{
  "code": "600519",
  "name": "贵州茅台",
  "market": "A",
  "industry": "白酒",
  "quality_tier": "gold",
  "quality_conflict": false,
  "in_quality_pool": true,
  "quality_source": "用户本轮指定金标；门外/人工复核不变",
  "score": 4,
  "verdict": "待价格：品牌与盈利质量仍成立，门外候补状态不变；只有价格提供安全边际、渠道及财务公司资金核验通过后再议，不因ROE入围而晋级。",
  "dupont": {
    "margin": 0.5052788651554344,
    "turnover": 0.5601986259290654,
    "leverage": 1.2153532116218784,
    "roe": 0.34401365790947386,
    "basis": "FY2025合并简单平均权益杜邦；非加权归母ROE",
    "conclusion": "FY2025同口径合并杜邦：净利率50.53%×资产周转0.560次×平均总权益乘数1.215倍＝合并简单平均权益ROE34.40%；归母简单平均ROE34.46%，报表加权ROE32.53%。2026H1期末合并乘数1.179倍。真质量为主：高净利率、低杠杆驱动；财务公司会显著扭曲现金流，不能把存款波动当白酒销售回款。"
  },
  "roe_series": [
    {
      "year": 2019,
      "roe": 0.38558512100897624,
      "basis": "August TTM"
    },
    {
      "year": 2020,
      "roe": 0.35218854778430325,
      "basis": "August TTM"
    },
    {
      "year": 2021,
      "roe": 0.32790245411910834,
      "basis": "August TTM"
    },
    {
      "year": 2022,
      "roe": 0.3282958444529165,
      "basis": "August TTM"
    },
    {
      "year": 2023,
      "roe": 0.3324465105154903,
      "basis": "August TTM"
    },
    {
      "year": 2024,
      "roe": 0.3680500842989804,
      "basis": "August TTM"
    },
    {
      "year": 2025,
      "roe": 0.37568524145289234,
      "basis": "August TTM"
    },
    {
      "year": 2026,
      "roe": 0.3268648542274053,
      "basis": "August TTM"
    }
  ],
  "roe_min": 0.3268648542274053,
  "channels": [
    "roe_quality"
  ],
  "proxy_candidate": false,
  "death_risk": "【死法】消费场景收缩→终端折价与库存上升→经销商退缩→直营替代批发只能暂缓量价压力→品牌稀缺性被反复促销侵蚀。政策、食品安全和关联资金管理是低频大损失风险。；【最坏情况】存货须多年陈酿，账面净资产非清算安全垫；CFO减购建长期资产583.95亿元只是含财务公司的合并现金差，不能当股东自由现金流。",
  "price_lines": {
    "watch": 1079,
    "good": null,
    "fat": null,
    "intrinsic_value": null,
    "basis": "用户本轮指定（茅台1079、腾讯353）",
    "condition": "正常化PE≤18倍且独立核实的可持续现金股息率≥4.5%；全部verify通过后才重新评审，仍保持门外候补。",
    "currency": "CNY",
    "manual_gate": true
  },
  "current": {
    "price": 1258.62,
    "date": "2026-09-30",
    "pe": 19.32,
    "dy": 0.041299999999999996,
    "market_cap": 1573378000000.0,
    "source": "https://qt.gtimg.cn/q=sh600519",
    "currency": "CNY",
    "source_count": 1
  },
  "buy_conditions": {
    "buy_when": "正常化PE≤18倍且独立核实的可持续现金股息率≥4.5%；全部verify通过后才重新评审，仍保持门外候补。",
    "verify": "渠道库存/实际成交价不恶化；白酒业务剔财务公司后的回款和所有者收益支撑750亿元以上正常利润；复核已付分红及关联资金限制。至少跨两个可比报告期，不能用财务公司吸收存款推动的CFO替代。",
    "anchor": "研究者正常化归母盈利情景750—825亿元（不是预测/已认证事实）；正常化PE≤18倍按区间下沿给统一估值总额上限13500亿元，依本次报价股本代理对应≤1079.93元/股。当前正常化情景PE约19.07—20.98倍；当前股息率行情代理4.13%，并未通过已付与可持续性核验。股本变化须重算，A/H公司只是A股每股支付价格门槛。",
    "source": [
      "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117",
      "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833",
      "https://qt.gtimg.cn/q=sh600519"
    ]
  },
  "research_file": "research/600519.html",
  "research_document": {
    "code": "600519",
    "name": "贵州茅台",
    "score": "★★★★☆（4/5）",
    "verdict": "待价格：品牌与盈利质量仍成立，门外候补状态不变；只有价格提供安全边际、渠道及财务公司资金核验通过后再议，不因ROE入围而晋级。",
    "roe_quality_note": "FY2025同口径合并杜邦：净利率50.53%×资产周转0.560次×平均总权益乘数1.215倍＝合并简单平均权益ROE34.40%；归母简单平均ROE34.46%，报表加权ROE32.53%。2026H1期末合并乘数1.179倍。真质量为主：高净利率、低杠杆驱动；财务公司会显著扭曲现金流，不能把存款波动当白酒销售回款。",
    "as_of": "2026-10-02",
    "research_type": "ROE质量通道四大师深研第1批",
    "status": "门外候补（不变）",
    "rating_is_research_opinion": true,
    "watchlist_changed": false,
    "buffett": {
      "analysis": [
        "【事实】主业茅台酒与系列酒，2025年酒类毛利率91.23%，茅台酒收入1465.00亿元、同比仅增0.39%；直销增长而批发代理下滑。",
        "【观点】消费者认知、产区与工艺约束、长期品牌积累构成最深壁垒之一，十年后品牌大概率仍在；奢侈消费式提价权强于一般酒企，但仅在渠道价差和终端支付意愿存在时有效，不能将出厂提价等同终端需求增长。",
        "【反证】2025年收入下降1.21%、归母利润下降4.53%；2026H1扣非下降2.04%。品牌持久不等于任何价格值得买，年轻客群与商务宴请需求变化可能压缩稀缺溢价。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833"
      ],
      "source_status": "发行人披露经新浪镜像；单源，未经独立经营资料交叉验证",
      "facts_vs_opinions": "条目标明事实/观点/假设/风险情景；管理层自述不等于独立验证"
    },
    "munger": {
      "analysis": [
        "【事实】2025年报披露首次60亿元回购完成；2026H1披露新一轮约30亿元回购并注销。2025中期每股23.957元已支付，年度每股27.993元为年报预案，两者不可与回购额混作现金股息。",
        "【观点】派息和注销提升每股分享，但回购价格本身仍需审视；用长期高价回购不是自动创造价值。保持白酒主业是加分项。",
        "【疑点】财务公司关联存贷款、贵州银行存款及产业基金须穿透；年报2025其他非流动金融资产约41.05亿元，不能称完全没有非主业投资。未完成管理层历届投资IRR/廉洁独立尽调。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833"
      ],
      "source_status": "发行人披露经新浪镜像；单源，未经独立经营资料交叉验证",
      "facts_vs_opinions": "条目标明事实/观点/假设/风险情景；管理层自述不等于独立验证"
    },
    "fisher_lynch": {
      "analysis": [
        "【事实】2026H1营收907.03亿元、归母445.17亿元，增长与利润方向背离；财务公司存款变化使CFO跃升，不能据此宣布需求反转。",
        "【正常化假设】以扣非TTM约813.67亿元为参照，测试750—825亿元可持续归母盈利；不是利润预测，悲观端还应排除金融利息和渠道透支。不给直销升级重复估值。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833"
      ],
      "source_status": "发行人披露经新浪镜像；单源，未经独立经营资料交叉验证",
      "facts_vs_opinions": "条目标明事实/观点/假设/风险情景；管理层自述不等于独立验证"
    },
    "graham": {
      "analysis": [
        "【死法】消费场景收缩→终端折价与库存上升→经销商退缩→直营替代批发只能暂缓量价压力→品牌稀缺性被反复促销侵蚀。政策、食品安全和关联资金管理是低频大损失风险。",
        "【最坏情况】存货须多年陈酿，账面净资产非清算安全垫；CFO减购建长期资产583.95亿元只是含财务公司的合并现金差，不能当股东自由现金流。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833"
      ],
      "source_status": "发行人披露经新浪镜像；单源，未经独立经营资料交叉验证",
      "facts_vs_opinions": "条目标明事实/观点/假设/风险情景；管理层自述不等于独立验证"
    },
    "roe_quality": {
      "assessment": "真质量为主：高净利率、低杠杆驱动；财务公司会显著扭曲现金流，不能把存款波动当白酒销售回款。",
      "fy2025": {
        "revenue": 168838102514.79,
        "parent_np": 82320067101.68,
        "adjusted_np": 82293107655.25,
        "cfo": 61522204989.35,
        "parent_equity": 244637811032.18,
        "parent_equity_start": 233105984399.47,
        "assets_end": 303834844021.44,
        "assets_start": 298944579918.7,
        "consolidated_np": 85310324833.67,
        "liabilities_end": 49875590112.37,
        "liabilities_start": 56933264798.1,
        "dupont": {
          "net_margin_pct": 50.52788651554344,
          "asset_turnover": 0.5601986259290654,
          "equity_multiplier": 1.2153532116218784,
          "consolidated_roe_pct": 34.40136579094739,
          "parent_roe_simple_pct": 34.46201411252336,
          "parent_bridge_multiplier": 1.2617210934063896,
          "end_consolidated_multiplier": 1.196392095758117,
          "end_parent_bridge_multiplier": 1.241978264682368,
          "adjusted_parent_roe_simple_pct": 34.450727960117916,
          "cfo_parent_np": 0.747353678822432,
          "reported_weighted_parent_roe_pct": 32.53
        },
        "capex_cash": 3127594916.41,
        "cfo_minus_capex_yi": 583.9461007294,
        "source": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117"
      },
      "h1_2026": {
        "revenue": 90703260964.48,
        "parent_np": 44516880421.86,
        "adjusted_np": 44464207646.01,
        "cfo": 70690750119.06,
        "parent_equity": 251253594419.5,
        "assets_end": 309050784569.31,
        "consolidated_np": 46033330566.78,
        "liabilities_end": 46954432394.95,
        "dupont": {
          "halfyear_net_margin_pct": 50.751571748679424,
          "halfyear_turnover_not_annualized": 0.2959875602664733,
          "average_multiplier": 1.1876348621463586,
          "halfyear_consolidated_roe_not_annualized_pct": 17.840453634889048,
          "end_consolidated_multiplier": 1.179149507444169,
          "end_parent_bridge_multiplier": 1.2300352768418914
        },
        "source": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833"
      },
      "method": "合并净利率=合并税后净利润/营业收入；周转率=营业收入/期初期末平均总资产；杠杆=平均总资产/平均合并总权益。乘积是合并简单平均ROE，不冒充报表归母加权ROE。另列归母净利润/平均归母权益、扣非归母净利润/平均归母权益；归母桥接乘数含少数权益效果，不是纯债务杠杆。半年周转率和ROE为半年度、未年化。",
      "reported_roe_difference": "分红、增资/注销的时点加权及少数权益导致简单均值与报表加权ROE不同，不能强行调数配平。",
      "cashflow_caution": "CFO/归母利润是合并现金流对归母利润的粗比，不是同口径收益率；CFO减全部购建长期资产是现金差，非已认证所有者收益，未扣并购/客户结算和维持性资本开支净化。",
      "leverage_exceeds_3_latest": false,
      "source_status": "单一发行人年报/半年报披露，半年报未经审计；工具计算"
    },
    "valuation": {
      "quote": {
        "price": "1258.62",
        "timestamp": "20260930161458",
        "pe_ttm": "19.32",
        "market_cap_yi": "15733.78",
        "div_yield_quote": "4.13"
      },
      "market_cap_basis": "腾讯总市值，非流通市值；每股估值采用当期报价股本基准",
      "fy2025_static_pe": 19.11,
      "adjusted_ttm_profit_yi": 813.6707,
      "adjusted_ttm_pe": 19.34,
      "normalized_profit_scenario_yi": [
        750,
        825
      ],
      "normalized_pe_scenario": [
        19.07,
        20.98
      ],
      "entry_pe_ceiling": 18,
      "conditional_cap_ceiling_yi": 13500,
      "conditional_price_proxy": 1079.93,
      "normalization_status": "研究者保守情景，非经审计正常化盈利或预测；必须通过verify后才能激活价格门槛",
      "dividend_yield_pct": 4.13,
      "dividend_basis": "腾讯股息率字段64，单源行情代理，未逐笔重建滚动已付分红；不作为满足买入条件的证据。",
      "fiscal_dividend_reference": {
        "dps_rmb": 51.95,
        "yield_at_quote_pct": 4.1275,
        "basis": "2025归属年度中期23.957+年度预案27.993；全年方案口径、非滚动已付TTM，年度最终实施比例未逐笔复核。",
        "source": [
          "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117",
          "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833"
        ]
      },
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833",
        "https://qt.gtimg.cn/q=sh600519"
      ],
      "quote_as_of": "2026-09-30；不是2026-10-02成交价",
      "actual_ah_capitalization": "not_applicable",
      "normalization_rationale": [
        "【事实】2026H1营收907.03亿元、归母445.17亿元，增长与利润方向背离；财务公司存款变化使CFO跃升，不能据此宣布需求反转。",
        "【正常化假设】以扣非TTM约813.67亿元为参照，测试750—825亿元可持续归母盈利；不是利润预测，悲观端还应排除金融利息和渠道透支。不给直销升级重复估值。"
      ],
      "entry_status": "未触发：价格和定性验证必须同时通过；本次无已核验可买入结论"
    },
    "risks": [
      "【死法】消费场景收缩→终端折价与库存上升→经销商退缩→直营替代批发只能暂缓量价压力→品牌稀缺性被反复促销侵蚀。政策、食品安全和关联资金管理是低频大损失风险。",
      "【最坏情况】存货须多年陈酿，账面净资产非清算安全垫；CFO减购建长期资产583.95亿元只是含财务公司的合并现金差，不能当股东自由现金流。"
    ],
    "buy_conditions": {
      "buy_when": "正常化PE≤18倍且独立核实的可持续现金股息率≥4.5%；全部verify通过后才重新评审，仍保持门外候补。",
      "verify": "渠道库存/实际成交价不恶化；白酒业务剔财务公司后的回款和所有者收益支撑750亿元以上正常利润；复核已付分红及关联资金限制。至少跨两个可比报告期，不能用财务公司吸收存款推动的CFO替代。",
      "anchor": "研究者正常化归母盈利情景750—825亿元（不是预测/已认证事实）；正常化PE≤18倍按区间下沿给统一估值总额上限13500亿元，依本次报价股本代理对应≤1079.93元/股。当前正常化情景PE约19.07—20.98倍；当前股息率行情代理4.13%，并未通过已付与可持续性核验。股本变化须重算，A/H公司只是A股每股支付价格门槛。",
      "source": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833",
        "https://qt.gtimg.cn/q=sh600519"
      ],
      "manual": true,
      "triggered": false,
      "thresholds_are_opinions": true
    },
    "findings": [
      "巴菲特｜【事实】主业茅台酒与系列酒，2025年酒类毛利率91.23%，茅台酒收入1465.00亿元、同比仅增0.39%；直销增长而批发代理下滑。 【观点】消费者认知、产区与工艺约束、长期品牌积累构成最深壁垒之一，十年后品牌大概率仍在；奢侈消费式提价权强于一般酒企，但仅在渠道价差和终端支付意愿存在时有效，不能将出厂提价等同终端需求增长。 【反证】2025年收入下降1.21%、归母利润下降4.53%；2026H1扣非下降2.04%。品牌持久不等于任何价格值得买，年轻客群与商务宴请需求变化可能压缩稀缺溢价。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833",
      "杜邦｜FY2025同口径合并杜邦：净利率50.53%×资产周转0.560次×平均总权益乘数1.215倍＝合并简单平均权益ROE34.40%；归母简单平均ROE34.46%，报表加权ROE32.53%。2026H1期末合并乘数1.179倍。真质量为主：高净利率、低杠杆驱动；财务公司会显著扭曲现金流，不能把存款波动当白酒销售回款。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833",
      "芒格｜【事实】2025年报披露首次60亿元回购完成；2026H1披露新一轮约30亿元回购并注销。2025中期每股23.957元已支付，年度每股27.993元为年报预案，两者不可与回购额混作现金股息。 【观点】派息和注销提升每股分享，但回购价格本身仍需审视；用长期高价回购不是自动创造价值。保持白酒主业是加分项。 【疑点】财务公司关联存贷款、贵州银行存款及产业基金须穿透；年报2025其他非流动金融资产约41.05亿元，不能称完全没有非主业投资。未完成管理层历届投资IRR/廉洁独立尽调。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833",
      "费雪/林奇｜【事实】2026H1营收907.03亿元、归母445.17亿元，增长与利润方向背离；财务公司存款变化使CFO跃升，不能据此宣布需求反转。 【正常化假设】以扣非TTM约813.67亿元为参照，测试750—825亿元可持续归母盈利；不是利润预测，悲观端还应排除金融利息和渠道透支。不给直销升级重复估值。 正常化情景PE=[19.07, 20.98]。来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833 ; https://qt.gtimg.cn/q=sh600519",
      "烟蒂/最坏情况｜【死法】消费场景收缩→终端折价与库存上升→经销商退缩→直营替代批发只能暂缓量价压力→品牌稀缺性被反复促销侵蚀。政策、食品安全和关联资金管理是低频大损失风险。 【最坏情况】存货须多年陈酿，账面净资产非清算安全垫；CFO减购建长期资产583.95亿元只是含财务公司的合并现金差，不能当股东自由现金流。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833"
    ],
    "data_gaps": [
      "财务公司与白酒经营现金流的完整拆分",
      "独立终端动销、库存与渠道价格样本",
      "正常化利润不是已认证所有者收益",
      "未完成十年资本配置逐项目审计、全部监管记录及公告穷尽检索；没有发现不是证实不存在",
      "正常化区间为研究者压力情景；缺行业完整周期利润桥接，不能宣称精确内在价值",
      "财务关键数字为发行人单源；新浪镜像不是独立第二来源，行情腾讯单源",
      "股息率行情代理未逐笔独立复算；归属年度分红与支付年度、TTM不可混用"
    ],
    "sources": [
      {
        "id": "FY2025",
        "url": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12104117",
        "type": "发行人2025年度报告新浪镜像",
        "local_path": "/root/value-invest/data/roe_deep_batch1/600519_2025.txt",
        "sha256": "2c56febe6745bdbe23e7d5b3918274fca6fc8f529033a4788726f34ab3a35ad2"
      },
      {
        "id": "H1_2026",
        "url": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=600519&id=12496833",
        "type": "发行人2026半年报新浪镜像",
        "local_path": "/root/value-invest/data/roe_deep_batch1/600519_2026H1.txt",
        "sha256": "ed5605d63300173262498236936daf44dca5985ab8c01aee95f74af263d85769"
      },
      {
        "id": "QUOTE",
        "url": "https://qt.gtimg.cn/q=sh600519",
        "type": "腾讯行情单源",
        "quoted_timestamp": "20260930161458",
        "local_path": "/root/value-invest/data/roe_deep_batch1/quotes.txt"
      }
    ]
  },
  "outside_watch": true,
  "triggers": [
    "股息率>=2.5% -> 对应股价约1078元以下(按2025年度DPS26.91元)",
    "一美元窗口修复: 2027年后2021高点滚出5年窗口",
    "分红率继续提升至80%+使股息通道过线"
  ],
  "status": "outside",
  "provenance": {
    "research": "results/2026-10-02-roe-deep-batch1.json",
    "conditions": "results/2026-10-02-roe-deep-batch1.json",
    "quality": "用户本轮指定金标；门外/人工复核不变",
    "quote": "腾讯行情；见原始深研来源"
  },
  "research_rating": 4,
  "data_quality": [
    "原始研究和行情保留单源声明；发现通道不等于质量认证",
    "价格到线只启动复核，不代表买入"
  ],
  "distance_pct": 16.6469,
  "quote_fresh": true,
  "triggered": false,
  "roe_discovery": true,
  "reject_reason_tags": [],
  "reject_reason": "",
  "reject_reason_source": "",
  "tracking_state": "tracking",
  "verification_kind": "",
  "verification_reason": "",
  "tracking_kind": "价格与基本面",
  "tracking_checklist": [
    {
      "type": "比率",
      "item": "正常化PE≤18倍且独立核实的可持续现金股息率≥4.5%",
      "basis": "buy_conditions.buy_when（原条件，需同时满足人工验证）"
    },
    {
      "type": "人工",
      "item": "全部verify通过后才重新评审，仍保持门外候补。",
      "basis": "buy_conditions.buy_when（原条件，需同时满足人工验证）"
    },
    {
      "type": "事件",
      "item": "渠道库存/实际成交价不恶化",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    },
    {
      "type": "人工",
      "item": "白酒业务剔财务公司后的回款和所有者收益支撑750亿元以上正常利润",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    },
    {
      "type": "人工",
      "item": "复核已付分红及关联资金限制。至少跨两个可比报告期，不能用财务公司吸收存款推动的CFO替代。",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    }
  ],
  "monthly_review": {
    "month": "2026-10",
    "status": "本期未复核",
    "core_changes": "本期未复核",
    "reviewed_on": null,
    "event_count": null,
    "events": {},
    "sources": [],
    "decision": null,
    "observations": {},
    "source_file": "reports/monthly/2026-10.reviews.json"
  }
}