{
  "code": "601138",
  "name": "工业富联",
  "market": "A",
  "industry": "电子系统组装",
  "quality_tier": "bronze",
  "quality_conflict": false,
  "in_quality_pool": true,
  "quality_source": "results/2026-10-02-roe-deep-batch1.json；V2映射：4★银/3★铜（疑点保留）",
  "score": 3,
  "verdict": "候补：AI制造份额有价值，但低净利率、营运资本吞噬现金和接近3倍的杠杆使高ROE不能直接认证为轻资本复利。",
  "dupont": {
    "margin": 0.03912898806135236,
    "turnover": 2.3338036595591998,
    "leverage": 2.416067444232233,
    "roe": 0.2206337702515274,
    "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3.91%×资产周转2.334次×平均总权益乘数2.416倍＝合并简单平均权益ROE22.06%；归母简单平均ROE22.09%，报表加权ROE21.65%。2026H1期末合并乘数2.912倍。周转、供应链信用与AI景气共同撑起ROE；不是纯定价权。合并平均杠杆2.42倍，2026H1期末接近2.91倍，现金质量是关键否决项。"
  },
  "roe_series": [
    {
      "year": 2019,
      "roe": 0.3372771033013844,
      "basis": "August TTM"
    },
    {
      "year": 2020,
      "roe": 0.22498858432763627,
      "basis": "August TTM"
    },
    {
      "year": 2021,
      "roe": 0.19883610234639434,
      "basis": "August TTM"
    },
    {
      "year": 2022,
      "roe": 0.1815057971014493,
      "basis": "August TTM"
    },
    {
      "year": 2023,
      "roe": 0.16402806755342997,
      "basis": "August TTM"
    },
    {
      "year": 2024,
      "roe": 0.1680225,
      "basis": "August TTM"
    },
    {
      "year": 2025,
      "roe": 0.1815349328049621,
      "basis": "August TTM"
    },
    {
      "year": 2026,
      "roe": 0.24941123958510455,
      "basis": "August TTM"
    }
  ],
  "roe_min": 0.16402806755342997,
  "channels": [
    "roe_quality"
  ],
  "proxy_candidate": false,
  "death_risk": "【死法】云客户削减资本开支→AI服务器订单/交付放缓→存货与应收占款、跌价→应付信用缩短→融资需求上升；地缘禁运和海外产能迁移进一步吞噬回报。；【最坏情况】资产多但存货/应收非现金，不能以总资产大论安全。2025低CFO与负现金差已构成反面证据，而非仅列泛泛风险。",
  "price_lines": {
    "watch": 22.68,
    "good": null,
    "fat": null,
    "intrinsic_value": null,
    "basis": "深研条件价；全部人工验证仍须满足",
    "condition": "经周期正常化PE≤18倍；不以行情TTM PE单项触发，现金转化和杠杆条件必须同时成立。",
    "currency": "CNY",
    "manual_gate": true
  },
  "current": {
    "price": 58.2,
    "date": "2026-09-30",
    "pe": 24.62,
    "dy": 0.0168,
    "market_cap": 1154926000000.0,
    "source": "https://qt.gtimg.cn/q=sh601138",
    "currency": "CNY",
    "source_count": 1
  },
  "buy_conditions": {
    "buy_when": "经周期正常化PE≤18倍；不以行情TTM PE单项触发，现金转化和杠杆条件必须同时成立。",
    "verify": "滚动多个报告期CFO/净利润恢复且CFO扣全部购建开支转正；存货和应收周转不再恶化；完整债务/租赁/保理核验，合并权益乘数不超过3倍且下降；AI客户开支与可撤单订单穿透。",
    "anchor": "研究者正常化归母盈利情景250—340亿元（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4500亿元，依本次报价股本代理对应≤22.68元/股。当前正常化情景PE约33.97—46.2倍；当前股息率行情代理1.68%，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=601138&id=11990023",
      "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983",
      "https://qt.gtimg.cn/q=sh601138"
    ]
  },
  "research_file": "research/601138.html",
  "research_document": {
    "code": "601138",
    "name": "工业富联",
    "score": "★★★☆☆（3/5）",
    "verdict": "候补：AI制造份额有价值，但低净利率、营运资本吞噬现金和接近3倍的杠杆使高ROE不能直接认证为轻资本复利。",
    "roe_quality_note": "FY2025同口径合并杜邦：净利率3.91%×资产周转2.334次×平均总权益乘数2.416倍＝合并简单平均权益ROE22.06%；归母简单平均ROE22.09%，报表加权ROE21.65%。2026H1期末合并乘数2.912倍。周转、供应链信用与AI景气共同撑起ROE；不是纯定价权。合并平均杠杆2.42倍，2026H1期末接近2.91倍，现金质量是关键否决项。",
    "as_of": "2026-10-02",
    "research_type": "ROE质量通道四大师深研第1批",
    "status": "候补挂疑点",
    "rating_is_research_opinion": true,
    "watchlist_changed": false,
    "buffett": {
      "analysis": [
        "【事实】云计算/通信设备制造，2025年营收9028.87亿元、归母352.86亿元，主营增长由AI服务器客户需求和份额驱动。",
        "【观点】规模采购、量产良率、全球交付与客户认证形成制造壁垒，十年后供应链位置仍可能重要；但芯片和云客户掌握产品架构与需求，竞争来自其他大型ODM/EMS，提价权弱于关键芯片与软件。",
        "【反证】规模不能抵消薄净利率，一旦客户议价或昂贵部件库存减值，少量毛利变化即可侵蚀利润；AI投入高增长并非永久。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=11990023",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983"
      ],
      "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】2026半年报确认8月3日实施2025年度每10股6.5元分红，加上已实施中期65.5亿元，2025年度现金分红194.5亿元。2025年购建长期资产现金172.30亿元。",
        "【反证】2025年CFO仅52.38亿元，CFO减购建长期资产为-119.92亿元，派息并非由当年该现金口径覆盖。应查看借款、供应商信用和往年现金储备。",
        "【历史】年报记载工业互联网平台建置及超精密制造研发募投项目曾终止/调整；这证明管理层会纠偏，也说明原始投资计划不等于兑现。年报有回购现金口径，但未完成用途、注销和净稀释桥接，不给回购额直接加分。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=11990023",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983"
      ],
      "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归母237.40亿元、同比+95.99%，CFO73.91亿元；强利润增长仍未转成相当现金回收。",
        "【正常化假设】2023—2025扣非约202.09/234.14/341.88亿元，最新扣非TTM455.04亿元；采用250—340亿元中景气情景，拒绝将最新高峰外推。此区间非完整周期底部审计。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=11990023",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983"
      ],
      "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】云客户削减资本开支→AI服务器订单/交付放缓→存货与应收占款、跌价→应付信用缩短→融资需求上升；地缘禁运和海外产能迁移进一步吞噬回报。",
        "【最坏情况】资产多但存货/应收非现金，不能以总资产大论安全。2025低CFO与负现金差已构成反面证据，而非仅列泛泛风险。"
      ],
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=11990023",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983"
      ],
      "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": "周转、供应链信用与AI景气共同撑起ROE；不是纯定价权。合并平均杠杆2.42倍，2026H1期末接近2.91倍，现金质量是关键否决项。",
      "fy2025": {
        "revenue": 902887188000.0,
        "parent_np": 35285561000.0,
        "adjusted_np": 34188196000.0,
        "cfo": 5237909000.0,
        "parent_equity": 166778112000.0,
        "parent_equity_start": 152691270000.0,
        "assets_end": 456223822000.0,
        "assets_start": 317523519000.0,
        "consolidated_np": 35329062000.0,
        "liabilities_end": 289109592000.0,
        "liabilities_start": 164387028000.0,
        "dupont": {
          "net_margin_pct": 3.9128988061352357,
          "asset_turnover": 2.3338036595591998,
          "equity_multiplier": 2.416067444232233,
          "consolidated_roe_pct": 22.06337702515274,
          "parent_roe_simple_pct": 22.0901050229596,
          "parent_bridge_multiplier": 2.4219765166728875,
          "end_consolidated_multiplier": 2.730011812877934,
          "end_parent_bridge_multiplier": 2.735513770536028,
          "adjusted_parent_roe_simple_pct": 21.4031127402375,
          "cfo_parent_np": 0.148443410039591,
          "reported_weighted_parent_roe_pct": 21.65
        },
        "capex_cash": 17229962000,
        "cfo_minus_capex_yi": -119.92053,
        "source": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=11990023"
      },
      "h1_2026": {
        "revenue": 557860645000.0,
        "parent_np": 23740458000.0,
        "adjusted_np": 22984123000.0,
        "cfo": 7391463000.0,
        "parent_equity": 175753237000.0,
        "assets_end": 512750185000.0,
        "consolidated_np": 23749081000.0,
        "liabilities_end": 336652207000.0,
        "dupont": {
          "halfyear_net_margin_pct": 4.257170892562245,
          "halfyear_turnover_not_annualized": 1.1514460469939107,
          "average_multiplier": 2.823250410136926,
          "halfyear_consolidated_roe_not_annualized_pct": 13.839298513530732,
          "end_consolidated_multiplier": 2.9117323822991312,
          "end_parent_bridge_multiplier": 2.9174437623586984
        },
        "source": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983"
      },
      "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": "58.20",
        "timestamp": "20260930161437",
        "pe_ttm": "24.62",
        "market_cap_yi": "11549.26",
        "div_yield_quote": "1.68"
      },
      "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": 32.73,
      "adjusted_ttm_profit_yi": 455.0448,
      "adjusted_ttm_pe": 25.38,
      "normalized_profit_scenario_yi": [
        250,
        340
      ],
      "normalized_pe_scenario": [
        33.97,
        46.2
      ],
      "entry_pe_ceiling": 18,
      "conditional_cap_ceiling_yi": 4500,
      "conditional_price_proxy": 22.68,
      "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": 1.68,
      "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": 0.98,
        "yield_at_quote_pct": 1.6838,
        "basis": "2025年度合计约每股0.98元（中期约0.33+年度0.65），半年报确认均已实施；不是完整滚动12个月重建。",
        "source": [
          "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=11990023",
          "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983"
        ]
      },
      "sources": [
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=11990023",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983",
        "https://qt.gtimg.cn/q=sh601138"
      ],
      "quote_as_of": "2026-09-30；不是2026-10-02成交价",
      "actual_ah_capitalization": "not_applicable",
      "normalization_rationale": [
        "【事实】2026H1归母237.40亿元、同比+95.99%，CFO73.91亿元；强利润增长仍未转成相当现金回收。",
        "【正常化假设】2023—2025扣非约202.09/234.14/341.88亿元，最新扣非TTM455.04亿元；采用250—340亿元中景气情景，拒绝将最新高峰外推。此区间非完整周期底部审计。"
      ],
      "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】云客户削减资本开支→AI服务器订单/交付放缓→存货与应收占款、跌价→应付信用缩短→融资需求上升；地缘禁运和海外产能迁移进一步吞噬回报。",
      "【最坏情况】资产多但存货/应收非现金，不能以总资产大论安全。2025低CFO与负现金差已构成反面证据，而非仅列泛泛风险。"
    ],
    "buy_conditions": {
      "buy_when": "经周期正常化PE≤18倍；不以行情TTM PE单项触发，现金转化和杠杆条件必须同时成立。",
      "verify": "滚动多个报告期CFO/净利润恢复且CFO扣全部购建开支转正；存货和应收周转不再恶化；完整债务/租赁/保理核验，合并权益乘数不超过3倍且下降；AI客户开支与可撤单订单穿透。",
      "anchor": "研究者正常化归母盈利情景250—340亿元（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4500亿元，依本次报价股本代理对应≤22.68元/股。当前正常化情景PE约33.97—46.2倍；当前股息率行情代理1.68%，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=601138&id=11990023",
        "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983",
        "https://qt.gtimg.cn/q=sh601138"
      ],
      "manual": true,
      "triggered": false,
      "thresholds_are_opinions": true
    },
    "findings": [
      "巴菲特｜【事实】云计算/通信设备制造，2025年营收9028.87亿元、归母352.86亿元，主营增长由AI服务器客户需求和份额驱动。 【观点】规模采购、量产良率、全球交付与客户认证形成制造壁垒，十年后供应链位置仍可能重要；但芯片和云客户掌握产品架构与需求，竞争来自其他大型ODM/EMS，提价权弱于关键芯片与软件。 【反证】规模不能抵消薄净利率，一旦客户议价或昂贵部件库存减值，少量毛利变化即可侵蚀利润；AI投入高增长并非永久。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=11990023 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983",
      "杜邦｜FY2025同口径合并杜邦：净利率3.91%×资产周转2.334次×平均总权益乘数2.416倍＝合并简单平均权益ROE22.06%；归母简单平均ROE22.09%，报表加权ROE21.65%。2026H1期末合并乘数2.912倍。周转、供应链信用与AI景气共同撑起ROE；不是纯定价权。合并平均杠杆2.42倍，2026H1期末接近2.91倍，现金质量是关键否决项。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=11990023 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983",
      "芒格｜【事实】2026半年报确认8月3日实施2025年度每10股6.5元分红，加上已实施中期65.5亿元，2025年度现金分红194.5亿元。2025年购建长期资产现金172.30亿元。 【反证】2025年CFO仅52.38亿元，CFO减购建长期资产为-119.92亿元，派息并非由当年该现金口径覆盖。应查看借款、供应商信用和往年现金储备。 【历史】年报记载工业互联网平台建置及超精密制造研发募投项目曾终止/调整；这证明管理层会纠偏，也说明原始投资计划不等于兑现。年报有回购现金口径，但未完成用途、注销和净稀释桥接，不给回购额直接加分。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=11990023 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983",
      "费雪/林奇｜【事实】2026H1归母237.40亿元、同比+95.99%，CFO73.91亿元；强利润增长仍未转成相当现金回收。 【正常化假设】2023—2025扣非约202.09/234.14/341.88亿元，最新扣非TTM455.04亿元；采用250—340亿元中景气情景，拒绝将最新高峰外推。此区间非完整周期底部审计。 正常化情景PE=[33.97, 46.2]。来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=11990023 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983 ; https://qt.gtimg.cn/q=sh601138",
      "烟蒂/最坏情况｜【死法】云客户削减资本开支→AI服务器订单/交付放缓→存货与应收占款、跌价→应付信用缩短→融资需求上升；地缘禁运和海外产能迁移进一步吞噬回报。 【最坏情况】资产多但存货/应收非现金，不能以总资产大论安全。2025低CFO与负现金差已构成反面证据，而非仅列泛泛风险。 来源：https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=11990023 ; https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983"
    ],
    "data_gaps": [
      "客户订单可撤销条款和库存责任",
      "供应链金融/保理及维持性资本开支拆分",
      "全周期正常利润与ROIC尚未验证",
      "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"
    ],
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        "id": "FY2025",
        "url": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=11990023",
        "type": "发行人2025年度报告新浪镜像",
        "local_path": "/root/value-invest/data/roe_deep_batch1/601138_2025.txt",
        "sha256": "645fd0a756f919e26171917ca4bf539e9500f67b95c2c7dc335cdbd1f814e759"
      },
      {
        "id": "H1_2026",
        "url": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?stockid=601138&id=12487983",
        "type": "发行人2026半年报新浪镜像",
        "local_path": "/root/value-invest/data/roe_deep_batch1/601138_2026H1.txt",
        "sha256": "4b1ce216c20eab13cca40984f5505130141d4540976c1a3b87c096964edfdf57"
      },
      {
        "id": "QUOTE",
        "url": "https://qt.gtimg.cn/q=sh601138",
        "type": "腾讯行情单源",
        "quoted_timestamp": "20260930161437",
        "local_path": "/root/value-invest/data/roe_deep_batch1/quotes.txt"
      }
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  "outside_watch": false,
  "triggers": [],
  "status": "watch",
  "provenance": {
    "research": "results/2026-10-02-roe-deep-batch1.json",
    "conditions": "results/2026-10-02-roe-deep-batch1.json",
    "quality": "results/2026-10-02-roe-deep-batch1.json；V2映射：4★银/3★铜（疑点保留）",
    "quote": "腾讯行情；见原始深研来源"
  },
  "research_rating": 3,
  "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": 156.6138,
  "quote_fresh": true,
  "triggered": false,
  "roe_discovery": true,
  "reject_reason_tags": [],
  "reject_reason": "",
  "reject_reason_source": "",
  "tracking_state": "observing",
  "verification_kind": "",
  "verification_reason": "",
  "tracking_kind": "",
  "tracking_checklist": [
    {
      "type": "比率",
      "item": "经周期正常化PE≤18倍",
      "basis": "buy_conditions.buy_when（原条件，需同时满足人工验证）"
    },
    {
      "type": "比率",
      "item": "不以行情TTM PE单项触发，现金转化和杠杆条件必须同时成立。",
      "basis": "buy_conditions.buy_when（原条件，需同时满足人工验证）"
    },
    {
      "type": "人工",
      "item": "滚动多个报告期CFO/净利润恢复且CFO扣全部购建开支转正",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    },
    {
      "type": "人工",
      "item": "存货和应收周转不再恶化",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    },
    {
      "type": "人工",
      "item": "完整债务/租赁/保理核验，合并权益乘数不超过3倍且下降",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    },
    {
      "type": "事件",
      "item": "AI客户开支与可撤单订单穿透。",
      "basis": "buy_conditions.verify（原条件，需同时满足人工验证）"
    }
  ],
  "monthly_review": {
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    "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"
  }
}