济与卫星互联网政策催化下游需求，TR组件领先地位有望带动业绩稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:员工持股",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3547f05dda56",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷电微力-301050-sz-2024-年半年报点评-a0a2e6de5025.md",
          "chunk_id": "chunk:38a33657c01c",
          "chunk_index": 0,
          "quote_summary": "公司深耕毫米波微系统，掌握芯片至封装测试全链条核心技术，核心产品自2019年定型后快速起量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6ffaabef1ce8",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:毫米波微系统",
      "to_name": "毫米波微系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 毫米波微系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md",
          "chunk_id": "chunk:ee6decb2de01",
          "chunk_index": 5,
          "quote_summary": "军工导弹装备下游需求旺盛，公司作为精确制导核心配套商，交付验收量大幅增加带动业绩创历史新高，全年高增态势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:毫米波微系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7768999e4268",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:现金流改善",
      "to_name": "现金流改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 现金流改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷电微力-301050-sz-2023-年年报及-2024-年一季报点评-d7241388646f.md",
          "chunk_id": "chunk:c21b2b41c616",
          "chunk_index": 0,
          "quote_summary": "坚持聚焦毫米波微系统主业，推动核心产品向高集成度、小型化、低成本方向发展，自2019年定型后快速起量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:现金流改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "22454bc6e81d",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:精确制导",
      "to_name": "精确制导",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 精确制导。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md",
          "chunk_id": "chunk:ee6decb2de01",
          "chunk_index": 5,
          "quote_summary": "军工导弹装备下游需求旺盛，公司作为精确制导核心配套商，交付验收量大幅增加带动业绩创历史新高，全年高增态势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:精确制导",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8707198de3d9",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:股权激励",
      "to_name": "股权激励",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 股权激励。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-8b835a14231a.md",
          "chunk_id": "chunk:ee6decb2de01",
          "chunk_index": 5,
          "quote_summary": "军工导弹装备下游需求旺盛，公司作为精确制导核心配套商，交付验收量大幅增加带动业绩创历史新高，全年高增态势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:股权激励",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "26ca4db39191",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:芯片量产",
      "to_name": "芯片量产",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 芯片量产。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-雷电微力-301050-sz-2023-年年报及-2024-年一季报点评-d7241388646f.md",
          "chunk_id": "chunk:c21b2b41c616",
          "chunk_index": 0,
          "quote_summary": "坚持聚焦毫米波微系统主业，推动核心产品向高集成度、小型化、低成本方向发展，自2019年定型后快速起量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:301050",
      "target": "topic:芯片量产",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2d9819e8ceba",
      "from": "company:301050",
      "from_name": "雷电微力",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
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          "quote_summary": "军工导弹装备下游需求旺盛，公司作为精确制导核心配套商，交付验收量大幅增加带动业绩创历史新高，全年高增态势明确。"
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    },
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      "from": "company:301050",
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      "to": "topic:财务预测",
      "to_name": "财务预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "雷电微力 研报中反复涉及 财务预测。",
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      "evidence": [
        {
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          "quote_summary": "公司深耕毫米波微系统，掌握芯片至封装测试全链条核心技术，核心产品自2019年定型后快速起量。"
        }
      ],
      "needs_review": true,
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    },
    {
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      "from": "company:302132",
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      "to": "topic:ai大模型应用",
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      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 AI大模型应用。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-中航成飞-302132-sz-3dd254a8a8dd.md",
          "chunk_id": "chunk:cf7799e6c000",
          "chunk_index": 0,
          "quote_summary": "资产重组完成，打造“创新、数字、精品”三新成飞，目标建成具有全球竞争力的世界一流创新型航空产业集团。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:ai大模型应用",
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    {
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      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:f156cc99c00c",
          "chunk_index": 0,
          "quote_summary": "产品交付节奏修复带动Q2营收环比大增，全年800亿营收目标下H2有望显著提速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
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    {
      "edge_id": "6dfa445d905b",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 业绩预测。",
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      "evidence": [
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          "chunk_id": "chunk:1dc334decfd6",
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          "quote_summary": "受产品生产周期影响25Q1业绩短期承压，但全年营收预算达800亿元，后续交付有望带动业绩逐季提速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
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    {
      "edge_id": "8e52b41d5f6a",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:主机厂",
      "to_name": "主机厂",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 主机厂。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-61b46f8b9490.md",
          "chunk_id": "chunk:ffce7de8e118",
          "chunk_index": 0,
          "quote_summary": "重组上市后产业链控制力增强，已形成覆盖研发、制造、维修及服务保障的完整产业体系，主机厂龙头地位稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:主机厂",
      "label": "involves_topic",
      "category": "topic",
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      "evidence_count": 1
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    {
      "edge_id": "047210ccd602",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:产业链协同",
      "to_name": "产业链协同",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 产业链协同。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-3dd254a8a8dd.md",
          "chunk_id": "chunk:cf7799e6c000",
          "chunk_index": 0,
          "quote_summary": "资产重组完成，打造“创新、数字、精品”三新成飞，目标建成具有全球竞争力的世界一流创新型航空产业集团。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:产业链协同",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8ad01cf3a75a",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-中航成飞-302132-sz-61b46f8b9490.md",
          "chunk_id": "chunk:ffce7de8e118",
          "chunk_index": 0,
          "quote_summary": "重组上市后产业链控制力增强，已形成覆盖研发、制造、维修及服务保障的完整产业体系，主机厂龙头地位稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ce18e5e87829",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:c21b791058c5",
          "chunk_index": 0,
          "quote_summary": "公司作为航空主机厂龙头，依托成飞所研发生产一体化模式，通过布局“昊龙”可重复使用货运航天飞机，成功开启商业航天领域新布局，契合空间站补给与卫星部署等广阔外空使用场景。"
        }
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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      "from_name": "中航成飞",
      "to": "topic:军工资产重组",
      "to_name": "军工资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 军工资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-3dd254a8a8dd.md",
          "chunk_id": "chunk:cf7799e6c000",
          "chunk_index": 0,
          "quote_summary": "资产重组完成，打造“创新、数字、精品”三新成飞，目标建成具有全球竞争力的世界一流创新型航空产业集团。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:军工资产重组",
      "label": "involves_topic",
      "category": "topic",
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    {
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      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:军机制造",
      "to_name": "军机制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 军机制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:448b03207028",
          "chunk_index": 0,
          "quote_summary": "借壳上市重塑主业，成飞作为国内歼击机绝对龙头，产品涵盖歼-10、歼-20及多款无人机，技术壁垒与研发实力深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:军机制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "67eb5e52afc3",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:军贸",
      "to_name": "军贸",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 军贸。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-61b46f8b9490.md",
          "chunk_id": "chunk:ffce7de8e118",
          "chunk_index": 0,
          "quote_summary": "重组上市后产业链控制力增强，已形成覆盖研发、制造、维修及服务保障的完整产业体系，主机厂龙头地位稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:军贸",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "843a7795bf14",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:军贸出口",
      "to_name": "军贸出口",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 军贸出口。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:448b03207028",
          "chunk_index": 0,
          "quote_summary": "借壳上市重塑主业，成飞作为国内歼击机绝对龙头，产品涵盖歼-10、歼-20及多款无人机，技术壁垒与研发实力深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:军贸出口",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "96912ffa0b17",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-5971c9685641.md",
          "chunk_id": "chunk:f156cc99c00c",
          "chunk_index": 0,
          "quote_summary": "产品交付节奏修复带动Q2营收环比大增，全年800亿营收目标下H2有望显著提速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
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    {
      "edge_id": "c64b95eae6c0",
      "from": "company:302132",
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      "to": "topic:合同负债",
      "to_name": "合同负债",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 合同负债。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-中航成飞-302132-sz-5971c9685641.md",
          "chunk_id": "chunk:f156cc99c00c",
          "chunk_index": 0,
          "quote_summary": "产品交付节奏修复带动Q2营收环比大增，全年800亿营收目标下H2有望显著提速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:合同负债",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "814e366a7f32",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-5562bd3da76f.md",
          "chunk_id": "chunk:c21b791058c5",
          "chunk_index": 0,
          "quote_summary": "公司作为航空主机厂龙头，依托成飞所研发生产一体化模式，通过布局“昊龙”可重复使用货运航天飞机，成功开启商业航天领域新布局，契合空间站补给与卫星部署等广阔外空使用场景。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7aa204a3665f",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-5562bd3da76f.md",
          "chunk_id": "chunk:c21b791058c5",
          "chunk_index": 0,
          "quote_summary": "公司作为航空主机厂龙头，依托成飞所研发生产一体化模式，通过布局“昊龙”可重复使用货运航天飞机，成功开启商业航天领域新布局，契合空间站补给与卫星部署等广阔外空使用场景。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d4ad61719b19",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:数智化转型",
      "to_name": "数智化转型",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 数智化转型。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-3dd254a8a8dd.md",
          "chunk_id": "chunk:cf7799e6c000",
          "chunk_index": 0,
          "quote_summary": "资产重组完成，打造“创新、数字、精品”三新成飞，目标建成具有全球竞争力的世界一流创新型航空产业集团。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:数智化转型",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1ba90608279f",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:数智航空",
      "to_name": "数智航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 数智航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:448b03207028",
          "chunk_index": 0,
          "quote_summary": "借壳上市重塑主业，成飞作为国内歼击机绝对龙头，产品涵盖歼-10、歼-20及多款无人机，技术壁垒与研发实力深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:数智航空",
      "label": "involves_topic",
      "category": "topic",
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      "evidence_count": 1
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    {
      "edge_id": "0c4d5bab77d8",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-5971c9685641.md",
          "chunk_id": "chunk:f156cc99c00c",
          "chunk_index": 0,
          "quote_summary": "产品交付节奏修复带动Q2营收环比大增，全年800亿营收目标下H2有望显著提速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e0bc9dfeb07c",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:无人机协同",
      "to_name": "无人机协同",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 无人机协同。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:448b03207028",
          "chunk_index": 0,
          "quote_summary": "借壳上市重塑主业，成飞作为国内歼击机绝对龙头，产品涵盖歼-10、歼-20及多款无人机，技术壁垒与研发实力深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:无人机协同",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9ea4bac9b454",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:碳纤维复材",
      "to_name": "碳纤维复材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 碳纤维复材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:448b03207028",
          "chunk_index": 0,
          "quote_summary": "借壳上市重塑主业，成飞作为国内歼击机绝对龙头，产品涵盖歼-10、歼-20及多款无人机，技术壁垒与研发实力深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:碳纤维复材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2bafeeb37121",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:空天装备",
      "to_name": "空天装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 空天装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-5562bd3da76f.md",
          "chunk_id": "chunk:c21b791058c5",
          "chunk_index": 0,
          "quote_summary": "公司作为航空主机厂龙头，依托成飞所研发生产一体化模式，通过布局“昊龙”可重复使用货运航天飞机，成功开启商业航天领域新布局，契合空间站补给与卫星部署等广阔外空使用场景。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:空天装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eda9d7e38b2d",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-5562bd3da76f.md",
          "chunk_id": "chunk:c21b791058c5",
          "chunk_index": 0,
          "quote_summary": "公司作为航空主机厂龙头，依托成飞所研发生产一体化模式，通过布局“昊龙”可重复使用货运航天飞机，成功开启商业航天领域新布局，契合空间站补给与卫星部署等广阔外空使用场景。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ad68cb527f73",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:448b03207028",
          "chunk_index": 0,
          "quote_summary": "借壳上市重塑主业，成飞作为国内歼击机绝对龙头，产品涵盖歼-10、歼-20及多款无人机，技术壁垒与研发实力深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4e11bc452420",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:航空主机",
      "to_name": "航空主机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 航空主机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-5562bd3da76f.md",
          "chunk_id": "chunk:c21b791058c5",
          "chunk_index": 0,
          "quote_summary": "公司作为航空主机厂龙头，依托成飞所研发生产一体化模式，通过布局“昊龙”可重复使用货运航天飞机，成功开启商业航天领域新布局，契合空间站补给与卫星部署等广阔外空使用场景。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:航空主机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f0c36e1f5e80",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:航空主机厂",
      "to_name": "航空主机厂",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 航空主机厂。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-3dd254a8a8dd.md",
          "chunk_id": "chunk:cf7799e6c000",
          "chunk_index": 0,
          "quote_summary": "资产重组完成，打造“创新、数字、精品”三新成飞，目标建成具有全球竞争力的世界一流创新型航空产业集团。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:航空主机厂",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d236d2f17b12",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:航空产业链",
      "to_name": "航空产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 航空产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:448b03207028",
          "chunk_index": 0,
          "quote_summary": "借壳上市重塑主业，成飞作为国内歼击机绝对龙头，产品涵盖歼-10、歼-20及多款无人机，技术壁垒与研发实力深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:航空产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "952a86e89e3f",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:航空装备",
      "to_name": "航空装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 航空装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-e68a1d1fa933.md",
          "chunk_id": "chunk:1dc334decfd6",
          "chunk_index": 0,
          "quote_summary": "受产品生产周期影响25Q1业绩短期承压，但全年营收预算达800亿元，后续交付有望带动业绩逐季提速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:航空装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fc1099a1b3ac",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:航空防务",
      "to_name": "航空防务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 航空防务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-0a7de20611fc.md",
          "chunk_id": "chunk:448b03207028",
          "chunk_index": 0,
          "quote_summary": "借壳上市重塑主业，成飞作为国内歼击机绝对龙头，产品涵盖歼-10、歼-20及多款无人机，技术壁垒与研发实力深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:航空防务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8346214f4315",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-5562bd3da76f.md",
          "chunk_id": "chunk:c21b791058c5",
          "chunk_index": 0,
          "quote_summary": "公司作为航空主机厂龙头，依托成飞所研发生产一体化模式，通过布局“昊龙”可重复使用货运航天飞机，成功开启商业航天领域新布局，契合空间站补给与卫星部署等广阔外空使用场景。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a66c0424f2a1",
      "from": "company:302132",
      "from_name": "中航成飞",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航成飞 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航成飞-302132-sz-5562bd3da76f.md",
          "chunk_id": "chunk:c21b791058c5",
          "chunk_index": 0,
          "quote_summary": "公司作为航空主机厂龙头，依托成飞所研发生产一体化模式，通过布局“昊龙”可重复使用货运航天飞机，成功开启商业航天领域新布局，契合空间站补给与卫星部署等广阔外空使用场景。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:302132",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "43f49be2db22",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:t3航站楼投产",
      "to_name": "t3航站楼投产",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 T3航站楼投产。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-99dddce77676.md",
          "chunk_id": "chunk:2d7970332ec0",
          "chunk_index": 0,
          "quote_summary": "航空主业量价齐升叠加“三降两控”降本增效，盈利能力显著修复；T3航站楼正式投运使机场迈入“五跑道三航站楼”时代，远期客货吞吐容量居全球前列，长期成长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:t3航站楼投产",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "550193c6dce7",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:三期扩建",
      "to_name": "三期扩建",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 三期扩建。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-9909663d3647.md",
          "chunk_id": "chunk:2ffabe9d246b",
          "chunk_index": 0,
          "quote_summary": "生产业务量（起降、旅客、货邮）全面增长及国际航线恢复，直接驱动航空性与非航收入双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:三期扩建",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "03b0354437f6",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md",
          "chunk_id": "chunk:a8ef01bb8cf8",
          "chunk_index": 0,
          "quote_summary": "2023H1生产经营活动加速恢复，航空性及非航业务收入双升，推动营收同比大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b82a7d8cfd90",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:业绩复苏",
      "to_name": "业绩复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 业绩复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-08-月-28-日-8ec8707434a1.md",
          "chunk_id": "chunk:64b8a90a0b44",
          "chunk_index": 2,
          "quote_summary": "机场三期扩建工程预计25年底交付，长期产能空间被打开，叠加客流量稳步复苏，支撑公司长期发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:业绩复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0d53bb951038",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-3de909ddbe97.md",
          "chunk_id": "chunk:16745ca840b4",
          "chunk_index": 0,
          "quote_summary": "旺季出行需求持续复苏，国际航线恢复率提升带动航空性及非航业务收入增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a52caa2789a8",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:免税业务",
      "to_name": "免税业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 免税业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md",
          "chunk_id": "chunk:a8ef01bb8cf8",
          "chunk_index": 0,
          "quote_summary": "2023H1生产经营活动加速恢复，航空性及非航业务收入双升，推动营收同比大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:免税业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "19313b1690f0",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:免税商业",
      "to_name": "免税商业",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 免税商业。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-5-月-5-日-e04dfdf1b5df.md",
          "chunk_id": "chunk:f9b281b663ec",
          "chunk_index": 4,
          "quote_summary": "客流持续恢复驱动航空性与非航收入双升，业绩进入修复通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:免税商业",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b6f07b267ddf",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-5-月-5-日-e04dfdf1b5df.md",
          "chunk_id": "chunk:f9b281b663ec",
          "chunk_index": 4,
          "quote_summary": "客流持续恢复驱动航空性与非航收入双升，业绩进入修复通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "df88ea1cfc36",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:分红",
      "to_name": "分红",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 分红。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-08-月-28-日-8ec8707434a1.md",
          "chunk_id": "chunk:64b8a90a0b44",
          "chunk_index": 2,
          "quote_summary": "机场三期扩建工程预计25年底交付，长期产能空间被打开，叠加客流量稳步复苏，支撑公司长期发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:分红",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "35817519d04e",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md",
          "chunk_id": "chunk:a8ef01bb8cf8",
          "chunk_index": 0,
          "quote_summary": "2023H1生产经营活动加速恢复，航空性及非航业务收入双升，推动营收同比大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b30b3bf1465c",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:国际航线",
      "to_name": "国际航线",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 国际航线。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md",
          "chunk_id": "chunk:a8ef01bb8cf8",
          "chunk_index": 0,
          "quote_summary": "2023H1生产经营活动加速恢复，航空性及非航业务收入双升，推动营收同比大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:国际航线",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "34f198547dea",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:国际航线复苏",
      "to_name": "国际航线复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 国际航线复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-20b1e39ae990.md",
          "chunk_id": "chunk:5ceb1ae30464",
          "chunk_index": 0,
          "quote_summary": "航空出行需求释放带动起降架次与旅客吞吐量快速恢复至2019年水平，国际航线复苏叠加免税补充协议弹性，驱动公司盈利持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:国际航线复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d367ec78fd8d",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:客流复苏",
      "to_name": "客流复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 客流复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-5-月-5-日-e04dfdf1b5df.md",
          "chunk_id": "chunk:f9b281b663ec",
          "chunk_index": 4,
          "quote_summary": "客流持续恢复驱动航空性与非航收入双升，业绩进入修复通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:客流复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "77cdb768786c",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:成本管控",
      "to_name": "成本管控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 成本管控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-5-月-5-日-e04dfdf1b5df.md",
          "chunk_id": "chunk:f9b281b663ec",
          "chunk_index": 4,
          "quote_summary": "客流持续恢复驱动航空性与非航收入双升，业绩进入修复通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:成本管控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2a3b4c9b66ef",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-08-月-28-日-8ec8707434a1.md",
          "chunk_id": "chunk:64b8a90a0b44",
          "chunk_index": 2,
          "quote_summary": "机场三期扩建工程预计25年底交付，长期产能空间被打开，叠加客流量稳步复苏，支撑公司长期发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6b322060c50b",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:机场",
      "to_name": "机场",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 机场。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md",
          "chunk_id": "chunk:a8ef01bb8cf8",
          "chunk_index": 0,
          "quote_summary": "2023H1生产经营活动加速恢复，航空性及非航业务收入双升，推动营收同比大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:机场",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4362952b88a0",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:机场运营",
      "to_name": "机场运营",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 机场运营。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-5-月-5-日-e04dfdf1b5df.md",
          "chunk_id": "chunk:f9b281b663ec",
          "chunk_index": 4,
          "quote_summary": "客流持续恢复驱动航空性与非航收入双升，业绩进入修复通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:机场运营",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3b12337770f3",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-99dddce77676.md",
          "chunk_id": "chunk:2d7970332ec0",
          "chunk_index": 0,
          "quote_summary": "航空主业量价齐升叠加“三降两控”降本增效，盈利能力显著修复；T3航站楼正式投运使机场迈入“五跑道三航站楼”时代，远期客货吞吐容量居全球前列，长期成长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "67214b2b9690",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:股东回报",
      "to_name": "股东回报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 股东回报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-9909663d3647.md",
          "chunk_id": "chunk:2ffabe9d246b",
          "chunk_index": 0,
          "quote_summary": "生产业务量（起降、旅客、货邮）全面增长及国际航线恢复，直接驱动航空性与非航收入双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:股东回报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e41fdde9cd02",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md",
          "chunk_id": "chunk:a8ef01bb8cf8",
          "chunk_index": 0,
          "quote_summary": "2023H1生产经营活动加速恢复，航空性及非航业务收入双升，推动营收同比大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dda146e7b7be",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:航空客运",
      "to_name": "航空客运",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 航空客运。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-9909663d3647.md",
          "chunk_id": "chunk:2ffabe9d246b",
          "chunk_index": 0,
          "quote_summary": "生产业务量（起降、旅客、货邮）全面增长及国际航线恢复，直接驱动航空性与非航收入双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:航空客运",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "76d3f8ddf3e5",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:航空客运复苏",
      "to_name": "航空客运复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 航空客运复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-99dddce77676.md",
          "chunk_id": "chunk:2d7970332ec0",
          "chunk_index": 0,
          "quote_summary": "航空主业量价齐升叠加“三降两控”降本增效，盈利能力显著修复；T3航站楼正式投运使机场迈入“五跑道三航站楼”时代，远期客货吞吐容量居全球前列，长期成长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:航空客运复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1d947736fedf",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:航空机场",
      "to_name": "航空机场",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 航空机场。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-20b1e39ae990.md",
          "chunk_id": "chunk:5ceb1ae30464",
          "chunk_index": 0,
          "quote_summary": "航空出行需求释放带动起降架次与旅客吞吐量快速恢复至2019年水平，国际航线复苏叠加免税补充协议弹性，驱动公司盈利持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:航空机场",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "abec1c7dbc1a",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:航空枢纽",
      "to_name": "航空枢纽",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 航空枢纽。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-08-月-28-日-8ec8707434a1.md",
          "chunk_id": "chunk:64b8a90a0b44",
          "chunk_index": 2,
          "quote_summary": "机场三期扩建工程预计25年底交付，长期产能空间被打开，叠加客流量稳步复苏，支撑公司长期发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:航空枢纽",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "985192bd4684",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:航空运输",
      "to_name": "航空运输",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 航空运输。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-78d1f1dbe021.md",
          "chunk_id": "chunk:b1aea61c5409",
          "chunk_index": 0,
          "quote_summary": "核心枢纽业务量持续恢复带动航空与非航收入双增，叠加“三降两控”方针落地优化成本结构，盈利能力显著修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:航空运输",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e1cf2f558f52",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md",
          "chunk_id": "chunk:a8ef01bb8cf8",
          "chunk_index": 0,
          "quote_summary": "2023H1生产经营活动加速恢复，航空性及非航业务收入双升，推动营收同比大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "584a9c8d437d",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-c18270df6ef4.md",
          "chunk_id": "chunk:a8ef01bb8cf8",
          "chunk_index": 0,
          "quote_summary": "2023H1生产经营活动加速恢复，航空性及非航业务收入双升，推动营收同比大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bc5b78e1bc46",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:降本增效",
      "to_name": "降本增效",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 降本增效。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-99dddce77676.md",
          "chunk_id": "chunk:2d7970332ec0",
          "chunk_index": 0,
          "quote_summary": "航空主业量价齐升叠加“三降两控”降本增效，盈利能力显著修复；T3航站楼正式投运使机场迈入“五跑道三航站楼”时代，远期客货吞吐容量居全球前列，长期成长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:降本增效",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b1b228ccdea2",
      "from": "company:600004",
      "from_name": "白云机场",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-白云机场-600004-sh-20b1e39ae990.md",
          "chunk_id": "chunk:5ceb1ae30464",
          "chunk_index": 0,
          "quote_summary": "航空出行需求释放带动起降架次与旅客吞吐量快速恢复至2019年水平，国际航线复苏叠加免税补充协议弹性，驱动公司盈利持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600004",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b5b43e6000ab",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:roa",
      "to_name": "ROA",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 ROA。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海機場-600009-ch-f3fef21f937d.md",
          "chunk_id": "chunk:d566b5174462",
          "chunk_index": 6,
          "quote_summary": "國際航線快速反彈推動經營數據持續修復，中長期坐擁長三角腹地優勢及浦東機場四期擴建，有望重獲免稅議價權並迎來估值修復。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:roa",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "51b81f12ef59",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-2e28d9d6b570.md",
          "chunk_id": "chunk:3baeb854f584",
          "chunk_index": 0,
          "quote_summary": "航空客货市场持续恢复带动浦东及虹桥机场起降架次与旅客吞吐量显著回升，业务量增长直接驱动航空性收入提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fc521c8b9e62",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:中期分红",
      "to_name": "中期分红",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 中期分红。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-d03f73e67101.md",
          "chunk_id": "chunk:b1792cd93299",
          "chunk_index": 0,
          "quote_summary": "航空客货市场持续复苏，浦东与虹桥机场起降架次及客货吞吐量全面增长，直接带动航空性与非航收入提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:中期分红",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "436f539932f9",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:产能利用率",
      "to_name": "产能利用率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 产能利用率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-8f94c3d34943.md",
          "chunk_id": "chunk:2c639922c13e",
          "chunk_index": 0,
          "quote_summary": "机场产能利用率持续提升，刚性成本占比高，利润率有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:产能利用率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2f808eeb3ceb",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:估值修復",
      "to_name": "估值修復",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 估值修復。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海機場-600009-ch-f3fef21f937d.md",
          "chunk_id": "chunk:d566b5174462",
          "chunk_index": 6,
          "quote_summary": "國際航線快速反彈推動經營數據持續修復，中長期坐擁長三角腹地優勢及浦東機場四期擴建，有望重獲免稅議價權並迎來估值修復。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:估值修復",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "22448fd2b1ef",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:保底租金",
      "to_name": "保底租金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 保底租金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-12-月-22-日-1fdeadd950b9.md",
          "chunk_id": "chunk:9faa99f0a664",
          "chunk_index": 8,
          "quote_summary": "免税招标打破独家垄断，引入全球最大免税商杜福睿与国内龙头中免，良性竞争与供应链优势将提升口岸免税业务竞争力与客单价。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:保底租金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f96e42d4c139",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:免稅業務",
      "to_name": "免稅業務",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 免稅業務。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海機場-600009-ch-f3fef21f937d.md",
          "chunk_id": "chunk:d566b5174462",
          "chunk_index": 6,
          "quote_summary": "國際航線快速反彈推動經營數據持續修復，中長期坐擁長三角腹地優勢及浦東機場四期擴建，有望重獲免稅議價權並迎來估值修復。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:免稅業務",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b4e6c9ae9f97",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:免税",
      "to_name": "免税",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 免税。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-2024-年年报及-2025-年一季报点评-0abf96e4b9ed.md",
          "chunk_id": "chunk:9654e23c6b81",
          "chunk_index": 2,
          "quote_summary": "公司作为国际需求复苏核心标的，受益于外国人员往来开放扩大，浦东机场国际客流体量中长期对免税商具备重要渠道价值。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:免税",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "da853a276c09",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:免税业务",
      "to_name": "免税业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 免税业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md",
          "chunk_id": "chunk:6e4ad2e79430",
          "chunk_index": 0,
          "quote_summary": "航空出行需求持续恢复，国际航线增长显著，带动公司营收与利润双增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:免税业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fdcff90f0f30",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:免税商业",
      "to_name": "免税商业",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 免税商业。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-2025-年半年报点评-7361919b1e8d.md",
          "chunk_id": "chunk:66ebefd26f36",
          "chunk_index": 2,
          "quote_summary": "公司作为国际航线复苏核心标的，直接受益于外国人员往来开放扩大，中长期国际客流体量对免税运营商仍具备重要渠道价值。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:免税商业",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e31c23d99291",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-2e28d9d6b570.md",
          "chunk_id": "chunk:3baeb854f584",
          "chunk_index": 0,
          "quote_summary": "航空客货市场持续恢复带动浦东及虹桥机场起降架次与旅客吞吐量显著回升，业务量增长直接驱动航空性收入提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4a017fb42a39",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:合资运营",
      "to_name": "合资运营",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 合资运营。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-12-月-22-日-1fdeadd950b9.md",
          "chunk_id": "chunk:9faa99f0a664",
          "chunk_index": 8,
          "quote_summary": "免税招标打破独家垄断，引入全球最大免税商杜福睿与国内龙头中免，良性竞争与供应链优势将提升口岸免税业务竞争力与客单价。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:合资运营",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "80af5904b1c1",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md",
          "chunk_id": "chunk:6e4ad2e79430",
          "chunk_index": 0,
          "quote_summary": "航空出行需求持续恢复，国际航线增长显著，带动公司营收与利润双增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cdfa78a1254a",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:国际客流",
      "to_name": "国际客流",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 国际客流。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-2024-年年报及-2025-年一季报点评-0abf96e4b9ed.md",
          "chunk_id": "chunk:9654e23c6b81",
          "chunk_index": 2,
          "quote_summary": "公司作为国际需求复苏核心标的，受益于外国人员往来开放扩大，浦东机场国际客流体量中长期对免税商具备重要渠道价值。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:国际客流",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7596604ff1cd",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:国际客流复苏",
      "to_name": "国际客流复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 国际客流复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-2025-年半年报点评-7361919b1e8d.md",
          "chunk_id": "chunk:66ebefd26f36",
          "chunk_index": 2,
          "quote_summary": "公司作为国际航线复苏核心标的，直接受益于外国人员往来开放扩大，中长期国际客流体量对免税运营商仍具备重要渠道价值。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:国际客流复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d5a05ef3e6ff",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:国际客流恢复",
      "to_name": "国际客流恢复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 国际客流恢复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md",
          "chunk_id": "chunk:6e4ad2e79430",
          "chunk_index": 0,
          "quote_summary": "航空出行需求持续恢复，国际航线增长显著，带动公司营收与利润双增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:国际客流恢复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cdd2c0105d97",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:國際航線",
      "to_name": "國際航線",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 國際航線。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海機場-600009-ch-f3fef21f937d.md",
          "chunk_id": "chunk:d566b5174462",
          "chunk_index": 6,
          "quote_summary": "國際航線快速反彈推動經營數據持續修復，中長期坐擁長三角腹地優勢及浦東機場四期擴建，有望重獲免稅議價權並迎來估值修復。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:國際航線",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "90d5dbccc222",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:客流恢复",
      "to_name": "客流恢复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 客流恢复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-12-月-22-日-1fdeadd950b9.md",
          "chunk_id": "chunk:9faa99f0a664",
          "chunk_index": 8,
          "quote_summary": "免税招标打破独家垄断，引入全球最大免税商杜福睿与国内龙头中免，良性竞争与供应链优势将提升口岸免税业务竞争力与客单价。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:客流恢复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "877b8a37a68a",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:成本控制",
      "to_name": "成本控制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 成本控制。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-2025-年半年报点评-7361919b1e8d.md",
          "chunk_id": "chunk:66ebefd26f36",
          "chunk_index": 2,
          "quote_summary": "公司作为国际航线复苏核心标的，直接受益于外国人员往来开放扩大，中长期国际客流体量对免税运营商仍具备重要渠道价值。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:成本控制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cec60e013c80",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:成本管控",
      "to_name": "成本管控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 成本管控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-8f94c3d34943.md",
          "chunk_id": "chunk:2c639922c13e",
          "chunk_index": 0,
          "quote_summary": "机场产能利用率持续提升，刚性成本占比高，利润率有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:成本管控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "968c939227a0",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-2025-年半年报点评-7361919b1e8d.md",
          "chunk_id": "chunk:66ebefd26f36",
          "chunk_index": 2,
          "quote_summary": "公司作为国际航线复苏核心标的，直接受益于外国人员往来开放扩大，中长期国际客流体量对免税运营商仍具备重要渠道价值。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5091047738fc",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:政策利好",
      "to_name": "政策利好",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 政策利好。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-98f245273a3c.md",
          "chunk_id": "chunk:99a65dc206f2",
          "chunk_index": 4,
          "quote_summary": "成本管控带动盈利能力修复，叠加免税政策扩容利好非航业务，长期受益于国际客流复苏与长三角一体化发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:政策利好",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "658a47cef249",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:机场",
      "to_name": "机场",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 机场。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-2024-年年报及-2025-年一季报点评-0abf96e4b9ed.md",
          "chunk_id": "chunk:9654e23c6b81",
          "chunk_index": 2,
          "quote_summary": "公司作为国际需求复苏核心标的，受益于外国人员往来开放扩大，浦东机场国际客流体量中长期对免税商具备重要渠道价值。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:机场",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8307d816b7cd",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:机场免税",
      "to_name": "机场免税",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 机场免税。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-12-月-22-日-1fdeadd950b9.md",
          "chunk_id": "chunk:9faa99f0a664",
          "chunk_index": 8,
          "quote_summary": "免税招标打破独家垄断，引入全球最大免税商杜福睿与国内龙头中免，良性竞争与供应链优势将提升口岸免税业务竞争力与客单价。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:机场免税",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8d0dccd2cd8a",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:机场运营",
      "to_name": "机场运营",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 机场运营。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-8f94c3d34943.md",
          "chunk_id": "chunk:2c639922c13e",
          "chunk_index": 0,
          "quote_summary": "机场产能利用率持续提升，刚性成本占比高，利润率有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:机场运营",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "53822dc0c91b",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:機場運營",
      "to_name": "機場運營",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 機場運營。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海機場-600009-ch-f3fef21f937d.md",
          "chunk_id": "chunk:d566b5174462",
          "chunk_index": 6,
          "quote_summary": "國際航線快速反彈推動經營數據持續修復，中長期坐擁長三角腹地優勢及浦東機場四期擴建，有望重獲免稅議價權並迎來估值修復。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:機場運營",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c8681d128b44",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:消費復甦",
      "to_name": "消費復甦",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 消費復甦。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海機場-600009-ch-f3fef21f937d.md",
          "chunk_id": "chunk:d566b5174462",
          "chunk_index": 6,
          "quote_summary": "國際航線快速反彈推動經營數據持續修復，中長期坐擁長三角腹地優勢及浦東機場四期擴建，有望重獲免稅議價權並迎來估值修復。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:消費復甦",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "73db03f4eee7",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:盈利修复",
      "to_name": "盈利修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 盈利修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-2024-年年报及-2025-年一季报点评-0abf96e4b9ed.md",
          "chunk_id": "chunk:9654e23c6b81",
          "chunk_index": 2,
          "quote_summary": "公司作为国际需求复苏核心标的，受益于外国人员往来开放扩大，浦东机场国际客流体量中长期对免税商具备重要渠道价值。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:盈利修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "59e5c7a410e2",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md",
          "chunk_id": "chunk:6e4ad2e79430",
          "chunk_index": 0,
          "quote_summary": "航空出行需求持续恢复，国际航线增长显著，带动公司营收与利润双增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "333b22c5f034",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:股东回报",
      "to_name": "股东回报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 股东回报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-2025-年半年报点评-7361919b1e8d.md",
          "chunk_id": "chunk:66ebefd26f36",
          "chunk_index": 2,
          "quote_summary": "公司作为国际航线复苏核心标的，直接受益于外国人员往来开放扩大，中长期国际客流体量对免税运营商仍具备重要渠道价值。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:股东回报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c89ee629fbcf",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海機場-600009-ch-f3fef21f937d.md",
          "chunk_id": "chunk:d566b5174462",
          "chunk_index": 6,
          "quote_summary": "國際航線快速反彈推動經營數據持續修復，中長期坐擁長三角腹地優勢及浦東機場四期擴建，有望重獲免稅議價權並迎來估值修復。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eb250efca704",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:航空客流",
      "to_name": "航空客流",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 航空客流。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-d03f73e67101.md",
          "chunk_id": "chunk:b1792cd93299",
          "chunk_index": 0,
          "quote_summary": "航空客货市场持续复苏，浦东与虹桥机场起降架次及客货吞吐量全面增长，直接带动航空性与非航收入提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:航空客流",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "82d2bfa56f90",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:航空性收入",
      "to_name": "航空性收入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 航空性收入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-8f94c3d34943.md",
          "chunk_id": "chunk:2c639922c13e",
          "chunk_index": 0,
          "quote_summary": "机场产能利用率持续提升，刚性成本占比高，利润率有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:航空性收入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "af12a8b03322",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:航空机场",
      "to_name": "航空机场",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 航空机场。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md",
          "chunk_id": "chunk:6e4ad2e79430",
          "chunk_index": 0,
          "quote_summary": "航空出行需求持续恢复，国际航线增长显著，带动公司营收与利润双增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:航空机场",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5d3aa7f6a767",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:航空运输",
      "to_name": "航空运输",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 航空运输。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-2e28d9d6b570.md",
          "chunk_id": "chunk:3baeb854f584",
          "chunk_index": 0,
          "quote_summary": "航空客货市场持续恢复带动浦东及虹桥机场起降架次与旅客吞吐量显著回升，业务量增长直接驱动航空性收入提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:航空运输",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5dccdb174db9",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md",
          "chunk_id": "chunk:6e4ad2e79430",
          "chunk_index": 0,
          "quote_summary": "航空出行需求持续恢复，国际航线增长显著，带动公司营收与利润双增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e05404b139d9",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:财务分析",
      "to_name": "财务分析",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 财务分析。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md",
          "chunk_id": "chunk:6e4ad2e79430",
          "chunk_index": 0,
          "quote_summary": "航空出行需求持续恢复，国际航线增长显著，带动公司营收与利润双增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:财务分析",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d90ca9bf634b",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-bce986a5c78b.md",
          "chunk_id": "chunk:6e4ad2e79430",
          "chunk_index": 0,
          "quote_summary": "航空出行需求持续恢复，国际航线增长显著，带动公司营收与利润双增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "123ccb73b03e",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:非航业务",
      "to_name": "非航业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 非航业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-2024-年年报及-2025-年一季报点评-0abf96e4b9ed.md",
          "chunk_id": "chunk:9654e23c6b81",
          "chunk_index": 2,
          "quote_summary": "公司作为国际需求复苏核心标的，受益于外国人员往来开放扩大，浦东机场国际客流体量中长期对免税商具备重要渠道价值。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:非航业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c6491f4d0fdc",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:非航收入",
      "to_name": "非航收入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 非航收入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-8f94c3d34943.md",
          "chunk_id": "chunk:2c639922c13e",
          "chunk_index": 0,
          "quote_summary": "机场产能利用率持续提升，刚性成本占比高，利润率有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:非航收入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9c5016caad3e",
      "from": "company:600009",
      "from_name": "上海机场",
      "to": "topic:高股息",
      "to_name": "高股息",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "上海机场 研报中反复涉及 高股息。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上海机场-600009-sh-2e28d9d6b570.md",
          "chunk_id": "chunk:3baeb854f584",
          "chunk_index": 0,
          "quote_summary": "航空客货市场持续恢复带动浦东及虹桥机场起降架次与旅客吞吐量显著回升，业务量增长直接驱动航空性收入提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600009",
      "target": "topic:高股息",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "de0ef5a31f2f",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:roe",
      "to_name": "ROE",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 ROE。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md",
          "chunk_id": "chunk:38ad28995605",
          "chunk_index": 0,
          "quote_summary": "行业周期上行，公司运力充沛且经营效率高，有望实现份额扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:roe",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dee068776a4a",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:业绩复苏",
      "to_name": "业绩复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 业绩复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md",
          "chunk_id": "chunk:ee24ea4f61c6",
          "chunk_index": 2,
          "quote_summary": "民航供应链瓶颈制约机队规模增速，行业运力投放保持低速增长，全行业客座率处于历史高位；未来供给增长受限叠加需求复苏，有望拉动运价表现，推动民航基本面逐步复苏与业绩兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:业绩复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7cc08a12e3b5",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:业绩弹性",
      "to_name": "业绩弹性",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 业绩弹性。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-2025-年中报点评-客座率高位提升-看好座收修复弹性-3641a6857a25.md",
          "chunk_id": "chunk:cd67afd5937a",
          "chunk_index": 1,
          "quote_summary": "高客座率与成本管控对冲客收下滑，行业“反内卷”及供需改善有望推动票价修复，带动座收回升与利润弹性释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:业绩弹性",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a345a88f6274",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:业绩扭亏",
      "to_name": "业绩扭亏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 业绩扭亏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-优于大市-007bd90c5c59.md",
          "chunk_id": "chunk:fe55bff28203",
          "chunk_index": 0,
          "quote_summary": "民航供需格局持续改善，需求端受扩内需政策及宏观回暖支撑，供给端受飞机制造商产能限制维持低增速，行业有望从弱平衡走向紧平衡，带动票价止跌回升与航司盈利持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:业绩扭亏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "37da7b65ac8f",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:业绩转盈",
      "to_name": "业绩转盈",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 业绩转盈。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-09b3014218b9.md",
          "chunk_id": "chunk:600be45ad3bc",
          "chunk_index": 1,
          "quote_summary": "暑运需求旺盛带动客座率高位提升，国际航线恢复加速，行业供需格局持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:业绩转盈",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8953dc620a34",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-1a40ffca14f5.md",
          "chunk_id": "chunk:c5c8823cb886",
          "chunk_index": 0,
          "quote_summary": "Q3量增推动收入增长，成本端受油价下降优化明显，毛利率与净利率双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7abc140a380c",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:供需",
      "to_name": "供需",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 供需。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-1a40ffca14f5.md",
          "chunk_id": "chunk:c5c8823cb886",
          "chunk_index": 0,
          "quote_summary": "Q3量增推动收入增长，成本端受油价下降优化明显，毛利率与净利率双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:供需",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d3c44f627568",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:供需改善",
      "to_name": "供需改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 供需改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-09b3014218b9.md",
          "chunk_id": "chunk:600be45ad3bc",
          "chunk_index": 1,
          "quote_summary": "暑运需求旺盛带动客座率高位提升，国际航线恢复加速，行业供需格局持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:供需改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "346c0f8166f9",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:供需格局",
      "to_name": "供需格局",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 供需格局。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-优于大市-007bd90c5c59.md",
          "chunk_id": "chunk:fe55bff28203",
          "chunk_index": 0,
          "quote_summary": "民航供需格局持续改善，需求端受扩内需政策及宏观回暖支撑，供给端受飞机制造商产能限制维持低增速，行业有望从弱平衡走向紧平衡，带动票价止跌回升与航司盈利持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:供需格局",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9413fa5fde94",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:全货机业务",
      "to_name": "全货机业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 全货机业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-2025-年半年报点评-fe0b974cf087.md",
          "chunk_id": "chunk:845cbdd78ad0",
          "chunk_index": 0,
          "quote_summary": "油价下降与川航投资损失收窄是上半年减亏主因，Q2客公里收益降幅收窄，看好全货机资产盈利潜力及行业票价底部回升带来的盈利弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:全货机业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "54bbb5ff3ecf",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md",
          "chunk_id": "chunk:ee24ea4f61c6",
          "chunk_index": 2,
          "quote_summary": "民航供应链瓶颈制约机队规模增速，行业运力投放保持低速增长，全行业客座率处于历史高位；未来供给增长受限叠加需求复苏，有望拉动运价表现，推动民航基本面逐步复苏与业绩兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9096fbb827da",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:反内卷政策",
      "to_name": "反内卷政策",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 反内卷政策。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-d497f977e0ee.md",
          "chunk_id": "chunk:1416531a3b86",
          "chunk_index": 0,
          "quote_summary": "运量增长对冲收益下降，国际线拉动客座率与RPK提升，支撑营收小幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:反内卷政策",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "953521d6024d",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md",
          "chunk_id": "chunk:ee24ea4f61c6",
          "chunk_index": 2,
          "quote_summary": "民航供应链瓶颈制约机队规模增速，行业运力投放保持低速增长，全行业客座率处于历史高位；未来供给增长受限叠加需求复苏，有望拉动运价表现，推动民航基本面逐步复苏与业绩兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c312c291de2c",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:客座率",
      "to_name": "客座率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 客座率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md",
          "chunk_id": "chunk:ee24ea4f61c6",
          "chunk_index": 2,
          "quote_summary": "民航供应链瓶颈制约机队规模增速，行业运力投放保持低速增长，全行业客座率处于历史高位；未来供给增长受限叠加需求复苏，有望拉动运价表现，推动民航基本面逐步复苏与业绩兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:客座率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "302d4e0d8eea",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:成本优化",
      "to_name": "成本优化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 成本优化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-1a40ffca14f5.md",
          "chunk_id": "chunk:c5c8823cb886",
          "chunk_index": 0,
          "quote_summary": "Q3量增推动收入增长，成本端受油价下降优化明显，毛利率与净利率双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:成本优化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "efda901ae4d3",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:成本控制",
      "to_name": "成本控制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 成本控制。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-盈利同比增长-重视价格回升的盈利释放能力-0f33ba77ea6e.md",
          "chunk_id": "chunk:dd4f650dde10",
          "chunk_index": 1,
          "quote_summary": "成本端（油价、财务费用）改善与汇率升值共同推动盈利修复，未来盈利弹性将依赖行业票价底部回升及全货机业务稳定贡献。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:成本控制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff07061ba93b",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:成本管控",
      "to_name": "成本管控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 成本管控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-2025-年中报点评-客座率高位提升-看好座收修复弹性-3641a6857a25.md",
          "chunk_id": "chunk:cd67afd5937a",
          "chunk_index": 1,
          "quote_summary": "高客座率与成本管控对冲客收下滑，行业“反内卷”及供需改善有望推动票价修复，带动座收回升与利润弹性释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:成本管控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0ffc258fdf38",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-2025-年半年报点评-fe0b974cf087.md",
          "chunk_id": "chunk:845cbdd78ad0",
          "chunk_index": 0,
          "quote_summary": "油价下降与川航投资损失收窄是上半年减亏主因，Q2客公里收益降幅收窄，看好全货机资产盈利潜力及行业票价底部回升带来的盈利弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "810bd166c89c",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md",
          "chunk_id": "chunk:38ad28995605",
          "chunk_index": 0,
          "quote_summary": "行业周期上行，公司运力充沛且经营效率高，有望实现份额扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ca55b46ef1fd",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:民航供给",
      "to_name": "民航供给",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 民航供给。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md",
          "chunk_id": "chunk:ee24ea4f61c6",
          "chunk_index": 2,
          "quote_summary": "民航供应链瓶颈制约机队规模增速，行业运力投放保持低速增长，全行业客座率处于历史高位；未来供给增长受限叠加需求复苏，有望拉动运价表现，推动民航基本面逐步复苏与业绩兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:民航供给",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "662f6023ac9d",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:汇率影响",
      "to_name": "汇率影响",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 汇率影响。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-2025-年半年报点评-fe0b974cf087.md",
          "chunk_id": "chunk:845cbdd78ad0",
          "chunk_index": 0,
          "quote_summary": "油价下降与川航投资损失收窄是上半年减亏主因，Q2客公里收益降幅收窄，看好全货机资产盈利潜力及行业票价底部回升带来的盈利弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:汇率影响",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4c6fcf6aea14",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:油价",
      "to_name": "油价",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 油价。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md",
          "chunk_id": "chunk:38ad28995605",
          "chunk_index": 0,
          "quote_summary": "行业周期上行，公司运力充沛且经营效率高，有望实现份额扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:油价",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5c290c211a61",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:油价下行",
      "to_name": "油价下行",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 油价下行。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-09b3014218b9.md",
          "chunk_id": "chunk:600be45ad3bc",
          "chunk_index": 1,
          "quote_summary": "暑运需求旺盛带动客座率高位提升，国际航线恢复加速，行业供需格局持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:油价下行",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c3f70afd7da7",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:油价成本",
      "to_name": "油价成本",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 油价成本。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-2025-年半年报点评-fe0b974cf087.md",
          "chunk_id": "chunk:845cbdd78ad0",
          "chunk_index": 0,
          "quote_summary": "油价下降与川航投资损失收窄是上半年减亏主因，Q2客公里收益降幅收窄，看好全货机资产盈利潜力及行业票价底部回升带来的盈利弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:油价成本",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8ff76c8c097f",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:盈利修复",
      "to_name": "盈利修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 盈利修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-盈利同比增长-重视价格回升的盈利释放能力-0f33ba77ea6e.md",
          "chunk_id": "chunk:dd4f650dde10",
          "chunk_index": 1,
          "quote_summary": "成本端（油价、财务费用）改善与汇率升值共同推动盈利修复，未来盈利弹性将依赖行业票价底部回升及全货机业务稳定贡献。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:盈利修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9b8f98b88d61",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-优于大市-007bd90c5c59.md",
          "chunk_id": "chunk:fe55bff28203",
          "chunk_index": 0,
          "quote_summary": "民航供需格局持续改善，需求端受扩内需政策及宏观回暖支撑，供给端受飞机制造商产能限制维持低增速，行业有望从弱平衡走向紧平衡，带动票价止跌回升与航司盈利持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a1c2f0afd63b",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:票价",
      "to_name": "票价",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 票价。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-1a40ffca14f5.md",
          "chunk_id": "chunk:c5c8823cb886",
          "chunk_index": 0,
          "quote_summary": "Q3量增推动收入增长，成本端受油价下降优化明显，毛利率与净利率双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:票价",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b6f67e9dabf8",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:票价修复",
      "to_name": "票价修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 票价修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-09b3014218b9.md",
          "chunk_id": "chunk:600be45ad3bc",
          "chunk_index": 1,
          "quote_summary": "暑运需求旺盛带动客座率高位提升，国际航线恢复加速，行业供需格局持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:票价修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "31cf3cdeaf0d",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:票价弹性",
      "to_name": "票价弹性",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 票价弹性。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-盈利同比增长-重视价格回升的盈利释放能力-0f33ba77ea6e.md",
          "chunk_id": "chunk:dd4f650dde10",
          "chunk_index": 1,
          "quote_summary": "成本端（油价、财务费用）改善与汇率升值共同推动盈利修复，未来盈利弹性将依赖行业票价底部回升及全货机业务稳定贡献。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:票价弹性",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0854b6888b69",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:航油成本",
      "to_name": "航油成本",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 航油成本。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md",
          "chunk_id": "chunk:ee24ea4f61c6",
          "chunk_index": 2,
          "quote_summary": "民航供应链瓶颈制约机队规模增速，行业运力投放保持低速增长，全行业客座率处于历史高位；未来供给增长受限叠加需求复苏，有望拉动运价表现，推动民航基本面逐步复苏与业绩兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:航油成本",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b4fad4136520",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-优于大市-007bd90c5c59.md",
          "chunk_id": "chunk:fe55bff28203",
          "chunk_index": 0,
          "quote_summary": "民航供需格局持续改善，需求端受扩内需政策及宏观回暖支撑，供给端受飞机制造商产能限制维持低增速，行业有望从弱平衡走向紧平衡，带动票价止跌回升与航司盈利持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f42835cec91b",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:航空客运",
      "to_name": "航空客运",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 航空客运。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-南方航空-600029-sh-d497f977e0ee.md",
          "chunk_id": "chunk:1416531a3b86",
          "chunk_index": 0,
          "quote_summary": "运量增长对冲收益下降，国际线拉动客座率与RPK提升，支撑营收小幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:航空客运",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b93d3d27b6ce",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:航空运输",
      "to_name": "航空运输",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 航空运输。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md",
          "chunk_id": "chunk:ee24ea4f61c6",
          "chunk_index": 2,
          "quote_summary": "民航供应链瓶颈制约机队规模增速，行业运力投放保持低速增长，全行业客座率处于历史高位；未来供给增长受限叠加需求复苏，有望拉动运价表现，推动民航基本面逐步复苏与业绩兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:航空运输",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b8a8e85d6740",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-aafe13586df9.md",
          "chunk_id": "chunk:ee24ea4f61c6",
          "chunk_index": 2,
          "quote_summary": "民航供应链瓶颈制约机队规模增速，行业运力投放保持低速增长，全行业客座率处于历史高位；未来供给增长受限叠加需求复苏，有望拉动运价表现，推动民航基本面逐步复苏与业绩兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "64f106230a1b",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:财务费用",
      "to_name": "财务费用",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 财务费用。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-盈利同比增长-重视价格回升的盈利释放能力-0f33ba77ea6e.md",
          "chunk_id": "chunk:dd4f650dde10",
          "chunk_index": 1,
          "quote_summary": "成本端（油价、财务费用）改善与汇率升值共同推动盈利修复，未来盈利弹性将依赖行业票价底部回升及全货机业务稳定贡献。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:财务费用",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b7b1f747a72b",
      "from": "company:600029",
      "from_name": "南方航空",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-7294e30e5656.md",
          "chunk_id": "chunk:38ad28995605",
          "chunk_index": 0,
          "quote_summary": "行业周期上行，公司运力充沛且经营效率高，有望实现份额扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "73e09e286148",
      "from": "company:600029.SH",
      "from_name": "南方航空",
      "to": "topic:业绩扭亏",
      "to_name": "业绩扭亏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 业绩扭亏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-b04dbbd1e4ea.md",
          "chunk_id": "chunk:541daa0b4847",
          "chunk_index": 0,
          "quote_summary": "经营效率提升与国际航线拓展成为增长主引擎，带动核心运营指标全面向好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029.SH",
      "target": "topic:业绩扭亏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "647bca55335b",
      "from": "company:600029.SH",
      "from_name": "南方航空",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-b04dbbd1e4ea.md",
          "chunk_id": "chunk:541daa0b4847",
          "chunk_index": 0,
          "quote_summary": "经营效率提升与国际航线拓展成为增长主引擎，带动核心运营指标全面向好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029.SH",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e085bd9f1e14",
      "from": "company:600029.SH",
      "from_name": "南方航空",
      "to": "topic:国际航线",
      "to_name": "国际航线",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 国际航线。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-b04dbbd1e4ea.md",
          "chunk_id": "chunk:541daa0b4847",
          "chunk_index": 0,
          "quote_summary": "经营效率提升与国际航线拓展成为增长主引擎，带动核心运营指标全面向好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029.SH",
      "target": "topic:国际航线",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f0336df77c6f",
      "from": "company:600029.SH",
      "from_name": "南方航空",
      "to": "topic:汇率收益",
      "to_name": "汇率收益",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 汇率收益。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-b04dbbd1e4ea.md",
          "chunk_id": "chunk:541daa0b4847",
          "chunk_index": 0,
          "quote_summary": "经营效率提升与国际航线拓展成为增长主引擎，带动核心运营指标全面向好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029.SH",
      "target": "topic:汇率收益",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cc98e6b3b656",
      "from": "company:600029.SH",
      "from_name": "南方航空",
      "to": "topic:油价下行",
      "to_name": "油价下行",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 油价下行。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-b04dbbd1e4ea.md",
          "chunk_id": "chunk:541daa0b4847",
          "chunk_index": 0,
          "quote_summary": "经营效率提升与国际航线拓展成为增长主引擎，带动核心运营指标全面向好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029.SH",
      "target": "topic:油价下行",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "172086049335",
      "from": "company:600029.SH",
      "from_name": "南方航空",
      "to": "topic:经营效率",
      "to_name": "经营效率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 经营效率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-b04dbbd1e4ea.md",
          "chunk_id": "chunk:541daa0b4847",
          "chunk_index": 0,
          "quote_summary": "经营效率提升与国际航线拓展成为增长主引擎，带动核心运营指标全面向好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029.SH",
      "target": "topic:经营效率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "628f837e2803",
      "from": "company:600029.SH",
      "from_name": "南方航空",
      "to": "topic:航空运输",
      "to_name": "航空运输",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 航空运输。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-b04dbbd1e4ea.md",
          "chunk_id": "chunk:541daa0b4847",
          "chunk_index": 0,
          "quote_summary": "经营效率提升与国际航线拓展成为增长主引擎，带动核心运营指标全面向好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029.SH",
      "target": "topic:航空运输",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a9e8a7dc3111",
      "from": "company:600029.SH",
      "from_name": "南方航空",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "南方航空 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-b04dbbd1e4ea.md",
          "chunk_id": "chunk:541daa0b4847",
          "chunk_index": 0,
          "quote_summary": "经营效率提升与国际航线拓展成为增长主引擎，带动核心运营指标全面向好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600029.SH",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a430390c2f4b",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:c919",
      "to_name": "C919",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 C919。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-sh-2024-年年报点评-acb34719d493.md",
          "chunk_id": "chunk:170cf85dcbce",
          "chunk_index": 0,
          "quote_summary": "2024年完成重大资产重组并募集配套资金约30亿元，实现直升机业务整体上市，资产结构优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:c919",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c60b06ade4df",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:c919供应链",
      "to_name": "c919供应链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 C919供应链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-76b24ab60f43.md",
          "chunk_id": "chunk:aa283b179867",
          "chunk_index": 4,
          "quote_summary": "持续聚焦航空产业发展战略机遇，加大市场开拓力度，低空经济及应急救援等新兴市场拓展带动航空产品收入结构优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:c919供应链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "83a401aaa0b8",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:evtol",
      "to_name": "eVTOL",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 eVTOL。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-022d74dcf190.md",
          "chunk_id": "chunk:cea4bbb459f4",
          "chunk_index": 2,
          "quote_summary": "低空经济政策红利释放带动直升机及通航需求增长，公司完成重大资产重组与股权激励，产品结构优化与技术创新有望推动订单落地与成长轨道重启。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:evtol",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9917023fc9d7",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:h-evtol",
      "to_name": "h-evtol",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 H-eVTOL。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md",
          "chunk_id": "chunk:97b51e479fdc",
          "chunk_index": 2,
          "quote_summary": "公司作为国内直升机制造业主力军，伴随航空装备与低空经济需求增长，四季度业绩有望显著提速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:h-evtol",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 三季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md",
          "chunk_id": "chunk:97b51e479fdc",
          "chunk_index": 2,
          "quote_summary": "公司作为国内直升机制造业主力军，伴随航空装备与低空经济需求增长，四季度业绩有望显著提速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:三季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:三季报点评",
      "to_name": "三季报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 三季报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-f30495daf23e.md",
          "chunk_id": "chunk:63cd8a57aba9",
          "chunk_index": 4,
          "quote_summary": "盈利质量总体稳健，利润结构持续优化。在收入承压背景下，高毛利业务占比提升及成本管控见效，净利润实现逆势增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:三季报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "73cdf95fc0a5",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:产品交付",
      "to_name": "产品交付",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 产品交付。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-193f6071d1f8.md",
          "chunk_id": "chunk:59645b60692d",
          "chunk_index": 2,
          "quote_summary": "受益于产品交付量增长及持续降本增效，公司聚焦低空经济战略，通过丰富产品谱系与推进新机型试飞取证，完成产品结构调整后将持续受益于新机型放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:产品交付",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d535b7bf3af5",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md",
          "chunk_id": "chunk:97b51e479fdc",
          "chunk_index": 2,
          "quote_summary": "公司作为国内直升机制造业主力军，伴随航空装备与低空经济需求增长，四季度业绩有望显著提速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "75decb697a32",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:关联交易",
      "to_name": "关联交易",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 关联交易。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-sh-2024-年年报点评-acb34719d493.md",
          "chunk_id": "chunk:170cf85dcbce",
          "chunk_index": 0,
          "quote_summary": "2024年完成重大资产重组并募集配套资金约30亿元，实现直升机业务整体上市，资产结构优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:关联交易",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eb2000d751c4",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md",
          "chunk_id": "chunk:97b51e479fdc",
          "chunk_index": 2,
          "quote_summary": "公司作为国内直升机制造业主力军，伴随航空装备与低空经济需求增长，四季度业绩有望显著提速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2750ccf2ceb9",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md",
          "chunk_id": "chunk:97b51e479fdc",
          "chunk_index": 2,
          "quote_summary": "公司作为国内直升机制造业主力军，伴随航空装备与低空经济需求增长，四季度业绩有望显著提速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b412800aa5fa",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:净利润增长",
      "to_name": "净利润增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 净利润增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-中直股份-600038-sh-增持-a-维持-561079e642a7.md",
          "chunk_id": "chunk:4aaaee2ff8e4",
          "chunk_index": 2,
          "quote_summary": "2025年净利润超预期增长，主要受益于内部管理升级、降本增效及政府补助增加。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:净利润增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "81dfe2060202",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md",
          "chunk_id": "chunk:97b51e479fdc",
          "chunk_index": 2,
          "quote_summary": "公司作为国内直升机制造业主力军，伴随航空装备与低空经济需求增长，四季度业绩有望显著提速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "87c05b86c797",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:复合材料",
      "to_name": "复合材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 复合材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-76b24ab60f43.md",
          "chunk_id": "chunk:aa283b179867",
          "chunk_index": 4,
          "quote_summary": "持续聚焦航空产业发展战略机遇，加大市场开拓力度，低空经济及应急救援等新兴市场拓展带动航空产品收入结构优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:复合材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "601c4eea1124",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:应急救援",
      "to_name": "应急救援",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 应急救援。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-d631e9093bd7.md",
          "chunk_id": "chunk:d4acd6811942",
          "chunk_index": 6,
          "quote_summary": "完成昌飞集团和哈飞集团股权交割，直升机业务高效整合，主营业务拓宽与规模扩大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:应急救援",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c45ab8c7b43c",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-193f6071d1f8.md",
          "chunk_id": "chunk:59645b60692d",
          "chunk_index": 2,
          "quote_summary": "受益于产品交付量增长及持续降本增效，公司聚焦低空经济战略，通过丰富产品谱系与推进新机型试飞取证，完成产品结构调整后将持续受益于新机型放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aada27bcfef1",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:直升机",
      "to_name": "直升机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 直升机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md",
          "chunk_id": "chunk:97b51e479fdc",
          "chunk_index": 2,
          "quote_summary": "公司作为国内直升机制造业主力军，伴随航空装备与低空经济需求增长，四季度业绩有望显著提速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:直升机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "400f3735e75c",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:直升机制造",
      "to_name": "直升机制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 直升机制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-022d74dcf190.md",
          "chunk_id": "chunk:cea4bbb459f4",
          "chunk_index": 2,
          "quote_summary": "低空经济政策红利释放带动直升机及通航需求增长，公司完成重大资产重组与股权激励，产品结构优化与技术创新有望推动订单落地与成长轨道重启。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:直升机制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "492de476564e",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:航空军工",
      "to_name": "航空军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 航空军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-193f6071d1f8.md",
          "chunk_id": "chunk:59645b60692d",
          "chunk_index": 2,
          "quote_summary": "受益于产品交付量增长及持续降本增效，公司聚焦低空经济战略，通过丰富产品谱系与推进新机型试飞取证，完成产品结构调整后将持续受益于新机型放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:航空军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dbc4c951388f",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:航空制造",
      "to_name": "航空制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 航空制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-76b24ab60f43.md",
          "chunk_id": "chunk:aa283b179867",
          "chunk_index": 4,
          "quote_summary": "持续聚焦航空产业发展战略机遇，加大市场开拓力度，低空经济及应急救援等新兴市场拓展带动航空产品收入结构优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:航空制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aeec56c74e30",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:航空装备",
      "to_name": "航空装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 航空装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-f30495daf23e.md",
          "chunk_id": "chunk:63cd8a57aba9",
          "chunk_index": 4,
          "quote_summary": "盈利质量总体稳健，利润结构持续优化。在收入承压背景下，高毛利业务占比提升及成本管控见效，净利润实现逆势增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:航空装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0a80f846ad84",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:订单能见度",
      "to_name": "订单能见度",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 订单能见度。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-f30495daf23e.md",
          "chunk_id": "chunk:63cd8a57aba9",
          "chunk_index": 4,
          "quote_summary": "盈利质量总体稳健，利润结构持续优化。在收入承压背景下，高毛利业务占比提升及成本管控见效，净利润实现逆势增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:订单能见度",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6a3d8b064b28",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-sh-2024-年三季报点评-5ffd64a84be7.md",
          "chunk_id": "chunk:97b51e479fdc",
          "chunk_index": 2,
          "quote_summary": "公司作为国内直升机制造业主力军，伴随航空装备与低空经济需求增长，四季度业绩有望显著提速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5383cd1bc2b9",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:财务优化",
      "to_name": "财务优化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 财务优化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-f30495daf23e.md",
          "chunk_id": "chunk:63cd8a57aba9",
          "chunk_index": 4,
          "quote_summary": "盈利质量总体稳健，利润结构持续优化。在收入承压背景下，高毛利业务占比提升及成本管控见效，净利润实现逆势增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:财务优化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dd78c8524eb3",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-022d74dcf190.md",
          "chunk_id": "chunk:cea4bbb459f4",
          "chunk_index": 2,
          "quote_summary": "低空经济政策红利释放带动直升机及通航需求增长，公司完成重大资产重组与股权激励，产品结构优化与技术创新有望推动订单落地与成长轨道重启。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1e7116321e16",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:通用航空",
      "to_name": "通用航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 通用航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-022d74dcf190.md",
          "chunk_id": "chunk:cea4bbb459f4",
          "chunk_index": 2,
          "quote_summary": "低空经济政策红利释放带动直升机及通航需求增长，公司完成重大资产重组与股权激励，产品结构优化与技术创新有望推动订单落地与成长轨道重启。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:通用航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3a6e9d13be3d",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:降本增效",
      "to_name": "降本增效",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 降本增效。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-193f6071d1f8.md",
          "chunk_id": "chunk:59645b60692d",
          "chunk_index": 2,
          "quote_summary": "受益于产品交付量增长及持续降本增效，公司聚焦低空经济战略，通过丰富产品谱系与推进新机型试飞取证，完成产品结构调整后将持续受益于新机型放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:降本增效",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1a173236a4ca",
      "from": "company:600038",
      "from_name": "中直股份",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中直股份 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中直股份-600038-f7a2f91da7b5.md",
          "chunk_id": "chunk:c9dbb5763946",
          "chunk_index": 4,
          "quote_summary": "业绩下滑系短期价格调整基数所致，全年预计实现年初预算，Q3营收同比大增54.88%验证复苏弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600038",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ba02ade103a2",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:业务转型",
      "to_name": "业务转型",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 业务转型。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-2267995363a0.md",
          "chunk_id": "chunk:a45f397a9df0",
          "chunk_index": 4,
          "quote_summary": "公司拟收购海鹰集团100%股权，目标成为中船集团高科技、新产业的多元化平台型管理公司，外延资产注入预期强烈，有望显著增厚未来业绩。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:业务转型",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "04808353b6b0",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:业绩超预期",
      "to_name": "业绩超预期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 业绩超预期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-936e1e6a1e27.md",
          "chunk_id": "chunk:7b1a7f916b24",
          "chunk_index": 4,
          "quote_summary": "2022年业绩受低基数及疫情后修复超预期，船舶行业景气度带动工程设计业务增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:业绩超预期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bf314ddd7602",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md",
          "chunk_id": "chunk:bf7e47a26e1f",
          "chunk_index": 6,
          "quote_summary": "公司拟通过发行股份收购中国船舶集团旗下新能源资产，交易完成后将转型为以风电业务为主的新能源公司，全面打开营收与盈利增长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ba722d31a1ba",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-3ce05636c4be.md",
          "chunk_id": "chunk:6813023fb08f",
          "chunk_index": 4,
          "quote_summary": "公司全面修订重组草案以回应证监会意见，信息披露进一步完善，并购审查与进度有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2388b0dda4fc",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md",
          "chunk_id": "chunk:6a054ead4aa3",
          "chunk_index": 4,
          "quote_summary": "2021年工程总承包业务放量带动营收稳步增长，扣非归母净利润创披露以来新高，期间费用率显著下降。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "150461b62496",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md",
          "chunk_id": "chunk:6a054ead4aa3",
          "chunk_index": 4,
          "quote_summary": "2021年工程总承包业务放量带动营收稳步增长，扣非归母净利润创披露以来新高，期间费用率显著下降。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fda081aff887",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:工程勘察设计",
      "to_name": "工程勘察设计",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 工程勘察设计。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md",
          "chunk_id": "chunk:6a054ead4aa3",
          "chunk_index": 4,
          "quote_summary": "2021年工程总承包业务放量带动营收稳步增长，扣非归母净利润创披露以来新高，期间费用率显著下降。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:工程勘察设计",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b4c4c0e91b38",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:工程总承包",
      "to_name": "工程总承包",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 工程总承包。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-2267995363a0.md",
          "chunk_id": "chunk:a45f397a9df0",
          "chunk_index": 4,
          "quote_summary": "公司拟收购海鹰集团100%股权，目标成为中船集团高科技、新产业的多元化平台型管理公司，外延资产注入预期强烈，有望显著增厚未来业绩。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:工程总承包",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7544f8fafc95",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:新能源",
      "to_name": "新能源",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 新能源。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:fc9a6359e18e",
          "chunk_index": 6,
          "quote_summary": "并购整合中船系风电资产，配套募资30亿元用于海风总装基地、叶片产线改造及风电场开发，公司正式转型为以风电为主的新能源企业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:新能源",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "139b7f73c1b4",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:新能源运营",
      "to_name": "新能源运营",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 新能源运营。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md",
          "chunk_id": "chunk:0df2e3edce7f",
          "chunk_index": 0,
          "quote_summary": "通过重大资产重组注入风电制造与运营资产，公司将打造涵盖风机研发制造、风电投资运营及工程建设的风电一体化产业链。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:新能源运营",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9d5453047f65",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md",
          "chunk_id": "chunk:0df2e3edce7f",
          "chunk_index": 0,
          "quote_summary": "通过重大资产重组注入风电制造与运营资产，公司将打造涵盖风机研发制造、风电投资运营及工程建设的风电一体化产业链。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6c07329ee112",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:毛利率修复",
      "to_name": "毛利率修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 毛利率修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md",
          "chunk_id": "chunk:bf7e47a26e1f",
          "chunk_index": 6,
          "quote_summary": "公司拟通过发行股份收购中国船舶集团旗下新能源资产，交易完成后将转型为以风电业务为主的新能源公司，全面打开营收与盈利增长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:毛利率修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3dd887864f42",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:海上风电",
      "to_name": "海上风电",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 海上风电。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:fc9a6359e18e",
          "chunk_index": 6,
          "quote_summary": "并购整合中船系风电资产，配套募资30亿元用于海风总装基地、叶片产线改造及风电场开发，公司正式转型为以风电为主的新能源企业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:海上风电",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f01c79b9e440",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:漂浮式风电",
      "to_name": "漂浮式风电",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 漂浮式风电。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:fc9a6359e18e",
          "chunk_index": 6,
          "quote_summary": "并购整合中船系风电资产，配套募资30亿元用于海风总装基地、叶片产线改造及风电场开发，公司正式转型为以风电为主的新能源企业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:漂浮式风电",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ca7593d91954",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:电场运营",
      "to_name": "电场运营",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 电场运营。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:fc9a6359e18e",
          "chunk_index": 6,
          "quote_summary": "并购整合中船系风电资产，配套募资30亿元用于海风总装基地、叶片产线改造及风电场开发，公司正式转型为以风电为主的新能源企业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:电场运营",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2b4444915ccf",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md",
          "chunk_id": "chunk:0df2e3edce7f",
          "chunk_index": 0,
          "quote_summary": "通过重大资产重组注入风电制造与运营资产，公司将打造涵盖风机研发制造、风电投资运营及工程建设的风电一体化产业链。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ca9bde89f338",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:船舶制造",
      "to_name": "船舶制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 船舶制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:fc9a6359e18e",
          "chunk_index": 6,
          "quote_summary": "并购整合中船系风电资产，配套募资30亿元用于海风总装基地、叶片产线改造及风电场开发，公司正式转型为以风电为主的新能源企业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:船舶制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4f6b4e0e9b08",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:船舶配件",
      "to_name": "船舶配件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 船舶配件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-2267995363a0.md",
          "chunk_id": "chunk:a45f397a9df0",
          "chunk_index": 4,
          "quote_summary": "公司拟收购海鹰集团100%股权，目标成为中船集团高科技、新产业的多元化平台型管理公司，外延资产注入预期强烈，有望显著增厚未来业绩。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:船舶配件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c8bc23ca4e47",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:fc9a6359e18e",
          "chunk_index": 6,
          "quote_summary": "并购整合中船系风电资产，配套募资30亿元用于海风总装基地、叶片产线改造及风电场开发，公司正式转型为以风电为主的新能源企业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a1478b2aea12",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:资产注入",
      "to_name": "资产注入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 资产注入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-2267995363a0.md",
          "chunk_id": "chunk:a45f397a9df0",
          "chunk_index": 4,
          "quote_summary": "公司拟收购海鹰集团100%股权，目标成为中船集团高科技、新产业的多元化平台型管理公司，外延资产注入预期强烈，有望显著增厚未来业绩。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:资产注入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d0178f07e479",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:fc9a6359e18e",
          "chunk_index": 6,
          "quote_summary": "并购整合中船系风电资产，配套募资30亿元用于海风总装基地、叶片产线改造及风电场开发，公司正式转型为以风电为主的新能源企业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "acf51aa09cef",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:风机大型化",
      "to_name": "风机大型化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 风机大型化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-dceb31728812.md",
          "chunk_id": "chunk:fc9a6359e18e",
          "chunk_index": 6,
          "quote_summary": "并购整合中船系风电资产，配套募资30亿元用于海风总装基地、叶片产线改造及风电场开发，公司正式转型为以风电为主的新能源企业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:风机大型化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cfbe8e0e1912",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:风电",
      "to_name": "风电",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 风电。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信义山证-汇通天下-2872993ceb45.md",
          "chunk_id": "chunk:bf7e47a26e1f",
          "chunk_index": 6,
          "quote_summary": "公司拟通过发行股份收购中国船舶集团旗下新能源资产，交易完成后将转型为以风电业务为主的新能源公司，全面打开营收与盈利增长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:风电",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5fd8106dced9",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:风电设备",
      "to_name": "风电设备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 风电设备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-e9bc8de5c63e.md",
          "chunk_id": "chunk:0df2e3edce7f",
          "chunk_index": 0,
          "quote_summary": "通过重大资产重组注入风电制造与运营资产，公司将打造涵盖风机研发制造、风电投资运营及工程建设的风电一体化产业链。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:风电设备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fbac2aa15ab7",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:风电资产重组",
      "to_name": "风电资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 风电资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-2021-年报点评-扣非后归母净利润历史最高-整合风电企业打开全新市场空间-c911bf3d28da.md",
          "chunk_id": "chunk:6a054ead4aa3",
          "chunk_index": 4,
          "quote_summary": "2021年工程总承包业务放量带动营收稳步增长，扣非归母净利润创披露以来新高，期间费用率显著下降。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:风电资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a77bb7640acb",
      "from": "company:600072",
      "from_name": "中船科技",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船舶制造-3ce05636c4be.md",
          "chunk_id": "chunk:6813023fb08f",
          "chunk_index": 4,
          "quote_summary": "公司全面修订重组草案以回应证监会意见，信息披露进一步完善，并购审查与进度有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "00c90203553c",
      "from": "company:600072.SH",
      "from_name": "中船科技",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md",
          "chunk_id": "chunk:13923a76e44f",
          "chunk_index": 0,
          "quote_summary": "重组注入优质风电资产，主业向风机制造与新能源发电转型，产业融合促进持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072.SH",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "256dd5e7530b",
      "from": "company:600072.SH",
      "from_name": "中船科技",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md",
          "chunk_id": "chunk:13923a76e44f",
          "chunk_index": 0,
          "quote_summary": "重组注入优质风电资产，主业向风机制造与新能源发电转型，产业融合促进持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072.SH",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c8438cb9999e",
      "from": "company:600072.SH",
      "from_name": "中船科技",
      "to": "topic:新能源装机",
      "to_name": "新能源装机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 新能源装机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md",
          "chunk_id": "chunk:13923a76e44f",
          "chunk_index": 0,
          "quote_summary": "重组注入优质风电资产，主业向风机制造与新能源发电转型，产业融合促进持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072.SH",
      "target": "topic:新能源装机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6fdf5eb5422f",
      "from": "company:600072.SH",
      "from_name": "中船科技",
      "to": "topic:毛利率修复",
      "to_name": "毛利率修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 毛利率修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md",
          "chunk_id": "chunk:13923a76e44f",
          "chunk_index": 0,
          "quote_summary": "重组注入优质风电资产，主业向风机制造与新能源发电转型，产业融合促进持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072.SH",
      "target": "topic:毛利率修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e8b7dc53c4e0",
      "from": "company:600072.SH",
      "from_name": "中船科技",
      "to": "topic:海上风电",
      "to_name": "海上风电",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 海上风电。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md",
          "chunk_id": "chunk:13923a76e44f",
          "chunk_index": 0,
          "quote_summary": "重组注入优质风电资产，主业向风机制造与新能源发电转型，产业融合促进持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072.SH",
      "target": "topic:海上风电",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5fdc8df1b402",
      "from": "company:600072.SH",
      "from_name": "中船科技",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md",
          "chunk_id": "chunk:13923a76e44f",
          "chunk_index": 0,
          "quote_summary": "重组注入优质风电资产，主业向风机制造与新能源发电转型，产业融合促进持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072.SH",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f98badd2c9a8",
      "from": "company:600072.SH",
      "from_name": "中船科技",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md",
          "chunk_id": "chunk:13923a76e44f",
          "chunk_index": 0,
          "quote_summary": "重组注入优质风电资产，主业向风机制造与新能源发电转型，产业融合促进持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072.SH",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f863a86f51be",
      "from": "company:600072.SH",
      "from_name": "中船科技",
      "to": "topic:风电设备",
      "to_name": "风电设备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船科技 研报中反复涉及 风电设备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船科技-600072-sh-无评级-cc7ee2011a0b.md",
          "chunk_id": "chunk:13923a76e44f",
          "chunk_index": 0,
          "quote_summary": "重组注入优质风电资产，主业向风机制造与新能源发电转型，产业融合促进持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600072.SH",
      "target": "topic:风电设备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6c56095182f3",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:rpk",
      "to_name": "RPK",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 RPK。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-b7fd69cbe01a.md",
          "chunk_id": "chunk:5be1291b1118",
          "chunk_index": 4,
          "quote_summary": "航空出行需求加速恢复，暑运旺季盈利弹性充分释放，3Q23单季归母净利润创历史新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:rpk",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b9b6c106370d",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-买-入-ceb3ce71422c.md",
          "chunk_id": "chunk:0f2681b7ee6e",
          "chunk_index": 0,
          "quote_summary": "国内航线需求强劲复苏叠加运价坚挺，驱动客运收入同比大增199%；经营效率提升带动单位ASK成本显著下降，毛利率实现由负转正。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "27a7535b1204",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:业绩减亏",
      "to_name": "业绩减亏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 业绩减亏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-3-月-31-日-e2028a93e24d.md",
          "chunk_id": "chunk:0f738ccf6e3b",
          "chunk_index": 4,
          "quote_summary": "民航业进一步复苏，主要航司运力引进保持克制，国际航线修复改善市场格局，行业景气度有望持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:业绩减亏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ecb6a8575754",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:业绩反转",
      "to_name": "业绩反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 业绩反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md",
          "chunk_id": "chunk:f1a85e60d756",
          "chunk_index": 0,
          "quote_summary": "三季度业绩强势反转，单位客公里收益提升驱动盈利修复，国际运力预计2025年完全恢复，当前估值低于历史中枢，具备向上弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:业绩反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "121828a1a09d",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:4e3b12780242",
          "chunk_index": 2,
          "quote_summary": "行业供给端受全球供应链扰动及飞机制造商交付能力下降影响，机队规模增速呈“下台阶式”趋势，供需格局持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "08eb744d9a6f",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:估值修复",
      "to_name": "估值修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 估值修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md",
          "chunk_id": "chunk:f1a85e60d756",
          "chunk_index": 0,
          "quote_summary": "三季度业绩强势反转，单位客公里收益提升驱动盈利修复，国际运力预计2025年完全恢复，当前估值低于历史中枢，具备向上弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:估值修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d7f724061836",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:估值比较",
      "to_name": "估值比较",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 估值比较。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md",
          "chunk_id": "chunk:29d66cae0ba4",
          "chunk_index": 24,
          "quote_summary": "中长期看好民航复苏趋势，预计2025-2026年行业供需逐步平衡，航司业绩将恢复至正常水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:估值比较",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0d4d212f8009",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:供需修复",
      "to_name": "供需修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 供需修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-63275ea5abdf.md",
          "chunk_id": "chunk:3e37bc0ad1a1",
          "chunk_index": 26,
          "quote_summary": "民航供需处于修复阶段，中长期看好行业复苏趋势及业绩弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:供需修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f0a8cfbe7b4c",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:供需格局",
      "to_name": "供需格局",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 供需格局。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:4e3b12780242",
          "chunk_index": 2,
          "quote_summary": "行业供给端受全球供应链扰动及飞机制造商交付能力下降影响，机队规模增速呈“下台阶式”趋势，供需格局持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:供需格局",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1598b30fdc87",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-63275ea5abdf.md",
          "chunk_id": "chunk:3e37bc0ad1a1",
          "chunk_index": 26,
          "quote_summary": "民航供需处于修复阶段，中长期看好行业复苏趋势及业绩弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4a50eeaf4abf",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md",
          "chunk_id": "chunk:29d66cae0ba4",
          "chunk_index": 24,
          "quote_summary": "中长期看好民航复苏趋势，预计2025-2026年行业供需逐步平衡，航司业绩将恢复至正常水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f32e900af050",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:国际航线",
      "to_name": "国际航线",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 国际航线。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-2025-年半年报点评-d68910cf4939.md",
          "chunk_id": "chunk:ff81499801db",
          "chunk_index": 0,
          "quote_summary": "持续推进成本费用控制与国际航线网络优化，助力公司盈利改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:国际航线",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "94dd81940d63",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:国际航线恢复",
      "to_name": "国际航线恢复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 国际航线恢复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-三季度扭亏为盈-归母净利润创单季历史新高-153a5373d4ba.md",
          "chunk_id": "chunk:f1a85e60d756",
          "chunk_index": 0,
          "quote_summary": "三季度业绩强势反转，单位客公里收益提升驱动盈利修复，国际运力预计2025年完全恢复，当前估值低于历史中枢，具备向上弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:国际航线恢复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9e08af603ab0",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:客公里收益",
      "to_name": "客公里收益",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 客公里收益。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md",
          "chunk_id": "chunk:29d66cae0ba4",
          "chunk_index": 24,
          "quote_summary": "中长期看好民航复苏趋势，预计2025-2026年行业供需逐步平衡，航司业绩将恢复至正常水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:客公里收益",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "62b871b3c886",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:成本控制",
      "to_name": "成本控制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 成本控制。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-63275ea5abdf.md",
          "chunk_id": "chunk:3e37bc0ad1a1",
          "chunk_index": 26,
          "quote_summary": "民航供需处于修复阶段，中长期看好行业复苏趋势及业绩弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:成本控制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "403a190abb60",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:成本管控",
      "to_name": "成本管控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 成本管控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-2025-年半年报点评-d68910cf4939.md",
          "chunk_id": "chunk:ff81499801db",
          "chunk_index": 0,
          "quote_summary": "持续推进成本费用控制与国际航线网络优化，助力公司盈利改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:成本管控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ec413c2f239f",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-买-入-ceb3ce71422c.md",
          "chunk_id": "chunk:0f2681b7ee6e",
          "chunk_index": 0,
          "quote_summary": "国内航线需求强劲复苏叠加运价坚挺，驱动客运收入同比大增199%；经营效率提升带动单位ASK成本显著下降，毛利率实现由负转正。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "df4159a2761c",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:机队交付",
      "to_name": "机队交付",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 机队交付。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-2024-年报点评-15c44a06a787.md",
          "chunk_id": "chunk:4626334b4f6d",
          "chunk_index": 1,
          "quote_summary": "行业盈利修复传导至公司盈利弹性，收入侧筑底叠加强成本管控，需求复苏与油价中枢下移将驱动潜在盈利提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:机队交付",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aa51d12d14d1",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:枢纽机场",
      "to_name": "枢纽机场",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 枢纽机场。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:4e3b12780242",
          "chunk_index": 2,
          "quote_summary": "行业供给端受全球供应链扰动及飞机制造商交付能力下降影响，机队规模增速呈“下台阶式”趋势，供需格局持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:枢纽机场",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4dcaa69ded00",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-b7fd69cbe01a.md",
          "chunk_id": "chunk:5be1291b1118",
          "chunk_index": 4,
          "quote_summary": "航空出行需求加速恢复，暑运旺季盈利弹性充分释放，3Q23单季归母净利润创历史新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "26a37fc89b3f",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:民航复苏",
      "to_name": "民航复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 民航复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-买-入-ceb3ce71422c.md",
          "chunk_id": "chunk:0f2681b7ee6e",
          "chunk_index": 0,
          "quote_summary": "国内航线需求强劲复苏叠加运价坚挺，驱动客运收入同比大增199%；经营效率提升带动单位ASK成本显著下降，毛利率实现由负转正。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:民航复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "14b88b6b54e5",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:汇率风险",
      "to_name": "汇率风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 汇率风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-买-入-ceb3ce71422c.md",
          "chunk_id": "chunk:0f2681b7ee6e",
          "chunk_index": 0,
          "quote_summary": "国内航线需求强劲复苏叠加运价坚挺，驱动客运收入同比大增199%；经营效率提升带动单位ASK成本显著下降，毛利率实现由负转正。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:汇率风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "505843ca2aee",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:油价",
      "to_name": "油价",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 油价。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-2025-年三季报点评-1ee76431cb6c.md",
          "chunk_id": "chunk:8ea017e1b5c9",
          "chunk_index": 0,
          "quote_summary": "行业价格承压背景下，客座率显著提升对冲票价下滑，叠加油价回落与单位成本管控出色，驱动盈利大幅改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:油价",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "39efa0b57d44",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:油价周期",
      "to_name": "油价周期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 油价周期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-2024-年报点评-15c44a06a787.md",
          "chunk_id": "chunk:4626334b4f6d",
          "chunk_index": 1,
          "quote_summary": "行业盈利修复传导至公司盈利弹性，收入侧筑底叠加强成本管控，需求复苏与油价中枢下移将驱动潜在盈利提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:油价周期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "11c9e176f8fa",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:环比",
      "to_name": "环比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 环比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-b7fd69cbe01a.md",
          "chunk_id": "chunk:5be1291b1118",
          "chunk_index": 4,
          "quote_summary": "航空出行需求加速恢复，暑运旺季盈利弹性充分释放，3Q23单季归母净利润创历史新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:环比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "79dfe987184e",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:盈利修复",
      "to_name": "盈利修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 盈利修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:4e3b12780242",
          "chunk_index": 2,
          "quote_summary": "行业供给端受全球供应链扰动及飞机制造商交付能力下降影响，机队规模增速呈“下台阶式”趋势，供需格局持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:盈利修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dfff0b2f9685",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md",
          "chunk_id": "chunk:29d66cae0ba4",
          "chunk_index": 24,
          "quote_summary": "中长期看好民航复苏趋势，预计2025-2026年行业供需逐步平衡，航司业绩将恢复至正常水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "61ca15125f1f",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:盈利预测下调",
      "to_name": "盈利预测下调",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 盈利预测下调。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-63275ea5abdf.md",
          "chunk_id": "chunk:3e37bc0ad1a1",
          "chunk_index": 26,
          "quote_summary": "民航供需处于修复阶段，中长期看好行业复苏趋势及业绩弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:盈利预测下调",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a1c8b0be8919",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:石油",
      "to_name": "石油",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 石油。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-3-月-31-日-e2028a93e24d.md",
          "chunk_id": "chunk:0f738ccf6e3b",
          "chunk_index": 4,
          "quote_summary": "民航业进一步复苏，主要航司运力引进保持克制，国际航线修复改善市场格局，行业景气度有望持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:石油",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1152bd694efb",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:航油成本",
      "to_name": "航油成本",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 航油成本。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:4e3b12780242",
          "chunk_index": 2,
          "quote_summary": "行业供给端受全球供应链扰动及飞机制造商交付能力下降影响，机队规模增速呈“下台阶式”趋势，供需格局持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:航油成本",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a1c430333800",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:4e3b12780242",
          "chunk_index": 2,
          "quote_summary": "行业供给端受全球供应链扰动及飞机制造商交付能力下降影响，机队规模增速呈“下台阶式”趋势，供需格局持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "653f3f21f217",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:航空客运",
      "to_name": "航空客运",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 航空客运。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-优于大市-c9e9f06f3d82.md",
          "chunk_id": "chunk:29d66cae0ba4",
          "chunk_index": 24,
          "quote_summary": "中长期看好民航复苏趋势，预计2025-2026年行业供需逐步平衡，航司业绩将恢复至正常水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:航空客运",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "99a1f95a070d",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:航空运输",
      "to_name": "航空运输",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 航空运输。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:4e3b12780242",
          "chunk_index": 2,
          "quote_summary": "行业供给端受全球供应链扰动及飞机制造商交付能力下降影响，机队规模增速呈“下台阶式”趋势，供需格局持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:航空运输",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "752d682be886",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-证券研究报告-首次研究报告-align-right-2025年10月29日-c80511234540.md",
          "chunk_id": "chunk:4e3b12780242",
          "chunk_index": 2,
          "quote_summary": "行业供给端受全球供应链扰动及飞机制造商交付能力下降影响，机队规模增速呈“下台阶式”趋势，供需格局持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff248f19a930",
      "from": "company:600115",
      "from_name": "中国东航",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国东航 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国东航-600115-sh-b7fd69cbe01a.md",
          "chunk_id": "chunk:5be1291b1118",
          "chunk_index": 4,
          "quote_summary": "航空出行需求加速恢复，暑运旺季盈利弹性充分释放，3Q23单季归母净利润创历史新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600115",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ccdc76e0312c",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:一季报",
      "to_name": "一季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 一季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年一季报点评-9b91560312ed.md",
          "chunk_id": "chunk:1e0e253b9dde",
          "chunk_index": 1,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，深度受益于“十四五”空间基础设施建设及“科改示范企业”改革推进。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:一季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f9c1b9058c4e",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:三季报点评",
      "to_name": "三季报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 三季报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-谨慎推荐-维持评级-a1f8b26d7487.md",
          "chunk_id": "chunk:1411a44059a1",
          "chunk_index": 1,
          "quote_summary": "公司系航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，有望受益于“十四五”空间基础设施建设及科改示范企业改革红利。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:三季报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "018b532e3275",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md",
          "chunk_id": "chunk:ef7b90eb869f",
          "chunk_index": 0,
          "quote_summary": "单季度收入持续回暖，存货与合同负债双增预示订单逐步落地，2025年财务指标有望逐季修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "17c07489ed99",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:中报业绩",
      "to_name": "中报业绩",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 中报业绩。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年中报点评-a78f4760fe85.md",
          "chunk_id": "chunk:dc049cfff2a3",
          "chunk_index": 2,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，深度受益于“十四五”空间基础设施建设及“科改示范企业”改革推进，长期成长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:中报业绩",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c1fe69d8a242",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:低轨星座",
      "to_name": "低轨星座",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 低轨星座。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-bb3e8f1f3e58.md",
          "chunk_id": "chunk:51aa9ac0c8f2",
          "chunk_index": 3,
          "quote_summary": "公司系航天科技集团宇航制造与卫星应用核心力量，具备小卫星/微小卫星完整序列研制能力，中长期业绩增长逻辑坚实。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:低轨星座",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "705ffd8f9951",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md",
          "chunk_id": "chunk:ef7b90eb869f",
          "chunk_index": 0,
          "quote_summary": "单季度收入持续回暖，存货与合同负债双增预示订单逐步落地，2025年财务指标有望逐季修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "891cfd9c21b8",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md",
          "chunk_id": "chunk:3b91d88da7cb",
          "chunk_index": 2,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造和卫星应用业务的上市平台，受益于空间基础设施建设及“科改示范企业”改革提质增效，中长期业绩增长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "feb4f86a44fd",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:北斗导航",
      "to_name": "北斗导航",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 北斗导航。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md",
          "chunk_id": "chunk:3b91d88da7cb",
          "chunk_index": 2,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造和卫星应用业务的上市平台，受益于空间基础设施建设及“科改示范企业”改革提质增效，中长期业绩增长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:北斗导航",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "24c840b2dd29",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:卫星",
      "to_name": "卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md",
          "chunk_id": "chunk:74bd33b5aba3",
          "chunk_index": 2,
          "quote_summary": "公司聚焦卫星通导遥一体化产业，依托国家级研发平台与核心子公司，具备小卫星研制、系统集成及数据服务全链条能力，业绩保持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "66d80c3863db",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:卫星互联网",
      "to_name": "卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-bb3e8f1f3e58.md",
          "chunk_id": "chunk:51aa9ac0c8f2",
          "chunk_index": 3,
          "quote_summary": "公司系航天科技集团宇航制造与卫星应用核心力量，具备小卫星/微小卫星完整序列研制能力，中长期业绩增长逻辑坚实。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c017a9d453cc",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:卫星制造",
      "to_name": "卫星制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 卫星制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md",
          "chunk_id": "chunk:74bd33b5aba3",
          "chunk_index": 2,
          "quote_summary": "公司聚焦卫星通导遥一体化产业，依托国家级研发平台与核心子公司，具备小卫星研制、系统集成及数据服务全链条能力，业绩保持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:卫星制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dd3afdde914b",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:卫星应用",
      "to_name": "卫星应用",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 卫星应用。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md",
          "chunk_id": "chunk:3b91d88da7cb",
          "chunk_index": 2,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造和卫星应用业务的上市平台，受益于空间基础设施建设及“科改示范企业”改革提质增效，中长期业绩增长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:卫星应用",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "43862a61aca1",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年三季报点评-e7d921db1a75.md",
          "chunk_id": "chunk:065567fc6ab8",
          "chunk_index": 1,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，受益于“十四五”空间基础设施建设及科改示范企业改革，国内小卫星制造领域具备优势地位与发展潜力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fb7f279a3688",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md",
          "chunk_id": "chunk:74bd33b5aba3",
          "chunk_index": 2,
          "quote_summary": "公司聚焦卫星通导遥一体化产业，依托国家级研发平台与核心子公司，具备小卫星研制、系统集成及数据服务全链条能力，业绩保持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d3e06222026c",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:国企改革",
      "to_name": "国企改革",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 国企改革。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2022-年年报点评-bd6d9be0eeab.md",
          "chunk_id": "chunk:2ec5433d8bb0",
          "chunk_index": 3,
          "quote_summary": "公司系航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，有望受益于“十四五”空间基础设施建设提速及“科改示范企业”改革红利。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:国企改革",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f8931554f850",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:央企市值管理",
      "to_name": "央企市值管理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 央企市值管理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md",
          "chunk_id": "chunk:ef7b90eb869f",
          "chunk_index": 0,
          "quote_summary": "单季度收入持续回暖，存货与合同负债双增预示订单逐步落地，2025年财务指标有望逐季修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:央企市值管理",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "efc227a19b68",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:央企控股",
      "to_name": "央企控股",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 央企控股。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md",
          "chunk_id": "chunk:74bd33b5aba3",
          "chunk_index": 2,
          "quote_summary": "公司聚焦卫星通导遥一体化产业，依托国家级研发平台与核心子公司，具备小卫星研制、系统集成及数据服务全链条能力，业绩保持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:央企控股",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3520e2d00824",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:宇航制造",
      "to_name": "宇航制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 宇航制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md",
          "chunk_id": "chunk:3b91d88da7cb",
          "chunk_index": 2,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造和卫星应用业务的上市平台，受益于空间基础设施建设及“科改示范企业”改革提质增效，中长期业绩增长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:宇航制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "35e97b1f5590",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:宇航应用",
      "to_name": "宇航应用",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 宇航应用。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2022-年年报点评-bd6d9be0eeab.md",
          "chunk_id": "chunk:2ec5433d8bb0",
          "chunk_index": 3,
          "quote_summary": "公司系航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，有望受益于“十四五”空间基础设施建设提速及“科改示范企业”改革红利。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:宇航应用",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a1e46c7b9872",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:宇航电子",
      "to_name": "宇航电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 宇航电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md",
          "chunk_id": "chunk:74bd33b5aba3",
          "chunk_index": 2,
          "quote_summary": "公司聚焦卫星通导遥一体化产业，依托国家级研发平台与核心子公司，具备小卫星研制、系统集成及数据服务全链条能力，业绩保持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:宇航电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0148199b0adb",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:小卫星",
      "to_name": "小卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 小卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年三季报点评-e7d921db1a75.md",
          "chunk_id": "chunk:065567fc6ab8",
          "chunk_index": 1,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，受益于“十四五”空间基础设施建设及科改示范企业改革，国内小卫星制造领域具备优势地位与发展潜力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:小卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e2d066b7df5e",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2022-年中报点评-35a28c3671ef.md",
          "chunk_id": "chunk:b2f62e8d3de6",
          "chunk_index": 2,
          "quote_summary": "公司系航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，有望受益于“十四五”航天事业快速发展及“科改示范企业”改革红利。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7499af1913f7",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:投资收益",
      "to_name": "投资收益",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 投资收益。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2022-年中报点评-35a28c3671ef.md",
          "chunk_id": "chunk:b2f62e8d3de6",
          "chunk_index": 2,
          "quote_summary": "公司系航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，有望受益于“十四五”航天事业快速发展及“科改示范企业”改革红利。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:投资收益",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "de49c0df0109",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:毛利率改善",
      "to_name": "毛利率改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 毛利率改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年中报点评-a78f4760fe85.md",
          "chunk_id": "chunk:dc049cfff2a3",
          "chunk_index": 2,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，深度受益于“十四五”空间基础设施建设及“科改示范企业”改革推进，长期成长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:毛利率改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b36a0c4c5c63",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:现金流",
      "to_name": "现金流",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 现金流。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md",
          "chunk_id": "chunk:3b91d88da7cb",
          "chunk_index": 2,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造和卫星应用业务的上市平台，受益于空间基础设施建设及“科改示范企业”改革提质增效，中长期业绩增长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:现金流",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c2c2a2eeb654",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-ca91b43692d5.md",
          "chunk_id": "chunk:ef7b90eb869f",
          "chunk_index": 0,
          "quote_summary": "单季度收入持续回暖，存货与合同负债双增预示订单逐步落地，2025年财务指标有望逐季修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d1578ae2552b",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:科改示范",
      "to_name": "科改示范",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 科改示范。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年三季报点评-e7d921db1a75.md",
          "chunk_id": "chunk:065567fc6ab8",
          "chunk_index": 1,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，受益于“十四五”空间基础设施建设及科改示范企业改革，国内小卫星制造领域具备优势地位与发展潜力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:科改示范",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2bda32719bcd",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md",
          "chunk_id": "chunk:74bd33b5aba3",
          "chunk_index": 2,
          "quote_summary": "公司聚焦卫星通导遥一体化产业，依托国家级研发平台与核心子公司，具备小卫星研制、系统集成及数据服务全链条能力，业绩保持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "009035fcf5d7",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:航天产业",
      "to_name": "航天产业",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 航天产业。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年一季报点评-9b91560312ed.md",
          "chunk_id": "chunk:1e0e253b9dde",
          "chunk_index": 1,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，深度受益于“十四五”空间基础设施建设及“科改示范企业”改革推进。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:航天产业",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c8cb46f031dc",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:航天军工",
      "to_name": "航天军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 航天军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md",
          "chunk_id": "chunk:3b91d88da7cb",
          "chunk_index": 2,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造和卫星应用业务的上市平台，受益于空间基础设施建设及“科改示范企业”改革提质增效，中长期业绩增长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:航天军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c406cf624c01",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:航天基建",
      "to_name": "航天基建",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 航天基建。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年三季报点评-e7d921db1a75.md",
          "chunk_id": "chunk:065567fc6ab8",
          "chunk_index": 1,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，受益于“十四五”空间基础设施建设及科改示范企业改革，国内小卫星制造领域具备优势地位与发展潜力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:航天基建",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a0350fe414bc",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md",
          "chunk_id": "chunk:74bd33b5aba3",
          "chunk_index": 2,
          "quote_summary": "公司聚焦卫星通导遥一体化产业，依托国家级研发平台与核心子公司，具备小卫星研制、系统集成及数据服务全链条能力，业绩保持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "52ce7afebc46",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:财务分析",
      "to_name": "财务分析",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 财务分析。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-谨慎推荐-维持评级-a1f8b26d7487.md",
          "chunk_id": "chunk:1411a44059a1",
          "chunk_index": 1,
          "quote_summary": "公司系航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，有望受益于“十四五”空间基础设施建设及科改示范企业改革红利。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:财务分析",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b620de8eaa0e",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:财务预测",
      "to_name": "财务预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 财务预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2022-年中报点评-35a28c3671ef.md",
          "chunk_id": "chunk:b2f62e8d3de6",
          "chunk_index": 2,
          "quote_summary": "公司系航天科技集团旗下兼具宇航制造与卫星应用业务的上市平台，有望受益于“十四五”航天事业快速发展及“科改示范企业”改革红利。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:财务预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2df4e3c66350",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:通导遥一体化",
      "to_name": "通导遥一体化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 通导遥一体化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩稳健-聚焦于卫星通导遥一体化产业发展-29cdcdf61458.md",
          "chunk_id": "chunk:74bd33b5aba3",
          "chunk_index": 2,
          "quote_summary": "公司聚焦卫星通导遥一体化产业，依托国家级研发平台与核心子公司，具备小卫星研制、系统集成及数据服务全链条能力，业绩保持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:通导遥一体化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3cb540446b68",
      "from": "company:600118",
      "from_name": "中国卫星",
      "to": "topic:采购计划调整",
      "to_name": "采购计划调整",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫星 研报中反复涉及 采购计划调整。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫星-600118-sh-2023-年年报点评-945fb840df32.md",
          "chunk_id": "chunk:3b91d88da7cb",
          "chunk_index": 2,
          "quote_summary": "公司作为航天科技集团旗下兼具宇航制造和卫星应用业务的上市平台，受益于空间基础设施建设及“科改示范企业”改革提质增效，中长期业绩增长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600118",
      "target": "topic:采购计划调整",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e0a17494e0f6",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:301调查",
      "to_name": "301调查",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 301调查。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md",
          "chunk_id": "chunk:419344d7d3e1",
          "chunk_index": 2,
          "quote_summary": "“两船”合并完成重塑全球竞争格局，规模效应与协同增效助力公司把握造船上行周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:301调查",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ae2739d35b03",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:lng船",
      "to_name": "lng船",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 LNG船。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md",
          "chunk_id": "chunk:67a97f649d8d",
          "chunk_index": 0,
          "quote_summary": "合并后规范同业竞争并减少价格战，资产与收入规模扩大产生规模效应，有望降低成本并提升整体盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:lng船",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bb266eca7f34",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 三季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-af27eafae237.md",
          "chunk_id": "chunk:069901f223bf",
          "chunk_index": 8,
          "quote_summary": "南北船合并收官，中国船舶作为存续公司及中船系核心总装平台，整合资源消除同业竞争，协同效应与全球竞争力显著增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:三季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1b1c7dd613fa",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:业绩兑现",
      "to_name": "业绩兑现",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 业绩兑现。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md",
          "chunk_id": "chunk:419344d7d3e1",
          "chunk_index": 2,
          "quote_summary": "“两船”合并完成重塑全球竞争格局，规模效应与协同增效助力公司把握造船上行周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:业绩兑现",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aea42b52863e",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:业绩预增",
      "to_name": "业绩预增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 业绩预增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-b95ae1e4e4d3.md",
          "chunk_id": "chunk:f89e2422c7a7",
          "chunk_index": 4,
          "quote_summary": "25H1业绩预增98%-119%超预期，在手订单持续兑现"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:业绩预增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7fc519ed4504",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 业绩高增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md",
          "chunk_id": "chunk:483b57dffe55",
          "chunk_index": 0,
          "quote_summary": "上半年业绩高增，盈利能力持续提升，主要得益于精益管理提升、交付民船价格同比提升及成本管控得当。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:业绩高增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "52f2d4084046",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:价格",
      "to_name": "价格",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 价格。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md",
          "chunk_id": "chunk:419344d7d3e1",
          "chunk_index": 2,
          "quote_summary": "“两船”合并完成重塑全球竞争格局，规模效应与协同增效助力公司把握造船上行周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:价格",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "779f763ab583",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-c53c0462f757.md",
          "chunk_id": "chunk:f5bd7e039324",
          "chunk_index": 4,
          "quote_summary": "Q2业绩高增符合预期，在手订单饱满保障后续业绩释放"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "41d6a9329220",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:全球市场份额",
      "to_name": "全球市场份额",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 全球市场份额。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md",
          "chunk_id": "chunk:483b57dffe55",
          "chunk_index": 0,
          "quote_summary": "上半年业绩高增，盈利能力持续提升，主要得益于精益管理提升、交付民船价格同比提升及成本管控得当。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:全球市场份额",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "02a0874b3bce",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md",
          "chunk_id": "chunk:419344d7d3e1",
          "chunk_index": 2,
          "quote_summary": "“两船”合并完成重塑全球竞争格局，规模效应与协同增效助力公司把握造船上行周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0fa491544dea",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:协同效应",
      "to_name": "协同效应",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 协同效应。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md",
          "chunk_id": "chunk:67a97f649d8d",
          "chunk_index": 0,
          "quote_summary": "合并后规范同业竞争并减少价格战，资产与收入规模扩大产生规模效应，有望降低成本并提升整体盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:协同效应",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2346a5955df1",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:南北船合并",
      "to_name": "南北船合并",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 南北船合并。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md",
          "chunk_id": "chunk:483b57dffe55",
          "chunk_index": 0,
          "quote_summary": "上半年业绩高增，盈利能力持续提升，主要得益于精益管理提升、交付民船价格同比提升及成本管控得当。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:南北船合并",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "243d37ed15b4",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md",
          "chunk_id": "chunk:483b57dffe55",
          "chunk_index": 0,
          "quote_summary": "上半年业绩高增，盈利能力持续提升，主要得益于精益管理提升、交付民船价格同比提升及成本管控得当。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "edbeadb46e96",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:新船价格",
      "to_name": "新船价格",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 新船价格。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-af27eafae237.md",
          "chunk_id": "chunk:069901f223bf",
          "chunk_index": 8,
          "quote_summary": "南北船合并收官，中国船舶作为存续公司及中船系核心总装平台，整合资源消除同业竞争，协同效应与全球竞争力显著增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:新船价格",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f952f3b387d4",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-af27eafae237.md",
          "chunk_id": "chunk:069901f223bf",
          "chunk_index": 8,
          "quote_summary": "南北船合并收官，中国船舶作为存续公司及中船系核心总装平台，整合资源消除同业竞争，协同效应与全球竞争力显著增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cfc4ed6f45af",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:毛利率改善",
      "to_name": "毛利率改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 毛利率改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md",
          "chunk_id": "chunk:483b57dffe55",
          "chunk_index": 0,
          "quote_summary": "上半年业绩高增，盈利能力持续提升，主要得益于精益管理提升、交付民船价格同比提升及成本管控得当。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:毛利率改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c329309bb1d4",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:盈利能力",
      "to_name": "盈利能力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 盈利能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md",
          "chunk_id": "chunk:67a97f649d8d",
          "chunk_index": 0,
          "quote_summary": "合并后规范同业竞争并减少价格战，资产与收入规模扩大产生规模效应，有望降低成本并提升整体盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:盈利能力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "259968e2712f",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-买入-维持评级-8a986f95f854.md",
          "chunk_id": "chunk:483b57dffe55",
          "chunk_index": 0,
          "quote_summary": "上半年业绩高增，盈利能力持续提升，主要得益于精益管理提升、交付民船价格同比提升及成本管控得当。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "61caf1c8d873",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:船舶制造",
      "to_name": "船舶制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 船舶制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md",
          "chunk_id": "chunk:419344d7d3e1",
          "chunk_index": 2,
          "quote_summary": "“两船”合并完成重塑全球竞争格局，规模效应与协同增效助力公司把握造船上行周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:船舶制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "05ccdadc44d3",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:订单兑现",
      "to_name": "订单兑现",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 订单兑现。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-b95ae1e4e4d3.md",
          "chunk_id": "chunk:f89e2422c7a7",
          "chunk_index": 4,
          "quote_summary": "25H1业绩预增98%-119%超预期，在手订单持续兑现"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:订单兑现",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "822be51bf1b8",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md",
          "chunk_id": "chunk:419344d7d3e1",
          "chunk_index": 2,
          "quote_summary": "“两船”合并完成重塑全球竞争格局，规模效应与协同增效助力公司把握造船上行周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fe7d40f88fb6",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:资产整合",
      "to_name": "资产整合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 资产整合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-b95ae1e4e4d3.md",
          "chunk_id": "chunk:f89e2422c7a7",
          "chunk_index": 4,
          "quote_summary": "25H1业绩预增98%-119%超预期，在手订单持续兑现"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:资产整合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "28af7a811a26",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md",
          "chunk_id": "chunk:419344d7d3e1",
          "chunk_index": 2,
          "quote_summary": "“两船”合并完成重塑全球竞争格局，规模效应与协同增效助力公司把握造船上行周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d6b9dbb5f5ea",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:造船",
      "to_name": "造船",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 造船。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md",
          "chunk_id": "chunk:67a97f649d8d",
          "chunk_index": 0,
          "quote_summary": "合并后规范同业竞争并减少价格战，资产与收入规模扩大产生规模效应，有望降低成本并提升整体盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:造船",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6b205fe565f4",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:造船周期",
      "to_name": "造船周期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 造船周期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-30-日-3075ff420f1a.md",
          "chunk_id": "chunk:419344d7d3e1",
          "chunk_index": 2,
          "quote_summary": "“两船”合并完成重塑全球竞争格局，规模效应与协同增效助力公司把握造船上行周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:造船周期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "103baf753b1d",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md",
          "chunk_id": "chunk:67a97f649d8d",
          "chunk_index": 0,
          "quote_summary": "合并后规范同业竞争并减少价格战，资产与收入规模扩大产生规模效应，有望降低成本并提升整体盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aaf7dfcb5f34",
      "from": "company:600150",
      "from_name": "中国船舶",
      "to": "topic:高价订单交付",
      "to_name": "高价订单交付",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 高价订单交付。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国船舶-600150-sh-2420409b114c.md",
          "chunk_id": "chunk:67a97f649d8d",
          "chunk_index": 0,
          "quote_summary": "合并后规范同业竞争并减少价格战，资产与收入规模扩大产生规模效应，有望降低成本并提升整体盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150",
      "target": "topic:高价订单交付",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6eed32eff29d",
      "from": "company:600150.SH",
      "from_name": "中国船舶",
      "to": "topic:业绩兑现",
      "to_name": "业绩兑现",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 业绩兑现。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航海装备ii-81067ebdf534.md",
          "chunk_id": "chunk:9ba1ab66f6a7",
          "chunk_index": 0,
          "quote_summary": "手持高价订单充足且排产至2028-2029年，利润持续兑现确定性高"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150.SH",
      "target": "topic:业绩兑现",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ca5c02173b7b",
      "from": "company:600150.SH",
      "from_name": "中国船舶",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航海装备ii-81067ebdf534.md",
          "chunk_id": "chunk:9ba1ab66f6a7",
          "chunk_index": 0,
          "quote_summary": "手持高价订单充足且排产至2028-2029年，利润持续兑现确定性高"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150.SH",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cd4dde550574",
      "from": "company:600150.SH",
      "from_name": "中国船舶",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航海装备ii-81067ebdf534.md",
          "chunk_id": "chunk:9ba1ab66f6a7",
          "chunk_index": 0,
          "quote_summary": "手持高价订单充足且排产至2028-2029年，利润持续兑现确定性高"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150.SH",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0e9a0fc0c09c",
      "from": "company:600150.SH",
      "from_name": "中国船舶",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航海装备ii-81067ebdf534.md",
          "chunk_id": "chunk:9ba1ab66f6a7",
          "chunk_index": 0,
          "quote_summary": "手持高价订单充足且排产至2028-2029年，利润持续兑现确定性高"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150.SH",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5d8b5a8fbd1d",
      "from": "company:600150.SH",
      "from_name": "中国船舶",
      "to": "topic:周期上行",
      "to_name": "周期上行",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 周期上行。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航海装备ii-81067ebdf534.md",
          "chunk_id": "chunk:9ba1ab66f6a7",
          "chunk_index": 0,
          "quote_summary": "手持高价订单充足且排产至2028-2029年，利润持续兑现确定性高"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150.SH",
      "target": "topic:周期上行",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "306e6e5ee9e2",
      "from": "company:600150.SH",
      "from_name": "中国船舶",
      "to": "topic:船舶制造",
      "to_name": "船舶制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 船舶制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航海装备ii-81067ebdf534.md",
          "chunk_id": "chunk:9ba1ab66f6a7",
          "chunk_index": 0,
          "quote_summary": "手持高价订单充足且排产至2028-2029年，利润持续兑现确定性高"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150.SH",
      "target": "topic:船舶制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "86481705ed21",
      "from": "company:600150.SH",
      "from_name": "中国船舶",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航海装备ii-81067ebdf534.md",
          "chunk_id": "chunk:9ba1ab66f6a7",
          "chunk_index": 0,
          "quote_summary": "手持高价订单充足且排产至2028-2029年，利润持续兑现确定性高"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150.SH",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ab8bb108b9c6",
      "from": "company:600150.SH",
      "from_name": "中国船舶",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航海装备ii-81067ebdf534.md",
          "chunk_id": "chunk:9ba1ab66f6a7",
          "chunk_index": 0,
          "quote_summary": "手持高价订单充足且排产至2028-2029年，利润持续兑现确定性高"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600150.SH",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "70a49da9e5dc",
      "from": "company:600151",
      "from_name": "航天机电",
      "to": "topic:光伏",
      "to_name": "光伏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天机电 研报中反复涉及 光伏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md",
          "chunk_id": "chunk:b5e4b6303971",
          "chunk_index": 0,
          "quote_summary": "通过外延并购Erae AMS热交换业务，与公司现有子公司爱斯达克形成产能、技术及客户渠道的深度协同，有望重塑公司在汽车零部件行业的地位，切入跨国整车厂全球供应链。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600151",
      "target": "topic:光伏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2152e563748c",
      "from": "company:600151",
      "from_name": "航天机电",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天机电 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md",
          "chunk_id": "chunk:b5e4b6303971",
          "chunk_index": 0,
          "quote_summary": "通过外延并购Erae AMS热交换业务，与公司现有子公司爱斯达克形成产能、技术及客户渠道的深度协同，有望重塑公司在汽车零部件行业的地位，切入跨国整车厂全球供应链。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600151",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "40a0e9edd46e",
      "from": "company:600151",
      "from_name": "航天机电",
      "to": "topic:外延并购",
      "to_name": "外延并购",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天机电 研报中反复涉及 外延并购。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md",
          "chunk_id": "chunk:b5e4b6303971",
          "chunk_index": 0,
          "quote_summary": "通过外延并购Erae AMS热交换业务，与公司现有子公司爱斯达克形成产能、技术及客户渠道的深度协同，有望重塑公司在汽车零部件行业的地位，切入跨国整车厂全球供应链。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600151",
      "target": "topic:外延并购",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "49f41b0bf279",
      "from": "company:600151",
      "from_name": "航天机电",
      "to": "topic:技术协同",
      "to_name": "技术协同",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天机电 研报中反复涉及 技术协同。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md",
          "chunk_id": "chunk:b5e4b6303971",
          "chunk_index": 0,
          "quote_summary": "通过外延并购Erae AMS热交换业务，与公司现有子公司爱斯达克形成产能、技术及客户渠道的深度协同，有望重塑公司在汽车零部件行业的地位，切入跨国整车厂全球供应链。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600151",
      "target": "topic:技术协同",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "49339c67765a",
      "from": "company:600151",
      "from_name": "航天机电",
      "to": "topic:汽车热交换系统",
      "to_name": "汽车热交换系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天机电 研报中反复涉及 汽车热交换系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md",
          "chunk_id": "chunk:b5e4b6303971",
          "chunk_index": 0,
          "quote_summary": "通过外延并购Erae AMS热交换业务，与公司现有子公司爱斯达克形成产能、技术及客户渠道的深度协同，有望重塑公司在汽车零部件行业的地位，切入跨国整车厂全球供应链。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600151",
      "target": "topic:汽车热交换系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ba432cefe9ce",
      "from": "company:600151",
      "from_name": "航天机电",
      "to": "topic:汽车零部件",
      "to_name": "汽车零部件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天机电 研报中反复涉及 汽车零部件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md",
          "chunk_id": "chunk:b5e4b6303971",
          "chunk_index": 0,
          "quote_summary": "通过外延并购Erae AMS热交换业务，与公司现有子公司爱斯达克形成产能、技术及客户渠道的深度协同，有望重塑公司在汽车零部件行业的地位，切入跨国整车厂全球供应链。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600151",
      "target": "topic:汽车零部件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9e80cab707e9",
      "from": "company:600151",
      "from_name": "航天机电",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天机电 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md",
          "chunk_id": "chunk:b5e4b6303971",
          "chunk_index": 0,
          "quote_summary": "通过外延并购Erae AMS热交换业务，与公司现有子公司爱斯达克形成产能、技术及客户渠道的深度协同，有望重塑公司在汽车零部件行业的地位，切入跨国整车厂全球供应链。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600151",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "659e2b3fc7eb",
      "from": "company:600151",
      "from_name": "航天机电",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天机电 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-外延打造新增长-协同彰显布局智慧-0a03527afc14.md",
          "chunk_id": "chunk:b5e4b6303971",
          "chunk_index": 0,
          "quote_summary": "通过外延并购Erae AMS热交换业务，与公司现有子公司爱斯达克形成产能、技术及客户渠道的深度协同，有望重塑公司在汽车零部件行业的地位，切入跨国整车厂全球供应链。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600151",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4b9981fb9d72",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:业绩反转",
      "to_name": "业绩反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 业绩反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-2024-年年报及-2025-年一季报点评-d7a81e3c27f2.md",
          "chunk_id": "chunk:cc01f02a20fa",
          "chunk_index": 0,
          "quote_summary": "公司深耕光电防务与光电材料主业，1Q25业绩触底反弹，25年营收目标高增，定增扩产及产品线向机器人/光通信拓展打开中长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:业绩反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8bcdf5536e26",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-2025-年三季报点评-2f4c5e9b13b6.md",
          "chunk_id": "chunk:d7aa0dfbf3e2",
          "chunk_index": 1,
          "quote_summary": "公司深耕光电领域，在巩固大型武器系统/制导装备导引头/光电信息装备等核心主业优势基础上，产品线向人形机器人、机器狗及机器视觉传感系统拓展，内装与军贸协同发展初显成效，规模效应与提质增效有望持续推升利润率。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7f6ff6007106",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-0235555ae969.md",
          "chunk_id": "chunk:e6e1e3936c74",
          "chunk_index": 4,
          "quote_summary": "防务订单推迟致2024年亏损，但2025年经营计划明确且Q1已扭亏，业绩拐点确立。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ce8b692353a9",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-49a2676e7dda.md",
          "chunk_id": "chunk:930c86fdbe0a",
          "chunk_index": 6,
          "quote_summary": "总装产品交付方式由单车改为连套系统交付，导致2020年收入确认周期拉长，已收军方开工款及进度款将在未来年度逐步转化为业绩。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c5b5db60302e",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 业绩高增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-fcdcd3090fe1.md",
          "chunk_id": "chunk:530dac5411d7",
          "chunk_index": 6,
          "quote_summary": "防务产品销量增长与结构优化叠加民品市场回暖，驱动公司业绩大幅提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:业绩高增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "70c29a3f0821",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:交付模式变更",
      "to_name": "交付模式变更",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 交付模式变更。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-49a2676e7dda.md",
          "chunk_id": "chunk:930c86fdbe0a",
          "chunk_index": 6,
          "quote_summary": "总装产品交付方式由单车改为连套系统交付，导致2020年收入确认周期拉长，已收军方开工款及进度款将在未来年度逐步转化为业绩。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:交付模式变更",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "345bb5a78753",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:人形机器人",
      "to_name": "人形机器人",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 人形机器人。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-2024-年年报及-2025-年一季报点评-d7a81e3c27f2.md",
          "chunk_id": "chunk:cc01f02a20fa",
          "chunk_index": 0,
          "quote_summary": "公司深耕光电防务与光电材料主业，1Q25业绩触底反弹，25年营收目标高增，定增扩产及产品线向机器人/光通信拓展打开中长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:人形机器人",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bdc671b9a05e",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:光学材料",
      "to_name": "光学材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 光学材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:5930f48ef744",
          "chunk_index": 0,
          "quote_summary": "隶属于兵器工业集团，作为集团唯一光电类上市公司，定增扩产积极迎装备信息化复苏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:光学材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8e159fe59e4c",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:光学玻璃",
      "to_name": "光学玻璃",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 光学玻璃。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-49a2676e7dda.md",
          "chunk_id": "chunk:930c86fdbe0a",
          "chunk_index": 6,
          "quote_summary": "总装产品交付方式由单车改为连套系统交付，导致2020年收入确认周期拉长，已收军方开工款及进度款将在未来年度逐步转化为业绩。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:光学玻璃",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6e9d792c042b",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:光电材料",
      "to_name": "光电材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 光电材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-36a2254d29b5.md",
          "chunk_id": "chunk:6fe3019d6b06",
          "chunk_index": 6,
          "quote_summary": "防务板块核心竞争力持续，大型武器系统总装集成、精确制导导引头及光电信息装备三大领域订单饱满，确认总装产品价差收入及高毛利产品占比提升驱动业绩高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:光电材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2ef57bdb096e",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:光电装备",
      "to_name": "光电装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 光电装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:5930f48ef744",
          "chunk_index": 0,
          "quote_summary": "隶属于兵器工业集团，作为集团唯一光电类上市公司，定增扩产积极迎装备信息化复苏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:光电装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2082e88b7518",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:光电防务",
      "to_name": "光电防务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 光电防务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-fcdcd3090fe1.md",
          "chunk_id": "chunk:530dac5411d7",
          "chunk_index": 6,
          "quote_summary": "防务产品销量增长与结构优化叠加民品市场回暖，驱动公司业绩大幅提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:光电防务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b520e8ec0c0d",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:关联交易",
      "to_name": "关联交易",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 关联交易。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-2024-年年报及-2025-年一季报点评-d7a81e3c27f2.md",
          "chunk_id": "chunk:cc01f02a20fa",
          "chunk_index": 0,
          "quote_summary": "公司深耕光电防务与光电材料主业，1Q25业绩触底反弹，25年营收目标高增，定增扩产及产品线向机器人/光通信拓展打开中长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:关联交易",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c70b39ce0cc2",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-36a2254d29b5.md",
          "chunk_id": "chunk:6fe3019d6b06",
          "chunk_index": 6,
          "quote_summary": "防务板块核心竞争力持续，大型武器系统总装集成、精确制导导引头及光电信息装备三大领域订单饱满，确认总装产品价差收入及高毛利产品占比提升驱动业绩高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7126c94a0d0a",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:5930f48ef744",
          "chunk_index": 0,
          "quote_summary": "隶属于兵器工业集团，作为集团唯一光电类上市公司，定增扩产积极迎装备信息化复苏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "db42361a2ee9",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:军工防务",
      "to_name": "军工防务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 军工防务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-2025-年半年报点评-46c327c0c95e.md",
          "chunk_id": "chunk:b740e13ab2e5",
          "chunk_index": 0,
          "quote_summary": "防务新型号竞标成功及军贸突破奠定主业增长基础，光电材料新产线投产带动订单放量，机器人多模态感知头实现产品线多维拓展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:军工防务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4f738dd9e0a1",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:军民融合",
      "to_name": "军民融合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 军民融合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-fcdcd3090fe1.md",
          "chunk_id": "chunk:530dac5411d7",
          "chunk_index": 6,
          "quote_summary": "防务产品销量增长与结构优化叠加民品市场回暖，驱动公司业绩大幅提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:军民融合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "09ca8bc7f887",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-fcdcd3090fe1.md",
          "chunk_id": "chunk:530dac5411d7",
          "chunk_index": 6,
          "quote_summary": "防务产品销量增长与结构优化叠加民品市场回暖，驱动公司业绩大幅提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e073280ac752",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:半年报业绩",
      "to_name": "半年报业绩",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 半年报业绩。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-36a2254d29b5.md",
          "chunk_id": "chunk:6fe3019d6b06",
          "chunk_index": 6,
          "quote_summary": "防务板块核心竞争力持续，大型武器系统总装集成、精确制导导引头及光电信息装备三大领域订单饱满，确认总装产品价差收入及高毛利产品占比提升驱动业绩高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:半年报业绩",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "021ada42d48b",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-36a2254d29b5.md",
          "chunk_id": "chunk:6fe3019d6b06",
          "chunk_index": 6,
          "quote_summary": "防务板块核心竞争力持续，大型武器系统总装集成、精确制导导引头及光电信息装备三大领域订单饱满，确认总装产品价差收入及高毛利产品占比提升驱动业绩高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4e9a2ef09a78",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-fcdcd3090fe1.md",
          "chunk_id": "chunk:530dac5411d7",
          "chunk_index": 6,
          "quote_summary": "防务产品销量增长与结构优化叠加民品市场回暖，驱动公司业绩大幅提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "beacb03f49c1",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:定增",
      "to_name": "定增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 定增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-0235555ae969.md",
          "chunk_id": "chunk:e6e1e3936c74",
          "chunk_index": 4,
          "quote_summary": "防务订单推迟致2024年亏损，但2025年经营计划明确且Q1已扭亏，业绩拐点确立。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:定增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "05589a63230d",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:定增扩产",
      "to_name": "定增扩产",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 定增扩产。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:5930f48ef744",
          "chunk_index": 0,
          "quote_summary": "隶属于兵器工业集团，作为集团唯一光电类上市公司，定增扩产积极迎装备信息化复苏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:定增扩产",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cbdb75d76a47",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:年报点评",
      "to_name": "年报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 年报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-dd3e3a7f96de.md",
          "chunk_id": "chunk:5d3a81f26734",
          "chunk_index": 3,
          "quote_summary": "防务板块持续加大发展力度，在武器系统总装集成、精确制导导引头和光电信息装备领域构建核心竞争优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:年报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "13685b36b41a",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-49a2676e7dda.md",
          "chunk_id": "chunk:930c86fdbe0a",
          "chunk_index": 6,
          "quote_summary": "总装产品交付方式由单车改为连套系统交付，导致2020年收入确认周期拉长，已收军方开工款及进度款将在未来年度逐步转化为业绩。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "42a31d27aae1",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:智能驾驶",
      "to_name": "智能驾驶",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 智能驾驶。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-0235555ae969.md",
          "chunk_id": "chunk:e6e1e3936c74",
          "chunk_index": 4,
          "quote_summary": "防务订单推迟致2024年亏损，但2025年经营计划明确且Q1已扭亏，业绩拐点确立。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:智能驾驶",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ecf1d31e8457",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:机器人",
      "to_name": "机器人",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 机器人。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-2025-年三季报点评-2f4c5e9b13b6.md",
          "chunk_id": "chunk:d7aa0dfbf3e2",
          "chunk_index": 1,
          "quote_summary": "公司深耕光电领域，在巩固大型武器系统/制导装备导引头/光电信息装备等核心主业优势基础上，产品线向人形机器人、机器狗及机器视觉传感系统拓展，内装与军贸协同发展初显成效，规模效应与提质增效有望持续推升利润率。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:机器人",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8f239cf722f7",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:机器人感知",
      "to_name": "机器人感知",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 机器人感知。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-2025-年半年报点评-46c327c0c95e.md",
          "chunk_id": "chunk:b740e13ab2e5",
          "chunk_index": 0,
          "quote_summary": "防务新型号竞标成功及军贸突破奠定主业增长基础，光电材料新产线投产带动订单放量，机器人多模态感知头实现产品线多维拓展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:机器人感知",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f35ea752eb6e",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:机器人视觉模组",
      "to_name": "机器人视觉模组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 机器人视觉模组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-0235555ae969.md",
          "chunk_id": "chunk:e6e1e3936c74",
          "chunk_index": 4,
          "quote_summary": "防务订单推迟致2024年亏损，但2025年经营计划明确且Q1已扭亏，业绩拐点确立。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:机器人视觉模组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aff4bd8e14ad",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:机器视觉",
      "to_name": "机器视觉",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 机器视觉。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-2025-年三季报点评-2f4c5e9b13b6.md",
          "chunk_id": "chunk:d7aa0dfbf3e2",
          "chunk_index": 1,
          "quote_summary": "公司深耕光电领域，在巩固大型武器系统/制导装备导引头/光电信息装备等核心主业优势基础上，产品线向人形机器人、机器狗及机器视觉传感系统拓展，内装与军贸协同发展初显成效，规模效应与提质增效有望持续推升利润率。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:机器视觉",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ee45801bc38e",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-dd3e3a7f96de.md",
          "chunk_id": "chunk:5d3a81f26734",
          "chunk_index": 3,
          "quote_summary": "防务板块持续加大发展力度，在武器系统总装集成、精确制导导引头和光电信息装备领域构建核心竞争优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a605486f6954",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:消费电子",
      "to_name": "消费电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 消费电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-2025-年三季报点评-2f4c5e9b13b6.md",
          "chunk_id": "chunk:d7aa0dfbf3e2",
          "chunk_index": 1,
          "quote_summary": "公司深耕光电领域，在巩固大型武器系统/制导装备导引头/光电信息装备等核心主业优势基础上，产品线向人形机器人、机器狗及机器视觉传感系统拓展，内装与军贸协同发展初显成效，规模效应与提质增效有望持续推升利润率。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:消费电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1baa6132dcf6",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:盈利改善",
      "to_name": "盈利改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 盈利改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-2025-年半年报点评-46c327c0c95e.md",
          "chunk_id": "chunk:b740e13ab2e5",
          "chunk_index": 0,
          "quote_summary": "防务新型号竞标成功及军贸突破奠定主业增长基础，光电材料新产线投产带动订单放量，机器人多模态感知头实现产品线多维拓展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:盈利改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1672e4b98f02",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:精确制导",
      "to_name": "精确制导",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 精确制导。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:5930f48ef744",
          "chunk_index": 0,
          "quote_summary": "隶属于兵器工业集团，作为集团唯一光电类上市公司，定增扩产积极迎装备信息化复苏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:精确制导",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "32b149b5c382",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:营收",
      "to_name": "营收",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 营收。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:5930f48ef744",
          "chunk_index": 0,
          "quote_summary": "隶属于兵器工业集团，作为集团唯一光电类上市公司，定增扩产积极迎装备信息化复苏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:营收",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "886dae8f8386",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:装备信息化",
      "to_name": "装备信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 装备信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:5930f48ef744",
          "chunk_index": 0,
          "quote_summary": "隶属于兵器工业集团，作为集团唯一光电类上市公司，定增扩产积极迎装备信息化复苏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:装备信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2235e9315ae9",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:订单驱动",
      "to_name": "订单驱动",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 订单驱动。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-36a2254d29b5.md",
          "chunk_id": "chunk:6fe3019d6b06",
          "chunk_index": 6,
          "quote_summary": "防务板块核心竞争力持续，大型武器系统总装集成、精确制导导引头及光电信息装备三大领域订单饱满，确认总装产品价差收入及高毛利产品占比提升驱动业绩高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:订单驱动",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6cd27e45a86a",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-光电股份-600184-sh-首次覆盖报告-3f91ac62fe2f.md",
          "chunk_id": "chunk:5930f48ef744",
          "chunk_index": 0,
          "quote_summary": "隶属于兵器工业集团，作为集团唯一光电类上市公司，定增扩产积极迎装备信息化复苏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e7591c0e975f",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:资产注入",
      "to_name": "资产注入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 资产注入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-0235555ae969.md",
          "chunk_id": "chunk:e6e1e3936c74",
          "chunk_index": 4,
          "quote_summary": "防务订单推迟致2024年亏损，但2025年经营计划明确且Q1已扭亏，业绩拐点确立。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:资产注入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "87af847ed465",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-36a2254d29b5.md",
          "chunk_id": "chunk:6fe3019d6b06",
          "chunk_index": 6,
          "quote_summary": "防务板块核心竞争力持续，大型武器系统总装集成、精确制导导引头及光电信息装备三大领域订单饱满，确认总装产品价差收入及高毛利产品占比提升驱动业绩高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c19b66f41b87",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:防务装备",
      "to_name": "防务装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 防务装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-36a2254d29b5.md",
          "chunk_id": "chunk:6fe3019d6b06",
          "chunk_index": 6,
          "quote_summary": "防务板块核心竞争力持续，大型武器系统总装集成、精确制导导引头及光电信息装备三大领域订单饱满，确认总装产品价差收入及高毛利产品占比提升驱动业绩高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:防务装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a6ca98c09c39",
      "from": "company:600184",
      "from_name": "光电股份",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "光电股份 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-dd3e3a7f96de.md",
          "chunk_id": "chunk:5d3a81f26734",
          "chunk_index": 3,
          "quote_summary": "防务板块持续加大发展力度，在武器系统总装集成、精确制导导引头和光电信息装备领域构建核心竞争优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600184",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2a2e71c17114",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-60bf9d1768ac.md",
          "chunk_id": "chunk:99b722f488cf",
          "chunk_index": 0,
          "quote_summary": "破产重整后控股权移交辽宁方大集团，新股东着力提升经营效率，在航空上行周期中业绩持续修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3a915d3ba27d",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:人工智能",
      "to_name": "人工智能",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 人工智能。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md",
          "chunk_id": "chunk:9221bcae2eee",
          "chunk_index": 1,
          "quote_summary": "海航控股吸引战投的核心价值在于其拥有的稀缺航权时刻、垄断性基地资源及完整的航空牌照网络，具备较高的战略壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:人工智能",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5e45d9c64f65",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:估值重塑",
      "to_name": "估值重塑",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 估值重塑。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-60bf9d1768ac.md",
          "chunk_id": "chunk:99b722f488cf",
          "chunk_index": 0,
          "quote_summary": "破产重整后控股权移交辽宁方大集团，新股东着力提升经营效率，在航空上行周期中业绩持续修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:估值重塑",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b3d3e81d2965",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:低成本航空",
      "to_name": "低成本航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 低成本航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md",
          "chunk_id": "chunk:9221bcae2eee",
          "chunk_index": 1,
          "quote_summary": "海航控股吸引战投的核心价值在于其拥有的稀缺航权时刻、垄断性基地资源及完整的航空牌照网络，具备较高的战略壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:低成本航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a60a8a49f21e",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:供需反转",
      "to_name": "供需反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 供需反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-60bf9d1768ac.md",
          "chunk_id": "chunk:99b722f488cf",
          "chunk_index": 0,
          "quote_summary": "破产重整后控股权移交辽宁方大集团，新股东着力提升经营效率，在航空上行周期中业绩持续修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:供需反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7ccfd68eea32",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-60bf9d1768ac.md",
          "chunk_id": "chunk:99b722f488cf",
          "chunk_index": 0,
          "quote_summary": "破产重整后控股权移交辽宁方大集团，新股东着力提升经营效率，在航空上行周期中业绩持续修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "af4d611bf542",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:战略投资",
      "to_name": "战略投资",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 战略投资。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md",
          "chunk_id": "chunk:9221bcae2eee",
          "chunk_index": 1,
          "quote_summary": "海航控股吸引战投的核心价值在于其拥有的稀缺航权时刻、垄断性基地资源及完整的航空牌照网络，具备较高的战略壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:战略投资",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5e0917c04c89",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:机队结构",
      "to_name": "机队结构",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 机队结构。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md",
          "chunk_id": "chunk:9221bcae2eee",
          "chunk_index": 1,
          "quote_summary": "海航控股吸引战投的核心价值在于其拥有的稀缺航权时刻、垄断性基地资源及完整的航空牌照网络，具备较高的战略壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:机队结构",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "12e3ee0b7e34",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:汇率弹性",
      "to_name": "汇率弹性",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 汇率弹性。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-60bf9d1768ac.md",
          "chunk_id": "chunk:99b722f488cf",
          "chunk_index": 0,
          "quote_summary": "破产重整后控股权移交辽宁方大集团，新股东着力提升经营效率，在航空上行周期中业绩持续修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:汇率弹性",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bdeb6ca011bc",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:海南自贸港",
      "to_name": "海南自贸港",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 海南自贸港。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-60bf9d1768ac.md",
          "chunk_id": "chunk:99b722f488cf",
          "chunk_index": 0,
          "quote_summary": "破产重整后控股权移交辽宁方大集团，新股东着力提升经营效率，在航空上行周期中业绩持续修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:海南自贸港",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "15b3dd77bcf0",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:破产重整",
      "to_name": "破产重整",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 破产重整。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md",
          "chunk_id": "chunk:9221bcae2eee",
          "chunk_index": 1,
          "quote_summary": "海航控股吸引战投的核心价值在于其拥有的稀缺航权时刻、垄断性基地资源及完整的航空牌照网络，具备较高的战略壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:破产重整",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8f0525b48a46",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:竞争格局",
      "to_name": "竞争格局",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 竞争格局。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md",
          "chunk_id": "chunk:9221bcae2eee",
          "chunk_index": 1,
          "quote_summary": "海航控股吸引战投的核心价值在于其拥有的稀缺航权时刻、垄断性基地资源及完整的航空牌照网络，具备较高的战略壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:竞争格局",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cbd3a622ded8",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:航权时刻",
      "to_name": "航权时刻",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 航权时刻。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md",
          "chunk_id": "chunk:9221bcae2eee",
          "chunk_index": 1,
          "quote_summary": "海航控股吸引战投的核心价值在于其拥有的稀缺航权时刻、垄断性基地资源及完整的航空牌照网络，具备较高的战略壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:航权时刻",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e8cdfb6f719d",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-企业研究-海航控股吸引战投的核心价值是什么-117821a7117d.md",
          "chunk_id": "chunk:9221bcae2eee",
          "chunk_index": 1,
          "quote_summary": "海航控股吸引战投的核心价值在于其拥有的稀缺航权时刻、垄断性基地资源及完整的航空牌照网络，具备较高的战略壁垒。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "29a3092acc06",
      "from": "company:600221",
      "from_name": "海航控股",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "海航控股 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-航空机场-60bf9d1768ac.md",
          "chunk_id": "chunk:99b722f488cf",
          "chunk_index": 0,
          "quote_summary": "破产重整后控股权移交辽宁方大集团，新股东着力提升经营效率，在航空上行周期中业绩持续修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600221",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5294c08994dc",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:业务结构优化",
      "to_name": "业务结构优化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 业务结构优化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机-证券研究报告-业绩评论-3355cb450acd.md",
          "chunk_id": "chunk:bd5173fe0f48",
          "chunk_index": 3,
          "quote_summary": "主动优化业务结构，摒弃低毛利系统集成及渠道销售项目，毛利率改善至四年同期最佳，经营质量提升利于长期健康发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:业务结构优化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6b500805ce7f",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:业绩评论",
      "to_name": "业绩评论",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 业绩评论。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机-证券研究报告-业绩评论-3355cb450acd.md",
          "chunk_id": "chunk:bd5173fe0f48",
          "chunk_index": 3,
          "quote_summary": "主动优化业务结构，摒弃低毛利系统集成及渠道销售项目，毛利率改善至四年同期最佳，经营质量提升利于长期健康发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:业绩评论",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b3eac83b2a3c",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 业绩高增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-点评报告-e688ae0f4840.md",
          "chunk_id": "chunk:fb35eae34790",
          "chunk_index": 2,
          "quote_summary": "与阿里战略合作实现技术与渠道优势互补，完善财税云化及智慧城市业务布局，强化企业服务领军地位。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:业绩高增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5c6a2da67150",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:云计算",
      "to_name": "云计算",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 云计算。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-点评报告-e688ae0f4840.md",
          "chunk_id": "chunk:fb35eae34790",
          "chunk_index": 2,
          "quote_summary": "与阿里战略合作实现技术与渠道优势互补，完善财税云化及智慧城市业务布局，强化企业服务领军地位。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:云计算",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "397c8d04ab41",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:产业互联网",
      "to_name": "产业互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 产业互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md",
          "chunk_id": "chunk:0062a186e129",
          "chunk_index": 0,
          "quote_summary": "税控设备政策性调价影响短期消化，公司开启盘活客户基础、转型服务模式的征程。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:产业互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2daabad245ba",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:企业会员服务",
      "to_name": "企业会员服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 企业会员服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md",
          "chunk_id": "chunk:0062a186e129",
          "chunk_index": 0,
          "quote_summary": "税控设备政策性调价影响短期消化，公司开启盘活客户基础、转型服务模式的征程。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:企业会员服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "176879a6e46f",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:企业增值服务",
      "to_name": "企业增值服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 企业增值服务。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-计算机应用-证券研究报告-调整预测-2019年3月31日-5789110b8a0b.md",
          "chunk_id": "chunk:4a386b18b9bf",
          "chunk_index": 4,
          "quote_summary": "扣非净利润增速达8年来次高，低毛利渠道销售占比下降，收入结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:企业增值服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7154b4483a7a",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:企业征信",
      "to_name": "企业征信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 企业征信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-深度报告-cfd9a5981fa6.md",
          "chunk_id": "chunk:4d9f00fc5af9",
          "chunk_index": 0,
          "quote_summary": "税控领域绝对龙头，一般纳税人市占率超80%，依托覆盖全国的销售服务网络积累超千万企业用户，基本盘稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:企业征信",
      "label": "involves_topic",
      "category": "topic",
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      "evidence_count": 1
    },
    {
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      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:企业数字化",
      "to_name": "企业数字化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 企业数字化。",
      "confidence": 0.62,
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        {
          "source_path": "sources/stock-research-report-航天信息-600271-16bdc139964d.md",
          "chunk_id": "chunk:4fe71ecbf094",
          "chunk_index": 0,
          "quote_summary": "税控业务向会员制与云服务转型，电子发票及助贷业务打造第二增长曲线"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:企业数字化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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    {
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      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:企业服务",
      "to_name": "企业服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 企业服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-点评报告-e688ae0f4840.md",
          "chunk_id": "chunk:fb35eae34790",
          "chunk_index": 2,
          "quote_summary": "与阿里战略合作实现技术与渠道优势互补，完善财税云化及智慧城市业务布局，强化企业服务领军地位。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:企业服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "50d100644623",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:会员制",
      "to_name": "会员制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 会员制。",
      "confidence": 0.62,
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          "source_path": "sources/stock-research-report-2019-03-28-9c84dcb0bae8.md",
          "chunk_id": "chunk:1ff14bcbcaf0",
          "chunk_index": 2,
          "quote_summary": "税控核心业务在盘价下调背景下，通过拓展电子发票、云办税及会员制等增值服务实现收入增长与盈利优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:会员制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8832dd4def29",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:会员制服务",
      "to_name": "会员制服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 会员制服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-深度报告-cfd9a5981fa6.md",
          "chunk_id": "chunk:4d9f00fc5af9",
          "chunk_index": 0,
          "quote_summary": "税控领域绝对龙头，一般纳税人市占率超80%，依托覆盖全国的销售服务网络积累超千万企业用户，基本盘稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:会员制服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7ad7970f8fbc",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:会员制转型",
      "to_name": "会员制转型",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 会员制转型。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-点评报告-ebc852415a84.md",
          "chunk_id": "chunk:dffa11133ef4",
          "chunk_index": 0,
          "quote_summary": "扣非净利润增速明显提速，各业务线毛利率全面提升，业务结构优化驱动盈利能力提高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:会员制转型",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "34a02ab5cdb7",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:估值修复",
      "to_name": "估值修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 估值修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md",
          "chunk_id": "chunk:0062a186e129",
          "chunk_index": 0,
          "quote_summary": "税控设备政策性调价影响短期消化，公司开启盘活客户基础、转型服务模式的征程。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:估值修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7a40fd9deb60",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:信创",
      "to_name": "信创",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 信创。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-e6b4eed37654.md",
          "chunk_id": "chunk:564e543c7b02",
          "chunk_index": 3,
          "quote_summary": "营收实现快速增长，但涉企税控收费降价及低毛利渠道销售业务占比提升导致整体盈利承压。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:信创",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c4541d9fad99",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:信贷服务",
      "to_name": "信贷服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 信贷服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2018-10-30-d512079b6636.md",
          "chunk_id": "chunk:03636c26883d",
          "chunk_index": 2,
          "quote_summary": "税控盘降价风险已有效对冲，扣非净利润增速呈现季度改善趋势；政策利好持续释放，公司依托税务数据优势拓展信贷与会员制业务，打开多元变现空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:信贷服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c7cad4b20dc6",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:4a386b18b9bf",
          "chunk_index": 4,
          "quote_summary": "扣非净利润增速达8年来次高，低毛利渠道销售占比下降，收入结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "52fb7edb59a2",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:助贷",
      "to_name": "助贷",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 助贷。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-深度报告-cfd9a5981fa6.md",
          "chunk_id": "chunk:4d9f00fc5af9",
          "chunk_index": 0,
          "quote_summary": "税控领域绝对龙头，一般纳税人市占率超80%，依托覆盖全国的销售服务网络积累超千万企业用户，基本盘稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:助贷",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c3694d91828c",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:助贷业务",
      "to_name": "助贷业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 助贷业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md",
          "chunk_id": "chunk:0062a186e129",
          "chunk_index": 0,
          "quote_summary": "税控设备政策性调价影响短期消化，公司开启盘活客户基础、转型服务模式的征程。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:助贷业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "270711e0a98b",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:区块链",
      "to_name": "区块链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 区块链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-e6b4eed37654.md",
          "chunk_id": "chunk:564e543c7b02",
          "chunk_index": 3,
          "quote_summary": "营收实现快速增长，但涉企税控收费降价及低毛利渠道销售业务占比提升导致整体盈利承压。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:区块链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机应用-证券研究报告-调整预测-2019年3月31日-5789110b8a0b.md",
          "chunk_id": "chunk:4a386b18b9bf",
          "chunk_index": 4,
          "quote_summary": "扣非净利润增速达8年来次高，低毛利渠道销售占比下降，收入结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "208e18c249fd",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:小微企业金融",
      "to_name": "小微企业金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 小微企业金融。",
      "confidence": 0.62,
      "evidence": [
        {
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          "chunk_id": "chunk:03636c26883d",
          "chunk_index": 2,
          "quote_summary": "税控盘降价风险已有效对冲，扣非净利润增速呈现季度改善趋势；政策利好持续释放，公司依托税务数据优势拓展信贷与会员制业务，打开多元变现空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:小微企业金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:战略合作",
      "to_name": "战略合作",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 战略合作。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-点评报告-e688ae0f4840.md",
          "chunk_id": "chunk:fb35eae34790",
          "chunk_index": 2,
          "quote_summary": "与阿里战略合作实现技术与渠道优势互补，完善财税云化及智慧城市业务布局，强化企业服务领军地位。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:战略合作",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "71b109ae369b",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:扣非净利润",
      "to_name": "扣非净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 扣非净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2018-10-30-d512079b6636.md",
          "chunk_id": "chunk:03636c26883d",
          "chunk_index": 2,
          "quote_summary": "税控盘降价风险已有效对冲，扣非净利润增速呈现季度改善趋势；政策利好持续释放，公司依托税务数据优势拓展信贷与会员制业务，打开多元变现空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:扣非净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:普惠金融",
      "to_name": "普惠金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 普惠金融。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-航天信息-600271-深度报告-cfd9a5981fa6.md",
          "chunk_id": "chunk:4d9f00fc5af9",
          "chunk_index": 0,
          "quote_summary": "税控领域绝对龙头，一般纳税人市占率超80%，依托覆盖全国的销售服务网络积累超千万企业用户，基本盘稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:普惠金融",
      "label": "involves_topic",
      "category": "topic",
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      "edge_id": "01e940ca8f19",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:智慧城市",
      "to_name": "智慧城市",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 智慧城市。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-点评报告-e688ae0f4840.md",
          "chunk_id": "chunk:fb35eae34790",
          "chunk_index": 2,
          "quote_summary": "与阿里战略合作实现技术与渠道优势互补，完善财税云化及智慧城市业务布局，强化企业服务领军地位。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:智慧城市",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b72980020749",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:毛利率改善",
      "to_name": "毛利率改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 毛利率改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机-证券研究报告-业绩评论-3355cb450acd.md",
          "chunk_id": "chunk:bd5173fe0f48",
          "chunk_index": 3,
          "quote_summary": "主动优化业务结构，摒弃低毛利系统集成及渠道销售项目，毛利率改善至四年同期最佳，经营质量提升利于长期健康发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:毛利率改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bd29191cbcfa",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:渠道销售",
      "to_name": "渠道销售",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 渠道销售。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-e6b4eed37654.md",
          "chunk_id": "chunk:564e543c7b02",
          "chunk_index": 3,
          "quote_summary": "营收实现快速增长，但涉企税控收费降价及低毛利渠道销售业务占比提升导致整体盈利承压。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:渠道销售",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8afe21e5b585",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:电子发票",
      "to_name": "电子发票",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 电子发票。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md",
          "chunk_id": "chunk:0062a186e129",
          "chunk_index": 0,
          "quote_summary": "税控设备政策性调价影响短期消化，公司开启盘活客户基础、转型服务模式的征程。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:电子发票",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1085568d4562",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:盈利结构优化",
      "to_name": "盈利结构优化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 盈利结构优化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2019-03-28-9c84dcb0bae8.md",
          "chunk_id": "chunk:1ff14bcbcaf0",
          "chunk_index": 2,
          "quote_summary": "税控核心业务在盘价下调背景下，通过拓展电子发票、云办税及会员制等增值服务实现收入增长与盈利优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:盈利结构优化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8158fa823f69",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:税务会员制",
      "to_name": "税务会员制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 税务会员制。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2018-10-30-d512079b6636.md",
          "chunk_id": "chunk:03636c26883d",
          "chunk_index": 2,
          "quote_summary": "税控盘降价风险已有效对冲，扣非净利润增速呈现季度改善趋势；政策利好持续释放，公司依托税务数据优势拓展信贷与会员制业务，打开多元变现空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:税务会员制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "87411493490c",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:税务信息化",
      "to_name": "税务信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 税务信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-e6b4eed37654.md",
          "chunk_id": "chunk:564e543c7b02",
          "chunk_index": 3,
          "quote_summary": "营收实现快速增长，但涉企税控收费降价及低毛利渠道销售业务占比提升导致整体盈利承压。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:税务信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5e9a30ff0cb2",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:税控",
      "to_name": "税控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 税控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-深度报告-cfd9a5981fa6.md",
          "chunk_id": "chunk:4d9f00fc5af9",
          "chunk_index": 0,
          "quote_summary": "税控领域绝对龙头，一般纳税人市占率超80%，依托覆盖全国的销售服务网络积累超千万企业用户，基本盘稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:税控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9a3626510ab0",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:税控业务",
      "to_name": "税控业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 税控业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2018-10-30-d512079b6636.md",
          "chunk_id": "chunk:03636c26883d",
          "chunk_index": 2,
          "quote_summary": "税控盘降价风险已有效对冲，扣非净利润增速呈现季度改善趋势；政策利好持续释放，公司依托税务数据优势拓展信贷与会员制业务，打开多元变现空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:税控业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "25e2dd1ca492",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:税控服务",
      "to_name": "税控服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 税控服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2019-03-28-9c84dcb0bae8.md",
          "chunk_id": "chunk:1ff14bcbcaf0",
          "chunk_index": 2,
          "quote_summary": "税控核心业务在盘价下调背景下，通过拓展电子发票、云办税及会员制等增值服务实现收入增长与盈利优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:税控服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a43657470406",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:税控系统",
      "to_name": "税控系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 税控系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md",
          "chunk_id": "chunk:0062a186e129",
          "chunk_index": 0,
          "quote_summary": "税控设备政策性调价影响短期消化，公司开启盘活客户基础、转型服务模式的征程。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:税控系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "92f707d4eb59",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:税控设备",
      "to_name": "税控设备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 税控设备。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-航天信息-600271-16bdc139964d.md",
          "chunk_id": "chunk:4fe71ecbf094",
          "chunk_index": 0,
          "quote_summary": "税控业务向会员制与云服务转型，电子发票及助贷业务打造第二增长曲线"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:税控设备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7c73c13509cf",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:网信安可",
      "to_name": "网信安可",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 网信安可。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机-证券研究报告-业绩评论-3355cb450acd.md",
          "chunk_id": "chunk:bd5173fe0f48",
          "chunk_index": 3,
          "quote_summary": "主动优化业务结构，摒弃低毛利系统集成及渠道销售项目，毛利率改善至四年同期最佳，经营质量提升利于长期健康发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:网信安可",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a48bef8ece00",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-点评报告-ebc852415a84.md",
          "chunk_id": "chunk:dffa11133ef4",
          "chunk_index": 0,
          "quote_summary": "扣非净利润增速明显提速，各业务线毛利率全面提升，业务结构优化驱动盈利能力提高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "93ecd0b374dd",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:营改增",
      "to_name": "营改增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 营改增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-深度报告-cfd9a5981fa6.md",
          "chunk_id": "chunk:4d9f00fc5af9",
          "chunk_index": 0,
          "quote_summary": "税控领域绝对龙头，一般纳税人市占率超80%，依托覆盖全国的销售服务网络积累超千万企业用户，基本盘稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:营改增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f4158da4208e",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:计算机",
      "to_name": "计算机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 计算机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-点评报告-ebc852415a84.md",
          "chunk_id": "chunk:dffa11133ef4",
          "chunk_index": 0,
          "quote_summary": "扣非净利润增速明显提速，各业务线毛利率全面提升，业务结构优化驱动盈利能力提高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:计算机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4cb23655266e",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:计算机应用",
      "to_name": "计算机应用",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 计算机应用。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机应用-证券研究报告-调整预测-2019年3月31日-5789110b8a0b.md",
          "chunk_id": "chunk:4a386b18b9bf",
          "chunk_index": 4,
          "quote_summary": "扣非净利润增速达8年来次高，低毛利渠道销售占比下降，收入结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:计算机应用",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md",
          "chunk_id": "chunk:0062a186e129",
          "chunk_index": 0,
          "quote_summary": "税控设备政策性调价影响短期消化，公司开启盘活客户基础、转型服务模式的征程。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c1606273f5e0",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:财税云服务",
      "to_name": "财税云服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 财税云服务。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-航天信息-600271-16bdc139964d.md",
          "chunk_id": "chunk:4fe71ecbf094",
          "chunk_index": 0,
          "quote_summary": "税控业务向会员制与云服务转型，电子发票及助贷业务打造第二增长曲线"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:财税云服务",
      "label": "involves_topic",
      "category": "topic",
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    {
      "edge_id": "72ce7ba2f5b1",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:财税数字化",
      "to_name": "财税数字化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 财税数字化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-点评报告-e688ae0f4840.md",
          "chunk_id": "chunk:fb35eae34790",
          "chunk_index": 2,
          "quote_summary": "与阿里战略合作实现技术与渠道优势互补，完善财税云化及智慧城市业务布局，强化企业服务领军地位。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:财税数字化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "22a04a6ab9cc",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:财税服务",
      "to_name": "财税服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 财税服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-点评报告-ebc852415a84.md",
          "chunk_id": "chunk:dffa11133ef4",
          "chunk_index": 0,
          "quote_summary": "扣非净利润增速明显提速，各业务线毛利率全面提升，业务结构优化驱动盈利能力提高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:财税服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ac9c1e3a7d60",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:资本运作",
      "to_name": "资本运作",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 资本运作。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-e6b4eed37654.md",
          "chunk_id": "chunk:564e543c7b02",
          "chunk_index": 3,
          "quote_summary": "营收实现快速增长，但涉企税控收费降价及低毛利渠道销售业务占比提升导致整体盈利承压。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:资本运作",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a6a773cc69ed",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:金税工程",
      "to_name": "金税工程",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 金税工程。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天信息-600271-深度报告-cfd9a5981fa6.md",
          "chunk_id": "chunk:4d9f00fc5af9",
          "chunk_index": 0,
          "quote_summary": "税控领域绝对龙头，一般纳税人市占率超80%，依托覆盖全国的销售服务网络积累超千万企业用户，基本盘稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:金税工程",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fbcdc4b77bbf",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机-证券研究报告-业绩评论-3355cb450acd.md",
          "chunk_id": "chunk:bd5173fe0f48",
          "chunk_index": 3,
          "quote_summary": "主动优化业务结构，摒弃低毛利系统集成及渠道销售项目，毛利率改善至四年同期最佳，经营质量提升利于长期健康发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0d4225b1c5f5",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:金融科技",
      "to_name": "金融科技",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 金融科技。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机应用-证券研究报告-首次评级-2019年1月20日-1efd19402a30.md",
          "chunk_id": "chunk:0062a186e129",
          "chunk_index": 0,
          "quote_summary": "税控设备政策性调价影响短期消化，公司开启盘活客户基础、转型服务模式的征程。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:金融科技",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e12d3e019f97",
      "from": "company:600271",
      "from_name": "航天信息",
      "to": "topic:防伪税控",
      "to_name": "防伪税控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天信息 研报中反复涉及 防伪税控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-e6b4eed37654.md",
          "chunk_id": "chunk:564e543c7b02",
          "chunk_index": 3,
          "quote_summary": "营收实现快速增长，但涉企税控收费降价及低毛利渠道销售业务占比提升导致整体盈利承压。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600271",
      "target": "topic:防伪税控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aefcbf829bcb",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:业绩反转",
      "to_name": "业绩反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 业绩反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-147cb9bf21fc.md",
          "chunk_id": "chunk:28957bd7ad22",
          "chunk_index": 0,
          "quote_summary": "公司教练机和导弹产品线均进入高速增长期，未来5年将持续保持景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:业绩反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cd4a987a0d7f",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:业绩承压",
      "to_name": "业绩承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 业绩承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-73cf8ffba7c5.md",
          "chunk_id": "chunk:0b8a8fcfd477",
          "chunk_index": 0,
          "quote_summary": "教练机交付节奏放缓导致短期业绩承压，但公司存货备货充足且管理能力持续优化，长期护城河显著，盈利具备修复弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:业绩承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5728391e3d24",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-进入历史性拐点-8847b2a799b3.md",
          "chunk_id": "chunk:7d37601aad04",
          "chunk_index": 0,
          "quote_summary": "L15教练机具备“多功能+廉价”特质，有望成为歼-20僚机及衍生舰载/对地攻击平台，催生海空军大量需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "579e577e1b35",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-5e8c5f69056d.md",
          "chunk_id": "chunk:c22dd3ec01ad",
          "chunk_index": 0,
          "quote_summary": "公司教练机产品线覆盖初、中、高级，高教-10进入批量列装阶段，初教-6获民航适航证打开新市场，叠加置入导弹资产，形成飞机与导弹双轮驱动格局，经营拐点已现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a98fdab5a39b",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-cf911f08003b.md",
          "chunk_id": "chunk:efc4fb0b1cb4",
          "chunk_index": 4,
          "quote_summary": "教练机与防务产品交付量创近年新高，公司正式迈入快速增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6c15b5f37d07",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-147cb9bf21fc.md",
          "chunk_id": "chunk:28957bd7ad22",
          "chunk_index": 0,
          "quote_summary": "公司教练机和导弹产品线均进入高速增长期，未来5年将持续保持景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7ec1ac4c2830",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:关联交易",
      "to_name": "关联交易",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 关联交易。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-cf9a8b6731d0.md",
          "chunk_id": "chunk:8489952ee71e",
          "chunk_index": 2,
          "quote_summary": "教练机与导弹防务业务双轮驱动，下游需求旺盛带动业绩稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:关联交易",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "40ea8764b798",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-进入历史性拐点-8847b2a799b3.md",
          "chunk_id": "chunk:7d37601aad04",
          "chunk_index": 0,
          "quote_summary": "L15教练机具备“多功能+廉价”特质，有望成为歼-20僚机及衍生舰载/对地攻击平台，催生海空军大量需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "915ac5c94e46",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:军用教练机",
      "to_name": "军用教练机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 军用教练机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md",
          "chunk_id": "chunk:25206086d5ab",
          "chunk_index": 0,
          "quote_summary": "国内稀缺的全谱系教练机总装单位，教练机体系由“三机三级制”向“两机两级制”变革牵引需求放量，且具备有人-无人协同能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:军用教练机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "925e8fcb9cdd",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:军贸出口",
      "to_name": "军贸出口",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 军贸出口。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md",
          "chunk_id": "chunk:25206086d5ab",
          "chunk_index": 0,
          "quote_summary": "国内稀缺的全谱系教练机总装单位，教练机体系由“三机三级制”向“两机两级制”变革牵引需求放量，且具备有人-无人协同能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:军贸出口",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d263b63950b2",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-73cf8ffba7c5.md",
          "chunk_id": "chunk:0b8a8fcfd477",
          "chunk_index": 0,
          "quote_summary": "教练机交付节奏放缓导致短期业绩承压，但公司存货备货充足且管理能力持续优化，长期护城河显著，盈利具备修复弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cbf79ff4a413",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-sh-0d5d7327ab35.md",
          "chunk_id": "chunk:934a16187ca0",
          "chunk_index": 4,
          "quote_summary": "公司作为“机弹合一、场所合一、战训合一”航空主机厂，深度受益军贸与弹药双景气提升；教练机全谱系研制能力稳固基本盘，防务产品释放业绩弹性，民机配套与精益数智升级有望打开新增量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "48783e9d5543",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:国企改革",
      "to_name": "国企改革",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 国企改革。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-a37b5ed18f20.md",
          "chunk_id": "chunk:045af1826c11",
          "chunk_index": 6,
          "quote_summary": "国企改革三年行动持续推进，债转股成功化解债务风险，叠加国防预算增长，内外双改善激发发展活力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:国企改革",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bb715237fa23",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:国防预算",
      "to_name": "国防预算",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 国防预算。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-cf9a8b6731d0.md",
          "chunk_id": "chunk:8489952ee71e",
          "chunk_index": 2,
          "quote_summary": "教练机与导弹防务业务双轮驱动，下游需求旺盛带动业绩稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:国防预算",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0d2efc29730a",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:存货备货",
      "to_name": "存货备货",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 存货备货。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-73cf8ffba7c5.md",
          "chunk_id": "chunk:0b8a8fcfd477",
          "chunk_index": 0,
          "quote_summary": "教练机交付节奏放缓导致短期业绩承压，但公司存货备货充足且管理能力持续优化，长期护城河显著，盈利具备修复弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:存货备货",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "74359d926920",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:实战化训练",
      "to_name": "实战化训练",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 实战化训练。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-cf911f08003b.md",
          "chunk_id": "chunk:efc4fb0b1cb4",
          "chunk_index": 4,
          "quote_summary": "教练机与防务产品交付量创近年新高，公司正式迈入快速增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:实战化训练",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7d9a1a3a78c8",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:导弹",
      "to_name": "导弹",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 导弹。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-进入历史性拐点-8847b2a799b3.md",
          "chunk_id": "chunk:7d37601aad04",
          "chunk_index": 0,
          "quote_summary": "L15教练机具备“多功能+廉价”特质，有望成为歼-20僚机及衍生舰载/对地攻击平台，催生海空军大量需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:导弹",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "00b47e68ffed",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:导弹消耗",
      "to_name": "导弹消耗",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 导弹消耗。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-cf911f08003b.md",
          "chunk_id": "chunk:efc4fb0b1cb4",
          "chunk_index": 4,
          "quote_summary": "教练机与防务产品交付量创近年新高，公司正式迈入快速增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:导弹消耗",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "edc43630124b",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:导弹资产",
      "to_name": "导弹资产",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 导弹资产。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-5e8c5f69056d.md",
          "chunk_id": "chunk:c22dd3ec01ad",
          "chunk_index": 0,
          "quote_summary": "公司教练机产品线覆盖初、中、高级，高教-10进入批量列装阶段，初教-6获民航适航证打开新市场，叠加置入导弹资产，形成飞机与导弹双轮驱动格局，经营拐点已现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:导弹资产",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "34fbf50f714c",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:导弹防务",
      "to_name": "导弹防务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 导弹防务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-cf9a8b6731d0.md",
          "chunk_id": "chunk:8489952ee71e",
          "chunk_index": 2,
          "quote_summary": "教练机与导弹防务业务双轮驱动，下游需求旺盛带动业绩稳步增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:导弹防务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6b8ae8be4e95",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:批量列装",
      "to_name": "批量列装",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 批量列装。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-5e8c5f69056d.md",
          "chunk_id": "chunk:c22dd3ec01ad",
          "chunk_index": 0,
          "quote_summary": "公司教练机产品线覆盖初、中、高级，高教-10进入批量列装阶段，初教-6获民航适航证打开新市场，叠加置入导弹资产，形成飞机与导弹双轮驱动格局，经营拐点已现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:批量列装",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "047e050e7b38",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:教练机",
      "to_name": "教练机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 教练机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-进入历史性拐点-8847b2a799b3.md",
          "chunk_id": "chunk:7d37601aad04",
          "chunk_index": 0,
          "quote_summary": "L15教练机具备“多功能+廉价”特质，有望成为歼-20僚机及衍生舰载/对地攻击平台，催生海空军大量需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:教练机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "74353ed45e51",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-4661d7dfcdf1.md",
          "chunk_id": "chunk:d4c7b10717a0",
          "chunk_index": 4,
          "quote_summary": "教练机+导弹双主业格局确立，公司是国内唯一能研制初、中、高级教练机企业，2019年资产置换置入导弹业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fa59a47ea4e2",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:无人机协同",
      "to_name": "无人机协同",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 无人机协同。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md",
          "chunk_id": "chunk:25206086d5ab",
          "chunk_index": 0,
          "quote_summary": "国内稀缺的全谱系教练机总装单位，教练机体系由“三机三级制”向“两机两级制”变革牵引需求放量，且具备有人-无人协同能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:无人机协同",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "370c87682043",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:机弹一体",
      "to_name": "机弹一体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 机弹一体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md",
          "chunk_id": "chunk:25206086d5ab",
          "chunk_index": 0,
          "quote_summary": "国内稀缺的全谱系教练机总装单位，教练机体系由“三机三级制”向“两机两级制”变革牵引需求放量，且具备有人-无人协同能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:机弹一体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "800f1aee06f3",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:民机配套",
      "to_name": "民机配套",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 民机配套。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-sh-0d5d7327ab35.md",
          "chunk_id": "chunk:934a16187ca0",
          "chunk_index": 4,
          "quote_summary": "公司作为“机弹合一、场所合一、战训合一”航空主机厂，深度受益军贸与弹药双景气提升；教练机全谱系研制能力稳固基本盘，防务产品释放业绩弹性，民机配套与精益数智升级有望打开新增量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:民机配套",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a4a16df20115",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:盈利能力修复",
      "to_name": "盈利能力修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 盈利能力修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-73cf8ffba7c5.md",
          "chunk_id": "chunk:0b8a8fcfd477",
          "chunk_index": 0,
          "quote_summary": "教练机交付节奏放缓导致短期业绩承压，但公司存货备货充足且管理能力持续优化，长期护城河显著，盈利具备修复弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:盈利能力修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "62f0d13733c5",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md",
          "chunk_id": "chunk:25206086d5ab",
          "chunk_index": 0,
          "quote_summary": "国内稀缺的全谱系教练机总装单位，教练机体系由“三机三级制”向“两机两级制”变革牵引需求放量，且具备有人-无人协同能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c160a877f6f7",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md",
          "chunk_id": "chunk:25206086d5ab",
          "chunk_index": 0,
          "quote_summary": "国内稀缺的全谱系教练机总装单位，教练机体系由“三机三级制”向“两机两级制”变革牵引需求放量，且具备有人-无人协同能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9d3a90557e21",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:航空军工",
      "to_name": "航空军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 航空军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-147cb9bf21fc.md",
          "chunk_id": "chunk:28957bd7ad22",
          "chunk_index": 0,
          "quote_summary": "公司教练机和导弹产品线均进入高速增长期，未来5年将持续保持景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:航空军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c122646c1321",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:航空制造",
      "to_name": "航空制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 航空制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-进入历史性拐点-8847b2a799b3.md",
          "chunk_id": "chunk:7d37601aad04",
          "chunk_index": 0,
          "quote_summary": "L15教练机具备“多功能+廉价”特质，有望成为歼-20僚机及衍生舰载/对地攻击平台，催生海空军大量需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:航空制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c7d71c3b6733",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:航空装备",
      "to_name": "航空装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 航空装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-cf911f08003b.md",
          "chunk_id": "chunk:efc4fb0b1cb4",
          "chunk_index": 4,
          "quote_summary": "教练机与防务产品交付量创近年新高，公司正式迈入快速增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:航空装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "610d01984c66",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:航空防务",
      "to_name": "航空防务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 航空防务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md",
          "chunk_id": "chunk:25206086d5ab",
          "chunk_index": 0,
          "quote_summary": "国内稀缺的全谱系教练机总装单位，教练机体系由“三机三级制”向“两机两级制”变革牵引需求放量，且具备有人-无人协同能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:航空防务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6afe45e5f7e6",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-sh-d31eee31ff8e.md",
          "chunk_id": "chunk:25206086d5ab",
          "chunk_index": 0,
          "quote_summary": "国内稀缺的全谱系教练机总装单位，教练机体系由“三机三级制”向“两机两级制”变革牵引需求放量，且具备有人-无人协同能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c4b9f8edc6c4",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:资产注入",
      "to_name": "资产注入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 资产注入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-进入历史性拐点-8847b2a799b3.md",
          "chunk_id": "chunk:7d37601aad04",
          "chunk_index": 0,
          "quote_summary": "L15教练机具备“多功能+廉价”特质，有望成为歼-20僚机及衍生舰载/对地攻击平台，催生海空军大量需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:资产注入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8c9f07fb0396",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:资产置换",
      "to_name": "资产置换",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 资产置换。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-5e8c5f69056d.md",
          "chunk_id": "chunk:c22dd3ec01ad",
          "chunk_index": 0,
          "quote_summary": "公司教练机产品线覆盖初、中、高级，高教-10进入批量列装阶段，初教-6获民航适航证打开新市场，叠加置入导弹资产，形成飞机与导弹双轮驱动格局，经营拐点已现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:资产置换",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5729e909a18a",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:防务产品",
      "to_name": "防务产品",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 防务产品。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-cf911f08003b.md",
          "chunk_id": "chunk:efc4fb0b1cb4",
          "chunk_index": 4,
          "quote_summary": "教练机与防务产品交付量创近年新高，公司正式迈入快速增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:防务产品",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4871851d81fc",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:飞行员培训",
      "to_name": "飞行员培训",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 飞行员培训。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-洪都航空-600316-a37b5ed18f20.md",
          "chunk_id": "chunk:045af1826c11",
          "chunk_index": 6,
          "quote_summary": "国企改革三年行动持续推进，债转股成功化解债务风险，叠加国防预算增长，内外双改善激发发展活力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:飞行员培训",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "02dd4a8df63d",
      "from": "company:600316",
      "from_name": "洪都航空",
      "to": "topic:高景气",
      "to_name": "高景气",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "洪都航空 研报中反复涉及 高景气。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-147cb9bf21fc.md",
          "chunk_id": "chunk:28957bd7ad22",
          "chunk_index": 0,
          "quote_summary": "公司教练机和导弹产品线均进入高速增长期，未来5年将持续保持景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600316",
      "target": "topic:高景气",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "09a2a1e6935c",
      "from": "company:600343",
      "from_name": "航天动力",
      "to": "topic:发动机",
      "to_name": "发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天动力 研报中反复涉及 发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md",
          "chunk_id": "chunk:e10b93d0ec62",
          "chunk_index": 4,
          "quote_summary": "长征九号重型火箭发动机研制取得突破性进展，完成首次发生器-涡轮泵联试，奠定公司技术升级与业务拓展基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600343",
      "target": "topic:发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "df8603f30cff",
      "from": "company:600343",
      "from_name": "航天动力",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天动力 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md",
          "chunk_id": "chunk:e10b93d0ec62",
          "chunk_index": 4,
          "quote_summary": "长征九号重型火箭发动机研制取得突破性进展，完成首次发生器-涡轮泵联试，奠定公司技术升级与业务拓展基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600343",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "90dd4c8f0e7c",
      "from": "company:600343",
      "from_name": "航天动力",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天动力 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md",
          "chunk_id": "chunk:e10b93d0ec62",
          "chunk_index": 4,
          "quote_summary": "长征九号重型火箭发动机研制取得突破性进展，完成首次发生器-涡轮泵联试，奠定公司技术升级与业务拓展基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600343",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bdb7f0319e7a",
      "from": "company:600343",
      "from_name": "航天动力",
      "to": "topic:航天军工",
      "to_name": "航天军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天动力 研报中反复涉及 航天军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md",
          "chunk_id": "chunk:e10b93d0ec62",
          "chunk_index": 4,
          "quote_summary": "长征九号重型火箭发动机研制取得突破性进展，完成首次发生器-涡轮泵联试，奠定公司技术升级与业务拓展基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600343",
      "target": "topic:航天军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4edcb65ba365",
      "from": "company:600343",
      "from_name": "航天动力",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天动力 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md",
          "chunk_id": "chunk:e10b93d0ec62",
          "chunk_index": 4,
          "quote_summary": "长征九号重型火箭发动机研制取得突破性进展，完成首次发生器-涡轮泵联试，奠定公司技术升级与业务拓展基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600343",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "19c887e74fa9",
      "from": "company:600343",
      "from_name": "航天动力",
      "to": "topic:资产证券化",
      "to_name": "资产证券化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天动力 研报中反复涉及 资产证券化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md",
          "chunk_id": "chunk:e10b93d0ec62",
          "chunk_index": 4,
          "quote_summary": "长征九号重型火箭发动机研制取得突破性进展，完成首次发生器-涡轮泵联试，奠定公司技术升级与业务拓展基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600343",
      "target": "topic:资产证券化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ae058709625d",
      "from": "company:600343",
      "from_name": "航天动力",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天动力 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md",
          "chunk_id": "chunk:e10b93d0ec62",
          "chunk_index": 4,
          "quote_summary": "长征九号重型火箭发动机研制取得突破性进展，完成首次发生器-涡轮泵联试，奠定公司技术升级与业务拓展基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600343",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cd07905ee578",
      "from": "company:600343",
      "from_name": "航天动力",
      "to": "topic:重型火箭",
      "to_name": "重型火箭",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天动力 研报中反复涉及 重型火箭。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天动力-600343-sh-航天行业-f7fdd25b1b4e.md",
          "chunk_id": "chunk:e10b93d0ec62",
          "chunk_index": 4,
          "quote_summary": "长征九号重型火箭发动机研制取得突破性进展，完成首次发生器-涡轮泵联试，奠定公司技术升级与业务拓展基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600343",
      "target": "topic:重型火箭",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d9a8b4432c40",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:c919",
      "to_name": "C919",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 C919。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-f3e0e22db897.md",
          "chunk_id": "chunk:cf726dee7a6a",
          "chunk_index": 4,
          "quote_summary": "航空机载技术保持国内领先，多项新研项目通过认证，部分达国际先进水平，技术壁垒持续强化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:c919",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0cfab500d6e3",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:c919大飞机",
      "to_name": "c919大飞机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 C919大飞机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-28d864995e38.md",
          "chunk_id": "chunk:c5de3637ddcc",
          "chunk_index": 4,
          "quote_summary": "短期业绩波动不改长期增长逻辑，公司作为航空机载产品链主，在民用大飞机配套及低空经济领域具备明确增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:c919大飞机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8b779854ad5f",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:evtol配套",
      "to_name": "evtol配套",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 eVTOL配套。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-5dfde9683f25.md",
          "chunk_id": "chunk:a47ec75256ed",
          "chunk_index": 4,
          "quote_summary": "短期业绩受行业周期及政策影响承压，但低空经济等新兴产业布局打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:evtol配套",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f99109e3e812",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 三季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-0c1a44eb24c7.md",
          "chunk_id": "chunk:86a6695d180d",
          "chunk_index": 5,
          "quote_summary": "公司聚焦飞行控制、雷达、光电探测等机载系统，合并吸收中航机电后供应链管理能力增强，有望充分受益于“十四五”新一代航空装备放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:三季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ab5ffd43a0f0",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:三季报点评",
      "to_name": "三季报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 三季报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0cd092397556.md",
          "chunk_id": "chunk:42c8a66fc12a",
          "chunk_index": 0,
          "quote_summary": "以“技术领先+产能扩张”双轮驱动，产品结构优化与成本控制初见成效，主业盈利可持续性具备基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:三季报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d2176d9e8637",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:业绩承压",
      "to_name": "业绩承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 业绩承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-谨慎推荐-维持评级-7b0c4316be4a.md",
          "chunk_id": "chunk:94f8b6814628",
          "chunk_index": 0,
          "quote_summary": "公司作为航空机载系统研制国家队，深度绑定C919等民机项目，并前瞻布局低空经济eVTOL配套，中长期成长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:业绩承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fbd85eacc92f",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-28d864995e38.md",
          "chunk_id": "chunk:c5de3637ddcc",
          "chunk_index": 4,
          "quote_summary": "短期业绩波动不改长期增长逻辑，公司作为航空机载产品链主，在民用大飞机配套及低空经济领域具备明确增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6b1bdae8d28b",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:产能建设",
      "to_name": "产能建设",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 产能建设。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-sh-2025-年半年报点评-0e8bdc3b381e.md",
          "chunk_id": "chunk:e83eeda3df64",
          "chunk_index": 1,
          "quote_summary": "公司作为航空机载系统国家队，依托技术优势向防务装备新质战斗力集成，并大力拓展民机PMA航材、深度维修及低空经济等新兴产业，加快大飞机机载产品研制与适航取证，打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:产能建设",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3706ebd7f79f",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-28d864995e38.md",
          "chunk_id": "chunk:c5de3637ddcc",
          "chunk_index": 4,
          "quote_summary": "短期业绩波动不改长期增长逻辑，公司作为航空机载产品链主，在民用大飞机配套及低空经济领域具备明确增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "60f49f1cae67",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-28d864995e38.md",
          "chunk_id": "chunk:c5de3637ddcc",
          "chunk_index": 4,
          "quote_summary": "短期业绩波动不改长期增长逻辑，公司作为航空机载产品链主，在民用大飞机配套及低空经济领域具备明确增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d6334474774b",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-0c1a44eb24c7.md",
          "chunk_id": "chunk:86a6695d180d",
          "chunk_index": 5,
          "quote_summary": "公司聚焦飞行控制、雷达、光电探测等机载系统，合并吸收中航机电后供应链管理能力增强，有望充分受益于“十四五”新一代航空装备放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4af120a9a4c5",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:军工周期",
      "to_name": "军工周期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 军工周期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-f3e0e22db897.md",
          "chunk_id": "chunk:cf726dee7a6a",
          "chunk_index": 4,
          "quote_summary": "航空机载技术保持国内领先，多项新研项目通过认证，部分达国际先进水平，技术壁垒持续强化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:军工周期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a3d9173fa1d1",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩短期波动不改长期增长趋势-656ed207dad0.md",
          "chunk_id": "chunk:44f1cfd192b3",
          "chunk_index": 4,
          "quote_summary": "短期业绩波动主要受交付节奏影响，长期增长逻辑未变；通过增资核心子公司凯天电子，有望进一步提升科研生产能力与经营效益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9bc9fefdc12f",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-28d864995e38.md",
          "chunk_id": "chunk:c5de3637ddcc",
          "chunk_index": 4,
          "quote_summary": "短期业绩波动不改长期增长逻辑，公司作为航空机载产品链主，在民用大飞机配套及低空经济领域具备明确增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "655c767d83e7",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:减值",
      "to_name": "减值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 减值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-sh-2025-年半年报点评-0e8bdc3b381e.md",
          "chunk_id": "chunk:e83eeda3df64",
          "chunk_index": 1,
          "quote_summary": "公司作为航空机载系统国家队，依托技术优势向防务装备新质战斗力集成，并大力拓展民机PMA航材、深度维修及低空经济等新兴产业，加快大飞机机载产品研制与适航取证，打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:减值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1878d330b5b3",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:半年报",
      "to_name": "半年报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 半年报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-sh-2025-年半年报点评-0e8bdc3b381e.md",
          "chunk_id": "chunk:e83eeda3df64",
          "chunk_index": 1,
          "quote_summary": "公司作为航空机载系统国家队，依托技术优势向防务装备新质战斗力集成，并大力拓展民机PMA航材、深度维修及低空经济等新兴产业，加快大飞机机载产品研制与适航取证，打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:半年报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c1145b6abccf",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-5b626f5e8383.md",
          "chunk_id": "chunk:3e4405d37ad8",
          "chunk_index": 4,
          "quote_summary": "防务航空基本盘稳固，各子公司持续保障产品订货供给；民用航空围绕国家大飞机项目制定高质量发展方案，多型成品处于研制与适航取证阶段，为中长期增长蓄力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7884e2740aa0",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:大飞机",
      "to_name": "大飞机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 大飞机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-1352fb9c44c8.md",
          "chunk_id": "chunk:ea09183a0ac5",
          "chunk_index": 4,
          "quote_summary": "民用航空产业战略布局取得显著进展，围绕国家大飞机项目制定高质量发展方案，部分产品已完成关键适航取证。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:大飞机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f3804d5b56b2",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:大飞机产业链",
      "to_name": "大飞机产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 大飞机产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-5b626f5e8383.md",
          "chunk_id": "chunk:3e4405d37ad8",
          "chunk_index": 4,
          "quote_summary": "防务航空基本盘稳固，各子公司持续保障产品订货供给；民用航空围绕国家大飞机项目制定高质量发展方案，多型成品处于研制与适航取证阶段，为中长期增长蓄力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:大飞机产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "929aa8a8492b",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:子公司增资",
      "to_name": "子公司增资",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 子公司增资。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩短期波动不改长期增长趋势-656ed207dad0.md",
          "chunk_id": "chunk:44f1cfd192b3",
          "chunk_index": 4,
          "quote_summary": "短期业绩波动主要受交付节奏影响，长期增长逻辑未变；通过增资核心子公司凯天电子，有望进一步提升科研生产能力与经营效益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:子公司增资",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "009299f8d79f",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩短期波动不改长期增长趋势-656ed207dad0.md",
          "chunk_id": "chunk:44f1cfd192b3",
          "chunk_index": 4,
          "quote_summary": "短期业绩波动主要受交付节奏影响，长期增长逻辑未变；通过增资核心子公司凯天电子，有望进一步提升科研生产能力与经营效益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "82eba45bcb60",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:新质生产力",
      "to_name": "新质生产力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 新质生产力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-f3e0e22db897.md",
          "chunk_id": "chunk:cf726dee7a6a",
          "chunk_index": 4,
          "quote_summary": "航空机载技术保持国内领先，多项新研项目通过认证，部分达国际先进水平，技术壁垒持续强化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:新质生产力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6ece7d375e66",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:机载系统",
      "to_name": "机载系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 机载系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0cd092397556.md",
          "chunk_id": "chunk:42c8a66fc12a",
          "chunk_index": 0,
          "quote_summary": "以“技术领先+产能扩张”双轮驱动，产品结构优化与成本控制初见成效，主业盈利可持续性具备基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:机载系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "10765edba869",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:民机",
      "to_name": "民机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 民机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-sh-2025-年半年报点评-0e8bdc3b381e.md",
          "chunk_id": "chunk:e83eeda3df64",
          "chunk_index": 1,
          "quote_summary": "公司作为航空机载系统国家队，依托技术优势向防务装备新质战斗力集成，并大力拓展民机PMA航材、深度维修及低空经济等新兴产业，加快大飞机机载产品研制与适航取证，打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:民机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8b58272986dc",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:民机配套",
      "to_name": "民机配套",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 民机配套。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-28d864995e38.md",
          "chunk_id": "chunk:c5de3637ddcc",
          "chunk_index": 4,
          "quote_summary": "短期业绩波动不改长期增长逻辑，公司作为航空机载产品链主，在民用大飞机配套及低空经济领域具备明确增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:民机配套",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "361c47817b4a",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:民用航空",
      "to_name": "民用航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 民用航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-5b626f5e8383.md",
          "chunk_id": "chunk:3e4405d37ad8",
          "chunk_index": 4,
          "quote_summary": "防务航空基本盘稳固，各子公司持续保障产品订货供给；民用航空围绕国家大飞机项目制定高质量发展方案，多型成品处于研制与适航取证阶段，为中长期增长蓄力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:民用航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "880ccbd381c0",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:现金流",
      "to_name": "现金流",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 现金流。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-谨慎推荐-维持评级-7b0c4316be4a.md",
          "chunk_id": "chunk:94f8b6814628",
          "chunk_index": 0,
          "quote_summary": "公司作为航空机载系统研制国家队，深度绑定C919等民机项目，并前瞻布局低空经济eVTOL配套，中长期成长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:现金流",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dab6656cf5ff",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:现金流改善",
      "to_name": "现金流改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 现金流改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0cd092397556.md",
          "chunk_id": "chunk:42c8a66fc12a",
          "chunk_index": 0,
          "quote_summary": "以“技术领先+产能扩张”双轮驱动，产品结构优化与成本控制初见成效，主业盈利可持续性具备基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:现金流改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b78d9c94b813",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:盈利能力",
      "to_name": "盈利能力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 盈利能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-sh-2025-年半年报点评-0e8bdc3b381e.md",
          "chunk_id": "chunk:e83eeda3df64",
          "chunk_index": 1,
          "quote_summary": "公司作为航空机载系统国家队，依托技术优势向防务装备新质战斗力集成，并大力拓展民机PMA航材、深度维修及低空经济等新兴产业，加快大飞机机载产品研制与适航取证，打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:盈利能力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "14c1c8fb1c4b",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-5dfde9683f25.md",
          "chunk_id": "chunk:a47ec75256ed",
          "chunk_index": 4,
          "quote_summary": "短期业绩受行业周期及政策影响承压，但低空经济等新兴产业布局打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b3be9757bcda",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:航空机载",
      "to_name": "航空机载",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 航空机载。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-28d864995e38.md",
          "chunk_id": "chunk:c5de3637ddcc",
          "chunk_index": 4,
          "quote_summary": "短期业绩波动不改长期增长逻辑，公司作为航空机载产品链主，在民用大飞机配套及低空经济领域具备明确增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:航空机载",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ccd594c08c97",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:航空机载系统",
      "to_name": "航空机载系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 航空机载系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-5b626f5e8383.md",
          "chunk_id": "chunk:3e4405d37ad8",
          "chunk_index": 4,
          "quote_summary": "防务航空基本盘稳固，各子公司持续保障产品订货供给；民用航空围绕国家大飞机项目制定高质量发展方案，多型成品处于研制与适航取证阶段，为中长期增长蓄力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:航空机载系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a883ca09b1a0",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:航空装备",
      "to_name": "航空装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 航空装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0cd092397556.md",
          "chunk_id": "chunk:42c8a66fc12a",
          "chunk_index": 0,
          "quote_summary": "以“技术领先+产能扩张”双轮驱动，产品结构优化与成本控制初见成效，主业盈利可持续性具备基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:航空装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "11afcb4564f1",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:航空防务",
      "to_name": "航空防务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 航空防务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-5dfde9683f25.md",
          "chunk_id": "chunk:a47ec75256ed",
          "chunk_index": 4,
          "quote_summary": "短期业绩受行业周期及政策影响承压，但低空经济等新兴产业布局打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:航空防务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e128418b8029",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-28d864995e38.md",
          "chunk_id": "chunk:c5de3637ddcc",
          "chunk_index": 4,
          "quote_summary": "短期业绩波动不改长期增长逻辑，公司作为航空机载产品链主，在民用大飞机配套及低空经济领域具备明确增量空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "80253c47f970",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:财务分析",
      "to_name": "财务分析",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 财务分析。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-0cd092397556.md",
          "chunk_id": "chunk:42c8a66fc12a",
          "chunk_index": 0,
          "quote_summary": "以“技术领先+产能扩张”双轮驱动，产品结构优化与成本控制初见成效，主业盈利可持续性具备基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:财务分析",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e9b9f3378ca4",
      "from": "company:600372",
      "from_name": "中航机载",
      "to": "topic:防务航空",
      "to_name": "防务航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航机载 研报中反复涉及 防务航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航机载-600372-5b626f5e8383.md",
          "chunk_id": "chunk:3e4405d37ad8",
          "chunk_index": 4,
          "quote_summary": "防务航空基本盘稳固，各子公司持续保障产品订货供给；民用航空围绕国家大飞机项目制定高质量发展方案，多型成品处于研制与适航取证阶段，为中长期增长蓄力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600372",
      "target": "topic:防务航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c3a4d96cca52",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:业绩反转",
      "to_name": "业绩反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 业绩反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md",
          "chunk_id": "chunk:6f43acc8dd2d",
          "chunk_index": 4,
          "quote_summary": "困境反转确立，2021Q4单季盈利创历史最佳，全年实现扭亏为盈。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:业绩反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c04c4c4a92e9",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:业绩扭亏",
      "to_name": "业绩扭亏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 业绩扭亏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-e1d3bbf36f9c.md",
          "chunk_id": "chunk:44eeb805a7e6",
          "chunk_index": 4,
          "quote_summary": "经营能力逐步提升，内贸航空及外贸产品业务双轮驱动助力公司业绩扭亏为盈。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:业绩扭亏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1923ec8e38d2",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md",
          "chunk_id": "chunk:5808cc42729a",
          "chunk_index": 0,
          "quote_summary": "中报业绩实现近六年首次扭亏为盈，盈利能力显著改善，毛利率与净利率均创近五年新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "39b439360a8e",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:业绩点评",
      "to_name": "业绩点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 业绩点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发科技-600391-2020-年报点评-9c025e3a6e96.md",
          "chunk_id": "chunk:40081e28208c",
          "chunk_index": 7,
          "quote_summary": "内贸航空业务市占率100%且业绩稳定，外贸转包虽短期承压但公司正推动产品高端化与系列化转型，构建长期均衡发展格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:业绩点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8140b1acbf82",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:两机专项",
      "to_name": "两机专项",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 两机专项。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发科技-600391-0cb4fc3d581c.md",
          "chunk_id": "chunk:085bb935df9d",
          "chunk_index": 2,
          "quote_summary": "公司正处于产品结构优化与转型升级过渡期，主动放弃低附加值或亏损产品，聚焦航空发动机高附加值主业，短期阵痛不改长期增长潜力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:两机专项",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "43f822272867",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:估值预测",
      "to_name": "估值预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 估值预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发科技-600391-2021-年报点评-307ebf1dd40c.md",
          "chunk_id": "chunk:6f43acc8dd2d",
          "chunk_index": 4,
          "quote_summary": "困境反转确立，2021Q4单季盈利创历史最佳，全年实现扭亏为盈。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:估值预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1690bfef39fa",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:内贸航空",
      "to_name": "内贸航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 内贸航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-e1d3bbf36f9c.md",
          "chunk_id": "chunk:44eeb805a7e6",
          "chunk_index": 4,
          "quote_summary": "经营能力逐步提升，内贸航空及外贸产品业务双轮驱动助力公司业绩扭亏为盈。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:内贸航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0d5a15b6aac9",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md",
          "chunk_id": "chunk:5808cc42729a",
          "chunk_index": 0,
          "quote_summary": "中报业绩实现近六年首次扭亏为盈，盈利能力显著改善，毛利率与净利率均创近五年新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cf89adbafc6e",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-695e420ac228.md",
          "chunk_id": "chunk:0681d07cff41",
          "chunk_index": 0,
          "quote_summary": "盈利大幅改善，毛利率、净利率、ROE均达近五年最佳水平"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8bf6e7af4400",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 国产替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发科技-600391-2020-年报点评-9c025e3a6e96.md",
          "chunk_id": "chunk:40081e28208c",
          "chunk_index": 7,
          "quote_summary": "内贸航空业务市占率100%且业绩稳定，外贸转包虽短期承压但公司正推动产品高端化与系列化转型，构建长期均衡发展格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "13c7bcb509c8",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-e1d3bbf36f9c.md",
          "chunk_id": "chunk:44eeb805a7e6",
          "chunk_index": 4,
          "quote_summary": "经营能力逐步提升，内贸航空及外贸产品业务双轮驱动助力公司业绩扭亏为盈。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "72a9f04b7e75",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:外贸转包",
      "to_name": "外贸转包",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 外贸转包。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md",
          "chunk_id": "chunk:5808cc42729a",
          "chunk_index": 0,
          "quote_summary": "中报业绩实现近六年首次扭亏为盈，盈利能力显著改善，毛利率与净利率均创近五年新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:外贸转包",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4c6714f76fbc",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:燃气轮机",
      "to_name": "燃气轮机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 燃气轮机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md",
          "chunk_id": "chunk:5808cc42729a",
          "chunk_index": 0,
          "quote_summary": "中报业绩实现近六年首次扭亏为盈，盈利能力显著改善，毛利率与净利率均创近五年新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:燃气轮机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aac9ce7cf070",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:燃气轮机零部件",
      "to_name": "燃气轮机零部件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 燃气轮机零部件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发科技-600391-2020-年报点评-9c025e3a6e96.md",
          "chunk_id": "chunk:40081e28208c",
          "chunk_index": 7,
          "quote_summary": "内贸航空业务市占率100%且业绩稳定，外贸转包虽短期承压但公司正推动产品高端化与系列化转型，构建长期均衡发展格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:燃气轮机零部件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "91e7b1a03b2c",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md",
          "chunk_id": "chunk:5808cc42729a",
          "chunk_index": 0,
          "quote_summary": "中报业绩实现近六年首次扭亏为盈，盈利能力显著改善，毛利率与净利率均创近五年新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "606df12446b7",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:航空发动机",
      "to_name": "航空发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 航空发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md",
          "chunk_id": "chunk:5808cc42729a",
          "chunk_index": 0,
          "quote_summary": "中报业绩实现近六年首次扭亏为盈，盈利能力显著改善，毛利率与净利率均创近五年新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:航空发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b4844d119639",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:航空发动机零部件",
      "to_name": "航空发动机零部件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 航空发动机零部件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-e1d3bbf36f9c.md",
          "chunk_id": "chunk:44eeb805a7e6",
          "chunk_index": 4,
          "quote_summary": "经营能力逐步提升，内贸航空及外贸产品业务双轮驱动助力公司业绩扭亏为盈。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:航空发动机零部件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f5e88f7bc1f8",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:航空轴承",
      "to_name": "航空轴承",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 航空轴承。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md",
          "chunk_id": "chunk:5808cc42729a",
          "chunk_index": 0,
          "quote_summary": "中报业绩实现近六年首次扭亏为盈，盈利能力显著改善，毛利率与净利率均创近五年新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:航空轴承",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cb31672c2eae",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b57ba59d8b04.md",
          "chunk_id": "chunk:5808cc42729a",
          "chunk_index": 0,
          "quote_summary": "中报业绩实现近六年首次扭亏为盈，盈利能力显著改善，毛利率与净利率均创近五年新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "da5bd5746764",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-e1d3bbf36f9c.md",
          "chunk_id": "chunk:44eeb805a7e6",
          "chunk_index": 4,
          "quote_summary": "经营能力逐步提升，内贸航空及外贸产品业务双轮驱动助力公司业绩扭亏为盈。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8564982f3b98",
      "from": "company:600391",
      "from_name": "航发科技",
      "to": "topic:零部件制造",
      "to_name": "零部件制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发科技 研报中反复涉及 零部件制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发科技-600391-0cb4fc3d581c.md",
          "chunk_id": "chunk:085bb935df9d",
          "chunk_index": 2,
          "quote_summary": "公司正处于产品结构优化与转型升级过渡期，主动放弃低附加值或亏损产品，聚焦航空发动机高附加值主业，短期阵痛不改长期增长潜力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600391",
      "target": "topic:零部件制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cf2cf910f0f5",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:业绩反转",
      "to_name": "业绩反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 业绩反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-1ba7dde2a383.md",
          "chunk_id": "chunk:b718a19eb1cc",
          "chunk_index": 4,
          "quote_summary": "“十四五”末期军品订单交付节奏加快，带动收入规模快速扩张与业绩强劲反弹。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:业绩反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0a919f989587",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:de6e176db17a",
          "chunk_index": 0,
          "quote_summary": "经营拐点已至，逐季改善趋势明确。受益于“十四五”收官装备列装加速，导航主业交付提速，2025Q1-Q3归母净利润同比大增268.8%，Q3末合同负债同比+238.8%，后续业绩有望延续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "458350251b69",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 业绩高增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-c284d479b33f.md",
          "chunk_id": "chunk:65951f1412a3",
          "chunk_index": 5,
          "quote_summary": "公司为国内制导控制平台龙头，受益于“十四五”末远火及低成本弹药进入放量期，交付提速带动业绩持续高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:业绩高增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9a3639de8d10",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-c232a4ac55a6.md",
          "chunk_id": "chunk:07d7082621d0",
          "chunk_index": 0,
          "quote_summary": "公司作为国内制导控制平台龙头，核心产品远程火箭炮作为低成本弹药重点方向需求长期向好，十五五期间有望持续放量，驱动业绩进入高增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "470324c30fad",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:低成本弹药",
      "to_name": "低成本弹药",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 低成本弹药。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-c232a4ac55a6.md",
          "chunk_id": "chunk:07d7082621d0",
          "chunk_index": 0,
          "quote_summary": "公司作为国内制导控制平台龙头，核心产品远程火箭炮作为低成本弹药重点方向需求长期向好，十五五期间有望持续放量，驱动业绩进入高增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:低成本弹药",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "04e3af3c6f2c",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:兵器集团",
      "to_name": "兵器集团",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 兵器集团。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:de6e176db17a",
          "chunk_index": 0,
          "quote_summary": "经营拐点已至，逐季改善趋势明确。受益于“十四五”收官装备列装加速，导航主业交付提速，2025Q1-Q3归母净利润同比大增268.8%，Q3末合同负债同比+238.8%，后续业绩有望延续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:兵器集团",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6f03a9bbe583",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-c284d479b33f.md",
          "chunk_id": "chunk:65951f1412a3",
          "chunk_index": 5,
          "quote_summary": "公司为国内制导控制平台龙头，受益于“十四五”末远火及低成本弹药进入放量期，交付提速带动业绩持续高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b8c52327c0a3",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-1ba7dde2a383.md",
          "chunk_id": "chunk:b718a19eb1cc",
          "chunk_index": 4,
          "quote_summary": "“十四五”末期军品订单交付节奏加快，带动收入规模快速扩张与业绩强劲反弹。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2fe41b7616e5",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:de6e176db17a",
          "chunk_index": 0,
          "quote_summary": "经营拐点已至，逐季改善趋势明确。受益于“十四五”收官装备列装加速，导航主业交付提速，2025Q1-Q3归母净利润同比大增268.8%，Q3末合同负债同比+238.8%，后续业绩有望延续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "da8d5a767c6e",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:分红规划",
      "to_name": "分红规划",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 分红规划。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-178f8fb69c06.md",
          "chunk_id": "chunk:f356043f82f0",
          "chunk_index": 5,
          "quote_summary": "新质作战力量需求拉动导航控制与弹药信息化赛道高景气，十四五末交付加速确立业绩拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:分红规划",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "925d5af0181a",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:制导控制",
      "to_name": "制导控制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 制导控制。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-c284d479b33f.md",
          "chunk_id": "chunk:65951f1412a3",
          "chunk_index": 5,
          "quote_summary": "公司为国内制导控制平台龙头，受益于“十四五”末远火及低成本弹药进入放量期，交付提速带动业绩持续高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:制导控制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cac376c1b816",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:制导系统",
      "to_name": "制导系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 制导系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:de6e176db17a",
          "chunk_index": 0,
          "quote_summary": "经营拐点已至，逐季改善趋势明确。受益于“十四五”收官装备列装加速，导航主业交付提速，2025Q1-Q3归母净利润同比大增268.8%，Q3末合同负债同比+238.8%，后续业绩有望延续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:制导系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e1f6dd02cce6",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:合同负债",
      "to_name": "合同负债",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 合同负债。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-c284d479b33f.md",
          "chunk_id": "chunk:65951f1412a3",
          "chunk_index": 5,
          "quote_summary": "公司为国内制导控制平台龙头，受益于“十四五”末远火及低成本弹药进入放量期，交付提速带动业绩持续高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:合同负债",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b857c5c794ac",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-c284d479b33f.md",
          "chunk_id": "chunk:65951f1412a3",
          "chunk_index": 5,
          "quote_summary": "公司为国内制导控制平台龙头，受益于“十四五”末远火及低成本弹药进入放量期，交付提速带动业绩持续高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "69cb0fb5ebe8",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:de6e176db17a",
          "chunk_index": 0,
          "quote_summary": "经营拐点已至，逐季改善趋势明确。受益于“十四五”收官装备列装加速，导航主业交付提速，2025Q1-Q3归母净利润同比大增268.8%，Q3末合同负债同比+238.8%，后续业绩有望延续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0ddc5083e1dd",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:央企市值管理",
      "to_name": "央企市值管理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 央企市值管理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-178f8fb69c06.md",
          "chunk_id": "chunk:f356043f82f0",
          "chunk_index": 5,
          "quote_summary": "新质作战力量需求拉动导航控制与弹药信息化赛道高景气，十四五末交付加速确立业绩拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:央企市值管理",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d301cebb268b",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:导航控制",
      "to_name": "导航控制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 导航控制。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:de6e176db17a",
          "chunk_index": 0,
          "quote_summary": "经营拐点已至，逐季改善趋势明确。受益于“十四五”收官装备列装加速，导航主业交付提速，2025Q1-Q3归母净利润同比大增268.8%，Q3末合同负债同比+238.8%，后续业绩有望延续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:导航控制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f3a083ae7ac5",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:弹药信息化",
      "to_name": "弹药信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 弹药信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-178f8fb69c06.md",
          "chunk_id": "chunk:f356043f82f0",
          "chunk_index": 5,
          "quote_summary": "新质作战力量需求拉动导航控制与弹药信息化赛道高景气，十四五末交付加速确立业绩拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:弹药信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "46f28c01bcab",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-c232a4ac55a6.md",
          "chunk_id": "chunk:07d7082621d0",
          "chunk_index": 0,
          "quote_summary": "公司作为国内制导控制平台龙头，核心产品远程火箭炮作为低成本弹药重点方向需求长期向好，十五五期间有望持续放量，驱动业绩进入高增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "641e40ed9d6e",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:数据链",
      "to_name": "数据链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 数据链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-2025-年三季报点评-7e88a3598eb1.md",
          "chunk_id": "chunk:33a5ec53ee6e",
          "chunk_index": 1,
          "quote_summary": "公司作为导航控制和弹药信息化核心供应商，产业链卡位优势显著，积极布局特种通信/数据链及智能弹药，把握装备智能化/无人化趋势，叠加降本增效推动经营韧性提升，业绩有望重拾增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:数据链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "45f96e7cc866",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:数智化转型",
      "to_name": "数智化转型",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 数智化转型。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-地面兵装ii-9ffa3f6c8728.md",
          "chunk_id": "chunk:ca27440428b8",
          "chunk_index": 4,
          "quote_summary": "十四五末军品订单集中释放，制导系列产品交付放量成为营收增长核心驱动力"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:数智化转型",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9d8032108d28",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:智能弹药",
      "to_name": "智能弹药",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 智能弹药。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-2025-年三季报点评-7e88a3598eb1.md",
          "chunk_id": "chunk:33a5ec53ee6e",
          "chunk_index": 1,
          "quote_summary": "公司作为导航控制和弹药信息化核心供应商，产业链卡位优势显著，积极布局特种通信/数据链及智能弹药，把握装备智能化/无人化趋势，叠加降本增效推动经营韧性提升，业绩有望重拾增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:智能弹药",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cf9a1439c0c1",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:盈利能力修复",
      "to_name": "盈利能力修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 盈利能力修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-c284d479b33f.md",
          "chunk_id": "chunk:65951f1412a3",
          "chunk_index": 5,
          "quote_summary": "公司为国内制导控制平台龙头，受益于“十四五”末远火及低成本弹药进入放量期，交付提速带动业绩持续高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:盈利能力修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "453a84419a60",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:股权激励",
      "to_name": "股权激励",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 股权激励。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-地面兵装ii-9ffa3f6c8728.md",
          "chunk_id": "chunk:ca27440428b8",
          "chunk_index": 4,
          "quote_summary": "十四五末军品订单集中释放，制导系列产品交付放量成为营收增长核心驱动力"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:股权激励",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "42e9258d7697",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:规模效应",
      "to_name": "规模效应",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 规模效应。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-地面兵装ii-9ffa3f6c8728.md",
          "chunk_id": "chunk:ca27440428b8",
          "chunk_index": 4,
          "quote_summary": "十四五末军品订单集中释放，制导系列产品交付放量成为营收增长核心驱动力"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:规模效应",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3c8d15b0fe1b",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:订单",
      "to_name": "订单",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 订单。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-815edd27148f.md",
          "chunk_id": "chunk:968292c66a1b",
          "chunk_index": 2,
          "quote_summary": "公司为国内制导控制平台龙头，核心受益于远火装备持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:订单",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "716b7e2606d2",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:订单交付",
      "to_name": "订单交付",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 订单交付。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-1ba7dde2a383.md",
          "chunk_id": "chunk:b718a19eb1cc",
          "chunk_index": 4,
          "quote_summary": "“十四五”末期军品订单交付节奏加快，带动收入规模快速扩张与业绩强劲反弹。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:订单交付",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0fc08293469e",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:de6e176db17a",
          "chunk_index": 0,
          "quote_summary": "经营拐点已至，逐季改善趋势明确。受益于“十四五”收官装备列装加速，导航主业交付提速，2025Q1-Q3归母净利润同比大增268.8%，Q3末合同负债同比+238.8%，后续业绩有望延续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d15c0f4b4b34",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:财务改善",
      "to_name": "财务改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 财务改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-1ba7dde2a383.md",
          "chunk_id": "chunk:b718a19eb1cc",
          "chunk_index": 4,
          "quote_summary": "“十四五”末期军品订单交付节奏加快，带动收入规模快速扩张与业绩强劲反弹。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:财务改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e4ad7bf7fdb4",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:远火",
      "to_name": "远火",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 远火。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-815edd27148f.md",
          "chunk_id": "chunk:968292c66a1b",
          "chunk_index": 2,
          "quote_summary": "公司为国内制导控制平台龙头，核心受益于远火装备持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:远火",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8a26ddb112c8",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:远火交付",
      "to_name": "远火交付",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 远火交付。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-c284d479b33f.md",
          "chunk_id": "chunk:65951f1412a3",
          "chunk_index": 5,
          "quote_summary": "公司为国内制导控制平台龙头，受益于“十四五”末远火及低成本弹药进入放量期，交付提速带动业绩持续高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:远火交付",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a2b0e88ee835",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:远程火箭弹",
      "to_name": "远程火箭弹",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 远程火箭弹。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-11-月-18-日-216252507999.md",
          "chunk_id": "chunk:de6e176db17a",
          "chunk_index": 0,
          "quote_summary": "经营拐点已至，逐季改善趋势明确。受益于“十四五”收官装备列装加速，导航主业交付提速，2025Q1-Q3归母净利润同比大增268.8%，Q3末合同负债同比+238.8%，后续业绩有望延续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:远程火箭弹",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bcc6f635bd1b",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:远程火箭炮",
      "to_name": "远程火箭炮",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 远程火箭炮。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-c232a4ac55a6.md",
          "chunk_id": "chunk:07d7082621d0",
          "chunk_index": 0,
          "quote_summary": "公司作为国内制导控制平台龙头，核心产品远程火箭炮作为低成本弹药重点方向需求长期向好，十五五期间有望持续放量，驱动业绩进入高增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:远程火箭炮",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "40b3562ee1ac",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-sh-815edd27148f.md",
          "chunk_id": "chunk:968292c66a1b",
          "chunk_index": 2,
          "quote_summary": "公司为国内制导控制平台龙头，核心受益于远火装备持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6b74d8263348",
      "from": "company:600435",
      "from_name": "北方导航",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "北方导航 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-北方导航-600435-1ba7dde2a383.md",
          "chunk_id": "chunk:b718a19eb1cc",
          "chunk_index": 4,
          "quote_summary": "“十四五”末期军品订单交付节奏加快，带动收入规模快速扩张与业绩强劲反弹。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600435",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "571c6f2dddaf",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:aidc",
      "to_name": "aidc",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 AIDC。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:a5481cde6886",
          "chunk_index": 4,
          "quote_summary": "中船旗下核心动力平台，柴油动力业务已成第一大板块，盈利迎向上拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:aidc",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a435dcd912e8",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:lng双燃料发动机",
      "to_name": "lng双燃料发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 LNG双燃料发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-49cd1aa67d03.md",
          "chunk_id": "chunk:84d48bb1dda9",
          "chunk_index": 0,
          "quote_summary": "造船周期上行带动船用柴油机量价齐升，公司拟收购中船柴油机16.51%股权将控股比例提升至68.36%，高毛利业务整合有望显著增强未来利润弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:lng双燃料发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "041758a51ce5",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 业绩高增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md",
          "chunk_id": "chunk:67cdbe7ab8bd",
          "chunk_index": 0,
          "quote_summary": "受益造船周期持续上行，公司船海产业维持高景气度，柴油动力业务收入实现高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:业绩高增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "036dfa2f6d1d",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:价格",
      "to_name": "价格",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 价格。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md",
          "chunk_id": "chunk:6cb821a9c8e2",
          "chunk_index": 0,
          "quote_summary": "背靠中国船舶集团且双燃料技术领先，船舶发动机订单确定性高，接单能力有望持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:价格",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0b13d006adc9",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:估值预测",
      "to_name": "估值预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 估值预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md",
          "chunk_id": "chunk:67cdbe7ab8bd",
          "chunk_index": 0,
          "quote_summary": "受益造船周期持续上行，公司船海产业维持高景气度，柴油动力业务收入实现高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:估值预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f394bf85747f",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:军工动力",
      "to_name": "军工动力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 军工动力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:6c12c8547ee2",
          "chunk_index": 0,
          "quote_summary": "全球造船周期景气上行，船东更新老旧及非环保船需求释放，景气度向中游船厂及上游船舶配套产业传导。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:军工动力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d7257568bc8e",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-49cd1aa67d03.md",
          "chunk_id": "chunk:84d48bb1dda9",
          "chunk_index": 0,
          "quote_summary": "造船周期上行带动船用柴油机量价齐升，公司拟收购中船柴油机16.51%股权将控股比例提升至68.36%，高毛利业务整合有望显著增强未来利润弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bc0de84dc814",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:动力系统",
      "to_name": "动力系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 动力系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:e6c99a1d5108",
          "chunk_index": 0,
          "quote_summary": "受益船舶大周期上行及环保政策趋严，船用低速柴油机需求旺盛，公司订单高增且合同负债持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:动力系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e345a12013d7",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:动力装备",
      "to_name": "动力装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 动力装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:a5481cde6886",
          "chunk_index": 4,
          "quote_summary": "中船旗下核心动力平台，柴油动力业务已成第一大板块，盈利迎向上拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:动力装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bad744b07ab2",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:双燃料发动机",
      "to_name": "双燃料发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 双燃料发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:e6c99a1d5108",
          "chunk_index": 0,
          "quote_summary": "受益船舶大周期上行及环保政策趋严，船用低速柴油机需求旺盛，公司订单高增且合同负债持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:双燃料发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2e968affffbc",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:双燃料技术",
      "to_name": "双燃料技术",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 双燃料技术。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md",
          "chunk_id": "chunk:67cdbe7ab8bd",
          "chunk_index": 0,
          "quote_summary": "受益造船周期持续上行，公司船海产业维持高景气度，柴油动力业务收入实现高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:双燃料技术",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b392da184673",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:合同负债",
      "to_name": "合同负债",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 合同负债。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-95bc57171e25.md",
          "chunk_id": "chunk:3910b94bcbee",
          "chunk_index": 0,
          "quote_summary": "造船大周期景气上行叠加环保政策趋严，推动船用动力系统需求旺盛；双燃料发动机替代趋势明确，量价齐升有望持续改善公司盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:合同负债",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1b8f2cb80b22",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:e6c99a1d5108",
          "chunk_index": 0,
          "quote_summary": "受益船舶大周期上行及环保政策趋严，船用低速柴油机需求旺盛，公司订单高增且合同负债持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "451a3e1a3be2",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:周期景气",
      "to_name": "周期景气",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 周期景气。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:6c12c8547ee2",
          "chunk_index": 0,
          "quote_summary": "全球造船周期景气上行，船东更新老旧及非环保船需求释放，景气度向中游船厂及上游船舶配套产业传导。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:周期景气",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1664def4bad8",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:售后服务",
      "to_name": "售后服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 售后服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md",
          "chunk_id": "chunk:67cdbe7ab8bd",
          "chunk_index": 0,
          "quote_summary": "受益造船周期持续上行，公司船海产业维持高景气度，柴油动力业务收入实现高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:售后服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a4f0a8178215",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:天然气",
      "to_name": "天然气",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 天然气。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:a5481cde6886",
          "chunk_index": 4,
          "quote_summary": "中船旗下核心动力平台，柴油动力业务已成第一大板块，盈利迎向上拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:天然气",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0a418faffd8a",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:数据中心",
      "to_name": "数据中心",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 数据中心。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:a5481cde6886",
          "chunk_index": 4,
          "quote_summary": "中船旗下核心动力平台，柴油动力业务已成第一大板块，盈利迎向上拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:数据中心",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0c4cb1738788",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:柴油发动机",
      "to_name": "柴油发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 柴油发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md",
          "chunk_id": "chunk:67cdbe7ab8bd",
          "chunk_index": 0,
          "quote_summary": "受益造船周期持续上行，公司船海产业维持高景气度，柴油动力业务收入实现高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:柴油发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5f20aa4ba22c",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:柴油机",
      "to_name": "柴油机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 柴油机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:6c12c8547ee2",
          "chunk_index": 0,
          "quote_summary": "全球造船周期景气上行，船东更新老旧及非环保船需求释放，景气度向中游船厂及上游船舶配套产业传导。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:柴油机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c02b785dc2b8",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:燃气轮机",
      "to_name": "燃气轮机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 燃气轮机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:a5481cde6886",
          "chunk_index": 4,
          "quote_summary": "中船旗下核心动力平台，柴油动力业务已成第一大板块，盈利迎向上拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:燃气轮机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fca145d39587",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:电力",
      "to_name": "电力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 电力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-bfa4317a66b8.md",
          "chunk_id": "chunk:a5481cde6886",
          "chunk_index": 4,
          "quote_summary": "中船旗下核心动力平台，柴油动力业务已成第一大板块，盈利迎向上拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:电力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c963a621d164",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:盈利改善",
      "to_name": "盈利改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 盈利改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-47bfad6a5cd6.md",
          "chunk_id": "chunk:7d8324bb7694",
          "chunk_index": 0,
          "quote_summary": "受益造船周期上行与绿色船舶渗透，公司船用低速柴油机需求旺盛，量价齐升驱动业绩显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:盈利改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4374d78ac661",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:盈利能力",
      "to_name": "盈利能力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 盈利能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md",
          "chunk_id": "chunk:6cb821a9c8e2",
          "chunk_index": 0,
          "quote_summary": "背靠中国船舶集团且双燃料技术领先，船舶发动机订单确定性高，接单能力有望持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:盈利能力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b6672c656284",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:盈利能力提升",
      "to_name": "盈利能力提升",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 盈利能力提升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-49cd1aa67d03.md",
          "chunk_id": "chunk:84d48bb1dda9",
          "chunk_index": 0,
          "quote_summary": "造船周期上行带动船用柴油机量价齐升，公司拟收购中船柴油机16.51%股权将控股比例提升至68.36%，高毛利业务整合有望显著增强未来利润弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:盈利能力提升",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "96266bf52f7e",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:盈利能力改善",
      "to_name": "盈利能力改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 盈利能力改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-d20f4f2376c1.md",
          "chunk_id": "chunk:cd5946152e46",
          "chunk_index": 0,
          "quote_summary": "船海产业订单持续高增，经营质效改善，看好公司收入长期提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:盈利能力改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c9046264b414",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:绿色动力",
      "to_name": "绿色动力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 绿色动力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:6c12c8547ee2",
          "chunk_index": 0,
          "quote_summary": "全球造船周期景气上行，船东更新老旧及非环保船需求释放，景气度向中游船厂及上游船舶配套产业传导。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:绿色动力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "615cd2849403",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:绿色船舶",
      "to_name": "绿色船舶",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 绿色船舶。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:e6c99a1d5108",
          "chunk_index": 0,
          "quote_summary": "受益船舶大周期上行及环保政策趋严，船用低速柴油机需求旺盛，公司订单高增且合同负债持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:绿色船舶",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "571a8ce577a8",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:船用低速柴油机",
      "to_name": "船用低速柴油机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 船用低速柴油机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md",
          "chunk_id": "chunk:6cb821a9c8e2",
          "chunk_index": 0,
          "quote_summary": "背靠中国船舶集团且双燃料技术领先，船舶发动机订单确定性高，接单能力有望持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:船用低速柴油机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7a958d9164ca",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:船用柴油机",
      "to_name": "船用柴油机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 船用柴油机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:e6c99a1d5108",
          "chunk_index": 0,
          "quote_summary": "受益船舶大周期上行及环保政策趋严，船用低速柴油机需求旺盛，公司订单高增且合同负债持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:船用柴油机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "71a5d2970a9d",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:船舶制造",
      "to_name": "船舶制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 船舶制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:e6c99a1d5108",
          "chunk_index": 0,
          "quote_summary": "受益船舶大周期上行及环保政策趋严，船用低速柴油机需求旺盛，公司订单高增且合同负债持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:船舶制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d011cc108eae",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:船舶制造周期",
      "to_name": "船舶制造周期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 船舶制造周期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-49cd1aa67d03.md",
          "chunk_id": "chunk:84d48bb1dda9",
          "chunk_index": 0,
          "quote_summary": "造船周期上行带动船用柴油机量价齐升，公司拟收购中船柴油机16.51%股权将控股比例提升至68.36%，高毛利业务整合有望显著增强未来利润弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:船舶制造周期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a266d72b223e",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:船舶动力",
      "to_name": "船舶动力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 船舶动力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-d20f4f2376c1.md",
          "chunk_id": "chunk:cd5946152e46",
          "chunk_index": 0,
          "quote_summary": "船海产业订单持续高增，经营质效改善，看好公司收入长期提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:船舶动力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6022ded50819",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:船舶动力系统",
      "to_name": "船舶动力系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 船舶动力系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-c67233866dbf.md",
          "chunk_id": "chunk:6cb821a9c8e2",
          "chunk_index": 0,
          "quote_summary": "背靠中国船舶集团且双燃料技术领先，船舶发动机订单确定性高，接单能力有望持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:船舶动力系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "844824cf212f",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:船舶周期",
      "to_name": "船舶周期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 船舶周期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-00127f0cc0d5.md",
          "chunk_id": "chunk:67cdbe7ab8bd",
          "chunk_index": 0,
          "quote_summary": "受益造船周期持续上行，公司船海产业维持高景气度，柴油动力业务收入实现高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:船舶周期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "385217fa54d8",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:e6c99a1d5108",
          "chunk_index": 0,
          "quote_summary": "受益船舶大周期上行及环保政策趋严，船用低速柴油机需求旺盛，公司订单高增且合同负债持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7d6410fc726a",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:财务预测",
      "to_name": "财务预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 财务预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-电力设备-3d1d103ae3da.md",
          "chunk_id": "chunk:6c12c8547ee2",
          "chunk_index": 0,
          "quote_summary": "全球造船周期景气上行，船东更新老旧及非环保船需求释放，景气度向中游船厂及上游船舶配套产业传导。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:财务预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "87eefca3e5ec",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-49cd1aa67d03.md",
          "chunk_id": "chunk:84d48bb1dda9",
          "chunk_index": 0,
          "quote_summary": "造船周期上行带动船用柴油机量价齐升，公司拟收购中船柴油机16.51%股权将控股比例提升至68.36%，高毛利业务整合有望显著增强未来利润弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "edea71a5f542",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:造船周期",
      "to_name": "造船周期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 造船周期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-12ec78ddcacd.md",
          "chunk_id": "chunk:e6c99a1d5108",
          "chunk_index": 0,
          "quote_summary": "受益船舶大周期上行及环保政策趋严，船用低速柴油机需求旺盛，公司订单高增且合同负债持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:造船周期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d76f01b84376",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-49cd1aa67d03.md",
          "chunk_id": "chunk:84d48bb1dda9",
          "chunk_index": 0,
          "quote_summary": "造船周期上行带动船用柴油机量价齐升，公司拟收购中船柴油机16.51%股权将控股比例提升至68.36%，高毛利业务整合有望显著增强未来利润弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d4108280ce0c",
      "from": "company:600482",
      "from_name": "中国动力",
      "to": "topic:风电齿轮箱",
      "to_name": "风电齿轮箱",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 风电齿轮箱。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国动力-600482-sh-d20f4f2376c1.md",
          "chunk_id": "chunk:cd5946152e46",
          "chunk_index": 0,
          "quote_summary": "船海产业订单持续高增，经营质效改善，看好公司收入长期提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600482",
      "target": "topic:风电齿轮箱",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "db05aee6dcd2",
      "from": "company:600501",
      "from_name": "航天晨光",
      "to": "topic:业绩改善",
      "to_name": "业绩改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天晨光 研报中反复涉及 业绩改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md",
          "chunk_id": "chunk:7afff0aae605",
          "chunk_index": 2,
          "quote_summary": "公司推进“智能制造+核工装备”转型，传统优势业务附加值提升，新签订单全面高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600501",
      "target": "topic:业绩改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1c47df946af2",
      "from": "company:600501",
      "from_name": "航天晨光",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天晨光 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md",
          "chunk_id": "chunk:7afff0aae605",
          "chunk_index": 2,
          "quote_summary": "公司推进“智能制造+核工装备”转型，传统优势业务附加值提升，新签订单全面高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600501",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7c71d6000a83",
      "from": "company:600501",
      "from_name": "航天晨光",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天晨光 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md",
          "chunk_id": "chunk:7afff0aae605",
          "chunk_index": 2,
          "quote_summary": "公司推进“智能制造+核工装备”转型，传统优势业务附加值提升，新签订单全面高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600501",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ca7a1ee6b48d",
      "from": "company:600501",
      "from_name": "航天晨光",
      "to": "topic:国产化替代",
      "to_name": "国产化替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天晨光 研报中反复涉及 国产化替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md",
          "chunk_id": "chunk:7afff0aae605",
          "chunk_index": 2,
          "quote_summary": "公司推进“智能制造+核工装备”转型，传统优势业务附加值提升，新签订单全面高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600501",
      "target": "topic:国产化替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8f88767cf605",
      "from": "company:600501",
      "from_name": "航天晨光",
      "to": "topic:智能制造",
      "to_name": "智能制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天晨光 研报中反复涉及 智能制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md",
          "chunk_id": "chunk:7afff0aae605",
          "chunk_index": 2,
          "quote_summary": "公司推进“智能制造+核工装备”转型，传统优势业务附加值提升，新签订单全面高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600501",
      "target": "topic:智能制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a6278c28c8fb",
      "from": "company:600501",
      "from_name": "航天晨光",
      "to": "topic:核工装备",
      "to_name": "核工装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天晨光 研报中反复涉及 核工装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md",
          "chunk_id": "chunk:7afff0aae605",
          "chunk_index": 2,
          "quote_summary": "公司推进“智能制造+核工装备”转型，传统优势业务附加值提升，新签订单全面高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600501",
      "target": "topic:核工装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d04677871118",
      "from": "company:600501",
      "from_name": "航天晨光",
      "to": "topic:订单增长",
      "to_name": "订单增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天晨光 研报中反复涉及 订单增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md",
          "chunk_id": "chunk:7afff0aae605",
          "chunk_index": 2,
          "quote_summary": "公司推进“智能制造+核工装备”转型，传统优势业务附加值提升，新签订单全面高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600501",
      "target": "topic:订单增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bbc12439935e",
      "from": "company:600501",
      "from_name": "航天晨光",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天晨光 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天晨光-600501-sh-109e83cb7526.md",
          "chunk_id": "chunk:7afff0aae605",
          "chunk_index": 2,
          "quote_summary": "公司推进“智能制造+核工装备”转型，传统优势业务附加值提升，新签订单全面高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600501",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2966f5e63270",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:roe",
      "to_name": "ROE",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 ROE。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md",
          "chunk_id": "chunk:7fa929fd8a91",
          "chunk_index": 4,
          "quote_summary": "订单饱满且盈利稳步改善：2021年实现经营接单325.24亿元（+248.3%），年末在手订单436.58亿元（其中95.95亿元预计2022年确认），造船业务毛利率提升至9.22%（+5.59pcts），对2022-2023年收入与利润形成积极支撑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:roe",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b11cb85c34d9",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:业绩改善",
      "to_name": "业绩改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 业绩改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2019-年报点评-经营业绩持续改善-盈利能力提升未来可期-f39b2482e3b1.md",
          "chunk_id": "chunk:f37d33b65814",
          "chunk_index": 2,
          "quote_summary": "军品订单大幅增加带动业绩改善，应用产业取得新突破，承接订单超20亿元。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:业绩改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b5e4d9ece103",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:业绩释放",
      "to_name": "业绩释放",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 业绩释放。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-26-日-128fc9fe809c.md",
          "chunk_id": "chunk:fddf93bca60d",
          "chunk_index": 0,
          "quote_summary": "船舶老龄化加剧与环保政策趋严催生刚性替换需求，支撑造船市场长期景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:业绩释放",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ce94d41c40b1",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:产业链",
      "to_name": "产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md",
          "chunk_id": "chunk:7fa929fd8a91",
          "chunk_index": 4,
          "quote_summary": "订单饱满且盈利稳步改善：2021年实现经营接单325.24亿元（+248.3%），年末在手订单436.58亿元（其中95.95亿元预计2022年确认），造船业务毛利率提升至9.22%（+5.59pcts），对2022-2023年收入与利润形成积极支撑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2f2a087f33e6",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:产能周期",
      "to_name": "产能周期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 产能周期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md",
          "chunk_id": "chunk:123b38133bf7",
          "chunk_index": 0,
          "quote_summary": "船舶老龄化与环保法规趋严催生刚性替换需求，支撑新造船市场长期景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:产能周期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8199695ed558",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:产能稀缺",
      "to_name": "产能稀缺",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 产能稀缺。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-26-日-128fc9fe809c.md",
          "chunk_id": "chunk:fddf93bca60d",
          "chunk_index": 0,
          "quote_summary": "船舶老龄化加剧与环保政策趋严催生刚性替换需求，支撑造船市场长期景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:产能稀缺",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6f9ee669ce3d",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:估值修复",
      "to_name": "估值修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 估值修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md",
          "chunk_id": "chunk:123b38133bf7",
          "chunk_index": 0,
          "quote_summary": "船舶老龄化与环保法规趋严催生刚性替换需求，支撑新造船市场长期景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:估值修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2dac35be8c46",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md",
          "chunk_id": "chunk:7fa929fd8a91",
          "chunk_index": 4,
          "quote_summary": "订单饱满且盈利稳步改善：2021年实现经营接单325.24亿元（+248.3%），年末在手订单436.58亿元（其中95.95亿元预计2022年确认），造船业务毛利率提升至9.22%（+5.59pcts），对2022-2023年收入与利润形成积极支撑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "95682dc2b0d8",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:军工装备",
      "to_name": "军工装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 军工装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md",
          "chunk_id": "chunk:123b38133bf7",
          "chunk_index": 0,
          "quote_summary": "船舶老龄化与环保法规趋严催生刚性替换需求，支撑新造船市场长期景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:军工装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a5ebd29c0839",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-中船防务-600685-2021-年报点评-在手订单饱满-盈利能力提升-经营活动净现金流大幅改善为历史最高-9ee7692c9c1b.md",
          "chunk_id": "chunk:7fa929fd8a91",
          "chunk_index": 4,
          "quote_summary": "订单饱满且盈利稳步改善：2021年实现经营接单325.24亿元（+248.3%），年末在手订单436.58亿元（其中95.95亿元预计2022年确认），造船业务毛利率提升至9.22%（+5.59pcts），对2022-2023年收入与利润形成积极支撑。"
        }
      ],
      "needs_review": true,
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      "target": "topic:净利润",
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      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 同比。",
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          "chunk_id": "chunk:0071da4bdc10",
          "chunk_index": 0,
          "quote_summary": "聚焦海洋防务、运输、开发及科考装备四大领域，订单优化与生产效率提升驱动主业盈利跃升。"
        }
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      "updated_at": "2026-05-13T09:15:18.609Z",
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          "quote_summary": "船舶老龄化加剧与环保政策趋严催生刚性替换需求，支撑造船市场长期景气。"
        }
      ],
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      "updated_at": "2026-05-13T09:15:18.609Z",
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      "relation": "involves_topic",
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      "summary": "中船防务 研报中反复涉及 央企混改。",
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          "quote_summary": "公司定位南船军工资产整合平台，有望承接集团军船总装资产注入。"
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      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
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      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 投资建议。",
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          "chunk_id": "chunk:7fa929fd8a91",
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          "quote_summary": "订单饱满且盈利稳步改善：2021年实现经营接单325.24亿元（+248.3%），年末在手订单436.58亿元（其中95.95亿元预计2022年确认），造船业务毛利率提升至9.22%（+5.59pcts），对2022-2023年收入与利润形成积极支撑。"
        }
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      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:投资建议",
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      "from": "company:600685",
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      "to": "topic:支线集装箱船",
      "to_name": "支线集装箱船",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 支线集装箱船。",
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          "quote_summary": "聚焦海洋防务、运输、开发及科考装备四大领域，订单优化与生产效率提升驱动主业盈利跃升。"
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      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
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      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
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          "chunk_id": "chunk:fddf93bca60d",
          "chunk_index": 0,
          "quote_summary": "船舶老龄化加剧与环保政策趋严催生刚性替换需求，支撑造船市场长期景气。"
        }
      ],
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      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:毛利率",
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      "category": "topic",
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      "from_name": "中船防务",
      "to": "topic:毛利率改善",
      "to_name": "毛利率改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 毛利率改善。",
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          "chunk_id": "chunk:fddf93bca60d",
          "chunk_index": 0,
          "quote_summary": "船舶老龄化加剧与环保政策趋严催生刚性替换需求，支撑造船市场长期景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:毛利率改善",
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      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:海上风电",
      "to_name": "海上风电",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 海上风电。",
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          "quote_summary": "股权处置工作完成，经营业绩持续转好，扣非净利润大幅减亏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:海上风电",
      "label": "involves_topic",
      "category": "topic",
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      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:海军装备",
      "to_name": "海军装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 海军装备。",
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      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:海军装备",
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      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:海工装备",
      "to_name": "海工装备",
      "relation": "involves_topic",
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:海工装备",
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      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:海洋工程",
      "to_name": "海洋工程",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 海洋工程。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:0071da4bdc10",
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          "quote_summary": "聚焦海洋防务、运输、开发及科考装备四大领域，订单优化与生产效率提升驱动主业盈利跃升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:海洋工程",
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      "from": "company:600685",
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      "to": "topic:深海经济",
      "to_name": "深海经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 深海经济。",
      "confidence": 0.62,
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          "chunk_id": "chunk:0071da4bdc10",
          "chunk_index": 0,
          "quote_summary": "聚焦海洋防务、运输、开发及科考装备四大领域，订单优化与生产效率提升驱动主业盈利跃升。"
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:深海经济",
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      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:环保政策",
      "to_name": "环保政策",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 环保政策。",
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          "quote_summary": "船舶老龄化与环保法规趋严催生刚性替换需求，支撑新造船市场长期景气。"
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      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:环保政策",
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      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:经营提效",
      "to_name": "经营提效",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 经营提效。",
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          "chunk_id": "chunk:528a30d6b6a8",
          "chunk_index": 0,
          "quote_summary": "生产提效与接单量稳步增长，现金流改善，负债率下降，经营基本面持续向好。"
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      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:经营提效",
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      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:绿色造船",
      "to_name": "绿色造船",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 绿色造船。",
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          "quote_summary": "聚焦海洋防务、运输、开发及科考装备四大领域，订单优化与生产效率提升驱动主业盈利跃升。"
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:绿色造船",
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      "category": "topic",
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      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:船舶制造",
      "to_name": "船舶制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 船舶制造。",
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          "chunk_id": "chunk:123b38133bf7",
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          "quote_summary": "船舶老龄化与环保法规趋严催生刚性替换需求，支撑新造船市场长期景气。"
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:船舶制造",
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      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:营收",
      "to_name": "营收",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 营收。",
      "confidence": 0.62,
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          "chunk_id": "chunk:2c6506573b5e",
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          "quote_summary": "公司定位南船军工资产整合平台，有望承接集团军船总装资产注入。"
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:营收",
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      "category": "topic",
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      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:订单增长",
      "to_name": "订单增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 订单增长。",
      "confidence": 0.62,
      "evidence": [
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          "quote_summary": "生产提效与接单量稳步增长，现金流改善，负债率下降，经营基本面持续向好。"
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      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:订单增长",
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      "category": "topic",
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      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:证券",
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      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 证券。",
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          "chunk_id": "chunk:123b38133bf7",
          "chunk_index": 0,
          "quote_summary": "船舶老龄化与环保法规趋严催生刚性替换需求，支撑新造船市场长期景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a8577b42b044",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:资产注入",
      "to_name": "资产注入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 资产注入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司点评报告-f3e4d2cad667.md",
          "chunk_id": "chunk:2c6506573b5e",
          "chunk_index": 3,
          "quote_summary": "公司定位南船军工资产整合平台，有望承接集团军船总装资产注入。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:资产注入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3080dd3cb5d2",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-ad905009f20f.md",
          "chunk_id": "chunk:d2a6db9bf134",
          "chunk_index": 5,
          "quote_summary": "股权处置工作完成，经营业绩持续转好，扣非净利润大幅减亏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bccbd5d0c438",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:造船周期",
      "to_name": "造船周期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 造船周期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-26-日-128fc9fe809c.md",
          "chunk_id": "chunk:fddf93bca60d",
          "chunk_index": 0,
          "quote_summary": "船舶老龄化加剧与环保政策趋严催生刚性替换需求，支撑造船市场长期景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:造船周期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "014769950f84",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-2019-年报点评-经营业绩持续改善-盈利能力提升未来可期-f39b2482e3b1.md",
          "chunk_id": "chunk:f37d33b65814",
          "chunk_index": 2,
          "quote_summary": "军品订单大幅增加带动业绩改善，应用产业取得新突破，承接订单超20亿元。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "10e1a0dfb6ff",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:钢材",
      "to_name": "钢材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 钢材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md",
          "chunk_id": "chunk:123b38133bf7",
          "chunk_index": 0,
          "quote_summary": "船舶老龄化与环保法规趋严催生刚性替换需求，支撑新造船市场长期景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:钢材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "46a2db636dcf",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:钢结构",
      "to_name": "钢结构",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 钢结构。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-ad905009f20f.md",
          "chunk_id": "chunk:d2a6db9bf134",
          "chunk_index": 5,
          "quote_summary": "股权处置工作完成，经营业绩持续转好，扣非净利润大幅减亏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:钢结构",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0bdf25db72e8",
      "from": "company:600685",
      "from_name": "中船防务",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船防务 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船防务-600685-国防军工-33f018e302c1.md",
          "chunk_id": "chunk:123b38133bf7",
          "chunk_index": 0,
          "quote_summary": "船舶老龄化与环保法规趋严催生刚性替换需求，支撑新造船市场长期景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600685",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "23ae1797a23b",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 三季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-2025-年三季报点评-34d22a648184.md",
          "chunk_id": "chunk:c090409952fc",
          "chunk_index": 2,
          "quote_summary": "公司作为航空产业链“链长”与科技自立自强“领头雁”，新一代隐身战机歼-35A亮相，前瞻布局战新产业与军贸，定增40亿推动航空武器装备跨越式发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:三季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "99f80fa9cab2",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:三季报点评",
      "to_name": "三季报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 三季报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-e31a5a2e4b1b.md",
          "chunk_id": "chunk:afdbe984785e",
          "chunk_index": 4,
          "quote_summary": "短期利润波动属行业周期性调整而非基本面恶化，新一代装备突破与产能扩张将驱动业绩长期修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:三季报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "88d991e786a0",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md",
          "chunk_id": "chunk:f488f24fffee",
          "chunk_index": 3,
          "quote_summary": "公司作为国内航空防务装备龙头，完整型号谱系奠定竞争优势，航空装备景气复苏叠加新型号放量在即，军贸与维修业务打开中长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "252504875333",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-27e067635881.md",
          "chunk_id": "chunk:63845d2af4d7",
          "chunk_index": 0,
          "quote_summary": "航空工业集团将军贸确立为核心主业并优化决策机制，公司全面承接集团战略，按照“一型装备服务两个市场”要求加速开拓高端航空装备军贸市场，有望打开长期增长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "63b3f6fe533e",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:产品迭代",
      "to_name": "产品迭代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 产品迭代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-其他军工iii-f477ce31494a.md",
          "chunk_id": "chunk:82d95ce7198a",
          "chunk_index": 2,
          "quote_summary": "加速推进航空防务装备产品转代更迭，内装列装与军贸出口双轮驱动，深度受益于下游航空装备高景气度。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:产品迭代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6ff93ff1161d",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:产能建设",
      "to_name": "产能建设",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 产能建设。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-e31a5a2e4b1b.md",
          "chunk_id": "chunk:afdbe984785e",
          "chunk_index": 4,
          "quote_summary": "短期利润波动属行业周期性调整而非基本面恶化，新一代装备突破与产能扩张将驱动业绩长期修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:产能建设",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f0b5789b2fe1",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md",
          "chunk_id": "chunk:f488f24fffee",
          "chunk_index": 3,
          "quote_summary": "公司作为国内航空防务装备龙头，完整型号谱系奠定竞争优势，航空装备景气复苏叠加新型号放量在即，军贸与维修业务打开中长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d1949790c349",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md",
          "chunk_id": "chunk:f488f24fffee",
          "chunk_index": 3,
          "quote_summary": "公司作为国内航空防务装备龙头，完整型号谱系奠定竞争优势，航空装备景气复苏叠加新型号放量在即，军贸与维修业务打开中长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "791ed6b262db",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:军品交付",
      "to_name": "军品交付",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 军品交付。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-db99473a0847.md",
          "chunk_id": "chunk:d9ddb8098818",
          "chunk_index": 2,
          "quote_summary": "军品交付阶段性放缓致短期业绩波动，但合同负债同比翻倍预示在手订单充沛，中长期业绩确定性高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:军品交付",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fdbc44b19651",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md",
          "chunk_id": "chunk:f488f24fffee",
          "chunk_index": 3,
          "quote_summary": "公司作为国内航空防务装备龙头，完整型号谱系奠定竞争优势，航空装备景气复苏叠加新型号放量在即，军贸与维修业务打开中长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff5b12c03594",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:军贸业务",
      "to_name": "军贸业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 军贸业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-27e067635881.md",
          "chunk_id": "chunk:63845d2af4d7",
          "chunk_index": 0,
          "quote_summary": "航空工业集团将军贸确立为核心主业并优化决策机制，公司全面承接集团战略，按照“一型装备服务两个市场”要求加速开拓高端航空装备军贸市场，有望打开长期增长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:军贸业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "80dcac54d622",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:军贸出口",
      "to_name": "军贸出口",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 军贸出口。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-其他军工iii-f477ce31494a.md",
          "chunk_id": "chunk:82d95ce7198a",
          "chunk_index": 2,
          "quote_summary": "加速推进航空防务装备产品转代更迭，内装列装与军贸出口双轮驱动，深度受益于下游航空装备高景气度。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:军贸出口",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d4a7a23d7cd4",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-e31a5a2e4b1b.md",
          "chunk_id": "chunk:afdbe984785e",
          "chunk_index": 4,
          "quote_summary": "短期利润波动属行业周期性调整而非基本面恶化，新一代装备突破与产能扩张将驱动业绩长期修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0bc60b34d0a2",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:合同负债",
      "to_name": "合同负债",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 合同负债。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-其他军工iii-ceecd743f594.md",
          "chunk_id": "chunk:2b6304b118c0",
          "chunk_index": 2,
          "quote_summary": "内装外贸双轮驱动，主力机型换代与舰载机需求提供持续增量，下游高景气度保障长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:合同负债",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e11d55dbe1c5",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md",
          "chunk_id": "chunk:f488f24fffee",
          "chunk_index": 3,
          "quote_summary": "公司作为国内航空防务装备龙头，完整型号谱系奠定竞争优势，航空装备景气复苏叠加新型号放量在即，军贸与维修业务打开中长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "44549b9ac9e1",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:复材",
      "to_name": "复材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 复材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-其他军工iii-ceecd743f594.md",
          "chunk_id": "chunk:2b6304b118c0",
          "chunk_index": 2,
          "quote_summary": "内装外贸双轮驱动，主力机型换代与舰载机需求提供持续增量，下游高景气度保障长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:复材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bfa6c6c8965c",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:复材与钛合金",
      "to_name": "复材与钛合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 复材与钛合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-其他军工iii-f477ce31494a.md",
          "chunk_id": "chunk:82d95ce7198a",
          "chunk_index": 2,
          "quote_summary": "加速推进航空防务装备产品转代更迭，内装列装与军贸出口双轮驱动，深度受益于下游航空装备高景气度。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:复材与钛合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "375663f49b70",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:定增募资",
      "to_name": "定增募资",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 定增募资。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-2025-年三季报点评-34d22a648184.md",
          "chunk_id": "chunk:c090409952fc",
          "chunk_index": 2,
          "quote_summary": "公司作为航空产业链“链长”与科技自立自强“领头雁”，新一代隐身战机歼-35A亮相，前瞻布局战新产业与军贸，定增40亿推动航空武器装备跨越式发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:定增募资",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e12833fb7dbf",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:战斗机",
      "to_name": "战斗机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 战斗机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-db99473a0847.md",
          "chunk_id": "chunk:d9ddb8098818",
          "chunk_index": 2,
          "quote_summary": "军品交付阶段性放缓致短期业绩波动，但合同负债同比翻倍预示在手订单充沛，中长期业绩确定性高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:战斗机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f4237f132768",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-31-日-daa5c1e9546d.md",
          "chunk_id": "chunk:e82a634dc1c5",
          "chunk_index": 2,
          "quote_summary": "三季度单季归母净利润同比转正增长12.89%，关键器材配套率持续改善，产业链韧性提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d47a96126b34",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:新质生产力",
      "to_name": "新质生产力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 新质生产力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-db99473a0847.md",
          "chunk_id": "chunk:d9ddb8098818",
          "chunk_index": 2,
          "quote_summary": "军品交付阶段性放缓致短期业绩波动，但合同负债同比翻倍预示在手订单充沛，中长期业绩确定性高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:新质生产力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6ba6e6fe57af",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:歼-35a",
      "to_name": "歼-35a",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 歼-35A。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-2025-年三季报点评-34d22a648184.md",
          "chunk_id": "chunk:c090409952fc",
          "chunk_index": 2,
          "quote_summary": "公司作为航空产业链“链长”与科技自立自强“领头雁”，新一代隐身战机歼-35A亮相，前瞻布局战新产业与军贸，定增40亿推动航空武器装备跨越式发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:歼-35a",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2aeabe81915e",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:现金流改善",
      "to_name": "现金流改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 现金流改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md",
          "chunk_id": "chunk:f488f24fffee",
          "chunk_index": 3,
          "quote_summary": "公司作为国内航空防务装备龙头，完整型号谱系奠定竞争优势，航空装备景气复苏叠加新型号放量在即，军贸与维修业务打开中长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:现金流改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "beb2ef585385",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:维修保障",
      "to_name": "维修保障",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 维修保障。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-2025-年三季报点评-34d22a648184.md",
          "chunk_id": "chunk:c090409952fc",
          "chunk_index": 2,
          "quote_summary": "公司作为航空产业链“链长”与科技自立自强“领头雁”，新一代隐身战机歼-35A亮相，前瞻布局战新产业与军贸，定增40亿推动航空武器装备跨越式发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:维修保障",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "101c2a299af1",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-2025-年三季报点评-34d22a648184.md",
          "chunk_id": "chunk:c090409952fc",
          "chunk_index": 2,
          "quote_summary": "公司作为航空产业链“链长”与科技自立自强“领头雁”，新一代隐身战机歼-35A亮相，前瞻布局战新产业与军贸，定增40亿推动航空武器装备跨越式发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3d368ead6bb3",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:航空装备",
      "to_name": "航空装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 航空装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md",
          "chunk_id": "chunk:f488f24fffee",
          "chunk_index": 3,
          "quote_summary": "公司作为国内航空防务装备龙头，完整型号谱系奠定竞争优势，航空装备景气复苏叠加新型号放量在即，军贸与维修业务打开中长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:航空装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0419905308b1",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:航空防务",
      "to_name": "航空防务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 航空防务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-db99473a0847.md",
          "chunk_id": "chunk:d9ddb8098818",
          "chunk_index": 2,
          "quote_summary": "军品交付阶段性放缓致短期业绩波动，但合同负债同比翻倍预示在手订单充沛，中长期业绩确定性高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:航空防务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5df259e45957",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:航空防务装备",
      "to_name": "航空防务装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 航空防务装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-其他军工iii-f477ce31494a.md",
          "chunk_id": "chunk:82d95ce7198a",
          "chunk_index": 2,
          "quote_summary": "加速推进航空防务装备产品转代更迭，内装列装与军贸出口双轮驱动，深度受益于下游航空装备高景气度。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:航空防务装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7d95dd8bff84",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:舰载机",
      "to_name": "舰载机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 舰载机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信义山证-汇通天下-2645156ea84c.md",
          "chunk_id": "chunk:7982cc02066e",
          "chunk_index": 2,
          "quote_summary": "新一代隐身战机歼-35完成福建舰弹射起飞与着舰测试，内装与外贸需求空间广阔；歼-15系列作为多用途三代机仍为舰载机主力，具备持续增量需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:舰载机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bb12d05fb9fa",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:订单跟踪",
      "to_name": "订单跟踪",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 订单跟踪。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-31-日-daa5c1e9546d.md",
          "chunk_id": "chunk:e82a634dc1c5",
          "chunk_index": 2,
          "quote_summary": "三季度单季归母净利润同比转正增长12.89%，关键器材配套率持续改善，产业链韧性提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:订单跟踪",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e11c30dc5955",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-sh-bbb942b44937.md",
          "chunk_id": "chunk:f488f24fffee",
          "chunk_index": 3,
          "quote_summary": "公司作为国内航空防务装备龙头，完整型号谱系奠定竞争优势，航空装备景气复苏叠加新型号放量在即，军贸与维修业务打开中长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eacb248cc9d7",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:财务估值",
      "to_name": "财务估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 财务估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-27e067635881.md",
          "chunk_id": "chunk:63845d2af4d7",
          "chunk_index": 0,
          "quote_summary": "航空工业集团将军贸确立为核心主业并优化决策机制，公司全面承接集团战略，按照“一型装备服务两个市场”要求加速开拓高端航空装备军贸市场，有望打开长期增长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:财务估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4f55f1fec55f",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:财务预测",
      "to_name": "财务预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 财务预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-10-月-31-日-daa5c1e9546d.md",
          "chunk_id": "chunk:e82a634dc1c5",
          "chunk_index": 2,
          "quote_summary": "三季度单季归母净利润同比转正增长12.89%，关键器材配套率持续改善，产业链韧性提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:财务预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "af21d951b929",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:钛合金",
      "to_name": "钛合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 钛合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-db99473a0847.md",
          "chunk_id": "chunk:d9ddb8098818",
          "chunk_index": 2,
          "quote_summary": "军品交付阶段性放缓致短期业绩波动，但合同负债同比翻倍预示在手订单充沛，中长期业绩确定性高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:钛合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a864f6514deb",
      "from": "company:600760",
      "from_name": "中航沈飞",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航沈飞-600760-e31a5a2e4b1b.md",
          "chunk_id": "chunk:afdbe984785e",
          "chunk_index": 4,
          "quote_summary": "短期利润波动属行业周期性调整而非基本面恶化，新一代装备突破与产能扩张将驱动业绩长期修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600760",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "de44d3615ec5",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:lng设备",
      "to_name": "lng设备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 LNG设备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-5fb259699aad.md",
          "chunk_id": "chunk:0406819bbaed",
          "chunk_index": 6,
          "quote_summary": "控股股东为全球最大造船集团及海军装备核心企业，依托其资源整合与技术创新能力，在电子防务装备领域具备显著技术壁垒与科研优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:lng设备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "154d1944c657",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-9cc28cf0e323.md",
          "chunk_id": "chunk:997e9fd85c0a",
          "chunk_index": 4,
          "quote_summary": "防务业务（水声电子、特装电子）作为公司压舱石，技术持续突破，预计随行业订单调整期结束，需求将逐步改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "af46a46d0c7b",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:业绩承压",
      "to_name": "业绩承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 业绩承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-5fb259699aad.md",
          "chunk_id": "chunk:0406819bbaed",
          "chunk_index": 6,
          "quote_summary": "控股股东为全球最大造船集团及海军装备核心企业，依托其资源整合与技术创新能力，在电子防务装备领域具备显著技术壁垒与科研优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:业绩承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bcd732be7f0a",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-9285f1b12cf2.md",
          "chunk_id": "chunk:a5cda5cf3dfe",
          "chunk_index": 4,
          "quote_summary": "防务装备需求平稳叠加非防务产品国产替代突破，公司业绩迎来拐点，Q3营收与毛利显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2c3d47c77d54",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:中报业绩",
      "to_name": "中报业绩",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 中报业绩。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md",
          "chunk_id": "chunk:813435228692",
          "chunk_index": 4,
          "quote_summary": "防务与电子信息双轮驱动，水声电子防务受益于无人平台装备突破实现高增，非防务板块智慧城市与智能制造项目落地成为营收核心动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:中报业绩",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "75bade22b78c",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:军工信息化",
      "to_name": "军工信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 军工信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-d83fe8246fea.md",
          "chunk_id": "chunk:e802d6b5d2dc",
          "chunk_index": 8,
          "quote_summary": "公司作为国内水声电子装备核心供应商，水下能力建设及海洋经济发展催生持续稳定的下游需求，长期成长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:军工信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7e049c18db0b",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-c04f645618d0.md",
          "chunk_id": "chunk:7e71831b11c4",
          "chunk_index": 8,
          "quote_summary": "公司具备水声电子行业国内唯一全体系科研生产能力，作为舰船板块分系统龙头兼具低竞争与高利润率优势，有望持续受益于下游旺盛需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d4f2b37b9640",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:军民融合",
      "to_name": "军民融合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 军民融合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-e2b8789300a5.md",
          "chunk_id": "chunk:f82103afe2f5",
          "chunk_index": 4,
          "quote_summary": "重大资产重组完成，合并报表范围扩大导致业绩大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:军民融合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "33a8f9a960b8",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md",
          "chunk_id": "chunk:813435228692",
          "chunk_index": 4,
          "quote_summary": "防务与电子信息双轮驱动，水声电子防务受益于无人平台装备突破实现高增，非防务板块智慧城市与智能制造项目落地成为营收核心动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e9565145f6c7",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:半年报点评",
      "to_name": "半年报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 半年报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-2019-年半年报点评-产业资源进一步优化整合-未来业绩可期-f70584cb19ca.md",
          "chunk_id": "chunk:eaf334b0b004",
          "chunk_index": 4,
          "quote_summary": "公司拟发行股份及支付现金购买海声科技等6家标的，实现水下信息系统各专业领域全覆盖，优化产业资源并推动高质量发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:半年报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c107e2acdbf0",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md",
          "chunk_id": "chunk:813435228692",
          "chunk_index": 4,
          "quote_summary": "防务与电子信息双轮驱动，水声电子防务受益于无人平台装备突破实现高增，非防务板块智慧城市与智能制造项目落地成为营收核心动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6865d0dc07de",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:国产化替代",
      "to_name": "国产化替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 国产化替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-9285f1b12cf2.md",
          "chunk_id": "chunk:a5cda5cf3dfe",
          "chunk_index": 4,
          "quote_summary": "防务装备需求平稳叠加非防务产品国产替代突破，公司业绩迎来拐点，Q3营收与毛利显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:国产化替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d0ca834b4ad8",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:定向增发",
      "to_name": "定向增发",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 定向增发。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-c04f645618d0.md",
          "chunk_id": "chunk:7e71831b11c4",
          "chunk_index": 8,
          "quote_summary": "公司具备水声电子行业国内唯一全体系科研生产能力，作为舰船板块分系统龙头兼具低竞争与高利润率优势，有望持续受益于下游旺盛需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:定向增发",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b1c5a79967a3",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-483f4cb983fb.md",
          "chunk_id": "chunk:785583164681",
          "chunk_index": 4,
          "quote_summary": "Q2单季度营收与归母净利润环比及同比显著恢复，疫情及审价定价改革影响逐步消化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "97556c04ae36",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:智慧城市",
      "to_name": "智慧城市",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 智慧城市。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-5fb259699aad.md",
          "chunk_id": "chunk:0406819bbaed",
          "chunk_index": 6,
          "quote_summary": "控股股东为全球最大造船集团及海军装备核心企业，依托其资源整合与技术创新能力，在电子防务装备领域具备显著技术壁垒与科研优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:智慧城市",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3d8e7b8419b4",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:智能制造",
      "to_name": "智能制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 智能制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md",
          "chunk_id": "chunk:813435228692",
          "chunk_index": 4,
          "quote_summary": "防务与电子信息双轮驱动，水声电子防务受益于无人平台装备突破实现高增，非防务板块智慧城市与智能制造项目落地成为营收核心动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:智能制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "288f544a6c4f",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:毛利率改善",
      "to_name": "毛利率改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 毛利率改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-2019-年半年报点评-产业资源进一步优化整合-未来业绩可期-f70584cb19ca.md",
          "chunk_id": "chunk:eaf334b0b004",
          "chunk_index": 4,
          "quote_summary": "公司拟发行股份及支付现金购买海声科技等6家标的，实现水下信息系统各专业领域全覆盖，优化产业资源并推动高质量发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:毛利率改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b80120d15e3e",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:水下信息系统",
      "to_name": "水下信息系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 水下信息系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-2019-年半年报点评-产业资源进一步优化整合-未来业绩可期-f70584cb19ca.md",
          "chunk_id": "chunk:eaf334b0b004",
          "chunk_index": 4,
          "quote_summary": "公司拟发行股份及支付现金购买海声科技等6家标的，实现水下信息系统各专业领域全覆盖，优化产业资源并推动高质量发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:水下信息系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a1ad4a50dc22",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:水下防务",
      "to_name": "水下防务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 水下防务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-c04f645618d0.md",
          "chunk_id": "chunk:7e71831b11c4",
          "chunk_index": 8,
          "quote_summary": "公司具备水声电子行业国内唯一全体系科研生产能力，作为舰船板块分系统龙头兼具低竞争与高利润率优势，有望持续受益于下游旺盛需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:水下防务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a6c8837ffa52",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:水声探测",
      "to_name": "水声探测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 水声探测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-9cc28cf0e323.md",
          "chunk_id": "chunk:997e9fd85c0a",
          "chunk_index": 4,
          "quote_summary": "防务业务（水声电子、特装电子）作为公司压舱石，技术持续突破，预计随行业订单调整期结束，需求将逐步改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:水声探测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4eaef486298f",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:水声电子",
      "to_name": "水声电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 水声电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md",
          "chunk_id": "chunk:813435228692",
          "chunk_index": 4,
          "quote_summary": "防务与电子信息双轮驱动，水声电子防务受益于无人平台装备突破实现高增，非防务板块智慧城市与智能制造项目落地成为营收核心动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:水声电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "73be4cf5de6e",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:水声电子防务",
      "to_name": "水声电子防务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 水声电子防务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-2510805f74af.md",
          "chunk_id": "chunk:949b0cdceda1",
          "chunk_index": 4,
          "quote_summary": "短期业绩受行业投资规模缩小及项目结算延后影响承压，但水声电子防务及特装产品深度受益于海军信息化建设，基本盘稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:水声电子防务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cb480941fdbd",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:海洋装备",
      "to_name": "海洋装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 海洋装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-d83fe8246fea.md",
          "chunk_id": "chunk:e802d6b5d2dc",
          "chunk_index": 8,
          "quote_summary": "公司作为国内水声电子装备核心供应商，水下能力建设及海洋经济发展催生持续稳定的下游需求，长期成长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:海洋装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8efae74eb9af",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:深海科技",
      "to_name": "深海科技",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 深海科技。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-2510805f74af.md",
          "chunk_id": "chunk:949b0cdceda1",
          "chunk_index": 4,
          "quote_summary": "短期业绩受行业投资规模缩小及项目结算延后影响承压，但水声电子防务及特装产品深度受益于海军信息化建设，基本盘稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:深海科技",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "22f47849b871",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:航海装备",
      "to_name": "航海装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 航海装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md",
          "chunk_id": "chunk:813435228692",
          "chunk_index": 4,
          "quote_summary": "防务与电子信息双轮驱动，水声电子防务受益于无人平台装备突破实现高增，非防务板块智慧城市与智能制造项目落地成为营收核心动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:航海装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cfca855b2c54",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:营收",
      "to_name": "营收",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 营收。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-483f4cb983fb.md",
          "chunk_id": "chunk:785583164681",
          "chunk_index": 4,
          "quote_summary": "Q2单季度营收与归母净利润环比及同比显著恢复，疫情及审价定价改革影响逐步消化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:营收",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "52ddf6f1babd",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:订单交付",
      "to_name": "订单交付",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 订单交付。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-d83fe8246fea.md",
          "chunk_id": "chunk:e802d6b5d2dc",
          "chunk_index": 8,
          "quote_summary": "公司作为国内水声电子装备核心供应商，水下能力建设及海洋经济发展催生持续稳定的下游需求，长期成长逻辑明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:订单交付",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "870f0fdb219d",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:订单波动",
      "to_name": "订单波动",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 订单波动。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-5fb259699aad.md",
          "chunk_id": "chunk:0406819bbaed",
          "chunk_index": 6,
          "quote_summary": "控股股东为全球最大造船集团及海军装备核心企业，依托其资源整合与技术创新能力，在电子防务装备领域具备显著技术壁垒与科研优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:订单波动",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6c241832ed8a",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:订单调整期",
      "to_name": "订单调整期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 订单调整期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-9cc28cf0e323.md",
          "chunk_id": "chunk:997e9fd85c0a",
          "chunk_index": 4,
          "quote_summary": "防务业务（水声电子、特装电子）作为公司压舱石，技术持续突破，预计随行业订单调整期结束，需求将逐步改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:订单调整期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "69c9ea76ee27",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md",
          "chunk_id": "chunk:813435228692",
          "chunk_index": 4,
          "quote_summary": "防务与电子信息双轮驱动，水声电子防务受益于无人平台装备突破实现高增，非防务板块智慧城市与智能制造项目落地成为营收核心动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0ad64c800e39",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:资产整合",
      "to_name": "资产整合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 资产整合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-2510805f74af.md",
          "chunk_id": "chunk:949b0cdceda1",
          "chunk_index": 4,
          "quote_summary": "短期业绩受行业投资规模缩小及项目结算延后影响承压，但水声电子防务及特装产品深度受益于海军信息化建设，基本盘稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:资产整合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f95c1adbc010",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:资产注入",
      "to_name": "资产注入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 资产注入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-e2b8789300a5.md",
          "chunk_id": "chunk:f82103afe2f5",
          "chunk_index": 4,
          "quote_summary": "重大资产重组完成，合并报表范围扩大导致业绩大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:资产注入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b8a452a54164",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-2019-年半年报点评-产业资源进一步优化整合-未来业绩可期-f70584cb19ca.md",
          "chunk_id": "chunk:eaf334b0b004",
          "chunk_index": 4,
          "quote_summary": "公司拟发行股份及支付现金购买海声科技等6家标的，实现水下信息系统各专业领域全覆盖，优化产业资源并推动高质量发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3c9691c54f4b",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-2019-年半年报点评-产业资源进一步优化整合-未来业绩可期-f70584cb19ca.md",
          "chunk_id": "chunk:eaf334b0b004",
          "chunk_index": 4,
          "quote_summary": "公司拟发行股份及支付现金购买海声科技等6家标的，实现水下信息系统各专业领域全覆盖，优化产业资源并推动高质量发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9bd9d953b35b",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:防务电子",
      "to_name": "防务电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 防务电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-9cc28cf0e323.md",
          "chunk_id": "chunk:997e9fd85c0a",
          "chunk_index": 4,
          "quote_summary": "防务业务（水声电子、特装电子）作为公司压舱石，技术持续突破，预计随行业订单调整期结束，需求将逐步改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:防务电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f1ff1843b26a",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:防务装备",
      "to_name": "防务装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 防务装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航海装备ii-469fe61d111c.md",
          "chunk_id": "chunk:813435228692",
          "chunk_index": 4,
          "quote_summary": "防务与电子信息双轮驱动，水声电子防务受益于无人平台装备突破实现高增，非防务板块智慧城市与智能制造项目落地成为营收核心动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:防务装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "27064dcc28f5",
      "from": "company:600764",
      "from_name": "中国海防",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国海防 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国海防-600764-9285f1b12cf2.md",
          "chunk_id": "chunk:a5cda5cf3dfe",
          "chunk_index": 4,
          "quote_summary": "防务装备需求平稳叠加非防务产品国产替代突破，公司业绩迎来拐点，Q3营收与毛利显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600764",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f0f6bd61382b",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:三季报点评",
      "to_name": "三季报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 三季报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-f1ebc98ffb70.md",
          "chunk_id": "chunk:040a6661b444",
          "chunk_index": 4,
          "quote_summary": "核心业务韧性犹存，现金流造血能力修复为后续业绩回暖奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:三季报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "77e2702007e7",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-5bab6a426235.md",
          "chunk_id": "chunk:6c7baf3c94cd",
          "chunk_index": 4,
          "quote_summary": "短期业绩承压不改长期发展趋势，公司正从航空锻造龙头向航空基础结构主力军蜕变，逐步开辟商用、非航及大国防新增长极。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6c64471424ba",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md",
          "chunk_id": "chunk:919f13c9af76",
          "chunk_index": 1,
          "quote_summary": "公司持续推进产业链一体化，通过向上游整合原材料、中游扩产锻造、下游布局精加工，逐步完成从航空锻造龙头到航空基础结构主力军的蜕变。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b1ef28d31a2f",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:产业链一体化",
      "to_name": "产业链一体化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 产业链一体化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:d6346d128be3",
          "chunk_index": 0,
          "quote_summary": "产业链纵向一体化是锻铸造企业做大做强的有效路径，公司正复刻PCC发展路径，通过向上游延伸原材料、中游并购锻铸产能、下游拓展精密机加，提升产业链地位与盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:产业链一体化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7e5eb167d7e4",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:产业链整合",
      "to_name": "产业链整合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 产业链整合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md",
          "chunk_id": "chunk:919f13c9af76",
          "chunk_index": 1,
          "quote_summary": "公司持续推进产业链一体化，通过向上游整合原材料、中游扩产锻造、下游布局精加工，逐步完成从航空锻造龙头到航空基础结构主力军的蜕变。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:产业链整合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "002e3b43c350",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-a8f22a50abee.md",
          "chunk_id": "chunk:93564f8c76b8",
          "chunk_index": 4,
          "quote_summary": "业务结构优化与技术创新驱动长期基本盘稳固，商用航天、舰船及海外客户新品逐步放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "808787ef6382",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:产能释放",
      "to_name": "产能释放",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 产能释放。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-bdcacdfeffd9.md",
          "chunk_id": "chunk:4547995a7317",
          "chunk_index": 5,
          "quote_summary": "公司正从航空锻造龙头向航空基础结构主力军蜕变，商用、非航及大国防业务开辟新增长极，未来有望开启新一轮高成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:产能释放",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "23c12a1c705c",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:d6346d128be3",
          "chunk_index": 0,
          "quote_summary": "产业链纵向一体化是锻铸造企业做大做强的有效路径，公司正复刻PCC发展路径，通过向上游延伸原材料、中游并购锻铸产能、下游拓展精密机加，提升产业链地位与盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "336dbda2fd61",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-fa72a6c927f4.md",
          "chunk_id": "chunk:6f037ff9331a",
          "chunk_index": 0,
          "quote_summary": "公司聚焦高质量发展与价值创造，强化科技创新，全力发展航空制造新质生产力，在低空经济领域卡位优势突出。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c09b83b4b52f",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:光伏换热器",
      "to_name": "光伏换热器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 光伏换热器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-5bab6a426235.md",
          "chunk_id": "chunk:6c7baf3c94cd",
          "chunk_index": 4,
          "quote_summary": "短期业绩承压不改长期发展趋势，公司正从航空锻造龙头向航空基础结构主力军蜕变，逐步开辟商用、非航及大国防新增长极。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:光伏换热器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a85c127dfcfa",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md",
          "chunk_id": "chunk:919f13c9af76",
          "chunk_index": 1,
          "quote_summary": "公司持续推进产业链一体化，通过向上游整合原材料、中游扩产锻造、下游布局精加工，逐步完成从航空锻造龙头到航空基础结构主力军的蜕变。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f28b8d5481c3",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:军工装备",
      "to_name": "军工装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 军工装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:d6346d128be3",
          "chunk_index": 0,
          "quote_summary": "产业链纵向一体化是锻铸造企业做大做强的有效路径，公司正复刻PCC发展路径，通过向上游延伸原材料、中游并购锻铸产能、下游拓展精密机加，提升产业链地位与盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:军工装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "96718526764e",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md",
          "chunk_id": "chunk:919f13c9af76",
          "chunk_index": 1,
          "quote_summary": "公司持续推进产业链一体化，通过向上游整合原材料、中游扩产锻造、下游布局精加工，逐步完成从航空锻造龙头到航空基础结构主力军的蜕变。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0ae79ab5a150",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-a8f22a50abee.md",
          "chunk_id": "chunk:93564f8c76b8",
          "chunk_index": 4,
          "quote_summary": "业务结构优化与技术创新驱动长期基本盘稳固，商用航天、舰船及海外客户新品逐步放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f59dd6752383",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-fa72a6c927f4.md",
          "chunk_id": "chunk:6f037ff9331a",
          "chunk_index": 0,
          "quote_summary": "公司聚焦高质量发展与价值创造，强化科技创新，全力发展航空制造新质生产力，在低空经济领域卡位优势突出。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d5614deafc58",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:商用航空",
      "to_name": "商用航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 商用航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-bdcacdfeffd9.md",
          "chunk_id": "chunk:4547995a7317",
          "chunk_index": 5,
          "quote_summary": "公司正从航空锻造龙头向航空基础结构主力军蜕变，商用、非航及大国防业务开辟新增长极，未来有望开启新一轮高成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:商用航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "445bfcbfcadb",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:大飞机",
      "to_name": "大飞机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 大飞机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-fa72a6c927f4.md",
          "chunk_id": "chunk:6f037ff9331a",
          "chunk_index": 0,
          "quote_summary": "公司聚焦高质量发展与价值创造，强化科技创新，全力发展航空制造新质生产力，在低空经济领域卡位优势突出。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:大飞机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eb4a03c5217e",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:成本管控",
      "to_name": "成本管控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 成本管控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-买入-维持评级-d71b158bc1b1.md",
          "chunk_id": "chunk:5c547bc58c89",
          "chunk_index": 1,
          "quote_summary": "短期业绩承压不改长期发展趋势，公司正逐步从航空锻造龙头蜕变成为航空基础结构主力军，未来有望充分受益于航空工业高景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:成本管控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f2fd710f9583",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:数据中心液冷",
      "to_name": "数据中心液冷",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 数据中心液冷。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-5bab6a426235.md",
          "chunk_id": "chunk:6c7baf3c94cd",
          "chunk_index": 4,
          "quote_summary": "短期业绩承压不改长期发展趋势，公司正从航空锻造龙头向航空基础结构主力军蜕变，逐步开辟商用、非航及大国防新增长极。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:数据中心液冷",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f6cb6ebe9403",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:新质生产力",
      "to_name": "新质生产力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 新质生产力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-fa72a6c927f4.md",
          "chunk_id": "chunk:6f037ff9331a",
          "chunk_index": 0,
          "quote_summary": "公司聚焦高质量发展与价值创造，强化科技创新，全力发展航空制造新质生产力，在低空经济领域卡位优势突出。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:新质生产力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d7611d8c86bc",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:智能制造",
      "to_name": "智能制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 智能制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-买入-维持评级-d71b158bc1b1.md",
          "chunk_id": "chunk:5c547bc58c89",
          "chunk_index": 1,
          "quote_summary": "短期业绩承压不改长期发展趋势，公司正逐步从航空锻造龙头蜕变成为航空基础结构主力军，未来有望充分受益于航空工业高景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:智能制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ebaebd418208",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:民机",
      "to_name": "民机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 民机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-买入-维持评级-d71b158bc1b1.md",
          "chunk_id": "chunk:5c547bc58c89",
          "chunk_index": 1,
          "quote_summary": "短期业绩承压不改长期发展趋势，公司正逐步从航空锻造龙头蜕变成为航空基础结构主力军，未来有望充分受益于航空工业高景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:民机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0af17cb9904c",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:液压环控",
      "to_name": "液压环控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 液压环控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-bdcacdfeffd9.md",
          "chunk_id": "chunk:4547995a7317",
          "chunk_index": 5,
          "quote_summary": "公司正从航空锻造龙头向航空基础结构主力军蜕变，商用、非航及大国防业务开辟新增长极，未来有望开启新一轮高成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:液压环控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "60e158891c49",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:现金流修复",
      "to_name": "现金流修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 现金流修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-f1ebc98ffb70.md",
          "chunk_id": "chunk:040a6661b444",
          "chunk_index": 4,
          "quote_summary": "核心业务韧性犹存，现金流造血能力修复为后续业绩回暖奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:现金流修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "493cce92b3b2",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-f1ebc98ffb70.md",
          "chunk_id": "chunk:040a6661b444",
          "chunk_index": 4,
          "quote_summary": "核心业务韧性犹存，现金流造血能力修复为后续业绩回暖奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7cc28d38c02b",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:精密加工",
      "to_name": "精密加工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 精密加工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md",
          "chunk_id": "chunk:919f13c9af76",
          "chunk_index": 1,
          "quote_summary": "公司持续推进产业链一体化，通过向上游整合原材料、中游扩产锻造、下游布局精加工，逐步完成从航空锻造龙头到航空基础结构主力军的蜕变。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:精密加工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1b2afccf13a8",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:精密铸造",
      "to_name": "精密铸造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 精密铸造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:d6346d128be3",
          "chunk_index": 0,
          "quote_summary": "产业链纵向一体化是锻铸造企业做大做强的有效路径，公司正复刻PCC发展路径，通过向上游延伸原材料、中游并购锻铸产能、下游拓展精密机加，提升产业链地位与盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:精密铸造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6a3466be950d",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:股份回购",
      "to_name": "股份回购",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 股份回购。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-bdcacdfeffd9.md",
          "chunk_id": "chunk:4547995a7317",
          "chunk_index": 5,
          "quote_summary": "公司正从航空锻造龙头向航空基础结构主力军蜕变，商用、非航及大国防业务开辟新增长极，未来有望开启新一轮高成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:股份回购",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "be30f94a413e",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:d6346d128be3",
          "chunk_index": 0,
          "quote_summary": "产业链纵向一体化是锻铸造企业做大做强的有效路径，公司正复刻PCC发展路径，通过向上游延伸原材料、中游并购锻铸产能、下游拓展精密机加，提升产业链地位与盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "288b21924984",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:航空制造",
      "to_name": "航空制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 航空制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-fa72a6c927f4.md",
          "chunk_id": "chunk:6f037ff9331a",
          "chunk_index": 0,
          "quote_summary": "公司聚焦高质量发展与价值创造，强化科技创新，全力发展航空制造新质生产力，在低空经济领域卡位优势突出。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:航空制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cf10c1c7c425",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:航空发动机",
      "to_name": "航空发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 航空发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-44e57b145b81.md",
          "chunk_id": "chunk:6b99ea08344b",
          "chunk_index": 0,
          "quote_summary": "对标海外航空铸造龙头Howmet，航发铸造市场空间广阔，公司通过整合核心资产有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:航空发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b18439d421bf",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:航空锻造",
      "to_name": "航空锻造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 航空锻造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:d6346d128be3",
          "chunk_index": 0,
          "quote_summary": "产业链纵向一体化是锻铸造企业做大做强的有效路径，公司正复刻PCC发展路径，通过向上游延伸原材料、中游并购锻铸产能、下游拓展精密机加，提升产业链地位与盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:航空锻造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eb18959bcb65",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:航空锻铸",
      "to_name": "航空锻铸",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 航空锻铸。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-a8f22a50abee.md",
          "chunk_id": "chunk:93564f8c76b8",
          "chunk_index": 4,
          "quote_summary": "业务结构优化与技术创新驱动长期基本盘稳固，商用航天、舰船及海外客户新品逐步放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:航空锻铸",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3345973de539",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:营收",
      "to_name": "营收",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 营收。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-bdcacdfeffd9.md",
          "chunk_id": "chunk:4547995a7317",
          "chunk_index": 5,
          "quote_summary": "公司正从航空锻造龙头向航空基础结构主力军蜕变，商用、非航及大国防业务开辟新增长极，未来有望开启新一轮高成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:营收",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7840215e7f50",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:订单复苏",
      "to_name": "订单复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 订单复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-a8f22a50abee.md",
          "chunk_id": "chunk:93564f8c76b8",
          "chunk_index": 4,
          "quote_summary": "业务结构优化与技术创新驱动长期基本盘稳固，商用航天、舰船及海外客户新品逐步放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:订单复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d711c6146ec9",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-a81871f35f52.md",
          "chunk_id": "chunk:919f13c9af76",
          "chunk_index": 1,
          "quote_summary": "公司持续推进产业链一体化，通过向上游整合原材料、中游扩产锻造、下游布局精加工，逐步完成从航空锻造龙头到航空基础结构主力军的蜕变。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "953a1c68c206",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:钛",
      "to_name": "钛",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 钛。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md",
          "chunk_id": "chunk:2a6059b4f719",
          "chunk_index": 1,
          "quote_summary": "依托产业链一体化战略，向上游打通返回料循环体系，向下游延伸至精密结构件交付，构建新生态配套环境，充分受益于航空工业高景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:钛",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6d5d48dc7182",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:钛合金",
      "to_name": "钛合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 钛合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:d6346d128be3",
          "chunk_index": 0,
          "quote_summary": "产业链纵向一体化是锻铸造企业做大做强的有效路径，公司正复刻PCC发展路径，通过向上游延伸原材料、中游并购锻铸产能、下游拓展精密机加，提升产业链地位与盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:钛合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0e186ed26e8e",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:锻造",
      "to_name": "锻造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 锻造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-8580f64a62b0.md",
          "chunk_id": "chunk:2a6059b4f719",
          "chunk_index": 1,
          "quote_summary": "依托产业链一体化战略，向上游打通返回料循环体系，向下游延伸至精密结构件交付，构建新生态配套环境，充分受益于航空工业高景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:锻造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "abb73bea44f7",
      "from": "company:600765",
      "from_name": "中航重机",
      "to": "topic:高温合金",
      "to_name": "高温合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航重机 研报中反复涉及 高温合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航重机-600765-sh-7f626561a7a6.md",
          "chunk_id": "chunk:d6346d128be3",
          "chunk_index": 0,
          "quote_summary": "产业链纵向一体化是锻铸造企业做大做强的有效路径，公司正复刻PCC发展路径，通过向上游延伸原材料、中游并购锻铸产能、下游拓展精密机加，提升产业链地位与盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600765",
      "target": "topic:高温合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fab13fd436d7",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "topic:信创",
      "to_name": "信创",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天长峰 研报中反复涉及 信创。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md",
          "chunk_id": "chunk:2b8439ac26eb",
          "chunk_index": 11,
          "quote_summary": "剥离亏损资产聚焦主业，安保科技业务有望通过放弃低毛利项目及拓展信创领域实现毛利率修复与中长期收入稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "topic:信创",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6d5dbe71ff8e",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天长峰 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md",
          "chunk_id": "chunk:2b8439ac26eb",
          "chunk_index": 11,
          "quote_summary": "剥离亏损资产聚焦主业，安保科技业务有望通过放弃低毛利项目及拓展信创领域实现毛利率修复与中长期收入稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e441373b5930",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "topic:医疗器械",
      "to_name": "医疗器械",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天长峰 研报中反复涉及 医疗器械。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md",
          "chunk_id": "chunk:2b8439ac26eb",
          "chunk_index": 11,
          "quote_summary": "剥离亏损资产聚焦主业，安保科技业务有望通过放弃低毛利项目及拓展信创领域实现毛利率修复与中长期收入稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "topic:医疗器械",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "540011802518",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天长峰 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-b9fa3da834e8.md",
          "chunk_id": "chunk:23e8f8032aa4",
          "chunk_index": 6,
          "quote_summary": "安保科技业务受市场竞争加剧及项目验收延迟影响，毛利率与净利润大幅下滑，成为拖累公司整体业绩的主因。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "08f1e937705d",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "topic:安保科技",
      "to_name": "安保科技",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天长峰 研报中反复涉及 安保科技。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md",
          "chunk_id": "chunk:2b8439ac26eb",
          "chunk_index": 11,
          "quote_summary": "剥离亏损资产聚焦主业，安保科技业务有望通过放弃低毛利项目及拓展信创领域实现毛利率修复与中长期收入稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "topic:安保科技",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "44be3d2ebc7d",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "topic:电子信息",
      "to_name": "电子信息",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天长峰 研报中反复涉及 电子信息。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md",
          "chunk_id": "chunk:2b8439ac26eb",
          "chunk_index": 11,
          "quote_summary": "剥离亏损资产聚焦主业，安保科技业务有望通过放弃低毛利项目及拓展信创领域实现毛利率修复与中长期收入稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "topic:电子信息",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f4aa84bfbc98",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "topic:电源",
      "to_name": "电源",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天长峰 研报中反复涉及 电源。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md",
          "chunk_id": "chunk:2b8439ac26eb",
          "chunk_index": 11,
          "quote_summary": "剥离亏损资产聚焦主业，安保科技业务有望通过放弃低毛利项目及拓展信创领域实现毛利率修复与中长期收入稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "topic:电源",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "db07d4c8c97c",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "topic:电源业务",
      "to_name": "电源业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天长峰 研报中反复涉及 电源业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-b9fa3da834e8.md",
          "chunk_id": "chunk:23e8f8032aa4",
          "chunk_index": 6,
          "quote_summary": "安保科技业务受市场竞争加剧及项目验收延迟影响，毛利率与净利润大幅下滑，成为拖累公司整体业绩的主因。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "topic:电源业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2e5a91fde6f7",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "topic:股权激励",
      "to_name": "股权激励",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天长峰 研报中反复涉及 股权激励。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md",
          "chunk_id": "chunk:2b8439ac26eb",
          "chunk_index": 11,
          "quote_summary": "剥离亏损资产聚焦主业，安保科技业务有望通过放弃低毛利项目及拓展信创领域实现毛利率修复与中长期收入稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "topic:股权激励",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1dc4b071be1e",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天长峰 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-b9fa3da834e8.md",
          "chunk_id": "chunk:23e8f8032aa4",
          "chunk_index": 6,
          "quote_summary": "安保科技业务受市场竞争加剧及项目验收延迟影响，毛利率与净利润大幅下滑，成为拖累公司整体业绩的主因。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "79e499eedb31",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天长峰 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-b9fa3da834e8.md",
          "chunk_id": "chunk:23e8f8032aa4",
          "chunk_index": 6,
          "quote_summary": "安保科技业务受市场竞争加剧及项目验收延迟影响，毛利率与净利润大幅下滑，成为拖累公司整体业绩的主因。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6abeaaa9c0f9",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "topic:资产剥离",
      "to_name": "资产剥离",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天长峰 研报中反复涉及 资产剥离。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天长峰-600855-e9f7869612c1.md",
          "chunk_id": "chunk:2b8439ac26eb",
          "chunk_index": 11,
          "quote_summary": "剥离亏损资产聚焦主业，安保科技业务有望通过放弃低毛利项目及拓展信创领域实现毛利率修复与中长期收入稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "topic:资产剥离",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1a22db9ea185",
      "from": "company:600855",
      "from_name": "航天长峰",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天长峰 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-b9fa3da834e8.md",
          "chunk_id": "chunk:23e8f8032aa4",
          "chunk_index": 6,
          "quote_summary": "安保科技业务受市场竞争加剧及项目验收延迟影响，毛利率与净利润大幅下滑，成为拖累公司整体业绩的主因。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600855",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9d56a9871ade",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:c919",
      "to_name": "C919",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 C919。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-6e41046c3f20.md",
          "chunk_id": "chunk:fdec0befbcd4",
          "chunk_index": 2,
          "quote_summary": "公司深耕航空新材料主业提质增效，科技创新驱动高质量发展，带动整体盈利能力稳步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:c919",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4a0dfbc81a16",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:c919-c929",
      "to_name": "c919-c929",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 C919/C929。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:8c3605075bf3",
          "chunk_index": 3,
          "quote_summary": "中航工业集团旗下航空复材绝对龙头，技术壁垒深厚且集团资源赋能明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:c919-c929",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "109b2b4b3faf",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:evtol",
      "to_name": "eVTOL",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 eVTOL。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md",
          "chunk_id": "chunk:c807d051d9f9",
          "chunk_index": 2,
          "quote_summary": "航空新材料主业短期营收微降，但新一代T800级及以上碳纤维预浸料产量实现突破，为下一代主力机型规模化量产奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:evtol",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "21e7c50dfff5",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 三季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航高科-600862-baa5aad0af41.md",
          "chunk_id": "chunk:7a523133b34a",
          "chunk_index": 2,
          "quote_summary": "高端复合材料赛道产能持续蓄力，短期盈利换挡不改主业韧性，充沛现金流与重研发投入为后续高附加值产品放量奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:三季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "68341a5b8b0c",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航高科-600862-sh-2025-年半年报点评-8e865a6595b5.md",
          "chunk_id": "chunk:c7a6c0e404db",
          "chunk_index": 2,
          "quote_summary": "公司是我国航空碳纤维复材龙头企业，处于产业链枢纽位置，深度受益于航空装备复材化率提升、C919商业化加速及低空经济新质生产力发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "39a4bc602715",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:业绩点评",
      "to_name": "业绩点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 业绩点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航高科-600862-sh-2025-年三季报点评-1af5bfba41eb.md",
          "chunk_id": "chunk:0fa2f8af64fd",
          "chunk_index": 1,
          "quote_summary": "公司是我国航空碳纤维复材龙头企业，处于产业链枢纽位置，受益于先进航空装备复材使用比例提升、C919商业化进程加快及低空经济发展，长期成长性与业务可拓展性强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:业绩点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9371f91ee465",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-877362ab8a29.md",
          "chunk_id": "chunk:6920f611c8c7",
          "chunk_index": 2,
          "quote_summary": "公司作为航空复合材料龙头，立足军品基本盘并积极拓展民用航空与低空经济市场，长期成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "753fead18378",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:产能建设",
      "to_name": "产能建设",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 产能建设。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航高科-600862-sh-2025-年半年报点评-8e865a6595b5.md",
          "chunk_id": "chunk:c7a6c0e404db",
          "chunk_index": 2,
          "quote_summary": "公司是我国航空碳纤维复材龙头企业，处于产业链枢纽位置，深度受益于航空装备复材化率提升、C919商业化加速及低空经济新质生产力发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:产能建设",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b2a075bb9a3d",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md",
          "chunk_id": "chunk:c807d051d9f9",
          "chunk_index": 2,
          "quote_summary": "航空新材料主业短期营收微降，但新一代T800级及以上碳纤维预浸料产量实现突破，为下一代主力机型规模化量产奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "529250df780a",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:人形机器人",
      "to_name": "人形机器人",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 人形机器人。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航高科-600862-sh-2025-年三季报点评-1af5bfba41eb.md",
          "chunk_id": "chunk:0fa2f8af64fd",
          "chunk_index": 1,
          "quote_summary": "公司是我国航空碳纤维复材龙头企业，处于产业链枢纽位置，受益于先进航空装备复材使用比例提升、C919商业化进程加快及低空经济发展，长期成长性与业务可拓展性强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:人形机器人",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d253349fdeb7",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:8c3605075bf3",
          "chunk_index": 3,
          "quote_summary": "中航工业集团旗下航空复材绝对龙头，技术壁垒深厚且集团资源赋能明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "843bc88a42f2",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:8c3605075bf3",
          "chunk_index": 3,
          "quote_summary": "中航工业集团旗下航空复材绝对龙头，技术壁垒深厚且集团资源赋能明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "769c8f44696f",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:军工复材",
      "to_name": "军工复材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 军工复材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航高科-600862-0c4cc41a4dc5.md",
          "chunk_id": "chunk:a96d79272f0d",
          "chunk_index": 4,
          "quote_summary": "航空新材料业务为核心增长引擎，预浸料交付量提升驱动业绩稳健增长，顺义产业园新产能投产将进一步释放高附加值产品供给。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:军工复材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "73c99a2059f8",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md",
          "chunk_id": "chunk:c807d051d9f9",
          "chunk_index": 2,
          "quote_summary": "航空新材料主业短期营收微降，但新一代T800级及以上碳纤维预浸料产量实现突破，为下一代主力机型规模化量产奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5b58e526b7e1",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航高科-600862-baa5aad0af41.md",
          "chunk_id": "chunk:7a523133b34a",
          "chunk_index": 2,
          "quote_summary": "高端复合材料赛道产能持续蓄力，短期盈利换挡不改主业韧性，充沛现金流与重研发投入为后续高附加值产品放量奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "755f84e7681f",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:复合材料",
      "to_name": "复合材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 复合材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-其他军工iii-a155ac175e30.md",
          "chunk_id": "chunk:b95939776cc4",
          "chunk_index": 2,
          "quote_summary": "公司作为国内航空领域唯一专业从事复合材料研发工程化的单位，在军品业务保持龙头地位基础上，积极开拓民用航空与低空经济产业，未来5-10年将持续受益于复合材料市场规模的持续扩大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:复合材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "25601552a7ea",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:新材料",
      "to_name": "新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:8c3605075bf3",
          "chunk_index": 3,
          "quote_summary": "中航工业集团旗下航空复材绝对龙头，技术壁垒深厚且集团资源赋能明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7706974af50c",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:新能源",
      "to_name": "新能源",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 新能源。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-其他军工iii-a155ac175e30.md",
          "chunk_id": "chunk:b95939776cc4",
          "chunk_index": 2,
          "quote_summary": "公司作为国内航空领域唯一专业从事复合材料研发工程化的单位，在军品业务保持龙头地位基础上，积极开拓民用航空与低空经济产业，未来5-10年将持续受益于复合材料市场规模的持续扩大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:新能源",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f84552f623f5",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:民机复材",
      "to_name": "民机复材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 民机复材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md",
          "chunk_id": "chunk:c807d051d9f9",
          "chunk_index": 2,
          "quote_summary": "航空新材料主业短期营收微降，但新一代T800级及以上碳纤维预浸料产量实现突破，为下一代主力机型规模化量产奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:民机复材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e03779da1801",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:现金流改善",
      "to_name": "现金流改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 现金流改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航高科-600862-baa5aad0af41.md",
          "chunk_id": "chunk:7a523133b34a",
          "chunk_index": 2,
          "quote_summary": "高端复合材料赛道产能持续蓄力，短期盈利换挡不改主业韧性，充沛现金流与重研发投入为后续高附加值产品放量奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:现金流改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c3c9689d7361",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-6e41046c3f20.md",
          "chunk_id": "chunk:fdec0befbcd4",
          "chunk_index": 2,
          "quote_summary": "公司深耕航空新材料主业提质增效，科技创新驱动高质量发展，带动整体盈利能力稳步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "58ef49361585",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航高科-600862-baa5aad0af41.md",
          "chunk_id": "chunk:7a523133b34a",
          "chunk_index": 2,
          "quote_summary": "高端复合材料赛道产能持续蓄力，短期盈利换挡不改主业韧性，充沛现金流与重研发投入为后续高附加值产品放量奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "11e0d086b3fd",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:碳纤维",
      "to_name": "碳纤维",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 碳纤维。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:8c3605075bf3",
          "chunk_index": 3,
          "quote_summary": "中航工业集团旗下航空复材绝对龙头，技术壁垒深厚且集团资源赋能明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:碳纤维",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b3b417e89011",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:碳纤维复合材料",
      "to_name": "碳纤维复合材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 碳纤维复合材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-6e41046c3f20.md",
          "chunk_id": "chunk:fdec0befbcd4",
          "chunk_index": 2,
          "quote_summary": "公司深耕航空新材料主业提质增效，科技创新驱动高质量发展，带动整体盈利能力稳步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:碳纤维复合材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c7c1ca6d8031",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:碳纤维预浸料",
      "to_name": "碳纤维预浸料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 碳纤维预浸料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md",
          "chunk_id": "chunk:c807d051d9f9",
          "chunk_index": 2,
          "quote_summary": "航空新材料主业短期营收微降，但新一代T800级及以上碳纤维预浸料产量实现突破，为下一代主力机型规模化量产奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:碳纤维预浸料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "70292c0b0704",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:股份回购",
      "to_name": "股份回购",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 股份回购。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-877362ab8a29.md",
          "chunk_id": "chunk:6920f611c8c7",
          "chunk_index": 2,
          "quote_summary": "公司作为航空复合材料龙头，立足军品基本盘并积极拓展民用航空与低空经济市场，长期成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:股份回购",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f62ffd4e9764",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:8c3605075bf3",
          "chunk_index": 3,
          "quote_summary": "中航工业集团旗下航空复材绝对龙头，技术壁垒深厚且集团资源赋能明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a6b60e7e5ddb",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:航空发动机",
      "to_name": "航空发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 航空发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:8c3605075bf3",
          "chunk_index": 3,
          "quote_summary": "中航工业集团旗下航空复材绝对龙头，技术壁垒深厚且集团资源赋能明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:航空发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "66641e784ecd",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:航空复合材料",
      "to_name": "航空复合材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 航空复合材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-633d8f901743.md",
          "chunk_id": "chunk:8c3605075bf3",
          "chunk_index": 3,
          "quote_summary": "中航工业集团旗下航空复材绝对龙头，技术壁垒深厚且集团资源赋能明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:航空复合材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "22594c529c63",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:航空复材",
      "to_name": "航空复材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 航空复材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航高科-600862-sh-2025-年半年报点评-8e865a6595b5.md",
          "chunk_id": "chunk:c7a6c0e404db",
          "chunk_index": 2,
          "quote_summary": "公司是我国航空碳纤维复材龙头企业，处于产业链枢纽位置，深度受益于航空装备复材化率提升、C919商业化加速及低空经济新质生产力发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:航空复材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "14e767717b9a",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:航空新材料",
      "to_name": "航空新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 航空新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md",
          "chunk_id": "chunk:c807d051d9f9",
          "chunk_index": 2,
          "quote_summary": "航空新材料主业短期营收微降，但新一代T800级及以上碳纤维预浸料产量实现突破，为下一代主力机型规模化量产奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:航空新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6e60135745cb",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-03-月-25-日-0ca83dc998ac.md",
          "chunk_id": "chunk:c807d051d9f9",
          "chunk_index": 2,
          "quote_summary": "航空新材料主业短期营收微降，但新一代T800级及以上碳纤维预浸料产量实现突破，为下一代主力机型规模化量产奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "619a4da20e6e",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:预浸料",
      "to_name": "预浸料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 预浸料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航高科-600862-0c4cc41a4dc5.md",
          "chunk_id": "chunk:a96d79272f0d",
          "chunk_index": 4,
          "quote_summary": "航空新材料业务为核心增长引擎，预浸料交付量提升驱动业绩稳健增长，顺义产业园新产能投产将进一步释放高附加值产品供给。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:预浸料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "941417dfddb1",
      "from": "company:600862",
      "from_name": "中航高科",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航高科-600862-baa5aad0af41.md",
          "chunk_id": "chunk:7a523133b34a",
          "chunk_index": 2,
          "quote_summary": "高端复合材料赛道产能持续蓄力，短期盈利换挡不改主业韧性，充沛现金流与重研发投入为后续高附加值产品放量奠定基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600862",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c4db26e6d1c7",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 三季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-0c2fb2c0925f.md",
          "chunk_id": "chunk:107dd16cc74b",
          "chunk_index": 5,
          "quote_summary": "积极布局商业航天，作为航天系统产业链上游卫星制造环节重要参与者，提供关键配套设备，有望深度受益于我国航天产业快速发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:三季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "04ac2c8bc761",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:三季报点评",
      "to_name": "三季报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 三季报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-fb492d85a669.md",
          "chunk_id": "chunk:92770f0aa183",
          "chunk_index": 0,
          "quote_summary": "公司面临行业需求阶段性放缓，但通过主动优化运营效率与成本管控对冲收入压力，核心业务盈利韧性犹存，未来有望迎来收入确认、现金流改善与估值修复的共振。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:三季报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4baaa096c730",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:产业链",
      "to_name": "产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-0c2fb2c0925f.md",
          "chunk_id": "chunk:107dd16cc74b",
          "chunk_index": 5,
          "quote_summary": "积极布局商业航天，作为航天系统产业链上游卫星制造环节重要参与者，提供关键配套设备，有望深度受益于我国航天产业快速发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9f6d65d8b131",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-5d0cb5b52ab1.md",
          "chunk_id": "chunk:cb73a406c746",
          "chunk_index": 4,
          "quote_summary": "完成航天电工51%股权转让后，公司主业更加聚焦航天电子信息及无人系统研发生产，产业结构优化带动盈利能力与现金流显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "87c6ea7b82f3",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:估值修复",
      "to_name": "估值修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 估值修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-fb492d85a669.md",
          "chunk_id": "chunk:92770f0aa183",
          "chunk_index": 0,
          "quote_summary": "公司面临行业需求阶段性放缓，但通过主动优化运营效率与成本管控对冲收入压力，核心业务盈利韧性犹存，未来有望迎来收入确认、现金流改善与估值修复的共振。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:估值修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "301e1024b07f",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:a262e875cac8",
          "chunk_index": 0,
          "quote_summary": "航天电子信息龙头，深度受益于卫星互联网建设提速与商业航天高景气周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fb52c7f7e700",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-2024-年年报点评-ce004441aefd.md",
          "chunk_id": "chunk:7dd4491d0d4c",
          "chunk_index": 1,
          "quote_summary": "发挥航天电子信息传统领域优势，无人系统军贸交付与营收创历史新高，合作渠道持续拓宽。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b28ea37f5a8e",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航天装备ii-a401483a3291.md",
          "chunk_id": "chunk:0d3d3044d5f7",
          "chunk_index": 8,
          "quote_summary": "公司在航天电子信息与无人系统装备领域具备领先技术实力与市场份额，正加速向商业航天、低空经济及卫星互联网等新兴市场延伸，中长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "31decabe0cf4",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:军贸",
      "to_name": "军贸",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 军贸。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-2024-年年报点评-ce004441aefd.md",
          "chunk_id": "chunk:7dd4491d0d4c",
          "chunk_index": 1,
          "quote_summary": "发挥航天电子信息传统领域优势，无人系统军贸交付与营收创历史新高，合作渠道持续拓宽。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:军贸",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c0a65fa292cc",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-fb492d85a669.md",
          "chunk_id": "chunk:92770f0aa183",
          "chunk_index": 0,
          "quote_summary": "公司面临行业需求阶段性放缓，但通过主动优化运营效率与成本管控对冲收入压力，核心业务盈利韧性犹存，未来有望迎来收入确认、现金流改善与估值修复的共振。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "70397488e1a0",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:卫星",
      "to_name": "卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-2024-年年报点评-ce004441aefd.md",
          "chunk_id": "chunk:7dd4491d0d4c",
          "chunk_index": 1,
          "quote_summary": "发挥航天电子信息传统领域优势，无人系统军贸交付与营收创历史新高，合作渠道持续拓宽。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "35f25c52c410",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:卫星互联网",
      "to_name": "卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:a262e875cac8",
          "chunk_index": 0,
          "quote_summary": "航天电子信息龙头，深度受益于卫星互联网建设提速与商业航天高景气周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7f62f65098ae",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:卫星制造",
      "to_name": "卫星制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 卫星制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-0c2fb2c0925f.md",
          "chunk_id": "chunk:107dd16cc74b",
          "chunk_index": 5,
          "quote_summary": "积极布局商业航天，作为航天系统产业链上游卫星制造环节重要参与者，提供关键配套设备，有望深度受益于我国航天产业快速发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:卫星制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "51aea438519e",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-fb492d85a669.md",
          "chunk_id": "chunk:92770f0aa183",
          "chunk_index": 0,
          "quote_summary": "公司面临行业需求阶段性放缓，但通过主动优化运营效率与成本管控对冲收入压力，核心业务盈利韧性犹存，未来有望迎来收入确认、现金流改善与估值修复的共振。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aa65c6821d2b",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:a262e875cac8",
          "chunk_index": 0,
          "quote_summary": "航天电子信息龙头，深度受益于卫星互联网建设提速与商业航天高景气周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "30fcf3458256",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:惯导系统",
      "to_name": "惯导系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 惯导系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-a0333eb12cc1.md",
          "chunk_id": "chunk:e9c2fc02df10",
          "chunk_index": 1,
          "quote_summary": "航天电子信息系统与无人装备龙头，有望受益于卫星互联网与商业航天蓬勃发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:惯导系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f332ca171a36",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:惯性导航",
      "to_name": "惯性导航",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 惯性导航。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:a262e875cac8",
          "chunk_index": 0,
          "quote_summary": "航天电子信息龙头，深度受益于卫星互联网建设提速与商业航天高景气周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:惯性导航",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d1d48d606be2",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-2024-年年报点评-ce004441aefd.md",
          "chunk_id": "chunk:7dd4491d0d4c",
          "chunk_index": 1,
          "quote_summary": "发挥航天电子信息传统领域优势，无人系统军贸交付与营收创历史新高，合作渠道持续拓宽。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e09f9cefde19",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:无人系统",
      "to_name": "无人系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 无人系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航天装备ii-a401483a3291.md",
          "chunk_id": "chunk:0d3d3044d5f7",
          "chunk_index": 8,
          "quote_summary": "公司在航天电子信息与无人系统装备领域具备领先技术实力与市场份额，正加速向商业航天、低空经济及卫星互联网等新兴市场延伸，中长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:无人系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "32f5e133bb22",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:无人装备",
      "to_name": "无人装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 无人装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:a262e875cac8",
          "chunk_index": 0,
          "quote_summary": "航天电子信息龙头，深度受益于卫星互联网建设提速与商业航天高景气周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:无人装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8a90d0b4468b",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:激光通信",
      "to_name": "激光通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 激光通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:a262e875cac8",
          "chunk_index": 0,
          "quote_summary": "航天电子信息龙头，深度受益于卫星互联网建设提速与商业航天高景气周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:激光通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "822ef3238481",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:激光通信终端",
      "to_name": "激光通信终端",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 激光通信终端。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-a0333eb12cc1.md",
          "chunk_id": "chunk:e9c2fc02df10",
          "chunk_index": 1,
          "quote_summary": "航天电子信息系统与无人装备龙头，有望受益于卫星互联网与商业航天蓬勃发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:激光通信终端",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "956b1a43b6c4",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:现金流改善",
      "to_name": "现金流改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 现金流改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-fb492d85a669.md",
          "chunk_id": "chunk:92770f0aa183",
          "chunk_index": 0,
          "quote_summary": "公司面临行业需求阶段性放缓，但通过主动优化运营效率与成本管控对冲收入压力，核心业务盈利韧性犹存，未来有望迎来收入确认、现金流改善与估值修复的共振。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:现金流改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "790eeea86519",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:盈利能力",
      "to_name": "盈利能力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 盈利能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-5d0cb5b52ab1.md",
          "chunk_id": "chunk:cb73a406c746",
          "chunk_index": 4,
          "quote_summary": "完成航天电工51%股权转让后，公司主业更加聚焦航天电子信息及无人系统研发生产，产业结构优化带动盈利能力与现金流显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:盈利能力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "49ef591cf880",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:盈利能力修复",
      "to_name": "盈利能力修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 盈利能力修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-2024-年三季报点评-ab6f62e216bc.md",
          "chunk_id": "chunk:691f9d409677",
          "chunk_index": 0,
          "quote_summary": "完成航天电工资产剥离，公司实现瘦身健体，主业聚焦航天电子信息与无人系统装备，盈利能力结构性提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:盈利能力修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9b5f389f5bd1",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:盈利质量",
      "to_name": "盈利质量",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 盈利质量。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-fb492d85a669.md",
          "chunk_id": "chunk:92770f0aa183",
          "chunk_index": 0,
          "quote_summary": "公司面临行业需求阶段性放缓，但通过主动优化运营效率与成本管控对冲收入压力，核心业务盈利韧性犹存，未来有望迎来收入确认、现金流改善与估值修复的共振。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:盈利质量",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b4c2aac4ea5c",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-a0333eb12cc1.md",
          "chunk_id": "chunk:e9c2fc02df10",
          "chunk_index": 1,
          "quote_summary": "航天电子信息系统与无人装备龙头，有望受益于卫星互联网与商业航天蓬勃发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a58e9f4b7d6f",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:航天军工",
      "to_name": "航天军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 航天军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-fb492d85a669.md",
          "chunk_id": "chunk:92770f0aa183",
          "chunk_index": 0,
          "quote_summary": "公司面临行业需求阶段性放缓，但通过主动优化运营效率与成本管控对冲收入压力，核心业务盈利韧性犹存，未来有望迎来收入确认、现金流改善与估值修复的共振。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:航天军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f54fe15f6af2",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:航天电子",
      "to_name": "航天电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 航天电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:a262e875cac8",
          "chunk_index": 0,
          "quote_summary": "航天电子信息龙头，深度受益于卫星互联网建设提速与商业航天高景气周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:航天电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "59656e28a63f",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:航天装备",
      "to_name": "航天装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 航天装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航天装备ii-a401483a3291.md",
          "chunk_id": "chunk:0d3d3044d5f7",
          "chunk_index": 8,
          "quote_summary": "公司在航天电子信息与无人系统装备领域具备领先技术实力与市场份额，正加速向商业航天、低空经济及卫星互联网等新兴市场延伸，中长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:航天装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2e72cd7d79ff",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-a0333eb12cc1.md",
          "chunk_id": "chunk:e9c2fc02df10",
          "chunk_index": 1,
          "quote_summary": "航天电子信息系统与无人装备龙头，有望受益于卫星互联网与商业航天蓬勃发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a0f0a5a91968",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:财务预测",
      "to_name": "财务预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 财务预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-bfbae6698397.md",
          "chunk_id": "chunk:9718f8ddabf5",
          "chunk_index": 4,
          "quote_summary": "航天业务短期交付放缓导致营收收缩，但无人系统装备海外布局加速成为第二增长极，公司核心竞争力与产业链地位持续强化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:财务预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2434f6ee366c",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:资产剥离",
      "to_name": "资产剥离",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 资产剥离。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-2024-年三季报点评-ab6f62e216bc.md",
          "chunk_id": "chunk:691f9d409677",
          "chunk_index": 0,
          "quote_summary": "完成航天电工资产剥离，公司实现瘦身健体，主业聚焦航天电子信息与无人系统装备，盈利能力结构性提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:资产剥离",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4a5f6745631b",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:资产置换",
      "to_name": "资产置换",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 资产置换。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-sh-ff736d6ef498.md",
          "chunk_id": "chunk:a262e875cac8",
          "chunk_index": 0,
          "quote_summary": "航天电子信息龙头，深度受益于卫星互联网建设提速与商业航天高景气周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:资产置换",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0efde47f9e70",
      "from": "company:600879",
      "from_name": "航天电子",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天电子 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天电子-600879-5d0cb5b52ab1.md",
          "chunk_id": "chunk:cb73a406c746",
          "chunk_index": 4,
          "quote_summary": "完成航天电工51%股权转让后，公司主业更加聚焦航天电子信息及无人系统研发生产，产业结构优化带动盈利能力与现金流显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600879",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b34d683de5d6",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 三季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2024-年三季报点评-312cd14bd10a.md",
          "chunk_id": "chunk:a8584bbb5455",
          "chunk_index": 2,
          "quote_summary": "公司是国内唯一具备全谱系特种航空发动机研制能力的企业，将发挥“链长”作用带动产业链发展，充分受益于我国“两机”高景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:三季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "df225a0bbcc6",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:三季报点评",
      "to_name": "三季报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 三季报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md",
          "chunk_id": "chunk:a2276fa9d9ac",
          "chunk_index": 0,
          "quote_summary": "存货规模达历史最高水平，主要系订单增加及产品投入增加所致，预示下游需求充足，未来经营业绩有望改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:三季报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "59c29927c475",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:业绩快报",
      "to_name": "业绩快报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 业绩快报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-d3b03c659bbe.md",
          "chunk_id": "chunk:6f665410905a",
          "chunk_index": 2,
          "quote_summary": "公司是国内唯一掌握全谱系航空发动机从零部件到整机加工制造技术的企业，在军用发动机市场占据主导地位，并作为国产商用飞机动力核心供应商，有望持续受益于航发产业链旺盛需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:业绩快报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2a7ca341a3cf",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:业绩承压",
      "to_name": "业绩承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 业绩承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2024-年年报点评-859bd5fbb5b9.md",
          "chunk_id": "chunk:a263bcfafbbe",
          "chunk_index": 1,
          "quote_summary": "公司处于航发新老型号过渡期，旧型号阶段性达峰而新研产品逐步上量，叠加承担较多前期研发任务，短期业绩阶段性承压；但作为覆盖全谱系航空发动机产研能力的产业链链长，长期成长逻辑稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:业绩承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6521e515ae26",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:产业链",
      "to_name": "产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2024-年三季报点评-312cd14bd10a.md",
          "chunk_id": "chunk:a8584bbb5455",
          "chunk_index": 2,
          "quote_summary": "公司是国内唯一具备全谱系特种航空发动机研制能力的企业，将发挥“链长”作用带动产业链发展，充分受益于我国“两机”高景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "faa9f6e90e9f",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:产业链链长",
      "to_name": "产业链链长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 产业链链长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2024-年年报点评-859bd5fbb5b9.md",
          "chunk_id": "chunk:a263bcfafbbe",
          "chunk_index": 1,
          "quote_summary": "公司处于航发新老型号过渡期，旧型号阶段性达峰而新研产品逐步上量，叠加承担较多前期研发任务，短期业绩阶段性承压；但作为覆盖全谱系航空发动机产研能力的产业链链长，长期成长逻辑稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:产业链链长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "34f6a5546f65",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-c5a756c6fff1.md",
          "chunk_id": "chunk:a0853b70920f",
          "chunk_index": 2,
          "quote_summary": "军用型号交付节奏调整导致短期业绩承压，但低空经济（AEP100配套无人机）及民机发动机（AES100获证）打开新增长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2abd51536076",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2025-年三季报点评-8998790722eb.md",
          "chunk_id": "chunk:9007cedbd161",
          "chunk_index": 1,
          "quote_summary": "公司作为我国全谱系航空发动机产研龙头，当前处于新老型号过渡期导致业绩阶段性承压，但长期发展潜力明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9f4ba474e375",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:ec7db31693fb",
          "chunk_index": 0,
          "quote_summary": "航改燃业务受益于全球电力需求激增及海外产能瓶颈，国产替代窗口开启，有望成为公司第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e515deb802df",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md",
          "chunk_id": "chunk:a2276fa9d9ac",
          "chunk_index": 0,
          "quote_summary": "存货规模达历史最高水平，主要系订单增加及产品投入增加所致，预示下游需求充足，未来经营业绩有望改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d899723ffee1",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:军工维修-mro",
      "to_name": "军工维修-mro",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 军工维修(MRO)。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:ec7db31693fb",
          "chunk_index": 0,
          "quote_summary": "航改燃业务受益于全球电力需求激增及海外产能瓶颈，国产替代窗口开启，有望成为公司第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:军工维修-mro",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d39fe480097d",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:军工装备",
      "to_name": "军工装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 军工装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-539271074cab.md",
          "chunk_id": "chunk:da4d66f65e97",
          "chunk_index": 5,
          "quote_summary": "下游军民市场需求双上行，存货与合同负债高增反映订单饱满，特种航发批产型号成熟及外贸转包业务进入快车道，支撑长期业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:军工装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7edfd3b1829f",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:军民融合",
      "to_name": "军民融合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 军民融合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-539271074cab.md",
          "chunk_id": "chunk:da4d66f65e97",
          "chunk_index": 5,
          "quote_summary": "下游军民市场需求双上行，存货与合同负债高增反映订单饱满，特种航发批产型号成熟及外贸转包业务进入快车道，支撑长期业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:军民融合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a56334d4586b",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2024-年三季报点评-312cd14bd10a.md",
          "chunk_id": "chunk:a8584bbb5455",
          "chunk_index": 2,
          "quote_summary": "公司是国内唯一具备全谱系特种航空发动机研制能力的企业，将发挥“链长”作用带动产业链发展，充分受益于我国“两机”高景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a7e1a479b444",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:半年报业绩",
      "to_name": "半年报业绩",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 半年报业绩。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2025-年半年报点评-4340d07c6c50.md",
          "chunk_id": "chunk:e01fe2bcba5c",
          "chunk_index": 1,
          "quote_summary": "公司作为全谱系航空发动机产研龙头，当前处于新老型号过渡期，短期业绩承压不改长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:半年报业绩",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bbf89c3b807f",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:合同负债",
      "to_name": "合同负债",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 合同负债。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2025-年半年报点评-4340d07c6c50.md",
          "chunk_id": "chunk:e01fe2bcba5c",
          "chunk_index": 1,
          "quote_summary": "公司作为全谱系航空发动机产研龙头，当前处于新老型号过渡期，短期业绩承压不改长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:合同负债",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2c18780dfe53",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2024-年三季报点评-312cd14bd10a.md",
          "chunk_id": "chunk:a8584bbb5455",
          "chunk_index": 2,
          "quote_summary": "公司是国内唯一具备全谱系特种航空发动机研制能力的企业，将发挥“链长”作用带动产业链发展，充分受益于我国“两机”高景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3e31a697de8c",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:国产商用发动机",
      "to_name": "国产商用发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 国产商用发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2025-年半年报点评-4340d07c6c50.md",
          "chunk_id": "chunk:e01fe2bcba5c",
          "chunk_index": 1,
          "quote_summary": "公司作为全谱系航空发动机产研龙头，当前处于新老型号过渡期，短期业绩承压不改长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:国产商用发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f6785cdc448b",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:国产大飞机",
      "to_name": "国产大飞机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 国产大飞机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-d3b03c659bbe.md",
          "chunk_id": "chunk:6f665410905a",
          "chunk_index": 2,
          "quote_summary": "公司是国内唯一掌握全谱系航空发动机从零部件到整机加工制造技术的企业，在军用发动机市场占据主导地位，并作为国产商用飞机动力核心供应商，有望持续受益于航发产业链旺盛需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:国产大飞机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5a3a0820e410",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 国产替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:ec7db31693fb",
          "chunk_index": 0,
          "quote_summary": "航改燃业务受益于全球电力需求激增及海外产能瓶颈，国产替代窗口开启，有望成为公司第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b1fff27486d2",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:大飞机",
      "to_name": "大飞机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 大飞机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:ec7db31693fb",
          "chunk_index": 0,
          "quote_summary": "航改燃业务受益于全球电力需求激增及海外产能瓶颈，国产替代窗口开启，有望成为公司第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:大飞机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a173c4f071e6",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:存货",
      "to_name": "存货",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 存货。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2025-年三季报点评-8998790722eb.md",
          "chunk_id": "chunk:9007cedbd161",
          "chunk_index": 1,
          "quote_summary": "公司作为我国全谱系航空发动机产研龙头，当前处于新老型号过渡期导致业绩阶段性承压，但长期发展潜力明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:存货",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "447d4049866a",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:存货分析",
      "to_name": "存货分析",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 存货分析。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md",
          "chunk_id": "chunk:a2276fa9d9ac",
          "chunk_index": 0,
          "quote_summary": "存货规模达历史最高水平，主要系订单增加及产品投入增加所致，预示下游需求充足，未来经营业绩有望改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:存货分析",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "51450aedb5e1",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:市场拓展",
      "to_name": "市场拓展",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 市场拓展。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-ff9e17369c08.md",
          "chunk_id": "chunk:1b9cf15dfcb2",
          "chunk_index": 4,
          "quote_summary": "公司处于业务调整期，短期盈利受研发高投入与供应链成本冲击承压，但全谱系军用航发研发能力与民用/低空经济布局巩固长期战略价值。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:市场拓展",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8683144d0844",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:新老型号过渡",
      "to_name": "新老型号过渡",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 新老型号过渡。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2024-年年报点评-859bd5fbb5b9.md",
          "chunk_id": "chunk:a263bcfafbbe",
          "chunk_index": 1,
          "quote_summary": "公司处于航发新老型号过渡期，旧型号阶段性达峰而新研产品逐步上量，叠加承担较多前期研发任务，短期业绩阶段性承压；但作为覆盖全谱系航空发动机产研能力的产业链链长，长期成长逻辑稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:新老型号过渡",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eade154d7f70",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:民用航空",
      "to_name": "民用航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 民用航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0a879a618e00.md",
          "chunk_id": "chunk:a2276fa9d9ac",
          "chunk_index": 0,
          "quote_summary": "存货规模达历史最高水平，主要系订单增加及产品投入增加所致，预示下游需求充足，未来经营业绩有望改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:民用航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0c313cdda8d9",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:燃气轮机",
      "to_name": "燃气轮机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 燃气轮机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:ec7db31693fb",
          "chunk_index": 0,
          "quote_summary": "航改燃业务受益于全球电力需求激增及海外产能瓶颈，国产替代窗口开启，有望成为公司第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:燃气轮机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "16e5bf2b93eb",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:盈利能力",
      "to_name": "盈利能力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 盈利能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2024-年三季报点评-312cd14bd10a.md",
          "chunk_id": "chunk:a8584bbb5455",
          "chunk_index": 2,
          "quote_summary": "公司是国内唯一具备全谱系特种航空发动机研制能力的企业，将发挥“链长”作用带动产业链发展，充分受益于我国“两机”高景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:盈利能力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "02bbedf2e6f5",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2024-年年报点评-859bd5fbb5b9.md",
          "chunk_id": "chunk:a263bcfafbbe",
          "chunk_index": 1,
          "quote_summary": "公司处于航发新老型号过渡期，旧型号阶段性达峰而新研产品逐步上量，叠加承担较多前期研发任务，短期业绩阶段性承压；但作为覆盖全谱系航空发动机产研能力的产业链链长，长期成长逻辑稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "98547377033a",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:维修业务",
      "to_name": "维修业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 维修业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-航空装备ii-539271074cab.md",
          "chunk_id": "chunk:da4d66f65e97",
          "chunk_index": 5,
          "quote_summary": "下游军民市场需求双上行，存货与合同负债高增反映订单饱满，特种航发批产型号成熟及外贸转包业务进入快车道，支撑长期业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:维修业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ea00e8298744",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:ec7db31693fb",
          "chunk_index": 0,
          "quote_summary": "航改燃业务受益于全球电力需求激增及海外产能瓶颈，国产替代窗口开启，有望成为公司第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "100e8b5696fa",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:航空发动机",
      "to_name": "航空发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 航空发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:ec7db31693fb",
          "chunk_index": 0,
          "quote_summary": "航改燃业务受益于全球电力需求激增及海外产能瓶颈，国产替代窗口开启，有望成为公司第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:航空发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9f3ece9ba9f7",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:营收",
      "to_name": "营收",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 营收。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-2025-年半年报点评-4340d07c6c50.md",
          "chunk_id": "chunk:e01fe2bcba5c",
          "chunk_index": 1,
          "quote_summary": "公司作为全谱系航空发动机产研龙头，当前处于新老型号过渡期，短期业绩承压不改长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:营收",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "11aeda27a79d",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-sh-优于大市-63e81a5f6626.md",
          "chunk_id": "chunk:ec7db31693fb",
          "chunk_index": 0,
          "quote_summary": "航改燃业务受益于全球电力需求激增及海外产能瓶颈，国产替代窗口开启，有望成为公司第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d9ee34a1752c",
      "from": "company:600893",
      "from_name": "航发动力",
      "to": "topic:财务预测",
      "to_name": "财务预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航发动力 研报中反复涉及 财务预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航发动力-600893-ff9e17369c08.md",
          "chunk_id": "chunk:1b9cf15dfcb2",
          "chunk_index": 4,
          "quote_summary": "公司处于业务调整期，短期盈利受研发高投入与供应链成本冲击承压，但全谱系军用航发研发能力与民用/低空经济布局巩固长期战略价值。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600893",
      "target": "topic:财务预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5e07b3ebb2ef",
      "from": "company:600897",
      "from_name": "厦门空港",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "厦门空港 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md",
          "chunk_id": "chunk:d11d635681ec",
          "chunk_index": 4,
          "quote_summary": "公司当前业务量与利润均呈增长势头，且2025年4月披露的股东回报规划已覆盖新旧机场过渡期，市场信心充足，看好未来新旧资产的融合式发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600897",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b0258b08464b",
      "from": "company:600897",
      "from_name": "厦门空港",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "厦门空港 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md",
          "chunk_id": "chunk:d11d635681ec",
          "chunk_index": 4,
          "quote_summary": "公司当前业务量与利润均呈增长势头，且2025年4月披露的股东回报规划已覆盖新旧机场过渡期，市场信心充足，看好未来新旧资产的融合式发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600897",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "89cba6d02fc9",
      "from": "company:600897",
      "from_name": "厦门空港",
      "to": "topic:新旧机场搬迁",
      "to_name": "新旧机场搬迁",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "厦门空港 研报中反复涉及 新旧机场搬迁。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md",
          "chunk_id": "chunk:d11d635681ec",
          "chunk_index": 4,
          "quote_summary": "公司当前业务量与利润均呈增长势头，且2025年4月披露的股东回报规划已覆盖新旧机场过渡期，市场信心充足，看好未来新旧资产的融合式发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600897",
      "target": "topic:新旧机场搬迁",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2e25981c9dec",
      "from": "company:600897",
      "from_name": "厦门空港",
      "to": "topic:机场运营",
      "to_name": "机场运营",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "厦门空港 研报中反复涉及 机场运营。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md",
          "chunk_id": "chunk:d11d635681ec",
          "chunk_index": 4,
          "quote_summary": "公司当前业务量与利润均呈增长势头，且2025年4月披露的股东回报规划已覆盖新旧机场过渡期，市场信心充足，看好未来新旧资产的融合式发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600897",
      "target": "topic:机场运营",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e4a1d8afb262",
      "from": "company:600897",
      "from_name": "厦门空港",
      "to": "topic:股东回报",
      "to_name": "股东回报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "厦门空港 研报中反复涉及 股东回报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md",
          "chunk_id": "chunk:d11d635681ec",
          "chunk_index": 4,
          "quote_summary": "公司当前业务量与利润均呈增长势头，且2025年4月披露的股东回报规划已覆盖新旧机场过渡期，市场信心充足，看好未来新旧资产的融合式发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600897",
      "target": "topic:股东回报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d4cb84f356be",
      "from": "company:600897",
      "from_name": "厦门空港",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "厦门空港 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md",
          "chunk_id": "chunk:d11d635681ec",
          "chunk_index": 4,
          "quote_summary": "公司当前业务量与利润均呈增长势头，且2025年4月披露的股东回报规划已覆盖新旧机场过渡期，市场信心充足，看好未来新旧资产的融合式发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600897",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ae9a941d3a16",
      "from": "company:600897",
      "from_name": "厦门空港",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "厦门空港 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md",
          "chunk_id": "chunk:d11d635681ec",
          "chunk_index": 4,
          "quote_summary": "公司当前业务量与利润均呈增长势头，且2025年4月披露的股东回报规划已覆盖新旧机场过渡期，市场信心充足，看好未来新旧资产的融合式发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600897",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a933a2133bfc",
      "from": "company:600897",
      "from_name": "厦门空港",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "厦门空港 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-08-月-15-日-9687db2b867c.md",
          "chunk_id": "chunk:d11d635681ec",
          "chunk_index": 4,
          "quote_summary": "公司当前业务量与利润均呈增长势头，且2025年4月披露的股东回报规划已覆盖新旧机场过渡期，市场信心充足，看好未来新旧资产的融合式发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:600897",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "43ab36bff982",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 三季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-客座率高位-票价承压-业绩有望稳增-b3160ebb2276.md",
          "chunk_id": "chunk:4a27a99033b7",
          "chunk_index": 1,
          "quote_summary": "行业供给收缩确定性较强，运力提升空间有限，供需持续改善有望带动票价及客座率回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:三季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9ec8ee871b0a",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md",
          "chunk_id": "chunk:8f25175a86d3",
          "chunk_index": 17,
          "quote_summary": "低成本航司票价表现韧性较强，机队扩张、国际航线修复、票价降幅收敛及成本端改善有望共同支撑公司业绩继续上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d0b867bfe005",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-ch-bda28c4afc32.md",
          "chunk_id": "chunk:a1c640004084",
          "chunk_index": 3,
          "quote_summary": "低成本航空模式具備顯著成本優勢，機隊持續擴張與國際航線高增速恢復構成核心成長動能，數字化成本管控與飛機利用率提升有效對沖行業票價下行壓力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8789f27af726",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:低成本航空",
      "to_name": "低成本航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 低成本航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md",
          "chunk_id": "chunk:8f25175a86d3",
          "chunk_index": 17,
          "quote_summary": "低成本航司票价表现韧性较强，机队扩张、国际航线修复、票价降幅收敛及成本端改善有望共同支撑公司业绩继续上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:低成本航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3be4058f0f92",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:供需改善",
      "to_name": "供需改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 供需改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年中报点评-短期税盾影响利润增速-中长期看好经营稳健性-832f0bf7834e.md",
          "chunk_id": "chunk:d4376ab73e5c",
          "chunk_index": 1,
          "quote_summary": "行业供给收缩确定性较强，叠加民航局倡导“反内卷”改善竞争格局，有望推动票价回升并释放业绩弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:供需改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0d11bd380297",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:供需格局",
      "to_name": "供需格局",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 供需格局。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-客座率高位-票价承压-业绩有望稳增-b3160ebb2276.md",
          "chunk_id": "chunk:4a27a99033b7",
          "chunk_index": 1,
          "quote_summary": "行业供给收缩确定性较强，运力提升空间有限，供需持续改善有望带动票价及客座率回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:供需格局",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ea3f70fb53d0",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-5766424ee916.md",
          "chunk_id": "chunk:295fd17aa19b",
          "chunk_index": 0,
          "quote_summary": "国际航线运力大幅投放带动业务量增长，有效对冲票价下行压力，支撑营收稳健扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "48a63abe9328",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md",
          "chunk_id": "chunk:8f25175a86d3",
          "chunk_index": 17,
          "quote_summary": "低成本航司票价表现韧性较强，机队扩张、国际航线修复、票价降幅收敛及成本端改善有望共同支撑公司业绩继续上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7fe4b7622e20",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:国际航线复苏",
      "to_name": "国际航线复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 国际航线复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-5766424ee916.md",
          "chunk_id": "chunk:295fd17aa19b",
          "chunk_index": 0,
          "quote_summary": "国际航线运力大幅投放带动业务量增长，有效对冲票价下行压力，支撑营收稳健扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:国际航线复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "df74f6d336bd",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:國際航線恢復",
      "to_name": "國際航線恢復",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 國際航線恢復。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-ch-bda28c4afc32.md",
          "chunk_id": "chunk:a1c640004084",
          "chunk_index": 3,
          "quote_summary": "低成本航空模式具備顯著成本優勢，機隊持續擴張與國際航線高增速恢復構成核心成長動能，數字化成本管控與飛機利用率提升有效對沖行業票價下行壓力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:國際航線恢復",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d9b7e5eaefbf",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:客座率",
      "to_name": "客座率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 客座率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-101b70567709.md",
          "chunk_id": "chunk:ad312b0c9357",
          "chunk_index": 1,
          "quote_summary": "看好行业供需改善带动票价回升以及公司量价回升，中长期航网布局深化将提升票价水平及盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:客座率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9552eba7e3a6",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:成本控制",
      "to_name": "成本控制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 成本控制。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-7903c43d959f.md",
          "chunk_id": "chunk:a9eb44ec681d",
          "chunk_index": 0,
          "quote_summary": "新航季计划航班量增速领跑同业，飞机日利用率较2019年仍有约10%缺口，未来周转提升将带动单位固定成本下降，驱动盈利改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:成本控制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0cab2db73201",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:成本管控",
      "to_name": "成本管控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 成本管控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md",
          "chunk_id": "chunk:8f25175a86d3",
          "chunk_index": 17,
          "quote_summary": "低成本航司票价表现韧性较强，机队扩张、国际航线修复、票价降幅收敛及成本端改善有望共同支撑公司业绩继续上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:成本管控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4ef699cf245d",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:收益管理",
      "to_name": "收益管理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 收益管理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-7903c43d959f.md",
          "chunk_id": "chunk:a9eb44ec681d",
          "chunk_index": 0,
          "quote_summary": "新航季计划航班量增速领跑同业，飞机日利用率较2019年仍有约10%缺口，未来周转提升将带动单位固定成本下降，驱动盈利改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:收益管理",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "83b85355fe0b",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:机队扩张",
      "to_name": "机队扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 机队扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md",
          "chunk_id": "chunk:8f25175a86d3",
          "chunk_index": 17,
          "quote_summary": "低成本航司票价表现韧性较强，机队扩张、国际航线修复、票价降幅收敛及成本端改善有望共同支撑公司业绩继续上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:机队扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6ff3f953b8af",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:機隊擴張",
      "to_name": "機隊擴張",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 機隊擴張。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-ch-bda28c4afc32.md",
          "chunk_id": "chunk:a1c640004084",
          "chunk_index": 3,
          "quote_summary": "低成本航空模式具備顯著成本優勢，機隊持續擴張與國際航線高增速恢復構成核心成長動能，數字化成本管控與飛機利用率提升有效對沖行業票價下行壓力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:機隊擴張",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f08db2c2af39",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:民航复苏",
      "to_name": "民航复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 民航复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-bc08fa838fa8.md",
          "chunk_id": "chunk:4fd5a57cf3f8",
          "chunk_index": 4,
          "quote_summary": "我国民航市场发展空间广阔，低成本航空持续展现经营韧性；当前油价明显下降，对航司成本节降形成显著利好；公司运力持续投放且国际航线扩张，业务量保持上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:民航复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5a0128dd0d95",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:油价",
      "to_name": "油价",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 油价。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-101b70567709.md",
          "chunk_id": "chunk:ad312b0c9357",
          "chunk_index": 1,
          "quote_summary": "看好行业供需改善带动票价回升以及公司量价回升，中长期航网布局深化将提升票价水平及盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:油价",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e31defdcf73c",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:油价下行",
      "to_name": "油价下行",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 油价下行。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-bc08fa838fa8.md",
          "chunk_id": "chunk:4fd5a57cf3f8",
          "chunk_index": 4,
          "quote_summary": "我国民航市场发展空间广阔，低成本航空持续展现经营韧性；当前油价明显下降，对航司成本节降形成显著利好；公司运力持续投放且国际航线扩张，业务量保持上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:油价下行",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5f2d4eb9982e",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:油价敏感性",
      "to_name": "油价敏感性",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 油价敏感性。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-优于大市-dd542bd9001b.md",
          "chunk_id": "chunk:b61bbb573015",
          "chunk_index": 0,
          "quote_summary": "民航复苏背景下公司运力投放保持较快增长，客座率维持高位，运价展现韧性，中长期机队有序扩张与国际航线修复将驱动业绩中枢稳步上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:油价敏感性",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "56ab521f47cd",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-5766424ee916.md",
          "chunk_id": "chunk:295fd17aa19b",
          "chunk_index": 0,
          "quote_summary": "国际航线运力大幅投放带动业务量增长，有效对冲票价下行压力，支撑营收稳健扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dc8d0cf95358",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:票价与成本",
      "to_name": "票价与成本",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 票价与成本。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-5766424ee916.md",
          "chunk_id": "chunk:295fd17aa19b",
          "chunk_index": 0,
          "quote_summary": "国际航线运力大幅投放带动业务量增长，有效对冲票价下行压力，支撑营收稳健扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:票价与成本",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dac58ac6c719",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:票价分析",
      "to_name": "票价分析",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 票价分析。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年半年报点评-ca95860047d8.md",
          "chunk_id": "chunk:541c1b89e6e2",
          "chunk_index": 2,
          "quote_summary": "看好公司价格韧性与经营能力，飞机利用率回升及中长期航网布局深化将带动票价水平与盈利能力持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:票价分析",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ba5c3a800d63",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:票价弹性",
      "to_name": "票价弹性",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 票价弹性。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-客座率高位-票价承压-业绩有望稳增-b3160ebb2276.md",
          "chunk_id": "chunk:4a27a99033b7",
          "chunk_index": 1,
          "quote_summary": "行业供给收缩确定性较强，运力提升空间有限，供需持续改善有望带动票价及客座率回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:票价弹性",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cfdd0ef124c5",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:票价韧性",
      "to_name": "票价韧性",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 票价韧性。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md",
          "chunk_id": "chunk:8f25175a86d3",
          "chunk_index": 17,
          "quote_summary": "低成本航司票价表现韧性较强，机队扩张、国际航线修复、票价降幅收敛及成本端改善有望共同支撑公司业绩继续上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:票价韧性",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ef6a242cec79",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:股东回报",
      "to_name": "股东回报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 股东回报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年半年报点评-ca95860047d8.md",
          "chunk_id": "chunk:541c1b89e6e2",
          "chunk_index": 2,
          "quote_summary": "看好公司价格韧性与经营能力，飞机利用率回升及中长期航网布局深化将带动票价水平与盈利能力持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:股东回报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "edb1bb1ef380",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:航油成本",
      "to_name": "航油成本",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 航油成本。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-客座率高位-票价承压-业绩有望稳增-b3160ebb2276.md",
          "chunk_id": "chunk:4a27a99033b7",
          "chunk_index": 1,
          "quote_summary": "行业供给收缩确定性较强，运力提升空间有限，供需持续改善有望带动票价及客座率回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:航油成本",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "83a3814b07a8",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-ch-bda28c4afc32.md",
          "chunk_id": "chunk:a1c640004084",
          "chunk_index": 3,
          "quote_summary": "低成本航空模式具備顯著成本優勢，機隊持續擴張與國際航線高增速恢復構成核心成長動能，數字化成本管控與飛機利用率提升有效對沖行業票價下行壓力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "36b0e0334481",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:航空运输",
      "to_name": "航空运输",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 航空运输。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md",
          "chunk_id": "chunk:8f25175a86d3",
          "chunk_index": 17,
          "quote_summary": "低成本航司票价表现韧性较强，机队扩张、国际航线修复、票价降幅收敛及成本端改善有望共同支撑公司业绩继续上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:航空运输",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5d514bc43aeb",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:航空運輸",
      "to_name": "航空運輸",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 航空運輸。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-ch-bda28c4afc32.md",
          "chunk_id": "chunk:a1c640004084",
          "chunk_index": 3,
          "quote_summary": "低成本航空模式具備顯著成本優勢，機隊持續擴張與國際航線高增速恢復構成核心成長動能，數字化成本管控與飛機利用率提升有效對沖行業票價下行壓力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:航空運輸",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "98551fd2e98f",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-优于大市-fef2e35fb07c.md",
          "chunk_id": "chunk:8f25175a86d3",
          "chunk_index": 17,
          "quote_summary": "低成本航司票价表现韧性较强，机队扩张、国际航线修复、票价降幅收敛及成本端改善有望共同支撑公司业绩继续上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "93eda001d067",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:财务预测",
      "to_name": "财务预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 财务预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-bc08fa838fa8.md",
          "chunk_id": "chunk:4fd5a57cf3f8",
          "chunk_index": 4,
          "quote_summary": "我国民航市场发展空间广阔，低成本航空持续展现经营韧性；当前油价明显下降，对航司成本节降形成显著利好；公司运力持续投放且国际航线扩张，业务量保持上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:财务预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "df24a63b65e9",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:运力扩张",
      "to_name": "运力扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 运力扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-优于大市-dd542bd9001b.md",
          "chunk_id": "chunk:b61bbb573015",
          "chunk_index": 0,
          "quote_summary": "民航复苏背景下公司运力投放保持较快增长，客座率维持高位，运价展现韧性，中长期机队有序扩张与国际航线修复将驱动业绩中枢稳步上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:运力扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "58524e0836ac",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:量价回升",
      "to_name": "量价回升",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 量价回升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年三季报点评-101b70567709.md",
          "chunk_id": "chunk:ad312b0c9357",
          "chunk_index": 1,
          "quote_summary": "看好行业供需改善带动票价回升以及公司量价回升，中长期航网布局深化将提升票价水平及盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:量价回升",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d41c6577fbb6",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-7903c43d959f.md",
          "chunk_id": "chunk:a9eb44ec681d",
          "chunk_index": 0,
          "quote_summary": "新航季计划航班量增速领跑同业，飞机日利用率较2019年仍有约10%缺口，未来周转提升将带动单位固定成本下降，驱动盈利改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cd5db0e20462",
      "from": "company:601021",
      "from_name": "春秋航空",
      "to": "topic:飞机利用率",
      "to_name": "飞机利用率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "春秋航空 研报中反复涉及 飞机利用率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-春秋航空-601021-sh-2025-年半年报点评-ca95860047d8.md",
          "chunk_id": "chunk:541c1b89e6e2",
          "chunk_index": 2,
          "quote_summary": "看好公司价格韧性与经营能力，飞机利用率回升及中长期航网布局深化将带动票价水平与盈利能力持续提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601021",
      "target": "topic:飞机利用率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2d4e692f4d49",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 三季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-2025-年三季报点评-8f6e831b93fc.md",
          "chunk_id": "chunk:638abf0846bd",
          "chunk_index": 0,
          "quote_summary": "公司主动控制运力投放以适应行业以价换量环境，座公里收益基本持平；非油成本受普惠发动机停场维修影响维持高位，但油价回落缓解整体成本压力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:三季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "16fbe3f0bb4d",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东-兴-证-券-股-份-有-限-公-司-证-券-研-究-报-告-7ac596104f13.md",
          "chunk_id": "chunk:a48c3675048f",
          "chunk_index": 2,
          "quote_summary": "经营基本面边际改善（客座率提升、燃油成本下降对冲票价下滑）叠加26年机队净增放缓，供给端维持低增长；短期受地缘冲突推升油价冲击，但估值已回落至历史低位充分定价悲观预期，静待油价企稳后业绩弹性释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6ddc7258068f",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:供需",
      "to_name": "供需",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 供需。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东-兴-证-券-股-份-有-限-公-司-证-券-研-究-报-告-7ac596104f13.md",
          "chunk_id": "chunk:a48c3675048f",
          "chunk_index": 2,
          "quote_summary": "经营基本面边际改善（客座率提升、燃油成本下降对冲票价下滑）叠加26年机队净增放缓，供给端维持低增长；短期受地缘冲突推升油价冲击，但估值已回落至历史低位充分定价悲观预期，静待油价企稳后业绩弹性释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:供需",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0a8392b48627",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:供需优化",
      "to_name": "供需优化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 供需优化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-b34da45b74ec.md",
          "chunk_id": "chunk:232fda228790",
          "chunk_index": 0,
          "quote_summary": "客运量增长对冲票价下滑，供需格局优化支撑中长期盈利修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:供需优化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f8808cb18e98",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:供需修复",
      "to_name": "供需修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 供需修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-b271a7b83bd8.md",
          "chunk_id": "chunk:8758602e9f46",
          "chunk_index": 1,
          "quote_summary": "行业供需关系持续修复，“反内卷”行动助力竞争格局改善，公司作为行业龙头有望显著受益，看好座收回升带来的业绩高弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:供需修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4133e1689c1c",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:供需格局",
      "to_name": "供需格局",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 供需格局。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-601111-sh-9bea4445b90e.md",
          "chunk_id": "chunk:69557ce6e964",
          "chunk_index": 10,
          "quote_summary": "中国唯一载旗航司，北京“一市两场”枢纽构筑核心区位与客源壁垒，国际航线网络覆盖广泛。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:供需格局",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c46e54eb6fa5",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:供需调控",
      "to_name": "供需调控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 供需调控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c247265ae62b.md",
          "chunk_id": "chunk:0dc30925d97f",
          "chunk_index": 6,
          "quote_summary": "24年航空业量升价降明显，公司亏损持续缩窄；25年民航局统筹供需与价格监管，行业重心转向提升收入质量，票价改善将释放盈利弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:供需调控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "514f4d8e6eba",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c02789740bbe.md",
          "chunk_id": "chunk:66a54e23096c",
          "chunk_index": 2,
          "quote_summary": "Q2实现扭亏，盈利回升主要受油价下降及国际航线占比提升带动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fbccdea541e3",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:反内卷",
      "to_name": "反内卷",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 反内卷。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c02789740bbe.md",
          "chunk_id": "chunk:66a54e23096c",
          "chunk_index": 2,
          "quote_summary": "Q2实现扭亏，盈利回升主要受油价下降及国际航线占比提升带动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:反内卷",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1360e0362d8a",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:反内卷政策",
      "to_name": "反内卷政策",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 反内卷政策。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-8d1d7fbbd773.md",
          "chunk_id": "chunk:ea8da5f58101",
          "chunk_index": 3,
          "quote_summary": "短期民航局整治“内卷式”竞争及客运自律公约落地，有望改善航司收益水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:反内卷政策",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "df7c6d2af400",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c02789740bbe.md",
          "chunk_id": "chunk:66a54e23096c",
          "chunk_index": 2,
          "quote_summary": "Q2实现扭亏，盈利回升主要受油价下降及国际航线占比提升带动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "37485df102aa",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:国泰航空",
      "to_name": "国泰航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 国泰航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-b271a7b83bd8.md",
          "chunk_id": "chunk:8758602e9f46",
          "chunk_index": 1,
          "quote_summary": "行业供需关系持续修复，“反内卷”行动助力竞争格局改善，公司作为行业龙头有望显著受益，看好座收回升带来的业绩高弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:国泰航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "26be790862e8",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:子公司增资",
      "to_name": "子公司增资",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 子公司增资。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-2025-年半年报点评-da42e1d3270a.md",
          "chunk_id": "chunk:54f09d39b4c9",
          "chunk_index": 1,
          "quote_summary": "看好航空行业价格底部回升趋势，但短期暑期旺季票价表现平淡，下调2025年盈利预测，中长期盈利修复逻辑依然稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:子公司增资",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1f350092d32c",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:定向增发",
      "to_name": "定向增发",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 定向增发。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-37c6f7288787.md",
          "chunk_id": "chunk:a43d7a8a9cae",
          "chunk_index": 1,
          "quote_summary": "行业供给偏紧叠加需求稳增，票价及航司座收有望持续修复，带来业绩高弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:定向增发",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aedbc206a56e",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:定增",
      "to_name": "定增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 定增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-b34da45b74ec.md",
          "chunk_id": "chunk:232fda228790",
          "chunk_index": 0,
          "quote_summary": "客运量增长对冲票价下滑，供需格局优化支撑中长期盈利修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:定增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fc676e50cb34",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:客座率",
      "to_name": "客座率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 客座率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-b34da45b74ec.md",
          "chunk_id": "chunk:232fda228790",
          "chunk_index": 0,
          "quote_summary": "客运量增长对冲票价下滑，供需格局优化支撑中长期盈利修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:客座率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5cf5df2006fb",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:成本控制",
      "to_name": "成本控制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 成本控制。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-2025-年三季报点评-8f6e831b93fc.md",
          "chunk_id": "chunk:638abf0846bd",
          "chunk_index": 0,
          "quote_summary": "公司主动控制运力投放以适应行业以价换量环境，座公里收益基本持平；非油成本受普惠发动机停场维修影响维持高位，但油价回落缓解整体成本压力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:成本控制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8d16b99070b9",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-2025-年半年报点评-da42e1d3270a.md",
          "chunk_id": "chunk:54f09d39b4c9",
          "chunk_index": 1,
          "quote_summary": "看好航空行业价格底部回升趋势，但短期暑期旺季票价表现平淡，下调2025年盈利预测，中长期盈利修复逻辑依然稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2c900af26d59",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:枢纽机场",
      "to_name": "枢纽机场",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 枢纽机场。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-601111-sh-9bea4445b90e.md",
          "chunk_id": "chunk:69557ce6e964",
          "chunk_index": 10,
          "quote_summary": "中国唯一载旗航司，北京“一市两场”枢纽构筑核心区位与客源壁垒，国际航线网络覆盖广泛。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:枢纽机场",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "298e8564a4ed",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-b34da45b74ec.md",
          "chunk_id": "chunk:232fda228790",
          "chunk_index": 0,
          "quote_summary": "客运量增长对冲票价下滑，供需格局优化支撑中长期盈利修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "79d441404fc2",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:汇率风险",
      "to_name": "汇率风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 汇率风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c247265ae62b.md",
          "chunk_id": "chunk:0dc30925d97f",
          "chunk_index": 6,
          "quote_summary": "24年航空业量升价降明显，公司亏损持续缩窄；25年民航局统筹供需与价格监管，行业重心转向提升收入质量，票价改善将释放盈利弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:汇率风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "be22b6b5c14b",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:油价",
      "to_name": "油价",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 油价。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c02789740bbe.md",
          "chunk_id": "chunk:66a54e23096c",
          "chunk_index": 2,
          "quote_summary": "Q2实现扭亏，盈利回升主要受油价下降及国际航线占比提升带动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:油价",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9db2535384c5",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:油价成本",
      "to_name": "油价成本",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 油价成本。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-2025-年半年报点评-da42e1d3270a.md",
          "chunk_id": "chunk:54f09d39b4c9",
          "chunk_index": 1,
          "quote_summary": "看好航空行业价格底部回升趋势，但短期暑期旺季票价表现平淡，下调2025年盈利预测，中长期盈利修复逻辑依然稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:油价成本",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "43c160b1662e",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:深圳航空",
      "to_name": "深圳航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 深圳航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-b271a7b83bd8.md",
          "chunk_id": "chunk:8758602e9f46",
          "chunk_index": 1,
          "quote_summary": "行业供需关系持续修复，“反内卷”行动助力竞争格局改善，公司作为行业龙头有望显著受益，看好座收回升带来的业绩高弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:深圳航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aafbe4f4f320",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:盈利修复",
      "to_name": "盈利修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 盈利修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-601111-sh-9bea4445b90e.md",
          "chunk_id": "chunk:69557ce6e964",
          "chunk_index": 10,
          "quote_summary": "中国唯一载旗航司，北京“一市两场”枢纽构筑核心区位与客源壁垒，国际航线网络覆盖广泛。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:盈利修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b195452c5542",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:盈利能力",
      "to_name": "盈利能力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 盈利能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-37c6f7288787.md",
          "chunk_id": "chunk:a43d7a8a9cae",
          "chunk_index": 1,
          "quote_summary": "行业供给偏紧叠加需求稳增，票价及航司座收有望持续修复，带来业绩高弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:盈利能力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9115d45cf7a8",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c247265ae62b.md",
          "chunk_id": "chunk:0dc30925d97f",
          "chunk_index": 6,
          "quote_summary": "24年航空业量升价降明显，公司亏损持续缩窄；25年民航局统筹供需与价格监管，行业重心转向提升收入质量，票价改善将释放盈利弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c94c88dcd83c",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:盈利预测调整",
      "to_name": "盈利预测调整",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 盈利预测调整。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-2025-年半年报点评-da42e1d3270a.md",
          "chunk_id": "chunk:54f09d39b4c9",
          "chunk_index": 1,
          "quote_summary": "看好航空行业价格底部回升趋势，但短期暑期旺季票价表现平淡，下调2025年盈利预测，中长期盈利修复逻辑依然稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:盈利预测调整",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "65e4a2972522",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:石油",
      "to_name": "石油",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 石油。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东-兴-证-券-股-份-有-限-公-司-证-券-研-究-报-告-7ac596104f13.md",
          "chunk_id": "chunk:a48c3675048f",
          "chunk_index": 2,
          "quote_summary": "经营基本面边际改善（客座率提升、燃油成本下降对冲票价下滑）叠加26年机队净增放缓，供给端维持低增长；短期受地缘冲突推升油价冲击，但估值已回落至历史低位充分定价悲观预期，静待油价企稳后业绩弹性释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:石油",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b35bc708c77c",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:票价",
      "to_name": "票价",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 票价。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-b271a7b83bd8.md",
          "chunk_id": "chunk:8758602e9f46",
          "chunk_index": 1,
          "quote_summary": "行业供需关系持续修复，“反内卷”行动助力竞争格局改善，公司作为行业龙头有望显著受益，看好座收回升带来的业绩高弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:票价",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "948285dc60e9",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:票价修复",
      "to_name": "票价修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 票价修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c247265ae62b.md",
          "chunk_id": "chunk:0dc30925d97f",
          "chunk_index": 6,
          "quote_summary": "24年航空业量升价降明显，公司亏损持续缩窄；25年民航局统筹供需与价格监管，行业重心转向提升收入质量，票价改善将释放盈利弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:票价修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6caa8f8a7b8d",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:票价市场化",
      "to_name": "票价市场化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 票价市场化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-601111-sh-9bea4445b90e.md",
          "chunk_id": "chunk:69557ce6e964",
          "chunk_index": 10,
          "quote_summary": "中国唯一载旗航司，北京“一市两场”枢纽构筑核心区位与客源壁垒，国际航线网络覆盖广泛。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:票价市场化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "65722f45a11b",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:票价弹性",
      "to_name": "票价弹性",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 票价弹性。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c02789740bbe.md",
          "chunk_id": "chunk:66a54e23096c",
          "chunk_index": 2,
          "quote_summary": "Q2实现扭亏，盈利回升主要受油价下降及国际航线占比提升带动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:票价弹性",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7d9830d702bd",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:票价收益",
      "to_name": "票价收益",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 票价收益。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-8d1d7fbbd773.md",
          "chunk_id": "chunk:ea8da5f58101",
          "chunk_index": 3,
          "quote_summary": "短期民航局整治“内卷式”竞争及客运自律公约落地，有望改善航司收益水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:票价收益",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "94c658e0de2e",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:票价策略",
      "to_name": "票价策略",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 票价策略。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-2025-年半年报点评-da42e1d3270a.md",
          "chunk_id": "chunk:54f09d39b4c9",
          "chunk_index": 1,
          "quote_summary": "看好航空行业价格底部回升趋势，但短期暑期旺季票价表现平淡，下调2025年盈利预测，中长期盈利修复逻辑依然稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:票价策略",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9c62cfee0654",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:航油成本",
      "to_name": "航油成本",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 航油成本。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-601111-sh-9bea4445b90e.md",
          "chunk_id": "chunk:69557ce6e964",
          "chunk_index": 10,
          "quote_summary": "中国唯一载旗航司，北京“一市两场”枢纽构筑核心区位与客源壁垒，国际航线网络覆盖广泛。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:航油成本",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6ff6c1e52784",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-601111-sh-9bea4445b90e.md",
          "chunk_id": "chunk:69557ce6e964",
          "chunk_index": 10,
          "quote_summary": "中国唯一载旗航司，北京“一市两场”枢纽构筑核心区位与客源壁垒，国际航线网络覆盖广泛。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "33e6e8317dd7",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:航空客运",
      "to_name": "航空客运",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 航空客运。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东兴证券股份有限公司证券研究报告-c247265ae62b.md",
          "chunk_id": "chunk:0dc30925d97f",
          "chunk_index": 6,
          "quote_summary": "24年航空业量升价降明显，公司亏损持续缩窄；25年民航局统筹供需与价格监管，行业重心转向提升收入质量，票价改善将释放盈利弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:航空客运",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0776ef68664c",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:航空运输",
      "to_name": "航空运输",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 航空运输。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-601111-sh-9bea4445b90e.md",
          "chunk_id": "chunk:69557ce6e964",
          "chunk_index": 10,
          "quote_summary": "中国唯一载旗航司，北京“一市两场”枢纽构筑核心区位与客源壁垒，国际航线网络覆盖广泛。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:航空运输",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "084df68834e9",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-601111-sh-9bea4445b90e.md",
          "chunk_id": "chunk:69557ce6e964",
          "chunk_index": 10,
          "quote_summary": "中国唯一载旗航司，北京“一市两场”枢纽构筑核心区位与客源壁垒，国际航线网络覆盖广泛。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4e1a3764afc2",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:财务费用",
      "to_name": "财务费用",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 财务费用。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-8d1d7fbbd773.md",
          "chunk_id": "chunk:ea8da5f58101",
          "chunk_index": 3,
          "quote_summary": "短期民航局整治“内卷式”竞争及客运自律公约落地，有望改善航司收益水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:财务费用",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1d08e13da3b2",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:财务费用优化",
      "to_name": "财务费用优化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 财务费用优化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-2025-年半年报点评-da42e1d3270a.md",
          "chunk_id": "chunk:54f09d39b4c9",
          "chunk_index": 1,
          "quote_summary": "看好航空行业价格底部回升趋势，但短期暑期旺季票价表现平淡，下调2025年盈利预测，中长期盈利修复逻辑依然稳固。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:财务费用优化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a2df8d404648",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:资产负债率",
      "to_name": "资产负债率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 资产负债率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-b34da45b74ec.md",
          "chunk_id": "chunk:232fda228790",
          "chunk_index": 0,
          "quote_summary": "客运量增长对冲票价下滑，供需格局优化支撑中长期盈利修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:资产负债率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9aa67557e9fb",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:资本结构优化",
      "to_name": "资本结构优化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 资本结构优化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国国航-601111-sh-2025-年三季报点评-8f6e831b93fc.md",
          "chunk_id": "chunk:638abf0846bd",
          "chunk_index": 0,
          "quote_summary": "公司主动控制运力投放以适应行业以价换量环境，座公里收益基本持平；非油成本受普惠发动机停场维修影响维持高位，但油价回落缓解整体成本压力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:资本结构优化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8cb09df512b5",
      "from": "company:601111",
      "from_name": "中国国航",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国国航 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东-兴-证-券-股-份-有-限-公-司-证-券-研-究-报-告-7ac596104f13.md",
          "chunk_id": "chunk:a48c3675048f",
          "chunk_index": 2,
          "quote_summary": "经营基本面边际改善（客座率提升、燃油成本下降对冲票价下滑）叠加26年机队净增放缓，供给端维持低增长；短期受地缘冲突推升油价冲击，但估值已回落至历史低位充分定价悲观预期，静待油价企稳后业绩弹性释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601111",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "af99adc63628",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:业绩点评",
      "to_name": "业绩点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 业绩点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-b82acd8464ed.md",
          "chunk_id": "chunk:cc7907b0011d",
          "chunk_index": 0,
          "quote_summary": "关税政策冲击导致Q3业绩小幅回落，但航空速运业务凭借运力增长与长协价实现逆势增长，展现业务韧性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:业绩点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9c210860ce12",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:业绩韧性",
      "to_name": "业绩韧性",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 业绩韧性。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-物流-2acff3e1a03a.md",
          "chunk_id": "chunk:950564894458",
          "chunk_index": 0,
          "quote_summary": "关税风险下经营显韧性，Q4旺季营收利润重回正增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:业绩韧性",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e151c0224043",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md",
          "chunk_id": "chunk:8ae46138bd2a",
          "chunk_index": 0,
          "quote_summary": "运力资源充足且2025年增长确定，拥有15架B777全货机并独家经营东航股份800余架客机腹舱，有望承接新增空运需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5463f9fd8da5",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:关税影响",
      "to_name": "关税影响",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 关税影响。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-优于大市-73cb372b190c.md",
          "chunk_id": "chunk:2fd491d6dbc7",
          "chunk_index": 0,
          "quote_summary": "关税扰动下经营韧性凸显，核心资源价值支撑中长期可持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:关税影响",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1a32f52649be",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:关税政策",
      "to_name": "关税政策",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 关税政策。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-5-月-7-日-6f05c2fad788.md",
          "chunk_id": "chunk:055e9ac2cd6d",
          "chunk_index": 0,
          "quote_summary": "跨境电商物流需求旺盛带动综合物流解决方案业务高增长，公司具备“一站式”物流解决方案能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:关税政策",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f329fd4e16cb",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:关税政策影响",
      "to_name": "关税政策影响",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 关税政策影响。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-461b7c1a6e0b.md",
          "chunk_id": "chunk:0dd3f2554d8d",
          "chunk_index": 0,
          "quote_summary": "跨境电商物流短期受美国关税政策冲击，但公司通过优化航线结构、提升全货机利用率及拓展产地直达业务有效对冲负面影响，整体抗风险能力增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:关税政策影响",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f1b2a61549b0",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:关税风险",
      "to_name": "关税风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 关税风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交通运输-物流-2acff3e1a03a.md",
          "chunk_id": "chunk:950564894458",
          "chunk_index": 0,
          "quote_summary": "关税风险下经营显韧性，Q4旺季营收利润重回正增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:关税风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3093b5f97415",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-优于大市-73cb372b190c.md",
          "chunk_id": "chunk:2fd491d6dbc7",
          "chunk_index": 0,
          "quote_summary": "关税扰动下经营韧性凸显，核心资源价值支撑中长期可持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f410965ef1ce",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:医药冷链",
      "to_name": "医药冷链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 医药冷链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-医药冷链业务快速推进-q2-业绩增长凸显经营韧性-36138034d827.md",
          "chunk_id": "chunk:a4775fafb698",
          "chunk_index": 0,
          "quote_summary": "公司通过灵活调整产品组合，快速做大医药冷链与产地直达业务，有效弥补跨境电商物流收入下滑，业务结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:医药冷链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8c64a17a6559",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-优于大市-73cb372b190c.md",
          "chunk_id": "chunk:2fd491d6dbc7",
          "chunk_index": 0,
          "quote_summary": "关税扰动下经营韧性凸显，核心资源价值支撑中长期可持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "75e16f0ef63d",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:成本控制",
      "to_name": "成本控制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 成本控制。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2024-年年报点评-603c54acde42.md",
          "chunk_id": "chunk:36499607afd7",
          "chunk_index": 0,
          "quote_summary": "全年盈利受益于亚太至欧美空运市场高景气，运价与货量双升带动盈利中枢同比抬升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:成本控制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "154530c2f4cc",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:战略合作",
      "to_name": "战略合作",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 战略合作。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-b82acd8464ed.md",
          "chunk_id": "chunk:cc7907b0011d",
          "chunk_index": 0,
          "quote_summary": "关税政策冲击导致Q3业绩小幅回落，但航空速运业务凭借运力增长与长协价实现逆势增长，展现业务韧性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:战略合作",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a61efcb237a3",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:所得税影响",
      "to_name": "所得税影响",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 所得税影响。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-5-月-7-日-6f05c2fad788.md",
          "chunk_id": "chunk:055e9ac2cd6d",
          "chunk_index": 0,
          "quote_summary": "跨境电商物流需求旺盛带动综合物流解决方案业务高增长，公司具备“一站式”物流解决方案能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:所得税影响",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c57346864cbd",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-b82acd8464ed.md",
          "chunk_id": "chunk:cc7907b0011d",
          "chunk_index": 0,
          "quote_summary": "关税政策冲击导致Q3业绩小幅回落，但航空速运业务凭借运力增长与长协价实现逆势增长，展现业务韧性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "03ccaaa464b5",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:旺季量价修复",
      "to_name": "旺季量价修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 旺季量价修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2025-年三季报点评-358872701f9f.md",
          "chunk_id": "chunk:9e00fa2030d1",
          "chunk_index": 0,
          "quote_summary": "机队规模持续扩张奠定长期运力基础，短期利用率回落属阶段性检修所致，Q4运力释放叠加传统消费旺季有望驱动盈利同比大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:旺季量价修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eb347a40aff0",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:机队扩张",
      "to_name": "机队扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 机队扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2025-年三季报点评-358872701f9f.md",
          "chunk_id": "chunk:9e00fa2030d1",
          "chunk_index": 0,
          "quote_summary": "机队规模持续扩张奠定长期运力基础，短期利用率回落属阶段性检修所致，Q4运力释放叠加传统消费旺季有望驱动盈利同比大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:机队扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bd76a26d1a94",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:毛利率改善",
      "to_name": "毛利率改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 毛利率改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-优于大市-73cb372b190c.md",
          "chunk_id": "chunk:2fd491d6dbc7",
          "chunk_index": 0,
          "quote_summary": "关税扰动下经营韧性凸显，核心资源价值支撑中长期可持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:毛利率改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "904f0b693f80",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:盈利预测上调",
      "to_name": "盈利预测上调",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 盈利预测上调。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-461b7c1a6e0b.md",
          "chunk_id": "chunk:0dd3f2554d8d",
          "chunk_index": 0,
          "quote_summary": "跨境电商物流短期受美国关税政策冲击，但公司通过优化航线结构、提升全货机利用率及拓展产地直达业务有效对冲负面影响，整体抗风险能力增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:盈利预测上调",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d300df81a181",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:盈利预测下调",
      "to_name": "盈利预测下调",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 盈利预测下调。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-优于大市-73cb372b190c.md",
          "chunk_id": "chunk:2fd491d6dbc7",
          "chunk_index": 0,
          "quote_summary": "关税扰动下经营韧性凸显，核心资源价值支撑中长期可持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:盈利预测下调",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "10db686a5911",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:经营韧性",
      "to_name": "经营韧性",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 经营韧性。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-医药冷链业务快速推进-q2-业绩增长凸显经营韧性-36138034d827.md",
          "chunk_id": "chunk:a4775fafb698",
          "chunk_index": 0,
          "quote_summary": "公司通过灵活调整产品组合，快速做大医药冷链与产地直达业务，有效弥补跨境电商物流收入下滑，业务结构持续优化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:经营韧性",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "791f03f6e99a",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:综合物流",
      "to_name": "综合物流",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 综合物流。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md",
          "chunk_id": "chunk:8ae46138bd2a",
          "chunk_index": 0,
          "quote_summary": "运力资源充足且2025年增长确定，拥有15架B777全货机并独家经营东航股份800余架客机腹舱，有望承接新增空运需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:综合物流",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f61615177948",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md",
          "chunk_id": "chunk:8ae46138bd2a",
          "chunk_index": 0,
          "quote_summary": "运力资源充足且2025年增长确定，拥有15架B777全货机并独家经营东航股份800余架客机腹舱，有望承接新增空运需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9e972f6c03bb",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:航空物流",
      "to_name": "航空物流",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 航空物流。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md",
          "chunk_id": "chunk:8ae46138bd2a",
          "chunk_index": 0,
          "quote_summary": "运力资源充足且2025年增长确定，拥有15架B777全货机并独家经营东航股份800余架客机腹舱，有望承接新增空运需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:航空物流",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "62a211741c60",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:航空货运",
      "to_name": "航空货运",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 航空货运。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md",
          "chunk_id": "chunk:8ae46138bd2a",
          "chunk_index": 0,
          "quote_summary": "运力资源充足且2025年增长确定，拥有15架B777全货机并独家经营东航股份800余架客机腹舱，有望承接新增空运需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:航空货运",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0b6d0af1c923",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:航线网络优化",
      "to_name": "航线网络优化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 航线网络优化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-461b7c1a6e0b.md",
          "chunk_id": "chunk:0dd3f2554d8d",
          "chunk_index": 0,
          "quote_summary": "跨境电商物流短期受美国关税政策冲击，但公司通过优化航线结构、提升全货机利用率及拓展产地直达业务有效对冲负面影响，整体抗风险能力增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:航线网络优化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "51f23e3d21e5",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md",
          "chunk_id": "chunk:8ae46138bd2a",
          "chunk_index": 0,
          "quote_summary": "运力资源充足且2025年增长确定，拥有15架B777全货机并独家经营东航股份800余架客机腹舱，有望承接新增空运需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eaccc0543392",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:货站业务",
      "to_name": "货站业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 货站业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2025-年三季报点评-358872701f9f.md",
          "chunk_id": "chunk:9e00fa2030d1",
          "chunk_index": 0,
          "quote_summary": "机队规模持续扩张奠定长期运力基础，短期利用率回落属阶段性检修所致，Q4运力释放叠加传统消费旺季有望驱动盈利同比大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:货站业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e1cac9a1fd7d",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:跨境电商",
      "to_name": "跨境电商",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 跨境电商。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md",
          "chunk_id": "chunk:8ae46138bd2a",
          "chunk_index": 0,
          "quote_summary": "运力资源充足且2025年增长确定，拥有15架B777全货机并独家经营东航股份800余架客机腹舱，有望承接新增空运需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:跨境电商",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d4a2127d08a7",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:跨境电商物流",
      "to_name": "跨境电商物流",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 跨境电商物流。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-461b7c1a6e0b.md",
          "chunk_id": "chunk:0dd3f2554d8d",
          "chunk_index": 0,
          "quote_summary": "跨境电商物流短期受美国关税政策冲击，但公司通过优化航线结构、提升全货机利用率及拓展产地直达业务有效对冲负面影响，整体抗风险能力增强。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:跨境电商物流",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ab2e63ffcadf",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:运价",
      "to_name": "运价",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 运价。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2024-年年报点评-603c54acde42.md",
          "chunk_id": "chunk:36499607afd7",
          "chunk_index": 0,
          "quote_summary": "全年盈利受益于亚太至欧美空运市场高景气，运价与货量双升带动盈利中枢同比抬升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:运价",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5416001d1c17",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:运价波动",
      "to_name": "运价波动",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 运价波动。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-5-月-7-日-6f05c2fad788.md",
          "chunk_id": "chunk:055e9ac2cd6d",
          "chunk_index": 0,
          "quote_summary": "跨境电商物流需求旺盛带动综合物流解决方案业务高增长，公司具备“一站式”物流解决方案能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:运价波动",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "431887648791",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:运力供给",
      "to_name": "运力供给",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 运力供给。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2d1f8078de4d.md",
          "chunk_id": "chunk:8ae46138bd2a",
          "chunk_index": 0,
          "quote_summary": "运力资源充足且2025年增长确定，拥有15架B777全货机并独家经营东航股份800余架客机腹舱，有望承接新增空运需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:运力供给",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ec53bb027050",
      "from": "company:601156",
      "from_name": "东航物流",
      "to": "topic:高端制造出海",
      "to_name": "高端制造出海",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "东航物流 研报中反复涉及 高端制造出海。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东航物流-601156-sh-2025-年半年报点评-e8d729eac717.md",
          "chunk_id": "chunk:ac96f8e86476",
          "chunk_index": 1,
          "quote_summary": "短期电商全托管模式延续，长期高端制造出海支撑空运需求，机队规模扩大助力盈利超额增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601156",
      "target": "topic:高端制造出海",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cd50caddcd85",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:ipo询价",
      "to_name": "ipo询价",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 IPO询价。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-fb27c26d2b3f.md",
          "chunk_id": "chunk:b238af36e13c",
          "chunk_index": 0,
          "quote_summary": "公司专注弹药武器装备研制，核心产品全面覆盖海陆空火箭军，正由传统弹药向信息化、精确打击弹药跨越，技术处于国内领先或国际先进水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:ipo询价",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "08f2e00aa2b8",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md",
          "chunk_id": "chunk:584c56f60c37",
          "chunk_index": 8,
          "quote_summary": "实战化训练常态化催生弹药消耗需求，“十四五”期间弹药赛道维持高景气度。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e912214630cb",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:价格",
      "to_name": "价格",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 价格。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新股网下申购询价建议报告-长城军工-3992fb495e2c.md",
          "chunk_id": "chunk:ca67d0cbd9d2",
          "chunk_index": 1,
          "quote_summary": "军品订货量保持全国地方军工领先地位，科研生产向高新武器技术装备跨越；民品业务稳步增长，军转民及传统优势项目成为经济新增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:价格",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8b4aa501526b",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:估值分析",
      "to_name": "估值分析",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 估值分析。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-恒泰证券-e2fc888c7acf.md",
          "chunk_id": "chunk:eb9dca5bdc4c",
          "chunk_index": 0,
          "quote_summary": "国防支出持续快速增长且占GDP比重具备提升空间，为军工行业提供长期景气支撑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:估值分析",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "331fb7b28107",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:信息化战争",
      "to_name": "信息化战争",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 信息化战争。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-fb27c26d2b3f.md",
          "chunk_id": "chunk:b238af36e13c",
          "chunk_index": 0,
          "quote_summary": "公司专注弹药武器装备研制，核心产品全面覆盖海陆空火箭军，正由传统弹药向信息化、精确打击弹药跨越，技术处于国内领先或国际先进水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:信息化战争",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3eb2cef9f8a1",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:7905ef8f2965",
          "chunk_index": 6,
          "quote_summary": "央地合作典范，控股股东变更为中国兵器装备集团，集团资源倾斜与装备体系牵引为公司注入发展新动能。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1d82c6474632",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:军民融合",
      "to_name": "军民融合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 军民融合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-fb27c26d2b3f.md",
          "chunk_id": "chunk:b238af36e13c",
          "chunk_index": 0,
          "quote_summary": "公司专注弹药武器装备研制，核心产品全面覆盖海陆空火箭军，正由传统弹药向信息化、精确打击弹药跨越，技术处于国内领先或国际先进水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:军民融合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c20d89311b74",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:军转民",
      "to_name": "军转民",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 军转民。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新股网下申购询价建议报告-长城军工-3992fb495e2c.md",
          "chunk_id": "chunk:ca67d0cbd9d2",
          "chunk_index": 1,
          "quote_summary": "军品订货量保持全国地方军工领先地位，科研生产向高新武器技术装备跨越；民品业务稳步增长，军转民及传统优势项目成为经济新增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:军转民",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c85783a59eb5",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:7905ef8f2965",
          "chunk_index": 6,
          "quote_summary": "央地合作典范，控股股东变更为中国兵器装备集团，集团资源倾斜与装备体系牵引为公司注入发展新动能。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6f5b55fe060b",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:募投项目",
      "to_name": "募投项目",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 募投项目。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-610931a94901.md",
          "chunk_id": "chunk:af6d731ae30a",
          "chunk_index": 4,
          "quote_summary": "弹药作为战场消耗品，在备战储备和实战化训练常态化背景下需求持续增长，业务具备高成长性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:募投项目",
      "label": "involves_topic",
      "category": "topic",
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    },
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      "edge_id": "a3bee836fb69",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:国防预算",
      "to_name": "国防预算",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 国防预算。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-恒泰证券-e2fc888c7acf.md",
          "chunk_id": "chunk:eb9dca5bdc4c",
          "chunk_index": 0,
          "quote_summary": "国防支出持续快速增长且占GDP比重具备提升空间，为军工行业提供长期景气支撑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:国防预算",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "55de44a3dc0c",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:央企重组",
      "to_name": "央企重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 央企重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:7905ef8f2965",
          "chunk_index": 6,
          "quote_summary": "央地合作典范，控股股东变更为中国兵器装备集团，集团资源倾斜与装备体系牵引为公司注入发展新动能。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:央企重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
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      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:实战化训练",
      "to_name": "实战化训练",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 实战化训练。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:7905ef8f2965",
          "chunk_index": 6,
          "quote_summary": "央地合作典范，控股股东变更为中国兵器装备集团，集团资源倾斜与装备体系牵引为公司注入发展新动能。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:实战化训练",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "14b308100a22",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:弹药",
      "to_name": "弹药",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 弹药。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:7905ef8f2965",
          "chunk_index": 6,
          "quote_summary": "央地合作典范，控股股东变更为中国兵器装备集团，集团资源倾斜与装备体系牵引为公司注入发展新动能。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:弹药",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "100e19ea6308",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:弹药装备",
      "to_name": "弹药装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 弹药装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-fb27c26d2b3f.md",
          "chunk_id": "chunk:b238af36e13c",
          "chunk_index": 0,
          "quote_summary": "公司专注弹药武器装备研制，核心产品全面覆盖海陆空火箭军，正由传统弹药向信息化、精确打击弹药跨越，技术处于国内领先或国际先进水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:弹药装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "10e264cbe0d5",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-fb27c26d2b3f.md",
          "chunk_id": "chunk:b238af36e13c",
          "chunk_index": 0,
          "quote_summary": "公司专注弹药武器装备研制，核心产品全面覆盖海陆空火箭军，正由传统弹药向信息化、精确打击弹药跨越，技术处于国内领先或国际先进水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6557bdaa6864",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:新股申购",
      "to_name": "新股申购",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 新股申购。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-恒泰证券-e2fc888c7acf.md",
          "chunk_id": "chunk:eb9dca5bdc4c",
          "chunk_index": 0,
          "quote_summary": "国防支出持续快速增长且占GDP比重具备提升空间，为军工行业提供长期景气支撑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:新股申购",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6b758dd3b6dd",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:新股网下申购",
      "to_name": "新股网下申购",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 新股网下申购。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新股网下申购询价建议报告-长城军工-3992fb495e2c.md",
          "chunk_id": "chunk:ca67d0cbd9d2",
          "chunk_index": 1,
          "quote_summary": "军品订货量保持全国地方军工领先地位，科研生产向高新武器技术装备跨越；民品业务稳步增长，军转民及传统优势项目成为经济新增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:新股网下申购",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4d99b958ef77",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:智能化",
      "to_name": "智能化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 智能化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-610931a94901.md",
          "chunk_id": "chunk:af6d731ae30a",
          "chunk_index": 4,
          "quote_summary": "弹药作为战场消耗品，在备战储备和实战化训练常态化背景下需求持续增长，业务具备高成长性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:智能化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff0980fe4c8d",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:智能化弹药",
      "to_name": "智能化弹药",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 智能化弹药。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:7905ef8f2965",
          "chunk_index": 6,
          "quote_summary": "央地合作典范，控股股东变更为中国兵器装备集团，集团资源倾斜与装备体系牵引为公司注入发展新动能。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:智能化弹药",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1375e1253cac",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-2021-年年报点评-16fb772fa1e3.md",
          "chunk_id": "chunk:584c56f60c37",
          "chunk_index": 8,
          "quote_summary": "实战化训练常态化催生弹药消耗需求，“十四五”期间弹药赛道维持高景气度。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "35db68779666",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:民爆器材",
      "to_name": "民爆器材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 民爆器材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新股网下申购询价建议报告-长城军工-3992fb495e2c.md",
          "chunk_id": "chunk:ca67d0cbd9d2",
          "chunk_index": 1,
          "quote_summary": "军品订货量保持全国地方军工领先地位，科研生产向高新武器技术装备跨越；民品业务稳步增长，军转民及传统优势项目成为经济新增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:民爆器材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b0a29fe6ebbb",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:汽车零部件",
      "to_name": "汽车零部件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 汽车零部件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新股网下申购询价建议报告-长城军工-3992fb495e2c.md",
          "chunk_id": "chunk:ca67d0cbd9d2",
          "chunk_index": 1,
          "quote_summary": "军品订货量保持全国地方军工领先地位，科研生产向高新武器技术装备跨越；民品业务稳步增长，军转民及传统优势项目成为经济新增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:汽车零部件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "411a74ca00df",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:消耗品",
      "to_name": "消耗品",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 消耗品。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-610931a94901.md",
          "chunk_id": "chunk:af6d731ae30a",
          "chunk_index": 4,
          "quote_summary": "弹药作为战场消耗品，在备战储备和实战化训练常态化背景下需求持续增长，业务具备高成长性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:消耗品",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "543f888528fd",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:7905ef8f2965",
          "chunk_index": 6,
          "quote_summary": "央地合作典范，控股股东变更为中国兵器装备集团，集团资源倾斜与装备体系牵引为公司注入发展新动能。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b7a5dfc02bde",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司深度报告-f04570c0fa80.md",
          "chunk_id": "chunk:7905ef8f2965",
          "chunk_index": 6,
          "quote_summary": "央地合作典范，控股股东变更为中国兵器装备集团，集团资源倾斜与装备体系牵引为公司注入发展新动能。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9908ff9876fa",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:预应力锚具",
      "to_name": "预应力锚具",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 预应力锚具。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-长城军工-601606-610931a94901.md",
          "chunk_id": "chunk:af6d731ae30a",
          "chunk_index": 4,
          "quote_summary": "弹药作为战场消耗品，在备战储备和实战化训练常态化背景下需求持续增长，业务具备高成长性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:预应力锚具",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7d6d3069e1b3",
      "from": "company:601606",
      "from_name": "长城军工",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "长城军工 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新股网下申购询价建议报告-长城军工-3992fb495e2c.md",
          "chunk_id": "chunk:ca67d0cbd9d2",
          "chunk_index": 1,
          "quote_summary": "军品订货量保持全国地方军工领先地位，科研生产向高新武器技术装备跨越；民品业务稳步增长，军转民及传统优势项目成为经济新增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601606",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1273bfbc83c3",
      "from": "company:601698",
      "from_name": "中国卫通",
      "to": "topic:三季报点评",
      "to_name": "三季报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫通 研报中反复涉及 三季报点评。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-中国卫通-601698-sh-2024-年三季报点评-54ac45a73471.md",
          "chunk_id": "chunk:b6c5e61e2826",
          "chunk_index": 1,
          "quote_summary": "公司聚焦通信卫星运营主业，积极拓展航空、航海等新领域需求，高通量卫星资源融入打造新增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601698",
      "target": "topic:三季报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff2ce31653f4",
      "from": "company:601698",
      "from_name": "中国卫通",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫通 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0ee29d0e791f.md",
          "chunk_id": "chunk:c7d519d39d23",
          "chunk_index": 0,
          "quote_summary": "费用管控优化叠加卫星保险理赔收入，推动归母净利润实现快速增长"
        }
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601698",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cb718ba5ea1e",
      "from": "company:601698",
      "from_name": "中国卫通",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫通 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0ee29d0e791f.md",
          "chunk_id": "chunk:c7d519d39d23",
          "chunk_index": 0,
          "quote_summary": "费用管控优化叠加卫星保险理赔收入，推动归母净利润实现快速增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601698",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6a058dbbb0d0",
      "from": "company:601698",
      "from_name": "中国卫通",
      "to": "topic:卫星",
      "to_name": "卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫通 研报中反复涉及 卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0ee29d0e791f.md",
          "chunk_id": "chunk:c7d519d39d23",
          "chunk_index": 0,
          "quote_summary": "费用管控优化叠加卫星保险理赔收入，推动归母净利润实现快速增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601698",
      "target": "topic:卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "200d4c60983b",
      "from": "company:601698",
      "from_name": "中国卫通",
      "to": "topic:卫星互联网",
      "to_name": "卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫通 研报中反复涉及 卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0ee29d0e791f.md",
          "chunk_id": "chunk:c7d519d39d23",
          "chunk_index": 0,
          "quote_summary": "费用管控优化叠加卫星保险理赔收入，推动归母净利润实现快速增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601698",
      "target": "topic:卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "144a2603b998",
      "from": "company:601698",
      "from_name": "中国卫通",
      "to": "topic:卫星通信运营",
      "to_name": "卫星通信运营",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫通 研报中反复涉及 卫星通信运营。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫通-601698-sh-2024-年三季报点评-54ac45a73471.md",
          "chunk_id": "chunk:b6c5e61e2826",
          "chunk_index": 1,
          "quote_summary": "公司聚焦通信卫星运营主业，积极拓展航空、航海等新领域需求，高通量卫星资源融入打造新增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601698",
      "target": "topic:卫星通信运营",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "98010fd62cf5",
      "from": "company:601698",
      "from_name": "中国卫通",
      "to": "topic:航空航海信息化",
      "to_name": "航空航海信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫通 研报中反复涉及 航空航海信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫通-601698-sh-2024-年三季报点评-54ac45a73471.md",
          "chunk_id": "chunk:b6c5e61e2826",
          "chunk_index": 1,
          "quote_summary": "公司聚焦通信卫星运营主业，积极拓展航空、航海等新领域需求，高通量卫星资源融入打造新增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601698",
      "target": "topic:航空航海信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7d4a7324981b",
      "from": "company:601698",
      "from_name": "中国卫通",
      "to": "topic:航空航海应用",
      "to_name": "航空航海应用",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫通 研报中反复涉及 航空航海应用。",
      "confidence": 0.62,
      "evidence": [
        {
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          "chunk_id": "chunk:c7d519d39d23",
          "chunk_index": 0,
          "quote_summary": "费用管控优化叠加卫星保险理赔收入，推动归母净利润实现快速增长"
        }
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601698",
      "target": "topic:航空航海应用",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "11bb71438d46",
      "from": "company:601698",
      "from_name": "中国卫通",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫通 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0ee29d0e791f.md",
          "chunk_id": "chunk:c7d519d39d23",
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          "quote_summary": "费用管控优化叠加卫星保险理赔收入，推动归母净利润实现快速增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601698",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "9953127fa20a",
      "from": "company:601698",
      "from_name": "中国卫通",
      "to": "topic:费用管控",
      "to_name": "费用管控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫通 研报中反复涉及 费用管控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-0ee29d0e791f.md",
          "chunk_id": "chunk:c7d519d39d23",
          "chunk_index": 0,
          "quote_summary": "费用管控优化叠加卫星保险理赔收入，推动归母净利润实现快速增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601698",
      "target": "topic:费用管控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "415a53440750",
      "from": "company:601698",
      "from_name": "中国卫通",
      "to": "topic:高轨通信",
      "to_name": "高轨通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫通 研报中反复涉及 高轨通信。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:c7d519d39d23",
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          "quote_summary": "费用管控优化叠加卫星保险理赔收入，推动归母净利润实现快速增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601698",
      "target": "topic:高轨通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "dc5d3aa59ded",
      "from": "company:601698",
      "from_name": "中国卫通",
      "to": "topic:高通量卫星",
      "to_name": "高通量卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国卫通 研报中反复涉及 高通量卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中国卫通-601698-sh-2024-年三季报点评-54ac45a73471.md",
          "chunk_id": "chunk:b6c5e61e2826",
          "chunk_index": 1,
          "quote_summary": "公司聚焦通信卫星运营主业，积极拓展航空、航海等新领域需求，高通量卫星资源融入打造新增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601698",
      "target": "topic:高通量卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "69eea8be0851",
      "from": "company:601816",
      "from_name": "京沪高铁",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "京沪高铁 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-京沪高铁-601816-sh-e5a7e2af1de7.md",
          "chunk_id": "chunk:83b20717d55a",
          "chunk_index": 2,
          "quote_summary": "国内铁路客运市场平稳向好，公司实行差异化定价，商务出行刚需与京沪航线机票涨价提供提价支撑；子公司京福安徽线位优势显著，路网完善后规模效应释放，盈利有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601816",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7555c5af3b97",
      "from": "company:601816",
      "from_name": "京沪高铁",
      "to": "topic:差异化定价",
      "to_name": "差异化定价",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "京沪高铁 研报中反复涉及 差异化定价。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-京沪高铁-601816-sh-e5a7e2af1de7.md",
          "chunk_id": "chunk:83b20717d55a",
          "chunk_index": 2,
          "quote_summary": "国内铁路客运市场平稳向好，公司实行差异化定价，商务出行刚需与京沪航线机票涨价提供提价支撑；子公司京福安徽线位优势显著，路网完善后规模效应释放，盈利有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601816",
      "target": "topic:差异化定价",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:601816",
      "from_name": "京沪高铁",
      "to": "topic:毛利率改善",
      "to_name": "毛利率改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "京沪高铁 研报中反复涉及 毛利率改善。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_index": 2,
          "quote_summary": "国内铁路客运市场平稳向好，公司实行差异化定价，商务出行刚需与京沪航线机票涨价提供提价支撑；子公司京福安徽线位优势显著，路网完善后规模效应释放，盈利有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601816",
      "target": "topic:毛利率改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "74c78b2b9f77",
      "from": "company:601816",
      "from_name": "京沪高铁",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "京沪高铁 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_index": 2,
          "quote_summary": "国内铁路客运市场平稳向好，公司实行差异化定价，商务出行刚需与京沪航线机票涨价提供提价支撑；子公司京福安徽线位优势显著，路网完善后规模效应释放，盈利有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601816",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "47ccb62b0d38",
      "from": "company:601816",
      "from_name": "京沪高铁",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "京沪高铁 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:83b20717d55a",
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          "quote_summary": "国内铁路客运市场平稳向好，公司实行差异化定价，商务出行刚需与京沪航线机票涨价提供提价支撑；子公司京福安徽线位优势显著，路网完善后规模效应释放，盈利有望持续改善。"
        }
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601816",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
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    {
      "edge_id": "2215b1e9cece",
      "from": "company:601816",
      "from_name": "京沪高铁",
      "to": "topic:财务费用下降",
      "to_name": "财务费用下降",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "京沪高铁 研报中反复涉及 财务费用下降。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-京沪高铁-601816-sh-e5a7e2af1de7.md",
          "chunk_id": "chunk:83b20717d55a",
          "chunk_index": 2,
          "quote_summary": "国内铁路客运市场平稳向好，公司实行差异化定价，商务出行刚需与京沪航线机票涨价提供提价支撑；子公司京福安徽线位优势显著，路网完善后规模效应释放，盈利有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601816",
      "target": "topic:财务费用下降",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f323fb96129c",
      "from": "company:601816",
      "from_name": "京沪高铁",
      "to": "topic:铁路客运",
      "to_name": "铁路客运",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "京沪高铁 研报中反复涉及 铁路客运。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-京沪高铁-601816-sh-e5a7e2af1de7.md",
          "chunk_id": "chunk:83b20717d55a",
          "chunk_index": 2,
          "quote_summary": "国内铁路客运市场平稳向好，公司实行差异化定价，商务出行刚需与京沪航线机票涨价提供提价支撑；子公司京福安徽线位优势显著，路网完善后规模效应释放，盈利有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601816",
      "target": "topic:铁路客运",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "be310ffda664",
      "from": "company:601816",
      "from_name": "京沪高铁",
      "to": "topic:高铁运营",
      "to_name": "高铁运营",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "京沪高铁 研报中反复涉及 高铁运营。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-京沪高铁-601816-sh-e5a7e2af1de7.md",
          "chunk_id": "chunk:83b20717d55a",
          "chunk_index": 2,
          "quote_summary": "国内铁路客运市场平稳向好，公司实行差异化定价，商务出行刚需与京沪航线机票涨价提供提价支撑；子公司京福安徽线位优势显著，路网完善后规模效应释放，盈利有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:601816",
      "target": "topic:高铁运营",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f2b4b658e207",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "topic:业绩点评",
      "to_name": "业绩点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "立航科技 研报中反复涉及 业绩点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2022-年-07-月-29-日-c49c9979b9c1.md",
          "chunk_id": "chunk:a4e24a87d8bd",
          "chunk_index": 2,
          "quote_summary": "疫情及交付验收节奏导致上半年业绩短期承压，但存货备货积极，下半年有望恢复稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "topic:业绩点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "33c7c5a7d287",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "立航科技 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md",
          "chunk_id": "chunk:31ac7cfb5a71",
          "chunk_index": 6,
          "quote_summary": "交付结算进度导致2021年业绩释放受限，但2022Q1业绩全面向好，高增长态势有望延续。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b1568f9a161e",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "立航科技 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md",
          "chunk_id": "chunk:31ac7cfb5a71",
          "chunk_index": 6,
          "quote_summary": "交付结算进度导致2021年业绩释放受限，但2022Q1业绩全面向好，高增长态势有望延续。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1ef6423c81cf",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "立航科技 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md",
          "chunk_id": "chunk:31ac7cfb5a71",
          "chunk_index": 6,
          "quote_summary": "交付结算进度导致2021年业绩释放受限，但2022Q1业绩全面向好，高增长态势有望延续。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "04dc672dc9e4",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "topic:地面保障设备",
      "to_name": "地面保障设备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "立航科技 研报中反复涉及 地面保障设备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2022-年-07-月-29-日-c49c9979b9c1.md",
          "chunk_id": "chunk:a4e24a87d8bd",
          "chunk_index": 2,
          "quote_summary": "疫情及交付验收节奏导致上半年业绩短期承压，但存货备货积极，下半年有望恢复稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "topic:地面保障设备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2a14ccd863bf",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "立航科技 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md",
          "chunk_id": "chunk:31ac7cfb5a71",
          "chunk_index": 6,
          "quote_summary": "交付结算进度导致2021年业绩释放受限，但2022Q1业绩全面向好，高增长态势有望延续。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "840effde7b48",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "topic:民机配套",
      "to_name": "民机配套",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "立航科技 研报中反复涉及 民机配套。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md",
          "chunk_id": "chunk:31ac7cfb5a71",
          "chunk_index": 6,
          "quote_summary": "交付结算进度导致2021年业绩释放受限，但2022Q1业绩全面向好，高增长态势有望延续。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "topic:民机配套",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2b9e9caf360f",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "topic:纵向一体化",
      "to_name": "纵向一体化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "立航科技 研报中反复涉及 纵向一体化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2022-年-07-月-29-日-c49c9979b9c1.md",
          "chunk_id": "chunk:a4e24a87d8bd",
          "chunk_index": 2,
          "quote_summary": "疫情及交付验收节奏导致上半年业绩短期承压，但存货备货积极，下半年有望恢复稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "topic:纵向一体化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "17c44f816921",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "立航科技 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2022-年-07-月-29-日-c49c9979b9c1.md",
          "chunk_id": "chunk:a4e24a87d8bd",
          "chunk_index": 2,
          "quote_summary": "疫情及交付验收节奏导致上半年业绩短期承压，但存货备货积极，下半年有望恢复稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6a00608129c9",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "topic:航空制造",
      "to_name": "航空制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "立航科技 研报中反复涉及 航空制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md",
          "chunk_id": "chunk:31ac7cfb5a71",
          "chunk_index": 6,
          "quote_summary": "交付结算进度导致2021年业绩释放受限，但2022Q1业绩全面向好，高增长态势有望延续。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "topic:航空制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0c7bbe31cafb",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "topic:航空装备",
      "to_name": "航空装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "立航科技 研报中反复涉及 航空装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2022-年-07-月-29-日-c49c9979b9c1.md",
          "chunk_id": "chunk:a4e24a87d8bd",
          "chunk_index": 2,
          "quote_summary": "疫情及交付验收节奏导致上半年业绩短期承压，但存货备货积极，下半年有望恢复稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "topic:航空装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f38c4d08544b",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "立航科技 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md",
          "chunk_id": "chunk:31ac7cfb5a71",
          "chunk_index": 6,
          "quote_summary": "交付结算进度导致2021年业绩释放受限，但2022Q1业绩全面向好，高增长态势有望延续。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "40b522c7e33f",
      "from": "company:603261",
      "from_name": "立航科技",
      "to": "topic:财务预测",
      "to_name": "财务预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "立航科技 研报中反复涉及 财务预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-立航科技-603261-2021-年报及-2022-年一季报点评-cf4ccbf55845.md",
          "chunk_id": "chunk:31ac7cfb5a71",
          "chunk_index": 6,
          "quote_summary": "交付结算进度导致2021年业绩释放受限，但2022Q1业绩全面向好，高增长态势有望延续。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603261",
      "target": "topic:财务预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "13fd5f2d0337",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:ai数据中心",
      "to_name": "ai数据中心",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 AI数据中心。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-通用设备-cb8360cb1477.md",
          "chunk_id": "chunk:4dd401394491",
          "chunk_index": 4,
          "quote_summary": "AI数据中心需求爆发带动燃气轮机供需失衡，公司切入全球头部客户供应链，“两机”业务在手订单饱满，构建核心增长极。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:ai数据中心",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1a24821874e3",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:ai算力基础设施",
      "to_name": "ai算力基础设施",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 AI算力基础设施。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:5adcbf757c2a",
          "chunk_index": 0,
          "quote_summary": "AI数据中心建设催化全球燃机需求加速上行，海外龙头产能紧张且订单可见度超4年，公司作为国内燃机叶片龙头充分受益订单外溢。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:ai算力基础设施",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2ad985c85708",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:roe",
      "to_name": "ROE",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 ROE。",
      "confidence": 0.62,
      "evidence": [
        {
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          "chunk_id": "chunk:e746d09a44df",
          "chunk_index": 0,
          "quote_summary": "全球算力投资持续超预期，数据中心建设加速带动燃气轮机发电需求提速，行业景气度加速上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:roe",
      "label": "involves_topic",
      "category": "topic",
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      "evidence_count": 1
    },
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      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 业绩高增。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-应流股份-603308-sh-5a03c28cbee8.md",
          "chunk_id": "chunk:ae1da0fe8a1a",
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          "quote_summary": "AI催化全球燃机需求上行，海外产能紧缺，公司作为国内燃机叶片龙头进入收获期，看好对西门子能源等客户订单持续高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:业绩高增",
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    },
    {
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      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:两机业务",
      "to_name": "两机业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 两机业务。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-华发集团控股公司-a852f437c4e3.md",
          "chunk_id": "chunk:136bf816429d",
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          "quote_summary": "两机（燃气轮机与航空发动机）产业链高景气带动订单爆发，在手订单创历史新高，产能利用率提升将驱动盈利弹性显现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:两机业务",
      "label": "involves_topic",
      "category": "topic",
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    },
    {
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      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:两机叶片",
      "to_name": "两机叶片",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 两机叶片。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-通用设备-cb8360cb1477.md",
          "chunk_id": "chunk:4dd401394491",
          "chunk_index": 4,
          "quote_summary": "AI数据中心需求爆发带动燃气轮机供需失衡，公司切入全球头部客户供应链，“两机”业务在手订单饱满，构建核心增长极。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:两机叶片",
      "label": "involves_topic",
      "category": "topic",
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    },
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      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 低空经济。",
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      "evidence": [
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          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:5adcbf757c2a",
          "chunk_index": 0,
          "quote_summary": "AI数据中心建设催化全球燃机需求加速上行，海外龙头产能紧张且订单可见度超4年，公司作为国内燃机叶片龙头充分受益订单外溢。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9cc9b41c086e",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-机械设备-报告日期-2025-年-08-月-13-日-92ff84317c47.md",
          "chunk_id": "chunk:ae82b9c14c1e",
          "chunk_index": 4,
          "quote_summary": "“两机”业务持续突破，燃气轮机与航空发动机取得重要订单与技术验收，核能新材料实现技术突破，驱动业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:可转债",
      "to_name": "可转债",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 可转债。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:f4c7eaf5dab0",
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          "quote_summary": "两机及核电业务处于高景气周期，核心客户拓展顺利，在手订单充裕保障长期业绩增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:可转债",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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    {
      "edge_id": "4d2f580e2e43",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:可转债募投",
      "to_name": "可转债募投",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 可转债募投。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-5a03c28cbee8.md",
          "chunk_id": "chunk:ae1da0fe8a1a",
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          "quote_summary": "AI催化全球燃机需求上行，海外产能紧缺，公司作为国内燃机叶片龙头进入收获期，看好对西门子能源等客户订单持续高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:可转债募投",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "52a7c531d5f8",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:叶片制造",
      "to_name": "叶片制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 叶片制造。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-应流股份-603308-sh-a8e6785e0de2.md",
          "chunk_id": "chunk:e746d09a44df",
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          "quote_summary": "全球算力投资持续超预期，数据中心建设加速带动燃气轮机发电需求提速，行业景气度加速上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:叶片制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "721528c7b5c6",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:叶片铸件",
      "to_name": "叶片铸件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 叶片铸件。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:a18ba4b8088c",
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          "quote_summary": "两机业务供需格局优化，公司切入全球头部客户供应链，订单饱满驱动业绩进入兑现期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:叶片铸件",
      "label": "involves_topic",
      "category": "topic",
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      "evidence_count": 1
    },
    {
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      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-机械设备-报告日期-2025-年-08-月-13-日-92ff84317c47.md",
          "chunk_id": "chunk:ae82b9c14c1e",
          "chunk_index": 4,
          "quote_summary": "“两机”业务持续突破，燃气轮机与航空发动机取得重要订单与技术验收，核能新材料实现技术突破，驱动业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d2661124631d",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 国产替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:5adcbf757c2a",
          "chunk_index": 0,
          "quote_summary": "AI数据中心建设催化全球燃机需求加速上行，海外龙头产能紧张且订单可见度超4年，公司作为国内燃机叶片龙头充分受益订单外溢。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d809d8556e86",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:天然气",
      "to_name": "天然气",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 天然气。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:5adcbf757c2a",
          "chunk_index": 0,
          "quote_summary": "AI数据中心建设催化全球燃机需求加速上行，海外龙头产能紧张且订单可见度超4年，公司作为国内燃机叶片龙头充分受益订单外溢。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:天然气",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
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      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:工业原材料",
      "to_name": "工业原材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 工业原材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-a8e6785e0de2.md",
          "chunk_id": "chunk:e746d09a44df",
          "chunk_index": 0,
          "quote_summary": "全球算力投资持续超预期，数据中心建设加速带动燃气轮机发电需求提速，行业景气度加速上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:工业原材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
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      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-5a03c28cbee8.md",
          "chunk_id": "chunk:ae1da0fe8a1a",
          "chunk_index": 0,
          "quote_summary": "AI催化全球燃机需求上行，海外产能紧缺，公司作为国内燃机叶片龙头进入收获期，看好对西门子能源等客户订单持续高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3b0bafb73cc3",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:数据中心",
      "to_name": "数据中心",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 数据中心。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-a8e6785e0de2.md",
          "chunk_id": "chunk:e746d09a44df",
          "chunk_index": 0,
          "quote_summary": "全球算力投资持续超预期，数据中心建设加速带动燃气轮机发电需求提速，行业景气度加速上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:数据中心",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "54378d9b8a7e",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:核电",
      "to_name": "核电",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 核电。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-报告日期-2025-年-08-月-13-日-92ff84317c47.md",
          "chunk_id": "chunk:ae82b9c14c1e",
          "chunk_index": 4,
          "quote_summary": "“两机”业务持续突破，燃气轮机与航空发动机取得重要订单与技术验收，核能新材料实现技术突破，驱动业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:核电",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d1ae7d49d32b",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:核电装备",
      "to_name": "核电装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 核电装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md",
          "chunk_id": "chunk:b0ab2566a795",
          "chunk_index": 0,
          "quote_summary": "两机（航空发动机与燃气轮机）业务持续高景气，公司作为产业链核心供应商绑定海内外龙头，在手订单达15亿元，产品实现从F级向H级燃机叶片的技术突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:核电装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ca18167881e3",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:核电设备",
      "to_name": "核电设备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 核电设备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:5adcbf757c2a",
          "chunk_index": 0,
          "quote_summary": "AI数据中心建设催化全球燃机需求加速上行，海外龙头产能紧张且订单可见度超4年，公司作为国内燃机叶片龙头充分受益订单外溢。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:核电设备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4bf2155b72a8",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:核能装备",
      "to_name": "核能装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 核能装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-3676d6e94836.md",
          "chunk_id": "chunk:a18ba4b8088c",
          "chunk_index": 8,
          "quote_summary": "两机业务供需格局优化，公司切入全球头部客户供应链，订单饱满驱动业绩进入兑现期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:核能装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "172a7fc7970d",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-a8e6785e0de2.md",
          "chunk_id": "chunk:e746d09a44df",
          "chunk_index": 0,
          "quote_summary": "全球算力投资持续超预期，数据中心建设加速带动燃气轮机发电需求提速，行业景气度加速上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "920dc6fb4eb6",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:燃气轮机",
      "to_name": "燃气轮机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 燃气轮机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:5adcbf757c2a",
          "chunk_index": 0,
          "quote_summary": "AI数据中心建设催化全球燃机需求加速上行，海外龙头产能紧张且订单可见度超4年，公司作为国内燃机叶片龙头充分受益订单外溢。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:燃气轮机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "54c3bf30e6bf",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:盈利能力提升",
      "to_name": "盈利能力提升",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 盈利能力提升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-3676d6e94836.md",
          "chunk_id": "chunk:a18ba4b8088c",
          "chunk_index": 8,
          "quote_summary": "两机业务供需格局优化，公司切入全球头部客户供应链，订单饱满驱动业绩进入兑现期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:盈利能力提升",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "194884342a8f",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:算力",
      "to_name": "算力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 算力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-a8e6785e0de2.md",
          "chunk_id": "chunk:e746d09a44df",
          "chunk_index": 0,
          "quote_summary": "全球算力投资持续超预期，数据中心建设加速带动燃气轮机发电需求提速，行业景气度加速上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:算力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9729ca9e9bfb",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:精密铸造",
      "to_name": "精密铸造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 精密铸造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md",
          "chunk_id": "chunk:b0ab2566a795",
          "chunk_index": 0,
          "quote_summary": "两机（航空发动机与燃气轮机）业务持续高景气，公司作为产业链核心供应商绑定海内外龙头，在手订单达15亿元，产品实现从F级向H级燃机叶片的技术突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:精密铸造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3d30bcf1c17d",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:5adcbf757c2a",
          "chunk_index": 0,
          "quote_summary": "AI数据中心建设催化全球燃机需求加速上行，海外龙头产能紧张且订单可见度超4年，公司作为国内燃机叶片龙头充分受益订单外溢。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e1c6bb035b09",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:航空发动机",
      "to_name": "航空发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 航空发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-ccdbcc93c13b.md",
          "chunk_id": "chunk:5adcbf757c2a",
          "chunk_index": 0,
          "quote_summary": "AI数据中心建设催化全球燃机需求加速上行，海外龙头产能紧张且订单可见度超4年，公司作为国内燃机叶片龙头充分受益订单外溢。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:航空发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "98d4d61fe896",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-报告日期-2025-年-08-月-13-日-92ff84317c47.md",
          "chunk_id": "chunk:ae82b9c14c1e",
          "chunk_index": 4,
          "quote_summary": "“两机”业务持续突破，燃气轮机与航空发动机取得重要订单与技术验收，核能新材料实现技术突破，驱动业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3474f4db904d",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-5a03c28cbee8.md",
          "chunk_id": "chunk:ae1da0fe8a1a",
          "chunk_index": 0,
          "quote_summary": "AI催化全球燃机需求上行，海外产能紧缺，公司作为国内燃机叶片龙头进入收获期，看好对西门子能源等客户订单持续高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "975567775a97",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:高端制造",
      "to_name": "高端制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 高端制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-优于大市-8ffdd48fb725.md",
          "chunk_id": "chunk:b0ab2566a795",
          "chunk_index": 0,
          "quote_summary": "两机（航空发动机与燃气轮机）业务持续高景气，公司作为产业链核心供应商绑定海内外龙头，在手订单达15亿元，产品实现从F级向H级燃机叶片的技术突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:高端制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fc15eee4359f",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:高端装备制造",
      "to_name": "高端装备制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 高端装备制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-机械设备-报告日期-2025-年-08-月-13-日-92ff84317c47.md",
          "chunk_id": "chunk:ae82b9c14c1e",
          "chunk_index": 4,
          "quote_summary": "“两机”业务持续突破，燃气轮机与航空发动机取得重要订单与技术验收，核能新材料实现技术突破，驱动业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:高端装备制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4f6c1e213984",
      "from": "company:603308",
      "from_name": "应流股份",
      "to": "topic:高端铸造",
      "to_name": "高端铸造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "应流股份 研报中反复涉及 高端铸造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-应流股份-603308-sh-5a03c28cbee8.md",
          "chunk_id": "chunk:ae1da0fe8a1a",
          "chunk_index": 0,
          "quote_summary": "AI催化全球燃机需求上行，海外产能紧缺，公司作为国内燃机叶片龙头进入收获期，看好对西门子能源等客户订单持续高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603308",
      "target": "topic:高端铸造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2bb1131156cc",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:mlcc",
      "to_name": "MLCC",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 MLCC。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-752014ec5cae.md",
          "chunk_id": "chunk:d114ea7d0b4a",
          "chunk_index": 0,
          "quote_summary": "行业景气度逐步改善，元器件、新材料、国际贸易三大板块营收与毛利率同步提升，盈利能力显著修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:mlcc",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4ba77bf7faf5",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-电容销售逆势增长-特种高性能新材料空间广阔-1b79fcf832b2.md",
          "chunk_id": "chunk:a5dfd0964ee8",
          "chunk_index": 2,
          "quote_summary": "电容销售逆势增长，下游需求逐步恢复，行业景气度修复明显。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "85f55cfeda78",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:业绩复苏",
      "to_name": "业绩复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 业绩复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md",
          "chunk_id": "chunk:b54c8b0ee2c2",
          "chunk_index": 3,
          "quote_summary": "军用元器件需求复苏叠加“十五五”初期备货，公司自产元器件板块有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:业绩复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b50df92efb91",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-9f3094998ec2.md",
          "chunk_id": "chunk:e9cb2a83c681",
          "chunk_index": 2,
          "quote_summary": "元器件与陶瓷新材料行业拐点共振，高可靠性订单恢复与国产化替代驱动主业快速修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2c9ee0a24dc9",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-产业拐点将至-员工持股计划业绩目标彰显信心-69ae1c892cd7.md",
          "chunk_id": "chunk:0a10ab6f6359",
          "chunk_index": 1,
          "quote_summary": "国防预算稳步增长与装备现代化推进，军用MLCC市场复苏在即，公司作为国内核心供应商有望迎来业绩恢复性增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "080b4b91cc1b",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 业绩高增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-4ebf2b2e79b1.md",
          "chunk_id": "chunk:28e36e66d246",
          "chunk_index": 2,
          "quote_summary": "电子元器件行业景气度改善及市场需求回升，公司订单量快速增长，叠加新材料板块盈利能力大幅提升，形成“传统业务升级+新兴业务突破”的双轮驱动格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:业绩高增",
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      "category": "topic",
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      "evidence_count": 1
    },
    {
      "edge_id": "f272c862239c",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:主动元器件",
      "to_name": "主动元器件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 主动元器件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-产业拐点将至-员工持股计划业绩目标彰显信心-69ae1c892cd7.md",
          "chunk_id": "chunk:0a10ab6f6359",
          "chunk_index": 1,
          "quote_summary": "国防预算稳步增长与装备现代化推进，军用MLCC市场复苏在即，公司作为国内核心供应商有望迎来业绩恢复性增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:主动元器件",
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    },
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      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:人工智能",
      "to_name": "人工智能",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 人工智能。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-752014ec5cae.md",
          "chunk_id": "chunk:d114ea7d0b4a",
          "chunk_index": 0,
          "quote_summary": "行业景气度逐步改善，元器件、新材料、国际贸易三大板块营收与毛利率同步提升，盈利能力显著修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:人工智能",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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    },
    {
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      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:储能",
      "to_name": "储能",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 储能。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-4ebf2b2e79b1.md",
          "chunk_id": "chunk:28e36e66d246",
          "chunk_index": 2,
          "quote_summary": "电子元器件行业景气度改善及市场需求回升，公司订单量快速增长，叠加新材料板块盈利能力大幅提升，形成“传统业务升级+新兴业务突破”的双轮驱动格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:储能",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md",
          "chunk_id": "chunk:b54c8b0ee2c2",
          "chunk_index": 3,
          "quote_summary": "军用元器件需求复苏叠加“十五五”初期备货，公司自产元器件板块有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:军用mlcc",
      "to_name": "军用mlcc",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 军用MLCC。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-产业拐点将至-员工持股计划业绩目标彰显信心-69ae1c892cd7.md",
          "chunk_id": "chunk:0a10ab6f6359",
          "chunk_index": 1,
          "quote_summary": "国防预算稳步增长与装备现代化推进，军用MLCC市场复苏在即，公司作为国内核心供应商有望迎来业绩恢复性增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:军用mlcc",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "14c60ef00595",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md",
          "chunk_id": "chunk:b54c8b0ee2c2",
          "chunk_index": 3,
          "quote_summary": "军用元器件需求复苏叠加“十五五”初期备货，公司自产元器件板块有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:半导体",
      "to_name": "半导体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 半导体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-81a6b52909b7.md",
          "chunk_id": "chunk:8ca50a5ef12c",
          "chunk_index": 3,
          "quote_summary": "特种MLCC及被动元件行业景气度逐步改善，十五五开局有望延续特种客户业务推进节奏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:半导体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "47db597fb8a8",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-752014ec5cae.md",
          "chunk_id": "chunk:d114ea7d0b4a",
          "chunk_index": 0,
          "quote_summary": "行业景气度逐步改善，元器件、新材料、国际贸易三大板块营收与毛利率同步提升，盈利能力显著修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c4c2263cdfe4",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:员工持股计划",
      "to_name": "员工持股计划",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 员工持股计划。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-产业拐点将至-员工持股计划业绩目标彰显信心-69ae1c892cd7.md",
          "chunk_id": "chunk:0a10ab6f6359",
          "chunk_index": 1,
          "quote_summary": "国防预算稳步增长与装备现代化推进，军用MLCC市场复苏在即，公司作为国内核心供应商有望迎来业绩恢复性增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:员工持股计划",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "750d1992aea4",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-产业拐点将至-员工持股计划业绩目标彰显信心-69ae1c892cd7.md",
          "chunk_id": "chunk:0a10ab6f6359",
          "chunk_index": 1,
          "quote_summary": "国防预算稳步增长与装备现代化推进，军用MLCC市场复苏在即，公司作为国内核心供应商有望迎来业绩恢复性增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "57ff71b4daa8",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:并购投资",
      "to_name": "并购投资",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 并购投资。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-81a6b52909b7.md",
          "chunk_id": "chunk:8ca50a5ef12c",
          "chunk_index": 3,
          "quote_summary": "特种MLCC及被动元件行业景气度逐步改善，十五五开局有望延续特种客户业务推进节奏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:并购投资",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "279c71e6e2b5",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-b9bbbc31466e.md",
          "chunk_id": "chunk:6ec7c2742657",
          "chunk_index": 2,
          "quote_summary": "国防信息化建设加速推进，特种电子元器件市场需求持续增长，行业景气度改善带动公司订单迅速回升，盈利能力稳步提升，未来发展前景向好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2fb87cafe836",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:新材料",
      "to_name": "新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-752014ec5cae.md",
          "chunk_id": "chunk:d114ea7d0b4a",
          "chunk_index": 0,
          "quote_summary": "行业景气度逐步改善，元器件、新材料、国际贸易三大板块营收与毛利率同步提升，盈利能力显著修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a5452ada31c1",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:新能源",
      "to_name": "新能源",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 新能源。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-81a6b52909b7.md",
          "chunk_id": "chunk:8ca50a5ef12c",
          "chunk_index": 3,
          "quote_summary": "特种MLCC及被动元件行业景气度逐步改善，十五五开局有望延续特种客户业务推进节奏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:新能源",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "231b7dd50d7e",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:新能源汽车",
      "to_name": "新能源汽车",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 新能源汽车。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-4ebf2b2e79b1.md",
          "chunk_id": "chunk:28e36e66d246",
          "chunk_index": 2,
          "quote_summary": "电子元器件行业景气度改善及市场需求回升，公司订单量快速增长，叠加新材料板块盈利能力大幅提升，形成“传统业务升级+新兴业务突破”的双轮驱动格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:新能源汽车",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5ec6a4aa85b5",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:新能源热管理",
      "to_name": "新能源热管理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 新能源热管理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-752014ec5cae.md",
          "chunk_id": "chunk:d114ea7d0b4a",
          "chunk_index": 0,
          "quote_summary": "行业景气度逐步改善，元器件、新材料、国际贸易三大板块营收与毛利率同步提升，盈利能力显著修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:新能源热管理",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6f9f12bd87b1",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:汽车电子",
      "to_name": "汽车电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 汽车电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-752014ec5cae.md",
          "chunk_id": "chunk:d114ea7d0b4a",
          "chunk_index": 0,
          "quote_summary": "行业景气度逐步改善，元器件、新材料、国际贸易三大板块营收与毛利率同步提升，盈利能力显著修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:汽车电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "911b6fb7ace6",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:液冷热管理",
      "to_name": "液冷热管理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 液冷热管理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-9f3094998ec2.md",
          "chunk_id": "chunk:e9cb2a83c681",
          "chunk_index": 2,
          "quote_summary": "元器件与陶瓷新材料行业拐点共振，高可靠性订单恢复与国产化替代驱动主业快速修复。"
        }
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      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:液冷热管理",
      "label": "involves_topic",
      "category": "topic",
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    },
    {
      "edge_id": "82da32d961da",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:热管理",
      "to_name": "热管理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 热管理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-4ebf2b2e79b1.md",
          "chunk_id": "chunk:28e36e66d246",
          "chunk_index": 2,
          "quote_summary": "电子元器件行业景气度改善及市场需求回升，公司订单量快速增长，叠加新材料板块盈利能力大幅提升，形成“传统业务升级+新兴业务突破”的双轮驱动格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:热管理",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "776790988be3",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:特种新材料",
      "to_name": "特种新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 特种新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-电容销售逆势增长-特种高性能新材料空间广阔-1b79fcf832b2.md",
          "chunk_id": "chunk:a5dfd0964ee8",
          "chunk_index": 2,
          "quote_summary": "电容销售逆势增长，下游需求逐步恢复，行业景气度修复明显。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:特种新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f174c1998c9f",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:特种电子元器件",
      "to_name": "特种电子元器件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 特种电子元器件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-b9bbbc31466e.md",
          "chunk_id": "chunk:6ec7c2742657",
          "chunk_index": 2,
          "quote_summary": "国防信息化建设加速推进，特种电子元器件市场需求持续增长，行业景气度改善带动公司订单迅速回升，盈利能力稳步提升，未来发展前景向好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:特种电子元器件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "61a9acca946a",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:特种陶瓷材料",
      "to_name": "特种陶瓷材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 特种陶瓷材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-4ebf2b2e79b1.md",
          "chunk_id": "chunk:28e36e66d246",
          "chunk_index": 2,
          "quote_summary": "电子元器件行业景气度改善及市场需求回升，公司订单量快速增长，叠加新材料板块盈利能力大幅提升，形成“传统业务升级+新兴业务突破”的双轮驱动格局。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:特种陶瓷材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b27a5065be31",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:电子元器件",
      "to_name": "电子元器件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 电子元器件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-752014ec5cae.md",
          "chunk_id": "chunk:d114ea7d0b4a",
          "chunk_index": 0,
          "quote_summary": "行业景气度逐步改善，元器件、新材料、国际贸易三大板块营收与毛利率同步提升，盈利能力显著修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:电子元器件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "409733d4457d",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:盈利能力",
      "to_name": "盈利能力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 盈利能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-b9bbbc31466e.md",
          "chunk_id": "chunk:6ec7c2742657",
          "chunk_index": 2,
          "quote_summary": "国防信息化建设加速推进，特种电子元器件市场需求持续增长，行业景气度改善带动公司订单迅速回升，盈利能力稳步提升，未来发展前景向好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:盈利能力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4a4b2a9bdea4",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:碳化硅纤维",
      "to_name": "碳化硅纤维",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 碳化硅纤维。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md",
          "chunk_id": "chunk:b54c8b0ee2c2",
          "chunk_index": 3,
          "quote_summary": "军用元器件需求复苏叠加“十五五”初期备货，公司自产元器件板块有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:碳化硅纤维",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
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      "edge_id": "97d626c0c7ee",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:股份回购",
      "to_name": "股份回购",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 股份回购。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-b9bbbc31466e.md",
          "chunk_id": "chunk:6ec7c2742657",
          "chunk_index": 2,
          "quote_summary": "国防信息化建设加速推进，特种电子元器件市场需求持续增长，行业景气度改善带动公司订单迅速回升，盈利能力稳步提升，未来发展前景向好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:股份回购",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ddbea0312530",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:股权激励",
      "to_name": "股权激励",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 股权激励。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md",
          "chunk_id": "chunk:b54c8b0ee2c2",
          "chunk_index": 3,
          "quote_summary": "军用元器件需求复苏叠加“十五五”初期备货，公司自产元器件板块有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:股权激励",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2f32262b75dd",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:航空航天",
      "to_name": "航空航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 航空航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-电容销售逆势增长-特种高性能新材料空间广阔-1b79fcf832b2.md",
          "chunk_id": "chunk:a5dfd0964ee8",
          "chunk_index": 2,
          "quote_summary": "电容销售逆势增长，下游需求逐步恢复，行业景气度修复明显。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:航空航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "942f9cd42548",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:薄膜电容",
      "to_name": "薄膜电容",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 薄膜电容。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-行业景气度逐步改善-三大业务持续向好-81a6b52909b7.md",
          "chunk_id": "chunk:8ca50a5ef12c",
          "chunk_index": 3,
          "quote_summary": "特种MLCC及被动元件行业景气度逐步改善，十五五开局有望延续特种客户业务推进节奏。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:薄膜电容",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "789c7c18521b",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:被动元器件",
      "to_name": "被动元器件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 被动元器件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md",
          "chunk_id": "chunk:b54c8b0ee2c2",
          "chunk_index": 3,
          "quote_summary": "军用元器件需求复苏叠加“十五五”初期备货，公司自产元器件板块有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:被动元器件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eff7e14b5c14",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md",
          "chunk_id": "chunk:b54c8b0ee2c2",
          "chunk_index": 3,
          "quote_summary": "军用元器件需求复苏叠加“十五五”初期备货，公司自产元器件板块有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ba5466b2b2e7",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:陶瓷基复材",
      "to_name": "陶瓷基复材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 陶瓷基复材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-63f88d94e8dc.md",
          "chunk_id": "chunk:b54c8b0ee2c2",
          "chunk_index": 3,
          "quote_summary": "军用元器件需求复苏叠加“十五五”初期备货，公司自产元器件板块有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:陶瓷基复材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "71a27bc379e2",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:陶瓷新材料",
      "to_name": "陶瓷新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 陶瓷新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-9f3094998ec2.md",
          "chunk_id": "chunk:e9cb2a83c681",
          "chunk_index": 2,
          "quote_summary": "元器件与陶瓷新材料行业拐点共振，高可靠性订单恢复与国产化替代驱动主业快速修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:陶瓷新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cb9216b83ac4",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:陶瓷材料",
      "to_name": "陶瓷材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 陶瓷材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-sh-产业拐点将至-员工持股计划业绩目标彰显信心-69ae1c892cd7.md",
          "chunk_id": "chunk:0a10ab6f6359",
          "chunk_index": 1,
          "quote_summary": "国防预算稳步增长与装备现代化推进，军用MLCC市场复苏在即，公司作为国内核心供应商有望迎来业绩恢复性增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:陶瓷材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "76dd9d30d249",
      "from": "company:603678",
      "from_name": "火炬电子",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-火炬电子-603678-b9bbbc31466e.md",
          "chunk_id": "chunk:6ec7c2742657",
          "chunk_index": 2,
          "quote_summary": "国防信息化建设加速推进，特种电子元器件市场需求持续增长，行业景气度改善带动公司订单迅速回升，盈利能力稳步提升，未来发展前景向好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603678",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c09def229072",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:5g-lte升级",
      "to_name": "5g-lte升级",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 5G/LTE升级。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4273816e06fb.md",
          "chunk_id": "chunk:69bc6e3610ec",
          "chunk_index": 20,
          "quote_summary": "军队信息化建设加速，军用无线通信装备需求进入爆发期，公司作为核心供应商直接受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:5g-lte升级",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "63f4e6624128",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:5g铁路通信",
      "to_name": "5g铁路通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 5G铁路通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md",
          "chunk_id": "chunk:ae8f38d4c150",
          "chunk_index": 4,
          "quote_summary": "军用专网通信核心供应商，深度受益于国防信息化与装备费占比提升"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:5g铁路通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "80b91f3a74af",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:roe",
      "to_name": "ROE",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 ROE。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2021-03-18-1c9d3233987c.md",
          "chunk_id": "chunk:b4b2d5db3e14",
          "chunk_index": 3,
          "quote_summary": "国防信息化加速与20系列等新机型放量，军用无线通信需求持续快速增长，公司作为核心供应商深度受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:roe",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7642dd5d846c",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:专用无线电通信",
      "to_name": "专用无线电通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 专用无线电通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-409c8b76d7d1.md",
          "chunk_id": "chunk:f6a8286fecb0",
          "chunk_index": 4,
          "quote_summary": "军民双轨产能持续释放，营收与利润保持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:专用无线电通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8edd49949758",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:专网无线通信",
      "to_name": "专网无线通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 专网无线通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-f2c864cb8185.md",
          "chunk_id": "chunk:663495e5414e",
          "chunk_index": 4,
          "quote_summary": "专网无线通信核心供应商，军民用市场双轮驱动，业绩维持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:专网无线通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c1518a93095c",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:专网通信",
      "to_name": "专网通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 专网通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md",
          "chunk_id": "chunk:ae8f38d4c150",
          "chunk_index": 4,
          "quote_summary": "军用专网通信核心供应商，深度受益于国防信息化与装备费占比提升"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:专网通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0f0b1846e012",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 业绩高增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md",
          "chunk_id": "chunk:eaf3d47077f1",
          "chunk_index": 4,
          "quote_summary": "军用超短波无线通信设备核心供应商，具备全军种覆盖能力，深度受益于国防信息化建设。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:业绩高增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1da8aa6df755",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:业绩高增长",
      "to_name": "业绩高增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 业绩高增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-dcf3f461c09d.md",
          "chunk_id": "chunk:de4cca88eab2",
          "chunk_index": 2,
          "quote_summary": "无线通信终端领导者，军品占比达80%，系统级产品持续突破，市场份额扩大，长期发展逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:业绩高增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6fca1a3c0377",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:产业链上游整合",
      "to_name": "产业链上游整合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 产业链上游整合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-f2c864cb8185.md",
          "chunk_id": "chunk:663495e5414e",
          "chunk_index": 4,
          "quote_summary": "专网无线通信核心供应商，军民用市场双轮驱动，业绩维持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:产业链上游整合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "028b623aa8c7",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:产业链整合",
      "to_name": "产业链整合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 产业链整合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-409c8b76d7d1.md",
          "chunk_id": "chunk:f6a8286fecb0",
          "chunk_index": 4,
          "quote_summary": "军民双轨产能持续释放，营收与利润保持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:产业链整合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "287bf7f0bfe1",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md",
          "chunk_id": "chunk:ae8f38d4c150",
          "chunk_index": 4,
          "quote_summary": "军用专网通信核心供应商，深度受益于国防信息化与装备费占比提升"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d2ec1f4bf771",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:军工信息化",
      "to_name": "军工信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 军工信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md",
          "chunk_id": "chunk:ae8f38d4c150",
          "chunk_index": 4,
          "quote_summary": "军用专网通信核心供应商，深度受益于国防信息化与装备费占比提升"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:军工信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5eaee92c07b1",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4273816e06fb.md",
          "chunk_id": "chunk:69bc6e3610ec",
          "chunk_index": 20,
          "quote_summary": "军队信息化建设加速，军用无线通信装备需求进入爆发期，公司作为核心供应商直接受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ade6514bc21d",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:军工通信",
      "to_name": "军工通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 军工通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md",
          "chunk_id": "chunk:eaf3d47077f1",
          "chunk_index": 4,
          "quote_summary": "军用超短波无线通信设备核心供应商，具备全军种覆盖能力，深度受益于国防信息化建设。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:军工通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4a2c4a5303b3",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:军机",
      "to_name": "军机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 军机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4273816e06fb.md",
          "chunk_id": "chunk:69bc6e3610ec",
          "chunk_index": 20,
          "quote_summary": "军队信息化建设加速，军用无线通信装备需求进入爆发期，公司作为核心供应商直接受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:军机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c205819be73d",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:军民融合",
      "to_name": "军民融合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 军民融合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-409c8b76d7d1.md",
          "chunk_id": "chunk:f6a8286fecb0",
          "chunk_index": 4,
          "quote_summary": "军民双轨产能持续释放，营收与利润保持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:军民融合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9507016b187e",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:军用无线通信",
      "to_name": "军用无线通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 军用无线通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2021-03-18-1c9d3233987c.md",
          "chunk_id": "chunk:b4b2d5db3e14",
          "chunk_index": 3,
          "quote_summary": "国防信息化加速与20系列等新机型放量，军用无线通信需求持续快速增长，公司作为核心供应商深度受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:军用无线通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eeb46457035c",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-f2c864cb8185.md",
          "chunk_id": "chunk:663495e5414e",
          "chunk_index": 4,
          "quote_summary": "专网无线通信核心供应商，军民用市场双轮驱动，业绩维持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2e34cae19e65",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:卫星",
      "to_name": "卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md",
          "chunk_id": "chunk:ae8f38d4c150",
          "chunk_index": 4,
          "quote_summary": "军用专网通信核心供应商，深度受益于国防信息化与装备费占比提升"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "63a0d052be68",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:卫星互联网",
      "to_name": "卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md",
          "chunk_id": "chunk:ae8f38d4c150",
          "chunk_index": 4,
          "quote_summary": "军用专网通信核心供应商，深度受益于国防信息化与装备费占比提升"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "476be7b47f94",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:卫星导航",
      "to_name": "卫星导航",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 卫星导航。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-409c8b76d7d1.md",
          "chunk_id": "chunk:f6a8286fecb0",
          "chunk_index": 4,
          "quote_summary": "军民双轨产能持续释放，营收与利润保持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:卫星导航",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f3c65558073d",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:合同负债",
      "to_name": "合同负债",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 合同负债。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md",
          "chunk_id": "chunk:eaf3d47077f1",
          "chunk_index": 4,
          "quote_summary": "军用超短波无线通信设备核心供应商，具备全军种覆盖能力，深度受益于国防信息化建设。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:合同负债",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "152250967edf",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-f2c864cb8185.md",
          "chunk_id": "chunk:663495e5414e",
          "chunk_index": 4,
          "quote_summary": "专网无线通信核心供应商，军民用市场双轮驱动，业绩维持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0b073d5c9bc8",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:国企改革",
      "to_name": "国企改革",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 国企改革。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4273816e06fb.md",
          "chunk_id": "chunk:69bc6e3610ec",
          "chunk_index": 20,
          "quote_summary": "军队信息化建设加速，军用无线通信装备需求进入爆发期，公司作为核心供应商直接受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:国企改革",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e990b15e83fc",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:国防信息化",
      "to_name": "国防信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 国防信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2021-03-18-1c9d3233987c.md",
          "chunk_id": "chunk:b4b2d5db3e14",
          "chunk_index": 3,
          "quote_summary": "国防信息化加速与20系列等新机型放量，军用无线通信需求持续快速增长，公司作为核心供应商深度受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:国防信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "50a156afb0a0",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2021-03-18-1c9d3233987c.md",
          "chunk_id": "chunk:b4b2d5db3e14",
          "chunk_index": 3,
          "quote_summary": "国防信息化加速与20系列等新机型放量，军用无线通信需求持续快速增长，公司作为核心供应商深度受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c0f8375a1a1a",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-e83fb4ba43df.md",
          "chunk_id": "chunk:b1c10de9e370",
          "chunk_index": 2,
          "quote_summary": "公司聚焦科技创新与原创性技术攻关，在数据链通信领域取得突破性进展，成功切入舰载、卫星及协同平台市场，为中长期业绩增长提供核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "224bbcdb455c",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:数据链",
      "to_name": "数据链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 数据链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-e83fb4ba43df.md",
          "chunk_id": "chunk:b1c10de9e370",
          "chunk_index": 2,
          "quote_summary": "公司聚焦科技创新与原创性技术攻关，在数据链通信领域取得突破性进展，成功切入舰载、卫星及协同平台市场，为中长期业绩增长提供核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:数据链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7a251c1588d9",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:无线专网",
      "to_name": "无线专网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 无线专网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-dcf3f461c09d.md",
          "chunk_id": "chunk:de4cca88eab2",
          "chunk_index": 2,
          "quote_summary": "无线通信终端领导者，军品占比达80%，系统级产品持续突破，市场份额扩大，长期发展逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:无线专网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2211a9d41525",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:无线通信",
      "to_name": "无线通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 无线通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4273816e06fb.md",
          "chunk_id": "chunk:69bc6e3610ec",
          "chunk_index": 20,
          "quote_summary": "军队信息化建设加速，军用无线通信装备需求进入爆发期，公司作为核心供应商直接受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:无线通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3110957a1458",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:机载系统",
      "to_name": "机载系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 机载系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4273816e06fb.md",
          "chunk_id": "chunk:69bc6e3610ec",
          "chunk_index": 20,
          "quote_summary": "军队信息化建设加速，军用无线通信装备需求进入爆发期，公司作为核心供应商直接受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:机载系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4af6e19adec8",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:混合所有制改革",
      "to_name": "混合所有制改革",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 混合所有制改革。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-dcf3f461c09d.md",
          "chunk_id": "chunk:de4cca88eab2",
          "chunk_index": 2,
          "quote_summary": "无线通信终端领导者，军品占比达80%，系统级产品持续突破，市场份额扩大，长期发展逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:混合所有制改革",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "049ab686591c",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:盈利能力",
      "to_name": "盈利能力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 盈利能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2021-03-18-1c9d3233987c.md",
          "chunk_id": "chunk:b4b2d5db3e14",
          "chunk_index": 3,
          "quote_summary": "国防信息化加速与20系列等新机型放量，军用无线通信需求持续快速增长，公司作为核心供应商深度受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:盈利能力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d6271ac57e0c",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-e83fb4ba43df.md",
          "chunk_id": "chunk:b1c10de9e370",
          "chunk_index": 2,
          "quote_summary": "公司聚焦科技创新与原创性技术攻关，在数据链通信领域取得突破性进展，成功切入舰载、卫星及协同平台市场，为中长期业绩增长提供核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "582525066ba9",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:航空电子",
      "to_name": "航空电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 航空电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-ecc40b489ef4.md",
          "chunk_id": "chunk:eaf3d47077f1",
          "chunk_index": 4,
          "quote_summary": "军用超短波无线通信设备核心供应商，具备全军种覆盖能力，深度受益于国防信息化建设。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:航空电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c57e5ba13fa9",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:航空通信",
      "to_name": "航空通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 航空通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-409c8b76d7d1.md",
          "chunk_id": "chunk:f6a8286fecb0",
          "chunk_index": 4,
          "quote_summary": "军民双轨产能持续释放，营收与利润保持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:航空通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5464b1032303",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4273816e06fb.md",
          "chunk_id": "chunk:69bc6e3610ec",
          "chunk_index": 20,
          "quote_summary": "军队信息化建设加速，军用无线通信装备需求进入爆发期，公司作为核心供应商直接受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7d924fc1d263",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:轨道交通",
      "to_name": "轨道交通",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 轨道交通。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-16b3cc4f8ca2.md",
          "chunk_id": "chunk:ae8f38d4c150",
          "chunk_index": 4,
          "quote_summary": "军用专网通信核心供应商，深度受益于国防信息化与装备费占比提升"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:轨道交通",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7f3a467d08e3",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:轨道交通通信",
      "to_name": "轨道交通通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 轨道交通通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4273816e06fb.md",
          "chunk_id": "chunk:69bc6e3610ec",
          "chunk_index": 20,
          "quote_summary": "军队信息化建设加速，军用无线通信装备需求进入爆发期，公司作为核心供应商直接受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:轨道交通通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f6248c7a141d",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-dcf3f461c09d.md",
          "chunk_id": "chunk:de4cca88eab2",
          "chunk_index": 2,
          "quote_summary": "无线通信终端领导者，军品占比达80%，系统级产品持续突破，市场份额扩大，长期发展逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b3d5401ecfcc",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:铁路通信",
      "to_name": "铁路通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 铁路通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-2cb336b30b26.md",
          "chunk_id": "chunk:a0cdda05ca75",
          "chunk_index": 0,
          "quote_summary": "无线通信终端与系统级产品双轮驱动，军品基本盘稳固且民品市场持续开拓，叠加控股股东混改落地，看好公司长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:铁路通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c59e741eff47",
      "from": "company:603712",
      "from_name": "七一二",
      "to": "topic:高研发投入",
      "to_name": "高研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 高研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-七一二-603712-f2c864cb8185.md",
          "chunk_id": "chunk:663495e5414e",
          "chunk_index": 4,
          "quote_summary": "专网无线通信核心供应商，军民用市场双轮驱动，业绩维持稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603712",
      "target": "topic:高研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "339d935edc7e",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:roe",
      "to_name": "ROE",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 ROE。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-航线收益品质优化-静待盈利回升-b2f270e6e3f1.md",
          "chunk_id": "chunk:2d2fa4340b46",
          "chunk_index": 1,
          "quote_summary": "出行需求回暖叠加行业供给收紧预期，民航“内卷式”竞争整治有望推动单位座收企稳回升，带动公司业绩弹性增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:roe",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8df573aae7b3",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:rpk",
      "to_name": "RPK",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 RPK。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-航线收益品质优化-静待盈利回升-b2f270e6e3f1.md",
          "chunk_id": "chunk:2d2fa4340b46",
          "chunk_index": 1,
          "quote_summary": "出行需求回暖叠加行业供给收紧预期，民航“内卷式”竞争整治有望推动单位座收企稳回升，带动公司业绩弹性增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:rpk",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4b75cee808ba",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-11-03-826b798f0bcf.md",
          "chunk_id": "chunk:6901079ca7ab",
          "chunk_index": 2,
          "quote_summary": "民航供给增速因航司规划及全球航材供应链影响持续放缓，低供给增速有望转化为价格上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "028fbcf251d4",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:九元航空",
      "to_name": "九元航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 九元航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-f3cbfbf4851c.md",
          "chunk_id": "chunk:0e18b2ae202c",
          "chunk_index": 0,
          "quote_summary": "负债端稳步改善，双轮战略布局渐入红利释放期，盈利修复速度快于行业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:九元航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fa4300e5cc7c",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-f3cbfbf4851c.md",
          "chunk_id": "chunk:0e18b2ae202c",
          "chunk_index": 0,
          "quote_summary": "负债端稳步改善，双轮战略布局渐入红利释放期，盈利修复速度快于行业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b9aff6597aac",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:供需",
      "to_name": "供需",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 供需。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-航线收益品质优化-静待盈利回升-b2f270e6e3f1.md",
          "chunk_id": "chunk:2d2fa4340b46",
          "chunk_index": 1,
          "quote_summary": "出行需求回暖叠加行业供给收紧预期，民航“内卷式”竞争整治有望推动单位座收企稳回升，带动公司业绩弹性增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:供需",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bb075d8c8c13",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:供需格局",
      "to_name": "供需格局",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 供需格局。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-优于大市-f1a64f7b5f39.md",
          "chunk_id": "chunk:081de31f6ba8",
          "chunk_index": 0,
          "quote_summary": "二季度业绩实现修复，静待供需格局改善；中长期看好民航复苏趋势，建议关注国内航空出行需求的边际变化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:供需格局",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2dea544b42ab",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-11-03-826b798f0bcf.md",
          "chunk_id": "chunk:6901079ca7ab",
          "chunk_index": 2,
          "quote_summary": "民航供给增速因航司规划及全球航材供应链影响持续放缓，低供给增速有望转化为价格上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fc5be8f526d1",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:分红回购",
      "to_name": "分红回购",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 分红回购。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2024-年年报点评-a7f72d68bd90.md",
          "chunk_id": "chunk:cd85db93e716",
          "chunk_index": 0,
          "quote_summary": "国际长航线步入规模化运营且客座率稳步上移，叠加航油成本回落对冲票价下滑，公司中长期盈利能力有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:分红回购",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d8a4b75aa20a",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:利润弹性",
      "to_name": "利润弹性",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 利润弹性。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-营收及利润双增-看好座收回升利润弹性-2fe15db13883.md",
          "chunk_id": "chunk:4080c0e5f90a",
          "chunk_index": 1,
          "quote_summary": "民航局专题部署及航协自律公约出台，综合整治“内卷式”竞争，预计短期内有效遏制市场不当竞争，航司单位座收有望企稳回升，带来业绩弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:利润弹性",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "66981b9ee13f",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:单位座收",
      "to_name": "单位座收",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 单位座收。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-营收及利润双增-看好座收回升利润弹性-2fe15db13883.md",
          "chunk_id": "chunk:4080c0e5f90a",
          "chunk_index": 1,
          "quote_summary": "民航局专题部署及航协自律公约出台，综合整治“内卷式”竞争，预计短期内有效遏制市场不当竞争，航司单位座收有望企稳回升，带来业绩弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:单位座收",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c9f32826f523",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:发动机维修",
      "to_name": "发动机维修",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 发动机维修。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-11-03-826b798f0bcf.md",
          "chunk_id": "chunk:6901079ca7ab",
          "chunk_index": 2,
          "quote_summary": "民航供给增速因航司规划及全球航材供应链影响持续放缓，低供给增速有望转化为价格上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:发动机维修",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "121e2c393c9d",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md",
          "chunk_id": "chunk:c14c7b4af2d0",
          "chunk_index": 1,
          "quote_summary": "宽体机引进完毕且利用率显著提升，叠加资本开支放缓降低财务费用，单位成本有望摊薄，盈利改善空间明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c45eb63d8cd8",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:国际航线",
      "to_name": "国际航线",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 国际航线。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-f3cbfbf4851c.md",
          "chunk_id": "chunk:0e18b2ae202c",
          "chunk_index": 0,
          "quote_summary": "负债端稳步改善，双轮战略布局渐入红利释放期，盈利修复速度快于行业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:国际航线",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "da840a73e7f5",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:国际航线恢复",
      "to_name": "国际航线恢复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 国际航线恢复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-b1af9b0cedea.md",
          "chunk_id": "chunk:2fcc23cfd988",
          "chunk_index": 3,
          "quote_summary": "长周期看好民营航司运营韧性及应对变局能力，预计2025-2027年归母净利润分别为11.3亿元、16.9亿元、22.4亿元。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:国际航线恢复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3b7d88acc796",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:国际航线扩张",
      "to_name": "国际航线扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 国际航线扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-优于大市-f1a64f7b5f39.md",
          "chunk_id": "chunk:081de31f6ba8",
          "chunk_index": 0,
          "quote_summary": "二季度业绩实现修复，静待供需格局改善；中长期看好民航复苏趋势，建议关注国内航空出行需求的边际变化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:国际航线扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "592001b09fb8",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:客座率",
      "to_name": "客座率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 客座率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-营收及利润双增-看好座收回升利润弹性-2fe15db13883.md",
          "chunk_id": "chunk:4080c0e5f90a",
          "chunk_index": 1,
          "quote_summary": "民航局专题部署及航协自律公约出台，综合整治“内卷式”竞争，预计短期内有效遏制市场不当竞争，航司单位座收有望企稳回升，带来业绩弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:客座率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dbd4279b03d9",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:宽体机运营",
      "to_name": "宽体机运营",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 宽体机运营。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md",
          "chunk_id": "chunk:c14c7b4af2d0",
          "chunk_index": 1,
          "quote_summary": "宽体机引进完毕且利用率显著提升，叠加资本开支放缓降低财务费用，单位成本有望摊薄，盈利改善空间明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:宽体机运营",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "df9b1cfdc196",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:年报点评",
      "to_name": "年报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 年报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2024-年年报点评-a7f72d68bd90.md",
          "chunk_id": "chunk:cd85db93e716",
          "chunk_index": 0,
          "quote_summary": "国际长航线步入规模化运营且客座率稳步上移，叠加航油成本回落对冲票价下滑，公司中长期盈利能力有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:年报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "221db7d9d1f8",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:成本控制",
      "to_name": "成本控制",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 成本控制。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-11-03-826b798f0bcf.md",
          "chunk_id": "chunk:6901079ca7ab",
          "chunk_index": 2,
          "quote_summary": "民航供给增速因航司规划及全球航材供应链影响持续放缓，低供给增速有望转化为价格上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:成本控制",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3a9899c23600",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-交通运输-公司点评报告-b1af9b0cedea.md",
          "chunk_id": "chunk:2fcc23cfd988",
          "chunk_index": 3,
          "quote_summary": "长周期看好民营航司运营韧性及应对变局能力，预计2025-2027年归母净利润分别为11.3亿元、16.9亿元、22.4亿元。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aa21e27e3ecf",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-f3cbfbf4851c.md",
          "chunk_id": "chunk:0e18b2ae202c",
          "chunk_index": 0,
          "quote_summary": "负债端稳步改善，双轮战略布局渐入红利释放期，盈利修复速度快于行业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3efa818beabc",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:民航复苏",
      "to_name": "民航复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 民航复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-优于大市-f1a64f7b5f39.md",
          "chunk_id": "chunk:081de31f6ba8",
          "chunk_index": 0,
          "quote_summary": "二季度业绩实现修复，静待供需格局改善；中长期看好民航复苏趋势，建议关注国内航空出行需求的边际变化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:民航复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7eeff9405de2",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:汇率风险",
      "to_name": "汇率风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 汇率风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md",
          "chunk_id": "chunk:c14c7b4af2d0",
          "chunk_index": 1,
          "quote_summary": "宽体机引进完毕且利用率显著提升，叠加资本开支放缓降低财务费用，单位成本有望摊薄，盈利改善空间明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:汇率风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ace67fedc62e",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:油价对冲",
      "to_name": "油价对冲",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 油价对冲。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2024-年年报点评-a7f72d68bd90.md",
          "chunk_id": "chunk:cd85db93e716",
          "chunk_index": 0,
          "quote_summary": "国际长航线步入规模化运营且客座率稳步上移，叠加航油成本回落对冲票价下滑，公司中长期盈利能力有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:油价对冲",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4f1b5ed4dd94",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:油价风险",
      "to_name": "油价风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 油价风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md",
          "chunk_id": "chunk:c14c7b4af2d0",
          "chunk_index": 1,
          "quote_summary": "宽体机引进完毕且利用率显著提升，叠加资本开支放缓降低财务费用，单位成本有望摊薄，盈利改善空间明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:油价风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a685984e4022",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:盈利修复",
      "to_name": "盈利修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 盈利修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-b98515d97bf1.md",
          "chunk_id": "chunk:7bfb3cbc571d",
          "chunk_index": 0,
          "quote_summary": "短期受普惠发动机送修影响运力受限且固定成本无法摊薄，但中长期维修问题解决后运力恢复空间大；行业客座率向提价转化将打开公司收入改善空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:盈利修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5277e8e969f9",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md",
          "chunk_id": "chunk:c14c7b4af2d0",
          "chunk_index": 1,
          "quote_summary": "宽体机引进完毕且利用率显著提升，叠加资本开支放缓降低财务费用，单位成本有望摊薄，盈利改善空间明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8c9ef52799a1",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:盈利预测下调",
      "to_name": "盈利预测下调",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 盈利预测下调。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-优于大市-f1a64f7b5f39.md",
          "chunk_id": "chunk:081de31f6ba8",
          "chunk_index": 0,
          "quote_summary": "二季度业绩实现修复，静待供需格局改善；中长期看好民航复苏趋势，建议关注国内航空出行需求的边际变化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:盈利预测下调",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a2b8a3240453",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:石油",
      "to_name": "石油",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 石油。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-航线收益品质优化-静待盈利回升-b2f270e6e3f1.md",
          "chunk_id": "chunk:2d2fa4340b46",
          "chunk_index": 1,
          "quote_summary": "出行需求回暖叠加行业供给收紧预期，民航“内卷式”竞争整治有望推动单位座收企稳回升，带动公司业绩弹性增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:石油",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ab695e423990",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:票价",
      "to_name": "票价",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 票价。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-航线收益品质优化-静待盈利回升-b2f270e6e3f1.md",
          "chunk_id": "chunk:2d2fa4340b46",
          "chunk_index": 1,
          "quote_summary": "出行需求回暖叠加行业供给收紧预期，民航“内卷式”竞争整治有望推动单位座收企稳回升，带动公司业绩弹性增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:票价",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cc028ee0e37b",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:票价走势",
      "to_name": "票价走势",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 票价走势。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md",
          "chunk_id": "chunk:c14c7b4af2d0",
          "chunk_index": 1,
          "quote_summary": "宽体机引进完毕且利用率显著提升，叠加资本开支放缓降低财务费用，单位成本有望摊薄，盈利改善空间明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:票价走势",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8d3d80c8716a",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:航油成本",
      "to_name": "航油成本",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 航油成本。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-营收及利润双增-看好座收回升利润弹性-2fe15db13883.md",
          "chunk_id": "chunk:4080c0e5f90a",
          "chunk_index": 1,
          "quote_summary": "民航局专题部署及航协自律公约出台，综合整治“内卷式”竞争，预计短期内有效遏制市场不当竞争，航司单位座收有望企稳回升，带来业绩弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:航油成本",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "90443d16c338",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-优于大市-f1a64f7b5f39.md",
          "chunk_id": "chunk:081de31f6ba8",
          "chunk_index": 0,
          "quote_summary": "二季度业绩实现修复，静待供需格局改善；中长期看好民航复苏趋势，建议关注国内航空出行需求的边际变化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9fc4d54db730",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:航空客运",
      "to_name": "航空客运",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 航空客运。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md",
          "chunk_id": "chunk:c14c7b4af2d0",
          "chunk_index": 1,
          "quote_summary": "宽体机引进完毕且利用率显著提升，叠加资本开支放缓降低财务费用，单位成本有望摊薄，盈利改善空间明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:航空客运",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aa094b9f07cd",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:航空运输",
      "to_name": "航空运输",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 航空运输。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-优于大市-f1a64f7b5f39.md",
          "chunk_id": "chunk:081de31f6ba8",
          "chunk_index": 0,
          "quote_summary": "二季度业绩实现修复，静待供需格局改善；中长期看好民航复苏趋势，建议关注国内航空出行需求的边际变化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:航空运输",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff36ce0b67de",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:行业自律",
      "to_name": "行业自律",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 行业自律。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-营收及利润双增-看好座收回升利润弹性-2fe15db13883.md",
          "chunk_id": "chunk:4080c0e5f90a",
          "chunk_index": 1,
          "quote_summary": "民航局专题部署及航协自律公约出台，综合整治“内卷式”竞争，预计短期内有效遏制市场不当竞争，航司单位座收有望企稳回升，带来业绩弹性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:行业自律",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "690e7a68b86f",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-66cf1ab710a6.md",
          "chunk_id": "chunk:c14c7b4af2d0",
          "chunk_index": 1,
          "quote_summary": "宽体机引进完毕且利用率显著提升，叠加资本开支放缓降低财务费用，单位成本有望摊薄，盈利改善空间明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "db5ae842601c",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:财务费用",
      "to_name": "财务费用",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 财务费用。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年三季报点评-b98515d97bf1.md",
          "chunk_id": "chunk:7bfb3cbc571d",
          "chunk_index": 0,
          "quote_summary": "短期受普惠发动机送修影响运力受限且固定成本无法摊薄，但中长期维修问题解决后运力恢复空间大；行业客座率向提价转化将打开公司收入改善空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:财务费用",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fd413aecc957",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:运力供给",
      "to_name": "运力供给",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 运力供给。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-11-03-826b798f0bcf.md",
          "chunk_id": "chunk:6901079ca7ab",
          "chunk_index": 2,
          "quote_summary": "民航供给增速因航司规划及全球航材供应链影响持续放缓，低供给增速有望转化为价格上行。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:运力供给",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "30d1bc146a1e",
      "from": "company:603885",
      "from_name": "吉祥航空",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "吉祥航空 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-吉祥航空-603885-sh-2025-年中报点评-f3cbfbf4851c.md",
          "chunk_id": "chunk:0e18b2ae202c",
          "chunk_index": 0,
          "quote_summary": "负债端稳步改善，双轮战略布局渐入红利释放期，盈利修复速度快于行业。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:603885",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "84b0eb8e8d2b",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:业绩恢复",
      "to_name": "业绩恢复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 业绩恢复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2020-年报点评-6b8aa2118b14.md",
          "chunk_id": "chunk:0833376a7bef",
          "chunk_index": 6,
          "quote_summary": "2020年业绩下滑主要系总体单位研制任务及交付计划后调叠加疫情影响，但存货与预付款大幅增加表明公司为在手订单备货充足，业绩有望跨周期确认并兑现至未来。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:业绩恢复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ffb229348dd1",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-8ebbbd9f4850.md",
          "chunk_id": "chunk:d834e10de59a",
          "chunk_index": 4,
          "quote_summary": "批产产品进入放量期，叠加疫情影响消除，公司业绩实现同比扭亏并恢复至2019年同期以上水平，经营效率显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "affb74eccd73",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md",
          "chunk_id": "chunk:a9d5978b8fef",
          "chunk_index": 4,
          "quote_summary": "公司技术硬实力深厚，业务产品位于导弹产业价值链较高位置，制导系统占导弹总成本15%-45%，技术附加值与毛利率较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d551bdf468bb",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:光学仿真",
      "to_name": "光学仿真",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 光学仿真。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板新股报告-6242e61c7645.md",
          "chunk_id": "chunk:fca376f90b99",
          "chunk_index": 4,
          "quote_summary": "国防信息化加速渗透，装备采购进入补偿期，公司作为军用光学仿真领军者将充分受益于军工电子订单增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:光学仿真",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "315f41381419",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:光学制导",
      "to_name": "光学制导",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 光学制导。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东海证券-d3cb3f6bdead.md",
          "chunk_id": "chunk:7bdfc22a308f",
          "chunk_index": 0,
          "quote_summary": "军工电子信息优质企业，专注光学目标仿真、制导、测试及激光对抗，技术壁垒深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:光学制导",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7f420f5c450e",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:光电制导",
      "to_name": "光电制导",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 光电制导。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md",
          "chunk_id": "chunk:a9d5978b8fef",
          "chunk_index": 4,
          "quote_summary": "公司技术硬实力深厚，业务产品位于导弹产业价值链较高位置，制导系统占导弹总成本15%-45%，技术附加值与毛利率较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:光电制导",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ab25c88b2e12",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:光电测试",
      "to_name": "光电测试",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 光电测试。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2019-年报点评-毛利率显著增长-新型测温产品有望促进公司民品业务收入增长-c958ed26be20.md",
          "chunk_id": "chunk:036c7bedb821",
          "chunk_index": 4,
          "quote_summary": "军品退税及补价波动导致表观营收利润下滑，但扣除后利润总额实际同比增长36.17%，核心业务盈利能力稳健。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:光电测试",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0046fb48bc3d",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:光电系统",
      "to_name": "光电系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 光电系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-8ebbbd9f4850.md",
          "chunk_id": "chunk:d834e10de59a",
          "chunk_index": 4,
          "quote_summary": "批产产品进入放量期，叠加疫情影响消除，公司业绩实现同比扭亏并恢复至2019年同期以上水平，经营效率显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:光电系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f13a39d802bf",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md",
          "chunk_id": "chunk:a9d5978b8fef",
          "chunk_index": 4,
          "quote_summary": "公司技术硬实力深厚，业务产品位于导弹产业价值链较高位置，制导系统占导弹总成本15%-45%，技术附加值与毛利率较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e460aa57b41f",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东海证券-d3cb3f6bdead.md",
          "chunk_id": "chunk:7bdfc22a308f",
          "chunk_index": 0,
          "quote_summary": "军工电子信息优质企业，专注光学目标仿真、制导、测试及激光对抗，技术壁垒深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "022636c8ed5c",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:军民融合",
      "to_name": "军民融合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 军民融合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md",
          "chunk_id": "chunk:440d894f8313",
          "chunk_index": 2,
          "quote_summary": "公司主营服务于国防先进武器研制的智能光电系统，深度绑定航天科工与航天科技集团，下游航天工业高景气保障长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:军民融合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "55fbe5fd9f7f",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-8ebbbd9f4850.md",
          "chunk_id": "chunk:d834e10de59a",
          "chunk_index": 4,
          "quote_summary": "批产产品进入放量期，叠加疫情影响消除，公司业绩实现同比扭亏并恢复至2019年同期以上水平，经营效率显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1b0115acb37a",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东海证券-d3cb3f6bdead.md",
          "chunk_id": "chunk:7bdfc22a308f",
          "chunk_index": 0,
          "quote_summary": "军工电子信息优质企业，专注光学目标仿真、制导、测试及激光对抗，技术壁垒深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4692ef5eba9d",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:国防信息化",
      "to_name": "国防信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 国防信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东海证券-d3cb3f6bdead.md",
          "chunk_id": "chunk:7bdfc22a308f",
          "chunk_index": 0,
          "quote_summary": "军工电子信息优质企业，专注光学目标仿真、制导、测试及激光对抗，技术壁垒深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:国防信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "87aa8bd4185b",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2019-年报点评-毛利率显著增长-新型测温产品有望促进公司民品业务收入增长-c958ed26be20.md",
          "chunk_id": "chunk:036c7bedb821",
          "chunk_index": 4,
          "quote_summary": "军品退税及补价波动导致表观营收利润下滑，但扣除后利润总额实际同比增长36.17%，核心业务盈利能力稳健。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cbcf5d52f3ae",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:导弹产业链",
      "to_name": "导弹产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 导弹产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md",
          "chunk_id": "chunk:a9d5978b8fef",
          "chunk_index": 4,
          "quote_summary": "公司技术硬实力深厚，业务产品位于导弹产业价值链较高位置，制导系统占导弹总成本15%-45%，技术附加值与毛利率较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:导弹产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9f8386c34444",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:批产放量",
      "to_name": "批产放量",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 批产放量。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券研究所-8ebbbd9f4850.md",
          "chunk_id": "chunk:d834e10de59a",
          "chunk_index": 4,
          "quote_summary": "批产产品进入放量期，叠加疫情影响消除，公司业绩实现同比扭亏并恢复至2019年同期以上水平，经营效率显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:批产放量",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "29a9371caa89",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:新股发行",
      "to_name": "新股发行",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 新股发行。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md",
          "chunk_id": "chunk:440d894f8313",
          "chunk_index": 2,
          "quote_summary": "公司主营服务于国防先进武器研制的智能光电系统，深度绑定航天科工与航天科技集团，下游航天工业高景气保障长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:新股发行",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "372c68a930fd",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:智能光电系统",
      "to_name": "智能光电系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 智能光电系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md",
          "chunk_id": "chunk:440d894f8313",
          "chunk_index": 2,
          "quote_summary": "公司主营服务于国防先进武器研制的智能光电系统，深度绑定航天科工与航天科技集团，下游航天工业高景气保障长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:智能光电系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b938f7f7005f",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md",
          "chunk_id": "chunk:a9d5978b8fef",
          "chunk_index": 4,
          "quote_summary": "公司技术硬实力深厚，业务产品位于导弹产业价值链较高位置，制导系统占导弹总成本15%-45%，技术附加值与毛利率较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c3408667f32a",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:毛利率提升",
      "to_name": "毛利率提升",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 毛利率提升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2019-年报点评-毛利率显著增长-新型测温产品有望促进公司民品业务收入增长-c958ed26be20.md",
          "chunk_id": "chunk:036c7bedb821",
          "chunk_index": 4,
          "quote_summary": "军品退税及补价波动导致表观营收利润下滑，但扣除后利润总额实际同比增长36.17%，核心业务盈利能力稳健。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:毛利率提升",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7e644f50000c",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:民品拓展",
      "to_name": "民品拓展",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 民品拓展。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2020-年报点评-6b8aa2118b14.md",
          "chunk_id": "chunk:0833376a7bef",
          "chunk_index": 6,
          "quote_summary": "2020年业绩下滑主要系总体单位研制任务及交付计划后调叠加疫情影响，但存货与预付款大幅增加表明公司为在手订单备货充足，业绩有望跨周期确认并兑现至未来。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:民品拓展",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ef653b32d267",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:民品测温",
      "to_name": "民品测温",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 民品测温。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2019-年报点评-毛利率显著增长-新型测温产品有望促进公司民品业务收入增长-c958ed26be20.md",
          "chunk_id": "chunk:036c7bedb821",
          "chunk_index": 4,
          "quote_summary": "军品退税及补价波动导致表观营收利润下滑，但扣除后利润总额实际同比增长36.17%，核心业务盈利能力稳健。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:民品测温",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5218d45dd7a2",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:激光对抗",
      "to_name": "激光对抗",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 激光对抗。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2020-年报点评-6b8aa2118b14.md",
          "chunk_id": "chunk:0833376a7bef",
          "chunk_index": 6,
          "quote_summary": "2020年业绩下滑主要系总体单位研制任务及交付计划后调叠加疫情影响，但存货与预付款大幅增加表明公司为在手订单备货充足，业绩有望跨周期确认并兑现至未来。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:激光对抗",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3aa37900e2bc",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:科创板",
      "to_name": "科创板",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 科创板。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md",
          "chunk_id": "chunk:a9d5978b8fef",
          "chunk_index": 4,
          "quote_summary": "公司技术硬实力深厚，业务产品位于导弹产业价值链较高位置，制导系统占导弹总成本15%-45%，技术附加值与毛利率较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:科创板",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1a71831f1d85",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:科创板新股",
      "to_name": "科创板新股",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 科创板新股。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板新股报告-6242e61c7645.md",
          "chunk_id": "chunk:fca376f90b99",
          "chunk_index": 4,
          "quote_summary": "国防信息化加速渗透，装备采购进入补偿期，公司作为军用光学仿真领军者将充分受益于军工电子订单增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:科创板新股",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "30cb59f5f10a",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:精确制导",
      "to_name": "精确制导",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 精确制导。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2019-年报点评-毛利率显著增长-新型测温产品有望促进公司民品业务收入增长-c958ed26be20.md",
          "chunk_id": "chunk:036c7bedb821",
          "chunk_index": 4,
          "quote_summary": "军品退税及补价波动导致表观营收利润下滑，但扣除后利润总额实际同比增长36.17%，核心业务盈利能力稳健。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:精确制导",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f4b7a9496d08",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:股权激励",
      "to_name": "股权激励",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 股权激励。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2020-年报点评-6b8aa2118b14.md",
          "chunk_id": "chunk:0833376a7bef",
          "chunk_index": 6,
          "quote_summary": "2020年业绩下滑主要系总体单位研制任务及交付计划后调叠加疫情影响，但存货与预付款大幅增加表明公司为在手订单备货充足，业绩有望跨周期确认并兑现至未来。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:股权激励",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3555d7d95c32",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:自主可控",
      "to_name": "自主可控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 自主可控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-东海证券-d3cb3f6bdead.md",
          "chunk_id": "chunk:7bdfc22a308f",
          "chunk_index": 0,
          "quote_summary": "军工电子信息优质企业，专注光学目标仿真、制导、测试及激光对抗，技术壁垒深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:自主可控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cbe4a8036a6c",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
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          "chunk_id": "chunk:440d894f8313",
          "chunk_index": 2,
          "quote_summary": "公司主营服务于国防先进武器研制的智能光电系统，深度绑定航天科工与航天科技集团，下游航天工业高景气保障长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
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      "evidence_count": 1
    },
    {
      "edge_id": "768b2e139558",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:航天配套",
      "to_name": "航天配套",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 航天配套。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-证券研究报告-c09c1d1e1d64.md",
          "chunk_id": "chunk:440d894f8313",
          "chunk_index": 2,
          "quote_summary": "公司主营服务于国防先进武器研制的智能光电系统，深度绑定航天科工与航天科技集团，下游航天工业高景气保障长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:航天配套",
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      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md",
          "chunk_id": "chunk:a9d5978b8fef",
          "chunk_index": 4,
          "quote_summary": "公司技术硬实力深厚，业务产品位于导弹产业价值链较高位置，制导系统占导弹总成本15%-45%，技术附加值与毛利率较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4778c7deb7fe",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:财务预测",
      "to_name": "财务预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 财务预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中航证券金融研究所-f00e0a20874f.md",
          "chunk_id": "chunk:a9d5978b8fef",
          "chunk_index": 4,
          "quote_summary": "公司技术硬实力深厚，业务产品位于导弹产业价值链较高位置，制导系统占导弹总成本15%-45%，技术附加值与毛利率较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:财务预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1d6f3e82be54",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新光光电-688011-2019-年报点评-毛利率显著增长-新型测温产品有望促进公司民品业务收入增长-c958ed26be20.md",
          "chunk_id": "chunk:036c7bedb821",
          "chunk_index": 4,
          "quote_summary": "军品退税及补价波动导致表观营收利润下滑，但扣除后利润总额实际同比增长36.17%，核心业务盈利能力稳健。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "81b6e9b4865b",
      "from": "company:688011",
      "from_name": "新光光电",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板新股报告-6242e61c7645.md",
          "chunk_id": "chunk:fca376f90b99",
          "chunk_index": 4,
          "quote_summary": "国防信息化加速渗透，装备采购进入补偿期，公司作为军用光学仿真领军者将充分受益于军工电子订单增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688011",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bf409cd0bee3",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:roa",
      "to_name": "ROA",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 ROA。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md",
          "chunk_id": "chunk:7f77adb840ef",
          "chunk_index": 0,
          "quote_summary": "量子计算业务成为核心增长引擎，叠加中国电信战略入股带来的渠道与基建协同，推动公司从技术研发向规模化商业落地转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:roa",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0046bdfb0e7a",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:业绩减亏",
      "to_name": "业绩减亏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 业绩减亏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国盾量子-688027-sh-买入-维持评级-c8c733c4ea58.md",
          "chunk_id": "chunk:f53e8bb9eb87",
          "chunk_index": 0,
          "quote_summary": "量子通信、量子计算、量子精密测量三大板块收入大幅放量，业绩减亏趋势确立，后续放量可期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:业绩减亏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fcd126d65ede",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-01-日-3a755bdf7552.md",
          "chunk_id": "chunk:c91a006b911f",
          "chunk_index": 1,
          "quote_summary": "量子计算业务放量成为核心增长引擎，推动公司由技术验证迈向收入确认，业绩拐点初步确立。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8b18afd037bf",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:信息安全",
      "to_name": "信息安全",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 信息安全。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-08-日-8da78ebd44bf.md",
          "chunk_id": "chunk:d9b65ad83f1e",
          "chunk_index": 0,
          "quote_summary": "量子信息产业处于起步阶段，国家量子通信网络建设持续推进，公司作为技术领军者将充分受益于下游需求释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:信息安全",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4f73a2d5bf81",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:信息安全基础设施",
      "to_name": "信息安全基础设施",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 信息安全基础设施。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md",
          "chunk_id": "chunk:7f77adb840ef",
          "chunk_index": 0,
          "quote_summary": "量子计算业务成为核心增长引擎，叠加中国电信战略入股带来的渠道与基建协同，推动公司从技术研发向规模化商业落地转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:信息安全基础设施",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1044303ee892",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国盾量子-688027-sh-买入-维持评级-c8c733c4ea58.md",
          "chunk_id": "chunk:f53e8bb9eb87",
          "chunk_index": 0,
          "quote_summary": "量子通信、量子计算、量子精密测量三大板块收入大幅放量，业绩减亏趋势确立，后续放量可期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a588ca30c25d",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:商业化落地",
      "to_name": "商业化落地",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 商业化落地。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md",
          "chunk_id": "chunk:7f77adb840ef",
          "chunk_index": 0,
          "quote_summary": "量子计算业务成为核心增长引擎，叠加中国电信战略入股带来的渠道与基建协同，推动公司从技术研发向规模化商业落地转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:商业化落地",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fe8a439ef247",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:国资控股",
      "to_name": "国资控股",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 国资控股。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md",
          "chunk_id": "chunk:43b6f1cb2ba6",
          "chunk_index": 0,
          "quote_summary": "量子技术连续三年写入政府工作报告，2024年政府相关投入超20亿美元居全球首位，公司作为唯一量子技术主营上市企业直接受益于政策红利。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:国资控股",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8e12b4f7369e",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:央企入股",
      "to_name": "央企入股",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 央企入股。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-04-月-08-日-8da78ebd44bf.md",
          "chunk_id": "chunk:d9b65ad83f1e",
          "chunk_index": 0,
          "quote_summary": "量子信息产业处于起步阶段，国家量子通信网络建设持续推进，公司作为技术领军者将充分受益于下游需求释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:央企入股",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7ccd3b3fc3c9",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:央企控股",
      "to_name": "央企控股",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 央企控股。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-01-日-3a755bdf7552.md",
          "chunk_id": "chunk:c91a006b911f",
          "chunk_index": 1,
          "quote_summary": "量子计算业务放量成为核心增长引擎，推动公司由技术验证迈向收入确认，业绩拐点初步确立。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:央企控股",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2ee2c0230f9f",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:扭亏为盈",
      "to_name": "扭亏为盈",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 扭亏为盈。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md",
          "chunk_id": "chunk:43b6f1cb2ba6",
          "chunk_index": 0,
          "quote_summary": "量子技术连续三年写入政府工作报告，2024年政府相关投入超20亿美元居全球首位，公司作为唯一量子技术主营上市企业直接受益于政策红利。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:扭亏为盈",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3eee96f6da0d",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:核心元器件国产化",
      "to_name": "核心元器件国产化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 核心元器件国产化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-cdbb867dba67.md",
          "chunk_id": "chunk:4fa1554ba0f7",
          "chunk_index": 2,
          "quote_summary": "央企控股重塑产业格局，运营商渠道赋能加速量子通信商业化落地。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:核心元器件国产化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "6e9a4fb6d93d",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-cdbb867dba67.md",
          "chunk_id": "chunk:4fa1554ba0f7",
          "chunk_index": 2,
          "quote_summary": "央企控股重塑产业格局，运营商渠道赋能加速量子通信商业化落地。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "c41f1605c343",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国盾量子-688027-sh-买入-维持评级-c8c733c4ea58.md",
          "chunk_id": "chunk:f53e8bb9eb87",
          "chunk_index": 0,
          "quote_summary": "量子通信、量子计算、量子精密测量三大板块收入大幅放量，业绩减亏趋势确立，后续放量可期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8b92bdca90c0",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:科创板",
      "to_name": "科创板",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 科创板。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md",
          "chunk_id": "chunk:7f77adb840ef",
          "chunk_index": 0,
          "quote_summary": "量子计算业务成为核心增长引擎，叠加中国电信战略入股带来的渠道与基建协同，推动公司从技术研发向规模化商业落地转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:科创板",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7550e629d445",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md",
          "chunk_id": "chunk:7f77adb840ef",
          "chunk_index": 0,
          "quote_summary": "量子计算业务成为核心增长引擎，叠加中国电信战略入股带来的渠道与基建协同，推动公司从技术研发向规模化商业落地转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "66e90e4a4cd2",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:量子",
      "to_name": "量子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 量子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md",
          "chunk_id": "chunk:7f77adb840ef",
          "chunk_index": 0,
          "quote_summary": "量子计算业务成为核心增长引擎，叠加中国电信战略入股带来的渠道与基建协同，推动公司从技术研发向规模化商业落地转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:量子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5e84a48b7ae6",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:量子精密测量",
      "to_name": "量子精密测量",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 量子精密测量。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国盾量子-688027-sh-1ee8c69d5023.md",
          "chunk_id": "chunk:43b6f1cb2ba6",
          "chunk_index": 0,
          "quote_summary": "量子技术连续三年写入政府工作报告，2024年政府相关投入超20亿美元居全球首位，公司作为唯一量子技术主营上市企业直接受益于政策红利。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:量子精密测量",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "efae17c21cd2",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:量子计算",
      "to_name": "量子计算",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 量子计算。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md",
          "chunk_id": "chunk:7f77adb840ef",
          "chunk_index": 0,
          "quote_summary": "量子计算业务成为核心增长引擎，叠加中国电信战略入股带来的渠道与基建协同，推动公司从技术研发向规模化商业落地转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:量子计算",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5f7ff590be1c",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:量子通信",
      "to_name": "量子通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 量子通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-股票研究-2025-09-29-74aa33250588.md",
          "chunk_id": "chunk:7f77adb840ef",
          "chunk_index": 0,
          "quote_summary": "量子计算业务成为核心增长引擎，叠加中国电信战略入股带来的渠道与基建协同，推动公司从技术研发向规模化商业落地转型。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:量子通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "561c66962848",
      "from": "company:688027",
      "from_name": "国盾量子",
      "to": "topic:高研发投入",
      "to_name": "高研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 高研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-01-日-3a755bdf7552.md",
          "chunk_id": "chunk:c91a006b911f",
          "chunk_index": 1,
          "quote_summary": "量子计算业务放量成为核心增长引擎，推动公司由技术验证迈向收入确认，业绩拐点初步确立。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688027",
      "target": "topic:高研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1c71ee8a5e1a",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:ai大模型",
      "to_name": "ai大模型",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 AI大模型。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营业绩短期承压-海外业务未来可期-d43f5cf17a3b.md",
          "chunk_id": "chunk:b2a7e5a4abde",
          "chunk_index": 1,
          "quote_summary": "业务向空天信息产业链上游延伸，自主数据源建设打开长期成长空间"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:ai大模型",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "66734b97e7c2",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:it服务",
      "to_name": "it服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 IT服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-it-服务ii-a3a8d6e0b0ed.md",
          "chunk_id": "chunk:5d40a81fcad4",
          "chunk_index": 5,
          "quote_summary": "短期业绩受宏观环境及招投标资质暂停影响承压，但公司坚持卫星应用全产业链布局，建设高精度商业雷达遥感卫星星座，打造遥感数据要素平台，开启云服务第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:it服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6e92e89175bc",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:sar",
      "to_name": "sar",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 SAR。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-173ad718b01d.md",
          "chunk_id": "chunk:f9b6fa2ab5ae",
          "chunk_index": 4,
          "quote_summary": "国内卫星运营与应用服务龙头，已形成“核心软件平台+行业应用+数据服务”稳定商业模式，营收与利润保持高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:sar",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9a46bd69d777",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:sar卫星",
      "to_name": "sar卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 SAR卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-2023-年三季报点评-ba0a3d049476.md",
          "chunk_id": "chunk:9c8658d1ea34",
          "chunk_index": 1,
          "quote_summary": "随着SAR卫星系统建设顺利推进，公司有望形成数据生产-数据分析-数据应用的全产业链布局，长期竞争力有望进一步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:sar卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "55b6beb38e38",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:业绩反转",
      "to_name": "业绩反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 业绩反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-it-服务ii-2947a2ebf2d9.md",
          "chunk_id": "chunk:ee084d0fbc3e",
          "chunk_index": 4,
          "quote_summary": "短期业绩承压主要系宏观环境致订单减少及军采暂停计提减值，但公司正通过卫星星座组网与数据要素服务构建第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:业绩反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "db6c8dc5d456",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:业绩季节性波动",
      "to_name": "业绩季节性波动",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 业绩季节性波动。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-10-31-03605a568e64.md",
          "chunk_id": "chunk:8a31b5fb88c7",
          "chunk_index": 4,
          "quote_summary": "公司深耕遥感全产业链，积极布局AI大模型与数据要素商业化，海外订单突破打开新增长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:业绩季节性波动",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "57b3be4a2f39",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:业绩波动",
      "to_name": "业绩波动",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 业绩波动。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-2023-年三季报点评-ba0a3d049476.md",
          "chunk_id": "chunk:9c8658d1ea34",
          "chunk_index": 1,
          "quote_summary": "随着SAR卫星系统建设顺利推进，公司有望形成数据生产-数据分析-数据应用的全产业链布局，长期竞争力有望进一步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:业绩波动",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b71094dfb564",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:云化转型",
      "to_name": "云化转型",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 云化转型。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营业绩短期承压-海外业务未来可期-d43f5cf17a3b.md",
          "chunk_id": "chunk:b2a7e5a4abde",
          "chunk_index": 1,
          "quote_summary": "业务向空天信息产业链上游延伸，自主数据源建设打开长期成长空间"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:云化转型",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9c34eb9d5668",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:云计算",
      "to_name": "云计算",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 云计算。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-173ad718b01d.md",
          "chunk_id": "chunk:f9b6fa2ab5ae",
          "chunk_index": 4,
          "quote_summary": "国内卫星运营与应用服务龙头，已形成“核心软件平台+行业应用+数据服务”稳定商业模式，营收与利润保持高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:云计算",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6c54d7c73eaa",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:人工智能",
      "to_name": "人工智能",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 人工智能。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-173ad718b01d.md",
          "chunk_id": "chunk:f9b6fa2ab5ae",
          "chunk_index": 4,
          "quote_summary": "国内卫星运营与应用服务龙头，已形成“核心软件平台+行业应用+数据服务”稳定商业模式，营收与利润保持高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:人工智能",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ac304ba246bc",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-2023-年年报及-2024-年一季报点评-c8f55331f3d9.md",
          "chunk_id": "chunk:cdb80fdd342d",
          "chunk_index": 1,
          "quote_summary": "公司作为卫星遥感应用龙头，已构建数据生产至应用全产业链布局，未来将依托女娲星座建设及无人机全场景应用拓展空天信息服务与低空经济市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d527357fa553",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:全产业链布局",
      "to_name": "全产业链布局",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 全产业链布局。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-2023-年三季报点评-ba0a3d049476.md",
          "chunk_id": "chunk:9c8658d1ea34",
          "chunk_index": 1,
          "quote_summary": "随着SAR卫星系统建设顺利推进，公司有望形成数据生产-数据分析-数据应用的全产业链布局，长期竞争力有望进一步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:全产业链布局",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "66c72c7f898a",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:军工信息化",
      "to_name": "军工信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 军工信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-it-服务ii-2947a2ebf2d9.md",
          "chunk_id": "chunk:ee084d0fbc3e",
          "chunk_index": 4,
          "quote_summary": "短期业绩承压主要系宏观环境致订单减少及军采暂停计提减值，但公司正通过卫星星座组网与数据要素服务构建第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:军工信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2a1ce3386e53",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营业绩短期承压-海外业务未来可期-d43f5cf17a3b.md",
          "chunk_id": "chunk:b2a7e5a4abde",
          "chunk_index": 1,
          "quote_summary": "业务向空天信息产业链上游延伸，自主数据源建设打开长期成长空间"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b3947f61d995",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:北斗导航",
      "to_name": "北斗导航",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 北斗导航。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-业绩短期承压-期待逐渐改善-177c1b499008.md",
          "chunk_id": "chunk:31628f7acf12",
          "chunk_index": 2,
          "quote_summary": "公司作为遥感与北斗导航卫星应用服务领军企业，在遥感应用领域具备领先地位，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:北斗导航",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "214fd32314ee",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:卫星",
      "to_name": "卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-173ad718b01d.md",
          "chunk_id": "chunk:f9b6fa2ab5ae",
          "chunk_index": 4,
          "quote_summary": "国内卫星运营与应用服务龙头，已形成“核心软件平台+行业应用+数据服务”稳定商业模式，营收与利润保持高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e9ab8206949a",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:卫星互联网",
      "to_name": "卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-it-服务ii-2947a2ebf2d9.md",
          "chunk_id": "chunk:ee084d0fbc3e",
          "chunk_index": 4,
          "quote_summary": "短期业绩承压主要系宏观环境致订单减少及军采暂停计提减值，但公司正通过卫星星座组网与数据要素服务构建第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "502c9de9bb47",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:卫星应用",
      "to_name": "卫星应用",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 卫星应用。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机-it-服务ii-090bcf87814c.md",
          "chunk_id": "chunk:758abb6be74b",
          "chunk_index": 4,
          "quote_summary": "公司作为遥感与北斗导航卫星应用服务领军企业，正逐渐向数据服务商转型，自主数据源与遥感云平台联动将开启云服务第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:卫星应用",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "25cfccc0e5fa",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:卫星应用服务",
      "to_name": "卫星应用服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 卫星应用服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-业绩短期承压-期待逐渐改善-177c1b499008.md",
          "chunk_id": "chunk:31628f7acf12",
          "chunk_index": 2,
          "quote_summary": "公司作为遥感与北斗导航卫星应用服务领军企业，在遥感应用领域具备领先地位，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:卫星应用服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "927d718e205d",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:卫星遥感",
      "to_name": "卫星遥感",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 卫星遥感。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-2023-年年报及-2024-年一季报点评-c8f55331f3d9.md",
          "chunk_id": "chunk:cdb80fdd342d",
          "chunk_index": 1,
          "quote_summary": "公司作为卫星遥感应用龙头，已构建数据生产至应用全产业链布局，未来将依托女娲星座建设及无人机全场景应用拓展空天信息服务与低空经济市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:卫星遥感",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9a9e79a01bc4",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机-it-服务ii-090bcf87814c.md",
          "chunk_id": "chunk:758abb6be74b",
          "chunk_index": 4,
          "quote_summary": "公司作为遥感与北斗导航卫星应用服务领军企业，正逐渐向数据服务商转型，自主数据源与遥感云平台联动将开启云服务第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "49eb3868602a",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-万亿国债项目启动在即-民用业务拐点将至-9b99cb158de3.md",
          "chunk_id": "chunk:2fd8bbe076ef",
          "chunk_index": 4,
          "quote_summary": "中央财政增发1万亿元国债支持灾后重建与防灾减灾，应急、自然资源、水利等领域招投标启动在即，公司民用业务有望迎来拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0c53b816a9b6",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:困境反转",
      "to_name": "困境反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 困境反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-it-服务ii-a3a8d6e0b0ed.md",
          "chunk_id": "chunk:5d40a81fcad4",
          "chunk_index": 5,
          "quote_summary": "短期业绩受宏观环境及招投标资质暂停影响承压，但公司坚持卫星应用全产业链布局，建设高精度商业雷达遥感卫星星座，打造遥感数据要素平台，开启云服务第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:困境反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6586053c5c53",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:国债项目",
      "to_name": "国债项目",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 国债项目。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-万亿国债项目启动在即-民用业务拐点将至-9b99cb158de3.md",
          "chunk_id": "chunk:2fd8bbe076ef",
          "chunk_index": 4,
          "quote_summary": "中央财政增发1万亿元国债支持灾后重建与防灾减灾，应急、自然资源、水利等领域招投标启动在即，公司民用业务有望迎来拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:国债项目",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "17336893363d",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:大模型",
      "to_name": "大模型",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 大模型。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-173ad718b01d.md",
          "chunk_id": "chunk:f9b6fa2ab5ae",
          "chunk_index": 4,
          "quote_summary": "国内卫星运营与应用服务龙头，已形成“核心软件平台+行业应用+数据服务”稳定商业模式，营收与利润保持高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:大模型",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "55cf890a478e",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-2023-年三季报点评-ba0a3d049476.md",
          "chunk_id": "chunk:9c8658d1ea34",
          "chunk_index": 1,
          "quote_summary": "随着SAR卫星系统建设顺利推进，公司有望形成数据生产-数据分析-数据应用的全产业链布局，长期竞争力有望进一步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ac269ca97d34",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:数据要素",
      "to_name": "数据要素",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 数据要素。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-173ad718b01d.md",
          "chunk_id": "chunk:f9b6fa2ab5ae",
          "chunk_index": 4,
          "quote_summary": "国内卫星运营与应用服务龙头，已形成“核心软件平台+行业应用+数据服务”稳定商业模式，营收与利润保持高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:数据要素",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b694ef2e36be",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-2023-年年报及-2024-年一季报点评-c8f55331f3d9.md",
          "chunk_id": "chunk:cdb80fdd342d",
          "chunk_index": 1,
          "quote_summary": "公司作为卫星遥感应用龙头，已构建数据生产至应用全产业链布局，未来将依托女娲星座建设及无人机全场景应用拓展空天信息服务与低空经济市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "72050643a05a",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:海外业务拓展",
      "to_name": "海外业务拓展",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 海外业务拓展。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营业绩短期承压-海外业务未来可期-d43f5cf17a3b.md",
          "chunk_id": "chunk:b2a7e5a4abde",
          "chunk_index": 1,
          "quote_summary": "业务向空天信息产业链上游延伸，自主数据源建设打开长期成长空间"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:海外业务拓展",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "83720ddbfedc",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:海外市场",
      "to_name": "海外市场",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 海外市场。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机-it-服务ii-090bcf87814c.md",
          "chunk_id": "chunk:758abb6be74b",
          "chunk_index": 4,
          "quote_summary": "公司作为遥感与北斗导航卫星应用服务领军企业，正逐渐向数据服务商转型，自主数据源与遥感云平台联动将开启云服务第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:海外市场",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e44c38f5b727",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:海外市场拓展",
      "to_name": "海外市场拓展",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 海外市场拓展。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-10-31-03605a568e64.md",
          "chunk_id": "chunk:8a31b5fb88c7",
          "chunk_index": 4,
          "quote_summary": "公司深耕遥感全产业链，积极布局AI大模型与数据要素商业化，海外订单突破打开新增长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:海外市场拓展",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "90aa16e218a5",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:特别国债",
      "to_name": "特别国债",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 特别国债。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-业绩短期承压-期待逐渐改善-177c1b499008.md",
          "chunk_id": "chunk:31628f7acf12",
          "chunk_index": 2,
          "quote_summary": "公司作为遥感与北斗导航卫星应用服务领军企业，在遥感应用领域具备领先地位，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:特别国债",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5994e1b6b941",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-173ad718b01d.md",
          "chunk_id": "chunk:f9b6fa2ab5ae",
          "chunk_index": 4,
          "quote_summary": "国内卫星运营与应用服务龙头，已形成“核心软件平台+行业应用+数据服务”稳定商业模式，营收与利润保持高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "03e9bd5d6ad6",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:融资租赁",
      "to_name": "融资租赁",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 融资租赁。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-2023-年三季报点评-ba0a3d049476.md",
          "chunk_id": "chunk:9c8658d1ea34",
          "chunk_index": 1,
          "quote_summary": "随着SAR卫星系统建设顺利推进，公司有望形成数据生产-数据分析-数据应用的全产业链布局，长期竞争力有望进一步提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:融资租赁",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ec20cc8f9d75",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营业绩短期承压-海外业务未来可期-d43f5cf17a3b.md",
          "chunk_id": "chunk:b2a7e5a4abde",
          "chunk_index": 1,
          "quote_summary": "业务向空天信息产业链上游延伸，自主数据源建设打开长期成长空间"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3226288b2bfb",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:财务预测",
      "to_name": "财务预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 财务预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营业绩短期承压-海外业务未来可期-d43f5cf17a3b.md",
          "chunk_id": "chunk:b2a7e5a4abde",
          "chunk_index": 1,
          "quote_summary": "业务向空天信息产业链上游延伸，自主数据源建设打开长期成长空间"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:财务预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2934d54b8a3c",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:遥感",
      "to_name": "遥感",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 遥感。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-173ad718b01d.md",
          "chunk_id": "chunk:f9b6fa2ab5ae",
          "chunk_index": 4,
          "quote_summary": "国内卫星运营与应用服务龙头，已形成“核心软件平台+行业应用+数据服务”稳定商业模式，营收与利润保持高速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:遥感",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "55edfbd52651",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:遥感产业链",
      "to_name": "遥感产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 遥感产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-10-31-03605a568e64.md",
          "chunk_id": "chunk:8a31b5fb88c7",
          "chunk_index": 4,
          "quote_summary": "公司深耕遥感全产业链，积极布局AI大模型与数据要素商业化，海外订单突破打开新增长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:遥感产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8b448682b8c7",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:遥感卫星",
      "to_name": "遥感卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 遥感卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营业绩短期承压-海外业务未来可期-d43f5cf17a3b.md",
          "chunk_id": "chunk:b2a7e5a4abde",
          "chunk_index": 1,
          "quote_summary": "业务向空天信息产业链上游延伸，自主数据源建设打开长期成长空间"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:遥感卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "acbea55fbf76",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:遥感应用",
      "to_name": "遥感应用",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 遥感应用。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-业绩短期承压-期待逐渐改善-177c1b499008.md",
          "chunk_id": "chunk:31628f7acf12",
          "chunk_index": 2,
          "quote_summary": "公司作为遥感与北斗导航卫星应用服务领军企业，在遥感应用领域具备领先地位，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:遥感应用",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4fe222d3e9cf",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:遥感服务",
      "to_name": "遥感服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 遥感服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-计算机-it-服务ii-090bcf87814c.md",
          "chunk_id": "chunk:758abb6be74b",
          "chunk_index": 4,
          "quote_summary": "公司作为遥感与北斗导航卫星应用服务领军企业，正逐渐向数据服务商转型，自主数据源与遥感云平台联动将开启云服务第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:遥感服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d6d9ccad48c0",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:防灾减灾",
      "to_name": "防灾减灾",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 防灾减灾。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天宏图-688066-sh-万亿国债项目启动在即-民用业务拐点将至-9b99cb158de3.md",
          "chunk_id": "chunk:2fd8bbe076ef",
          "chunk_index": 4,
          "quote_summary": "中央财政增发1万亿元国债支持灾后重建与防灾减灾，应急、自然资源、水利等领域招投标启动在即，公司民用业务有望迎来拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:防灾减灾",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1d7dfb6e0802",
      "from": "company:688066",
      "from_name": "航天宏图",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天宏图 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营业绩短期承压-海外业务未来可期-d43f5cf17a3b.md",
          "chunk_id": "chunk:b2a7e5a4abde",
          "chunk_index": 1,
          "quote_summary": "业务向空天信息产业链上游延伸，自主数据源建设打开长期成长空间"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688066",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6364550572c1",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:c919",
      "to_name": "C919",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 C919。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:a5ad6b674a38",
          "chunk_index": 2,
          "quote_summary": "高端钛合金业务作为基本盘，将跟随航空发动机升级与国产大飞机C919批产重回增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:c919",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8fc3342fe275",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:mri医疗设备",
      "to_name": "mri医疗设备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 MRI医疗设备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md",
          "chunk_id": "chunk:54f67bac5844",
          "chunk_index": 4,
          "quote_summary": "超导产品受益于医疗MRI、可控核聚变及半导体单晶硅设备需求放量，低温超导供货优势显著，高温超导工程化制备取得突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:mri医疗设备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4531e1028455",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:业绩反转",
      "to_name": "业绩反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 业绩反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:894b008b0050",
          "chunk_index": 0,
          "quote_summary": "超导业务：核聚变+半导体+医疗多重需求驱动，超导线材有望加速放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:业绩反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bcd682e9fdf9",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:业绩超预期",
      "to_name": "业绩超预期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 业绩超预期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md",
          "chunk_id": "chunk:f072c255c42a",
          "chunk_index": 0,
          "quote_summary": "2024年业绩完成筑底反弹，25Q1归母净利润同比+53.85%超预期，存货创历史新高预示在手订单充足，业绩持续增长趋势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:业绩超预期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0f2582281058",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 业绩高增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-23af555b73c8.md",
          "chunk_id": "chunk:0efc54b03b06",
          "chunk_index": 2,
          "quote_summary": "下游航空需求恢复带动高附加值钛合金销量提升，优化产品结构并提振盈利；超导业务订单饱满且产能快速释放，高温合金通过核心型号认证加速放量，三大主业步入快车道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:业绩高增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3727fafd7e1a",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:两机专项",
      "to_name": "两机专项",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 两机专项。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:a5ad6b674a38",
          "chunk_index": 2,
          "quote_summary": "高端钛合金业务作为基本盘，将跟随航空发动机升级与国产大飞机C919批产重回增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:两机专项",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cf6c9a898149",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-f2ff2627d5ac.md",
          "chunk_id": "chunk:f53f23705809",
          "chunk_index": 5,
          "quote_summary": "航空装备放量与关键材料国产替代为航空新材料业务提供增量基础，三大业务持续放量有望彰显公司成长属性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0f38dfd18686",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:a5ad6b674a38",
          "chunk_index": 2,
          "quote_summary": "高端钛合金业务作为基本盘，将跟随航空发动机升级与国产大飞机C919批产重回增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9a2410829a22",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:军工新材料",
      "to_name": "军工新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 军工新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-23af555b73c8.md",
          "chunk_id": "chunk:0efc54b03b06",
          "chunk_index": 2,
          "quote_summary": "下游航空需求恢复带动高附加值钛合金销量提升，优化产品结构并提振盈利；超导业务订单饱满且产能快速释放，高温合金通过核心型号认证加速放量，三大主业步入快车道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:军工新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "59020cc38f21",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:军工航空",
      "to_name": "军工航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 军工航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:894b008b0050",
          "chunk_index": 0,
          "quote_summary": "超导业务：核聚变+半导体+医疗多重需求驱动，超导线材有望加速放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:军工航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ae2076dcccf1",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告公司研究军工公司点评-be5471231ede.md",
          "chunk_id": "chunk:cdd18532579a",
          "chunk_index": 1,
          "quote_summary": "超导业务产能大幅提升且订单持续增加，已为BEST聚变项目批量供货，成为业绩增长核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "62a53fdbcb88",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:医疗影像",
      "to_name": "医疗影像",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 医疗影像。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:894b008b0050",
          "chunk_index": 0,
          "quote_summary": "超导业务：核聚变+半导体+医疗多重需求驱动，超导线材有望加速放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:医疗影像",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b5cabf0a6b13",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:半导体",
      "to_name": "半导体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 半导体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-384b51a07a83.md",
          "chunk_id": "chunk:f072c255c42a",
          "chunk_index": 0,
          "quote_summary": "2024年业绩完成筑底反弹，25Q1归母净利润同比+53.85%超预期，存货创历史新高预示在手订单充足，业绩持续增长趋势明确。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:半导体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5249bf629000",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:半导体设备",
      "to_name": "半导体设备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 半导体设备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:894b008b0050",
          "chunk_index": 0,
          "quote_summary": "超导业务：核聚变+半导体+医疗多重需求驱动，超导线材有望加速放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:半导体设备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f2e3d4bf064d",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:半年报",
      "to_name": "半年报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 半年报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md",
          "chunk_id": "chunk:5e2a82243275",
          "chunk_index": 0,
          "quote_summary": "超导、钛合金、高温合金三轮驱动业绩高速增长，产能释放与下游型号认证落地支撑长期成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:半年报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eada5c070ee5",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:可控核聚变",
      "to_name": "可控核聚变",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 可控核聚变。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md",
          "chunk_id": "chunk:54f67bac5844",
          "chunk_index": 4,
          "quote_summary": "超导产品受益于医疗MRI、可控核聚变及半导体单晶硅设备需求放量，低温超导供货优势显著，高温超导工程化制备取得突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:可控核聚变",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "08a27735c1f2",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md",
          "chunk_id": "chunk:5e2a82243275",
          "chunk_index": 0,
          "quote_summary": "超导、钛合金、高温合金三轮驱动业绩高速增长，产能释放与下游型号认证落地支撑长期成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "15ee75f3b923",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 国产替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-f2ff2627d5ac.md",
          "chunk_id": "chunk:f53f23705809",
          "chunk_index": 5,
          "quote_summary": "航空装备放量与关键材料国产替代为航空新材料业务提供增量基础，三大业务持续放量有望彰显公司成长属性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "94b4d2f91f94",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-08-31-7a01611a2c1d.md",
          "chunk_id": "chunk:920439f66299",
          "chunk_index": 4,
          "quote_summary": "超导、高端钛合金及高性能高温合金三大业务板块全面增长，技术突破与产能释放推动市占率提升及订单放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "32c2eb108dbe",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:新材料",
      "to_name": "新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告公司研究军工公司点评-be5471231ede.md",
          "chunk_id": "chunk:cdd18532579a",
          "chunk_index": 1,
          "quote_summary": "超导业务产能大幅提升且订单持续增加，已为BEST聚变项目批量供货，成为业绩增长核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bad40a18461c",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:核聚变",
      "to_name": "核聚变",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 核聚变。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:894b008b0050",
          "chunk_index": 0,
          "quote_summary": "超导业务：核聚变+半导体+医疗多重需求驱动，超导线材有望加速放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:核聚变",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cd02c556a575",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:毛利率提升",
      "to_name": "毛利率提升",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 毛利率提升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-2024-年年报及-2025-年一季报点评-c01c6c0269fa.md",
          "chunk_id": "chunk:3c33b920377a",
          "chunk_index": 2,
          "quote_summary": "超导产品商业化应用顺利，高性能超导线材产能大幅提升，核聚变及半导体磁体交付取得突破，订单持续增加。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:毛利率提升",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3b2293327024",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:毛利率改善",
      "to_name": "毛利率改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 毛利率改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-2025-年半年报点评-45ea58343220.md",
          "chunk_id": "chunk:5e2a82243275",
          "chunk_index": 0,
          "quote_summary": "超导、钛合金、高温合金三轮驱动业绩高速增长，产能释放与下游型号认证落地支撑长期成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:毛利率改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f4289760a77c",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:航空军工",
      "to_name": "航空军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 航空军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-05-15-baf435e95e63.md",
          "chunk_id": "chunk:54f67bac5844",
          "chunk_index": 4,
          "quote_summary": "超导产品受益于医疗MRI、可控核聚变及半导体单晶硅设备需求放量，低温超导供货优势显著，高温超导工程化制备取得突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:航空军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff540917f22f",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:航空发动机",
      "to_name": "航空发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 航空发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:a5ad6b674a38",
          "chunk_index": 2,
          "quote_summary": "高端钛合金业务作为基本盘，将跟随航空发动机升级与国产大飞机C919批产重回增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:航空发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a178a1470fec",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:航空新材料",
      "to_name": "航空新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 航空新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-f2ff2627d5ac.md",
          "chunk_id": "chunk:f53f23705809",
          "chunk_index": 5,
          "quote_summary": "航空装备放量与关键材料国产替代为航空新材料业务提供增量基础，三大业务持续放量有望彰显公司成长属性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:航空新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5a5c2b8ce75c",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:航空装备",
      "to_name": "航空装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 航空装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告公司研究军工公司点评-be5471231ede.md",
          "chunk_id": "chunk:cdd18532579a",
          "chunk_index": 1,
          "quote_summary": "超导业务产能大幅提升且订单持续增加，已为BEST聚变项目批量供货，成为业绩增长核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:航空装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "927ab6651ed1",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告公司研究军工公司点评-be5471231ede.md",
          "chunk_id": "chunk:cdd18532579a",
          "chunk_index": 1,
          "quote_summary": "超导业务产能大幅提升且订单持续增加，已为BEST聚变项目批量供货，成为业绩增长核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "42ffae8de64c",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:超导材料",
      "to_name": "超导材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 超导材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:894b008b0050",
          "chunk_index": 0,
          "quote_summary": "超导业务：核聚变+半导体+医疗多重需求驱动，超导线材有望加速放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:超导材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c51a01f2774b",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:钛",
      "to_name": "钛",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 钛。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告公司研究军工公司点评-be5471231ede.md",
          "chunk_id": "chunk:cdd18532579a",
          "chunk_index": 1,
          "quote_summary": "超导业务产能大幅提升且订单持续增加，已为BEST聚变项目批量供货，成为业绩增长核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:钛",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bd512d603e14",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:钛合金",
      "to_name": "钛合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 钛合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-军工材料龙头崛起-多业务协同开启成长新周期-aea7416c8dae.md",
          "chunk_id": "chunk:a5ad6b674a38",
          "chunk_index": 2,
          "quote_summary": "高端钛合金业务作为基本盘，将跟随航空发动机升级与国产大飞机C919批产重回增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:钛合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "94d09f356f42",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:高分红",
      "to_name": "高分红",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 高分红。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-西部超导-688122-sh-2024-年年报及-2025-年一季报点评-c01c6c0269fa.md",
          "chunk_id": "chunk:3c33b920377a",
          "chunk_index": 2,
          "quote_summary": "超导产品商业化应用顺利，高性能超导线材产能大幅提升，核聚变及半导体磁体交付取得突破，订单持续增加。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:高分红",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "14b7da8c6213",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:高温合金",
      "to_name": "高温合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 高温合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:894b008b0050",
          "chunk_index": 0,
          "quote_summary": "超导业务：核聚变+半导体+医疗多重需求驱动，超导线材有望加速放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:高温合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a47fe787dd70",
      "from": "company:688122",
      "from_name": "西部超导",
      "to": "topic:高端钛合金",
      "to_name": "高端钛合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "西部超导 研报中反复涉及 高端钛合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-航空装备ii-b8bb21583eab.md",
          "chunk_id": "chunk:894b008b0050",
          "chunk_index": 0,
          "quote_summary": "超导业务：核聚变+半导体+医疗多重需求驱动，超导线材有望加速放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688122",
      "target": "topic:高端钛合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "18b895dde34d",
      "from": "company:688132",
      "from_name": "邦彦技术",
      "to": "topic:信息安全",
      "to_name": "信息安全",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "邦彦技术 研报中反复涉及 信息安全。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md",
          "chunk_id": "chunk:a24e6437f05e",
          "chunk_index": 0,
          "quote_summary": "公司核心业务为舰船通信、融合通信与信息安全，近三年军工业务收入占比超90%，具备系统级产品提供与技术总体任务承担能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688132",
      "target": "topic:信息安全",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a3ed51ad89ac",
      "from": "company:688132",
      "from_name": "邦彦技术",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "邦彦技术 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md",
          "chunk_id": "chunk:a24e6437f05e",
          "chunk_index": 0,
          "quote_summary": "公司核心业务为舰船通信、融合通信与信息安全，近三年军工业务收入占比超90%，具备系统级产品提供与技术总体任务承担能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688132",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e586793d16b8",
      "from": "company:688132",
      "from_name": "邦彦技术",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "邦彦技术 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md",
          "chunk_id": "chunk:a24e6437f05e",
          "chunk_index": 0,
          "quote_summary": "公司核心业务为舰船通信、融合通信与信息安全，近三年军工业务收入占比超90%，具备系统级产品提供与技术总体任务承担能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688132",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "673f26df8b64",
      "from": "company:688132",
      "from_name": "邦彦技术",
      "to": "topic:军工通信",
      "to_name": "军工通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "邦彦技术 研报中反复涉及 军工通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2022-年-09-月-05-日-公司研究-证券研究报告-a0d057dc4f70.md",
          "chunk_id": "chunk:c447bf4e58c3",
          "chunk_index": 21,
          "quote_summary": "在研项目储备丰富，已进入“预研一代、型研一代、列装一代”良性迭代阶段，有望保障中长期业务持续性发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688132",
      "target": "topic:军工通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "deea4d130dda",
      "from": "company:688132",
      "from_name": "邦彦技术",
      "to": "topic:募投项目",
      "to_name": "募投项目",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "邦彦技术 研报中反复涉及 募投项目。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md",
          "chunk_id": "chunk:a24e6437f05e",
          "chunk_index": 0,
          "quote_summary": "公司核心业务为舰船通信、融合通信与信息安全，近三年军工业务收入占比超90%，具备系统级产品提供与技术总体任务承担能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688132",
      "target": "topic:募投项目",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6ad8061eddbd",
      "from": "company:688132",
      "from_name": "邦彦技术",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "邦彦技术 研报中反复涉及 国产替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md",
          "chunk_id": "chunk:a24e6437f05e",
          "chunk_index": 0,
          "quote_summary": "公司核心业务为舰船通信、融合通信与信息安全，近三年军工业务收入占比超90%，具备系统级产品提供与技术总体任务承担能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688132",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dd084106e16e",
      "from": "company:688132",
      "from_name": "邦彦技术",
      "to": "topic:国防信息化",
      "to_name": "国防信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "邦彦技术 研报中反复涉及 国防信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2022-年-09-月-05-日-公司研究-证券研究报告-a0d057dc4f70.md",
          "chunk_id": "chunk:c447bf4e58c3",
          "chunk_index": 21,
          "quote_summary": "在研项目储备丰富，已进入“预研一代、型研一代、列装一代”良性迭代阶段，有望保障中长期业务持续性发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688132",
      "target": "topic:国防信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8f5cd73b598d",
      "from": "company:688132",
      "from_name": "邦彦技术",
      "to": "topic:科创板ipo",
      "to_name": "科创板ipo",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "邦彦技术 研报中反复涉及 科创板IPO。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2022-年-09-月-05-日-公司研究-证券研究报告-a0d057dc4f70.md",
          "chunk_id": "chunk:c447bf4e58c3",
          "chunk_index": 21,
          "quote_summary": "在研项目储备丰富，已进入“预研一代、型研一代、列装一代”良性迭代阶段，有望保障中长期业务持续性发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688132",
      "target": "topic:科创板ipo",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d198e550cbf7",
      "from": "company:688132",
      "from_name": "邦彦技术",
      "to": "topic:舰船通信",
      "to_name": "舰船通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "邦彦技术 研报中反复涉及 舰船通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md",
          "chunk_id": "chunk:a24e6437f05e",
          "chunk_index": 0,
          "quote_summary": "公司核心业务为舰船通信、融合通信与信息安全，近三年军工业务收入占比超90%，具备系统级产品提供与技术总体任务承担能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688132",
      "target": "topic:舰船通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3f9fb2e7e744",
      "from": "company:688132",
      "from_name": "邦彦技术",
      "to": "topic:融合通信",
      "to_name": "融合通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "邦彦技术 研报中反复涉及 融合通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md",
          "chunk_id": "chunk:a24e6437f05e",
          "chunk_index": 0,
          "quote_summary": "公司核心业务为舰船通信、融合通信与信息安全，近三年军工业务收入占比超90%，具备系统级产品提供与技术总体任务承担能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688132",
      "target": "topic:融合通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b048dcc4111e",
      "from": "company:688132",
      "from_name": "邦彦技术",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "邦彦技术 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-f05c2c77e059.md",
          "chunk_id": "chunk:a24e6437f05e",
          "chunk_index": 0,
          "quote_summary": "公司核心业务为舰船通信、融合通信与信息安全，近三年军工业务收入占比超90%，具备系统级产品提供与技术总体任务承担能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688132",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7112debf3919",
      "from": "company:688132",
      "from_name": "邦彦技术",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "邦彦技术 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2022-年-09-月-05-日-公司研究-证券研究报告-a0d057dc4f70.md",
          "chunk_id": "chunk:c447bf4e58c3",
          "chunk_index": 21,
          "quote_summary": "在研项目储备丰富，已进入“预研一代、型研一代、列装一代”良性迭代阶段，有望保障中长期业务持续性发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688132",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a6ea068448c5",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:三氟甲磺酸",
      "to_name": "三氟甲磺酸",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 三氟甲磺酸。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-9058c22089bc.md",
          "chunk_id": "chunk:9db73a9eed36",
          "chunk_index": 2,
          "quote_summary": "持续深化电子特气在先进制程等高附加值应用渗透，主动向价格稳定、高利润附加值行业倾斜。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:三氟甲磺酸",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "23a249103ff2",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:业绩点评",
      "to_name": "业绩点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 业绩点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-41d8535160f6.md",
          "chunk_id": "chunk:6d513c339235",
          "chunk_index": 3,
          "quote_summary": "行业周期下行与价格下调致短期业绩承压，但公司销量逆势增长，全球龙头地位稳固；随着产能扩建、产品结构优化及持续研发投入，长期核心竞争力与毛利率有望逐步企稳回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:业绩点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9e7158a0476f",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:273650261684",
          "chunk_index": 0,
          "quote_summary": "电子特气下游需求持续增长，海外管制背景下供应链自主可控重要性提升，国产替代进程有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "106f848ba8f5",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:价格",
      "to_name": "价格",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 价格。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-sh-2024-年三季报点评-f11af7a42fc1.md",
          "chunk_id": "chunk:b35a4a839ecc",
          "chunk_index": 1,
          "quote_summary": "电子特气在手项目充足，研发投入持续加强，分步骤实现全品类国产化；先进制程（3nm）稳定供应，产品价格逐步企稳，降本增效与产能布局将增强综合竞争优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:价格",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dce58ace12e2",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:先进制程",
      "to_name": "先进制程",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 先进制程。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-sh-2024-年三季报点评-f11af7a42fc1.md",
          "chunk_id": "chunk:b35a4a839ecc",
          "chunk_index": 1,
          "quote_summary": "电子特气在手项目充足，研发投入持续加强，分步骤实现全品类国产化；先进制程（3nm）稳定供应，产品价格逐步企稳，降本增效与产能布局将增强综合竞争优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:先进制程",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1a8978b5c4f5",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:光伏",
      "to_name": "光伏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 光伏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-equity-research-company-research-semiconductor-8c90db321421.md",
          "chunk_id": "chunk:14fd2d86ca16",
          "chunk_index": 8,
          "quote_summary": "集成电路与显示面板需求驱动电子特气市场高增，国家产业政策大力支持加速国产化进程。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:光伏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "85c9464ecf0f",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md",
          "chunk_id": "chunk:4dc68279f11c",
          "chunk_index": 0,
          "quote_summary": "电子特气先行者逆周期扩产拓品蓄势成长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "737ccb385b44",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:前驱体材料",
      "to_name": "前驱体材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 前驱体材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-9058c22089bc.md",
          "chunk_id": "chunk:9db73a9eed36",
          "chunk_index": 2,
          "quote_summary": "持续深化电子特气在先进制程等高附加值应用渗透，主动向价格稳定、高利润附加值行业倾斜。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:前驱体材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3141579e52b7",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:医药",
      "to_name": "医药",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 医药。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-2b01e64ab606.md",
          "chunk_id": "chunk:96b5730cab56",
          "chunk_index": 2,
          "quote_summary": "坚持“电子特气+三氟甲磺酸系列”双增长极策略，依托AI驱动、先进制程与国产替代机遇提升市场份额。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:医药",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f2a281bf5e77",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:医药中间体",
      "to_name": "医药中间体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 医药中间体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:273650261684",
          "chunk_index": 0,
          "quote_summary": "电子特气下游需求持续增长，海外管制背景下供应链自主可控重要性提升，国产替代进程有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:医药中间体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8125010c31ed",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:半导体",
      "to_name": "半导体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 半导体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-41d8535160f6.md",
          "chunk_id": "chunk:6d513c339235",
          "chunk_index": 3,
          "quote_summary": "行业周期下行与价格下调致短期业绩承压，但公司销量逆势增长，全球龙头地位稳固；随着产能扩建、产品结构优化及持续研发投入，长期核心竞争力与毛利率有望逐步企稳回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:半导体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2ab2f5ecddbb",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:半导体先进制程",
      "to_name": "半导体先进制程",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 半导体先进制程。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-9058c22089bc.md",
          "chunk_id": "chunk:9db73a9eed36",
          "chunk_index": 2,
          "quote_summary": "持续深化电子特气在先进制程等高附加值应用渗透，主动向价格稳定、高利润附加值行业倾斜。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:半导体先进制程",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "df68611d2a6d",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:半导体材料",
      "to_name": "半导体材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 半导体材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:273650261684",
          "chunk_index": 0,
          "quote_summary": "电子特气下游需求持续增长，海外管制背景下供应链自主可控重要性提升，国产替代进程有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:半导体材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9014791ef851",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-41d8535160f6.md",
          "chunk_id": "chunk:6d513c339235",
          "chunk_index": 3,
          "quote_summary": "行业周期下行与价格下调致短期业绩承压，但公司销量逆势增长，全球龙头地位稳固；随着产能扩建、产品结构优化及持续研发投入，长期核心竞争力与毛利率有望逐步企稳回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "531767a37786",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:固态电池材料",
      "to_name": "固态电池材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 固态电池材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-9058c22089bc.md",
          "chunk_id": "chunk:9db73a9eed36",
          "chunk_index": 2,
          "quote_summary": "持续深化电子特气在先进制程等高附加值应用渗透，主动向价格稳定、高利润附加值行业倾斜。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:固态电池材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "97fed760e496",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 国产替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:273650261684",
          "chunk_index": 0,
          "quote_summary": "电子特气下游需求持续增长，海外管制背景下供应链自主可控重要性提升，国产替代进程有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8842afc2f45c",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:工业原材料",
      "to_name": "工业原材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 工业原材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-2b01e64ab606.md",
          "chunk_id": "chunk:96b5730cab56",
          "chunk_index": 2,
          "quote_summary": "坚持“电子特气+三氟甲磺酸系列”双增长极策略，依托AI驱动、先进制程与国产替代机遇提升市场份额。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:工业原材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a42a8f9a8458",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-41d8535160f6.md",
          "chunk_id": "chunk:6d513c339235",
          "chunk_index": 3,
          "quote_summary": "行业周期下行与价格下调致短期业绩承压，但公司销量逆势增长，全球龙头地位稳固；随着产能扩建、产品结构优化及持续研发投入，长期核心竞争力与毛利率有望逐步企稳回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e8a7cd003464",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:新能源",
      "to_name": "新能源",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 新能源。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-equity-research-company-research-semiconductor-8c90db321421.md",
          "chunk_id": "chunk:14fd2d86ca16",
          "chunk_index": 8,
          "quote_summary": "集成电路与显示面板需求驱动电子特气市场高增，国家产业政策大力支持加速国产化进程。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:新能源",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8892b26ebb00",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:新能源材料",
      "to_name": "新能源材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 新能源材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md",
          "chunk_id": "chunk:4dc68279f11c",
          "chunk_index": 0,
          "quote_summary": "电子特气先行者逆周期扩产拓品蓄势成长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:新能源材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "38eae5a60492",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:新能源电池",
      "to_name": "新能源电池",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 新能源电池。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:273650261684",
          "chunk_index": 0,
          "quote_summary": "电子特气下游需求持续增长，海外管制背景下供应链自主可控重要性提升，国产替代进程有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:新能源电池",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d0710ef0ef46",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:新能源电池材料",
      "to_name": "新能源电池材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 新能源电池材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-567a6aeef795.md",
          "chunk_id": "chunk:5cc15383c56f",
          "chunk_index": 4,
          "quote_summary": "集成电路与显示面板产业快速发展，叠加国家政策扶持，电子特气国产化需求急迫，市场空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:新能源电池材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bdb242a87d9f",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:显示面板",
      "to_name": "显示面板",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 显示面板。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-567a6aeef795.md",
          "chunk_id": "chunk:5cc15383c56f",
          "chunk_index": 4,
          "quote_summary": "集成电路与显示面板产业快速发展，叠加国家政策扶持，电子特气国产化需求急迫，市场空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:显示面板",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8d91a78846b1",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公司研究-41d8535160f6.md",
          "chunk_id": "chunk:6d513c339235",
          "chunk_index": 3,
          "quote_summary": "行业周期下行与价格下调致短期业绩承压，但公司销量逆势增长，全球龙头地位稳固；随着产能扩建、产品结构优化及持续研发投入，长期核心竞争力与毛利率有望逐步企稳回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b0072fb99bf6",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:电子特气",
      "to_name": "电子特气",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 电子特气。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:273650261684",
          "chunk_index": 0,
          "quote_summary": "电子特气下游需求持续增长，海外管制背景下供应链自主可控重要性提升，国产替代进程有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:电子特气",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0fab182042ab",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:273650261684",
          "chunk_index": 0,
          "quote_summary": "电子特气下游需求持续增长，海外管制背景下供应链自主可控重要性提升，国产替代进程有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "06f5c64fd768",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:逆周期扩产",
      "to_name": "逆周期扩产",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 逆周期扩产。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-167a582425b3.md",
          "chunk_id": "chunk:4dc68279f11c",
          "chunk_index": 0,
          "quote_summary": "电子特气先行者逆周期扩产拓品蓄势成长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:逆周期扩产",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f09153b64fc6",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:锂",
      "to_name": "锂",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 锂。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-擎船驰电气驭科峰-电子特气龙头增产拓品加速国产化-00c4ad1088cd.md",
          "chunk_id": "chunk:273650261684",
          "chunk_index": 0,
          "quote_summary": "电子特气下游需求持续增长，海外管制背景下供应链自主可控重要性提升，国产替代进程有望加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:锂",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3010de69f59d",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:集成电路",
      "to_name": "集成电路",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 集成电路。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中船特气-688146-567a6aeef795.md",
          "chunk_id": "chunk:5cc15383c56f",
          "chunk_index": 4,
          "quote_summary": "集成电路与显示面板产业快速发展，叠加国家政策扶持，电子特气国产化需求急迫，市场空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:集成电路",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fb7a15a6c843",
      "from": "company:688146",
      "from_name": "中船特气",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中船特气 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-9058c22089bc.md",
          "chunk_id": "chunk:9db73a9eed36",
          "chunk_index": 2,
          "quote_summary": "持续深化电子特气在先进制程等高附加值应用渗透，主动向价格稳定、高利润附加值行业倾斜。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688146",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9980a963124c",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md",
          "chunk_id": "chunk:7809b9485efb",
          "chunk_index": 4,
          "quote_summary": "变形高温合金进入放量阶段，航空航天与油气化工领域需求旺盛，带动高温合金业务收入快速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a13dc64bd81c",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:业绩快报",
      "to_name": "业绩快报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 业绩快报。",
      "confidence": 0.62,
      "evidence": [
        {
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          "quote_summary": "高温合金业务成为核心增长引擎，2023年收入占比提升至60%，新牌号导入及变形高温合金项目投产成效显著。"
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      "from_name": "隆达股份",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 业绩高增。",
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          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md",
          "chunk_id": "chunk:90eca8a9d324",
          "chunk_index": 0,
          "quote_summary": "公司主营业务由铜基合金管材向高附加值高温合金转型，下游“两机”领域需求高度景气驱动高温合金产品产销两旺。"
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      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:两机领域",
      "to_name": "两机领域",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 两机领域。",
      "confidence": 0.62,
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          "chunk_index": 13,
          "quote_summary": "业务结构持续优化，高温合金接棒合金管材成为核心盈利增长点，带动整体毛利率与净利率显著改善。"
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      "source": "company:688231",
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      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 产品结构升级。",
      "confidence": 0.62,
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          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md",
          "chunk_id": "chunk:90eca8a9d324",
          "chunk_index": 0,
          "quote_summary": "公司主营业务由铜基合金管材向高附加值高温合金转型，下游“两机”领域需求高度景气驱动高温合金产品产销两旺。"
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      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
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      "from_name": "隆达股份",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 产能扩张。",
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      "evidence": [
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          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:f4b7a99c3ca2",
          "chunk_index": 0,
          "quote_summary": "战略转型成效显著，高温合金业务占比及盈利能力大幅提升，逐步替代低附加值合金管材业务。"
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
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      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:军工新材料",
      "to_name": "军工新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 军工新材料。",
      "confidence": 0.62,
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          "source_path": "sources/stock-research-report-隆达股份-688231-914015653efb.md",
          "chunk_id": "chunk:6f7445aa735d",
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          "quote_summary": "产能高速扩张跻身行业第一梯队：自2015年布局高温合金以来，公司2022年上半年已形成6000吨产能，IPO募资8.55亿元用于技改扩产，预计2028年总产能达1.8万吨，规模优势凸显。"
        }
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:军工新材料",
      "label": "involves_topic",
      "category": "topic",
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      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:军工材料",
      "to_name": "军工材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 军工材料。",
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          "quote_summary": "业务结构持续优化，高温合金接棒合金管材成为核心盈利增长点，带动整体毛利率与净利率显著改善。"
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:军工材料",
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      "category": "topic",
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      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 净利润。",
      "confidence": 0.62,
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          "quote_summary": "高温合金业务成为核心增长引擎，2023年收入占比提升至60%，新牌号导入及变形高温合金项目投产成效显著。"
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:合金管材",
      "to_name": "合金管材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 合金管材。",
      "confidence": 0.62,
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          "chunk_id": "chunk:186a65d96949",
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          "quote_summary": "业务结构持续优化，高温合金接棒合金管材成为核心盈利增长点，带动整体毛利率与净利率显著改善。"
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:合金管材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 同比。",
      "confidence": 0.62,
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          "chunk_id": "chunk:90eca8a9d324",
          "chunk_index": 0,
          "quote_summary": "公司主营业务由铜基合金管材向高附加值高温合金转型，下游“两机”领域需求高度景气驱动高温合金产品产销两旺。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
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      "evidence_count": 1
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      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 国产替代。",
      "confidence": 0.62,
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          "chunk_id": "chunk:f4b7a99c3ca2",
          "chunk_index": 0,
          "quote_summary": "战略转型成效显著，高温合金业务占比及盈利能力大幅提升，逐步替代低附加值合金管材业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b2dba8a4909f",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:战略转型",
      "to_name": "战略转型",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 战略转型。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:f4b7a99c3ca2",
          "chunk_index": 0,
          "quote_summary": "战略转型成效显著，高温合金业务占比及盈利能力大幅提升，逐步替代低附加值合金管材业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:战略转型",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "507f36854c0e",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:有色金属",
      "to_name": "有色金属",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 有色金属。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-有色金属-公司点评报告-ab138f95b0d4.md",
          "chunk_id": "chunk:7809b9485efb",
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          "quote_summary": "变形高温合金进入放量阶段，航空航天与油气化工领域需求旺盛，带动高温合金业务收入快速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:有色金属",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:海外扩张",
      "to_name": "海外扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 海外扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-3-月-21-日-a6d9d407397c.md",
          "chunk_id": "chunk:44a4238375d7",
          "chunk_index": 6,
          "quote_summary": "高温合金业务成为核心增长引擎，2023年收入占比提升至60%，新牌号导入及变形高温合金项目投产成效显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:海外扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9ea27cec1fa9",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:燃气轮机",
      "to_name": "燃气轮机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 燃气轮机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:f4b7a99c3ca2",
          "chunk_index": 0,
          "quote_summary": "战略转型成效显著，高温合金业务占比及盈利能力大幅提升，逐步替代低附加值合金管材业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:燃气轮机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d555d2fd400e",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:牌号认证",
      "to_name": "牌号认证",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 牌号认证。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md",
          "chunk_id": "chunk:788646abd400",
          "chunk_index": 2,
          "quote_summary": "高温合金牌号在军航、民航、燃机及油气等多领域认证进展显著，为未来业绩增量提供充分保障。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:牌号认证",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a68cfa863a5a",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:科创板",
      "to_name": "科创板",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 科创板。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-914015653efb.md",
          "chunk_id": "chunk:6f7445aa735d",
          "chunk_index": 4,
          "quote_summary": "产能高速扩张跻身行业第一梯队：自2015年布局高温合金以来，公司2022年上半年已形成6000吨产能，IPO募资8.55亿元用于技改扩产，预计2028年总产能达1.8万吨，规模优势凸显。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:科创板",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c93c09abe76c",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:股权激励",
      "to_name": "股权激励",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 股权激励。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md",
          "chunk_id": "chunk:788646abd400",
          "chunk_index": 2,
          "quote_summary": "高温合金牌号在军航、民航、燃机及油气等多领域认证进展显著，为未来业绩增量提供充分保障。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:股权激励",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bb66ea37a648",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:航空发动机",
      "to_name": "航空发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 航空发动机。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:f4b7a99c3ca2",
          "chunk_index": 0,
          "quote_summary": "战略转型成效显著，高温合金业务占比及盈利能力大幅提升，逐步替代低附加值合金管材业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:航空发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5554551b8c03",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:航空新材料",
      "to_name": "航空新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 航空新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-34e802ad3c3b.md",
          "chunk_id": "chunk:90eca8a9d324",
          "chunk_index": 0,
          "quote_summary": "公司主营业务由铜基合金管材向高附加值高温合金转型，下游“两机”领域需求高度景气驱动高温合金产品产销两旺。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:航空新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "97afc06dedea",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:航空航天",
      "to_name": "航空航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 航空航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究公司深度报告-ecaa858f1b6b.md",
          "chunk_id": "chunk:186a65d96949",
          "chunk_index": 13,
          "quote_summary": "业务结构持续优化，高温合金接棒合金管材成为核心盈利增长点，带动整体毛利率与净利率显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:航空航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "12b3d43a7724",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:f4b7a99c3ca2",
          "chunk_index": 0,
          "quote_summary": "战略转型成效显著，高温合金业务占比及盈利能力大幅提升，逐步替代低附加值合金管材业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "df686bc3bd34",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:钢材",
      "to_name": "钢材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 钢材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-914015653efb.md",
          "chunk_id": "chunk:6f7445aa735d",
          "chunk_index": 4,
          "quote_summary": "产能高速扩张跻身行业第一梯队：自2015年布局高温合金以来，公司2022年上半年已形成6000吨产能，IPO募资8.55亿元用于技改扩产，预计2028年总产能达1.8万吨，规模优势凸显。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:钢材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9f8b856bb3fe",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:铜",
      "to_name": "铜",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 铜。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:f4b7a99c3ca2",
          "chunk_index": 0,
          "quote_summary": "战略转型成效显著，高温合金业务占比及盈利能力大幅提升，逐步替代低附加值合金管材业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:铜",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ab91f22a5d53",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:镍价",
      "to_name": "镍价",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 镍价。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-bd1031e3469d.md",
          "chunk_id": "chunk:788646abd400",
          "chunk_index": 2,
          "quote_summary": "高温合金牌号在军航、民航、燃机及油气等多领域认证进展显著，为未来业绩增量提供充分保障。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:镍价",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "699fc838f13b",
      "from": "company:688231",
      "from_name": "隆达股份",
      "to": "topic:高温合金",
      "to_name": "高温合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "隆达股份 研报中反复涉及 高温合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-隆达股份-688231-sh-深度报告-897b6b354dad.md",
          "chunk_id": "chunk:f4b7a99c3ca2",
          "chunk_index": 0,
          "quote_summary": "战略转型成效显著，高温合金业务占比及盈利能力大幅提升，逐步替代低附加值合金管材业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688231",
      "target": "topic:高温合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0018687f6f7b",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:aa610c2d8b60",
          "chunk_index": 2,
          "quote_summary": "冷喷涂技术军民双轮驱动，军机实战化训练催生维修需求，公司向武器前市场制造突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4d5554455a88",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:军民融合",
      "to_name": "军民融合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 军民融合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:aa610c2d8b60",
          "chunk_index": 2,
          "quote_summary": "冷喷涂技术军民双轮驱动，军机实战化训练催生维修需求，公司向武器前市场制造突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:军民融合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "876a910e00c8",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:冷喷涂",
      "to_name": "冷喷涂",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 冷喷涂。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:aa610c2d8b60",
          "chunk_index": 2,
          "quote_summary": "冷喷涂技术军民双轮驱动，军机实战化训练催生维修需求，公司向武器前市场制造突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:冷喷涂",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9337a2d363d7",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:冷喷涂技术",
      "to_name": "冷喷涂技术",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 冷喷涂技术。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-024354ecb643.md",
          "chunk_id": "chunk:d207fa090d7f",
          "chunk_index": 4,
          "quote_summary": "定制化增材制造需求旺盛，营收稳步增长，军民多领域拓展打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:冷喷涂技术",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9aa3d3520f22",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md",
          "chunk_id": "chunk:e89f65675b53",
          "chunk_index": 4,
          "quote_summary": "军品维修与增材制造业务稳步拓展，募投项目逐步落地打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "70e461a3f5f1",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md",
          "chunk_id": "chunk:e89f65675b53",
          "chunk_index": 4,
          "quote_summary": "军品维修与增材制造业务稳步拓展，募投项目逐步落地打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b41313b700fb",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-024354ecb643.md",
          "chunk_id": "chunk:d207fa090d7f",
          "chunk_index": 4,
          "quote_summary": "定制化增材制造需求旺盛，营收稳步增长，军民多领域拓展打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "66e66e2c835a",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:增材制造",
      "to_name": "增材制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 增材制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:aa610c2d8b60",
          "chunk_index": 2,
          "quote_summary": "冷喷涂技术军民双轮驱动，军机实战化训练催生维修需求，公司向武器前市场制造突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:增材制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7fbbcf728feb",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:工业母机",
      "to_name": "工业母机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 工业母机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:aa610c2d8b60",
          "chunk_index": 2,
          "quote_summary": "冷喷涂技术军民双轮驱动，军机实战化训练催生维修需求，公司向武器前市场制造突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:工业母机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a2243fc6e831",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:新能源汽车",
      "to_name": "新能源汽车",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 新能源汽车。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-08-16-657cc90d2ffe.md",
          "chunk_id": "chunk:65271123818a",
          "chunk_index": 0,
          "quote_summary": "军品业务稳步增长，民品业务加速发力，增材制造与冷喷涂技术双轮驱动公司长期发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:新能源汽车",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2baef7399f3b",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:新能源汽车零部件",
      "to_name": "新能源汽车零部件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 新能源汽车零部件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:aa610c2d8b60",
          "chunk_index": 2,
          "quote_summary": "冷喷涂技术军民双轮驱动，军机实战化训练催生维修需求，公司向武器前市场制造突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:新能源汽车零部件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "922ecdaf655c",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:民航维修",
      "to_name": "民航维修",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 民航维修。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-08-16-657cc90d2ffe.md",
          "chunk_id": "chunk:65271123818a",
          "chunk_index": 0,
          "quote_summary": "军品业务稳步增长，民品业务加速发力，增材制造与冷喷涂技术双轮驱动公司长期发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:民航维修",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "16abc0af7bc7",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:溅射靶材",
      "to_name": "溅射靶材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 溅射靶材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md",
          "chunk_id": "chunk:b77d73153f9b",
          "chunk_index": 1,
          "quote_summary": "军机数量增长与实战化训练常态化催生巨大维修需求，公司专注航空机载设备维修有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:溅射靶材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "289b2f1582bc",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:科创板ipo",
      "to_name": "科创板ipo",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 科创板IPO。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md",
          "chunk_id": "chunk:b77d73153f9b",
          "chunk_index": 1,
          "quote_summary": "军机数量增长与实战化训练常态化催生巨大维修需求，公司专注航空机载设备维修有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:科创板ipo",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "32e5cc796fc2",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-新股专题覆盖-超卓航科-2022-年第-60-期-3c0c8e40c101.md",
          "chunk_id": "chunk:b77d73153f9b",
          "chunk_index": 1,
          "quote_summary": "军机数量增长与实战化训练常态化催生巨大维修需求，公司专注航空机载设备维修有望充分受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "34adfd15e094",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:航空维修",
      "to_name": "航空维修",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 航空维修。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:aa610c2d8b60",
          "chunk_index": 2,
          "quote_summary": "冷喷涂技术军民双轮驱动，军机实战化训练催生维修需求，公司向武器前市场制造突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:航空维修",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dd05d69b3d59",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md",
          "chunk_id": "chunk:e89f65675b53",
          "chunk_index": 4,
          "quote_summary": "军品维修与增材制造业务稳步拓展，募投项目逐步落地打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "411f3c48684c",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:钛合金",
      "to_name": "钛合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 钛合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-10-月-25-日-0a42f9034f44.md",
          "chunk_id": "chunk:e89f65675b53",
          "chunk_index": 4,
          "quote_summary": "军品维修与增材制造业务稳步拓展，募投项目逐步落地打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:钛合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f8a673559a79",
      "from": "company:688237",
      "from_name": "超卓航科",
      "to": "topic:靶材",
      "to_name": "靶材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "超卓航科 研报中反复涉及 靶材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-6-月-5-日-6e8cd0cda79c.md",
          "chunk_id": "chunk:aa610c2d8b60",
          "chunk_index": 2,
          "quote_summary": "冷喷涂技术军民双轮驱动，军机实战化训练催生维修需求，公司向武器前市场制造突破。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688237",
      "target": "topic:靶材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a525b1242378",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:adc-dac",
      "to_name": "ADC/DAC",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 ADC/DAC。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-6a05130610bb.md",
          "chunk_id": "chunk:79e9022406c2",
          "chunk_index": 0,
          "quote_summary": "低轨卫星互联网进入高频次发射期，公司星载产品已转入批量交付阶段，业绩将持续受益于卫星互联网加速建设。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:adc-dac",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0dbb418795f9",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:adc-dac芯片",
      "to_name": "adc-dac芯片",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 ADC/DAC芯片。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-8-月-22-日-11676cd4aee3.md",
          "chunk_id": "chunk:ce2b2c5ea1f5",
          "chunk_index": 4,
          "quote_summary": "公司产品契合军用电子向数字相控阵演进趋势，ADC/DAC芯片需求有望提升1-2个数量级；微系统产品实现大幅减重降本，多款产品进入量产或鉴定阶段，驱动中长期业绩高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:adc-dac芯片",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1d0c78c19f7a",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md",
          "chunk_id": "chunk:8dd0e55283de",
          "chunk_index": 6,
          "quote_summary": "公司作为特种行业模拟芯片设计企业，短期利润受业务扩张带来的期间费用增加及高强度研发投入拖累，但持续研发有助于巩固技术创新优势与市场竞争力，中长期业绩增长确定性较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "551d0fcacecf",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:低轨卫星",
      "to_name": "低轨卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 低轨卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-b55c08bdec4e.md",
          "chunk_id": "chunk:b35726d96722",
          "chunk_index": 0,
          "quote_summary": "研发大幅增长夯实技术壁垒，紧盯低轨卫星市场前景广阔"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:低轨卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8b814556e207",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:低轨商业卫星",
      "to_name": "低轨商业卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 低轨商业卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-183562a6d2df.md",
          "chunk_id": "chunk:607413419b69",
          "chunk_index": 4,
          "quote_summary": "产品结构优化与持续研发助力营收稳步增长，全面布局低轨商业卫星及特种芯片领域巩固行业领先地位。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:低轨商业卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bbf95ffa6ac2",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md",
          "chunk_id": "chunk:0fc78c91c808",
          "chunk_index": 4,
          "quote_summary": "公司深耕国防信息化赛道，四大产品线覆盖航天、相控阵雷达等高景气领域，中长期成长逻辑确定。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3d5527e126ac",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:军工信息化",
      "to_name": "军工信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 军工信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-4b8397772dd7.md",
          "chunk_id": "chunk:c3b9b5495235",
          "chunk_index": 0,
          "quote_summary": "公司处于军工信息化景气周期，低轨商业卫星制造与地面终端领域持续拓展，下游需求逐步恢复，业绩修复有望在2024Q4及2025年加速兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:军工信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "52113c1be317",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-6a05130610bb.md",
          "chunk_id": "chunk:79e9022406c2",
          "chunk_index": 0,
          "quote_summary": "低轨卫星互联网进入高频次发射期，公司星载产品已转入批量交付阶段，业绩将持续受益于卫星互联网加速建设。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0e51b50d589b",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md",
          "chunk_id": "chunk:8dd0e55283de",
          "chunk_index": 6,
          "quote_summary": "公司作为特种行业模拟芯片设计企业，短期利润受业务扩张带来的期间费用增加及高强度研发投入拖累，但持续研发有助于巩固技术创新优势与市场竞争力，中长期业绩增长确定性较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5f6adcf5f6de",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:半导体",
      "to_name": "半导体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 半导体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md",
          "chunk_id": "chunk:0fc78c91c808",
          "chunk_index": 4,
          "quote_summary": "公司深耕国防信息化赛道，四大产品线覆盖航天、相控阵雷达等高景气领域，中长期成长逻辑确定。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:半导体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4681b61960c3",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:半导体芯片",
      "to_name": "半导体芯片",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 半导体芯片。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-b55c08bdec4e.md",
          "chunk_id": "chunk:b35726d96722",
          "chunk_index": 0,
          "quote_summary": "研发大幅增长夯实技术壁垒，紧盯低轨卫星市场前景广阔"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:半导体芯片",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cea4b8d680ea",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:卫星",
      "to_name": "卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md",
          "chunk_id": "chunk:0fc78c91c808",
          "chunk_index": 4,
          "quote_summary": "公司深耕国防信息化赛道，四大产品线覆盖航天、相控阵雷达等高景气领域，中长期成长逻辑确定。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "02104c4eb4a7",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:卫星互联网",
      "to_name": "卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-6a05130610bb.md",
          "chunk_id": "chunk:79e9022406c2",
          "chunk_index": 0,
          "quote_summary": "低轨卫星互联网进入高频次发射期，公司星载产品已转入批量交付阶段，业绩将持续受益于卫星互联网加速建设。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "914c18f4adde",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md",
          "chunk_id": "chunk:8dd0e55283de",
          "chunk_index": 6,
          "quote_summary": "公司作为特种行业模拟芯片设计企业，短期利润受业务扩张带来的期间费用增加及高强度研发投入拖累，但持续研发有助于巩固技术创新优势与市场竞争力，中长期业绩增长确定性较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eaaba111fcb2",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-4b8397772dd7.md",
          "chunk_id": "chunk:c3b9b5495235",
          "chunk_index": 0,
          "quote_summary": "公司处于军工信息化景气周期，低轨商业卫星制造与地面终端领域持续拓展，下游需求逐步恢复，业绩修复有望在2024Q4及2025年加速兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "86066ce8ba86",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:国防信息化",
      "to_name": "国防信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 国防信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md",
          "chunk_id": "chunk:0fc78c91c808",
          "chunk_index": 4,
          "quote_summary": "公司深耕国防信息化赛道，四大产品线覆盖航天、相控阵雷达等高景气领域，中长期成长逻辑确定。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:国防信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dca9b7c7ad91",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:射频前端",
      "to_name": "射频前端",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 射频前端。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-183562a6d2df.md",
          "chunk_id": "chunk:607413419b69",
          "chunk_index": 4,
          "quote_summary": "产品结构优化与持续研发助力营收稳步增长，全面布局低轨商业卫星及特种芯片领域巩固行业领先地位。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:射频前端",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6592dee319b2",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:射频收发芯片",
      "to_name": "射频收发芯片",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 射频收发芯片。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-b55c08bdec4e.md",
          "chunk_id": "chunk:b35726d96722",
          "chunk_index": 0,
          "quote_summary": "研发大幅增长夯实技术壁垒，紧盯低轨卫星市场前景广阔"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:射频收发芯片",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2a9d27ece397",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:射频芯片",
      "to_name": "射频芯片",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 射频芯片。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md",
          "chunk_id": "chunk:0fc78c91c808",
          "chunk_index": 4,
          "quote_summary": "公司深耕国防信息化赛道，四大产品线覆盖航天、相控阵雷达等高景气领域，中长期成长逻辑确定。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:射频芯片",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "baa721b5eb3a",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:年报点评",
      "to_name": "年报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 年报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-183562a6d2df.md",
          "chunk_id": "chunk:607413419b69",
          "chunk_index": 4,
          "quote_summary": "产品结构优化与持续研发助力营收稳步增长，全面布局低轨商业卫星及特种芯片领域巩固行业领先地位。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:年报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "58911781e1ad",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:微系统",
      "to_name": "微系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 微系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md",
          "chunk_id": "chunk:0fc78c91c808",
          "chunk_index": 4,
          "quote_summary": "公司深耕国防信息化赛道，四大产品线覆盖航天、相控阵雷达等高景气领域，中长期成长逻辑确定。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:微系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d2c18a0c07d4",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md",
          "chunk_id": "chunk:8dd0e55283de",
          "chunk_index": 6,
          "quote_summary": "公司作为特种行业模拟芯片设计企业，短期利润受业务扩张带来的期间费用增加及高强度研发投入拖累，但持续研发有助于巩固技术创新优势与市场竞争力，中长期业绩增长确定性较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ea0ac6d6144d",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:无人装备",
      "to_name": "无人装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 无人装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-6a05130610bb.md",
          "chunk_id": "chunk:79e9022406c2",
          "chunk_index": 0,
          "quote_summary": "低轨卫星互联网进入高频次发射期，公司星载产品已转入批量交付阶段，业绩将持续受益于卫星互联网加速建设。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:无人装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2c1b783bd717",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:特种模拟芯片",
      "to_name": "特种模拟芯片",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 特种模拟芯片。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md",
          "chunk_id": "chunk:8dd0e55283de",
          "chunk_index": 6,
          "quote_summary": "公司作为特种行业模拟芯片设计企业，短期利润受业务扩张带来的期间费用增加及高强度研发投入拖累，但持续研发有助于巩固技术创新优势与市场竞争力，中长期业绩增长确定性较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:特种模拟芯片",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "891329726b90",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:特种芯片",
      "to_name": "特种芯片",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 特种芯片。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-183562a6d2df.md",
          "chunk_id": "chunk:607413419b69",
          "chunk_index": 4,
          "quote_summary": "产品结构优化与持续研发助力营收稳步增长，全面布局低轨商业卫星及特种芯片领域巩固行业领先地位。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:特种芯片",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bb4df0e24c48",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:特种集成电路",
      "to_name": "特种集成电路",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 特种集成电路。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-048169cb6a7e.md",
          "chunk_id": "chunk:b26685dd584a",
          "chunk_index": 4,
          "quote_summary": "公司聚焦射频收发芯片、高速高精度ADC/DAC芯片及电源管理芯片等核心主业，作为二级电子元器件供应商，产品是客户信息化与智能化的基石。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:特种集成电路",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c716171096de",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:电源管理",
      "to_name": "电源管理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 电源管理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-电子-公司点评报告-b55c08bdec4e.md",
          "chunk_id": "chunk:b35726d96722",
          "chunk_index": 0,
          "quote_summary": "研发大幅增长夯实技术壁垒，紧盯低轨卫星市场前景广阔"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:电源管理",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "872f3fd94541",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:电源管理芯片",
      "to_name": "电源管理芯片",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 电源管理芯片。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md",
          "chunk_id": "chunk:0fc78c91c808",
          "chunk_index": 4,
          "quote_summary": "公司深耕国防信息化赛道，四大产品线覆盖航天、相控阵雷达等高景气领域，中长期成长逻辑确定。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:电源管理芯片",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "73978f7f99d2",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:相控阵雷达",
      "to_name": "相控阵雷达",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 相控阵雷达。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2023-年-8-月-22-日-11676cd4aee3.md",
          "chunk_id": "chunk:ce2b2c5ea1f5",
          "chunk_index": 4,
          "quote_summary": "公司产品契合军用电子向数字相控阵演进趋势，ADC/DAC芯片需求有望提升1-2个数量级；微系统产品实现大幅减重降本，多款产品进入量产或鉴定阶段，驱动中长期业绩高增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:相控阵雷达",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0f5098287640",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md",
          "chunk_id": "chunk:8dd0e55283de",
          "chunk_index": 6,
          "quote_summary": "公司作为特种行业模拟芯片设计企业，短期利润受业务扩张带来的期间费用增加及高强度研发投入拖累，但持续研发有助于巩固技术创新优势与市场竞争力，中长期业绩增长确定性较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "21ca3d1bf55d",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-9708c7d7af37.md",
          "chunk_id": "chunk:0fc78c91c808",
          "chunk_index": 4,
          "quote_summary": "公司深耕国防信息化赛道，四大产品线覆盖航天、相控阵雷达等高景气领域，中长期成长逻辑确定。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6bed33a5c3aa",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md",
          "chunk_id": "chunk:8dd0e55283de",
          "chunk_index": 6,
          "quote_summary": "公司作为特种行业模拟芯片设计企业，短期利润受业务扩张带来的期间费用增加及高强度研发投入拖累，但持续研发有助于巩固技术创新优势与市场竞争力，中长期业绩增长确定性较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "37bcf4709adc",
      "from": "company:688270",
      "from_name": "臻镭科技",
      "to": "topic:财务分析",
      "to_name": "财务分析",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 财务分析。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-臻镭科技-688270-87eeeabdbbb5.md",
          "chunk_id": "chunk:8dd0e55283de",
          "chunk_index": 6,
          "quote_summary": "公司作为特种行业模拟芯片设计企业，短期利润受业务扩张带来的期间费用增加及高强度研发投入拖累，但持续研发有助于巩固技术创新优势与市场竞争力，中长期业绩增长确定性较高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688270",
      "target": "topic:财务分析",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "52bba94082d1",
      "from": "company:688282",
      "from_name": "理工导航",
      "to": "topic:中报点评",
      "to_name": "中报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "理工导航 研报中反复涉及 中报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b6896e9c1009.md",
          "chunk_id": "chunk:5f73d25eb241",
          "chunk_index": 6,
          "quote_summary": "公司惯导产品配套多型远程制导弹药，已定型型号为唯一供应商，将充分受益于弹药消耗性补充与新型号定型量产，军品业绩有望持续稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688282",
      "target": "topic:中报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "71e144f60b59",
      "from": "company:688282",
      "from_name": "理工导航",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "理工导航 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b6896e9c1009.md",
          "chunk_id": "chunk:5f73d25eb241",
          "chunk_index": 6,
          "quote_summary": "公司惯导产品配套多型远程制导弹药，已定型型号为唯一供应商，将充分受益于弹药消耗性补充与新型号定型量产，军品业绩有望持续稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688282",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6a8ff439ab17",
      "from": "company:688282",
      "from_name": "理工导航",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "理工导航 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md",
          "chunk_id": "chunk:053c1fa3b2fc",
          "chunk_index": 4,
          "quote_summary": "传统型号项目持续落地，公司作为**51系列惯导系统唯一供应商，订单自2023年上游产能瓶颈后大幅恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688282",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3310f6516901",
      "from": "company:688282",
      "from_name": "理工导航",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "理工导航 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b6896e9c1009.md",
          "chunk_id": "chunk:5f73d25eb241",
          "chunk_index": 6,
          "quote_summary": "公司惯导产品配套多型远程制导弹药，已定型型号为唯一供应商，将充分受益于弹药消耗性补充与新型号定型量产，军品业绩有望持续稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688282",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ae0f5b6923ad",
      "from": "company:688282",
      "from_name": "理工导航",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "理工导航 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b6896e9c1009.md",
          "chunk_id": "chunk:5f73d25eb241",
          "chunk_index": 6,
          "quote_summary": "公司惯导产品配套多型远程制导弹药，已定型型号为唯一供应商，将充分受益于弹药消耗性补充与新型号定型量产，军品业绩有望持续稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688282",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4d92bfc515d0",
      "from": "company:688282",
      "from_name": "理工导航",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "理工导航 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b6896e9c1009.md",
          "chunk_id": "chunk:5f73d25eb241",
          "chunk_index": 6,
          "quote_summary": "公司惯导产品配套多型远程制导弹药，已定型型号为唯一供应商，将充分受益于弹药消耗性补充与新型号定型量产，军品业绩有望持续稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688282",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7875e1d58f4b",
      "from": "company:688282",
      "from_name": "理工导航",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "理工导航 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md",
          "chunk_id": "chunk:053c1fa3b2fc",
          "chunk_index": 4,
          "quote_summary": "传统型号项目持续落地，公司作为**51系列惯导系统唯一供应商，订单自2023年上游产能瓶颈后大幅恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688282",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "055124e9ce1e",
      "from": "company:688282",
      "from_name": "理工导航",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "理工导航 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md",
          "chunk_id": "chunk:053c1fa3b2fc",
          "chunk_index": 4,
          "quote_summary": "传统型号项目持续落地，公司作为**51系列惯导系统唯一供应商，订单自2023年上游产能瓶颈后大幅恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688282",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f6ed18f9bd76",
      "from": "company:688282",
      "from_name": "理工导航",
      "to": "topic:并购重组",
      "to_name": "并购重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "理工导航 研报中反复涉及 并购重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md",
          "chunk_id": "chunk:053c1fa3b2fc",
          "chunk_index": 4,
          "quote_summary": "传统型号项目持续落地，公司作为**51系列惯导系统唯一供应商，订单自2023年上游产能瓶颈后大幅恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688282",
      "target": "topic:并购重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f5c9d182ab1d",
      "from": "company:688282",
      "from_name": "理工导航",
      "to": "topic:惯性导航",
      "to_name": "惯性导航",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "理工导航 研报中反复涉及 惯性导航。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md",
          "chunk_id": "chunk:053c1fa3b2fc",
          "chunk_index": 4,
          "quote_summary": "传统型号项目持续落地，公司作为**51系列惯导系统唯一供应商，订单自2023年上游产能瓶颈后大幅恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688282",
      "target": "topic:惯性导航",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "24c20cbc511c",
      "from": "company:688282",
      "from_name": "理工导航",
      "to": "topic:新型弹药",
      "to_name": "新型弹药",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "理工导航 研报中反复涉及 新型弹药。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md",
          "chunk_id": "chunk:053c1fa3b2fc",
          "chunk_index": 4,
          "quote_summary": "传统型号项目持续落地，公司作为**51系列惯导系统唯一供应商，订单自2023年上游产能瓶颈后大幅恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688282",
      "target": "topic:新型弹药",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "32465b8b1613",
      "from": "company:688282",
      "from_name": "理工导航",
      "to": "topic:机器人",
      "to_name": "机器人",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "理工导航 研报中反复涉及 机器人。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md",
          "chunk_id": "chunk:053c1fa3b2fc",
          "chunk_index": 4,
          "quote_summary": "传统型号项目持续落地，公司作为**51系列惯导系统唯一供应商，订单自2023年上游产能瓶颈后大幅恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688282",
      "target": "topic:机器人",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d1b0d442f544",
      "from": "company:688282",
      "from_name": "理工导航",
      "to": "topic:精确制导",
      "to_name": "精确制导",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "理工导航 研报中反复涉及 精确制导。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-b6896e9c1009.md",
          "chunk_id": "chunk:5f73d25eb241",
          "chunk_index": 6,
          "quote_summary": "公司惯导产品配套多型远程制导弹药，已定型型号为唯一供应商，将充分受益于弹药消耗性补充与新型号定型量产，军品业绩有望持续稳定增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688282",
      "target": "topic:精确制导",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ea498b835c0e",
      "from": "company:688282",
      "from_name": "理工导航",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "理工导航 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6bcdbe8fb354.md",
          "chunk_id": "chunk:053c1fa3b2fc",
          "chunk_index": 4,
          "quote_summary": "传统型号项目持续落地，公司作为**51系列惯导系统唯一供应商，订单自2023年上游产能瓶颈后大幅恢复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688282",
      "target": "topic:证券",
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      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
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      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:cagr",
      "to_name": "CAGR",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 CAGR。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:820c4d8deab8",
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          "quote_summary": "国内无人机禁毒服务领域绝对龙头，国家级专精特新“小巨人”，技术壁垒与客户资源深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:cagr",
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      "category": "topic",
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      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:三季报点评",
      "to_name": "三季报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 三季报点评。",
      "confidence": 0.62,
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          "chunk_id": "chunk:ab296e294c5f",
          "chunk_index": 1,
          "quote_summary": "公司系我国无人机禁毒服务领域龙头及国家级专精特新“小巨人”，受益于下游禁毒、反恐、资源调查、环境监测需求拉动及行业政策支持，叠加智能电击制暴器与无人机特种领域业务快速突破，未来业绩有望持续增厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:三季报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:专精特新",
      "to_name": "专精特新",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 专精特新。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md",
          "chunk_id": "chunk:26540c943547",
          "chunk_index": 4,
          "quote_summary": "无人机禁毒龙头，国家级专精特新“小巨人”，技术壁垒高，服务模式成熟。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:专精特新",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-20e501f9480d.md",
          "chunk_id": "chunk:b7ef780f8d5b",
          "chunk_index": 4,
          "quote_summary": "国内领先无人机禁毒服务供应商，先发优势显著，在细分行业形成差异化竞争优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:中小盘",
      "to_name": "中小盘",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 中小盘。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-伐谋-中小盘信息更新-d28e91f144e7.md",
          "chunk_id": "chunk:787cb8049abc",
          "chunk_index": 2,
          "quote_summary": "受益于无人机产业高景气度与政策利好，公司保持禁毒领域先发优势，积极拓展智能防务装备等新业务，业绩有望持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:中小盘",
      "label": "involves_topic",
      "category": "topic",
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      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:人工智能",
      "to_name": "人工智能",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 人工智能。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:f2153bd053e0",
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          "quote_summary": "国内领先的无人机禁毒服务供应商，业绩保持稳健增长，2022H1营收与净利润同比双增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:人工智能",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md",
          "chunk_id": "chunk:820c4d8deab8",
          "chunk_index": 0,
          "quote_summary": "国内无人机禁毒服务领域绝对龙头，国家级专精特新“小巨人”，技术壁垒与客户资源深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:787cb8049abc",
          "chunk_index": 2,
          "quote_summary": "受益于无人机产业高景气度与政策利好，公司保持禁毒领域先发优势，积极拓展智能防务装备等新业务，业绩有望持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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    {
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      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:军工装备",
      "to_name": "军工装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 军工装备。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md",
          "chunk_id": "chunk:26540c943547",
          "chunk_index": 4,
          "quote_summary": "无人机禁毒龙头，国家级专精特新“小巨人”，技术壁垒高，服务模式成熟。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:军工装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c5b4ac07cf36",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-伐谋-中小盘信息更新-d28e91f144e7.md",
          "chunk_id": "chunk:787cb8049abc",
          "chunk_index": 2,
          "quote_summary": "受益于无人机产业高景气度与政策利好，公司保持禁毒领域先发优势，积极拓展智能防务装备等新业务，业绩有望持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
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          "chunk_id": "chunk:787cb8049abc",
          "chunk_index": 2,
          "quote_summary": "受益于无人机产业高景气度与政策利好，公司保持禁毒领域先发优势，积极拓展智能防务装备等新业务，业绩有望持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "74c9cd4c6272",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:工业级应用",
      "to_name": "工业级应用",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 工业级应用。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md",
          "chunk_id": "chunk:26540c943547",
          "chunk_index": 4,
          "quote_summary": "无人机禁毒龙头，国家级专精特新“小巨人”，技术壁垒高，服务模式成熟。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:工业级应用",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d4b093a31ffb",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:工业级无人机",
      "to_name": "工业级无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 工业级无人机。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:820c4d8deab8",
          "chunk_index": 0,
          "quote_summary": "国内无人机禁毒服务领域绝对龙头，国家级专精特新“小巨人”，技术壁垒与客户资源深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:工业级无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "cb9ee5c19ecc",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:数据处理",
      "to_name": "数据处理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 数据处理。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-观典防务-688287-27623f45bcbe.md",
          "chunk_id": "chunk:79b020812e77",
          "chunk_index": 7,
          "quote_summary": "公司依托自有数据库与多年研发积累，持续深耕数据处理与无人机核心技术，推动工业级无人机在细分行业保持国内领先。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:数据处理",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md",
          "chunk_id": "chunk:26540c943547",
          "chunk_index": 4,
          "quote_summary": "无人机禁毒龙头，国家级专精特新“小巨人”，技术壁垒高，服务模式成熟。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "0becdd564f4d",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:无人机禁毒",
      "to_name": "无人机禁毒",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 无人机禁毒。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:820c4d8deab8",
          "chunk_index": 0,
          "quote_summary": "国内无人机禁毒服务领域绝对龙头，国家级专精特新“小巨人”，技术壁垒与客户资源深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:无人机禁毒",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7043bc2f96ac",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:无人机防务",
      "to_name": "无人机防务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 无人机防务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-sh-2023-年三季报点评-98eacb6aea94.md",
          "chunk_id": "chunk:ab296e294c5f",
          "chunk_index": 1,
          "quote_summary": "公司系我国无人机禁毒服务领域龙头及国家级专精特新“小巨人”，受益于下游禁毒、反恐、资源调查、环境监测需求拉动及行业政策支持，叠加智能电击制暴器与无人机特种领域业务快速突破，未来业绩有望持续增厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:无人机防务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "68ce0dd530da",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:智能防务",
      "to_name": "智能防务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 智能防务。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:26540c943547",
          "chunk_index": 4,
          "quote_summary": "无人机禁毒龙头，国家级专精特新“小巨人”，技术壁垒高，服务模式成熟。"
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      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:智能防务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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    {
      "edge_id": "1e5a70108db4",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:智能防务装备",
      "to_name": "智能防务装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 智能防务装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md",
          "chunk_id": "chunk:820c4d8deab8",
          "chunk_index": 0,
          "quote_summary": "国内无人机禁毒服务领域绝对龙头，国家级专精特新“小巨人”，技术壁垒与客户资源深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:智能防务装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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    },
    {
      "edge_id": "bf8bb6cadf3e",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-sh-首次覆盖报告-f1a9c49a1ca6.md",
          "chunk_id": "chunk:820c4d8deab8",
          "chunk_index": 0,
          "quote_summary": "国内无人机禁毒服务领域绝对龙头，国家级专精特新“小巨人”，技术壁垒与客户资源深厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b7bd531e7433",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:毛利率提升",
      "to_name": "毛利率提升",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 毛利率提升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-sh-2023-年三季报点评-98eacb6aea94.md",
          "chunk_id": "chunk:ab296e294c5f",
          "chunk_index": 1,
          "quote_summary": "公司系我国无人机禁毒服务领域龙头及国家级专精特新“小巨人”，受益于下游禁毒、反恐、资源调查、环境监测需求拉动及行业政策支持，叠加智能电击制暴器与无人机特种领域业务快速突破，未来业绩有望持续增厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:毛利率提升",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fea4fc3df70d",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:特种装备",
      "to_name": "特种装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 特种装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-sh-2023-年三季报点评-98eacb6aea94.md",
          "chunk_id": "chunk:ab296e294c5f",
          "chunk_index": 1,
          "quote_summary": "公司系我国无人机禁毒服务领域龙头及国家级专精特新“小巨人”，受益于下游禁毒、反恐、资源调查、环境监测需求拉动及行业政策支持，叠加智能电击制暴器与无人机特种领域业务快速突破，未来业绩有望持续增厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:特种装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "908ec5f0b40f",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-sh-2022h1-业绩稳健增长-研发投入加大夯实技术壁垒-384fb60af7e6.md",
          "chunk_id": "chunk:7a12f0d3ac15",
          "chunk_index": 2,
          "quote_summary": "国家高度重视禁毒工作，公司积极拓展禁毒服务市场且新客户开拓成效显著，叠加研发投入加大与技术成果转化，推动业绩稳健增长并打造军工新增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c9fe68097d5d",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:禁毒",
      "to_name": "禁毒",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 禁毒。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-sh-全年业绩亮眼-智能防务装备打造新增长点-d077bc585122.md",
          "chunk_id": "chunk:d22907882d42",
          "chunk_index": 2,
          "quote_summary": "受益于国家无人机产业政策扶持及公司“一核两翼”战略推进，智能防务装备业务正逐步打造第二增长曲线，长期业绩增长可期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:禁毒",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8d2242944b4d",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:禁毒服务",
      "to_name": "禁毒服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 禁毒服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md",
          "chunk_id": "chunk:26540c943547",
          "chunk_index": 4,
          "quote_summary": "无人机禁毒龙头，国家级专精特新“小巨人”，技术壁垒高，服务模式成熟。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:禁毒服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2a1cc5a79193",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:科创板转板",
      "to_name": "科创板转板",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 科创板转板。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-20e501f9480d.md",
          "chunk_id": "chunk:b7ef780f8d5b",
          "chunk_index": 4,
          "quote_summary": "国内领先无人机禁毒服务供应商，先发优势显著，在细分行业形成差异化竞争优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:科创板转板",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9c54e308aef2",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md",
          "chunk_id": "chunk:26540c943547",
          "chunk_index": 4,
          "quote_summary": "无人机禁毒龙头，国家级专精特新“小巨人”，技术壁垒高，服务模式成熟。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f023b4728ce6",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:营收",
      "to_name": "营收",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 营收。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩稳健增长-看好智能防务装备成长性-25e26c0bdd9b.md",
          "chunk_id": "chunk:b995878815c7",
          "chunk_index": 5,
          "quote_summary": "无人机禁毒服务细分领域绝对龙头，先发优势构筑宽护城河，影像数据储备充足支撑定制化高毛利业务。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:营收",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d27749b80868",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-7fa3823c7bbe.md",
          "chunk_id": "chunk:26540c943547",
          "chunk_index": 4,
          "quote_summary": "无人机禁毒龙头，国家级专精特新“小巨人”，技术壁垒高，服务模式成熟。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5f6965d146f2",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:遥感技术",
      "to_name": "遥感技术",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 遥感技术。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-27623f45bcbe.md",
          "chunk_id": "chunk:79b020812e77",
          "chunk_index": 7,
          "quote_summary": "公司依托自有数据库与多年研发积累，持续深耕数据处理与无人机核心技术，推动工业级无人机在细分行业保持国内领先。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:遥感技术",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "37fee1fc8a76",
      "from": "company:688287",
      "from_name": "观典防务",
      "to": "topic:防务装备",
      "to_name": "防务装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "观典防务 研报中反复涉及 防务装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-观典防务-688287-346c2ea92e32.md",
          "chunk_id": "chunk:f2153bd053e0",
          "chunk_index": 4,
          "quote_summary": "国内领先的无人机禁毒服务供应商，业绩保持稳健增长，2022H1营收与净利润同比双增。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688287",
      "target": "topic:防务装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff9e2b0a1736",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 三季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2024-年三季报点评-6e89fdbc69d3.md",
          "chunk_id": "chunk:120b4b0811cc",
          "chunk_index": 1,
          "quote_summary": "公司系航空工业集团唯一无人机上市平台，受益装备出海与国内特种需求增长，叠加低空经济与大应急/大气象领域拓展，中长期发展趋势向上。自贡基地投产保障产能，存货与合同负债高增反映后续订单交付预期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:三季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e40d0198d560",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md",
          "chunk_id": "chunk:64a6ce5c3451",
          "chunk_index": 4,
          "quote_summary": "军用大型无人机领军企业，翼龙系列已出口多国并经历实战检验，积极践行国家战略推动国内国际双循环。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6b597887a3d1",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2024-年一季报点评-9995b83d15ea.md",
          "chunk_id": "chunk:d87681faf556",
          "chunk_index": 1,
          "quote_summary": "公司为航空工业集团唯一无人机上市平台，翼龙系列全球市占率第二，受益于装备出海、国内特种需求增长及低空经济催化，未来业绩有望持续增厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4642b81a388c",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:业绩点评",
      "to_name": "业绩点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 业绩点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2023-年年报点评-5959f336af86.md",
          "chunk_id": "chunk:36bd3e8869a2",
          "chunk_index": 2,
          "quote_summary": "公司为我国大型无人机系统领军企业，受益于装备出海及国内特种领域需求增长，叠加低空经济产业催化，未来几年有望实现快速发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:业绩点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6f4f9a819606",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-75ddbc1b4c51.md",
          "chunk_id": "chunk:ce98a65da107",
          "chunk_index": 6,
          "quote_summary": "国内军贸市场拓展加速，翼龙系列无人机平台成熟且应用场景丰富，国内业务放量有望成为核心增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9f00c421b1cd",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:交付节奏",
      "to_name": "交付节奏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 交付节奏。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-中无人机-688297-sh-2023-年中报点评-f5cdf4a2f637.md",
          "chunk_id": "chunk:857cd0aaa14a",
          "chunk_index": 1,
          "quote_summary": "公司为我国大型无人机系统领军企业及航空工业集团唯一无人机上市平台，翼龙系列全球市占率第二，受益于国内特种领域、海外军贸及应急需求增长，长期业绩有望持续增厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:交付节奏",
      "label": "involves_topic",
      "category": "topic",
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    {
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      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2024-年三季报点评-6e89fdbc69d3.md",
          "chunk_id": "chunk:120b4b0811cc",
          "chunk_index": 1,
          "quote_summary": "公司系航空工业集团唯一无人机上市平台，受益装备出海与国内特种需求增长，叠加低空经济与大应急/大气象领域拓展，中长期发展趋势向上。自贡基地投产保障产能，存货与合同负债高增反映后续订单交付预期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
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    },
    {
      "edge_id": "dfe2f5335bc1",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2024-年三季报点评-6e89fdbc69d3.md",
          "chunk_id": "chunk:120b4b0811cc",
          "chunk_index": 1,
          "quote_summary": "公司系航空工业集团唯一无人机上市平台，受益装备出海与国内特种需求增长，叠加低空经济与大应急/大气象领域拓展，中长期发展趋势向上。自贡基地投产保障产能，存货与合同负债高增反映后续订单交付预期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
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      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2024-年年报点评-cf04e119baf7.md",
          "chunk_id": "chunk:a827b8f64608",
          "chunk_index": 2,
          "quote_summary": "公司为我国大型无人机系统领军企业及中航工业集团唯一无人机上市平台，受益于装备出海、国内特种领域需求增长及低空经济等新质生产力带动，中长期发展空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fd7816387a94",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:军工出海",
      "to_name": "军工出海",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 军工出海。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2024-年中报点评-341cc9b75c46.md",
          "chunk_id": "chunk:bb362899958a",
          "chunk_index": 1,
          "quote_summary": "公司作为航空工业集团唯一无人机上市平台，受益于装备出海、国内特种需求增长及低空经济等新质生产力带动，中长期成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:军工出海",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c16e07e49e6b",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:军工装备",
      "to_name": "军工装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 军工装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2024-年三季报点评-6e89fdbc69d3.md",
          "chunk_id": "chunk:120b4b0811cc",
          "chunk_index": 1,
          "quote_summary": "公司系航空工业集团唯一无人机上市平台，受益装备出海与国内特种需求增长，叠加低空经济与大应急/大气象领域拓展，中长期发展趋势向上。自贡基地投产保障产能，存货与合同负债高增反映后续订单交付预期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:军工装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "05d8c1989225",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:军贸出口",
      "to_name": "军贸出口",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 军贸出口。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md",
          "chunk_id": "chunk:64a6ce5c3451",
          "chunk_index": 4,
          "quote_summary": "军用大型无人机领军企业，翼龙系列已出口多国并经历实战检验，积极践行国家战略推动国内国际双循环。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:军贸出口",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "016e3991b430",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md",
          "chunk_id": "chunk:64a6ce5c3451",
          "chunk_index": 4,
          "quote_summary": "军用大型无人机领军企业，翼龙系列已出口多国并经历实战检验，积极践行国家战略推动国内国际双循环。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "75c11877dff6",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:利润率改善",
      "to_name": "利润率改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 利润率改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2023-年中报点评-f5cdf4a2f637.md",
          "chunk_id": "chunk:857cd0aaa14a",
          "chunk_index": 1,
          "quote_summary": "公司为我国大型无人机系统领军企业及航空工业集团唯一无人机上市平台，翼龙系列全球市占率第二，受益于国内特种领域、海外军贸及应急需求增长，长期业绩有望持续增厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:利润率改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "15bacf9e5cd3",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:半年报点评",
      "to_name": "半年报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 半年报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2024-年中报点评-341cc9b75c46.md",
          "chunk_id": "chunk:bb362899958a",
          "chunk_index": 1,
          "quote_summary": "公司作为航空工业集团唯一无人机上市平台，受益于装备出海、国内特种需求增长及低空经济等新质生产力带动，中长期成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:半年报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "99a0ee754060",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:合同负债",
      "to_name": "合同负债",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 合同负债。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2022-年年报及-2023-年一季报点评-e5c4374f90f8.md",
          "chunk_id": "chunk:20cf00202cbe",
          "chunk_index": 2,
          "quote_summary": "公司作为我国大型无人机系统领军企业，深度受益于“十四五”期间国内特种领域列装与军贸业务拓展，中长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:合同负债",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6659f0dcb8ba",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md",
          "chunk_id": "chunk:64a6ce5c3451",
          "chunk_index": 4,
          "quote_summary": "军用大型无人机领军企业，翼龙系列已出口多国并经历实战检验，积极践行国家战略推动国内国际双循环。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d78fdf474a07",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:国内业务拓展",
      "to_name": "国内业务拓展",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 国内业务拓展。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-75ddbc1b4c51.md",
          "chunk_id": "chunk:ce98a65da107",
          "chunk_index": 6,
          "quote_summary": "国内军贸市场拓展加速，翼龙系列无人机平台成熟且应用场景丰富，国内业务放量有望成为核心增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:国内业务拓展",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e7b4d338a108",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md",
          "chunk_id": "chunk:64a6ce5c3451",
          "chunk_index": 4,
          "quote_summary": "军用大型无人机领军企业，翼龙系列已出口多国并经历实战检验，积极践行国家战略推动国内国际双循环。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bfb97aac940b",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:大型无人机",
      "to_name": "大型无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 大型无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2022-年年报及-2023-年一季报点评-e5c4374f90f8.md",
          "chunk_id": "chunk:20cf00202cbe",
          "chunk_index": 2,
          "quote_summary": "公司作为我国大型无人机系统领军企业，深度受益于“十四五”期间国内特种领域列装与军贸业务拓展，中长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:大型无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "75f513968d40",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:存货备货",
      "to_name": "存货备货",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 存货备货。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2024-年年报点评-cf04e119baf7.md",
          "chunk_id": "chunk:a827b8f64608",
          "chunk_index": 2,
          "quote_summary": "公司为我国大型无人机系统领军企业及中航工业集团唯一无人机上市平台，受益于装备出海、国内特种领域需求增长及低空经济等新质生产力带动，中长期发展空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:存货备货",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4f440f358e99",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:技术服务",
      "to_name": "技术服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 技术服务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2022-年年报及-2023-年一季报点评-e5c4374f90f8.md",
          "chunk_id": "chunk:20cf00202cbe",
          "chunk_index": 2,
          "quote_summary": "公司作为我国大型无人机系统领军企业，深度受益于“十四五”期间国内特种领域列装与军贸业务拓展，中长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:技术服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "03a0203ad29f",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2023-年年报点评-5959f336af86.md",
          "chunk_id": "chunk:36bd3e8869a2",
          "chunk_index": 2,
          "quote_summary": "公司为我国大型无人机系统领军企业，受益于装备出海及国内特种领域需求增长，叠加低空经济产业催化，未来几年有望实现快速发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a7ff47c4459a",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md",
          "chunk_id": "chunk:64a6ce5c3451",
          "chunk_index": 4,
          "quote_summary": "军用大型无人机领军企业，翼龙系列已出口多国并经历实战检验，积极践行国家战略推动国内国际双循环。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1ca0ecf107ff",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:无人机出海",
      "to_name": "无人机出海",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 无人机出海。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2024-年一季报点评-9995b83d15ea.md",
          "chunk_id": "chunk:d87681faf556",
          "chunk_index": 1,
          "quote_summary": "公司为航空工业集团唯一无人机上市平台，翼龙系列全球市占率第二，受益于装备出海、国内特种需求增长及低空经济催化，未来业绩有望持续增厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:无人机出海",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "094e4ea76777",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:无人机系统",
      "to_name": "无人机系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 无人机系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-75ddbc1b4c51.md",
          "chunk_id": "chunk:ce98a65da107",
          "chunk_index": 6,
          "quote_summary": "国内军贸市场拓展加速，翼龙系列无人机平台成熟且应用场景丰富，国内业务放量有望成为核心增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:无人机系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "013bd24b14a8",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-75ddbc1b4c51.md",
          "chunk_id": "chunk:ce98a65da107",
          "chunk_index": 6,
          "quote_summary": "国内军贸市场拓展加速，翼龙系列无人机平台成熟且应用场景丰富，国内业务放量有望成为核心增长引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a6a38f4c0bf7",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:特种装备",
      "to_name": "特种装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 特种装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2023-年年报点评-5959f336af86.md",
          "chunk_id": "chunk:36bd3e8869a2",
          "chunk_index": 2,
          "quote_summary": "公司为我国大型无人机系统领军企业，受益于装备出海及国内特种领域需求增长，叠加低空经济产业催化，未来几年有望实现快速发展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:特种装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3398dc206ee1",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:翼龙系列",
      "to_name": "翼龙系列",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 翼龙系列。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2023-年中报点评-f5cdf4a2f637.md",
          "chunk_id": "chunk:857cd0aaa14a",
          "chunk_index": 1,
          "quote_summary": "公司为我国大型无人机系统领军企业及航空工业集团唯一无人机上市平台，翼龙系列全球市占率第二，受益于国内特种领域、海外军贸及应急需求增长，长期业绩有望持续增厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:翼龙系列",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bec7ed6949ee",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:航空工业集团",
      "to_name": "航空工业集团",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 航空工业集团。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2023-年中报点评-f5cdf4a2f637.md",
          "chunk_id": "chunk:857cd0aaa14a",
          "chunk_index": 1,
          "quote_summary": "公司为我国大型无人机系统领军企业及航空工业集团唯一无人机上市平台，翼龙系列全球市占率第二，受益于国内特种领域、海外军贸及应急需求增长，长期业绩有望持续增厚。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:航空工业集团",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bb4cee2dfdbc",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:装备出海",
      "to_name": "装备出海",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 装备出海。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2024-年三季报点评-6e89fdbc69d3.md",
          "chunk_id": "chunk:120b4b0811cc",
          "chunk_index": 1,
          "quote_summary": "公司系航空工业集团唯一无人机上市平台，受益装备出海与国内特种需求增长，叠加低空经济与大应急/大气象领域拓展，中长期发展趋势向上。自贡基地投产保障产能，存货与合同负债高增反映后续订单交付预期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:装备出海",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cc3951dee9fb",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md",
          "chunk_id": "chunk:64a6ce5c3451",
          "chunk_index": 4,
          "quote_summary": "军用大型无人机领军企业，翼龙系列已出口多国并经历实战检验，积极践行国家战略推动国内国际双循环。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e4eeda632201",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:需求复苏",
      "to_name": "需求复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 需求复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中无人机-688297-sh-2024-年年报点评-cf04e119baf7.md",
          "chunk_id": "chunk:a827b8f64608",
          "chunk_index": 2,
          "quote_summary": "公司为我国大型无人机系统领军企业及中航工业集团唯一无人机上市平台，受益于装备出海、国内特种领域需求增长及低空经济等新质生产力带动，中长期发展空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:需求复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d4327ca8cc5b",
      "from": "company:688297",
      "from_name": "中无人机",
      "to": "topic:首次覆盖",
      "to_name": "首次覆盖",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中无人机 研报中反复涉及 首次覆盖。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-c93fa8a5e9de.md",
          "chunk_id": "chunk:64a6ce5c3451",
          "chunk_index": 4,
          "quote_summary": "军用大型无人机领军企业，翼龙系列已出口多国并经历实战检验，积极践行国家战略推动国内国际双循环。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688297",
      "target": "topic:首次覆盖",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6a43917a613d",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-2022-年年报及-2023-年一季报点评-11ed1c66e60b.md",
          "chunk_id": "chunk:baec7abeda68",
          "chunk_index": 1,
          "quote_summary": "公司作为卫星导航民营核心供应商，下游需求有望快速增长；积极布局电子对抗业务打造第二增长极；实施股权激励彰显长期发展信心。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "44cd8064cf10",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:业绩恢复",
      "to_name": "业绩恢复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 业绩恢复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-beb38bfbc70f.md",
          "chunk_id": "chunk:d5fb69384cd0",
          "chunk_index": 4,
          "quote_summary": "交付项目集中交付带动上半年营收与净利润大幅恢复，业绩呈现困境反转特征。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:业绩恢复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6c966ba2e150",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-2024-年年报及-2025-年一季报点评-cd4844962c1e.md",
          "chunk_id": "chunk:ff941440978d",
          "chunk_index": 0,
          "quote_summary": "行业需求边际改善，1Q25营收同比高增48%，连续亏损后出现业绩拐点信号。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "52f4ed3432cb",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:低轨卫星互联网",
      "to_name": "低轨卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 低轨卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-d952cba7c5d1.md",
          "chunk_id": "chunk:73e9c441c358",
          "chunk_index": 4,
          "quote_summary": "专注卫星应用领域，坚持军民并重发展，行业景气度提升助推交付项目增多与业绩持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:低轨卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "491dbf4a9f0e",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:军工信息化",
      "to_name": "军工信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 军工信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-d952cba7c5d1.md",
          "chunk_id": "chunk:73e9c441c358",
          "chunk_index": 4,
          "quote_summary": "专注卫星应用领域，坚持军民并重发展，行业景气度提升助推交付项目增多与业绩持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:军工信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "24e8c0cc41d0",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-dae40cb03e89.md",
          "chunk_id": "chunk:6da63ff1e3d3",
          "chunk_index": 0,
          "quote_summary": "卫星导航产品完成定型并批量生产，受益于北斗三代换代及装备消耗补充需求，将成为“十四五”期间确定性较强的收入增长核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f802241208fd",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华发集团旗下企业-d952cba7c5d1.md",
          "chunk_id": "chunk:73e9c441c358",
          "chunk_index": 4,
          "quote_summary": "专注卫星应用领域，坚持军民并重发展，行业景气度提升助推交付项目增多与业绩持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1d0975c109d2",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:制导装备",
      "to_name": "制导装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 制导装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:70f380128919",
          "chunk_index": 0,
          "quote_summary": "深耕制导装备导航系统，受益于下游特种装备信息化需求放量及产品渗透率提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:制导装备",
      "label": "involves_topic",
      "category": "topic",
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      "evidence_count": 1
    },
    {
      "edge_id": "d4438b66f1fe",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:卫星",
      "to_name": "卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:70f380128919",
          "chunk_index": 0,
          "quote_summary": "深耕制导装备导航系统，受益于下游特种装备信息化需求放量及产品渗透率提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "82e38c34c095",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:卫星导航",
      "to_name": "卫星导航",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 卫星导航。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:70f380128919",
          "chunk_index": 0,
          "quote_summary": "深耕制导装备导航系统，受益于下游特种装备信息化需求放量及产品渗透率提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:卫星导航",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cde52a9544af",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:卫星通信",
      "to_name": "卫星通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 卫星通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-dae40cb03e89.md",
          "chunk_id": "chunk:6da63ff1e3d3",
          "chunk_index": 0,
          "quote_summary": "卫星导航产品完成定型并批量生产，受益于北斗三代换代及装备消耗补充需求，将成为“十四五”期间确定性较强的收入增长核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:卫星通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e1d9e7595f56",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:可转债",
      "to_name": "可转债",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 可转债。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:70f380128919",
          "chunk_index": 0,
          "quote_summary": "深耕制导装备导航系统，受益于下游特种装备信息化需求放量及产品渗透率提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:可转债",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8c2fa6a82bfa",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-2024-年年报及-2025-年一季报点评-cd4844962c1e.md",
          "chunk_id": "chunk:ff941440978d",
          "chunk_index": 0,
          "quote_summary": "行业需求边际改善，1Q25营收同比高增48%，连续亏损后出现业绩拐点信号。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "98d26c66b61a",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:商誉减值",
      "to_name": "商誉减值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 商誉减值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-2024-年年报及-2025-年一季报点评-cd4844962c1e.md",
          "chunk_id": "chunk:ff941440978d",
          "chunk_index": 0,
          "quote_summary": "行业需求边际改善，1Q25营收同比高增48%，连续亏损后出现业绩拐点信号。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:商誉减值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e6ce1f3cc813",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:困境反转",
      "to_name": "困境反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 困境反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-beb38bfbc70f.md",
          "chunk_id": "chunk:d5fb69384cd0",
          "chunk_index": 4,
          "quote_summary": "交付项目集中交付带动上半年营收与净利润大幅恢复，业绩呈现困境反转特征。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:困境反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "777a3804343c",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:国防信息化",
      "to_name": "国防信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 国防信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:70f380128919",
          "chunk_index": 0,
          "quote_summary": "深耕制导装备导航系统，受益于下游特种装备信息化需求放量及产品渗透率提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:国防信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0aae47a88a98",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:存货周期",
      "to_name": "存货周期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 存货周期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-2023-年三季报点评-2ac89b0082b3.md",
          "chunk_id": "chunk:d7a5a2c92651",
          "chunk_index": 2,
          "quote_summary": "公司作为卫星导航民营核心供应商，下游需求有望实现快速增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:存货周期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2147ad4d575a",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-2023-年三季报点评-2ac89b0082b3.md",
          "chunk_id": "chunk:d7a5a2c92651",
          "chunk_index": 2,
          "quote_summary": "公司作为卫星导航民营核心供应商，下游需求有望实现快速增长"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b9e9eb48492a",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:机载终端",
      "to_name": "机载终端",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 机载终端。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-公司快报-18141510b52c.md",
          "chunk_id": "chunk:d05f008ab0bb",
          "chunk_index": 0,
          "quote_summary": "业绩短期受行业波动影响，静待卫星应用终端放量"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:机载终端",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "21819d302d9e",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:电子对抗",
      "to_name": "电子对抗",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 电子对抗。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:70f380128919",
          "chunk_index": 0,
          "quote_summary": "深耕制导装备导航系统，受益于下游特种装备信息化需求放量及产品渗透率提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:电子对抗",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a841908848ed",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-beb38bfbc70f.md",
          "chunk_id": "chunk:d5fb69384cd0",
          "chunk_index": 4,
          "quote_summary": "交付项目集中交付带动上半年营收与净利润大幅恢复，业绩呈现困境反转特征。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4460fd6610ca",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:股权激励",
      "to_name": "股权激励",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 股权激励。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:70f380128919",
          "chunk_index": 0,
          "quote_summary": "深耕制导装备导航系统，受益于下游特种装备信息化需求放量及产品渗透率提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:股权激励",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9dac6ea8ee42",
      "from": "company:688311",
      "from_name": "盟升电子",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "盟升电子 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-盟升电子-688311-sh-深度报告-bce68b2078a1.md",
          "chunk_id": "chunk:70f380128919",
          "chunk_index": 0,
          "quote_summary": "深耕制导装备导航系统，受益于下游特种装备信息化需求放量及产品渗透率提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688311",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "01eb3908f544",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:3d打印",
      "to_name": "3D打印",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 3D打印。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md",
          "chunk_id": "chunk:663db3758dc7",
          "chunk_index": 2,
          "quote_summary": "多元化经营与航空航天高景气驱动业绩稳健增长，打印服务与原材料业务增速亮眼。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:3d打印",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a300dd3e5eb5",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:ai芯片散热",
      "to_name": "ai芯片散热",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 AI芯片散热。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-72292db9bba8.md",
          "chunk_id": "chunk:893a4d6b8f6b",
          "chunk_index": 4,
          "quote_summary": "行业拐点共振：2025H2订单恢复，二三线厂商融资困难与技术落后加速出清，需求恢复与供给收缩共同推动行业业绩拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:ai芯片散热",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "991eb17ce39a",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-a55c9df35f4e.md",
          "chunk_id": "chunk:134710fcb5e8",
          "chunk_index": 2,
          "quote_summary": "行业经历供给增加与需求波动调整后，三季度迎来拐点，传统航空航天订单回暖叠加3C、液冷、机器人及商业航天需求提升，带动设备稼动率与材料需求回升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "82df90206aa7",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:业绩点评",
      "to_name": "业绩点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 业绩点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-铂力特-688333-sh-2024-年三季报点评-e22e29fbc3b3.md",
          "chunk_id": "chunk:3e9e71378b6f",
          "chunk_index": 1,
          "quote_summary": "公司作为金属3D打印综合解决方案龙头，已完成原材料、设备、打印服务全产业链布局，拟投建粉末基地进一步提升综合实力与产能，具备行业先发优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:业绩点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4dbdfc517bf2",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-通用设备-76b7663b712d.md",
          "chunk_id": "chunk:a9d17abf328e",
          "chunk_index": 6,
          "quote_summary": "三季度业绩受销量减少及成本/研发投入增加影响承压，但四季度为收入确认高峰，全年业绩仍有支撑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e8577d98d391",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 业绩高增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上半年业绩高增-研发保持高强度投入-c075b1085579.md",
          "chunk_id": "chunk:4212eec54bf4",
          "chunk_index": 0,
          "quote_summary": "增材制造行业处于高速发展期，公司作为国内最大金属增材制造产业化基地，在航空航天金属零部件市场占有率较高，持续受益于下游场景向民用大规模生产拓展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:业绩高增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a32d8e269044",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md",
          "chunk_id": "chunk:663db3758dc7",
          "chunk_index": 2,
          "quote_summary": "多元化经营与航空航天高景气驱动业绩稳健增长，打印服务与原材料业务增速亮眼。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "36c0d74419fa",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:人形机器人",
      "to_name": "人形机器人",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 人形机器人。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-72292db9bba8.md",
          "chunk_id": "chunk:893a4d6b8f6b",
          "chunk_index": 4,
          "quote_summary": "行业拐点共振：2025H2订单恢复，二三线厂商融资困难与技术落后加速出清，需求恢复与供给收缩共同推动行业业绩拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:人形机器人",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cc9ab1d91262",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-铂力特-688333-bc05dc995b54.md",
          "chunk_id": "chunk:c932a49d943d",
          "chunk_index": 4,
          "quote_summary": "盈利质量显著改善，核心业务盈利能力增强，产品组合优化带动毛利率与净利率双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ed124558cf09",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md",
          "chunk_id": "chunk:663db3758dc7",
          "chunk_index": 2,
          "quote_summary": "多元化经营与航空航天高景气驱动业绩稳健增长，打印服务与原材料业务增速亮眼。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "526729ceba92",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上半年业绩高增-研发保持高强度投入-c075b1085579.md",
          "chunk_id": "chunk:4212eec54bf4",
          "chunk_index": 0,
          "quote_summary": "增材制造行业处于高速发展期，公司作为国内最大金属增材制造产业化基地，在航空航天金属零部件市场占有率较高，持续受益于下游场景向民用大规模生产拓展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4050fac00991",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:原材料",
      "to_name": "原材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 原材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-铂力特-688333-3faafb4d2902.md",
          "chunk_id": "chunk:2186de5b5404",
          "chunk_index": 4,
          "quote_summary": "公司紧密围绕金属增材制造产业链，产能释放与市场开拓双轮驱动，定制化产品、设备及原材料三大板块协同发力，推动业绩稳步上台阶。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:原材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e3f8f3db3274",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:原材料扩产",
      "to_name": "原材料扩产",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 原材料扩产。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-通用设备-76b7663b712d.md",
          "chunk_id": "chunk:a9d17abf328e",
          "chunk_index": 6,
          "quote_summary": "三季度业绩受销量减少及成本/研发投入增加影响承压，但四季度为收入确认高峰，全年业绩仍有支撑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:原材料扩产",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "43458690c3f3",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上半年业绩高增-研发保持高强度投入-c075b1085579.md",
          "chunk_id": "chunk:4212eec54bf4",
          "chunk_index": 0,
          "quote_summary": "增材制造行业处于高速发展期，公司作为国内最大金属增材制造产业化基地，在航空航天金属零部件市场占有率较高，持续受益于下游场景向民用大规模生产拓展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a28bb3df4d4e",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-72292db9bba8.md",
          "chunk_id": "chunk:893a4d6b8f6b",
          "chunk_index": 4,
          "quote_summary": "行业拐点共振：2025H2订单恢复，二三线厂商融资困难与技术落后加速出清，需求恢复与供给收缩共同推动行业业绩拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "25de5f6006cd",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:增材制造",
      "to_name": "增材制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 增材制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md",
          "chunk_id": "chunk:663db3758dc7",
          "chunk_index": 2,
          "quote_summary": "多元化经营与航空航天高景气驱动业绩稳健增长，打印服务与原材料业务增速亮眼。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:增材制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d5f50dc41c9c",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:新能源",
      "to_name": "新能源",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 新能源。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-铂力特-688333-sh-2025-年半年报点评-bd9d3c92277a.md",
          "chunk_id": "chunk:0470145a1593",
          "chunk_index": 2,
          "quote_summary": "公司覆盖金属增材制造全产业链，与近3300家单位建立合作，未来聚焦突破卡脖子技术并向人形机器人、新能源等未来产业赋能。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:新能源",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9ec2b5571886",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md",
          "chunk_id": "chunk:663db3758dc7",
          "chunk_index": 2,
          "quote_summary": "多元化经营与航空航天高景气驱动业绩稳健增长，打印服务与原材料业务增速亮眼。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4cff468e581c",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:海外拓展",
      "to_name": "海外拓展",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 海外拓展。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md",
          "chunk_id": "chunk:663db3758dc7",
          "chunk_index": 2,
          "quote_summary": "多元化经营与航空航天高景气驱动业绩稳健增长，打印服务与原材料业务增速亮眼。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:海外拓展",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a6ae0673d01d",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:消费电子",
      "to_name": "消费电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 消费电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-72292db9bba8.md",
          "chunk_id": "chunk:893a4d6b8f6b",
          "chunk_index": 4,
          "quote_summary": "行业拐点共振：2025H2订单恢复，二三线厂商融资困难与技术落后加速出清，需求恢复与供给收缩共同推动行业业绩拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:消费电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ae0eb9e53fbb",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:现金流",
      "to_name": "现金流",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 现金流。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-铂力特-688333-bc05dc995b54.md",
          "chunk_id": "chunk:c932a49d943d",
          "chunk_index": 4,
          "quote_summary": "盈利质量显著改善，核心业务盈利能力增强，产品组合优化带动毛利率与净利率双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:现金流",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cdbf7312ee0f",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:盈利改善",
      "to_name": "盈利改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 盈利改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-铂力特-688333-bc05dc995b54.md",
          "chunk_id": "chunk:c932a49d943d",
          "chunk_index": 4,
          "quote_summary": "盈利质量显著改善，核心业务盈利能力增强，产品组合优化带动毛利率与净利率双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:盈利改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "97f4d4ae5b7b",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-铂力特-688333-3f18d5e8722d.md",
          "chunk_id": "chunk:aedb13193e28",
          "chunk_index": 4,
          "quote_summary": "2024H1营收5.91亿元同比+34.68%，归母净利0.88亿元同比+398.07%，主要系经营规模扩大、新市场开拓及股份支付费用减少。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "56be9e91d412",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:粉末原材料",
      "to_name": "粉末原材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 粉末原材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-铂力特-688333-sh-2025-年半年报点评-bd9d3c92277a.md",
          "chunk_id": "chunk:0470145a1593",
          "chunk_index": 2,
          "quote_summary": "公司覆盖金属增材制造全产业链，与近3300家单位建立合作，未来聚焦突破卡脖子技术并向人形机器人、新能源等未来产业赋能。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:粉末原材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7832bd86635f",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:航空航天",
      "to_name": "航空航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 航空航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md",
          "chunk_id": "chunk:663db3758dc7",
          "chunk_index": 2,
          "quote_summary": "多元化经营与航空航天高景气驱动业绩稳健增长，打印服务与原材料业务增速亮眼。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:航空航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e6df55c6cb86",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:行业拐点",
      "to_name": "行业拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 行业拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-72292db9bba8.md",
          "chunk_id": "chunk:893a4d6b8f6b",
          "chunk_index": 4,
          "quote_summary": "行业拐点共振：2025H2订单恢复，二三线厂商融资困难与技术落后加速出清，需求恢复与供给收缩共同推动行业业绩拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:行业拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e9bab053f7fb",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b71874a63741.md",
          "chunk_id": "chunk:663db3758dc7",
          "chunk_index": 2,
          "quote_summary": "多元化经营与航空航天高景气驱动业绩稳健增长，打印服务与原材料业务增速亮眼。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0b44575d2c8e",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:金属3d打印",
      "to_name": "金属3d打印",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 金属3D打印。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-公司点评-72292db9bba8.md",
          "chunk_id": "chunk:893a4d6b8f6b",
          "chunk_index": 4,
          "quote_summary": "行业拐点共振：2025H2订单恢复，二三线厂商融资困难与技术落后加速出清，需求恢复与供给收缩共同推动行业业绩拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:金属3d打印",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d56b0893da02",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:金属增材制造",
      "to_name": "金属增材制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 金属增材制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-上半年业绩高增-研发保持高强度投入-c075b1085579.md",
          "chunk_id": "chunk:4212eec54bf4",
          "chunk_index": 0,
          "quote_summary": "增材制造行业处于高速发展期，公司作为国内最大金属增材制造产业化基地，在航空航天金属零部件市场占有率较高，持续受益于下游场景向民用大规模生产拓展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:金属增材制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cd15d13cdf09",
      "from": "company:688333",
      "from_name": "铂力特",
      "to": "topic:钛合金",
      "to_name": "钛合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "铂力特 研报中反复涉及 钛合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-铂力特-688333-3faafb4d2902.md",
          "chunk_id": "chunk:2186de5b5404",
          "chunk_index": 4,
          "quote_summary": "公司紧密围绕金属增材制造产业链，产能释放与市场开拓双轮驱动，定制化产品、设备及原材料三大板块协同发力，推动业绩稳步上台阶。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688333",
      "target": "topic:钛合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "05b9e365ffcf",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:5g-a-6g",
      "to_name": "5g-a-6g",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 5G-A/6G。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-其他军工iii-10d649359b5b.md",
          "chunk_id": "chunk:4a4d20894083",
          "chunk_index": 2,
          "quote_summary": "运营质效持续提升，把握新产业新业态机遇。受行业订单节奏和产品结构调整影响，2025年营收短期承压，但公司通过成本管控实现毛利率与净利率双升。同时，T/R组件在低轨卫星、商业航天及5G-A/6G通信领域的应用拓展将驱动新一轮增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:5g-a-6g",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8fa9691e018c",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:5g-a通信",
      "to_name": "5g-a通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 5G-A通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-其他军工iii-7ccc9e9c3656.md",
          "chunk_id": "chunk:d7acb5a0f9ca",
          "chunk_index": 3,
          "quote_summary": "深度布局雷达通信核心领域，持续丰富产品应用领域。相控阵雷达T/R组件需求持续攀升，公司作为国内批量供应领先企业，积极向低轨卫星、商业航天及5G-A/6G高频段射频器件拓展，打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:5g-a通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e00687d302c9",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:5g-a通感基站",
      "to_name": "5g-a通感基站",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 5G-A通感基站。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩阶段性承压-公司在部分新兴产业有布局-92f4d40c3470.md",
          "chunk_id": "chunk:eb0dba178f03",
          "chunk_index": 0,
          "quote_summary": "短期业绩受传统业务波动影响承压，但低空经济与商业航天新兴需求逐步落地，公司射频集成电路与T/R组件产品已切入关键基建与卫星供应链，中长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:5g-a通感基站",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "82aec5429336",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:6g预研",
      "to_name": "6g预研",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 6G预研。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-f67130a46df0.md",
          "chunk_id": "chunk:a5d5f14415f9",
          "chunk_index": 5,
          "quote_summary": "T/R组件及射频模块凭借有源相控阵雷达核心技术优势保持基本盘稳固，技术迭代推动低轨卫星及商业航天领域小批量交付。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:6g预研",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "33da4dadf5b9",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:t-r组件",
      "to_name": "T/R组件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 T/R组件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md",
          "chunk_id": "chunk:91a454d9b506",
          "chunk_index": 2,
          "quote_summary": "商业航天加速发展，可回收火箭技术突破将推动低轨卫星组网，公司作为卫星T/R组件核心供应商有望切入百亿级增量市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:t-r组件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "95715bb0f233",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:三季报点评",
      "to_name": "三季报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 三季报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-1047e22daf50.md",
          "chunk_id": "chunk:a9025ea5ad34",
          "chunk_index": 4,
          "quote_summary": "短期业绩受行业需求阶段性放缓及高基数效应影响，但降幅较2024年同期明显收窄，经营呈现边际改善趋势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:三季报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f0c8eeee2f56",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:业绩复苏",
      "to_name": "业绩复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 业绩复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-b76082900adb.md",
          "chunk_id": "chunk:934a52b66460",
          "chunk_index": 1,
          "quote_summary": "公司作为国内T/R组件及射频模块领先企业，产品谱系齐全，积极扩产与持续研发投入构筑长期增长基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:业绩复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b0eefddea09f",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩阶段性承压-公司在部分新兴产业有布局-92f4d40c3470.md",
          "chunk_id": "chunk:eb0dba178f03",
          "chunk_index": 0,
          "quote_summary": "短期业绩受传统业务波动影响承压，但低空经济与商业航天新兴需求逐步落地，公司射频集成电路与T/R组件产品已切入关键基建与卫星供应链，中长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1e447681bf03",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩阶段性承压-公司在部分新兴产业有布局-92f4d40c3470.md",
          "chunk_id": "chunk:eb0dba178f03",
          "chunk_index": 0,
          "quote_summary": "短期业绩受传统业务波动影响承压，但低空经济与商业航天新兴需求逐步落地，公司射频集成电路与T/R组件产品已切入关键基建与卫星供应链，中长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4f1771478572",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:低轨卫星",
      "to_name": "低轨卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 低轨卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md",
          "chunk_id": "chunk:91a454d9b506",
          "chunk_index": 2,
          "quote_summary": "商业航天加速发展，可回收火箭技术突破将推动低轨卫星组网，公司作为卫星T/R组件核心供应商有望切入百亿级增量市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:低轨卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cff22c01f796",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md",
          "chunk_id": "chunk:91a454d9b506",
          "chunk_index": 2,
          "quote_summary": "商业航天加速发展，可回收火箭技术突破将推动低轨卫星组网，公司作为卫星T/R组件核心供应商有望切入百亿级增量市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8d7d11ddf3b9",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-2025-年三季报点评-db9dc677f2e5.md",
          "chunk_id": "chunk:c553fd91828e",
          "chunk_index": 1,
          "quote_summary": "公司作为国内有源相控阵T/R组件及射频集成电路领先企业，正依托化合物半导体技术向低轨卫星、商业航天及手机终端拓展。硅基氮化镓功放芯片实现业内首次终端量产，有望替代传统砷化镓产品并打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "75f4c633f1ba",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:十五五规划",
      "to_name": "十五五规划",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 十五五规划。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md",
          "chunk_id": "chunk:91a454d9b506",
          "chunk_index": 2,
          "quote_summary": "商业航天加速发展，可回收火箭技术突破将推动低轨卫星组网，公司作为卫星T/R组件核心供应商有望切入百亿级增量市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:十五五规划",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cfd8e1c76643",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:半导体",
      "to_name": "半导体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 半导体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-2025-年三季报点评-db9dc677f2e5.md",
          "chunk_id": "chunk:c553fd91828e",
          "chunk_index": 1,
          "quote_summary": "公司作为国内有源相控阵T/R组件及射频集成电路领先企业，正依托化合物半导体技术向低轨卫星、商业航天及手机终端拓展。硅基氮化镓功放芯片实现业内首次终端量产，有望替代传统砷化镓产品并打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:半导体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cc9a8a85515c",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:半导体射频ic",
      "to_name": "半导体射频ic",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 半导体射频IC。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-b76082900adb.md",
          "chunk_id": "chunk:934a52b66460",
          "chunk_index": 1,
          "quote_summary": "公司作为国内T/R组件及射频模块领先企业，产品谱系齐全，积极扩产与持续研发投入构筑长期增长基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:半导体射频ic",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9c0300d2c227",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:卫星互联网",
      "to_name": "卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-其他军工iii-10d649359b5b.md",
          "chunk_id": "chunk:4a4d20894083",
          "chunk_index": 2,
          "quote_summary": "运营质效持续提升，把握新产业新业态机遇。受行业订单节奏和产品结构调整影响，2025年营收短期承压，但公司通过成本管控实现毛利率与净利率双升。同时，T/R组件在低轨卫星、商业航天及5G-A/6G通信领域的应用拓展将驱动新一轮增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d3ae13541764",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:卫星通信",
      "to_name": "卫星通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 卫星通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-2025-年三季报点评-db9dc677f2e5.md",
          "chunk_id": "chunk:c553fd91828e",
          "chunk_index": 1,
          "quote_summary": "公司作为国内有源相控阵T/R组件及射频集成电路领先企业，正依托化合物半导体技术向低轨卫星、商业航天及手机终端拓展。硅基氮化镓功放芯片实现业内首次终端量产，有望替代传统砷化镓产品并打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:卫星通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "348b65046fde",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-b76082900adb.md",
          "chunk_id": "chunk:934a52b66460",
          "chunk_index": 1,
          "quote_summary": "公司作为国内T/R组件及射频模块领先企业，产品谱系齐全，积极扩产与持续研发投入构筑长期增长基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bc780ea84cd7",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md",
          "chunk_id": "chunk:91a454d9b506",
          "chunk_index": 2,
          "quote_summary": "商业航天加速发展，可回收火箭技术突破将推动低轨卫星组网，公司作为卫星T/R组件核心供应商有望切入百亿级增量市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c34ba39240d7",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:射频模块",
      "to_name": "射频模块",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 射频模块。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-b76082900adb.md",
          "chunk_id": "chunk:934a52b66460",
          "chunk_index": 1,
          "quote_summary": "公司作为国内T/R组件及射频模块领先企业，产品谱系齐全，积极扩产与持续研发投入构筑长期增长基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:射频模块",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "12e3af6ace0d",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:射频芯片",
      "to_name": "射频芯片",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 射频芯片。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-2025-年三季报点评-db9dc677f2e5.md",
          "chunk_id": "chunk:c553fd91828e",
          "chunk_index": 1,
          "quote_summary": "公司作为国内有源相控阵T/R组件及射频集成电路领先企业，正依托化合物半导体技术向低轨卫星、商业航天及手机终端拓展。硅基氮化镓功放芯片实现业内首次终端量产，有望替代传统砷化镓产品并打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:射频芯片",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9aeb37903a49",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:射频集成电路",
      "to_name": "射频集成电路",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 射频集成电路。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-f67130a46df0.md",
          "chunk_id": "chunk:a5d5f14415f9",
          "chunk_index": 5,
          "quote_summary": "T/R组件及射频模块凭借有源相控阵雷达核心技术优势保持基本盘稳固，技术迭代推动低轨卫星及商业航天领域小批量交付。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:射频集成电路",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9fb96043bb1c",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:手机直连卫星",
      "to_name": "手机直连卫星",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 手机直连卫星。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md",
          "chunk_id": "chunk:91a454d9b506",
          "chunk_index": 2,
          "quote_summary": "商业航天加速发展，可回收火箭技术突破将推动低轨卫星组网，公司作为卫星T/R组件核心供应商有望切入百亿级增量市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:手机直连卫星",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2e421b305185",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:有源相控阵雷达",
      "to_name": "有源相控阵雷达",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 有源相控阵雷达。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md",
          "chunk_id": "chunk:91a454d9b506",
          "chunk_index": 2,
          "quote_summary": "商业航天加速发展，可回收火箭技术突破将推动低轨卫星组网，公司作为卫星T/R组件核心供应商有望切入百亿级增量市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:有源相控阵雷达",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5a7da4f81584",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:氮化镓",
      "to_name": "氮化镓",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 氮化镓。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-t-r-组件龙头-商业航天及军品订单共同驱动增长-fa7240c95fdc.md",
          "chunk_id": "chunk:91a454d9b506",
          "chunk_index": 2,
          "quote_summary": "商业航天加速发展，可回收火箭技术突破将推动低轨卫星组网，公司作为卫星T/R组件核心供应商有望切入百亿级增量市场。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:氮化镓",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4bd9d6c31be0",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:消费电子",
      "to_name": "消费电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 消费电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-2025-年半年报点评-b1fb77901ff3.md",
          "chunk_id": "chunk:dde26926a309",
          "chunk_index": 1,
          "quote_summary": "公司作为国内有源相控阵T/R组件及射频集成电路领先企业，正积极向低轨卫星、商业航天及消费电子领域拓展，产品结构优化与新产品放量有望驱动盈利持续修复。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:消费电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "19a98727e2b3",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:盈利预测下调",
      "to_name": "盈利预测下调",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 盈利预测下调。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-1047e22daf50.md",
          "chunk_id": "chunk:a9025ea5ad34",
          "chunk_index": 4,
          "quote_summary": "短期业绩受行业需求阶段性放缓及高基数效应影响，但降幅较2024年同期明显收窄，经营呈现边际改善趋势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:盈利预测下调",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "84fa937f2b20",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:相控阵雷达",
      "to_name": "相控阵雷达",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 相控阵雷达。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-其他军工iii-7ccc9e9c3656.md",
          "chunk_id": "chunk:d7acb5a0f9ca",
          "chunk_index": 3,
          "quote_summary": "深度布局雷达通信核心领域，持续丰富产品应用领域。相控阵雷达T/R组件需求持续攀升，公司作为国内批量供应领先企业，积极向低轨卫星、商业航天及5G-A/6G高频段射频器件拓展，打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:相控阵雷达",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6d4d01e2cd00",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:硅基氮化镓",
      "to_name": "硅基氮化镓",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 硅基氮化镓。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-2025-年三季报点评-db9dc677f2e5.md",
          "chunk_id": "chunk:c553fd91828e",
          "chunk_index": 1,
          "quote_summary": "公司作为国内有源相控阵T/R组件及射频集成电路领先企业，正依托化合物半导体技术向低轨卫星、商业航天及手机终端拓展。硅基氮化镓功放芯片实现业内首次终端量产，有望替代传统砷化镓产品并打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:硅基氮化镓",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "97b01a8f2c92",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-sh-b76082900adb.md",
          "chunk_id": "chunk:934a52b66460",
          "chunk_index": 1,
          "quote_summary": "公司作为国内T/R组件及射频模块领先企业，产品谱系齐全，积极扩产与持续研发投入构筑长期增长基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2badf927cdf6",
      "from": "company:688375",
      "from_name": "国博电子",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国博电子-688375-1047e22daf50.md",
          "chunk_id": "chunk:a9025ea5ad34",
          "chunk_index": 4,
          "quote_summary": "短期业绩受行业需求阶段性放缓及高基数效应影响，但降幅较2024年同期明显收窄，经营呈现边际改善趋势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688375",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7bb0507d4449",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-纳睿雷达-688522-4cc8c80e42a2.md",
          "chunk_id": "chunk:ad87b801ba98",
          "chunk_index": 4,
          "quote_summary": "受益于国家政策支持与民用雷达市场扩大，公司相控阵雷达在水利、气象等领域需求旺盛，叠加产品技术持续迭代与运营效率提升，业绩进入兑现期；未来依托全极化有源相控阵技术向低空经济、民航、海洋监测等场景延伸，成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b7a5f777d21b",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-军工电子ii-114ee702cecf.md",
          "chunk_id": "chunk:bd612fb0be92",
          "chunk_index": 6,
          "quote_summary": "业绩拐点显现，Q3单季营收与净利同比大幅增长，在手订单充足且政府客户回款加速，预计Q4迎来收入确认高峰，后续业绩持续改善可期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff89b0d8ec6c",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 业绩高增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-09-月-1-日-公司研究-证券研究报告-921a0a80a239.md",
          "chunk_id": "chunk:dbccfee77d5f",
          "chunk_index": 0,
          "quote_summary": "气象探测与水利测雨雷达需求受政策驱动稳定提升，叠加下游回款提速，驱动公司业绩进入高速增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:业绩高增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a5fee7e98649",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:产业链并购",
      "to_name": "产业链并购",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 产业链并购。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-7986aebe4336.md",
          "chunk_id": "chunk:a446e8d56303",
          "chunk_index": 2,
          "quote_summary": "存量订单加速落地与合同负债高增构筑业绩增长基础，外延并购实现底层芯片自主可控，产品应用场景向低空经济及民航拓展打开长期空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:产业链并购",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a2472bbd4153",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md",
          "chunk_id": "chunk:3a50652663a2",
          "chunk_index": 6,
          "quote_summary": "天气雷达与水利测雨雷达需求快速增长，2024年新增项目签署合同金额约8亿元，同比大幅增长，成为短期业绩核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7bb9168489ba",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-09-月-1-日-公司研究-证券研究报告-921a0a80a239.md",
          "chunk_id": "chunk:dbccfee77d5f",
          "chunk_index": 0,
          "quote_summary": "气象探测与水利测雨雷达需求受政策驱动稳定提升，叠加下游回款提速，驱动公司业绩进入高速增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "002ae80fea14",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md",
          "chunk_id": "chunk:3a50652663a2",
          "chunk_index": 6,
          "quote_summary": "天气雷达与水利测雨雷达需求快速增长，2024年新增项目签署合同金额约8亿元，同比大幅增长，成为短期业绩核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6df678880080",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-07-01-83b839ef0255.md",
          "chunk_id": "chunk:24b4d152b214",
          "chunk_index": 4,
          "quote_summary": "拟收购天津希格玛100%股权，推动相控阵雷达主业从部件级集成向芯片级协同升级，构建底层技术自主可控能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "278ba2da6fc7",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-da67bd8b8dc2.md",
          "chunk_id": "chunk:05966ccee57c",
          "chunk_index": 4,
          "quote_summary": "天气雷达与水利测雨需求推动订单高增，业绩进入快速兑现期"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fa169f7b30d7",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:并购重组",
      "to_name": "并购重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 并购重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-da67bd8b8dc2.md",
          "chunk_id": "chunk:05966ccee57c",
          "chunk_index": 4,
          "quote_summary": "天气雷达与水利测雨需求推动订单高增，业绩进入快速兑现期"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:并购重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b19536d3b98a",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-7986aebe4336.md",
          "chunk_id": "chunk:a446e8d56303",
          "chunk_index": 2,
          "quote_summary": "存量订单加速落地与合同负债高增构筑业绩增长基础，外延并购实现底层芯片自主可控，产品应用场景向低空经济及民航拓展打开长期空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e38234370023",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:政府订单",
      "to_name": "政府订单",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 政府订单。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-军工电子ii-114ee702cecf.md",
          "chunk_id": "chunk:bd612fb0be92",
          "chunk_index": 6,
          "quote_summary": "业绩拐点显现，Q3单季营收与净利同比大幅增长，在手订单充足且政府客户回款加速，预计Q4迎来收入确认高峰，后续业绩持续改善可期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:政府订单",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8292922bab8b",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:民航空管",
      "to_name": "民航空管",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 民航空管。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md",
          "chunk_id": "chunk:3a50652663a2",
          "chunk_index": 6,
          "quote_summary": "天气雷达与水利测雨雷达需求快速增长，2024年新增项目签署合同金额约8亿元，同比大幅增长，成为短期业绩核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:民航空管",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "88ae9fb9dd21",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:气象探测",
      "to_name": "气象探测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 气象探测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-军工电子ii-c2850682bb29.md",
          "chunk_id": "chunk:069ec8246244",
          "chunk_index": 4,
          "quote_summary": "气象探测与水利测雨为核心基本盘，防汛需求提升驱动水利测雨雷达合同显著增长，叠加存量天气雷达订单加速确认，带动业绩大幅改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:气象探测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "198e7a42dddd",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:气象水利信息化",
      "to_name": "气象水利信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 气象水利信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-07-01-83b839ef0255.md",
          "chunk_id": "chunk:24b4d152b214",
          "chunk_index": 4,
          "quote_summary": "拟收购天津希格玛100%股权，推动相控阵雷达主业从部件级集成向芯片级协同升级，构建底层技术自主可控能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:气象水利信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d21a60d04f28",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:气象雷达",
      "to_name": "气象雷达",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 气象雷达。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-09-月-1-日-公司研究-证券研究报告-921a0a80a239.md",
          "chunk_id": "chunk:dbccfee77d5f",
          "chunk_index": 0,
          "quote_summary": "气象探测与水利测雨雷达需求受政策驱动稳定提升，叠加下游回款提速，驱动公司业绩进入高速增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:气象雷达",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ceda454bcffd",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:水利信息化",
      "to_name": "水利信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 水利信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md",
          "chunk_id": "chunk:3a50652663a2",
          "chunk_index": 6,
          "quote_summary": "天气雷达与水利测雨雷达需求快速增长，2024年新增项目签署合同金额约8亿元，同比大幅增长，成为短期业绩核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:水利信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "777dd1491019",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:水利气象",
      "to_name": "水利气象",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 水利气象。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-纳睿雷达-688522-4cc8c80e42a2.md",
          "chunk_id": "chunk:ad87b801ba98",
          "chunk_index": 4,
          "quote_summary": "受益于国家政策支持与民用雷达市场扩大，公司相控阵雷达在水利、气象等领域需求旺盛，叠加产品技术持续迭代与运营效率提升，业绩进入兑现期；未来依托全极化有源相控阵技术向低空经济、民航、海洋监测等场景延伸，成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:水利气象",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f31a3bdac0dc",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:水利测雨",
      "to_name": "水利测雨",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 水利测雨。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-年-09-月-1-日-公司研究-证券研究报告-921a0a80a239.md",
          "chunk_id": "chunk:dbccfee77d5f",
          "chunk_index": 0,
          "quote_summary": "气象探测与水利测雨雷达需求受政策驱动稳定提升，叠加下游回款提速，驱动公司业绩进入高速增长通道。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:水利测雨",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f3e81a29360c",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:水利测雨雷达",
      "to_name": "水利测雨雷达",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 水利测雨雷达。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司点评报告-军工电子ii-c2850682bb29.md",
          "chunk_id": "chunk:069ec8246244",
          "chunk_index": 4,
          "quote_summary": "气象探测与水利测雨为核心基本盘，防汛需求提升驱动水利测雨雷达合同显著增长，叠加存量天气雷达订单加速确认，带动业绩大幅改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:水利测雨雷达",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "35fe15e9bbaf",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:现金流改善",
      "to_name": "现金流改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 现金流改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-纳睿雷达-688522-ec974ed1feb5.md",
          "chunk_id": "chunk:79f9b192428d",
          "chunk_index": 0,
          "quote_summary": "技术驱动与订单放量双轮并进，雷达产品交付节奏加快及高毛利项目占比提升推动公司进入高速成长期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:现金流改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "719c5847df61",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:盈利质量提升",
      "to_name": "盈利质量提升",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 盈利质量提升。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-纳睿雷达-688522-ec974ed1feb5.md",
          "chunk_id": "chunk:79f9b192428d",
          "chunk_index": 0,
          "quote_summary": "技术驱动与订单放量双轮并进，雷达产品交付节奏加快及高毛利项目占比提升推动公司进入高速成长期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:盈利质量提升",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f562dcb5c3d0",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:相控阵雷达",
      "to_name": "相控阵雷达",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 相控阵雷达。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md",
          "chunk_id": "chunk:3a50652663a2",
          "chunk_index": 6,
          "quote_summary": "天气雷达与水利测雨雷达需求快速增长，2024年新增项目签署合同金额约8亿元，同比大幅增长，成为短期业绩核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:相控阵雷达",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "50bfb105467a",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-纳睿雷达-688522-4cc8c80e42a2.md",
          "chunk_id": "chunk:ad87b801ba98",
          "chunk_index": 4,
          "quote_summary": "受益于国家政策支持与民用雷达市场扩大，公司相控阵雷达在水利、气象等领域需求旺盛，叠加产品技术持续迭代与运营效率提升，业绩进入兑现期；未来依托全极化有源相控阵技术向低空经济、民航、海洋监测等场景延伸，成长空间广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c1c3c05b5afd",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:第二增长曲线",
      "to_name": "第二增长曲线",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 第二增长曲线。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md",
          "chunk_id": "chunk:3a50652663a2",
          "chunk_index": 6,
          "quote_summary": "天气雷达与水利测雨雷达需求快速增长，2024年新增项目签署合同金额约8亿元，同比大幅增长，成为短期业绩核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:第二增长曲线",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e6ba166004c3",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:芯片并购",
      "to_name": "芯片并购",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 芯片并购。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md",
          "chunk_id": "chunk:3a50652663a2",
          "chunk_index": 6,
          "quote_summary": "天气雷达与水利测雨雷达需求快速增长，2024年新增项目签署合同金额约8亿元，同比大幅增长，成为短期业绩核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:芯片并购",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "69e0a37c3e2c",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:芯片自主可控",
      "to_name": "芯片自主可控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 芯片自主可控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6832806f56e6.md",
          "chunk_id": "chunk:ac9065a8d799",
          "chunk_index": 4,
          "quote_summary": "新签水利测雨雷达合同大幅增长，存量天气雷达订单加速确认，驱动营收与利润快速提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:芯片自主可控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "de52755506bd",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:订单放量",
      "to_name": "订单放量",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 订单放量。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-纳睿雷达-688522-ec974ed1feb5.md",
          "chunk_id": "chunk:79f9b192428d",
          "chunk_index": 0,
          "quote_summary": "技术驱动与订单放量双轮并进，雷达产品交付节奏加快及高毛利项目占比提升推动公司进入高速成长期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:订单放量",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "45e1f0e185f0",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-2c974a47cd1b.md",
          "chunk_id": "chunk:3a50652663a2",
          "chunk_index": 6,
          "quote_summary": "天气雷达与水利测雨雷达需求快速增长，2024年新增项目签署合同金额约8亿元，同比大幅增长，成为短期业绩核心驱动力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2d771e7b5554",
      "from": "company:688522",
      "from_name": "纳睿雷达",
      "to": "topic:雷达产品交付",
      "to_name": "雷达产品交付",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "纳睿雷达 研报中反复涉及 雷达产品交付。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-纳睿雷达-688522-ec974ed1feb5.md",
          "chunk_id": "chunk:79f9b192428d",
          "chunk_index": 0,
          "quote_summary": "技术驱动与订单放量双轮并进，雷达产品交付节奏加快及高毛利项目占比提升推动公司进入高速成长期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688522",
      "target": "topic:雷达产品交付",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4ec51acd0643",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:c919",
      "to_name": "C919",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 C919。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-709c7f0325a9.md",
          "chunk_id": "chunk:317509d5f436",
          "chunk_index": 7,
          "quote_summary": "商业航天与卫星互联网进入实质性建设阶段，公司作为地面系统核心供应商，卫星通信及测控装备业务有望加速兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:c919",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "defcd2d61273",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:c929",
      "to_name": "C929",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 C929。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-709c7f0325a9.md",
          "chunk_id": "chunk:317509d5f436",
          "chunk_index": 7,
          "quote_summary": "商业航天与卫星互联网进入实质性建设阶段，公司作为地面系统核心供应商，卫星通信及测控装备业务有望加速兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:c929",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eccf7dc9fb7d",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:c929大飞机",
      "to_name": "c929大飞机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 C929大飞机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-05-月-07-日-公司研究-证券研究报告-0fd0e01b774d.md",
          "chunk_id": "chunk:525a9a46fb33",
          "chunk_index": 4,
          "quote_summary": "商业航天与低空经济被列为国家重点发展方向，公司积极拓展无人机配套及卫星通信测控装备，产业化能力逐步释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:c929大飞机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2cafc15c3ef0",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:专精特新",
      "to_name": "专精特新",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 专精特新。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天环宇-688523-sh-2024-年中报点评-af166b12db95.md",
          "chunk_id": "chunk:61b23cdac6c7",
          "chunk_index": 2,
          "quote_summary": "公司深耕航空航天领域二十年，作为国家级专精特新“小巨人”，将充分受益于航空航天装备需求放量，以及卫星互联网、大飞机、低空经济等新质生产力领域的业务拓展，未来几年业绩有望持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:专精特新",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f4529e437c81",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md",
          "chunk_id": "chunk:792f50383555",
          "chunk_index": 0,
          "quote_summary": "公司主营业务横跨卫星互联网、低空经济与民机三大高景气赛道，紧跟国家战略指引，有望持续创造盈利增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "877594d1e53e",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-709c7f0325a9.md",
          "chunk_id": "chunk:317509d5f436",
          "chunk_index": 7,
          "quote_summary": "商业航天与卫星互联网进入实质性建设阶段，公司作为地面系统核心供应商，卫星通信及测控装备业务有望加速兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f49975371064",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md",
          "chunk_id": "chunk:792f50383555",
          "chunk_index": 0,
          "quote_summary": "公司主营业务横跨卫星互联网、低空经济与民机三大高景气赛道，紧跟国家战略指引，有望持续创造盈利增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e6709cef7566",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天环宇-688523-sh-2024-年中报点评-af166b12db95.md",
          "chunk_id": "chunk:61b23cdac6c7",
          "chunk_index": 2,
          "quote_summary": "公司深耕航空航天领域二十年，作为国家级专精特新“小巨人”，将充分受益于航空航天装备需求放量，以及卫星互联网、大飞机、低空经济等新质生产力领域的业务拓展，未来几年业绩有望持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6ddea3ff9d9e",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:卫星互联网",
      "to_name": "卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md",
          "chunk_id": "chunk:792f50383555",
          "chunk_index": 0,
          "quote_summary": "公司主营业务横跨卫星互联网、低空经济与民机三大高景气赛道，紧跟国家战略指引，有望持续创造盈利增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4a8ff1642bcc",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:卫星通信",
      "to_name": "卫星通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 卫星通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-05-月-07-日-公司研究-证券研究报告-0fd0e01b774d.md",
          "chunk_id": "chunk:525a9a46fb33",
          "chunk_index": 4,
          "quote_summary": "商业航天与低空经济被列为国家重点发展方向，公司积极拓展无人机配套及卫星通信测控装备，产业化能力逐步释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:卫星通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "acc6028679d6",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天环宇-688523-sh-2024-年中报点评-af166b12db95.md",
          "chunk_id": "chunk:61b23cdac6c7",
          "chunk_index": 2,
          "quote_summary": "公司深耕航空航天领域二十年，作为国家级专精特新“小巨人”，将充分受益于航空航天装备需求放量，以及卫星互联网、大飞机、低空经济等新质生产力领域的业务拓展，未来几年业绩有望持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "de85557a324a",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md",
          "chunk_id": "chunk:792f50383555",
          "chunk_index": 0,
          "quote_summary": "公司主营业务横跨卫星互联网、低空经济与民机三大高景气赛道，紧跟国家战略指引，有望持续创造盈利增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:商业航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1698cd50bad5",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:国产大飞机",
      "to_name": "国产大飞机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 国产大飞机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-709c7f0325a9.md",
          "chunk_id": "chunk:317509d5f436",
          "chunk_index": 7,
          "quote_summary": "商业航天与卫星互联网进入实质性建设阶段，公司作为地面系统核心供应商，卫星通信及测控装备业务有望加速兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:国产大飞机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fe9e3beb0080",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:复合材料",
      "to_name": "复合材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 复合材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md",
          "chunk_id": "chunk:792f50383555",
          "chunk_index": 0,
          "quote_summary": "公司主营业务横跨卫星互联网、低空经济与民机三大高景气赛道，紧跟国家战略指引，有望持续创造盈利增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:复合材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6af20ff01c67",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:大飞机",
      "to_name": "大飞机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 大飞机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天环宇-688523-sh-2024-年中报点评-af166b12db95.md",
          "chunk_id": "chunk:61b23cdac6c7",
          "chunk_index": 2,
          "quote_summary": "公司深耕航空航天领域二十年，作为国家级专精特新“小巨人”，将充分受益于航空航天装备需求放量，以及卫星互联网、大飞机、低空经济等新质生产力领域的业务拓展，未来几年业绩有望持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:大飞机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "75882b7090bc",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:大飞机产业链",
      "to_name": "大飞机产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 大飞机产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天环宇-688523-sh-2023-年年报及-2024-年一季报点评-58a5827e5125.md",
          "chunk_id": "chunk:37bd90eb457d",
          "chunk_index": 1,
          "quote_summary": "公司深耕航空航天领域二十年，作为国家级专精特新“小巨人”，将深度受益于航空装备、无人机、大飞机市场需求加速释放及卫星互联网产业中长期发展，未来业绩弹性较大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:大飞机产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fc8970410708",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:工艺装备",
      "to_name": "工艺装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 工艺装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天环宇-688523-sh-2023-年年报及-2024-年一季报点评-58a5827e5125.md",
          "chunk_id": "chunk:37bd90eb457d",
          "chunk_index": 1,
          "quote_summary": "公司深耕航空航天领域二十年，作为国家级专精特新“小巨人”，将深度受益于航空装备、无人机、大飞机市场需求加速释放及卫星互联网产业中长期发展，未来业绩弹性较大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:工艺装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1297828062e9",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天环宇-688523-sh-2024-年中报点评-af166b12db95.md",
          "chunk_id": "chunk:61b23cdac6c7",
          "chunk_index": 2,
          "quote_summary": "公司深耕航空航天领域二十年，作为国家级专精特新“小巨人”，将充分受益于航空航天装备需求放量，以及卫星互联网、大飞机、低空经济等新质生产力领域的业务拓展，未来几年业绩有望持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b8574438bc86",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md",
          "chunk_id": "chunk:792f50383555",
          "chunk_index": 0,
          "quote_summary": "公司主营业务横跨卫星互联网、低空经济与民机三大高景气赛道，紧跟国家战略指引，有望持续创造盈利增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aee900d3cf7b",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:民机配套",
      "to_name": "民机配套",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 民机配套。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md",
          "chunk_id": "chunk:792f50383555",
          "chunk_index": 0,
          "quote_summary": "公司主营业务横跨卫星互联网、低空经济与民机三大高景气赛道，紧跟国家战略指引，有望持续创造盈利增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:民机配套",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0ca6324b73ac",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-05-月-07-日-公司研究-证券研究报告-0fd0e01b774d.md",
          "chunk_id": "chunk:525a9a46fb33",
          "chunk_index": 4,
          "quote_summary": "商业航天与低空经济被列为国家重点发展方向，公司积极拓展无人机配套及卫星通信测控装备，产业化能力逐步释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0e8933e1c116",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:航空工艺装备",
      "to_name": "航空工艺装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 航空工艺装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-05-月-07-日-公司研究-证券研究报告-0fd0e01b774d.md",
          "chunk_id": "chunk:525a9a46fb33",
          "chunk_index": 4,
          "quote_summary": "商业航天与低空经济被列为国家重点发展方向，公司积极拓展无人机配套及卫星通信测控装备，产业化能力逐步释放。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:航空工艺装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "33df3c136303",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:航空航天",
      "to_name": "航空航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 航空航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天环宇-688523-sh-2023-年年报及-2024-年一季报点评-58a5827e5125.md",
          "chunk_id": "chunk:37bd90eb457d",
          "chunk_index": 1,
          "quote_summary": "公司深耕航空航天领域二十年，作为国家级专精特新“小巨人”，将深度受益于航空装备、无人机、大飞机市场需求加速释放及卫星互联网产业中长期发展，未来业绩弹性较大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:航空航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "10d6219636ac",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:航空航天工艺装备",
      "to_name": "航空航天工艺装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 航空航天工艺装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工-公司点评-709c7f0325a9.md",
          "chunk_id": "chunk:317509d5f436",
          "chunk_index": 7,
          "quote_summary": "商业航天与卫星互联网进入实质性建设阶段，公司作为地面系统核心供应商，卫星通信及测控装备业务有望加速兑现。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:航空航天工艺装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "53a601a73efa",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:航空航天装备",
      "to_name": "航空航天装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 航空航天装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天环宇-688523-sh-2024-年中报点评-af166b12db95.md",
          "chunk_id": "chunk:61b23cdac6c7",
          "chunk_index": 2,
          "quote_summary": "公司深耕航空航天领域二十年，作为国家级专精特新“小巨人”，将充分受益于航空航天装备需求放量，以及卫星互联网、大飞机、低空经济等新质生产力领域的业务拓展，未来几年业绩有望持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:航空航天装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a546c5854189",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-aef6e1b10b9d.md",
          "chunk_id": "chunk:792f50383555",
          "chunk_index": 0,
          "quote_summary": "公司主营业务横跨卫星互联网、低空经济与民机三大高景气赛道，紧跟国家战略指引，有望持续创造盈利增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "71a474dc8773",
      "from": "company:688523",
      "from_name": "航天环宇",
      "to": "topic:通信产品",
      "to_name": "通信产品",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天环宇 研报中反复涉及 通信产品。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天环宇-688523-sh-2024-年三季报点评-ed1e67b1a48d.md",
          "chunk_id": "chunk:3d187af54ea9",
          "chunk_index": 2,
          "quote_summary": "公司深耕航空航天领域二十年，系国家级专精特新“小巨人”，受益于航空航天装备需求放量及卫星互联网、大飞机、低空经济等新质生产力业务发展，未来业绩有望持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688523",
      "target": "topic:通信产品",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c9105e7a9a15",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:roe",
      "to_name": "ROE",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 ROE。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-多重因素影响业绩-看好全年趋势向上-fcb4a0ccb251.md",
          "chunk_id": "chunk:9b9a14f6be94",
          "chunk_index": 4,
          "quote_summary": "看好全年业绩趋势向上，预计2025-2027年归母净利润保持20%以上增速，研发投入力度凸显长期竞争力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:roe",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "265719c49ea1",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:上游原材料",
      "to_name": "上游原材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 上游原材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国科军工-688543-4bb3af6c55a8.md",
          "chunk_id": "chunk:2cfa967ec44f",
          "chunk_index": 4,
          "quote_summary": "公司聚焦主战装备与主用弹药研发竞标，短期业绩受上游原材料供给扰动，但剔除股份支付费用后净利润实现双位数增长，中长期随项目交付与产能释放，盈利有望恢复稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:上游原材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "26a55b7af905",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-04-22-60078c33a44b.md",
          "chunk_id": "chunk:0e79ce3412a0",
          "chunk_index": 4,
          "quote_summary": "弹药业务向中口径及智能化转型，叠加军贸突破与大额订单落地，奠定中期增长基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4d46d239935e",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:业绩承压",
      "to_name": "业绩承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 业绩承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国科军工-688543-4bb3af6c55a8.md",
          "chunk_id": "chunk:2cfa967ec44f",
          "chunk_index": 4,
          "quote_summary": "公司聚焦主战装备与主用弹药研发竞标，短期业绩受上游原材料供给扰动，但剔除股份支付费用后净利润实现双位数增长，中长期随项目交付与产能释放，盈利有望恢复稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:业绩承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "777ca0315604",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-11-07-844c7380bd19.md",
          "chunk_id": "chunk:e05808014868",
          "chunk_index": 2,
          "quote_summary": "现代战争向信息化、智能化演进驱动传统弹药体系升级，公司作为国内重要弹药装备研制生产企业，充分受益行业高景气，经营业绩有望创历史新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "964a34eea032",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:主战装备",
      "to_name": "主战装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 主战装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国科军工-688543-4bb3af6c55a8.md",
          "chunk_id": "chunk:2cfa967ec44f",
          "chunk_index": 4,
          "quote_summary": "公司聚焦主战装备与主用弹药研发竞标，短期业绩受上游原材料供给扰动，但剔除股份支付费用后净利润实现双位数增长，中长期随项目交付与产能释放，盈利有望恢复稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:主战装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "55341929f536",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-04-日-40e265f047b4.md",
          "chunk_id": "chunk:5839b7d096a9",
          "chunk_index": 2,
          "quote_summary": "军品基本盘稳固，弹药装备传统优势延续，导弹（火箭）固体发动机动力模块军贸业务成为新增长极。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9a3a5d56713e",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国科军工-688543-b5accad6f919.md",
          "chunk_id": "chunk:4411c4d69309",
          "chunk_index": 2,
          "quote_summary": "弹药装备板块通过精益管理与质控体系优化实现降本增效，导弹（火箭）固体发动机动力模块凭借技术优势获取新订单，交付量大幅增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "408136d235a8",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:信息化弹药",
      "to_name": "信息化弹药",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 信息化弹药。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-11-07-844c7380bd19.md",
          "chunk_id": "chunk:e05808014868",
          "chunk_index": 2,
          "quote_summary": "现代战争向信息化、智能化演进驱动传统弹药体系升级，公司作为国内重要弹药装备研制生产企业，充分受益行业高景气，经营业绩有望创历史新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:信息化弹药",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d5677c248275",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-12-27-957b96d5b5fc.md",
          "chunk_id": "chunk:cefe5349f223",
          "chunk_index": 2,
          "quote_summary": "聚焦导弹固体发动机动力与控制及弹药装备两大核心体系，内需列装与军贸出口双轮驱动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ffc347d043d9",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:军贸",
      "to_name": "军贸",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 军贸。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-04-日-40e265f047b4.md",
          "chunk_id": "chunk:5839b7d096a9",
          "chunk_index": 2,
          "quote_summary": "军品基本盘稳固，弹药装备传统优势延续，导弹（火箭）固体发动机动力模块军贸业务成为新增长极。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:军贸",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b2b8ac3469dc",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:军贸出口",
      "to_name": "军贸出口",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 军贸出口。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-12-27-957b96d5b5fc.md",
          "chunk_id": "chunk:cefe5349f223",
          "chunk_index": 2,
          "quote_summary": "聚焦导弹固体发动机动力与控制及弹药装备两大核心体系，内需列装与军贸出口双轮驱动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:军贸出口",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "27bcdcf2dd3b",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:军贸合同",
      "to_name": "军贸合同",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 军贸合同。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国科军工-688543-b2073a9531bb.md",
          "chunk_id": "chunk:4b7649ce4274",
          "chunk_index": 4,
          "quote_summary": "上游专用原材料供给自2025年6月下旬恢复正常，各项业务开展稳中有升；全资子公司签订重大军贸合同，预计对未来一年业绩产生积极催化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:军贸合同",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "67b8c8e3f71f",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bcb90e27f3ce.md",
          "chunk_id": "chunk:21bc1eaac059",
          "chunk_index": 9,
          "quote_summary": "导弹动力模块与弹药装备双主业驱动，下游需求修复与军贸扩张打开成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a562342bb16a",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:原材料供给",
      "to_name": "原材料供给",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 原材料供给。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国科军工-688543-b2073a9531bb.md",
          "chunk_id": "chunk:4b7649ce4274",
          "chunk_index": 4,
          "quote_summary": "上游专用原材料供给自2025年6月下旬恢复正常，各项业务开展稳中有升；全资子公司签订重大军贸合同，预计对未来一年业绩产生积极催化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:原材料供给",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "02e694cda96c",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:发动机装药",
      "to_name": "发动机装药",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 发动机装药。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国科军工-688543-b2073a9531bb.md",
          "chunk_id": "chunk:4b7649ce4274",
          "chunk_index": 4,
          "quote_summary": "上游专用原材料供给自2025年6月下旬恢复正常，各项业务开展稳中有升；全资子公司签订重大军贸合同，预计对未来一年业绩产生积极催化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:发动机装药",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "65ecfad4e4d3",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-04-22-60078c33a44b.md",
          "chunk_id": "chunk:0e79ce3412a0",
          "chunk_index": 4,
          "quote_summary": "弹药业务向中口径及智能化转型，叠加军贸突破与大额订单落地，奠定中期增长基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8359a8100872",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:固体发动机",
      "to_name": "固体发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 固体发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-04-22-60078c33a44b.md",
          "chunk_id": "chunk:0e79ce3412a0",
          "chunk_index": 4,
          "quote_summary": "弹药业务向中口径及智能化转型，叠加军贸突破与大额订单落地，奠定中期增长基础。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:固体发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4d0bc85200af",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:国防预算",
      "to_name": "国防预算",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 国防预算。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-12-27-957b96d5b5fc.md",
          "chunk_id": "chunk:cefe5349f223",
          "chunk_index": 2,
          "quote_summary": "聚焦导弹固体发动机动力与控制及弹药装备两大核心体系，内需列装与军贸出口双轮驱动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:国防预算",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1cddab99bf45",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:导弹动力模块",
      "to_name": "导弹动力模块",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 导弹动力模块。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bcb90e27f3ce.md",
          "chunk_id": "chunk:21bc1eaac059",
          "chunk_index": 9,
          "quote_summary": "导弹动力模块与弹药装备双主业驱动，下游需求修复与军贸扩张打开成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:导弹动力模块",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b6e62d3f86bb",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:导弹发动机",
      "to_name": "导弹发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 导弹发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-12-27-957b96d5b5fc.md",
          "chunk_id": "chunk:cefe5349f223",
          "chunk_index": 2,
          "quote_summary": "聚焦导弹固体发动机动力与控制及弹药装备两大核心体系，内需列装与军贸出口双轮驱动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:导弹发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f1f6d136b4fd",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:弹药装备",
      "to_name": "弹药装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 弹药装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-12-27-957b96d5b5fc.md",
          "chunk_id": "chunk:cefe5349f223",
          "chunk_index": 2,
          "quote_summary": "聚焦导弹固体发动机动力与控制及弹药装备两大核心体系，内需列装与军贸出口双轮驱动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:弹药装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "210608d76c98",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-11-07-844c7380bd19.md",
          "chunk_id": "chunk:e05808014868",
          "chunk_index": 2,
          "quote_summary": "现代战争向信息化、智能化演进驱动传统弹药体系升级，公司作为国内重要弹药装备研制生产企业，充分受益行业高景气，经营业绩有望创历史新高。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a08e9b42e913",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:智能制造",
      "to_name": "智能制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 智能制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2026-年-04-月-04-日-40e265f047b4.md",
          "chunk_id": "chunk:5839b7d096a9",
          "chunk_index": 2,
          "quote_summary": "军品基本盘稳固，弹药装备传统优势延续，导弹（火箭）固体发动机动力模块军贸业务成为新增长极。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:智能制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "807ab4302cbe",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-多重因素影响业绩-看好全年趋势向上-fcb4a0ccb251.md",
          "chunk_id": "chunk:9b9a14f6be94",
          "chunk_index": 4,
          "quote_summary": "看好全年业绩趋势向上，预计2025-2027年归母净利润保持20%以上增速，研发投入力度凸显长期竞争力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e8d502b72658",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:火工品",
      "to_name": "火工品",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 火工品。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-多重因素影响业绩-看好全年趋势向上-fcb4a0ccb251.md",
          "chunk_id": "chunk:9b9a14f6be94",
          "chunk_index": 4,
          "quote_summary": "看好全年业绩趋势向上，预计2025-2027年归母净利润保持20%以上增速，研发投入力度凸显长期竞争力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:火工品",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "61f855dd7c69",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-08-30-8826fef2290d.md",
          "chunk_id": "chunk:196df519e566",
          "chunk_index": 2,
          "quote_summary": "公司在导弹固体发动机动力与控制、弹药装备及引信智能控制领域深耕多年，形成自主可控技术体系，新一代发动机技术及无人机助推器业务拓展将显著提升核心竞争力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "18789857eb5b",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:盈利预测调整",
      "to_name": "盈利预测调整",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 盈利预测调整。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国科军工-688543-b2073a9531bb.md",
          "chunk_id": "chunk:4b7649ce4274",
          "chunk_index": 4,
          "quote_summary": "上游专用原材料供给自2025年6月下旬恢复正常，各项业务开展稳中有升；全资子公司签订重大军贸合同，预计对未来一年业绩产生积极催化。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:盈利预测调整",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "59cb0fdb7a94",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bcb90e27f3ce.md",
          "chunk_id": "chunk:21bc1eaac059",
          "chunk_index": 9,
          "quote_summary": "导弹动力模块与弹药装备双主业驱动，下游需求修复与军贸扩张打开成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1bfce80938df",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:科创板",
      "to_name": "科创板",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 科创板。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-12-27-957b96d5b5fc.md",
          "chunk_id": "chunk:cefe5349f223",
          "chunk_index": 2,
          "quote_summary": "聚焦导弹固体发动机动力与控制及弹药装备两大核心体系，内需列装与军贸出口双轮驱动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:科创板",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "52adf18dc781",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:股份支付",
      "to_name": "股份支付",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 股份支付。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国科军工-688543-4bb3af6c55a8.md",
          "chunk_id": "chunk:2cfa967ec44f",
          "chunk_index": 4,
          "quote_summary": "公司聚焦主战装备与主用弹药研发竞标，短期业绩受上游原材料供给扰动，但剔除股份支付费用后净利润实现双位数增长，中长期随项目交付与产能释放，盈利有望恢复稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:股份支付",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e13da53272a1",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:股权激励",
      "to_name": "股权激励",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 股权激励。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-bcb90e27f3ce.md",
          "chunk_id": "chunk:21bc1eaac059",
          "chunk_index": 9,
          "quote_summary": "导弹动力模块与弹药装备双主业驱动，下游需求修复与军贸扩张打开成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:股权激励",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0bada954efd3",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-12-27-957b96d5b5fc.md",
          "chunk_id": "chunk:cefe5349f223",
          "chunk_index": 2,
          "quote_summary": "聚焦导弹固体发动机动力与控制及弹药装备两大核心体系，内需列装与军贸出口双轮驱动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "588211d43e3c",
      "from": "company:688543",
      "from_name": "国科军工",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国科军工 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-12-27-957b96d5b5fc.md",
          "chunk_id": "chunk:cefe5349f223",
          "chunk_index": 2,
          "quote_summary": "聚焦导弹固体发动机动力与控制及弹药装备两大核心体系，内需列装与军贸出口双轮驱动。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688543",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4a6c657ff038",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:专精特新",
      "to_name": "专精特新",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 专精特新。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天南湖-688552-sh-2023-年年报及-2024-年一季报点评-16914fca4a2f.md",
          "chunk_id": "chunk:788a5655b798",
          "chunk_index": 2,
          "quote_summary": "公司系我国稀缺防空预警雷达整机研制单位及国家级专精特新“小巨人”，受益于国内装备需求增长、装备出海及民用领域拓展，叠加低空经济等新业务布局，未来业绩有望持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:专精特新",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "55431974abdf",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天南湖-688552-eb55118c6725.md",
          "chunk_id": "chunk:24370f1b8d38",
          "chunk_index": 8,
          "quote_summary": "公司为我国稀缺防空预警雷达整机研制单位，技术壁垒深厚，未来有望受益于低空经济方向新业务拓展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4faf8a683d69",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:业绩反转",
      "to_name": "业绩反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 业绩反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天南湖-688552-sh-2025-年半年报点评-3c114bf373ff.md",
          "chunk_id": "chunk:0096c295c30a",
          "chunk_index": 1,
          "quote_summary": "公司作为防空预警雷达主力研制单位，军贸出口立项推进与低空探测设备批量订单落地形成双轮驱动，叠加规模效应显现带动利润率修复，中长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:业绩反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0648e3fc42ed",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md",
          "chunk_id": "chunk:3056d16303e4",
          "chunk_index": 0,
          "quote_summary": "下游需求确定性强，结合高存货与预计关联销售大幅增长，2024年业绩有望迎来反弹。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4a5e8253ff19",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md",
          "chunk_id": "chunk:3056d16303e4",
          "chunk_index": 0,
          "quote_summary": "下游需求确定性强，结合高存货与预计关联销售大幅增长，2024年业绩有望迎来反弹。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "84d111bf85b1",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md",
          "chunk_id": "chunk:3056d16303e4",
          "chunk_index": 0,
          "quote_summary": "下游需求确定性强，结合高存货与预计关联销售大幅增长，2024年业绩有望迎来反弹。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6411a74b0070",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:军工装备",
      "to_name": "军工装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 军工装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天南湖-688552-sh-2024-年半年报点评-4cc9f05477b8.md",
          "chunk_id": "chunk:cdf82b263298",
          "chunk_index": 1,
          "quote_summary": "公司作为我国稀缺防空预警雷达整机研制单位，受益于国内装备需求持续增长及装备出海带动，同时围绕新质生产力积极拓展低空探测等新业务，具备雷达制造全产业链布局优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:军工装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1d1e8c18ca09",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:军贸出口",
      "to_name": "军贸出口",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 军贸出口。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md",
          "chunk_id": "chunk:3056d16303e4",
          "chunk_index": 0,
          "quote_summary": "下游需求确定性强，结合高存货与预计关联销售大幅增长，2024年业绩有望迎来反弹。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:军贸出口",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f2ca443e8cae",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-333cb9037ff8.md",
          "chunk_id": "chunk:c8cda5a0a183",
          "chunk_index": 6,
          "quote_summary": "公司作为A股稀缺的防空预警雷达核心标的，军贸业务拓展打开盈利空间更高的第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cf712460d022",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:募投扩产",
      "to_name": "募投扩产",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 募投扩产。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md",
          "chunk_id": "chunk:3056d16303e4",
          "chunk_index": 0,
          "quote_summary": "下游需求确定性强，结合高存货与预计关联销售大幅增长，2024年业绩有望迎来反弹。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:募投扩产",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2fcc21d966eb",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-333cb9037ff8.md",
          "chunk_id": "chunk:c8cda5a0a183",
          "chunk_index": 6,
          "quote_summary": "公司作为A股稀缺的防空预警雷达核心标的，军贸业务拓展打开盈利空间更高的第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e666bf719a62",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:央企市值管理",
      "to_name": "央企市值管理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 央企市值管理。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-333cb9037ff8.md",
          "chunk_id": "chunk:c8cda5a0a183",
          "chunk_index": 6,
          "quote_summary": "公司作为A股稀缺的防空预警雷达核心标的，军贸业务拓展打开盈利空间更高的第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:央企市值管理",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2719e484ef00",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:新质生产力",
      "to_name": "新质生产力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 新质生产力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天南湖-688552-sh-2024-年半年报点评-4cc9f05477b8.md",
          "chunk_id": "chunk:cdf82b263298",
          "chunk_index": 1,
          "quote_summary": "公司作为我国稀缺防空预警雷达整机研制单位，受益于国内装备需求持续增长及装备出海带动，同时围绕新质生产力积极拓展低空探测等新业务，具备雷达制造全产业链布局优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:新质生产力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bf6237de0450",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:毛利率修复",
      "to_name": "毛利率修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 毛利率修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天南湖-688552-sh-2024-年年报及-2025-年一季报点评-79ca8e8b90c8.md",
          "chunk_id": "chunk:41b4ad7145d6",
          "chunk_index": 0,
          "quote_summary": "1Q25营收结束连续5个季度下滑首次恢复增长，需求拐点确立；新型号产品逐步转入批产阶段，叠加新型军贸出口立项推进，中长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:毛利率修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e3a62164a068",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:毛利率改善",
      "to_name": "毛利率改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 毛利率改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天南湖-688552-sh-2025-年半年报点评-3c114bf373ff.md",
          "chunk_id": "chunk:0096c295c30a",
          "chunk_index": 1,
          "quote_summary": "公司作为防空预警雷达主力研制单位，军贸出口立项推进与低空探测设备批量订单落地形成双轮驱动，叠加规模效应显现带动利润率修复，中长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:毛利率改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ca3ec0b2809c",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:现金流改善",
      "to_name": "现金流改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 现金流改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天南湖-688552-sh-2023-年年报及-2024-年一季报点评-16914fca4a2f.md",
          "chunk_id": "chunk:788a5655b798",
          "chunk_index": 2,
          "quote_summary": "公司系我国稀缺防空预警雷达整机研制单位及国家级专精特新“小巨人”，受益于国内装备需求增长、装备出海及民用领域拓展，叠加低空经济等新业务布局，未来业绩有望持续攀升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:现金流改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b43729a5de17",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航天南湖-688552-eb55118c6725.md",
          "chunk_id": "chunk:24370f1b8d38",
          "chunk_index": 8,
          "quote_summary": "公司为我国稀缺防空预警雷达整机研制单位，技术壁垒深厚，未来有望受益于低空经济方向新业务拓展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c95b5e8fb649",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中邮证券-41501ecb6373.md",
          "chunk_id": "chunk:64f9b6a20499",
          "chunk_index": 2,
          "quote_summary": "设立低空事业部，依托防空预警技术积淀开拓低空安全体系化解决方案与监视雷达市场，培育新收入增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "106a74f98cf8",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:营收",
      "to_name": "营收",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 营收。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md",
          "chunk_id": "chunk:3056d16303e4",
          "chunk_index": 0,
          "quote_summary": "下游需求确定性强，结合高存货与预计关联销售大幅增长，2024年业绩有望迎来反弹。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:营收",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d5f990a974c8",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md",
          "chunk_id": "chunk:3056d16303e4",
          "chunk_index": 0,
          "quote_summary": "下游需求确定性强，结合高存货与预计关联销售大幅增长，2024年业绩有望迎来反弹。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3280480ca2c3",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:资产注入",
      "to_name": "资产注入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 资产注入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中邮证券-41501ecb6373.md",
          "chunk_id": "chunk:64f9b6a20499",
          "chunk_index": 2,
          "quote_summary": "设立低空事业部，依托防空预警技术积淀开拓低空安全体系化解决方案与监视雷达市场，培育新收入增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:资产注入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ddbc5395251c",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:防空预警雷达",
      "to_name": "防空预警雷达",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 防空预警雷达。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-b30f6ffb3fa7.md",
          "chunk_id": "chunk:3056d16303e4",
          "chunk_index": 0,
          "quote_summary": "下游需求确定性强，结合高存货与预计关联销售大幅增长，2024年业绩有望迎来反弹。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:防空预警雷达",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dd380360c9d6",
      "from": "company:688552",
      "from_name": "航天南湖",
      "to": "topic:雷达",
      "to_name": "雷达",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天南湖 研报中反复涉及 雷达。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中邮证券-41501ecb6373.md",
          "chunk_id": "chunk:64f9b6a20499",
          "chunk_index": 2,
          "quote_summary": "设立低空事业部，依托防空预警技术积淀开拓低空安全体系化解决方案与监视雷达市场，培育新收入增长点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688552",
      "target": "topic:雷达",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1701af16324e",
      "from": "company:688562",
      "from_name": "航天软件",
      "to": "topic:信创",
      "to_name": "信创",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天软件 研报中反复涉及 信创。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md",
          "chunk_id": "chunk:54a67cd07b90",
          "chunk_index": 0,
          "quote_summary": "工业软件与数据库国产替代空间广阔，中长期发展确定性较强"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688562",
      "target": "topic:信创",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d83f5cf2ee25",
      "from": "company:688562",
      "from_name": "航天软件",
      "to": "topic:军工信息化",
      "to_name": "军工信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天软件 研报中反复涉及 军工信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md",
          "chunk_id": "chunk:54a67cd07b90",
          "chunk_index": 0,
          "quote_summary": "工业软件与数据库国产替代空间广阔，中长期发展确定性较强"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688562",
      "target": "topic:军工信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "914ae74a2cf6",
      "from": "company:688562",
      "from_name": "航天软件",
      "to": "topic:国产数据库",
      "to_name": "国产数据库",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天软件 研报中反复涉及 国产数据库。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md",
          "chunk_id": "chunk:54a67cd07b90",
          "chunk_index": 0,
          "quote_summary": "工业软件与数据库国产替代空间广阔，中长期发展确定性较强"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688562",
      "target": "topic:国产数据库",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b377eec0d533",
      "from": "company:688562",
      "from_name": "航天软件",
      "to": "topic:工业软件",
      "to_name": "工业软件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天软件 研报中反复涉及 工业软件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md",
          "chunk_id": "chunk:54a67cd07b90",
          "chunk_index": 0,
          "quote_summary": "工业软件与数据库国产替代空间广阔，中长期发展确定性较强"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688562",
      "target": "topic:工业软件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7cb587620053",
      "from": "company:688562",
      "from_name": "航天软件",
      "to": "topic:数据要素",
      "to_name": "数据要素",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天软件 研报中反复涉及 数据要素。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md",
          "chunk_id": "chunk:54a67cd07b90",
          "chunk_index": 0,
          "quote_summary": "工业软件与数据库国产替代空间广阔，中长期发展确定性较强"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688562",
      "target": "topic:数据要素",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fe968321be9d",
      "from": "company:688562",
      "from_name": "航天软件",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天软件 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md",
          "chunk_id": "chunk:54a67cd07b90",
          "chunk_index": 0,
          "quote_summary": "工业软件与数据库国产替代空间广阔，中长期发展确定性较强"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688562",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ede630766099",
      "from": "company:688562",
      "from_name": "航天软件",
      "to": "topic:航天科技集团",
      "to_name": "航天科技集团",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天软件 研报中反复涉及 航天科技集团。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md",
          "chunk_id": "chunk:54a67cd07b90",
          "chunk_index": 0,
          "quote_summary": "工业软件与数据库国产替代空间广阔，中长期发展确定性较强"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688562",
      "target": "topic:航天科技集团",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c2ae0579729d",
      "from": "company:688562",
      "from_name": "航天软件",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航天软件 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-c91b2144ca9f.md",
          "chunk_id": "chunk:54a67cd07b90",
          "chunk_index": 0,
          "quote_summary": "工业软件与数据库国产替代空间广阔，中长期发展确定性较强"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688562",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6263f948183e",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:c919量产",
      "to_name": "c919量产",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 C919量产。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-fe0b8202d568.md",
          "chunk_id": "chunk:fe577097cbb9",
          "chunk_index": 2,
          "quote_summary": "军民用航空制造业保持高景气，军机新增换代与国产大飞机量产驱动航空材料需求增长及国产化替代。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:c919量产",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f152ad0c1914",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:一季报",
      "to_name": "一季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 一季报。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-推荐-维持评级-ae6a0a06cf9a.md",
          "chunk_id": "chunk:f422ac58164d",
          "chunk_index": 2,
          "quote_summary": "公司是我国航空特种材料领域龙头企业，依托北京航材院打造航空特材平台，员工深度持股彰显发展信心。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:一季报",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ca58e5dbf015",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:业绩承压",
      "to_name": "业绩承压",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 业绩承压。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-sh-2024-年三季报点评-581e37beb658.md",
          "chunk_id": "chunk:089ce8029acb",
          "chunk_index": 1,
          "quote_summary": "公司是我国航空特材龙头企业，依托北京航材院打造航空特材平台，具备稀缺性与长期发展潜力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:业绩承压",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c3bb1b125c1f",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:两机专项",
      "to_name": "两机专项",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 两机专项。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:1dc86bbdad25",
          "chunk_index": 0,
          "quote_summary": "全球航空产业需求复苏叠加“两机”专项推进，军用飞机升级换代与国产大飞机交付双轮驱动航空新材料市场持续扩容。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:两机专项",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8db565404ad1",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md",
          "chunk_id": "chunk:2ea47d3a2bfb",
          "chunk_index": 2,
          "quote_summary": "航发集团唯一航空新材料上市平台，四大事业部覆盖钛合金铸造、橡胶密封、透明件及高温合金，配套层级高且竞争优势显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3bceb4548b42",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md",
          "chunk_id": "chunk:415b4c23cd9e",
          "chunk_index": 5,
          "quote_summary": "公司系航发集团下属航空材料龙头，多领域布局优势明显，产品广泛应用于航空航天及民用领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a85cf9b70a0d",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:关联交易",
      "to_name": "关联交易",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 关联交易。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-sh-2024-年中报点评-e19a06ac9f63.md",
          "chunk_id": "chunk:4362920151ac",
          "chunk_index": 2,
          "quote_summary": "公司系航空特种材料领域龙头，依托北京航材院构建稀缺平台，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:关联交易",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c8c6bc9f3b11",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:1dc86bbdad25",
          "chunk_index": 0,
          "quote_summary": "全球航空产业需求复苏叠加“两机”专项推进，军用飞机升级换代与国产大飞机交付双轮驱动航空新材料市场持续扩容。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6494dde2aab9",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:军工新材料",
      "to_name": "军工新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 军工新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-sh-2024-年中报点评-e19a06ac9f63.md",
          "chunk_id": "chunk:4362920151ac",
          "chunk_index": 2,
          "quote_summary": "公司系航空特种材料领域龙头，依托北京航材院构建稀缺平台，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:军工新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "32f3be50ccdf",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:军工配套",
      "to_name": "军工配套",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 军工配套。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md",
          "chunk_id": "chunk:2ea47d3a2bfb",
          "chunk_index": 2,
          "quote_summary": "航发集团唯一航空新材料上市平台，四大事业部覆盖钛合金铸造、橡胶密封、透明件及高温合金，配套层级高且竞争优势显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:军工配套",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "37610b42bcaa",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:军机换代",
      "to_name": "军机换代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 军机换代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-fe0b8202d568.md",
          "chunk_id": "chunk:fe577097cbb9",
          "chunk_index": 2,
          "quote_summary": "军民用航空制造业保持高景气，军机新增换代与国产大飞机量产驱动航空材料需求增长及国产化替代。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:军机换代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1c25b3fec9b1",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中邮证券-d7ae40926dd5.md",
          "chunk_id": "chunk:c51cd7ea765c",
          "chunk_index": 4,
          "quote_summary": "核心军工客户订单持续增长，航空成品件及加工服务业务放量驱动业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "093a2e95cbe6",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:募投项目",
      "to_name": "募投项目",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 募投项目。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-sh-2024-年三季报点评-581e37beb658.md",
          "chunk_id": "chunk:089ce8029acb",
          "chunk_index": 1,
          "quote_summary": "公司是我国航空特材龙头企业，依托北京航材院打造航空特材平台，具备稀缺性与长期发展潜力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:募投项目",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6cf15a775db2",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:原材料降价",
      "to_name": "原材料降价",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 原材料降价。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md",
          "chunk_id": "chunk:2ea47d3a2bfb",
          "chunk_index": 2,
          "quote_summary": "航发集团唯一航空新材料上市平台，四大事业部覆盖钛合金铸造、橡胶密封、透明件及高温合金，配套层级高且竞争优势显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:原材料降价",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0877eafc2df1",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6ef7a7c43abf.md",
          "chunk_id": "chunk:dbfbfa16573e",
          "chunk_index": 2,
          "quote_summary": "Q2业绩环比改善，毛利率提升与费用控制有效对冲短期需求波动"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2025e81e8c5f",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 国产替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:1dc86bbdad25",
          "chunk_index": 0,
          "quote_summary": "全球航空产业需求复苏叠加“两机”专项推进，军用飞机升级换代与国产大飞机交付双轮驱动航空新材料市场持续扩容。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2a3732ce1f84",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6ef7a7c43abf.md",
          "chunk_id": "chunk:dbfbfa16573e",
          "chunk_index": 2,
          "quote_summary": "Q2业绩环比改善，毛利率提升与费用控制有效对冲短期需求波动"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0c74c88f84ae",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:国际订单",
      "to_name": "国际订单",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 国际订单。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-sh-2024-年年报点评-79bec9ee3af6.md",
          "chunk_id": "chunk:c8e1f4dfe000",
          "chunk_index": 1,
          "quote_summary": "公司是我国航空特材龙头企业，依托北京航材院打造航空特材平台，钛合金精密铸造、高温合金熔铸、橡胶与密封材料、飞机座舱透明件四大主业壁垒较高，具备高稀缺性与长期发展潜力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:国际订单",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b880847a1db5",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:年报点评",
      "to_name": "年报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 年报点评。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-sh-2024-年年报点评-79bec9ee3af6.md",
          "chunk_id": "chunk:c8e1f4dfe000",
          "chunk_index": 1,
          "quote_summary": "公司是我国航空特材龙头企业，依托北京航材院打造航空特材平台，钛合金精密铸造、高温合金熔铸、橡胶与密封材料、飞机座舱透明件四大主业壁垒较高，具备高稀缺性与长期发展潜力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:年报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1466e58ba732",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-sh-2024-年中报点评-e19a06ac9f63.md",
          "chunk_id": "chunk:4362920151ac",
          "chunk_index": 2,
          "quote_summary": "公司系航空特种材料领域龙头，依托北京航材院构建稀缺平台，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ae111bc9c4fb",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:民机",
      "to_name": "民机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 民机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-国防军工-公司点评报告-6ef7a7c43abf.md",
          "chunk_id": "chunk:dbfbfa16573e",
          "chunk_index": 2,
          "quote_summary": "Q2业绩环比改善，毛利率提升与费用控制有效对冲短期需求波动"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:民机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8d6224e2610b",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:民机配套",
      "to_name": "民机配套",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 民机配套。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md",
          "chunk_id": "chunk:415b4c23cd9e",
          "chunk_index": 5,
          "quote_summary": "公司系航发集团下属航空材料龙头，多领域布局优势明显，产品广泛应用于航空航天及民用领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:民机配套",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "85cf70e1182f",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:特种材料",
      "to_name": "特种材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 特种材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-推荐-维持评级-ae6a0a06cf9a.md",
          "chunk_id": "chunk:f422ac58164d",
          "chunk_index": 2,
          "quote_summary": "公司是我国航空特种材料领域龙头企业，依托北京航材院打造航空特材平台，员工深度持股彰显发展信心。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:特种材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e8762f121971",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:盈利能力",
      "to_name": "盈利能力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 盈利能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-sh-2024-年中报点评-e19a06ac9f63.md",
          "chunk_id": "chunk:4362920151ac",
          "chunk_index": 2,
          "quote_summary": "公司系航空特种材料领域龙头，依托北京航材院构建稀缺平台，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:盈利能力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5dcf9811481c",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-sh-2024-年三季报点评-581e37beb658.md",
          "chunk_id": "chunk:089ce8029acb",
          "chunk_index": 1,
          "quote_summary": "公司是我国航空特材龙头企业，依托北京航材院打造航空特材平台，具备稀缺性与长期发展潜力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6795cb431326",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:航发产业链",
      "to_name": "航发产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 航发产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-sh-2024-年中报点评-e19a06ac9f63.md",
          "chunk_id": "chunk:4362920151ac",
          "chunk_index": 2,
          "quote_summary": "公司系航空特种材料领域龙头，依托北京航材院构建稀缺平台，长期成长逻辑清晰。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:航发产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dceecc9a9a3c",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md",
          "chunk_id": "chunk:415b4c23cd9e",
          "chunk_index": 5,
          "quote_summary": "公司系航发集团下属航空材料龙头，多领域布局优势明显，产品广泛应用于航空航天及民用领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "24d3863342cb",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:航空军工",
      "to_name": "航空军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 航空军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航空军工-fe0b8202d568.md",
          "chunk_id": "chunk:fe577097cbb9",
          "chunk_index": 2,
          "quote_summary": "军民用航空制造业保持高景气，军机新增换代与国产大飞机量产驱动航空材料需求增长及国产化替代。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:航空军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "15fabc227cde",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:航空发动机",
      "to_name": "航空发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 航空发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-推荐-维持评级-ae6a0a06cf9a.md",
          "chunk_id": "chunk:f422ac58164d",
          "chunk_index": 2,
          "quote_summary": "公司是我国航空特种材料领域龙头企业，依托北京航材院打造航空特材平台，员工深度持股彰显发展信心。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:航空发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "94caa3aa0a49",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:航空新材料",
      "to_name": "航空新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 航空新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:1dc86bbdad25",
          "chunk_index": 0,
          "quote_summary": "全球航空产业需求复苏叠加“两机”专项推进，军用飞机升级换代与国产大飞机交付双轮驱动航空新材料市场持续扩容。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:航空新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b89f12f416cb",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:航空材料",
      "to_name": "航空材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 航空材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-06f53632bbcb.md",
          "chunk_id": "chunk:415b4c23cd9e",
          "chunk_index": 5,
          "quote_summary": "公司系航发集团下属航空材料龙头，多领域布局优势明显，产品广泛应用于航空航天及民用领域。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:航空材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cf97604a027f",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:航空橡胶密封",
      "to_name": "航空橡胶密封",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 航空橡胶密封。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:1dc86bbdad25",
          "chunk_index": 0,
          "quote_summary": "全球航空产业需求复苏叠加“两机”专项推进，军用飞机升级换代与国产大飞机交付双轮驱动航空新材料市场持续扩容。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:航空橡胶密封",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "acc1c68209ba",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:航空特材",
      "to_name": "航空特材",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 航空特材。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-sh-2024-年三季报点评-581e37beb658.md",
          "chunk_id": "chunk:089ce8029acb",
          "chunk_index": 1,
          "quote_summary": "公司是我国航空特材龙头企业，依托北京航材院打造航空特材平台，具备稀缺性与长期发展潜力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:航空特材",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "92a8d8f63977",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:航空透明件",
      "to_name": "航空透明件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 航空透明件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:1dc86bbdad25",
          "chunk_index": 0,
          "quote_summary": "全球航空产业需求复苏叠加“两机”专项推进，军用飞机升级换代与国产大飞机交付双轮驱动航空新材料市场持续扩容。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:航空透明件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3ac3cb176e4c",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md",
          "chunk_id": "chunk:2ea47d3a2bfb",
          "chunk_index": 2,
          "quote_summary": "航发集团唯一航空新材料上市平台，四大事业部覆盖钛合金铸造、橡胶密封、透明件及高温合金，配套层级高且竞争优势显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c88027f30abf",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-中邮证券-d7ae40926dd5.md",
          "chunk_id": "chunk:c51cd7ea765c",
          "chunk_index": 4,
          "quote_summary": "核心军工客户订单持续增长，航空成品件及加工服务业务放量驱动业绩稳健增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2aff7f00cd18",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:钛",
      "to_name": "钛",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 钛。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md",
          "chunk_id": "chunk:2ea47d3a2bfb",
          "chunk_index": 2,
          "quote_summary": "航发集团唯一航空新材料上市平台，四大事业部覆盖钛合金铸造、橡胶密封、透明件及高温合金，配套层级高且竞争优势显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:钛",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "26d4b8ec1fef",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:钛合金",
      "to_name": "钛合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 钛合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:1dc86bbdad25",
          "chunk_index": 0,
          "quote_summary": "全球航空产业需求复苏叠加“两机”专项推进，军用飞机升级换代与国产大飞机交付双轮驱动航空新材料市场持续扩容。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:钛合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b0743cd60276",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:钛合金精密铸造",
      "to_name": "钛合金精密铸造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 钛合金精密铸造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e126a2a280fc.md",
          "chunk_id": "chunk:2ea47d3a2bfb",
          "chunk_index": 2,
          "quote_summary": "航发集团唯一航空新材料上市平台，四大事业部覆盖钛合金铸造、橡胶密封、透明件及高温合金，配套层级高且竞争优势显著。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:钛合金精密铸造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d4a9939b3e13",
      "from": "company:688563",
      "from_name": "航材股份",
      "to": "topic:高温合金",
      "to_name": "高温合金",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "航材股份 研报中反复涉及 高温合金。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-航材股份-688563-公司研究报告-bc9594465a16.md",
          "chunk_id": "chunk:1dc86bbdad25",
          "chunk_index": 0,
          "quote_summary": "全球航空产业需求复苏叠加“两机”专项推进，军用飞机升级换代与国产大飞机交付双轮驱动航空新材料市场持续扩容。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688563",
      "target": "topic:高温合金",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "db807834086e",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-07-25-bd931579faf9.md",
          "chunk_id": "chunk:48df1f29c0a5",
          "chunk_index": 5,
          "quote_summary": "民机业务在适航认证、批产交付及PMA维修市场取得实质性突破，国产航材替代趋势下有望成为公司第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ae3b366d266d",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-07-25-bd931579faf9.md",
          "chunk_id": "chunk:48df1f29c0a5",
          "chunk_index": 5,
          "quote_summary": "民机业务在适航认证、批产交付及PMA维修市场取得实质性突破，国产航材替代趋势下有望成为公司第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4b9209518017",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md",
          "chunk_id": "chunk:b8e01623d24e",
          "chunk_index": 23,
          "quote_summary": "军机迭代与战略空军建设加速，航空氧气、油箱惰化及副油箱作为核心生命保障与航程延伸系统，需求有望持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0937cdbcc63e",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-bdfa782b1241.md",
          "chunk_id": "chunk:3612acc061f3",
          "chunk_index": 0,
          "quote_summary": "积极拥抱大飞机国产化浪潮，有望成为机载系统国产替代核心供应商，受益于民机前后装市场旺盛需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a5d3fe29af96",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:反无装备",
      "to_name": "反无装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 反无装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md",
          "chunk_id": "chunk:b8e01623d24e",
          "chunk_index": 23,
          "quote_summary": "军机迭代与战略空军建设加速，航空氧气、油箱惰化及副油箱作为核心生命保障与航程延伸系统，需求有望持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:反无装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "86afbc4fa74c",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-07-25-bd931579faf9.md",
          "chunk_id": "chunk:48df1f29c0a5",
          "chunk_index": 5,
          "quote_summary": "民机业务在适航认证、批产交付及PMA维修市场取得实质性突破，国产航材替代趋势下有望成为公司第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "471e7515af4c",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:国产替代",
      "to_name": "国产替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 国产替代。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md",
          "chunk_id": "chunk:b8e01623d24e",
          "chunk_index": 23,
          "quote_summary": "军机迭代与战略空军建设加速，航空氧气、油箱惰化及副油箱作为核心生命保障与航程延伸系统，需求有望持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:国产替代",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "80f3f396ae68",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:大飞机",
      "to_name": "大飞机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 大飞机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md",
          "chunk_id": "chunk:b8e01623d24e",
          "chunk_index": 23,
          "quote_summary": "军机迭代与战略空军建设加速，航空氧气、油箱惰化及副油箱作为核心生命保障与航程延伸系统，需求有望持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:大飞机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e3e82d8c23ae",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:应急救援",
      "to_name": "应急救援",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 应急救援。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-e45af4bb0291.md",
          "chunk_id": "chunk:c3f874822c49",
          "chunk_index": 4,
          "quote_summary": "聚焦航空应急救援与民机配套，拓展高原制氧车等新产业，打开第二成长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:应急救援",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cc470ff6ec1f",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md",
          "chunk_id": "chunk:b8e01623d24e",
          "chunk_index": 23,
          "quote_summary": "军机迭代与战略空军建设加速，航空氧气、油箱惰化及副油箱作为核心生命保障与航程延伸系统，需求有望持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1580b23c2427",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:机载系统",
      "to_name": "机载系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 机载系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-bdfa782b1241.md",
          "chunk_id": "chunk:3612acc061f3",
          "chunk_index": 0,
          "quote_summary": "积极拥抱大飞机国产化浪潮，有望成为机载系统国产替代核心供应商，受益于民机前后装市场旺盛需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:机载系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0c608cd8ede9",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:民机业务",
      "to_name": "民机业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 民机业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-07-25-bd931579faf9.md",
          "chunk_id": "chunk:48df1f29c0a5",
          "chunk_index": 5,
          "quote_summary": "民机业务在适航认证、批产交付及PMA维修市场取得实质性突破，国产航材替代趋势下有望成为公司第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:民机业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bedd65413aae",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:民机配套",
      "to_name": "民机配套",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 民机配套。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-e45af4bb0291.md",
          "chunk_id": "chunk:c3f874822c49",
          "chunk_index": 4,
          "quote_summary": "聚焦航空应急救援与民机配套，拓展高原制氧车等新产业，打开第二成长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:民机配套",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a60a1e10f5c6",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:特种制冷",
      "to_name": "特种制冷",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 特种制冷。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md",
          "chunk_id": "chunk:b8e01623d24e",
          "chunk_index": 23,
          "quote_summary": "军机迭代与战略空军建设加速，航空氧气、油箱惰化及副油箱作为核心生命保障与航程延伸系统，需求有望持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:特种制冷",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f7b854ead5a7",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:研发投入",
      "to_name": "研发投入",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 研发投入。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-发布时间-2025-07-25-bd931579faf9.md",
          "chunk_id": "chunk:48df1f29c0a5",
          "chunk_index": 5,
          "quote_summary": "民机业务在适航认证、批产交付及PMA维修市场取得实质性突破，国产航材替代趋势下有望成为公司第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:研发投入",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "82cd4b067c37",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md",
          "chunk_id": "chunk:b8e01623d24e",
          "chunk_index": 23,
          "quote_summary": "军机迭代与战略空军建设加速，航空氧气、油箱惰化及副油箱作为核心生命保障与航程延伸系统，需求有望持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2c7b08b1a7c2",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:航空氧气系统",
      "to_name": "航空氧气系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 航空氧气系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-e45af4bb0291.md",
          "chunk_id": "chunk:c3f874822c49",
          "chunk_index": 4,
          "quote_summary": "聚焦航空应急救援与民机配套，拓展高原制氧车等新产业，打开第二成长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:航空氧气系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7899695be408",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:航空装备",
      "to_name": "航空装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 航空装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-d069c4c10c5a.md",
          "chunk_id": "chunk:b8e01623d24e",
          "chunk_index": 23,
          "quote_summary": "军机迭代与战略空军建设加速，航空氧气、油箱惰化及副油箱作为核心生命保障与航程延伸系统，需求有望持续放量。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:航空装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "67e5138746db",
      "from": "company:688586",
      "from_name": "江航装备",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "江航装备 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-江航装备-688586-sh-bdfa782b1241.md",
          "chunk_id": "chunk:3612acc061f3",
          "chunk_index": 0,
          "quote_summary": "积极拥抱大飞机国产化浪潮，有望成为机载系统国产替代核心供应商，受益于民机前后装市场旺盛需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688586",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b7e8a06c0ff5",
      "from": "company:688592",
      "from_name": "司南导航",
      "to": "topic:业绩修复",
      "to_name": "业绩修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "司南导航 研报中反复涉及 业绩修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md",
          "chunk_id": "chunk:1ab67262ca1c",
          "chunk_index": 4,
          "quote_summary": "自主掌握高精度GNSS芯片与模块核心技术，打破海外垄断，处于产业链高附加值环节。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688592",
      "target": "topic:业绩修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "749573c3fe0b",
      "from": "company:688592",
      "from_name": "司南导航",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "司南导航 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e301e04f85f3.md",
          "chunk_id": "chunk:764d2e505c71",
          "chunk_index": 5,
          "quote_summary": "“十四五”期间高精度卫星导航应用市场复合增速有望超20%，行业底层增速相对确定。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688592",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5ee9911dda9a",
      "from": "company:688592",
      "from_name": "司南导航",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "司南导航 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e301e04f85f3.md",
          "chunk_id": "chunk:764d2e505c71",
          "chunk_index": 5,
          "quote_summary": "“十四五”期间高精度卫星导航应用市场复合增速有望超20%，行业底层增速相对确定。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688592",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f02da6af9741",
      "from": "company:688592",
      "from_name": "司南导航",
      "to": "topic:出海",
      "to_name": "出海",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "司南导航 研报中反复涉及 出海。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e301e04f85f3.md",
          "chunk_id": "chunk:764d2e505c71",
          "chunk_index": 5,
          "quote_summary": "“十四五”期间高精度卫星导航应用市场复合增速有望超20%，行业底层增速相对确定。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688592",
      "target": "topic:出海",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c11d93614787",
      "from": "company:688592",
      "from_name": "司南导航",
      "to": "topic:卫星导航",
      "to_name": "卫星导航",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "司南导航 研报中反复涉及 卫星导航。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md",
          "chunk_id": "chunk:1ab67262ca1c",
          "chunk_index": 4,
          "quote_summary": "自主掌握高精度GNSS芯片与模块核心技术，打破海外垄断，处于产业链高附加值环节。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688592",
      "target": "topic:卫星导航",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7f4f860fb3a8",
      "from": "company:688592",
      "from_name": "司南导航",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "司南导航 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md",
          "chunk_id": "chunk:1ab67262ca1c",
          "chunk_index": 4,
          "quote_summary": "自主掌握高精度GNSS芯片与模块核心技术，打破海外垄断，处于产业链高附加值环节。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688592",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c3c681e2f5f1",
      "from": "company:688592",
      "from_name": "司南导航",
      "to": "topic:智能驾驶",
      "to_name": "智能驾驶",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "司南导航 研报中反复涉及 智能驾驶。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md",
          "chunk_id": "chunk:1ab67262ca1c",
          "chunk_index": 4,
          "quote_summary": "自主掌握高精度GNSS芯片与模块核心技术，打破海外垄断，处于产业链高附加值环节。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688592",
      "target": "topic:智能驾驶",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6e91a7edd681",
      "from": "company:688592",
      "from_name": "司南导航",
      "to": "topic:物联网",
      "to_name": "物联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "司南导航 研报中反复涉及 物联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md",
          "chunk_id": "chunk:1ab67262ca1c",
          "chunk_index": 4,
          "quote_summary": "自主掌握高精度GNSS芯片与模块核心技术，打破海外垄断，处于产业链高附加值环节。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688592",
      "target": "topic:物联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5be928b6b739",
      "from": "company:688592",
      "from_name": "司南导航",
      "to": "topic:科创板",
      "to_name": "科创板",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "司南导航 研报中反复涉及 科创板。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-e301e04f85f3.md",
          "chunk_id": "chunk:764d2e505c71",
          "chunk_index": 5,
          "quote_summary": "“十四五”期间高精度卫星导航应用市场复合增速有望超20%，行业底层增速相对确定。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688592",
      "target": "topic:科创板",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1b74e57c19ad",
      "from": "company:688592",
      "from_name": "司南导航",
      "to": "topic:芯片",
      "to_name": "芯片",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "司南导航 研报中反复涉及 芯片。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md",
          "chunk_id": "chunk:1ab67262ca1c",
          "chunk_index": 4,
          "quote_summary": "自主掌握高精度GNSS芯片与模块核心技术，打破海外垄断，处于产业链高附加值环节。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688592",
      "target": "topic:芯片",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1e8e776152d1",
      "from": "company:688592",
      "from_name": "司南导航",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "司南导航 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md",
          "chunk_id": "chunk:1ab67262ca1c",
          "chunk_index": 4,
          "quote_summary": "自主掌握高精度GNSS芯片与模块核心技术，打破海外垄断，处于产业链高附加值环节。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688592",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dbcf988b60eb",
      "from": "company:688592",
      "from_name": "司南导航",
      "to": "topic:高精度定位",
      "to_name": "高精度定位",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "司南导航 研报中反复涉及 高精度定位。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-司南导航-688592-通信-62c6c24ff95a.md",
          "chunk_id": "chunk:1ab67262ca1c",
          "chunk_index": 4,
          "quote_summary": "自主掌握高精度GNSS芯片与模块核心技术，打破海外垄断，处于产业链高附加值环节。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688592",
      "target": "topic:高精度定位",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9bdf1623f7af",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:ai技术",
      "to_name": "ai技术",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 AI技术。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-智明达-688636-sh-2024-年年报及-2025-年一季报点评-5cda5d68bf3e.md",
          "chunk_id": "chunk:fa6ef229ee3c",
          "chunk_index": 2,
          "quote_summary": "公司作为特种行业嵌入式计算机模块核心供应商，在深耕机载、弹载基础上拓展无人机、低空经济及商业航天，早期布局的AI技术于2025年贡献营收，订单高增驱动业绩进入反转周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:ai技术",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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      "to": "topic:ai智能处理",
      "to_name": "ai智能处理",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 AI智能处理。",
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      "from": "company:688636",
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      "to": "topic:ai算力",
      "to_name": "AI算力",
      "relation": "involves_topic",
      "direction": "semantic",
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          "quote_summary": "下游弹载、机载及无人装备需求显著放量，订单集中释放驱动交付规模快速扩张。"
        }
      ],
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      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:ai算力",
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      "category": "topic",
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    },
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      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:ai边缘计算",
      "to_name": "ai边缘计算",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 AI边缘计算。",
      "confidence": 0.62,
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          "chunk_id": "chunk:4e0691269318",
          "chunk_index": 2,
          "quote_summary": "传统机载与弹载嵌入式计算机订单持续放量，构筑业绩基本盘。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:ai边缘计算",
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      "category": "topic",
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      "from": "company:688636",
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      "to": "topic:三季报",
      "to_name": "三季报",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 三季报。",
      "confidence": 0.62,
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          "quote_summary": "军品嵌入式计算赛道订单加速交付，高毛利产品占比提升驱动盈利质量显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:三季报",
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      "category": "topic",
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      "evidence_count": 1
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      "edge_id": "7ae3baa5565b",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:下游",
      "to_name": "下游",
      "relation": "involves_topic",
      "direction": "semantic",
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          "chunk_id": "chunk:2b7699ae5951",
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      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:下游",
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      "evidence_count": 1
    },
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      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 业绩拐点。",
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          "quote_summary": "国防信息化建设加速推进，嵌入式计算机作为高科技装备智能核心，在装备控制、指挥通信等系统中具备不可替代地位，需求空间巨大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:业绩拐点",
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      "category": "topic",
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      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 业绩高增。",
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          "source_path": "sources/stock-research-report-智明达-688636-sh-2025-年半年报点评-53df7b5a3ff2.md",
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          "chunk_index": 0,
          "quote_summary": "1H25业绩表现亮眼，营收与净利润大幅增长，符合市场预期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:业绩高增",
      "label": "involves_topic",
      "category": "topic",
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      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-2025-03-28-c3f8772b1916.md",
          "chunk_id": "chunk:8b76279712cf",
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          "quote_summary": "国防信息化建设加速推进，嵌入式计算机作为高科技装备智能核心，在装备控制、指挥通信等系统中具备不可替代地位，需求空间巨大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:军品嵌入式计算",
      "to_name": "军品嵌入式计算",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 军品嵌入式计算。",
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          "quote_summary": "军品嵌入式计算赛道订单加速交付，高毛利产品占比提升驱动盈利质量显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:军品嵌入式计算",
      "label": "involves_topic",
      "category": "topic",
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      "edge_id": "f2fc7d5fab99",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 军工。",
      "confidence": 0.62,
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          "chunk_id": "chunk:2b7699ae5951",
          "chunk_index": 2,
          "quote_summary": "国防信息化建设加速推进，嵌入式计算机作为装备智能核心迎来需求快速增长期，公司深耕机载、弹载及商业航天领域，充分受益下游高景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:军工",
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      "evidence_count": 1
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    {
      "edge_id": "d9bb529d35ec",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 军工电子。",
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          "quote_summary": "国防信息化建设加速推进，嵌入式计算机作为高科技装备智能核心，在装备控制、指挥通信等系统中具备不可替代地位，需求空间巨大。"
        }
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 净利润。",
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          "chunk_id": "chunk:23f062a29607",
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          "quote_summary": "军品嵌入式计算赛道订单加速交付，高毛利产品占比提升驱动盈利质量显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
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      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 同比。",
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          "quote_summary": "军品嵌入式计算赛道订单加速交付，高毛利产品占比提升驱动盈利质量显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:同比",
      "label": "involves_topic",
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      "evidence_count": 1
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    {
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      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:商业航天",
      "to_name": "商业航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 商业航天。",
      "confidence": 0.62,
      "evidence": [
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          "quote_summary": "国防信息化建设加速推进，嵌入式计算机作为高科技装备智能核心，在装备控制、指挥通信等系统中具备不可替代地位，需求空间巨大。"
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:商业航天",
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      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:国产化替代",
      "to_name": "国产化替代",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 国产化替代。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:c663f53c0d2c",
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          "quote_summary": "下游弹载、机载及无人装备需求显著放量，订单集中释放驱动交付规模快速扩张。"
        }
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:国产化替代",
      "label": "involves_topic",
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      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:国防信息化",
      "to_name": "国防信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 国防信息化。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:8b76279712cf",
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          "quote_summary": "国防信息化建设加速推进，嵌入式计算机作为高科技装备智能核心，在装备控制、指挥通信等系统中具备不可替代地位，需求空间巨大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:国防信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "37ab25710faf",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-13b7289bbd8a.md",
          "chunk_id": "chunk:c24805d62a40",
          "chunk_index": 2,
          "quote_summary": "2025年为“十四五”收官之年，一季度行业基本面明显改善，订单有望从局部复苏走向全面复苏，产业链上游公司率先受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0f75907fe5a8",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:定增融资",
      "to_name": "定增融资",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 定增融资。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-智明达-688636-sh-2025-年三季报点评-bc9a8bf56225.md",
          "chunk_id": "chunk:57a6e888ce7b",
          "chunk_index": 0,
          "quote_summary": "下游客户需求集中释放，带动机载、弹载及商业航天嵌入式计算机产品交付量与单型号价值量双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:定增融资",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
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      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:嵌入式计算机",
      "to_name": "嵌入式计算机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 嵌入式计算机。",
      "confidence": 0.62,
      "evidence": [
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          "quote_summary": "国防信息化建设加速推进，嵌入式计算机作为高科技装备智能核心，在装备控制、指挥通信等系统中具备不可替代地位，需求空间巨大。"
        }
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      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:嵌入式计算机",
      "label": "involves_topic",
      "category": "topic",
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    {
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      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:弹载",
      "to_name": "弹载",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 弹载。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-13b7289bbd8a.md",
          "chunk_id": "chunk:c24805d62a40",
          "chunk_index": 2,
          "quote_summary": "2025年为“十四五”收官之年，一季度行业基本面明显改善，订单有望从局部复苏走向全面复苏，产业链上游公司率先受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:弹载",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bd1f530bbc46",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-26abc7b32c10.md",
          "chunk_id": "chunk:2b7699ae5951",
          "chunk_index": 2,
          "quote_summary": "国防信息化建设加速推进，嵌入式计算机作为装备智能核心迎来需求快速增长期，公司深耕机载、弹载及商业航天领域，充分受益下游高景气。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c8a51bca98b9",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:无人机",
      "to_name": "无人机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 无人机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-13b7289bbd8a.md",
          "chunk_id": "chunk:c24805d62a40",
          "chunk_index": 2,
          "quote_summary": "2025年为“十四五”收官之年，一季度行业基本面明显改善，订单有望从局部复苏走向全面复苏，产业链上游公司率先受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:无人机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e56e8fe892ac",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:机载",
      "to_name": "机载",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 机载。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-公-司-研-究-13b7289bbd8a.md",
          "chunk_id": "chunk:c24805d62a40",
          "chunk_index": 2,
          "quote_summary": "2025年为“十四五”收官之年，一季度行业基本面明显改善，订单有望从局部复苏走向全面复苏，产业链上游公司率先受益。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:机载",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "90f805dd7571",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:机载-弹载",
      "to_name": "机载-弹载",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 机载/弹载。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-智明达-688636-sh-2025-年半年报点评-53df7b5a3ff2.md",
          "chunk_id": "chunk:d88c1d72556d",
          "chunk_index": 0,
          "quote_summary": "1H25业绩表现亮眼，营收与净利润大幅增长，符合市场预期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:机载-弹载",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "60ffb7e347e9",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:机载弹载",
      "to_name": "机载弹载",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 机载弹载。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-智明达-688636-12a1ceeea1aa.md",
          "chunk_id": "chunk:01994d631045",
          "chunk_index": 0,
          "quote_summary": "下游多型号订单延后导致2024年业绩下滑，随着国防信息化建设推进及公司技术积累释放，预计2025年订单恢复，迎来业绩拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:机载弹载",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f47fae7dfebb",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:机载航电",
      "to_name": "机载航电",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 机载航电。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-03-28-c3f8772b1916.md",
          "chunk_id": "chunk:8b76279712cf",
          "chunk_index": 23,
          "quote_summary": "国防信息化建设加速推进，嵌入式计算机作为高科技装备智能核心，在装备控制、指挥通信等系统中具备不可替代地位，需求空间巨大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:机载航电",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "80356238c584",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:特种嵌入式计算机",
      "to_name": "特种嵌入式计算机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 特种嵌入式计算机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-智明达-688636-sh-2025-年半年报点评-53df7b5a3ff2.md",
          "chunk_id": "chunk:d88c1d72556d",
          "chunk_index": 0,
          "quote_summary": "1H25业绩表现亮眼，营收与净利润大幅增长，符合市场预期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:特种嵌入式计算机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "18ec00a47585",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:特种装备",
      "to_name": "特种装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 特种装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-智明达-688636-sh-2025-年三季报点评-bc9a8bf56225.md",
          "chunk_id": "chunk:57a6e888ce7b",
          "chunk_index": 0,
          "quote_summary": "下游客户需求集中释放，带动机载、弹载及商业航天嵌入式计算机产品交付量与单型号价值量双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:特种装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7792fe028cf5",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:盈利兑现",
      "to_name": "盈利兑现",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 盈利兑现。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-智明达-688636-2f97170ae606.md",
          "chunk_id": "chunk:23f062a29607",
          "chunk_index": 2,
          "quote_summary": "军品嵌入式计算赛道订单加速交付，高毛利产品占比提升驱动盈利质量显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:盈利兑现",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8fbb91f4f1dd",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:精确制导",
      "to_name": "精确制导",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 精确制导。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2025-03-28-c3f8772b1916.md",
          "chunk_id": "chunk:8b76279712cf",
          "chunk_index": 23,
          "quote_summary": "国防信息化建设加速推进，嵌入式计算机作为高科技装备智能核心，在装备控制、指挥通信等系统中具备不可替代地位，需求空间巨大。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:精确制导",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9faf8eaeff6f",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:订单反转",
      "to_name": "订单反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 订单反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-智明达-688636-sh-2024-年年报及-2025-年一季报点评-5cda5d68bf3e.md",
          "chunk_id": "chunk:fa6ef229ee3c",
          "chunk_index": 2,
          "quote_summary": "公司作为特种行业嵌入式计算机模块核心供应商，在深耕机载、弹载基础上拓展无人机、低空经济及商业航天，早期布局的AI技术于2025年贡献营收，订单高增驱动业绩进入反转周期。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:订单反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b6b59e97aaf1",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:订单放量",
      "to_name": "订单放量",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 订单放量。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-智明达-688636-2f97170ae606.md",
          "chunk_id": "chunk:23f062a29607",
          "chunk_index": 2,
          "quote_summary": "军品嵌入式计算赛道订单加速交付，高毛利产品占比提升驱动盈利质量显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:订单放量",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "47e2835a0931",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-智明达-688636-2f97170ae606.md",
          "chunk_id": "chunk:23f062a29607",
          "chunk_index": 2,
          "quote_summary": "军品嵌入式计算赛道订单加速交付，高毛利产品占比提升驱动盈利质量显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6f38d10e4db1",
      "from": "company:688636",
      "from_name": "智明达",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "智明达 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-智明达-688636-2f97170ae606.md",
          "chunk_id": "chunk:23f062a29607",
          "chunk_index": 2,
          "quote_summary": "军品嵌入式计算赛道订单加速交付，高毛利产品占比提升驱动盈利质量显著改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688636",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "66a56d8addc5",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:gpu",
      "to_name": "GPU",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 GPU。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-迈信林-688685-9069495e938f.md",
          "chunk_id": "chunk:6e127ad3683b",
          "chunk_index": 41,
          "quote_summary": "航空主业基本盘稳固，十四五军机加速放量及特种工艺处理业务兑现将带动零部件需求持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:gpu",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6696026f2f29",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:gpu服务器",
      "to_name": "gpu服务器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 GPU服务器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-11-月-11-日-d2767827e76a.md",
          "chunk_id": "chunk:592347bf07cb",
          "chunk_index": 3,
          "quote_summary": "传统主业复苏叠加算力新业务落地，驱动业绩进入高速增长通道；股权变更引入专业算力团队，明确向国产算力产业链转型的战略方向。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:gpu服务器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3449e21fe38a",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:业绩高增",
      "to_name": "业绩高增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 业绩高增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-迈信林-688685-5780265bc986.md",
          "chunk_id": "chunk:35bd205a88b4",
          "chunk_index": 2,
          "quote_summary": "航空航天零部件来料加工订单持续增加，工艺设备升级带动产能与加工效率显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:业绩高增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "881111759b09",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:中报业绩",
      "to_name": "中报业绩",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 中报业绩。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-迈信林-688685-9ec93b709176.md",
          "chunk_id": "chunk:e4acb1e6fda3",
          "chunk_index": 4,
          "quote_summary": "战略向算力服务领域拓展，该业务2025H1收入占比跃升至53.36%，成为业绩增长核心引擎。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:中报业绩",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "106ca7a5e2fe",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:人工智能",
      "to_name": "人工智能",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 人工智能。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-迈信林-688685-9069495e938f.md",
          "chunk_id": "chunk:6e127ad3683b",
          "chunk_index": 41,
          "quote_summary": "航空主业基本盘稳固，十四五军机加速放量及特种工艺处理业务兑现将带动零部件需求持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:人工智能",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "5ab41cab1b73",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-迈信林-688685-5780265bc986.md",
          "chunk_id": "chunk:35bd205a88b4",
          "chunk_index": 2,
          "quote_summary": "航空航天零部件来料加工订单持续增加，工艺设备升级带动产能与加工效率显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "649890007532",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-1c10d4ca3ce6.md",
          "chunk_id": "chunk:c44d81e73140",
          "chunk_index": 0,
          "quote_summary": "算力业务成为核心增长引擎，2025H1算力相关收入占比突破50%，显著拉升整体盈利水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7ce07bb90f16",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:光计算",
      "to_name": "光计算",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 光计算。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-迈信林-688685-9069495e938f.md",
          "chunk_id": "chunk:6e127ad3683b",
          "chunk_index": 41,
          "quote_summary": "航空主业基本盘稳固，十四五军机加速放量及特种工艺处理业务兑现将带动零部件需求持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:光计算",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "678732606f18",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-1c10d4ca3ce6.md",
          "chunk_id": "chunk:c44d81e73140",
          "chunk_index": 0,
          "quote_summary": "算力业务成为核心增长引擎，2025H1算力相关收入占比突破50%，显著拉升整体盈利水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c38430cbb645",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:军工零部件",
      "to_name": "军工零部件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 军工零部件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-迈信林-688685-9069495e938f.md",
          "chunk_id": "chunk:6e127ad3683b",
          "chunk_index": 41,
          "quote_summary": "航空主业基本盘稳固，十四五军机加速放量及特种工艺处理业务兑现将带动零部件需求持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:军工零部件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "928a51d5f829",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-迈信林-688685-5780265bc986.md",
          "chunk_id": "chunk:35bd205a88b4",
          "chunk_index": 2,
          "quote_summary": "航空航天零部件来料加工订单持续增加，工艺设备升级带动产能与加工效率显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "feb553b3d7d3",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:26ca34aa5542",
          "chunk_index": 4,
          "quote_summary": "工艺设备升级带动产能与加工效率提升，驱动营收规模扩张"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "03a4d8f971e9",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:国产算力",
      "to_name": "国产算力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 国产算力。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-2024-年-11-月-11-日-d2767827e76a.md",
          "chunk_id": "chunk:592347bf07cb",
          "chunk_index": 3,
          "quote_summary": "传统主业复苏叠加算力新业务落地，驱动业绩进入高速增长通道；股权变更引入专业算力团队，明确向国产算力产业链转型的战略方向。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:国产算力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e4b31fde7a37",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:年报点评",
      "to_name": "年报点评",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 年报点评。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-迈信林-688685-63d3058aa422.md",
          "chunk_id": "chunk:7ae21b39460e",
          "chunk_index": 8,
          "quote_summary": "布局AI算力租赁新业务，子公司规划上架500台高端设备，算力规模约8000P，打开第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:年报点评",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "154f5547d0b0",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:算力",
      "to_name": "算力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 算力。",
      "confidence": 0.62,
      "evidence": [
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          "chunk_id": "chunk:6e127ad3683b",
          "chunk_index": 41,
          "quote_summary": "航空主业基本盘稳固，十四五军机加速放量及特种工艺处理业务兑现将带动零部件需求持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:算力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
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    {
      "edge_id": "92f8130400a5",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:算力服务",
      "to_name": "算力服务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 算力服务。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-迈信林-688685-5780265bc986.md",
          "chunk_id": "chunk:35bd205a88b4",
          "chunk_index": 2,
          "quote_summary": "航空航天零部件来料加工订单持续增加，工艺设备升级带动产能与加工效率显著提升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:算力服务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f7fc61ecf88f",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:算力租赁",
      "to_name": "算力租赁",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 算力租赁。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-迈信林-688685-9069495e938f.md",
          "chunk_id": "chunk:6e127ad3683b",
          "chunk_index": 41,
          "quote_summary": "航空主业基本盘稳固，十四五军机加速放量及特种工艺处理业务兑现将带动零部件需求持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:算力租赁",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bb2158cfb285",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:算力调度",
      "to_name": "算力调度",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 算力调度。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-迈信林-688685-9069495e938f.md",
          "chunk_id": "chunk:6e127ad3683b",
          "chunk_index": 41,
          "quote_summary": "航空主业基本盘稳固，十四五军机加速放量及特种工艺处理业务兑现将带动零部件需求持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:算力调度",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1b436c130fa6",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:精密制造",
      "to_name": "精密制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 精密制造。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-1c10d4ca3ce6.md",
          "chunk_id": "chunk:c44d81e73140",
          "chunk_index": 0,
          "quote_summary": "算力业务成为核心增长引擎，2025H1算力相关收入占比突破50%，显著拉升整体盈利水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:精密制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ec57aa39743d",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:精密加工",
      "to_name": "精密加工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 精密加工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-迈信林-688685-f220b8fd079d.md",
          "chunk_id": "chunk:26ca34aa5542",
          "chunk_index": 4,
          "quote_summary": "工艺设备升级带动产能与加工效率提升，驱动营收规模扩张"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:精密加工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "71afd769fc63",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:股权激励",
      "to_name": "股权激励",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 股权激励。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-11-月-11-日-d2767827e76a.md",
          "chunk_id": "chunk:592347bf07cb",
          "chunk_index": 3,
          "quote_summary": "传统主业复苏叠加算力新业务落地，驱动业绩进入高速增长通道；股权变更引入专业算力团队，明确向国产算力产业链转型的战略方向。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:股权激励",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "feffdcc5da86",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:股权转让",
      "to_name": "股权转让",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 股权转让。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-2024-年-11-月-11-日-d2767827e76a.md",
          "chunk_id": "chunk:592347bf07cb",
          "chunk_index": 3,
          "quote_summary": "传统主业复苏叠加算力新业务落地，驱动业绩进入高速增长通道；股权变更引入专业算力团队，明确向国产算力产业链转型的战略方向。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:股权转让",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "883fa4cf4991",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-迈信林-688685-9069495e938f.md",
          "chunk_id": "chunk:6e127ad3683b",
          "chunk_index": 41,
          "quote_summary": "航空主业基本盘稳固，十四五军机加速放量及特种工艺处理业务兑现将带动零部件需求持续增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "65b018d79e0b",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:航空航天",
      "to_name": "航空航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 航空航天。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-迈信林-688685-63d3058aa422.md",
          "chunk_id": "chunk:7ae21b39460e",
          "chunk_index": 8,
          "quote_summary": "布局AI算力租赁新业务，子公司规划上架500台高端设备，算力规模约8000P，打开第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:航空航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "945ca1ea4df1",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:航空航天零部件",
      "to_name": "航空航天零部件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 航空航天零部件。",
      "confidence": 0.62,
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          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-1c10d4ca3ce6.md",
          "chunk_id": "chunk:c44d81e73140",
          "chunk_index": 0,
          "quote_summary": "算力业务成为核心增长引擎，2025H1算力相关收入占比突破50%，显著拉升整体盈利水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:航空航天零部件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "965386f207d7",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:航空零部件",
      "to_name": "航空零部件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 航空零部件。",
      "confidence": 0.62,
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        {
          "source_path": "sources/stock-research-report-迈信林-688685-63d3058aa422.md",
          "chunk_id": "chunk:7ae21b39460e",
          "chunk_index": 8,
          "quote_summary": "布局AI算力租赁新业务，子公司规划上架500台高端设备，算力规模约8000P，打开第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:航空零部件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7c89690598d4",
      "from": "company:688685",
      "from_name": "迈信林",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "迈信林 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证券研究报告-公司研究-军工公司点评-1c10d4ca3ce6.md",
          "chunk_id": "chunk:c44d81e73140",
          "chunk_index": 0,
          "quote_summary": "算力业务成为核心增长引擎，2025H1算力相关收入占比突破50%，显著拉升整体盈利水平。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:688685",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4f052ddee781",
      "from": "company:七一二",
      "from_name": "七一二",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4478573c6187.md",
          "chunk_id": "chunk:d046e6e24b22",
          "chunk_index": 2,
          "quote_summary": "军用无线通信龙头地位稳固，产品由终端向系统升级，配套Z20等先进机型市占率高；国防信息化建设加速与新机型放量驱动军品需求长期快速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:七一二",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aae350d07a01",
      "from": "company:七一二",
      "from_name": "七一二",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4478573c6187.md",
          "chunk_id": "chunk:d046e6e24b22",
          "chunk_index": 2,
          "quote_summary": "军用无线通信龙头地位稳固，产品由终端向系统升级，配套Z20等先进机型市占率高；国防信息化建设加速与新机型放量驱动军品需求长期快速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:七一二",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "26426753f08e",
      "from": "company:七一二",
      "from_name": "七一二",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4478573c6187.md",
          "chunk_id": "chunk:d046e6e24b22",
          "chunk_index": 2,
          "quote_summary": "军用无线通信龙头地位稳固，产品由终端向系统升级，配套Z20等先进机型市占率高；国防信息化建设加速与新机型放量驱动军品需求长期快速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:七一二",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c96258da6151",
      "from": "company:七一二",
      "from_name": "七一二",
      "to": "topic:国防信息化",
      "to_name": "国防信息化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 国防信息化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4478573c6187.md",
          "chunk_id": "chunk:d046e6e24b22",
          "chunk_index": 2,
          "quote_summary": "军用无线通信龙头地位稳固，产品由终端向系统升级，配套Z20等先进机型市占率高；国防信息化建设加速与新机型放量驱动军品需求长期快速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:七一二",
      "target": "topic:国防信息化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f9c1e85d4bb9",
      "from": "company:七一二",
      "from_name": "七一二",
      "to": "topic:库存",
      "to_name": "库存",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 库存。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4478573c6187.md",
          "chunk_id": "chunk:d046e6e24b22",
          "chunk_index": 2,
          "quote_summary": "军用无线通信龙头地位稳固，产品由终端向系统升级，配套Z20等先进机型市占率高；国防信息化建设加速与新机型放量驱动军品需求长期快速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:七一二",
      "target": "topic:库存",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ab00ef49d795",
      "from": "company:七一二",
      "from_name": "七一二",
      "to": "topic:无线通信",
      "to_name": "无线通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 无线通信。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-国防军工-4478573c6187.md",
          "chunk_id": "chunk:d046e6e24b22",
          "chunk_index": 2,
          "quote_summary": "军用无线通信龙头地位稳固，产品由终端向系统升级，配套Z20等先进机型市占率高；国防信息化建设加速与新机型放量驱动军品需求长期快速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:七一二",
      "target": "topic:无线通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ca9a4e198b71",
      "from": "company:七一二",
      "from_name": "七一二",
      "to": "topic:毛利率",
      "to_name": "毛利率",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 毛利率。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4478573c6187.md",
          "chunk_id": "chunk:d046e6e24b22",
          "chunk_index": 2,
          "quote_summary": "军用无线通信龙头地位稳固，产品由终端向系统升级，配套Z20等先进机型市占率高；国防信息化建设加速与新机型放量驱动军品需求长期快速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:七一二",
      "target": "topic:毛利率",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "15cc6340779f",
      "from": "company:七一二",
      "from_name": "七一二",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "七一二 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-4478573c6187.md",
          "chunk_id": "chunk:d046e6e24b22",
          "chunk_index": 2,
          "quote_summary": "军用无线通信龙头地位稳固，产品由终端向系统升级，配套Z20等先进机型市占率高；国防信息化建设加速与新机型放量驱动军品需求长期快速增长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:七一二",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8c33ddbc0199",
      "from": "company:中国动力",
      "from_name": "中国动力",
      "to": "topic:价格",
      "to_name": "价格",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 价格。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:d2f622a2f329",
          "chunk_index": 2,
          "quote_summary": "造船周期上行带动柴油机订单量价齐升，叠加双燃料发动机渗透率提升及钢价低位运行，公司盈利能力有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国动力",
      "target": "topic:价格",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "42eb76f8ea58",
      "from": "company:中国动力",
      "from_name": "中国动力",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:d2f622a2f329",
          "chunk_index": 2,
          "quote_summary": "造船周期上行带动柴油机订单量价齐升，叠加双燃料发动机渗透率提升及钢价低位运行，公司盈利能力有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国动力",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c6bd37c2e9e0",
      "from": "company:中国动力",
      "from_name": "中国动力",
      "to": "topic:双燃料发动机",
      "to_name": "双燃料发动机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 双燃料发动机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:d2f622a2f329",
          "chunk_index": 2,
          "quote_summary": "造船周期上行带动柴油机订单量价齐升，叠加双燃料发动机渗透率提升及钢价低位运行，公司盈利能力有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国动力",
      "target": "topic:双燃料发动机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d90773b53e16",
      "from": "company:中国动力",
      "from_name": "中国动力",
      "to": "topic:盈利改善",
      "to_name": "盈利改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 盈利改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:d2f622a2f329",
          "chunk_index": 2,
          "quote_summary": "造船周期上行带动柴油机订单量价齐升，叠加双燃料发动机渗透率提升及钢价低位运行，公司盈利能力有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国动力",
      "target": "topic:盈利改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "36f0fc45dc2d",
      "from": "company:中国动力",
      "from_name": "中国动力",
      "to": "topic:船用低速柴油机",
      "to_name": "船用低速柴油机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 船用低速柴油机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:d2f622a2f329",
          "chunk_index": 2,
          "quote_summary": "造船周期上行带动柴油机订单量价齐升，叠加双燃料发动机渗透率提升及钢价低位运行，公司盈利能力有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国动力",
      "target": "topic:船用低速柴油机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2a497da4f316",
      "from": "company:中国动力",
      "from_name": "中国动力",
      "to": "topic:船舶动力系统",
      "to_name": "船舶动力系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 船舶动力系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:d2f622a2f329",
          "chunk_index": 2,
          "quote_summary": "造船周期上行带动柴油机订单量价齐升，叠加双燃料发动机渗透率提升及钢价低位运行，公司盈利能力有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国动力",
      "target": "topic:船舶动力系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6c694baa0831",
      "from": "company:中国动力",
      "from_name": "中国动力",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:d2f622a2f329",
          "chunk_index": 2,
          "quote_summary": "造船周期上行带动柴油机订单量价齐升，叠加双燃料发动机渗透率提升及钢价低位运行，公司盈利能力有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国动力",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "56677c7ec658",
      "from": "company:中国动力",
      "from_name": "中国动力",
      "to": "topic:造船周期",
      "to_name": "造船周期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国动力 研报中反复涉及 造船周期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-柴油机量价齐升-公司-1h24-利润高增-0e6f0d3313ac.md",
          "chunk_id": "chunk:d2f622a2f329",
          "chunk_index": 2,
          "quote_summary": "造船周期上行带动柴油机订单量价齐升，叠加双燃料发动机渗透率提升及钢价低位运行，公司盈利能力有望持续改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国动力",
      "target": "topic:造船周期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a8fa878339f3",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:301调查",
      "to_name": "301调查",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 301调查。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md",
          "chunk_id": "chunk:11de068487c0",
          "chunk_index": 5,
          "quote_summary": "造船周期处于上行早期，存量船队老龄化与绿色船型转型趋势确定，支撑中长期需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:301调查",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9623122f5c34",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:业绩兑现",
      "to_name": "业绩兑现",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 业绩兑现。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md",
          "chunk_id": "chunk:11de068487c0",
          "chunk_index": 5,
          "quote_summary": "造船周期处于上行早期，存量船队老龄化与绿色船型转型趋势确定，支撑中长期需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:业绩兑现",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "87a5ee38a7d0",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:业绩预增",
      "to_name": "业绩预增",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 业绩预增。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-25年业绩高增-看好未来利润率持续提升-6e558bff8638.md",
          "chunk_id": "chunk:5ab8c28090d8",
          "chunk_index": 0,
          "quote_summary": "船舶周期持续上行，全球产能供不应求，叠加2025年低基数，2026年有望量价齐升。公司作为全球造船龙头在手订单充足，南北船合并后协同效应将提升综合竞争力与盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:业绩预增",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5b483d07c83a",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:全球份额",
      "to_name": "全球份额",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 全球份额。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船价景气-份额提升-盈利能力显著改善-0b20e2ffded8.md",
          "chunk_id": "chunk:d1eb4e89b67a",
          "chunk_index": 4,
          "quote_summary": "全球新造船价格指数维持高位叠加公司持续降本增效，推动利润增速显著跑赢营收增速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:全球份额",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0247e667585a",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船价景气-份额提升-盈利能力显著改善-0b20e2ffded8.md",
          "chunk_id": "chunk:d1eb4e89b67a",
          "chunk_index": 4,
          "quote_summary": "全球新造船价格指数维持高位叠加公司持续降本增效，推动利润增速显著跑赢营收增速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "84ae17425dcf",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:周期上行",
      "to_name": "周期上行",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 周期上行。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-25年业绩高增-看好未来利润率持续提升-6e558bff8638.md",
          "chunk_id": "chunk:5ab8c28090d8",
          "chunk_index": 0,
          "quote_summary": "船舶周期持续上行，全球产能供不应求，叠加2025年低基数，2026年有望量价齐升。公司作为全球造船龙头在手订单充足，南北船合并后协同效应将提升综合竞争力与盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:周期上行",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f6cfedaaa51e",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:投资建议",
      "to_name": "投资建议",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 投资建议。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-25年业绩高增-看好未来利润率持续提升-6e558bff8638.md",
          "chunk_id": "chunk:5ab8c28090d8",
          "chunk_index": 0,
          "quote_summary": "船舶周期持续上行，全球产能供不应求，叠加2025年低基数，2026年有望量价齐升。公司作为全球造船龙头在手订单充足，南北船合并后协同效应将提升综合竞争力与盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:投资建议",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f23bf2772984",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:盈利能力",
      "to_name": "盈利能力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 盈利能力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-25年业绩高增-看好未来利润率持续提升-6e558bff8638.md",
          "chunk_id": "chunk:5ab8c28090d8",
          "chunk_index": 0,
          "quote_summary": "船舶周期持续上行，全球产能供不应求，叠加2025年低基数，2026年有望量价齐升。公司作为全球造船龙头在手订单充足，南北船合并后协同效应将提升综合竞争力与盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:盈利能力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6f40b6c7f3a8",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:盈利预测",
      "to_name": "盈利预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 盈利预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md",
          "chunk_id": "chunk:11de068487c0",
          "chunk_index": 5,
          "quote_summary": "造船周期处于上行早期，存量船队老龄化与绿色船型转型趋势确定，支撑中长期需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:盈利预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f7b689aeff6c",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:船舶制造",
      "to_name": "船舶制造",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 船舶制造。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md",
          "chunk_id": "chunk:11de068487c0",
          "chunk_index": 5,
          "quote_summary": "造船周期处于上行早期，存量船队老龄化与绿色船型转型趋势确定，支撑中长期需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:船舶制造",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "43c92a0ae189",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:营收",
      "to_name": "营收",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 营收。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md",
          "chunk_id": "chunk:11de068487c0",
          "chunk_index": 5,
          "quote_summary": "造船周期处于上行早期，存量船队老龄化与绿色船型转型趋势确定，支撑中长期需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:营收",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b296360901cd",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md",
          "chunk_id": "chunk:11de068487c0",
          "chunk_index": 5,
          "quote_summary": "造船周期处于上行早期，存量船队老龄化与绿色船型转型趋势确定，支撑中长期需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "29f768f8145b",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:资产重组",
      "to_name": "资产重组",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 资产重组。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-船价景气-份额提升-盈利能力显著改善-0b20e2ffded8.md",
          "chunk_id": "chunk:d1eb4e89b67a",
          "chunk_index": 4,
          "quote_summary": "全球新造船价格指数维持高位叠加公司持续降本增效，推动利润增速显著跑赢营收增速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:资产重组",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "862276336755",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:造船周期",
      "to_name": "造船周期",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 造船周期。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md",
          "chunk_id": "chunk:11de068487c0",
          "chunk_index": 5,
          "quote_summary": "造船周期处于上行早期，存量船队老龄化与绿色船型转型趋势确定，支撑中长期需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:造船周期",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "56e8c7a76125",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-25年业绩高增-看好未来利润率持续提升-6e558bff8638.md",
          "chunk_id": "chunk:5ab8c28090d8",
          "chunk_index": 0,
          "quote_summary": "船舶周期持续上行，全球产能供不应求，叠加2025年低基数，2026年有望量价齐升。公司作为全球造船龙头在手订单充足，南北船合并后协同效应将提升综合竞争力与盈利能力。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "099640f21ffc",
      "from": "company:中国船舶",
      "from_name": "中国船舶",
      "to": "topic:降本增效",
      "to_name": "降本增效",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中国船舶 研报中反复涉及 降本增效。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩进入兑现期-逐步迈向新高-8df757032bf6.md",
          "chunk_id": "chunk:11de068487c0",
          "chunk_index": 5,
          "quote_summary": "造船周期处于上行早期，存量船队老龄化与绿色船型转型趋势确定，支撑中长期需求。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中国船舶",
      "target": "topic:降本增效",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "475ac397d099",
      "from": "company:中航光电",
      "from_name": "中航光电",
      "to": "topic:ai算力",
      "to_name": "AI算力",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 AI算力。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-9e4b4aaf499e.md",
          "chunk_id": "chunk:3e86a1a21df2",
          "chunk_index": 4,
          "quote_summary": "公司依托专业互连技术优势，在防务领域巩固首选供应商地位，同时全面拓展新能源汽车、数据中心及工业装备等新兴赛道，多业务共振驱动长期成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航光电",
      "target": "topic:ai算力",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "909b631a09bd",
      "from": "company:中航光电",
      "from_name": "中航光电",
      "to": "topic:互连技术",
      "to_name": "互连技术",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 互连技术。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-9e4b4aaf499e.md",
          "chunk_id": "chunk:3e86a1a21df2",
          "chunk_index": 4,
          "quote_summary": "公司依托专业互连技术优势，在防务领域巩固首选供应商地位，同时全面拓展新能源汽车、数据中心及工业装备等新兴赛道，多业务共振驱动长期成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航光电",
      "target": "topic:互连技术",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2915f1eb7955",
      "from": "company:中航光电",
      "from_name": "中航光电",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-9e4b4aaf499e.md",
          "chunk_id": "chunk:3e86a1a21df2",
          "chunk_index": 4,
          "quote_summary": "公司依托专业互连技术优势，在防务领域巩固首选供应商地位，同时全面拓展新能源汽车、数据中心及工业装备等新兴赛道，多业务共振驱动长期成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航光电",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7e519afe1241",
      "from": "company:中航光电",
      "from_name": "中航光电",
      "to": "topic:工业装备",
      "to_name": "工业装备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 工业装备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-9e4b4aaf499e.md",
          "chunk_id": "chunk:3e86a1a21df2",
          "chunk_index": 4,
          "quote_summary": "公司依托专业互连技术优势，在防务领域巩固首选供应商地位，同时全面拓展新能源汽车、数据中心及工业装备等新兴赛道，多业务共振驱动长期成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航光电",
      "target": "topic:工业装备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b8a6fd13fe29",
      "from": "company:中航光电",
      "from_name": "中航光电",
      "to": "topic:数据中心",
      "to_name": "数据中心",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 数据中心。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-9e4b4aaf499e.md",
          "chunk_id": "chunk:3e86a1a21df2",
          "chunk_index": 4,
          "quote_summary": "公司依托专业互连技术优势，在防务领域巩固首选供应商地位，同时全面拓展新能源汽车、数据中心及工业装备等新兴赛道，多业务共振驱动长期成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航光电",
      "target": "topic:数据中心",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dd26b836baf2",
      "from": "company:中航光电",
      "from_name": "中航光电",
      "to": "topic:新能源汽车",
      "to_name": "新能源汽车",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 新能源汽车。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-9e4b4aaf499e.md",
          "chunk_id": "chunk:3e86a1a21df2",
          "chunk_index": 4,
          "quote_summary": "公司依托专业互连技术优势，在防务领域巩固首选供应商地位，同时全面拓展新能源汽车、数据中心及工业装备等新兴赛道，多业务共振驱动长期成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航光电",
      "target": "topic:新能源汽车",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f0c98a39296f",
      "from": "company:中航光电",
      "from_name": "中航光电",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-9e4b4aaf499e.md",
          "chunk_id": "chunk:3e86a1a21df2",
          "chunk_index": 4,
          "quote_summary": "公司依托专业互连技术优势，在防务领域巩固首选供应商地位，同时全面拓展新能源汽车、数据中心及工业装备等新兴赛道，多业务共振驱动长期成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航光电",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "778647a4a256",
      "from": "company:中航光电",
      "from_name": "中航光电",
      "to": "topic:防务军工",
      "to_name": "防务军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航光电 研报中反复涉及 防务军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-9e4b4aaf499e.md",
          "chunk_id": "chunk:3e86a1a21df2",
          "chunk_index": 4,
          "quote_summary": "公司依托专业互连技术优势，在防务领域巩固首选供应商地位，同时全面拓展新能源汽车、数据中心及工业装备等新兴赛道，多业务共振驱动长期成长。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航光电",
      "target": "topic:防务军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c625af7619ab",
      "from": "company:中航沈飞",
      "from_name": "中航沈飞",
      "to": "topic:c919产业链",
      "to_name": "c919产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 C919产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交付节奏阶段性承压-订单充裕保障长期成长-d978e8e53704.md",
          "chunk_id": "chunk:0df9221b0ea3",
          "chunk_index": 0,
          "quote_summary": "短期交付节奏波动不改长期趋势，产品谱系向新一代隐身战机倾斜拉长生产周期，但充裕订单与现金流改善为后续业绩释放提供保障。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航沈飞",
      "target": "topic:c919产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "83f650e22216",
      "from": "company:中航沈飞",
      "from_name": "中航沈飞",
      "to": "topic:合同负债",
      "to_name": "合同负债",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 合同负债。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交付节奏阶段性承压-订单充裕保障长期成长-d978e8e53704.md",
          "chunk_id": "chunk:0df9221b0ea3",
          "chunk_index": 0,
          "quote_summary": "短期交付节奏波动不改长期趋势，产品谱系向新一代隐身战机倾斜拉长生产周期，但充裕订单与现金流改善为后续业绩释放提供保障。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航沈飞",
      "target": "topic:合同负债",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "87bbb05818d2",
      "from": "company:中航沈飞",
      "from_name": "中航沈飞",
      "to": "topic:战斗机交付",
      "to_name": "战斗机交付",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 战斗机交付。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交付节奏阶段性承压-订单充裕保障长期成长-d978e8e53704.md",
          "chunk_id": "chunk:0df9221b0ea3",
          "chunk_index": 0,
          "quote_summary": "短期交付节奏波动不改长期趋势，产品谱系向新一代隐身战机倾斜拉长生产周期，但充裕订单与现金流改善为后续业绩释放提供保障。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航沈飞",
      "target": "topic:战斗机交付",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5fba536182e8",
      "from": "company:中航沈飞",
      "from_name": "中航沈飞",
      "to": "topic:现金流改善",
      "to_name": "现金流改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 现金流改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交付节奏阶段性承压-订单充裕保障长期成长-d978e8e53704.md",
          "chunk_id": "chunk:0df9221b0ea3",
          "chunk_index": 0,
          "quote_summary": "短期交付节奏波动不改长期趋势，产品谱系向新一代隐身战机倾斜拉长生产周期，但充裕订单与现金流改善为后续业绩释放提供保障。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航沈飞",
      "target": "topic:现金流改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "aaccecc7d604",
      "from": "company:中航沈飞",
      "from_name": "中航沈飞",
      "to": "topic:航空防务",
      "to_name": "航空防务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 航空防务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交付节奏阶段性承压-订单充裕保障长期成长-d978e8e53704.md",
          "chunk_id": "chunk:0df9221b0ea3",
          "chunk_index": 0,
          "quote_summary": "短期交付节奏波动不改长期趋势，产品谱系向新一代隐身战机倾斜拉长生产周期，但充裕订单与现金流改善为后续业绩释放提供保障。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航沈飞",
      "target": "topic:航空防务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bee016f440db",
      "from": "company:中航沈飞",
      "from_name": "中航沈飞",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交付节奏阶段性承压-订单充裕保障长期成长-d978e8e53704.md",
          "chunk_id": "chunk:0df9221b0ea3",
          "chunk_index": 0,
          "quote_summary": "短期交付节奏波动不改长期趋势，产品谱系向新一代隐身战机倾斜拉长生产周期，但充裕订单与现金流改善为后续业绩释放提供保障。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航沈飞",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bdc3cbb5bf39",
      "from": "company:中航沈飞",
      "from_name": "中航沈飞",
      "to": "topic:钛合金-复合材料",
      "to_name": "钛合金-复合材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 钛合金/复合材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交付节奏阶段性承压-订单充裕保障长期成长-d978e8e53704.md",
          "chunk_id": "chunk:0df9221b0ea3",
          "chunk_index": 0,
          "quote_summary": "短期交付节奏波动不改长期趋势，产品谱系向新一代隐身战机倾斜拉长生产周期，但充裕订单与现金流改善为后续业绩释放提供保障。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航沈飞",
      "target": "topic:钛合金-复合材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c821d230825b",
      "from": "company:中航沈飞",
      "from_name": "中航沈飞",
      "to": "topic:隐身战机",
      "to_name": "隐身战机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航沈飞 研报中反复涉及 隐身战机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-交付节奏阶段性承压-订单充裕保障长期成长-d978e8e53704.md",
          "chunk_id": "chunk:0df9221b0ea3",
          "chunk_index": 0,
          "quote_summary": "短期交付节奏波动不改长期趋势，产品谱系向新一代隐身战机倾斜拉长生产周期，但充裕订单与现金流改善为后续业绩释放提供保障。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航沈飞",
      "target": "topic:隐身战机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "15aae840b75b",
      "from": "company:中航高科",
      "from_name": "中航高科",
      "to": "topic:产能扩张",
      "to_name": "产能扩张",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 产能扩张。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-1aec251ca65b.md",
          "chunk_id": "chunk:7ac1be99dd70",
          "chunk_index": 3,
          "quote_summary": "航空新材料核心主业保持稳健增长，科技创新与成果转化成效显著，构建复合材料原材料、民机结构件及低空经济技术平台。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航高科",
      "target": "topic:产能扩张",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3a495a5f6c71",
      "from": "company:中航高科",
      "from_name": "中航高科",
      "to": "topic:低空经济",
      "to_name": "低空经济",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 低空经济。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-1aec251ca65b.md",
          "chunk_id": "chunk:7ac1be99dd70",
          "chunk_index": 3,
          "quote_summary": "航空新材料核心主业保持稳健增长，科技创新与成果转化成效显著，构建复合材料原材料、民机结构件及低空经济技术平台。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航高科",
      "target": "topic:低空经济",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8bd6ade7fdcd",
      "from": "company:中航高科",
      "from_name": "中航高科",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-1aec251ca65b.md",
          "chunk_id": "chunk:7ac1be99dd70",
          "chunk_index": 3,
          "quote_summary": "航空新材料核心主业保持稳健增长，科技创新与成果转化成效显著，构建复合材料原材料、民机结构件及低空经济技术平台。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航高科",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8d3d2c40cc1d",
      "from": "company:中航高科",
      "from_name": "中航高科",
      "to": "topic:民机配套",
      "to_name": "民机配套",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 民机配套。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-1aec251ca65b.md",
          "chunk_id": "chunk:7ac1be99dd70",
          "chunk_index": 3,
          "quote_summary": "航空新材料核心主业保持稳健增长，科技创新与成果转化成效显著，构建复合材料原材料、民机结构件及低空经济技术平台。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航高科",
      "target": "topic:民机配套",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "989fdaa2df4a",
      "from": "company:中航高科",
      "from_name": "中航高科",
      "to": "topic:碳纤维复合材料",
      "to_name": "碳纤维复合材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 碳纤维复合材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-1aec251ca65b.md",
          "chunk_id": "chunk:7ac1be99dd70",
          "chunk_index": 3,
          "quote_summary": "航空新材料核心主业保持稳健增长，科技创新与成果转化成效显著，构建复合材料原材料、民机结构件及低空经济技术平台。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航高科",
      "target": "topic:碳纤维复合材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b69777d7f710",
      "from": "company:中航高科",
      "from_name": "中航高科",
      "to": "topic:航空",
      "to_name": "航空",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 航空。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-1aec251ca65b.md",
          "chunk_id": "chunk:7ac1be99dd70",
          "chunk_index": 3,
          "quote_summary": "航空新材料核心主业保持稳健增长，科技创新与成果转化成效显著，构建复合材料原材料、民机结构件及低空经济技术平台。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航高科",
      "target": "topic:航空",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2cd4cc48a0f5",
      "from": "company:中航高科",
      "from_name": "中航高科",
      "to": "topic:航空新材料",
      "to_name": "航空新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 航空新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-1aec251ca65b.md",
          "chunk_id": "chunk:7ac1be99dd70",
          "chunk_index": 3,
          "quote_summary": "航空新材料核心主业保持稳健增长，科技创新与成果转化成效显著，构建复合材料原材料、民机结构件及低空经济技术平台。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航高科",
      "target": "topic:航空新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7b082ac438ea",
      "from": "company:中航高科",
      "from_name": "中航高科",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "中航高科 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-1aec251ca65b.md",
          "chunk_id": "chunk:7ac1be99dd70",
          "chunk_index": 3,
          "quote_summary": "航空新材料核心主业保持稳健增长，科技创新与成果转化成效显著，构建复合材料原材料、民机结构件及低空经济技术平台。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:中航高科",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6063b9de9db4",
      "from": "company:信维通信",
      "from_name": "信维通信",
      "to": "topic:ai手机",
      "to_name": "ai手机",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 AI手机。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md",
          "chunk_id": "chunk:a23cbf321cb6",
          "chunk_index": 2,
          "quote_summary": "消费电子市场复苏带动公司Q3业绩显著改善，AI手机、汽车电子及卫星互联网三大新兴业务构筑长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:信维通信",
      "target": "topic:ai手机",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "84b20d6f15d2",
      "from": "company:信维通信",
      "from_name": "信维通信",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md",
          "chunk_id": "chunk:a23cbf321cb6",
          "chunk_index": 2,
          "quote_summary": "消费电子市场复苏带动公司Q3业绩显著改善，AI手机、汽车电子及卫星互联网三大新兴业务构筑长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:信维通信",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7f5e7874c122",
      "from": "company:信维通信",
      "from_name": "信维通信",
      "to": "topic:卫星互联网",
      "to_name": "卫星互联网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 卫星互联网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md",
          "chunk_id": "chunk:a23cbf321cb6",
          "chunk_index": 2,
          "quote_summary": "消费电子市场复苏带动公司Q3业绩显著改善，AI手机、汽车电子及卫星互联网三大新兴业务构筑长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:信维通信",
      "target": "topic:卫星互联网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fe0b88aebaa4",
      "from": "company:信维通信",
      "from_name": "信维通信",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md",
          "chunk_id": "chunk:a23cbf321cb6",
          "chunk_index": 2,
          "quote_summary": "消费电子市场复苏带动公司Q3业绩显著改善，AI手机、汽车电子及卫星互联网三大新兴业务构筑长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:信维通信",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e3d045ab5281",
      "from": "company:信维通信",
      "from_name": "信维通信",
      "to": "topic:射频",
      "to_name": "射频",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 射频。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md",
          "chunk_id": "chunk:a23cbf321cb6",
          "chunk_index": 2,
          "quote_summary": "消费电子市场复苏带动公司Q3业绩显著改善，AI手机、汽车电子及卫星互联网三大新兴业务构筑长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:信维通信",
      "target": "topic:射频",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2b79aacc3a03",
      "from": "company:信维通信",
      "from_name": "信维通信",
      "to": "topic:并购整合",
      "to_name": "并购整合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 并购整合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md",
          "chunk_id": "chunk:9bd63e4502a1",
          "chunk_index": 2,
          "quote_summary": "消费电子行业步入存量调整期，下游去库存压力缓解后24Q1业绩初步回暖，智能工厂建设推动生产运营效率优化及毛利率改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:信维通信",
      "target": "topic:并购整合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1c3cd1e327b2",
      "from": "company:信维通信",
      "from_name": "信维通信",
      "to": "topic:智能汽车",
      "to_name": "智能汽车",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 智能汽车。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md",
          "chunk_id": "chunk:a23cbf321cb6",
          "chunk_index": 2,
          "quote_summary": "消费电子市场复苏带动公司Q3业绩显著改善，AI手机、汽车电子及卫星互联网三大新兴业务构筑长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:信维通信",
      "target": "topic:智能汽车",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e8c46b344444",
      "from": "company:信维通信",
      "from_name": "信维通信",
      "to": "topic:毛利率改善",
      "to_name": "毛利率改善",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 毛利率改善。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md",
          "chunk_id": "chunk:9bd63e4502a1",
          "chunk_index": 2,
          "quote_summary": "消费电子行业步入存量调整期，下游去库存压力缓解后24Q1业绩初步回暖，智能工厂建设推动生产运营效率优化及毛利率改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:信维通信",
      "target": "topic:毛利率改善",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8d6d5585d12d",
      "from": "company:信维通信",
      "from_name": "信维通信",
      "to": "topic:泛射频",
      "to_name": "泛射频",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 泛射频。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证-券-研-究-报-告-fd9a2ea62bb0.md",
          "chunk_id": "chunk:9bd63e4502a1",
          "chunk_index": 2,
          "quote_summary": "消费电子行业步入存量调整期，下游去库存压力缓解后24Q1业绩初步回暖，智能工厂建设推动生产运营效率优化及毛利率改善。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:信维通信",
      "target": "topic:泛射频",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a5a66549f723",
      "from": "company:信维通信",
      "from_name": "信维通信",
      "to": "topic:消费电子",
      "to_name": "消费电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 消费电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md",
          "chunk_id": "chunk:a23cbf321cb6",
          "chunk_index": 2,
          "quote_summary": "消费电子市场复苏带动公司Q3业绩显著改善，AI手机、汽车电子及卫星互联网三大新兴业务构筑长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:信维通信",
      "target": "topic:消费电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "262b8c4badbb",
      "from": "company:信维通信",
      "from_name": "信维通信",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "信维通信 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-证-券-研-究-报-告-66e4d95dbc79.md",
          "chunk_id": "chunk:a23cbf321cb6",
          "chunk_index": 2,
          "quote_summary": "消费电子市场复苏带动公司Q3业绩显著改善，AI手机、汽车电子及卫星互联网三大新兴业务构筑长期成长逻辑。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:信维通信",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b95769d1199a",
      "from": "company:哈尔滨新光光电科技股份有限公司",
      "from_name": "哈尔滨新光光电科技股份有限公司",
      "to": "topic:光电制导",
      "to_name": "光电制导",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "哈尔滨新光光电科技股份有限公司 研报中反复涉及 光电制导。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md",
          "chunk_id": "chunk:24e9dbe7ce13",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛，国内军种装备升级与出口量跃升共同驱动行业规模扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:哈尔滨新光光电科技股份有限公司",
      "target": "topic:光电制导",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6c1e11919cd7",
      "from": "company:哈尔滨新光光电科技股份有限公司",
      "from_name": "哈尔滨新光光电科技股份有限公司",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "哈尔滨新光光电科技股份有限公司 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md",
          "chunk_id": "chunk:24e9dbe7ce13",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛，国内军种装备升级与出口量跃升共同驱动行业规模扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:哈尔滨新光光电科技股份有限公司",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "deedb84031e4",
      "from": "company:哈尔滨新光光电科技股份有限公司",
      "from_name": "哈尔滨新光光电科技股份有限公司",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "哈尔滨新光光电科技股份有限公司 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md",
          "chunk_id": "chunk:24e9dbe7ce13",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛，国内军种装备升级与出口量跃升共同驱动行业规模扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:哈尔滨新光光电科技股份有限公司",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3aff06391659",
      "from": "company:哈尔滨新光光电科技股份有限公司",
      "from_name": "哈尔滨新光光电科技股份有限公司",
      "to": "topic:军民融合",
      "to_name": "军民融合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "哈尔滨新光光电科技股份有限公司 研报中反复涉及 军民融合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md",
          "chunk_id": "chunk:24e9dbe7ce13",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛，国内军种装备升级与出口量跃升共同驱动行业规模扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:哈尔滨新光光电科技股份有限公司",
      "target": "topic:军民融合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a360298e774a",
      "from": "company:哈尔滨新光光电科技股份有限公司",
      "from_name": "哈尔滨新光光电科技股份有限公司",
      "to": "topic:激光设备",
      "to_name": "激光设备",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "哈尔滨新光光电科技股份有限公司 研报中反复涉及 激光设备。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md",
          "chunk_id": "chunk:24e9dbe7ce13",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛，国内军种装备升级与出口量跃升共同驱动行业规模扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:哈尔滨新光光电科技股份有限公司",
      "target": "topic:激光设备",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "74cff2117641",
      "from": "company:哈尔滨新光光电科技股份有限公司",
      "from_name": "哈尔滨新光光电科技股份有限公司",
      "to": "topic:科创板",
      "to_name": "科创板",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "哈尔滨新光光电科技股份有限公司 研报中反复涉及 科创板。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md",
          "chunk_id": "chunk:24e9dbe7ce13",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛，国内军种装备升级与出口量跃升共同驱动行业规模扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:哈尔滨新光光电科技股份有限公司",
      "target": "topic:科创板",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fd3ddd94cb5e",
      "from": "company:哈尔滨新光光电科技股份有限公司",
      "from_name": "哈尔滨新光光电科技股份有限公司",
      "to": "topic:航天",
      "to_name": "航天",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "哈尔滨新光光电科技股份有限公司 研报中反复涉及 航天。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md",
          "chunk_id": "chunk:24e9dbe7ce13",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛，国内军种装备升级与出口量跃升共同驱动行业规模扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:哈尔滨新光光电科技股份有限公司",
      "target": "topic:航天",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cc5267e67219",
      "from": "company:哈尔滨新光光电科技股份有限公司",
      "from_name": "哈尔滨新光光电科技股份有限公司",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "哈尔滨新光光电科技股份有限公司 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板高端装备系列之四-新光光电-55de1204d244.md",
          "chunk_id": "chunk:24e9dbe7ce13",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛，国内军种装备升级与出口量跃升共同驱动行业规模扩张。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:哈尔滨新光光电科技股份有限公司",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ac1add76486b",
      "from": "company:国博电子",
      "from_name": "国博电子",
      "to": "topic:t-r组件",
      "to_name": "T/R组件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 T/R组件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-硅基-gan-终端射频功放量产-打造第二增长曲线-9ff616181a9a.md",
          "chunk_id": "chunk:be07258a1da0",
          "chunk_index": 0,
          "quote_summary": "硅基氮化镓功放芯片在终端射频领域首次实现量产交付，预计将持续替代现有砷化镓产品，全频段全场景推广有望为公司营收打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国博电子",
      "target": "topic:t-r组件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9633f1340170",
      "from": "company:国博电子",
      "from_name": "国博电子",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-硅基-gan-终端射频功放量产-打造第二增长曲线-9ff616181a9a.md",
          "chunk_id": "chunk:be07258a1da0",
          "chunk_index": 0,
          "quote_summary": "硅基氮化镓功放芯片在终端射频领域首次实现量产交付，预计将持续替代现有砷化镓产品，全频段全场景推广有望为公司营收打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国博电子",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "19bf077dc049",
      "from": "company:国博电子",
      "from_name": "国博电子",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-硅基-gan-终端射频功放量产-打造第二增长曲线-9ff616181a9a.md",
          "chunk_id": "chunk:be07258a1da0",
          "chunk_index": 0,
          "quote_summary": "硅基氮化镓功放芯片在终端射频领域首次实现量产交付，预计将持续替代现有砷化镓产品，全频段全场景推广有望为公司营收打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国博电子",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0501a97b618d",
      "from": "company:国博电子",
      "from_name": "国博电子",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-硅基-gan-终端射频功放量产-打造第二增长曲线-9ff616181a9a.md",
          "chunk_id": "chunk:be07258a1da0",
          "chunk_index": 0,
          "quote_summary": "硅基氮化镓功放芯片在终端射频领域首次实现量产交付，预计将持续替代现有砷化镓产品，全频段全场景推广有望为公司营收打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国博电子",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7fc3b74b6563",
      "from": "company:国博电子",
      "from_name": "国博电子",
      "to": "topic:射频芯片",
      "to_name": "射频芯片",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 射频芯片。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-硅基-gan-终端射频功放量产-打造第二增长曲线-9ff616181a9a.md",
          "chunk_id": "chunk:be07258a1da0",
          "chunk_index": 0,
          "quote_summary": "硅基氮化镓功放芯片在终端射频领域首次实现量产交付，预计将持续替代现有砷化镓产品，全频段全场景推广有望为公司营收打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国博电子",
      "target": "topic:射频芯片",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8a2c28f442f4",
      "from": "company:国博电子",
      "from_name": "国博电子",
      "to": "topic:氮化镓",
      "to_name": "氮化镓",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 氮化镓。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-硅基-gan-终端射频功放量产-打造第二增长曲线-9ff616181a9a.md",
          "chunk_id": "chunk:be07258a1da0",
          "chunk_index": 0,
          "quote_summary": "硅基氮化镓功放芯片在终端射频领域首次实现量产交付，预计将持续替代现有砷化镓产品，全频段全场景推广有望为公司营收打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国博电子",
      "target": "topic:氮化镓",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "60b84a0d5b03",
      "from": "company:国博电子",
      "from_name": "国博电子",
      "to": "topic:第二增长曲线",
      "to_name": "第二增长曲线",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 第二增长曲线。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-硅基-gan-终端射频功放量产-打造第二增长曲线-9ff616181a9a.md",
          "chunk_id": "chunk:be07258a1da0",
          "chunk_index": 0,
          "quote_summary": "硅基氮化镓功放芯片在终端射频领域首次实现量产交付，预计将持续替代现有砷化镓产品，全频段全场景推广有望为公司营收打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国博电子",
      "target": "topic:第二增长曲线",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "16dbb55c3c52",
      "from": "company:国博电子",
      "from_name": "国博电子",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国博电子 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-硅基-gan-终端射频功放量产-打造第二增长曲线-9ff616181a9a.md",
          "chunk_id": "chunk:be07258a1da0",
          "chunk_index": 0,
          "quote_summary": "硅基氮化镓功放芯片在终端射频领域首次实现量产交付，预计将持续替代现有砷化镓产品，全频段全场景推广有望为公司营收打造第二增长曲线。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国博电子",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c22efd44532e",
      "from": "company:国盾量子",
      "from_name": "国盾量子",
      "to": "topic:qkd",
      "to_name": "qkd",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 QKD。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华鑫证券-华鑫证券-科创板报告-829241e7bda5.md",
          "chunk_id": "chunk:e9521634f2be",
          "chunk_index": 0,
          "quote_summary": "量子通信是应对传统密码挑战及未来信息安全威胁的重要手段，随着各国重视程度和投入加大，行业发展前景广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国盾量子",
      "target": "topic:qkd",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2462ed1e7528",
      "from": "company:国盾量子",
      "from_name": "国盾量子",
      "to": "topic:估值",
      "to_name": "估值",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 估值。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华鑫证券-华鑫证券-科创板报告-829241e7bda5.md",
          "chunk_id": "chunk:e9521634f2be",
          "chunk_index": 0,
          "quote_summary": "量子通信是应对传统密码挑战及未来信息安全威胁的重要手段，随着各国重视程度和投入加大，行业发展前景广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国盾量子",
      "target": "topic:估值",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "73fcc42abaf0",
      "from": "company:国盾量子",
      "from_name": "国盾量子",
      "to": "topic:信息安全",
      "to_name": "信息安全",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 信息安全。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华鑫证券-华鑫证券-科创板报告-829241e7bda5.md",
          "chunk_id": "chunk:e9521634f2be",
          "chunk_index": 0,
          "quote_summary": "量子通信是应对传统密码挑战及未来信息安全威胁的重要手段，随着各国重视程度和投入加大，行业发展前景广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国盾量子",
      "target": "topic:信息安全",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "deefbaaee1c8",
      "from": "company:国盾量子",
      "from_name": "国盾量子",
      "to": "topic:城域网-骨干网",
      "to_name": "城域网-骨干网",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 城域网/骨干网。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md",
          "chunk_id": "chunk:8be13c75819b",
          "chunk_index": 10,
          "quote_summary": "量子通信行业处于政策强力驱动的发展初期，自主可控成为必然趋势；公司凭借全产业链技术布局与超60%的市占率占据绝对龙头地位，将率先受益于广域量子网络基础设施建设及下游政企应用拓展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国盾量子",
      "target": "topic:城域网-骨干网",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "9716acfc2acd",
      "from": "company:国盾量子",
      "from_name": "国盾量子",
      "to": "topic:客户集中度",
      "to_name": "客户集中度",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 客户集中度。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md",
          "chunk_id": "chunk:8be13c75819b",
          "chunk_index": 10,
          "quote_summary": "量子通信行业处于政策强力驱动的发展初期，自主可控成为必然趋势；公司凭借全产业链技术布局与超60%的市占率占据绝对龙头地位，将率先受益于广域量子网络基础设施建设及下游政企应用拓展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国盾量子",
      "target": "topic:客户集中度",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
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    },
    {
      "edge_id": "f10c3ba318a3",
      "from": "company:国盾量子",
      "from_name": "国盾量子",
      "to": "topic:政策驱动",
      "to_name": "政策驱动",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 政策驱动。",
      "confidence": 0.62,
      "evidence": [
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          "source_path": "sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md",
          "chunk_id": "chunk:8be13c75819b",
          "chunk_index": 10,
          "quote_summary": "量子通信行业处于政策强力驱动的发展初期，自主可控成为必然趋势；公司凭借全产业链技术布局与超60%的市占率占据绝对龙头地位，将率先受益于广域量子网络基础设施建设及下游政企应用拓展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国盾量子",
      "target": "topic:政策驱动",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2d9fec3e0d17",
      "from": "company:国盾量子",
      "from_name": "国盾量子",
      "to": "topic:科创板",
      "to_name": "科创板",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 科创板。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华鑫证券-华鑫证券-科创板报告-829241e7bda5.md",
          "chunk_id": "chunk:e9521634f2be",
          "chunk_index": 0,
          "quote_summary": "量子通信是应对传统密码挑战及未来信息安全威胁的重要手段，随着各国重视程度和投入加大，行业发展前景广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国盾量子",
      "target": "topic:科创板",
      "label": "involves_topic",
      "category": "topic",
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      "evidence_count": 1
    },
    {
      "edge_id": "240045e94191",
      "from": "company:国盾量子",
      "from_name": "国盾量子",
      "to": "topic:网络安全",
      "to_name": "网络安全",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 网络安全。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华鑫证券-华鑫证券-科创板报告-829241e7bda5.md",
          "chunk_id": "chunk:e9521634f2be",
          "chunk_index": 0,
          "quote_summary": "量子通信是应对传统密码挑战及未来信息安全威胁的重要手段，随着各国重视程度和投入加大，行业发展前景广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国盾量子",
      "target": "topic:网络安全",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "87f3f1dfbb57",
      "from": "company:国盾量子",
      "from_name": "国盾量子",
      "to": "topic:自主可控",
      "to_name": "自主可控",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 自主可控。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板重点标的解析之二-国盾量子-a571f95f0cf7.md",
          "chunk_id": "chunk:8be13c75819b",
          "chunk_index": 10,
          "quote_summary": "量子通信行业处于政策强力驱动的发展初期，自主可控成为必然趋势；公司凭借全产业链技术布局与超60%的市占率占据绝对龙头地位，将率先受益于广域量子网络基础设施建设及下游政企应用拓展。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国盾量子",
      "target": "topic:自主可控",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5c16795806de",
      "from": "company:国盾量子",
      "from_name": "国盾量子",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华鑫证券-华鑫证券-科创板报告-829241e7bda5.md",
          "chunk_id": "chunk:e9521634f2be",
          "chunk_index": 0,
          "quote_summary": "量子通信是应对传统密码挑战及未来信息安全威胁的重要手段，随着各国重视程度和投入加大，行业发展前景广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国盾量子",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "1ff4cc830f38",
      "from": "company:国盾量子",
      "from_name": "国盾量子",
      "to": "topic:量子",
      "to_name": "量子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 量子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华鑫证券-华鑫证券-科创板报告-829241e7bda5.md",
          "chunk_id": "chunk:e9521634f2be",
          "chunk_index": 0,
          "quote_summary": "量子通信是应对传统密码挑战及未来信息安全威胁的重要手段，随着各国重视程度和投入加大，行业发展前景广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国盾量子",
      "target": "topic:量子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ad741df2cb1f",
      "from": "company:国盾量子",
      "from_name": "国盾量子",
      "to": "topic:量子通信",
      "to_name": "量子通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "国盾量子 研报中反复涉及 量子通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-华鑫证券-华鑫证券-科创板报告-829241e7bda5.md",
          "chunk_id": "chunk:e9521634f2be",
          "chunk_index": 0,
          "quote_summary": "量子通信是应对传统密码挑战及未来信息安全威胁的重要手段，随着各国重视程度和投入加大，行业发展前景广阔。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:国盾量子",
      "target": "topic:量子通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3e9650b2c0c8",
      "from": "company:安泰科技",
      "from_name": "安泰科技",
      "to": "topic:业绩预测",
      "to_name": "业绩预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 业绩预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩符合预期-多板块业务景气度整体上行-7836d6a42696.md",
          "chunk_id": "chunk:542f22ddf354",
          "chunk_index": 0,
          "quote_summary": "季节性因素致Q3收入环比微降，但稀土永磁与钨钼加工品步入旺季，购销价差扩大及毛利率提升驱动扣非净利润环比高增；公司持续推进降本增效，资本结构稳健，资产处置增厚利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:安泰科技",
      "target": "topic:业绩预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a3ecc58acc5d",
      "from": "company:安泰科技",
      "from_name": "安泰科技",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩符合预期-多板块业务景气度整体上行-7836d6a42696.md",
          "chunk_id": "chunk:542f22ddf354",
          "chunk_index": 0,
          "quote_summary": "季节性因素致Q3收入环比微降，但稀土永磁与钨钼加工品步入旺季，购销价差扩大及毛利率提升驱动扣非净利润环比高增；公司持续推进降本增效，资本结构稳健，资产处置增厚利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:安泰科技",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "e9e2bca4d0ba",
      "from": "company:安泰科技",
      "from_name": "安泰科技",
      "to": "topic:环比",
      "to_name": "环比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 环比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩符合预期-多板块业务景气度整体上行-7836d6a42696.md",
          "chunk_id": "chunk:542f22ddf354",
          "chunk_index": 0,
          "quote_summary": "季节性因素致Q3收入环比微降，但稀土永磁与钨钼加工品步入旺季，购销价差扩大及毛利率提升驱动扣非净利润环比高增；公司持续推进降本增效，资本结构稳健，资产处置增厚利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:安泰科技",
      "target": "topic:环比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "29a644296ea8",
      "from": "company:安泰科技",
      "from_name": "安泰科技",
      "to": "topic:稀土永磁",
      "to_name": "稀土永磁",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 稀土永磁。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩符合预期-多板块业务景气度整体上行-7836d6a42696.md",
          "chunk_id": "chunk:542f22ddf354",
          "chunk_index": 0,
          "quote_summary": "季节性因素致Q3收入环比微降，但稀土永磁与钨钼加工品步入旺季，购销价差扩大及毛利率提升驱动扣非净利润环比高增；公司持续推进降本增效，资本结构稳健，资产处置增厚利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:安泰科技",
      "target": "topic:稀土永磁",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ce2a9aff3c5b",
      "from": "company:安泰科技",
      "from_name": "安泰科技",
      "to": "topic:股权处置",
      "to_name": "股权处置",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 股权处置。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩符合预期-多板块业务景气度整体上行-7836d6a42696.md",
          "chunk_id": "chunk:542f22ddf354",
          "chunk_index": 0,
          "quote_summary": "季节性因素致Q3收入环比微降，但稀土永磁与钨钼加工品步入旺季，购销价差扩大及毛利率提升驱动扣非净利润环比高增；公司持续推进降本增效，资本结构稳健，资产处置增厚利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:安泰科技",
      "target": "topic:股权处置",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "184ad40ad6dc",
      "from": "company:安泰科技",
      "from_name": "安泰科技",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩符合预期-多板块业务景气度整体上行-7836d6a42696.md",
          "chunk_id": "chunk:542f22ddf354",
          "chunk_index": 0,
          "quote_summary": "季节性因素致Q3收入环比微降，但稀土永磁与钨钼加工品步入旺季，购销价差扩大及毛利率提升驱动扣非净利润环比高增；公司持续推进降本增效，资本结构稳健，资产处置增厚利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:安泰科技",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "dd93d43bd760",
      "from": "company:安泰科技",
      "from_name": "安泰科技",
      "to": "topic:钨钼材料",
      "to_name": "钨钼材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 钨钼材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩符合预期-多板块业务景气度整体上行-7836d6a42696.md",
          "chunk_id": "chunk:542f22ddf354",
          "chunk_index": 0,
          "quote_summary": "季节性因素致Q3收入环比微降，但稀土永磁与钨钼加工品步入旺季，购销价差扩大及毛利率提升驱动扣非净利润环比高增；公司持续推进降本增效，资本结构稳健，资产处置增厚利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:安泰科技",
      "target": "topic:钨钼材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "bfdc80d76b83",
      "from": "company:安泰科技",
      "from_name": "安泰科技",
      "to": "topic:降本增效",
      "to_name": "降本增效",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "安泰科技 研报中反复涉及 降本增效。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-业绩符合预期-多板块业务景气度整体上行-7836d6a42696.md",
          "chunk_id": "chunk:542f22ddf354",
          "chunk_index": 0,
          "quote_summary": "季节性因素致Q3收入环比微降，但稀土永磁与钨钼加工品步入旺季，购销价差扩大及毛利率提升驱动扣非净利润环比高增；公司持续推进降本增效，资本结构稳健，资产处置增厚利润。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:安泰科技",
      "target": "topic:降本增效",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2edfbae90f00",
      "from": "company:振华科技",
      "from_name": "振华科技",
      "to": "topic:业绩拐点",
      "to_name": "业绩拐点",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 业绩拐点。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md",
          "chunk_id": "chunk:3802d77f376c",
          "chunk_index": 0,
          "quote_summary": "Q3单季度业绩同环比双增，叠加合同负债连续三季攀升，验证下游需求回暖与订单充足，后续业绩有望持续加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:振华科技",
      "target": "topic:业绩拐点",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ed10946b589c",
      "from": "company:振华科技",
      "from_name": "振华科技",
      "to": "topic:估值修复",
      "to_name": "估值修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 估值修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md",
          "chunk_id": "chunk:3802d77f376c",
          "chunk_index": 0,
          "quote_summary": "Q3单季度业绩同环比双增，叠加合同负债连续三季攀升，验证下游需求回暖与订单充足，后续业绩有望持续加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:振华科技",
      "target": "topic:估值修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fe55573a5cd0",
      "from": "company:振华科技",
      "from_name": "振华科技",
      "to": "topic:军工电子",
      "to_name": "军工电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 军工电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md",
          "chunk_id": "chunk:3802d77f376c",
          "chunk_index": 0,
          "quote_summary": "Q3单季度业绩同环比双增，叠加合同负债连续三季攀升，验证下游需求回暖与订单充足，后续业绩有望持续加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:振华科技",
      "target": "topic:军工电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "fd0ed03f2075",
      "from": "company:振华科技",
      "from_name": "振华科技",
      "to": "topic:合同负债",
      "to_name": "合同负债",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 合同负债。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md",
          "chunk_id": "chunk:3802d77f376c",
          "chunk_index": 0,
          "quote_summary": "Q3单季度业绩同环比双增，叠加合同负债连续三季攀升，验证下游需求回暖与订单充足，后续业绩有望持续加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:振华科技",
      "target": "topic:合同负债",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a0b34fdfd575",
      "from": "company:振华科技",
      "from_name": "振华科技",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md",
          "chunk_id": "chunk:3802d77f376c",
          "chunk_index": 0,
          "quote_summary": "Q3单季度业绩同环比双增，叠加合同负债连续三季攀升，验证下游需求回暖与订单充足，后续业绩有望持续加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:振华科技",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2c36558f9e37",
      "from": "company:振华科技",
      "from_name": "振华科技",
      "to": "topic:营收",
      "to_name": "营收",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 营收。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md",
          "chunk_id": "chunk:3802d77f376c",
          "chunk_index": 0,
          "quote_summary": "Q3单季度业绩同环比双增，叠加合同负债连续三季攀升，验证下游需求回暖与订单充足，后续业绩有望持续加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:振华科技",
      "target": "topic:营收",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b5ab40d6efdb",
      "from": "company:振华科技",
      "from_name": "振华科技",
      "to": "topic:规模效应",
      "to_name": "规模效应",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 规模效应。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md",
          "chunk_id": "chunk:3802d77f376c",
          "chunk_index": 0,
          "quote_summary": "Q3单季度业绩同环比双增，叠加合同负债连续三季攀升，验证下游需求回暖与订单充足，后续业绩有望持续加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:振华科技",
      "target": "topic:规模效应",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6c55bfa1882c",
      "from": "company:振华科技",
      "from_name": "振华科技",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "振华科技 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-q3-实现同环比增长-订单充足业绩有望持续-ca955404f058.md",
          "chunk_id": "chunk:3802d77f376c",
          "chunk_index": 0,
          "quote_summary": "Q3单季度业绩同环比双增，叠加合同负债连续三季攀升，验证下游需求回暖与订单充足，后续业绩有望持续加速。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:振华科技",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "cadcd57d3203",
      "from": "company:新光光电",
      "from_name": "新光光电",
      "to": "topic:光学制导",
      "to_name": "光学制导",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 光学制导。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板询价报告之新光光电-921c115963da.md",
          "chunk_id": "chunk:b2e064883dc5",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛叠加全球激光设备市场稳步增长，公司凭借光学目标仿真、制导及测试等核心技术壁垒，深度绑定各大军工集团，业绩具备高成长确定性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:新光光电",
      "target": "topic:光学制导",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "87701e912e29",
      "from": "company:新光光电",
      "from_name": "新光光电",
      "to": "topic:军工",
      "to_name": "军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板询价报告之新光光电-921c115963da.md",
          "chunk_id": "chunk:b2e064883dc5",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛叠加全球激光设备市场稳步增长，公司凭借光学目标仿真、制导及测试等核心技术壁垒，深度绑定各大军工集团，业绩具备高成长确定性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:新光光电",
      "target": "topic:军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0ce9a17a2541",
      "from": "company:新光光电",
      "from_name": "新光光电",
      "to": "topic:军工光电",
      "to_name": "军工光电",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 军工光电。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板询价报告之新光光电-921c115963da.md",
          "chunk_id": "chunk:b2e064883dc5",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛叠加全球激光设备市场稳步增长，公司凭借光学目标仿真、制导及测试等核心技术壁垒，深度绑定各大军工集团，业绩具备高成长确定性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:新光光电",
      "target": "topic:军工光电",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ac9b1d5ae88d",
      "from": "company:新光光电",
      "from_name": "新光光电",
      "to": "topic:军民融合",
      "to_name": "军民融合",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 军民融合。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板询价报告之新光光电-921c115963da.md",
          "chunk_id": "chunk:b2e064883dc5",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛叠加全球激光设备市场稳步增长，公司凭借光学目标仿真、制导及测试等核心技术壁垒，深度绑定各大军工集团，业绩具备高成长确定性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:新光光电",
      "target": "topic:军民融合",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b8020a575921",
      "from": "company:新光光电",
      "from_name": "新光光电",
      "to": "topic:导弹产业链",
      "to_name": "导弹产业链",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 导弹产业链。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板询价报告之新光光电-921c115963da.md",
          "chunk_id": "chunk:b2e064883dc5",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛叠加全球激光设备市场稳步增长，公司凭借光学目标仿真、制导及测试等核心技术壁垒，深度绑定各大军工集团，业绩具备高成长确定性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:新光光电",
      "target": "topic:导弹产业链",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5a862758976e",
      "from": "company:新光光电",
      "from_name": "新光光电",
      "to": "topic:激光应用",
      "to_name": "激光应用",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 激光应用。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板询价报告之新光光电-921c115963da.md",
          "chunk_id": "chunk:b2e064883dc5",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛叠加全球激光设备市场稳步增长，公司凭借光学目标仿真、制导及测试等核心技术壁垒，深度绑定各大军工集团，业绩具备高成长确定性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:新光光电",
      "target": "topic:激光应用",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "d0e7bcdd15de",
      "from": "company:新光光电",
      "from_name": "新光光电",
      "to": "topic:科创板ipo",
      "to_name": "科创板ipo",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 科创板IPO。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板询价报告之新光光电-921c115963da.md",
          "chunk_id": "chunk:b2e064883dc5",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛叠加全球激光设备市场稳步增长，公司凭借光学目标仿真、制导及测试等核心技术壁垒，深度绑定各大军工集团，业绩具备高成长确定性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:新光光电",
      "target": "topic:科创板ipo",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "96f60575e7e2",
      "from": "company:新光光电",
      "from_name": "新光光电",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "新光光电 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-科创板询价报告之新光光电-921c115963da.md",
          "chunk_id": "chunk:b2e064883dc5",
          "chunk_index": 2,
          "quote_summary": "导弹产业链需求旺盛叠加全球激光设备市场稳步增长，公司凭借光学目标仿真、制导及测试等核心技术壁垒，深度绑定各大军工集团，业绩具备高成长确定性。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:新光光电",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f233030e0ed0",
      "from": "company:晨光生物",
      "from_name": "晨光生物",
      "to": "topic:fda政策催化",
      "to_name": "fda政策催化",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 FDA政策催化。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-32e0c5d5c837.md",
          "chunk_id": "chunk:a8605256fb87",
          "chunk_index": 1,
          "quote_summary": "主力产品价格处于近年最低水平，上游农户种植效益差导致原材料种植面积收缩，2026年种植面积可能进一步下降，供需格局改善有望推动价格上行拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:晨光生物",
      "target": "topic:fda政策催化",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "0820e34d82cb",
      "from": "company:晨光生物",
      "from_name": "晨光生物",
      "to": "topic:估值底部",
      "to_name": "估值底部",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 估值底部。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-32e0c5d5c837.md",
          "chunk_id": "chunk:a8605256fb87",
          "chunk_index": 1,
          "quote_summary": "主力产品价格处于近年最低水平，上游农户种植效益差导致原材料种植面积收缩，2026年种植面积可能进一步下降，供需格局改善有望推动价格上行拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:晨光生物",
      "target": "topic:估值底部",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "32f5ee8adaa5",
      "from": "company:晨光生物",
      "from_name": "晨光生物",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-32e0c5d5c837.md",
          "chunk_id": "chunk:a8605256fb87",
          "chunk_index": 1,
          "quote_summary": "主力产品价格处于近年最低水平，上游农户种植效益差导致原材料种植面积收缩，2026年种植面积可能进一步下降，供需格局改善有望推动价格上行拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:晨光生物",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ff9fb79f86fc",
      "from": "company:晨光生物",
      "from_name": "晨光生物",
      "to": "topic:周期反转",
      "to_name": "周期反转",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 周期反转。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-32e0c5d5c837.md",
          "chunk_id": "chunk:a8605256fb87",
          "chunk_index": 1,
          "quote_summary": "主力产品价格处于近年最低水平，上游农户种植效益差导致原材料种植面积收缩，2026年种植面积可能进一步下降，供需格局改善有望推动价格上行拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:晨光生物",
      "target": "topic:周期反转",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "6cc90cb308c1",
      "from": "company:晨光生物",
      "from_name": "晨光生物",
      "to": "topic:天然色素",
      "to_name": "天然色素",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 天然色素。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-32e0c5d5c837.md",
          "chunk_id": "chunk:a8605256fb87",
          "chunk_index": 1,
          "quote_summary": "主力产品价格处于近年最低水平，上游农户种植效益差导致原材料种植面积收缩，2026年种植面积可能进一步下降，供需格局改善有望推动价格上行拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:晨光生物",
      "target": "topic:天然色素",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4ae3da61c5e3",
      "from": "company:晨光生物",
      "from_name": "晨光生物",
      "to": "topic:植物提取",
      "to_name": "植物提取",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 植物提取。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-32e0c5d5c837.md",
          "chunk_id": "chunk:a8605256fb87",
          "chunk_index": 1,
          "quote_summary": "主力产品价格处于近年最低水平，上游农户种植效益差导致原材料种植面积收缩，2026年种植面积可能进一步下降，供需格局改善有望推动价格上行拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:晨光生物",
      "target": "topic:植物提取",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "94a1d10bb9f2",
      "from": "company:晨光生物",
      "from_name": "晨光生物",
      "to": "topic:毛利率修复",
      "to_name": "毛利率修复",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 毛利率修复。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-32e0c5d5c837.md",
          "chunk_id": "chunk:a8605256fb87",
          "chunk_index": 1,
          "quote_summary": "主力产品价格处于近年最低水平，上游农户种植效益差导致原材料种植面积收缩，2026年种植面积可能进一步下降，供需格局改善有望推动价格上行拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:晨光生物",
      "target": "topic:毛利率修复",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "48306cc68d34",
      "from": "company:晨光生物",
      "from_name": "晨光生物",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "晨光生物 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-32e0c5d5c837.md",
          "chunk_id": "chunk:a8605256fb87",
          "chunk_index": 1,
          "quote_summary": "主力产品价格处于近年最低水平，上游农户种植效益差导致原材料种植面积收缩，2026年种植面积可能进一步下降，供需格局改善有望推动价格上行拐点。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:晨光生物",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "32d1415522c4",
      "from": "company:火炬电子",
      "from_name": "火炬电子",
      "to": "topic:业绩增长",
      "to_name": "业绩增长",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 业绩增长。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-b797e3309d85.md",
          "chunk_id": "chunk:6a92f33060b5",
          "chunk_index": 2,
          "quote_summary": "电子元器件行业景气度逐步改善，市场需求稳步增长带动公司订单迅速回升，自产元器件与新材料业务实现高增长，综合毛利率提升，全年经营业绩表现看好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:火炬电子",
      "target": "topic:业绩增长",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "2696ba78b643",
      "from": "company:火炬电子",
      "from_name": "火炬电子",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-b797e3309d85.md",
          "chunk_id": "chunk:6a92f33060b5",
          "chunk_index": 2,
          "quote_summary": "电子元器件行业景气度逐步改善，市场需求稳步增长带动公司订单迅速回升，自产元器件与新材料业务实现高增长，综合毛利率提升，全年经营业绩表现看好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:火炬电子",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "367ac19251e6",
      "from": "company:火炬电子",
      "from_name": "火炬电子",
      "to": "topic:国防军工",
      "to_name": "国防军工",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 国防军工。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-b797e3309d85.md",
          "chunk_id": "chunk:6a92f33060b5",
          "chunk_index": 2,
          "quote_summary": "电子元器件行业景气度逐步改善，市场需求稳步增长带动公司订单迅速回升，自产元器件与新材料业务实现高增长，综合毛利率提升，全年经营业绩表现看好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:火炬电子",
      "target": "topic:国防军工",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "eeaab4d4ac6c",
      "from": "company:火炬电子",
      "from_name": "火炬电子",
      "to": "topic:新材料",
      "to_name": "新材料",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 新材料。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-b797e3309d85.md",
          "chunk_id": "chunk:6a92f33060b5",
          "chunk_index": 2,
          "quote_summary": "电子元器件行业景气度逐步改善，市场需求稳步增长带动公司订单迅速回升，自产元器件与新材料业务实现高增长，综合毛利率提升，全年经营业绩表现看好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:火炬电子",
      "target": "topic:新材料",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "817b56cf3aef",
      "from": "company:火炬电子",
      "from_name": "火炬电子",
      "to": "topic:电子元器件",
      "to_name": "电子元器件",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 电子元器件。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-b797e3309d85.md",
          "chunk_id": "chunk:6a92f33060b5",
          "chunk_index": 2,
          "quote_summary": "电子元器件行业景气度逐步改善，市场需求稳步增长带动公司订单迅速回升，自产元器件与新材料业务实现高增长，综合毛利率提升，全年经营业绩表现看好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:火炬电子",
      "target": "topic:电子元器件",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7e8ee8e4ab96",
      "from": "company:火炬电子",
      "from_name": "火炬电子",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-b797e3309d85.md",
          "chunk_id": "chunk:6a92f33060b5",
          "chunk_index": 2,
          "quote_summary": "电子元器件行业景气度逐步改善，市场需求稳步增长带动公司订单迅速回升，自产元器件与新材料业务实现高增长，综合毛利率提升，全年经营业绩表现看好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:火炬电子",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ec83ce08ac3f",
      "from": "company:火炬电子",
      "from_name": "火炬电子",
      "to": "topic:陶瓷电容器",
      "to_name": "陶瓷电容器",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 陶瓷电容器。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-b797e3309d85.md",
          "chunk_id": "chunk:6a92f33060b5",
          "chunk_index": 2,
          "quote_summary": "电子元器件行业景气度逐步改善，市场需求稳步增长带动公司订单迅速回升，自产元器件与新材料业务实现高增长，综合毛利率提升，全年经营业绩表现看好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:火炬电子",
      "target": "topic:陶瓷电容器",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b0fe05ed453f",
      "from": "company:火炬电子",
      "from_name": "火炬电子",
      "to": "topic:风险",
      "to_name": "风险",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "火炬电子 研报中反复涉及 风险。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-国防军工-b797e3309d85.md",
          "chunk_id": "chunk:6a92f33060b5",
          "chunk_index": 2,
          "quote_summary": "电子元器件行业景气度逐步改善，市场需求稳步增长带动公司订单迅速回升，自产元器件与新材料业务实现高增长，综合毛利率提升，全年经营业绩表现看好。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:火炬电子",
      "target": "topic:风险",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3858d3b4f7e4",
      "from": "company:白云机场",
      "from_name": "白云机场",
      "to": "topic:免税业务",
      "to_name": "免税业务",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 免税业务。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md",
          "chunk_id": "chunk:69581322d4c4",
          "chunk_index": 0,
          "quote_summary": "国内经济企稳与航空出行需求复苏推动起降架次及客货吞吐量大幅增长，带动航空性与非航业务收入双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:白云机场",
      "target": "topic:免税业务",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "c8c98da3cd86",
      "from": "company:白云机场",
      "from_name": "白云机场",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md",
          "chunk_id": "chunk:69581322d4c4",
          "chunk_index": 0,
          "quote_summary": "国内经济企稳与航空出行需求复苏推动起降架次及客货吞吐量大幅增长，带动航空性与非航业务收入双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:白云机场",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "99133c135dd2",
      "from": "company:白云机场",
      "from_name": "白云机场",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md",
          "chunk_id": "chunk:69581322d4c4",
          "chunk_index": 0,
          "quote_summary": "国内经济企稳与航空出行需求复苏推动起降架次及客货吞吐量大幅增长，带动航空性与非航业务收入双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:白云机场",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8075f01c824f",
      "from": "company:白云机场",
      "from_name": "白云机场",
      "to": "topic:机场运营",
      "to_name": "机场运营",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 机场运营。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md",
          "chunk_id": "chunk:69581322d4c4",
          "chunk_index": 0,
          "quote_summary": "国内经济企稳与航空出行需求复苏推动起降架次及客货吞吐量大幅增长，带动航空性与非航业务收入双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:白云机场",
      "target": "topic:机场运营",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "3fa997cfc362",
      "from": "company:白云机场",
      "from_name": "白云机场",
      "to": "topic:航空出行复苏",
      "to_name": "航空出行复苏",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 航空出行复苏。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md",
          "chunk_id": "chunk:69581322d4c4",
          "chunk_index": 0,
          "quote_summary": "国内经济企稳与航空出行需求复苏推动起降架次及客货吞吐量大幅增长，带动航空性与非航业务收入双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:白云机场",
      "target": "topic:航空出行复苏",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "61f85b9a5b09",
      "from": "company:白云机场",
      "from_name": "白云机场",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md",
          "chunk_id": "chunk:69581322d4c4",
          "chunk_index": 0,
          "quote_summary": "国内经济企稳与航空出行需求复苏推动起降架次及客货吞吐量大幅增长，带动航空性与非航业务收入双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:白云机场",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7e5791c56d1b",
      "from": "company:白云机场",
      "from_name": "白云机场",
      "to": "topic:财务预测",
      "to_name": "财务预测",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 财务预测。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md",
          "chunk_id": "chunk:69581322d4c4",
          "chunk_index": 0,
          "quote_summary": "国内经济企稳与航空出行需求复苏推动起降架次及客货吞吐量大幅增长，带动航空性与非航业务收入双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:白云机场",
      "target": "topic:财务预测",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "ec19778618a5",
      "from": "company:白云机场",
      "from_name": "白云机场",
      "to": "topic:金融",
      "to_name": "金融",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "白云机场 研报中反复涉及 金融。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-经营持续恢复-2023-年业绩扭亏为盈-7d4e889e7240.md",
          "chunk_id": "chunk:69581322d4c4",
          "chunk_index": 0,
          "quote_summary": "国内经济企稳与航空出行需求复苏推动起降架次及客货吞吐量大幅增长，带动航空性与非航业务收入双升。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:白云机场",
      "target": "topic:金融",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "016401876e0f",
      "from": "company:紫光国微",
      "from_name": "紫光国微",
      "to": "topic:esim",
      "to_name": "esim",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 eSIM。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-a1ee7a5beacd.md",
          "chunk_id": "chunk:d54ce0aa8c60",
          "chunk_index": 1,
          "quote_summary": "公司核心主业特种集成电路增长强劲，行业景气度回升巩固龙头地位；汽车电子、eSIM等新兴民品领域已实现规模化量产，有望构筑第二增长曲线并打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:紫光国微",
      "target": "topic:esim",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "370e8caf45c6",
      "from": "company:紫光国微",
      "from_name": "紫光国微",
      "to": "topic:半导体",
      "to_name": "半导体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 半导体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-a1ee7a5beacd.md",
          "chunk_id": "chunk:d54ce0aa8c60",
          "chunk_index": 1,
          "quote_summary": "公司核心主业特种集成电路增长强劲，行业景气度回升巩固龙头地位；汽车电子、eSIM等新兴民品领域已实现规模化量产，有望构筑第二增长曲线并打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:紫光国微",
      "target": "topic:半导体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "240f3dbcc121",
      "from": "company:紫光国微",
      "from_name": "紫光国微",
      "to": "topic:同比",
      "to_name": "同比",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 同比。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-a1ee7a5beacd.md",
          "chunk_id": "chunk:d54ce0aa8c60",
          "chunk_index": 1,
          "quote_summary": "公司核心主业特种集成电路增长强劲，行业景气度回升巩固龙头地位；汽车电子、eSIM等新兴民品领域已实现规模化量产，有望构筑第二增长曲线并打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:紫光国微",
      "target": "topic:同比",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b1671b1bc249",
      "from": "company:紫光国微",
      "from_name": "紫光国微",
      "to": "topic:智能汽车",
      "to_name": "智能汽车",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 智能汽车。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-a1ee7a5beacd.md",
          "chunk_id": "chunk:d54ce0aa8c60",
          "chunk_index": 1,
          "quote_summary": "公司核心主业特种集成电路增长强劲，行业景气度回升巩固龙头地位；汽车电子、eSIM等新兴民品领域已实现规模化量产，有望构筑第二增长曲线并打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:紫光国微",
      "target": "topic:智能汽车",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "8c2eaea8f3c2",
      "from": "company:紫光国微",
      "from_name": "紫光国微",
      "to": "topic:消费电子",
      "to_name": "消费电子",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 消费电子。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-a1ee7a5beacd.md",
          "chunk_id": "chunk:d54ce0aa8c60",
          "chunk_index": 1,
          "quote_summary": "公司核心主业特种集成电路增长强劲，行业景气度回升巩固龙头地位；汽车电子、eSIM等新兴民品领域已实现规模化量产，有望构筑第二增长曲线并打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:紫光国微",
      "target": "topic:消费电子",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5c89941ff208",
      "from": "company:紫光国微",
      "from_name": "紫光国微",
      "to": "topic:特种集成电路",
      "to_name": "特种集成电路",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 特种集成电路。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-a1ee7a5beacd.md",
          "chunk_id": "chunk:d54ce0aa8c60",
          "chunk_index": 1,
          "quote_summary": "公司核心主业特种集成电路增长强劲，行业景气度回升巩固龙头地位；汽车电子、eSIM等新兴民品领域已实现规模化量产，有望构筑第二增长曲线并打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:紫光国微",
      "target": "topic:特种集成电路",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "b249257abb21",
      "from": "company:紫光国微",
      "from_name": "紫光国微",
      "to": "topic:石英晶体",
      "to_name": "石英晶体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 石英晶体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-a1ee7a5beacd.md",
          "chunk_id": "chunk:d54ce0aa8c60",
          "chunk_index": 1,
          "quote_summary": "公司核心主业特种集成电路增长强劲，行业景气度回升巩固龙头地位；汽车电子、eSIM等新兴民品领域已实现规模化量产，有望构筑第二增长曲线并打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:紫光国微",
      "target": "topic:石英晶体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "498db7befd62",
      "from": "company:紫光国微",
      "from_name": "紫光国微",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "紫光国微 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-信达证券-a1ee7a5beacd.md",
          "chunk_id": "chunk:d54ce0aa8c60",
          "chunk_index": 1,
          "quote_summary": "公司核心主业特种集成电路增长强劲，行业景气度回升巩固龙头地位；汽车电子、eSIM等新兴民品领域已实现规模化量产，有望构筑第二增长曲线并打开长期成长空间。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:紫光国微",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "4b8824e57772",
      "from": "company:臻镭科技",
      "from_name": "臻镭科技",
      "to": "topic:adc-dac",
      "to_name": "ADC/DAC",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 ADC/DAC。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md",
          "chunk_id": "chunk:6a2b406f21f6",
          "chunk_index": 2,
          "quote_summary": "公司作为国内少数提供特种终端射频前端、高速高精度ADC/DAC、电源管理芯片及微系统整体解决方案的企业，技术性能达国内一流、国际先进水平，在国产装备跨越式发展中具备显著领先优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:臻镭科技",
      "target": "topic:adc-dac",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "5ee29f55b19d",
      "from": "company:臻镭科技",
      "from_name": "臻镭科技",
      "to": "topic:净利润",
      "to_name": "净利润",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 净利润。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md",
          "chunk_id": "chunk:6a2b406f21f6",
          "chunk_index": 2,
          "quote_summary": "公司作为国内少数提供特种终端射频前端、高速高精度ADC/DAC、电源管理芯片及微系统整体解决方案的企业，技术性能达国内一流、国际先进水平，在国产装备跨越式发展中具备显著领先优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:臻镭科技",
      "target": "topic:净利润",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "27f14886f2d1",
      "from": "company:臻镭科技",
      "from_name": "臻镭科技",
      "to": "topic:半导体",
      "to_name": "半导体",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 半导体。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md",
          "chunk_id": "chunk:6a2b406f21f6",
          "chunk_index": 2,
          "quote_summary": "公司作为国内少数提供特种终端射频前端、高速高精度ADC/DAC、电源管理芯片及微系统整体解决方案的企业，技术性能达国内一流、国际先进水平，在国产装备跨越式发展中具备显著领先优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:臻镭科技",
      "target": "topic:半导体",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "566c3250c4b7",
      "from": "company:臻镭科技",
      "from_name": "臻镭科技",
      "to": "topic:卫星通信",
      "to_name": "卫星通信",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 卫星通信。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md",
          "chunk_id": "chunk:6a2b406f21f6",
          "chunk_index": 2,
          "quote_summary": "公司作为国内少数提供特种终端射频前端、高速高精度ADC/DAC、电源管理芯片及微系统整体解决方案的企业，技术性能达国内一流、国际先进水平，在国产装备跨越式发展中具备显著领先优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:臻镭科技",
      "target": "topic:卫星通信",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "7c28c377b239",
      "from": "company:臻镭科技",
      "from_name": "臻镭科技",
      "to": "topic:射频前端",
      "to_name": "射频前端",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 射频前端。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md",
          "chunk_id": "chunk:6a2b406f21f6",
          "chunk_index": 2,
          "quote_summary": "公司作为国内少数提供特种终端射频前端、高速高精度ADC/DAC、电源管理芯片及微系统整体解决方案的企业，技术性能达国内一流、国际先进水平，在国产装备跨越式发展中具备显著领先优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:臻镭科技",
      "target": "topic:射频前端",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "26a446721d82",
      "from": "company:臻镭科技",
      "from_name": "臻镭科技",
      "to": "topic:微系统",
      "to_name": "微系统",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 微系统。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md",
          "chunk_id": "chunk:6a2b406f21f6",
          "chunk_index": 2,
          "quote_summary": "公司作为国内少数提供特种终端射频前端、高速高精度ADC/DAC、电源管理芯片及微系统整体解决方案的企业，技术性能达国内一流、国际先进水平，在国产装备跨越式发展中具备显著领先优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:臻镭科技",
      "target": "topic:微系统",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "f97658afa7db",
      "from": "company:臻镭科技",
      "from_name": "臻镭科技",
      "to": "topic:电源管理芯片",
      "to_name": "电源管理芯片",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 电源管理芯片。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md",
          "chunk_id": "chunk:6a2b406f21f6",
          "chunk_index": 2,
          "quote_summary": "公司作为国内少数提供特种终端射频前端、高速高精度ADC/DAC、电源管理芯片及微系统整体解决方案的企业，技术性能达国内一流、国际先进水平，在国产装备跨越式发展中具备显著领先优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:臻镭科技",
      "target": "topic:电源管理芯片",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    },
    {
      "edge_id": "a062896da5ed",
      "from": "company:臻镭科技",
      "from_name": "臻镭科技",
      "to": "topic:证券",
      "to_name": "证券",
      "relation": "involves_topic",
      "direction": "semantic",
      "summary": "臻镭科技 研报中反复涉及 证券。",
      "confidence": 0.62,
      "evidence": [
        {
          "source_path": "sources/stock-research-report-主要产品优势明显-科技创新成效显著-551010676ee4.md",
          "chunk_id": "chunk:6a2b406f21f6",
          "chunk_index": 2,
          "quote_summary": "公司作为国内少数提供特种终端射频前端、高速高精度ADC/DAC、电源管理芯片及微系统整体解决方案的企业，技术性能达国内一流、国际先进水平，在国产装备跨越式发展中具备显著领先优势。"
        }
      ],
      "needs_review": true,
      "updated_at": "2026-05-13T09:15:18.609Z",
      "source": "company:臻镭科技",
      "target": "topic:证券",
      "label": "involves_topic",
      "category": "topic",
      "group": "involves_topic",
      "evidence_count": 1
    }
  ]
}