{
 "generated_at": "2026-11-03T10:20:16",
 "horizon_years": 5.0,
 "target_return": 0.1,
 "companies": [
  {
   "symbol": "PANW",
   "name": "Palo Alto Networks",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 351.72,
   "market_cap": 287862816768.0,
   "shares": 818443112.0,
   "eps_ttm": 0.4,
   "eps_ttm_reported": 0.4,
   "pe_now": 879.3000000000001,
   "buyback_rate": -0.03724622857482429,
   "dividend_yield": 0.0,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    267.3,
    222.6,
    128.3,
    54.0,
    49.4
   ],
   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
    [
     -0.08825842526065486,
     -0.12102403650409521,
     -0.21274160897022865,
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     -0.14904119690994433,
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    [
     -0.17943258273458929,
     -0.2089216328536856,
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     -0.4040727726106299,
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    [
     -0.2022261221030729,
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     -0.43085174347302124
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    [
     -0.21742181501539537,
     -0.2455456313326816,
     -0.32426988103277954,
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    [
     -0.23261750792771774,
     -0.2601952307242801,
     -0.3373908542166091,
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     -0.24781320084004022,
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     -0.4537333748930775,
     -0.4633745009888487
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   ],
   "implied_growth_for_target": 0.676753909356794,
   "implied_growth_if_pe_flat": 0.14097085143230692,
   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 97.47858419042583,
   "buy_price": 38.99143367617035,
   "discount_needed": -0.8891406980661596,
   "hold_pe": 128.28125,
   "pe_percentiles": {
    "p10": 49.36923184237637,
    "p25": 54.023350726117144,
    "p50": 128.28125,
    "p75": 222.57813215255737,
    "p90": 267.31249809265137,
    "n_days": 819
   },
   "attribution": {
    "years": 3.0,
    "pe_start": 195.28125524520874,
    "pe_end": 829.5749664306641,
    "profit_start": 438144000.0,
    "profit_end": 305600000.0,
    "shares_start": 684600000.0,
    "shares_end": 764000000.0,
    "valuation_cagr": 0.6193868033571257,
    "earnings_cagr": -0.11313525649242617,
    "buyback_cagr": -0.03590876259535836,
    "dividend_yield": 0.0,
    "price_cagr": 0.3846057208346505,
    "total_cagr": 0.3846057208346505,
    "mcap_cagr": 0.4361770619988672,
    "weights": {
     "valuation": 1.481329801894278,
     "earnings": -0.36895238558856286,
     "buyback": -0.11237741630571516
    },
    "window": "2023-07-31 -> 2026-07-31"
   },
   "annual": [
    {
     "date": "2023-07-31",
     "eps": 0.64,
     "diluted_shares": 684600000.0,
     "price": 124.9800033569336,
     "pe": 195.28125524520874
    },
    {
     "date": "2024-07-31",
     "eps": 3.64,
     "diluted_shares": 708000000.0,
     "price": 162.36500549316406,
     "pe": 44.605770739880235
    },
    {
     "date": "2025-07-31",
     "eps": 1.6,
     "diluted_shares": 709300000.0,
     "price": 173.60000610351562,
     "pe": 108.50000381469727
    },
    {
     "date": "2026-07-31",
     "eps": 0.4,
     "diluted_shares": 764000000.0,
     "price": 331.8299865722656,
     "pe": 829.5749664306641
    }
   ],
   "note": "最近一个季度出现净亏损，拖累 TTM 盈利，因此当前市盈率显著高于 往常水平，属于真实数据而非错配，但解读矩阵时应把这一点计入。",
   "warnings": [
    "PE 为 879.3 倍，远超正常区间；在采信下游任何结论前，请先核实盈利数据。",
    "PE 分位数仅覆盖约 3.2 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "TSLA",
   "name": "Tesla",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 403.82,
   "market_cap": 1596191539200.0,
   "shares": 3952730153.0,
   "eps_ttm": 0.91,
   "eps_ttm_reported": 0.91,
   "pe_now": 443.75824175824175,
   "buyback_rate": -0.005057146557688297,
   "dividend_yield": 0.0,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    443.8,
    238.7,
    128.4,
    69.1,
    37.2,
    20.0
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.19398442922352754,
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     0.11438546727529242,
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     0.07458598630117463,
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    [
     0.04473637557058652,
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     -0.1847660424346067,
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     -0.3636766726177596,
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    [
     0.024836635083527847,
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     -0.4486553288435636
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    [
     0.004936894596468955,
     -0.11228856318088642,
     -0.21582257415138362,
     -0.30721744872267,
     -0.38791756127994004,
     -0.45936105061359145
    ],
    [
     -0.014962845890589827,
     -0.12986700747433422,
     -0.23135084000977202,
     -0.3209359150845973,
     -0.4000380056110304,
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   ],
   "implied_growth_for_target": 1.0549758785616827,
   "implied_growth_if_pe_flat": 0.10556286121345715,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 17.79227847260581,
   "buy_price": 16.190973410071287,
   "discount_needed": -0.9599054692435459,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "p10": 43.31067397257016,
    "p25": 53.410672145763854,
    "p50": 81.6682147315926,
    "p75": 218.1654462627336,
    "p90": 364.81388798466435,
    "n_days": 962,
    "unusable": "历史 PE 区间 43x–365x，过宽，无法作为锚点"
   },
   "attribution": {
    "years": 3.0,
    "pe_start": 34.027624393694964,
    "pe_end": 416.407408537688,
    "profit_start": 12579500000.0,
    "profit_end": 3810240000.0000005,
    "shares_start": 3475000000.0,
    "shares_end": 3528000000.0,
    "valuation_cagr": 1.3039845963336858,
    "earnings_cagr": -0.32836123063272593,
    "buyback_cagr": -0.005031700510770953,
    "dividend_yield": 0.0,
    "price_cagr": 0.539659097219197,
    "total_cagr": 0.539659097219197,
    "mcap_cagr": 0.5474453789227123,
    "weights": {
     "valuation": 1.9340023912789397,
     "earnings": -0.9223136570527272,
     "buyback": -0.011688734226212673
    },
    "window": "2022-12-31 -> 2025-12-31"
   },
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 3.62,
     "diluted_shares": 3475000000.0,
     "price": 123.18000030517578,
     "pe": 34.027624393694964
    },
    {
     "date": "2023-12-31",
     "eps": 4.31,
     "diluted_shares": 3482750000.0,
     "price": 248.47999572753906,
     "pe": 57.65197116648238
    },
    {
     "date": "2024-12-31",
     "eps": 2.04,
     "diluted_shares": 3216000000.0,
     "price": 403.8399963378906,
     "pe": 197.96078251857384
    },
    {
     "date": "2025-12-31",
     "eps": 1.08,
     "diluted_shares": 3528000000.0,
     "price": 449.7200012207031,
     "pe": 416.40740853768807
    }
   ],
   "note": null,
   "warnings": [
    "PE 为 443.8 倍，远超正常区间；在采信下游任何结论前，请先核实盈利数据。",
    "终值 PE 列无法采用自身历史分位数（历史 PE 区间 43x–365x，过宽，无法作为锚点），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "PLTR",
   "name": "Palantir",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 178.34,
   "market_cap": 428561432576.0,
   "shares": 2300713329.0,
   "eps_ttm": 1.12,
   "eps_ttm_reported": 1.12,
   "pe_now": 159.23214285714283,
   "buyback_rate": -0.07569407315813503,
   "dividend_yield": 0.0,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    159.2,
    105.2,
    69.4,
    45.9,
    30.3,
    20.0
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.1155137684990013,
     0.026808535898591224,
     -0.055160118556560556,
     -0.13014100358920644,
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     -0.2632971983016942
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    [
     0.041146183932401215,
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    [
     0.003962391649101171,
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     -0.02392545256337386,
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     -0.042517348705023994,
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    [
     -0.061109244846674016,
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     -0.20475976645177163,
     -0.2678686780209154,
     -0.32622487111686527,
     -0.37994180857059257
    ],
    [
     -0.07970114098832393,
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   ],
   "implied_growth_for_target": 0.7917673137078225,
   "implied_growth_if_pe_flat": 0.18326348047394858,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 12.668974689358514,
   "buy_price": 14.18925165208153,
   "discount_needed": -0.9204370772003951,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "窗口期内出现过负盈利"
   },
   "attribution": {
    "years": 2.0,
    "pe_start": 190.50049457227755,
    "pe_end": 282.14285714285717,
    "profit_start": 206812597.279922,
    "profit_end": 1616074110.0,
    "shares_start": 2294577862.0,
    "shares_end": 2565197000.0,
    "valuation_cagr": 0.21682504734559993,
    "earnings_cagr": 1.7934234719676247,
    "buyback_cagr": -0.05418195240292034,
    "dividend_yield": 0.0,
    "price_cagr": 2.2149373597080806,
    "total_cagr": 2.2149373597080806,
    "mcap_cagr": 2.399107648533315,
    "weights": {
     "valuation": 0.16804566124936954,
     "earnings": 0.8796548795456544,
     "buyback": -0.047700540795024005
    },
    "window": "2023-12-31 -> 2025-12-31"
   },
   "annual": [
    {
     "date": "2022-12-31",
     "eps": -0.180263,
     "diluted_shares": 2060785103.0,
     "price": 6.420000076293945,
     "pe": null
    },
    {
     "date": "2023-12-31",
     "eps": 0.090131,
     "diluted_shares": 2294577862.0,
     "price": 17.170000076293945,
     "pe": 190.50049457227752
    },
    {
     "date": "2024-12-31",
     "eps": 0.190277,
     "diluted_shares": 2447246030.0,
     "price": 75.62999725341797,
     "pe": 397.4731431198619
    },
    {
     "date": "2025-12-31",
     "eps": 0.63,
     "diluted_shares": 2565197000.0,
     "price": 177.75,
     "pe": 282.14285714285717
    }
   ],
   "note": "股本因股权激励每年增长约 7–8%，因此「回购效应」一项长期为负。 这种稀释对股东是实实在在的成本，但它不会以扣减的形式出现在 报表的 EPS 增速里。",
   "warnings": [
    "终值 PE 列无法采用自身历史分位数（窗口期内出现过负盈利），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。",
    "历史归因仅覆盖 2.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "SHOP",
   "name": "Shopify",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 156.22,
   "market_cap": 202719608832.0,
   "shares": 1219581025.0,
   "eps_ttm": 1.48,
   "eps_ttm_reported": 1.48,
   "pe_now": 105.55405405405405,
   "buyback_rate": -0.00980855033204242,
   "dividend_yield": 0.0,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    105.6,
    75.7,
    54.3,
    38.9,
    27.9,
    20.0
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.18844750272584765,
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     0.04041638887352628,
     -0.026721479298313477,
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    [
     0.10921766921079135,
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     0.06960275245326297,
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     0.039891564885117026,
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    [
     0.02008410650635284,
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    [
     0.0002766481275886523,
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     -0.23350701033949717,
     -0.2828775053549837
    ],
    [
     -0.019530810251175534,
     -0.08268109658064648,
     -0.14165647917934077,
     -0.1970452204211086,
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   ],
   "implied_growth_for_target": 0.5492471764533864,
   "implied_growth_if_pe_flat": 0.11078940536524673,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 17.377613309078956,
   "buy_price": 25.718867697436856,
   "discount_needed": -0.8353676373227701,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "窗口期内出现过负盈利"
   },
   "attribution": {
    "years": 2.0,
    "pe_start": 779.000015258789,
    "pe_end": 170.50317472598226,
    "profit_start": 129551138.5,
    "profit_end": 1231000402.7784,
    "shares_start": 1295511385.0,
    "shares_end": 1303904300.0,
    "valuation_cagr": -0.5319166930578042,
    "earnings_cagr": 2.0801656253312437,
    "buyback_cagr": -0.003221372813357881,
    "dividend_yield": 0.0,
    "price_cagr": 0.43712961990785737,
    "total_cagr": 0.43712961990785737,
    "mcap_cagr": 0.4417741118347249,
    "weights": {
     "valuation": -2.0932402805849786,
     "earnings": 3.102137542783351,
     "buyback": -0.008897262198372361
    },
    "window": "2023-12-31 -> 2025-12-31"
   },
   "annual": [
    {
     "date": "2022-12-31",
     "eps": -2.73,
     "diluted_shares": 1266268155.0,
     "price": 34.709999084472656,
     "pe": null
    },
    {
     "date": "2023-12-31",
     "eps": 0.1,
     "diluted_shares": 1295511385.0,
     "price": 77.9000015258789,
     "pe": 779.0000152587891
    },
    {
     "date": "2024-12-31",
     "eps": 1.559579,
     "diluted_shares": 1294580139.0,
     "price": 106.33000183105469,
     "pe": 68.17865708056769
    },
    {
     "date": "2025-12-31",
     "eps": 0.944088,
     "diluted_shares": 1303904300.0,
     "price": 160.97000122070312,
     "pe": 170.50317472598223
    }
   ],
   "note": "长期处于薄利或亏损状态后才转入盈利，因此历史市盈率区间极宽、 无法作为期末估值的锚点，终值 PE 列改用相对倍数并跨越至正常化区间。",
   "warnings": [
    "终值 PE 列无法采用自身历史分位数（窗口期内出现过负盈利），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。",
    "历史归因仅覆盖 2.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "NOW",
   "name": "ServiceNow",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 106.01,
   "market_cap": 110029586432.0,
   "shares": 1037917000.0,
   "eps_ttm": 1.41,
   "eps_ttm_reported": 1.41,
   "pe_now": 75.18439716312058,
   "buyback_rate": -0.008645572258394685,
   "dividend_yield": 0.0,
   "growths": [
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   "terminal_pes": [
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
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   "annual": [
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   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "EQIX",
   "name": "Equinix",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 993.69,
   "market_cap": 98363703296.0,
   "shares": 98988318.0,
   "eps_ttm": 16.65,
   "eps_ttm_reported": 16.65,
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   "terminal_pes": [
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
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   "attribution": {
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    "mcap_cagr": 0.0998314743941564,
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   "annual": [
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     "price": 754.6506958007812,
     "pe": 54.843800566917245
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   ],
   "note": "同上，REIT 的市盈率参考价值有限，宜结合 FFO 另行判断。",
   "warnings": [
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "COST",
   "name": "Costco",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 1040.55,
   "market_cap": 461098254336.0,
   "shares": 443129349.0,
   "eps_ttm": 20.76,
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   "terminal_pes": [
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
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   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 4.2 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "HLT",
   "name": "Hilton",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 364.71,
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   "shares": 222504355.0,
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    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "WMT",
   "name": "Walmart",
   "currency": "USD",
   "as_of": "2026-11-03",
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   "terminal_pes_from_history": true,
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    "profit_start": 779880000.0,
    "profit_end": 1867056000.0,
    "shares_start": 58200000.0,
    "shares_end": 58200000.0,
    "valuation_cagr": 0.0706191547844417,
    "earnings_cagr": 0.33766601566042476,
    "buyback_cagr": 0.0,
    "dividend_yield": 0.0,
    "price_cagr": 0.43213085907023574,
    "total_cagr": 0.43213085907023574,
    "mcap_cagr": 0.4321308590702355,
    "weights": {
     "valuation": 0.1899890736011309,
     "earnings": 0.8100109263988692,
     "buyback": 0.0
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    "window": "2022-09-30 -> 2025-09-30"
   },
   "annual": [
    {
     "date": "2022-09-30",
     "eps": 13.4,
     "diluted_shares": 58200000.0,
     "price": 448.6081237792969,
     "pe": 33.47821819248484
    },
    {
     "date": "2023-09-30",
     "eps": 22.03,
     "diluted_shares": 57200000.0,
     "price": 720.6947021484375,
     "pe": 32.71423977069621
    },
    {
     "date": "2024-09-30",
     "eps": 25.62,
     "diluted_shares": 57800000.0,
     "price": 1264.7401123046875,
     "pe": 49.36534396193159
    },
    {
     "date": "2025-09-30",
     "eps": 32.08,
     "diluted_shares": 58200000.0,
     "price": 1318.02001953125,
     "pe": 41.08541208015119
    }
   ],
   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 4.1 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "HTHT",
   "name": "H World Group",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 48.44,
   "market_cap": 15278265344.0,
   "shares": 315405987.0,
   "eps_ttm": 1.34,
   "eps_ttm_reported": 1.34,
   "pe_now": 36.14925373134328,
   "buyback_rate": -0.01439137630556453,
   "dividend_yield": 0.044800000000000006,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    45.2,
    39.8,
    36.1,
    30.7,
    25.3,
    21.7
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.28183935753541595,
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   ],
   "implied_growth_for_target": 0.2049088633928129,
   "implied_growth_if_pe_flat": 0.07038578027763154,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 20.914482261700734,
   "buy_price": 28.025406230678982,
   "discount_needed": -0.4214408292593108,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": -5.9,
     "diluted_shares": 311119676.0,
     "price": 36.601261138916016,
     "pe": null
    },
    {
     "date": "2023-12-31",
     "eps": 12.5,
     "diluted_shares": 335142121.0,
     "price": 29.648813247680664,
     "pe": 2.3719050598144533
    },
    {
     "date": "2024-12-31",
     "eps": 9.6,
     "diluted_shares": 327830829.0,
     "price": 29.933565139770508,
     "pe": 3.118079702059428
    },
    {
     "date": "2025-12-31",
     "eps": 16.0,
     "diluted_shares": 324749410.0,
     "price": 44.97730255126953,
     "pe": 2.8110814094543457
    }
   ],
   "note": "财报以人民币计、股价以美元计价（ADS），历史市盈率区间因基准不一致 而不可用，期末估值改用相对倍数。",
   "warnings": [
    "以 CNY 报告财务、以 USD 报价；利润由 EPS × 股本反推，以保持在 USD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "CCI",
   "name": "Crown Castle",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 87.03,
   "market_cap": 38032109568.0,
   "shares": 437000000.0,
   "eps_ttm": 2.49,
   "eps_ttm_reported": 2.49,
   "pe_now": 34.95180722891566,
   "buyback_rate": -0.002298333687817511,
   "dividend_yield": 0.048799999999999996,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
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   "terminal_pes": [
    43.7,
    38.4,
    35.0,
    29.7,
    24.5,
    21.0
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   "terminal_pes_from_history": false,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.30074888527956106,
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     0.10252364511029714,
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   "implied_growth_for_target": 0.17806780837581115,
   "implied_growth_if_pe_flat": 0.053616008372633805,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 22.632731448640538,
   "buy_price": 56.355501307114935,
   "discount_needed": -0.35245890719160133,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "窗口期内出现过负盈利"
   },
   "attribution": {
    "years": 3.0,
    "pe_start": 28.672654146975187,
    "pe_end": 84.67038598391089,
    "profit_start": 1675240000.0,
    "profit_end": 441370000.0,
    "shares_start": 434000000.0,
    "shares_end": 437000000.0,
    "valuation_cagr": 0.43456024623007106,
    "earnings_cagr": -0.35886034856177507,
    "buyback_cagr": -0.002293063462812661,
    "dividend_yield": 0.048799999999999996,
    "price_cagr": -0.08235559681020643,
    "total_cagr": -0.03355559681020644,
    "mcap_cagr": -0.08024654376491813,
    "weights": {
     "valuation": -4.198696773941815,
     "earnings": 5.171985645770068,
     "buyback": 0.02671112817174651
    },
    "window": "2022-12-31 -> 2025-12-31"
   },
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 3.86,
     "diluted_shares": 434000000.0,
     "price": 110.67644500732422,
     "pe": 28.672654146975187
    },
    {
     "date": "2023-12-31",
     "eps": 3.46,
     "diluted_shares": 434000000.0,
     "price": 99.34149169921875,
     "pe": 28.711413785901374
    },
    {
     "date": "2024-12-31",
     "eps": -8.98,
     "diluted_shares": 434000000.0,
     "price": 83.0564193725586,
     "pe": null
    },
    {
     "date": "2025-12-31",
     "eps": 1.01,
     "diluted_shares": 437000000.0,
     "price": 85.51708984375,
     "pe": 84.67038598391089
    }
   ],
   "note": "同上，REIT 的市盈率参考价值有限，宜结合 FFO 另行判断。 另外 2024 年报出现过大额亏损（与光纤／小蜂窝业务的资产处置相关）， 历史市盈率区间可能因此不可用。",
   "warnings": [
    "终值 PE 列无法采用自身历史分位数（窗口期内出现过负盈利），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "V",
   "name": "Visa",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 425.51,
   "market_cap": 795280736256.0,
   "shares": 1728000000.0,
   "eps_ttm": 12.32,
   "eps_ttm_reported": 12.32,
   "pe_now": 34.53814935064935,
   "buyback_rate": 0.049868398343855924,
   "dividend_yield": 0.0063,
   "growths": [
    0.2,
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    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    35.8,
    34.2,
    32.3,
    31.1,
    29.2
   ],
   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.27837956379996687,
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     0.1935742595466359,
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   "implied_growth_for_target": 0.0530118081206965,
   "implied_growth_if_pe_flat": 0.03915893273132487,
   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 39.196892185884046,
   "buy_price": 482.9057117300915,
   "discount_needed": 0.1348868692394809,
   "hold_pe": 32.32531256890475,
   "pe_percentiles": {
    "p10": 29.152038039947428,
    "p25": 31.073374809438892,
    "p50": 32.32531256890475,
    "p75": 34.17700973211551,
    "p90": 35.82530123505745,
    "n_days": 1026
   },
   "attribution": {
    "years": 3.0,
    "pe_start": 24.60829816545759,
    "pe_end": 33.203083113128066,
    "profit_start": 17906000000.0,
    "profit_end": 22378800000.0,
    "shares_start": 2558000000.0,
    "shares_end": 2194000000.0,
    "valuation_cagr": 0.10498331154248697,
    "earnings_cagr": 0.07713972237989664,
    "buyback_cagr": 0.052485780135016924,
    "dividend_yield": 0.0063,
    "price_cagr": 0.2526911170564754,
    "total_cagr": 0.2589911170564754,
    "mcap_cagr": 0.19022141742929355,
    "weights": {
     "valuation": 0.4431106652562155,
     "earnings": 0.3298315958676504,
     "buyback": 0.22705773887613412
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    "window": "2022-09-30 -> 2025-09-30"
   },
   "annual": [
    {
     "date": "2022-09-30",
     "eps": 7.0,
     "diluted_shares": 2558000000.0,
     "price": 172.25808715820312,
     "pe": 24.60829816545759
    },
    {
     "date": "2023-09-30",
     "eps": 8.28,
     "diluted_shares": 2507000000.0,
     "price": 224.82379150390625,
     "pe": 27.15263182414327
    },
    {
     "date": "2024-09-30",
     "eps": 9.73,
     "diluted_shares": 2399000000.0,
     "price": 270.8663635253906,
     "pe": 27.838269632619795
    },
    {
     "date": "2025-09-30",
     "eps": 10.2,
     "diluted_shares": 2194000000.0,
     "price": 338.67144775390625,
     "pe": 33.203083113128066
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   ],
   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 4.1 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "ADSK",
   "name": "Autodesk",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 257.91,
   "market_cap": 53903192064.0,
   "shares": 209000000.0,
   "eps_ttm": 7.71,
   "eps_ttm_reported": 7.71,
   "pe_now": 33.451361867704286,
   "buyback_rate": 0.0046073115738306525,
   "dividend_yield": 0.0,
   "growths": [
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    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    64.4,
    60.1,
    56.1,
    51.1,
    45.1
   ],
   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
    [
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   "implied_growth_for_target": -0.012572598416108471,
   "implied_growth_if_pe_flat": 0.09493195726878656,
   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 52.36085218594415,
   "buy_price": 403.70217035362936,
   "discount_needed": 0.5652831233904436,
   "hold_pe": 56.082012035228594,
   "pe_percentiles": {
    "p10": 45.10707410298159,
    "p25": 51.10007019900771,
    "p50": 56.082012035228594,
    "p75": 60.05098811908667,
    "p90": 64.40653060710962,
    "n_days": 943
   },
   "attribution": {
    "years": 3.0,
    "pe_start": 56.92063588944693,
    "pe_end": 48.34990346408939,
    "profit_start": 824040000.0,
    "profit_end": 1124450000.0,
    "shares_start": 218000000.0,
    "shares_end": 215000000.0,
    "valuation_cagr": -0.052933056498855935,
    "earnings_cagr": 0.1091416681322146,
    "buyback_cagr": 0.004628637147330528,
    "dividend_yield": 0.0,
    "price_cagr": 0.05529347539069218,
    "total_cagr": 0.05529347539069218,
    "mcap_cagr": 0.05043140954773673,
    "weights": {
     "valuation": -1.0105277924196006,
     "earnings": 1.9247222927438126,
     "buyback": 0.08580549967578785
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    "window": "2023-01-31 -> 2026-01-31"
   },
   "annual": [
    {
     "date": "2023-01-31",
     "eps": 3.78,
     "diluted_shares": 218000000.0,
     "price": 215.16000366210938,
     "pe": 56.92063588944693
    },
    {
     "date": "2024-01-31",
     "eps": 4.19,
     "diluted_shares": 216000000.0,
     "price": 253.80999755859375,
     "pe": 60.57517841493884
    },
    {
     "date": "2025-01-31",
     "eps": 5.12,
     "diluted_shares": 217000000.0,
     "price": 311.3399963378906,
     "pe": 60.80859303474426
    },
    {
     "date": "2026-01-31",
     "eps": 5.23,
     "diluted_shares": 215000000.0,
     "price": 252.8699951171875,
     "pe": 48.34990346408939
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   ],
   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 3.7 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
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    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
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    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
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     0.10349925382198963
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    [
     0.22400731439848706,
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     0.14416997847274057,
     0.10525927010338207,
     0.08280994792253346
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    [
     0.20052202104406167,
     0.16454416365227106,
     0.12226562246337933,
     0.08412542317064184,
     0.06212064202307751
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   "implied_growth_for_target": -0.030524493972931666,
   "implied_growth_if_pe_flat": 0.06657451851844143,
   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 45.50158693753127,
   "buy_price": 323.061267256472,
   "discount_needed": 0.7156732196307594,
   "hold_pe": 42.7428803503266,
   "pe_percentiles": {
    "p10": 32.107639171459056,
    "p25": 35.709487155265336,
    "p50": 42.7428803503266,
    "p75": 51.6836547487289,
    "p90": 60.49818122911753,
    "n_days": 962
   },
   "attribution": {
    "years": 3.0,
    "pe_start": 48.62617772287099,
    "pe_end": 31.545870745623553,
    "profit_start": 1767705000.0,
    "profit_end": 2531287800.0,
    "shares_start": 462750000.0,
    "shares_end": 468757000.0,
    "valuation_cagr": -0.13429136169477818,
    "earnings_cagr": 0.12710762824144717,
    "buyback_cagr": -0.004288981631396571,
    "dividend_yield": 0.038,
    "price_cagr": -0.0284381500769455,
    "total_cagr": 0.009561849923054498,
    "mcap_cagr": -0.024253189931668695,
    "weights": {
     "valuation": 4.99844484494401,
     "earnings": -4.1474276482666745,
     "buyback": 0.14898280332266478
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    "window": "2022-12-31 -> 2025-12-31"
   },
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 3.82,
     "diluted_shares": 462750000.0,
     "price": 185.7519989013672,
     "pe": 48.62617772287099
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    {
     "date": "2023-12-31",
     "eps": 3.18,
     "diluted_shares": 467162000.0,
     "price": 195.72879028320312,
     "pe": 61.549934051321735
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    {
     "date": "2024-12-31",
     "eps": 4.82,
     "diluted_shares": 468120000.0,
     "price": 171.9208984375,
     "pe": 35.668236190352694
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    {
     "date": "2025-12-31",
     "eps": 5.4,
     "diluted_shares": 468757000.0,
     "price": 170.3477020263672,
     "pe": 31.54587074562355
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   ],
   "note": "REIT 的会计利润因不动产折旧被系统性压低，市盈率不是评估 REIT 的 合适指标——行业惯例看 FFO／AFFO（运营现金流），本站尚未接入该数据， 这页的市盈率与隐含增速仅供参考，不宜按制造业或消费品公司的标准解读。",
   "warnings": [
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "MSFT",
   "name": "Microsoft",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 507.12,
   "market_cap": 3765971714048.0,
   "shares": 7426194552.0,
   "eps_ttm": 19.16,
   "eps_ttm_reported": 19.16,
   "pe_now": 26.467640918580376,
   "buyback_rate": 0.0008481348847743098,
   "dividend_yield": 0.0077,
   "growths": [
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    -0.01
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   "terminal_pes": [
    41.3,
    37.7,
    35.0,
    32.0,
    28.3
   ],
   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.3204943718568091,
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     0.2329747470663552,
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     0.18921493467112824,
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     0.15639507537470806,
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     0.11263526297948086,
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   "implied_growth_if_pe_flat": 0.09137358226536096,
   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 33.22434022351667,
   "buy_price": 636.5783586825794,
   "discount_needed": 0.25528150868153365,
   "hold_pe": 35.01102078345514,
   "pe_percentiles": {
    "p10": 28.259387513057103,
    "p25": 31.96617630887623,
    "p50": 35.01102078345514,
    "p75": 37.66226670609191,
    "p90": 41.298063293961455,
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   "attribution": {
    "years": 3.0,
    "pe_start": 34.302019481816565,
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    "profit_start": 72328960000.0,
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    "shares_start": 7472000000.0,
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    "earnings_cagr": 0.22746036375840606,
    "buyback_cagr": 0.0008488548281662123,
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    "weights": {
     "valuation": -4.393960039786459,
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     "buyback": 0.022239264070500378
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    "window": "2023-06-30 -> 2026-06-30"
   },
   "annual": [
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     "date": "2023-06-30",
     "eps": 9.68,
     "diluted_shares": 7472000000.0,
     "price": 332.0435485839844,
     "pe": 34.30201948181657
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    {
     "date": "2024-06-30",
     "eps": 11.8,
     "diluted_shares": 7469000000.0,
     "price": 439.2077331542969,
     "pe": 37.2209943351099
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    {
     "date": "2025-06-30",
     "eps": 13.64,
     "diluted_shares": 7465000000.0,
     "price": 492.5411682128906,
     "pe": 36.11005632059315
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    {
     "date": "2026-06-30",
     "eps": 17.95,
     "diluted_shares": 7453000000.0,
     "price": 372.319091796875,
     "pe": 20.742010685062674
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   ],
   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 3.3 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "9633.HK",
   "name": "农夫山泉",
   "currency": "HKD",
   "as_of": "2026-11-03",
   "price": 44.8,
   "market_cap": 503841685504.0,
   "shares": 5034666400.0,
   "eps_ttm": 1.7,
   "eps_ttm_reported": 1.7,
   "pe_now": 26.352941176470587,
   "buyback_rate": -6.351836810747358e-05,
   "dividend_yield": 0.026000000000000002,
   "growths": [
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   "terminal_pes": [
    32.9,
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    26.4,
    22.4,
    18.4,
    15.8
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   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
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   "implied_growth_for_target": 0.13498908642043106,
   "implied_growth_if_pe_flat": 0.07406821872734737,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 20.558406177793596,
   "buy_price": 34.94929050224911,
   "discount_needed": -0.21988190843193933,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 0.76,
     "diluted_shares": 11243556102.0,
     "price": 40.516780853271484,
     "pe": 53.31155375430458
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    {
     "date": "2023-12-31",
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     "diluted_shares": 11243908441.0,
     "price": 42.264713287353516,
     "pe": 39.49973204425562
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    {
     "date": "2024-12-31",
     "eps": 1.078,
     "diluted_shares": 11245815054.0,
     "price": 32.40876007080078,
     "pe": 30.06378485231983
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    {
     "date": "2025-12-31",
     "eps": 1.411,
     "diluted_shares": 11245699244.0,
     "price": 45.61817932128906,
     "pe": 32.33038931345787
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   ],
   "note": null,
   "warnings": [
    "以 CNY 报告财务、以 HKD 报价；利润由 EPS × 股本反推，以保持在 HKD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "ENB",
   "name": "Enbridge",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 49.2,
   "market_cap": 109659103232.0,
   "shares": 2228843639.0,
   "eps_ttm": 1.87,
   "eps_ttm_reported": 1.87,
   "pe_now": 26.310160427807485,
   "buyback_rate": -0.02514880342466541,
   "dividend_yield": 0.056900000000000006,
   "growths": [
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   "terminal_pes": [
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    18.4,
    15.8
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   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
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   "implied_growth_for_target": 0.12961787141304693,
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   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 21.01766669205038,
   "buy_price": 39.303036714134215,
   "discount_needed": -0.20115779036312575,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
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     "price": 39.010677337646484,
     "pe": 16.67122963147286
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    {
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     "eps": 3.22,
     "diluted_shares": 2186000000.0,
     "price": 45.97199249267578,
     "pe": 14.277016302073223
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   ],
   "note": "财报以加元计、股价以美元计，两种货币汇率并非固定比例， 历史市盈率与归因已被抑制（详见「数据与方法」）。 业务上主要依赖「照付不议」（take-or-pay）长期合同，现金流对大宗商品 价格波动的敏感度低于典型能源股，但仍受利率与再融资成本影响。",
   "warnings": [
    "以 CAD 报告财务、以 USD 报价；利润由 EPS × 股本反推，以保持在 USD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "NTAP",
   "name": "NetApp",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 185.26,
   "market_cap": 36388585472.0,
   "shares": 196419005.0,
   "eps_ttm": 7.09,
   "eps_ttm_reported": 7.09,
   "pe_now": 26.12976022566996,
   "buyback_rate": 0.029652164534561654,
   "dividend_yield": 0.011200000000000002,
   "growths": [
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   "terminal_pes": [
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    16.2,
    12.4
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
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   "implied_growth_for_target": 0.12801880704235846,
   "implied_growth_if_pe_flat": 0.05651472325476936,
   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 21.021925820377273,
   "buy_price": 149.04545406647486,
   "discount_needed": -0.19547957429302132,
   "hold_pe": 18.83351966817543,
   "pe_percentiles": {
    "p10": 12.422202576421498,
    "p25": 16.195661581036134,
    "p50": 18.83351966817543,
    "p75": 25.103591688250877,
    "p90": 27.2189162847564,
    "n_days": 881
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   "attribution": {
    "years": 3.0,
    "pe_start": 10.154547551341214,
    "pe_end": 17.352131520669293,
    "profit_start": 1273800000.0,
    "profit_end": 1276350000.0,
    "shares_start": 220000000.0,
    "shares_end": 201000000.0,
    "valuation_cagr": 0.19549122260387586,
    "earnings_cagr": 0.0006666977604596891,
    "buyback_cagr": 0.03055828379350034,
    "dividend_yield": 0.011200000000000002,
    "price_cagr": 0.23284476988689518,
    "total_cagr": 0.24404476988689516,
    "mcap_cagr": 0.19628825392463511,
    "weights": {
     "valuation": 0.8530168204046801,
     "earnings": 0.0031839378067097645,
     "buyback": 0.14379924178861012
    },
    "window": "2023-04-30 -> 2026-04-30"
   },
   "annual": [
    {
     "date": "2023-04-30",
     "eps": 5.79,
     "diluted_shares": 220000000.0,
     "price": 58.794830322265625,
     "pe": 10.154547551341214
    },
    {
     "date": "2024-04-30",
     "eps": 4.63,
     "diluted_shares": 213000000.0,
     "price": 97.85122680664062,
     "pe": 21.13417425629387
    },
    {
     "date": "2025-04-30",
     "eps": 5.67,
     "diluted_shares": 209000000.0,
     "price": 87.58252716064453,
     "pe": 15.446653820219494
    },
    {
     "date": "2026-04-30",
     "eps": 6.35,
     "diluted_shares": 201000000.0,
     "price": 110.18603515625,
     "pe": 17.352131520669293
    }
   ],
   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 3.5 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "TSM",
   "name": "台积电（ADR）",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 398.63,
   "market_cap": 2067484114944.0,
   "shares": 5186474013.0,
   "eps_ttm": 15.43,
   "eps_ttm_reported": 15.43,
   "pe_now": 25.834737524303307,
   "buyback_rate": -1.812182616744984e-05,
   "dividend_yield": 0.0095,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    32.3,
    28.4,
    25.8,
    22.0,
    18.1,
    15.5
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.26429583839322407,
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     0.18064278250034266,
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    [
     0.13881625455390195,
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    [
     0.10744635859407141,
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     0.08653309462085106,
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    [
     0.06561983064763048,
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     -0.01245862149823824,
     -0.04989256366408296,
     -0.0786171822043847
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    [
     0.04470656667440991,
     0.018404784908335907,
     -0.0007843106060707126,
     -0.03182577750817412,
     -0.06851845349251713,
     -0.09667426770528793
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   ],
   "implied_growth_for_target": 0.14780563263259783,
   "implied_growth_if_pe_flat": 0.09051976185143551,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 19.053776771168987,
   "buy_price": 293.99977557913746,
   "discount_needed": -0.2624745363391179,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 196.0,
     "diluted_shares": 5185838000.0,
     "price": 70.53726959228516,
     "pe": 0.35988402853206714
    },
    {
     "date": "2023-12-31",
     "eps": 161.7,
     "diluted_shares": 5185853400.0,
     "price": 100.3955078125,
     "pe": 0.6208751256184293
    },
    {
     "date": "2024-12-31",
     "eps": 226.25,
     "diluted_shares": 5185929000.0,
     "price": 193.34414672851562,
     "pe": 0.8545597645459254
    },
    {
     "date": "2025-12-31",
     "eps": 327.35,
     "diluted_shares": 5186120000.0,
     "price": 301.51922607421875,
     "pe": 0.921091266455533
    }
   ],
   "note": "财报以新台币计、股价以美元计价（ADR），历史市盈率区间因基准不一致 而不可用，期末估值改用相对倍数。",
   "warnings": [
    "以 TWD 报告财务、以 USD 报价；利润由 EPS × 股本反推，以保持在 USD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "NVDA",
   "name": "NVIDIA",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 202.06,
   "market_cap": 4879142617088.0,
   "shares": 24147000000.0,
   "eps_ttm": 7.91,
   "eps_ttm_reported": 7.91,
   "pe_now": 25.5448798988622,
   "buyback_rate": 0.007446275917231238,
   "dividend_yield": 0.0049,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    31.9,
    28.1,
    25.5,
    21.7,
    17.9,
    15.3
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.2688345525467447,
     0.23717521584162923,
     0.21347744757133977,
     0.17509542700167322,
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     0.09610095147239904
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    [
     0.18457224904362843,
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     0.14244109729207008,
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     0.05807588430150622,
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     -0.01301914367484071
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    [
     0.11084273347840155,
     0.08314081386142567,
     0.062405266624922504,
     0.02882099862646413,
     -0.009853027442623412,
     -0.040299167461650756
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    [
     0.08977715760262238,
     0.06260289359739844,
     0.04226230916540007,
     0.009317741509769701,
     -0.02861963644371636,
     -0.05848584998619068
    ],
    [
     0.06871158172684343,
     0.04206497333337121,
     0.02211935170587763,
     -0.010185515606924949,
     -0.04738624544480931,
     -0.07667253251073071
    ],
    [
     0.04764600585106425,
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     0.001976394246355302,
     -0.029688772723619597,
     -0.06615285444590215,
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   ],
   "implied_growth_for_target": 0.14146493824446238,
   "implied_growth_if_pe_flat": 0.08694558324303991,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 19.369114316455708,
   "buy_price": 153.20969424316468,
   "discount_needed": -0.2417613865031938,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "p10": 39.79855076796344,
    "p25": 45.83981312862059,
    "p50": 71.42071122882747,
    "p75": 130.20261676832177,
    "p90": 258.67229330128646,
    "n_days": 943,
    "unusable": "历史 PE 区间 40x–259x，过宽，无法作为锚点"
   },
   "attribution": {
    "years": 3.0,
    "pe_start": 111.90746570455617,
    "pe_end": 38.915059615154654,
    "profit_start": 4362180000.0,
    "profit_end": 120118600000.00002,
    "shares_start": 25070000000.0,
    "shares_end": 24514000000.0,
    "valuation_cagr": -0.29673161710116225,
    "earnings_cagr": 2.0189742670617545,
    "buyback_cagr": 0.007502138913551004,
    "dividend_yield": 0.0049,
    "price_cagr": 1.1390773106732865,
    "total_cagr": 1.1439773106732865,
    "mcap_cagr": 1.123149150809724,
    "weights": {
     "valuation": -0.46295168804558445,
     "earnings": 1.4531221407477943,
     "buyback": 0.009829547297790106
    },
    "window": "2023-01-31 -> 2026-01-31"
   },
   "annual": [
    {
     "date": "2023-01-31",
     "eps": 0.174,
     "diluted_shares": 25070000000.0,
     "price": 19.471899032592773,
     "pe": 111.90746570455617
    },
    {
     "date": "2024-01-31",
     "eps": 1.19,
     "diluted_shares": 24940000000.0,
     "price": 61.34918212890625,
     "pe": 51.55393456210609
    },
    {
     "date": "2025-01-31",
     "eps": 2.94,
     "diluted_shares": 24804000000.0,
     "price": 119.7569351196289,
     "pe": 40.733651401234326
    },
    {
     "date": "2026-01-31",
     "eps": 4.9,
     "diluted_shares": 24514000000.0,
     "price": 190.6837921142578,
     "pe": 38.915059615154654
    }
   ],
   "note": null,
   "warnings": [
    "终值 PE 列无法采用自身历史分位数（历史 PE 区间 40x–259x，过宽，无法作为锚点），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "9988.HK",
   "name": "Alibaba",
   "currency": "HKD",
   "as_of": "2026-11-03",
   "price": 99.55,
   "market_cap": 1981240180736.0,
   "shares": 19901959514.0,
   "eps_ttm": 4.03,
   "eps_ttm_reported": 4.03,
   "pe_now": 24.702233250620345,
   "buyback_rate": 0.030583734764207948,
   "dividend_yield": 0.0104,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    30.9,
    27.2,
    24.7,
    21.0,
    17.3,
    14.8
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.3049397670082988,
     0.27233643904455357,
     0.24823594788773454,
     0.20870551790946792,
     0.16314413381824247,
     0.12771606523057003
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    [
     0.21863711587441229,
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    [
     0.17548579030746894,
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     0.1431222961322616,
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    [
     0.12154663334878982,
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     0.07287585527030574,
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     -0.00016128513934173666,
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    [
     0.09997097056531826,
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    [
     0.07839530778184647,
     0.051497562211756644,
     0.03161465700738123,
     -0.0009979477246889398,
     -0.03858608959994988,
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   ],
   "implied_growth_for_target": 0.10184027098320292,
   "implied_growth_if_pe_flat": 0.05627596260091905,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 22.349190080919932,
   "buy_price": 90.06723602610734,
   "discount_needed": -0.09525629305768624,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2023-03-31",
     "eps": 3.43,
     "diluted_shares": 21114000000.0,
     "price": 99.63067626953125,
     "pe": 29.046844393449344
    },
    {
     "date": "2024-03-31",
     "eps": 3.91,
     "diluted_shares": 20359000000.0,
     "price": 69.83353424072266,
     "pe": 17.8602389362462
    },
    {
     "date": "2025-03-31",
     "eps": 6.7,
     "diluted_shares": 19318000000.0,
     "price": 127.58747100830078,
     "pe": 19.042906120641906
    },
    {
     "date": "2026-03-31",
     "eps": 5.5,
     "diluted_shares": 19235000000.0,
     "price": 118.86661529541016,
     "pe": 21.612111871892754
    }
   ],
   "note": null,
   "warnings": [
    "以 CNY 报告财务、以 HKD 报价；利润由 EPS × 股本反推，以保持在 HKD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "0388.HK",
   "name": "香港交易所",
   "currency": "HKD",
   "as_of": "2026-11-03",
   "price": 377.4,
   "market_cap": 477033103360.0,
   "shares": 1263998743.0,
   "eps_ttm": 15.63,
   "eps_ttm_reported": 15.63,
   "pe_now": 24.145873320537426,
   "buyback_rate": 4.206231918435499e-05,
   "dividend_yield": 0.039900000000000005,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    39.6,
    36.0,
    30.7,
    27.3,
    23.8
   ],
   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.36475993703110293,
     0.339744588467949,
     0.2989953075831326,
     0.2697820404788968,
     0.23649262472988147
    ],
    [
     0.27643594122902954,
     0.2530882825700859,
     0.2150556204109239,
     0.18778990444697036,
     0.15671978308122275
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    [
     0.23227394332799295,
     0.20976012962115437,
     0.17308577682481924,
     0.14679383643100724,
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    [
     0.19915244490221545,
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     0.141608394135241,
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    [
     0.17707144595169683,
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     0.09554875141105308,
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    [
     0.15499044700117842,
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    [
     0.13290944805066002,
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     0.054552683395089965,
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   ],
   "implied_growth_for_target": 0.010369144744167391,
   "implied_growth_if_pe_flat": 0.06005540973543266,
   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 33.69467875895602,
   "buy_price": 526.6478290024827,
   "discount_needed": 0.3954632458995302,
   "hold_pe": 30.696253746560533,
   "pe_percentiles": {
    "p10": 23.779655521751472,
    "p25": 27.252645989471805,
    "p50": 30.696253746560533,
    "p75": 35.99842767295598,
    "p90": 39.60299033117712,
    "n_days": 941
   },
   "attribution": {
    "years": 3.0,
    "pe_start": 37.565441971305034,
    "pe_end": 28.15155748126338,
    "profit_start": 10078405800.0,
    "profit_end": 17758571640.0,
    "shares_start": 1267724000.0,
    "shares_end": 1267564000.0,
    "valuation_cagr": -0.0916619630843678,
    "earnings_cagr": 0.2077768228725685,
    "buyback_cagr": 4.206408849749543e-05,
    "dividend_yield": 0.039900000000000005,
    "price_cagr": 0.09711577555420159,
    "total_cagr": 0.13701577555420158,
    "mcap_cagr": 0.09706962832026811,
    "weights": {
     "valuation": -1.0372657809396066,
     "earnings": 2.0368119498601764,
     "buyback": 0.0004538310794304446
    },
    "window": "2022-12-31 -> 2025-12-31"
   },
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 7.95,
     "diluted_shares": 1267724000.0,
     "price": 298.645263671875,
     "pe": 37.56544197130503
    },
    {
     "date": "2023-12-31",
     "eps": 9.36,
     "diluted_shares": 1267809000.0,
     "price": 243.67152404785156,
     "pe": 26.033282483744827
    },
    {
     "date": "2024-12-31",
     "eps": 10.29,
     "diluted_shares": 1267700000.0,
     "price": 277.7850341796875,
     "pe": 26.995630143798593
    },
    {
     "date": "2025-12-31",
     "eps": 14.01,
     "diluted_shares": 1267564000.0,
     "price": 394.4033203125,
     "pe": 28.151557481263385
    }
   ],
   "note": "交易所的利润高度依赖市场成交额，属于典型的周期性收入而非平稳增长， 因此单一「增速」的代表性较弱，矩阵的增速行宜看作区间。",
   "warnings": [
    "PE 分位数仅覆盖约 3.7 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "DIS",
   "name": "Disney",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 113.11,
   "market_cap": 195305553920.0,
   "shares": 1726686902.0,
   "eps_ttm": 4.85,
   "eps_ttm_reported": 4.85,
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
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    "buyback_cagr": 0.002935664677184313,
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   "annual": [
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     "date": "2022-09-30",
     "eps": 1.72,
     "diluted_shares": 1827000000.0,
     "price": 91.45889282226562,
     "pe": 53.17377489666606
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    {
     "date": "2023-09-30",
     "eps": 1.29,
     "diluted_shares": 1830000000.0,
     "price": 78.58309936523438,
     "pe": 60.91713129087936
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    {
     "date": "2024-09-30",
     "eps": 2.72,
     "diluted_shares": 1831000000.0,
     "price": 93.99790954589844,
     "pe": 34.558054980109716
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    {
     "date": "2025-09-30",
     "eps": 6.85,
     "diluted_shares": 1811000000.0,
     "price": 112.86568450927734,
     "pe": 16.47674226412808
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   ],
   "note": "FY2023 每股盈利仅 1.29 美元（疫情后乐园复苏尚未完全 + 流媒体内容大额减值）， FY2025 已回升至 6.85 美元。这段区间的「历史增速」是从低基数恢复， 不代表可持续的常态增长率，解读矩阵时不宜直接外推。同样出于这个原因， 「自身历史 PE 中位数」（约 47 倍）也偏高——那几年股价在为复苏定价， 而盈利仍受压制，用这个数字当期末锚点会让隐含增速显得比实际更友好， 解读时建议同时参考更低的终值 PE 列。",
   "warnings": [
    "PE 分位数仅覆盖约 4.1 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
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   "symbol": "600519.SS",
   "name": "贵州茅台",
   "currency": "CNY",
   "as_of": "2026-11-03",
   "price": 1480.0,
   "market_cap": 1850120863744.0,
   "shares": 1250081601.0,
   "eps_ttm": 65.66,
   "eps_ttm_reported": 65.66,
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   "buyback_rate": 0.0006306517828723601,
   "dividend_yield": 0.0361,
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    20.3,
    19.7
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
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    "total_cagr": -0.0054290135572414785,
    "mcap_cagr": -0.04213347499367304,
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   "annual": [
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     "eps": 49.93,
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     "price": 1568.392578125,
     "pe": 26.363970047486973
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    {
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     "price": 1345.339111328125,
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   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 3.7 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "LNG",
   "name": "Cheniere Energy",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 311.67,
   "market_cap": 63644237824.0,
   "shares": 204203914.0,
   "eps_ttm": 14.05,
   "eps_ttm_reported": 14.05,
   "pe_now": 22.182918149466193,
   "buyback_rate": 0.04557768585563671,
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   "terminal_pes": [
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   "terminal_pes_from_history": false,
   "annual_basis_ok": true,
   "matrix": [
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   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
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   "discount_needed": 0.07724374773272547,
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   "pe_percentiles": {
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    "unusable": "历史 PE 区间 4x–28x，过宽，无法作为锚点"
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   "attribution": {
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    "profit_start": 1429176000.0,
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    "valuation_cagr": -0.3215683562947542,
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    "buyback_cagr": 0.047754212344141456,
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   "annual": [
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     "price": 144.51046752929688,
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     "price": 166.21588134765625,
     "pe": 4.081922429952265
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    {
     "date": "2024-12-31",
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     "price": 211.3916473388672,
     "pe": 14.886735728089239
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    {
     "date": "2025-12-31",
     "eps": 24.13,
     "diluted_shares": 220300000.0,
     "price": 193.0102996826172,
     "pe": 7.99876915385898
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   ],
   "note": null,
   "warnings": [
    "终值 PE 列无法采用自身历史分位数（历史 PE 区间 4x–28x，过宽，无法作为锚点），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "MCD",
   "name": "McDonald's",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 265.64,
   "market_cap": 187977908224.0,
   "shares": 707641531.0,
   "eps_ttm": 12.31,
   "eps_ttm_reported": 12.31,
   "pe_now": 21.579203899268887,
   "buyback_rate": 0.011321733935555578,
   "dividend_yield": 0.0291,
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   "terminal_pes": [
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
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   "annual": [
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     "price": 241.13717651367188,
     "pe": 28.948040397799744
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    {
     "date": "2023-12-31",
     "eps": 11.56,
     "diluted_shares": 732300000.0,
     "price": 277.457275390625,
     "pe": 24.00149441095372
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    {
     "date": "2024-12-31",
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     "price": 277.8363037109375,
     "pe": 24.393002959696005
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    {
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   ],
   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "META",
   "name": "Meta Platforms",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 606.73,
   "market_cap": 1551307243520.0,
   "shares": 2214455318.0,
   "eps_ttm": 29.31,
   "eps_ttm_reported": 29.31,
   "pe_now": 20.70044353462982,
   "buyback_rate": 0.01604326701041381,
   "dividend_yield": 0.0034999999999999996,
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   "terminal_pes": [
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
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   "implied_growth_if_pe_flat": 0.07890855772308125,
   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 29.896242015790303,
   "buy_price": 876.2588534828138,
   "discount_needed": 0.4442319540533908,
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   "pe_percentiles": {
    "p10": 23.868868070266885,
    "p25": 25.992152036320157,
    "p50": 29.745482119410756,
    "p75": 33.66599328048856,
    "p90": 37.50322127710995,
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   "attribution": {
    "years": 3.0,
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    "profit_start": 23210180000.0,
    "profit_end": 60463259999.99999,
    "shares_start": 2702000000.0,
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    "valuation_cagr": 0.2640151237774484,
    "earnings_cagr": 0.37585521503254604,
    "buyback_cagr": 0.016304850073711075,
    "dividend_yield": 0.0034999999999999996,
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    "weights": {
     "valuation": 0.41137125734605207,
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     "buyback": 0.028397115304936812
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    "window": "2022-12-31 -> 2025-12-31"
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   "annual": [
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     "date": "2022-12-31",
     "eps": 8.59,
     "diluted_shares": 2702000000.0,
     "price": 119.19835662841797,
     "pe": 13.876409386311755
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    {
     "date": "2023-12-31",
     "eps": 14.87,
     "diluted_shares": 2629000000.0,
     "price": 350.6020202636719,
     "pe": 23.577809029164214
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    {
     "date": "2024-12-31",
     "eps": 23.86,
     "diluted_shares": 2614000000.0,
     "price": 582.1707763671875,
     "pe": 24.399445782363266
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    {
     "date": "2025-12-31",
     "eps": 23.49,
     "diluted_shares": 2574000000.0,
     "price": 658.3950805664062,
     "pe": 28.02873906200112
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   ],
   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "GOOGL",
   "name": "Alphabet",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 278.99,
   "market_cap": 3429902843904.0,
   "shares": 5888000000.0,
   "eps_ttm": 13.6,
   "eps_ttm_reported": 19.15,
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   "buyback_rate": 0.024103843312504036,
   "dividend_yield": 0.0032,
   "growths": [
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   "terminal_pes": [
    33.1,
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    28.2,
    24.1,
    20.9
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
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   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
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   "attribution": {
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    "buyback_cagr": 0.024699188686550633,
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    "total_cagr": 0.5320221824670285,
    "mcap_cagr": 0.4919716921281627,
    "weights": {
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    "window": "2022-12-31 -> 2025-12-31"
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   "annual": [
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     "diluted_shares": 13159000000.0,
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     "price": 138.373291015625,
     "pe": 23.857463968211206
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    {
     "date": "2024-12-31",
     "eps": 8.04,
     "diluted_shares": 12447000000.0,
     "price": 188.19540405273438,
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    {
     "date": "2025-12-31",
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     "diluted_shares": 12230000000.0,
     "price": 312.3923034667969,
     "pe": 28.898455454837823
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   ],
   "note": "数据源给出的 TTM EPS 约 19.9，其中包含 2026 年二季度一笔 980 亿美元的 股权投资税前浮盈（该季净利润 1121 亿美元，上年同期 282 亿；单季 EPS 9.11 对 2.31）。剔除这笔重估的税后影响后，经营口径 EPS 约 13.60， 对应的真实市盈率接近 25 倍，而非各类选股工具上显示的 17 倍。 来源：Alphabet 2026 年二季度 8-K 财报。",
   "warnings": [
    "EPS 已人工修正：19.15 → 13.60（见 config/overrides.yml）",
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "7974.T",
   "name": "Nintendo",
   "currency": "JPY",
   "as_of": "2026-11-03",
   "price": 8149.0,
   "market_cap": 9394763857920.0,
   "shares": 1152873205.0,
   "eps_ttm": 409.61,
   "eps_ttm_reported": 409.61,
   "pe_now": 19.894533824857792,
   "buyback_rate": 0.0005305270787169247,
   "dividend_yield": 0.0269,
   "growths": [
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   "terminal_pes": [
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
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   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 21.702556028657668,
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   "pe_percentiles": {
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   "attribution": {
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    "profit_start": 432771760330.0,
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    "shares_start": 1165213000.0,
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    "buyback_cagr": 0.0005308086870989825,
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    "total_cagr": 0.2482445489744963,
    "mcap_cagr": 0.22069659261882224,
    "weights": {
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    "window": "2023-03-31 -> 2026-03-31"
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   "annual": [
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     "date": "2023-03-31",
     "eps": 371.41,
     "diluted_shares": 1165213000.0,
     "price": 4815.8515625,
     "pe": 12.966402526857111
    },
    {
     "date": "2024-03-31",
     "eps": 421.39,
     "diluted_shares": 1164235000.0,
     "price": 7925.71044921875,
     "pe": 18.80849201266938
    },
    {
     "date": "2025-03-31",
     "eps": 239.47,
     "diluted_shares": 1164245000.0,
     "price": 9883.7734375,
     "pe": 41.273535046143564
    },
    {
     "date": "2026-03-31",
     "eps": 364.51,
     "diluted_shares": 1163359030.0,
     "price": 8775.0,
     "pe": 24.073413623768896
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   ],
   "note": "任天堂的利润随主机世代周期摆动而非趋势性增长，单一「增速」意义有限。 这里的增速行跨度更宽，是为了呈现区间，而不是供内插使用。",
   "warnings": [
    "PE 分位数仅覆盖约 3.5 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "AMZN",
   "name": "Amazon",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 245.63,
   "market_cap": 2656031211520.0,
   "shares": 10813138306.0,
   "eps_ttm": 12.37,
   "eps_ttm_reported": 12.37,
   "pe_now": 19.85691188358933,
   "buyback_rate": -0.020446372060766382,
   "dividend_yield": 0.0,
   "growths": [
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   "terminal_pes": [
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   "terminal_pes_from_history": false,
   "annual_basis_ok": true,
   "matrix": [
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   "implied_growth_for_target": 0.12088024177152623,
   "implied_growth_if_pe_flat": 0.12249100926684298,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 16.490522534515854,
   "buy_price": 203.9877637519611,
   "discount_needed": -0.1695323708343398,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "窗口期内出现过负盈利"
   },
   "attribution": {
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    "pe_start": 52.39310429014009,
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    "profit_start": 30426800000.0,
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    "shares_start": 10492000000.0,
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   "annual": [
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     "eps": -0.27,
     "diluted_shares": 10189000000.0,
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    {
     "date": "2023-12-31",
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     "price": 151.94000244140625,
     "pe": 52.39310429014009
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     "date": "2024-12-31",
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     "diluted_shares": 10721000000.0,
     "price": 219.38999938964844,
     "pe": 39.67269428384239
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    {
     "date": "2025-12-31",
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     "diluted_shares": 10827000000.0,
     "price": 230.82000732421875,
     "pe": 32.19246964075575
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   ],
   "note": null,
   "warnings": [
    "终值 PE 列无法采用自身历史分位数（窗口期内出现过负盈利），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。",
    "历史归因仅覆盖 2.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "RCL",
   "name": "Royal Caribbean",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 321.07,
   "market_cap": 85876891648.0,
   "shares": 267470925.0,
   "eps_ttm": 16.9,
   "eps_ttm_reported": 16.9,
   "pe_now": 18.998224852071008,
   "buyback_rate": -0.02422375561873613,
   "dividend_yield": 0.0187,
   "growths": [
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   "terminal_pes": [
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   "terminal_pes_from_history": false,
   "annual_basis_ok": true,
   "matrix": [
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     -0.07331066855941298
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   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 17.637764330622886,
   "buy_price": 298.0782171875268,
   "discount_needed": -0.07160987576688338,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "窗口期内出现过负盈利"
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   "attribution": {
    "years": 2.0,
    "pe_start": 19.83877747259125,
    "pe_end": 17.577217879163996,
    "profit_start": 1785730000.0,
    "profit_end": 4277140000.0,
    "shares_start": 283000000.0,
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    "valuation_cagr": -0.05868367194873325,
    "earnings_cagr": 0.5471738024855024,
    "buyback_cagr": 0.016279431848852166,
    "dividend_yield": 0.0187,
    "price_cagr": 0.4800890009601573,
    "total_cagr": 0.49878900096015727,
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     "valuation": -0.15423537778348032,
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   "annual": [
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     "date": "2022-12-31",
     "eps": -8.45,
     "diluted_shares": 255011000.0,
     "price": 47.78578186035156,
     "pe": null
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    {
     "date": "2023-12-31",
     "eps": 6.31,
     "diluted_shares": 283000000.0,
     "price": 125.18268585205078,
     "pe": 19.83877747259125
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    {
     "date": "2024-12-31",
     "eps": 11.0,
     "diluted_shares": 279000000.0,
     "price": 224.05593872070312,
     "pe": 20.3687217018821
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    {
     "date": "2025-12-31",
     "eps": 15.61,
     "diluted_shares": 274000000.0,
     "price": 274.38037109375,
     "pe": 17.577217879164
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   ],
   "note": null,
   "warnings": [
    "终值 PE 列无法采用自身历史分位数（窗口期内出现过负盈利），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。",
    "历史归因仅覆盖 2.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "NKE",
   "name": "Nike",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 39.12,
   "market_cap": 58105278464.0,
   "shares": 1203921077.0,
   "eps_ttm": 2.08,
   "eps_ttm_reported": 2.08,
   "pe_now": 18.807692307692307,
   "buyback_rate": 0.019218721160750074,
   "dividend_yield": 0.04190000000000001,
   "growths": [
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   "terminal_pes": [
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    26.3,
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    18.0
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
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   "target_return": 0.1,
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    "p10": 18.04956984035999,
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    "p75": 29.748421778250773,
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   "annual": [
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    {
     "date": "2025-05-31",
     "eps": 2.16,
     "diluted_shares": 1487600000.0,
     "price": 57.9675178527832,
     "pe": 26.836813820732964
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    {
     "date": "2026-05-31",
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     "diluted_shares": 1481000000.0,
     "price": 45.33904266357422,
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   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 3.4 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "LKNCY",
   "name": "Luckin Coffee",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 31.2,
   "market_cap": 8932206592.0,
   "shares": 269267174.0,
   "eps_ttm": 1.68,
   "eps_ttm_reported": 1.68,
   "pe_now": 18.571428571428573,
   "buyback_rate": -0.006826872030034181,
   "dividend_yield": 0.0,
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   "terminal_pes": [
    23.2,
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    13.0,
    11.1
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   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
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   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
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   "discount_needed": -0.05034459661815738,
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   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
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   "annual": [
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     "diluted_shares": 321021630.0,
     "price": 33.5,
     "pe": 2.991071428571429
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   ],
   "note": "场外交易的 ADR，且历史区间跨越了 2020 年的财务造假事件与其后的重新上市， 早期数据的可比性较差。",
   "warnings": [
    "以 CNY 报告财务、以 USD 报价；利润由 EPS × 股本反推，以保持在 USD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "NFLX",
   "name": "Netflix",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 62.34,
   "market_cap": 259580002304.0,
   "shares": 4163939676.0,
   "eps_ttm": 3.46,
   "eps_ttm_reported": 3.46,
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
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    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
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  },
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   "symbol": "DPZ",
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   "eps_ttm_reported": 18.15,
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    {
     "date": "2022-12-31",
     "eps": 12.53,
     "diluted_shares": 36093754.0,
     "price": 326.0751647949219,
     "pe": 26.023556647639417
    },
    {
     "date": "2023-12-31",
     "eps": 14.66,
     "diluted_shares": 35401313.0,
     "price": 393.548095703125,
     "pe": 26.845026992027627
    },
    {
     "date": "2024-12-31",
     "eps": 16.69,
     "diluted_shares": 34991484.0,
     "price": 406.05499267578125,
     "pe": 24.329238626469817
    },
    {
     "date": "2025-12-31",
     "eps": 17.57,
     "diluted_shares": 34237646.0,
     "price": 409.64373779296875,
     "pe": 23.314953773077335
    }
   ],
   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "MNSO",
   "name": "MINISO（名创优品 ADR）",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 10.42,
   "market_cap": 3041125120.0,
   "shares": 291854634.0,
   "eps_ttm": 0.59,
   "eps_ttm_reported": 0.59,
   "pe_now": 17.661016949152543,
   "buyback_rate": -0.0030375378331994884,
   "dividend_yield": 0.0361,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    22.1,
    19.4,
    17.7,
    15.0,
    12.4,
    10.6
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.28733640816283246,
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     0.20392064761864367,
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     0.11007791700643119,
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    [
     0.08922397687038394,
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     0.010684046054123632,
     -0.0257217013042337,
     -0.05469415513173972
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    [
     0.0683700367343367,
     0.04181566025328929,
     0.023537280684227314,
     -0.00861464792714619,
     -0.04429948939721919,
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   ],
   "implied_growth_for_target": 0.04091469012511895,
   "implied_growth_if_pe_flat": 0.06713163650074105,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 21.235319346826625,
   "buy_price": 12.528838414627707,
   "discount_needed": 0.202383725012256,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-06-30",
     "eps": 2.08,
     "diluted_shares": 304159360.0,
     "price": 6.985573768615723,
     "pe": 3.358448927219097
    },
    {
     "date": "2023-06-30",
     "eps": 5.64,
     "diluted_shares": 313639362.0,
     "price": 15.499396324157715,
     "pe": 2.7481199156308005
    },
    {
     "date": "2024-12-31",
     "eps": 8.4,
     "diluted_shares": 311614286.0,
     "price": 22.857263565063477,
     "pe": 2.7211028053646995
    },
    {
     "date": "2025-12-31",
     "eps": 3.92,
     "diluted_shares": 307409439.0,
     "price": 18.310199737548828,
     "pe": 4.670969320803272
    }
   ],
   "note": null,
   "warnings": [
    "以 CNY 报告财务、以 USD 报价；利润由 EPS × 股本反推，以保持在 USD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "APP",
   "name": "AppLovin",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 228.85,
   "market_cap": 76879757312.0,
   "shares": 305732000.0,
   "eps_ttm": 13.01,
   "eps_ttm_reported": 13.01,
   "pe_now": 17.59031514219831,
   "buyback_rate": 0.02728419770673096,
   "dividend_yield": 0.0,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    22.0,
    19.3,
    17.6,
    15.0,
    12.3,
    10.6
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.29010508459937046,
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    [
     0.2040980789594129,
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    [
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     0.12884194902444945,
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    [
     0.1073401976144599,
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     -0.014225563485378956,
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    [
     0.08583844620447034,
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     0.03844431239577473,
     0.005770585646004411,
     -0.0333668146798376,
     -0.06169970792325463
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    [
     0.06433669479448079,
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     0.017881058684967144,
     -0.0141456635747087,
     -0.05250806587429624,
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   "implied_growth_for_target": 0.042863293098736044,
   "implied_growth_if_pe_flat": 0.06998738252259606,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 20.953447627512965,
   "buy_price": 272.6043536339437,
   "discount_needed": 0.19119228155535795,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "窗口期内出现过负盈利"
   },
   "attribution": {
    "years": 2.0,
    "pe_start": 40.66326374910316,
    "pe_end": 69.10974434094551,
    "profit_start": 355337461.08,
    "profit_end": 3334207500.0,
    "shares_start": 362589246.0,
    "shares_end": 341970000.0,
    "valuation_cagr": 0.30343612036193446,
    "earnings_cagr": 2.0608586398784636,
    "buyback_cagr": 0.029685885134854706,
    "dividend_yield": 0.0,
    "price_cagr": 3.1080695186007112,
    "total_cagr": 3.1080695186007112,
    "mcap_cagr": 2.989633710539492,
    "weights": {
     "valuation": 0.18755323544892394,
     "earnings": 0.7917427599612623,
     "buyback": 0.02070400458981372
    },
    "window": "2023-12-31 -> 2025-12-31"
   },
   "annual": [
    {
     "date": "2022-12-31",
     "eps": -0.52,
     "diluted_shares": 371568011.0,
     "price": 10.529999732971191,
     "pe": null
    },
    {
     "date": "2023-12-31",
     "eps": 0.98,
     "diluted_shares": 362589246.0,
     "price": 39.849998474121094,
     "pe": 40.66326374910316
    },
    {
     "date": "2024-12-31",
     "eps": 4.53,
     "diluted_shares": 347807555.0,
     "price": 323.8299865722656,
     "pe": 71.48564824994826
    },
    {
     "date": "2025-12-31",
     "eps": 9.75,
     "diluted_shares": 341970000.0,
     "price": 673.8200073242188,
     "pe": 69.10974434094551
    }
   ],
   "note": "同样是近年才转入显著盈利，历史市盈率参考价值有限。 高增长与高估值叠加时，矩阵右下角（增速回落且估值回归）的下跌幅度值得特别注意。",
   "warnings": [
    "终值 PE 列无法采用自身历史分位数（窗口期内出现过负盈利），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。",
    "历史归因仅覆盖 2.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "BKNG",
   "name": "Booking Holdings",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 153.75,
   "market_cap": 115524747264.0,
   "shares": 751380500.0,
   "eps_ttm": 9.02,
   "eps_ttm_reported": 9.02,
   "pe_now": 17.045454545454547,
   "buyback_rate": 0.06593384224250998,
   "dividend_yield": 0.0109,
   "growths": [
    0.2,
    0.12,
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    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    39.7,
    33.7,
    31.2,
    28.2,
    25.5
   ],
   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.5322880217212923,
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    [
     0.4308621536065397,
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     0.31055087637160705
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    [
     0.38014921954916325,
     0.3360052690611718,
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    [
     0.3421145190061309,
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     0.29140158494875446,
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     0.26604511792006613,
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   "implied_growth_for_target": -0.09829594655693497,
   "implied_growth_if_pe_flat": 0.017291452413682462,
   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 42.01527926086281,
   "buy_price": 378.9778189329825,
   "discount_needed": 1.4648963833039512,
   "hold_pe": 31.154117551735354,
   "pe_percentiles": {
    "p10": 25.53910992073608,
    "p25": 28.182126422466567,
    "p50": 31.154117551735354,
    "p75": 33.66792831550871,
    "p90": 39.722188813435,
    "n_days": 962
   },
   "attribution": {
    "years": 3.0,
    "pe_start": 25.783988487978114,
    "pe_end": 32.11271232212843,
    "profit_start": 3057970200.0,
    "profit_end": 5404039230.0,
    "shares_start": 1001300000.0,
    "shares_end": 815975000.0,
    "valuation_cagr": 0.07589126599099583,
    "earnings_cagr": 0.20895354376361408,
    "buyback_cagr": 0.07058797890805102,
    "dividend_yield": 0.0109,
    "price_cagr": 0.39251652350500277,
    "total_cagr": 0.4034165235050028,
    "mcap_cagr": 0.30070255872413565,
    "weights": {
     "valuation": 0.22092004900724896,
     "earnings": 0.5730835043827449,
     "buyback": 0.20599644661000596
    },
    "window": "2022-12-31 -> 2025-12-31"
   },
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 3.054,
     "diluted_shares": 1001300000.0,
     "price": 78.74430084228516,
     "pe": 25.783988487978114
    },
    {
     "date": "2023-12-31",
     "eps": 4.696,
     "diluted_shares": 913250000.0,
     "price": 138.6027374267578,
     "pe": 29.51506333619204
    },
    {
     "date": "2024-12-31",
     "eps": 6.9076,
     "diluted_shares": 851600000.0,
     "price": 195.85548400878906,
     "pe": 28.353622677744667
    },
    {
     "date": "2025-12-31",
     "eps": 6.6228,
     "diluted_shares": 815975000.0,
     "price": 212.6760711669922,
     "pe": 32.11271232212843
    }
   ],
   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "LVMUY",
   "name": "LVMH (ADR)",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 88.27,
   "market_cap": 217570197504.0,
   "shares": 2464826135.0,
   "eps_ttm": 5.24,
   "eps_ttm_reported": 5.24,
   "pe_now": 16.845419847328245,
   "buyback_rate": 0.0029961237340492275,
   "dividend_yield": 0.0344,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    21.1,
    18.5,
    16.8,
    14.3,
    11.8,
    10.1
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.2934544790987803,
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    [
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    [
     0.07311994525649369,
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   ],
   "implied_growth_for_target": 0.02655312034541324,
   "implied_growth_if_pe_flat": 0.062407330548997164,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 21.711682521049507,
   "buy_price": 113.7692164102994,
   "discount_needed": 0.2888774941690202,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 5.606,
     "diluted_shares": 2512400500.0,
     "price": 135.69757080078125,
     "pe": 24.20577431337518
    },
    {
     "date": "2023-12-31",
     "eps": 6.066,
     "diluted_shares": 2501521580.0,
     "price": 154.5435028076172,
     "pe": 25.477003430203954
    },
    {
     "date": "2024-12-31",
     "eps": 5.024,
     "diluted_shares": 2498405230.0,
     "price": 126.68995666503906,
     "pe": 25.216949973136757
    },
    {
     "date": "2025-12-31",
     "eps": 4.37,
     "diluted_shares": 2489880590.0,
     "price": 148.46102905273438,
     "pe": 33.972775526941504
    }
   ],
   "note": null,
   "warnings": [
    "以 EUR 报告财务、以 USD 报价；利润由 EPS × 股本反推，以保持在 USD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "KNSL",
   "name": "Kinsale Capital",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 379.61,
   "market_cap": 8544999424.0,
   "shares": 22509945.0,
   "eps_ttm": 22.95,
   "eps_ttm_reported": 22.95,
   "pe_now": 16.54074074074074,
   "buyback_rate": -0.0019273725197903602,
   "dividend_yield": 0.0026,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    51.7,
    40.0,
    28.4,
    22.1,
    16.3
   ],
   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.5068919176800654,
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    [
     0.40660578983472756,
     0.3363756619904737,
     0.248073404399422,
     0.1871386747863804,
     0.11717246806529798
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     0.3564627259120588,
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     0.20359221138515676,
     0.14483372211543816,
     0.0773663084915371
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     0.3188554279700569,
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     0.17023131662445806,
     0.11310500761223159,
     0.047511688811216875
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     0.2937838960087225,
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     0.26871236404738813,
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     0.24364083208605375,
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   "implied_growth_if_pe_flat": 0.09951509860321783,
   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 25.976368148252636,
   "buy_price": 596.157649002398,
   "discount_needed": 0.5704476936919416,
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   "pe_percentiles": {
    "p10": 16.263683715538395,
    "p25": 22.136105085787005,
    "p50": 28.40963412701813,
    "p75": 39.977108665117086,
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   "attribution": {
    "years": 3.0,
    "pe_start": 37.7593107001726,
    "pe_end": 18.02692651198037,
    "profit_start": 159100000.0,
    "profit_end": 503557349.99999994,
    "shares_start": 23125000.0,
    "shares_end": 23259000.0,
    "valuation_cagr": -0.21838966802195237,
    "earnings_cagr": 0.46809741538039407,
    "buyback_cagr": -0.0019236649009229945,
    "dividend_yield": 0.0026,
    "price_cagr": 0.14527274100290954,
    "total_cagr": 0.14787274100290954,
    "mcap_cagr": 0.14748010821158353,
    "weights": {
     "valuation": -1.8165279724212355,
     "earnings": 2.83072347246266,
     "buyback": -0.014195500041424551
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    "window": "2022-12-31 -> 2025-12-31"
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   "annual": [
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     "diluted_shares": 23125000.0,
     "price": 259.7840576171875,
     "pe": 37.759310700172605
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    {
     "date": "2023-12-31",
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     "diluted_shares": 23307000.0,
     "price": 333.2336120605469,
     "pe": 25.206778521977824
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    {
     "date": "2024-12-31",
     "eps": 17.78,
     "diluted_shares": 23332000.0,
     "price": 463.3973083496094,
     "pe": 26.06284073957308
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    {
     "date": "2025-12-31",
     "eps": 21.65,
     "diluted_shares": 23259000.0,
     "price": 390.282958984375,
     "pe": 18.02692651198037
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   ],
   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "WRB",
   "name": "W.R. Berkley",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 75.16,
   "market_cap": 27901462528.0,
   "shares": 371227529.0,
   "eps_ttm": 4.81,
   "eps_ttm_reported": 4.81,
   "pe_now": 15.625779625779627,
   "buyback_rate": 0.015610243964018,
   "dividend_yield": 0.0053,
   "growths": [
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    -0.01
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   "terminal_pes": [
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    16.0,
    15.1,
    13.3,
    11.6
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
    [
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   "target_return": 0.1,
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    "p10": 11.572833556877507,
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   "annual": [
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     "price": 44.183128356933594,
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    {
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     "eps": 3.366667,
     "diluted_shares": 409947000.0,
     "price": 44.29240417480469,
     "pe": 13.156158353292644
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    {
     "date": "2024-12-31",
     "eps": 4.36,
     "diluted_shares": 403224000.0,
     "price": 56.33523178100586,
     "pe": 12.920924720414186
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    {
     "date": "2025-12-31",
     "eps": 4.45,
     "diluted_shares": 399861000.0,
     "price": 69.30621337890625,
     "pe": 15.57442997278792
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   ],
   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "3750.HK",
   "name": "宁德时代（H）",
   "currency": "HKD",
   "as_of": "2026-11-03",
   "price": 361.0,
   "market_cap": 1670437142528.0,
   "shares": 218300300.0,
   "eps_ttm": 23.16,
   "eps_ttm_reported": 23.16,
   "pe_now": 15.587219343696027,
   "buyback_rate": -0.013689190170919296,
   "dividend_yield": 0.011399999999999999,
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    0.2,
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    0.03,
    0.01,
    -0.01
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   "terminal_pes": [
    19.5,
    17.1,
    15.6,
    13.2,
    10.9,
    9.4
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   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.24942559579873405,
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   "implied_growth_for_target": 0.04983458435170296,
   "implied_growth_if_pe_flat": 0.10350205242006272,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 17.959037068149154,
   "buy_price": 415.93129849833446,
   "discount_needed": 0.1521642617682395,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 7.1553,
     "diluted_shares": 4294601694.0,
     "price": null,
     "pe": null
    },
    {
     "date": "2023-12-31",
     "eps": 10.05,
     "diluted_shares": 4390173930.0,
     "price": null,
     "pe": null
    },
    {
     "date": "2024-12-31",
     "eps": 11.58,
     "diluted_shares": 4382096891.0,
     "price": null,
     "pe": null
    },
    {
     "date": "2025-12-31",
     "eps": 16.14,
     "diluted_shares": 4473437546.0,
     "price": 497.9782409667969,
     "pe": 30.85367044403946
    }
   ],
   "note": "2025 年在港上市，历史序列很短，因此历史回报归因多半不可用， 矩阵只反映前瞻假设。另需注意 H 股与 A 股（300750.SZ）的估值长期存在价差， 本页仅就 H 股定价讨论。",
   "warnings": [
    "以 CNY 报告财务、以 HKD 报价；利润由 EPS × 股本反推，以保持在 HKD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "NEE",
   "name": "NextEra Energy",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 85.03,
   "market_cap": 178333941760.0,
   "shares": 2097306049.0,
   "eps_ttm": 5.55,
   "eps_ttm_reported": 5.55,
   "pe_now": 15.320720720720722,
   "buyback_rate": -0.015848420264325425,
   "dividend_yield": 0.029300000000000003,
   "growths": [
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   "terminal_pes": [
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
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   "implied_growth_for_target": -0.002221661496892957,
   "implied_growth_if_pe_flat": 0.08766890357701307,
   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 22.762901386237793,
   "buy_price": 126.33410269361976,
   "discount_needed": 0.4857591755100523,
   "hold_pe": 23.582638880396104,
   "pe_percentiles": {
    "p10": 18.485025612053835,
    "p25": 20.052902166333986,
    "p50": 23.582638880396104,
    "p75": 27.373611668638052,
    "p90": 32.16869431603347,
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   "attribution": {
    "years": 3.0,
    "pe_start": 35.925032031968335,
    "pe_end": 23.943291080430065,
    "profit_start": 4147000142.0,
    "profit_end": 6834999975.0,
    "shares_start": 1987000000.0,
    "shares_end": 2083000000.0,
    "valuation_cagr": -0.12647442385844365,
    "earnings_cagr": 0.18118608642908418,
    "buyback_cagr": -0.015601166422251955,
    "dividend_yield": 0.029300000000000003,
    "price_cagr": 0.015699031564060162,
    "total_cagr": 0.04499903156406017,
    "mcap_cagr": 0.03179625667835606,
    "weights": {
     "valuation": -8.68056787150691,
     "earnings": 10.690009237248567,
     "buyback": -1.0094413657416579
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   },
   "annual": [
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     "date": "2022-12-31",
     "eps": 2.087066,
     "diluted_shares": 1987000000.0,
     "price": 74.97791290283203,
     "pe": 35.925032031968335
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    {
     "date": "2023-12-31",
     "eps": 3.599212,
     "diluted_shares": 2031000000.0,
     "price": 56.01375198364258,
     "pe": 15.562782071087387
    },
    {
     "date": "2024-12-31",
     "eps": 3.37,
     "diluted_shares": 2059000000.0,
     "price": 68.03684997558594,
     "pe": 20.188976253883066
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    {
     "date": "2025-12-31",
     "eps": 3.281325,
     "diluted_shares": 2083000000.0,
     "price": 78.56571960449219,
     "pe": 23.94329108043007
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   ],
   "note": "受监管的电网业务提供稳定的准垄断现金流，但新能源建设部分依赖持续融资， 对利率环境更敏感，两块业务的增长特性不同，单一「增速」假设是简化处理。",
   "warnings": [
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "3606.HK",
   "name": "福耀玻璃（H）",
   "currency": "HKD",
   "as_of": "2026-11-03",
   "price": 52.7,
   "market_cap": 137533489152.0,
   "shares": 606757200.0,
   "eps_ttm": 3.58,
   "eps_ttm_reported": 3.58,
   "pe_now": 14.720670391061454,
   "buyback_rate": 0.0005711983241930563,
   "dividend_yield": 0.048799999999999996,
   "growths": [
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   "terminal_pes": [
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    14.7,
    12.5,
    10.3,
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   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
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   "implied_growth_for_target": -0.011863977836308659,
   "implied_growth_if_pe_flat": 0.050599556321608175,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 22.95951489804205,
   "buy_price": 82.19506333499054,
   "discount_needed": 0.5596786211573155,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 1.82,
     "diluted_shares": 2612964583.0,
     "price": 27.615209579467773,
     "pe": 15.173192076630643
    },
    {
     "date": "2023-12-31",
     "eps": 2.16,
     "diluted_shares": 2606137062.0,
     "price": 33.56843948364258,
     "pe": 15.540944205390081
    },
    {
     "date": "2024-12-31",
     "eps": 2.87,
     "diluted_shares": 2612535234.0,
     "price": 50.97810745239258,
     "pe": 17.762406777837136
    },
    {
     "date": "2025-12-31",
     "eps": 3.57,
     "diluted_shares": 2608488557.0,
     "price": 64.28483581542969,
     "pe": 18.00695681104473
    }
   ],
   "note": "A+H 两地上市，A 股（600660.SS）与 H 股定价存在差异，本页仅就 H 股讨论。",
   "warnings": [
    "以 CNY 报告财务、以 HKD 报价；利润由 EPS × 股本反推，以保持在 HKD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "BRK-B",
   "name": "Berkshire Hathaway B",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 556.11,
   "market_cap": 1190470090752.0,
   "shares": 1408035161.0,
   "eps_ttm": 39.76,
   "eps_ttm_reported": 39.76,
   "pe_now": 13.986670020120725,
   "buyback_rate": 0.007003476618779314,
   "dividend_yield": 0.0,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    17.5,
    15.4,
    14.0,
    11.9,
    9.8,
    8.4
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.2638579424739327,
     0.23195486368821694,
     0.20869370266443865,
     0.17003820949338033,
     0.12547503861165676,
     0.09130591592333914
    ],
    [
     0.17960074630900413,
     0.14982453944233587,
     0.12811412248680942,
     0.09203566219382164,
     0.0504433693708799,
     0.018552188195116726
    ],
    [
     0.13747214822653975,
     0.10875937731939533,
     0.08782433239799481,
     0.0530343885440423,
     0.012927534750491354,
     -0.017824675668994705
    ],
    [
     0.10587569966469146,
     0.07796050572718993,
     0.05760698983138379,
     0.023783433306707735,
     -0.01520934121480011,
     -0.04510732356707814
    ],
    [
     0.08481140062345904,
     0.057427924665719665,
     0.037462094786976374,
     0.004282796481818174,
     -0.03396725852499438,
     -0.06329575549913391
    ],
    [
     0.06374710158222685,
     0.036895343604249176,
     0.017317199742569178,
     -0.01521784034307161,
     -0.052725175835188653,
     -0.08148418743118957
    ],
    [
     0.04268280254099466,
     0.01636276254277913,
     -0.002827695301838129,
     -0.03471847716796128,
     -0.07148309314538304,
     -0.09967261936324523
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   ],
   "implied_growth_for_target": 0.016897734484530025,
   "implied_growth_if_pe_flat": 0.09229617571934279,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 18.899343018997225,
   "buy_price": 751.4378784353297,
   "discount_needed": 0.35123964401886254,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "窗口期内出现过负盈利"
   },
   "attribution": {
    "years": 2.0,
    "pe_start": 8.055618497108119,
    "pe_end": 16.19256925505368,
    "profit_start": 96223018970.89307,
    "profit_end": 66967978572.01674,
    "shares_start": 2173318913.0,
    "shares_end": 2157333421.0,
    "valuation_cagr": 0.41744017196743055,
    "earnings_cagr": -0.16565063441800665,
    "buyback_cagr": 0.003695547156193024,
    "dividend_yield": 0.0,
    "price_cagr": 0.18701081125934116,
    "total_cagr": 0.18701081125934116,
    "mcap_cagr": 0.18264030823145716,
    "weights": {
     "valuation": 2.0348586306975696,
     "earnings": -1.0563750423848226,
     "buyback": 0.021516411687252858
    },
    "window": "2023-12-31 -> 2025-12-31"
   },
   "annual": [
    {
     "date": "2022-12-31",
     "eps": -10.329338,
     "diluted_shares": 2203312898.0,
     "price": 308.8999938964844,
     "pe": null
    },
    {
     "date": "2023-12-31",
     "eps": 44.274689,
     "diluted_shares": 2173318913.0,
     "price": 356.6600036621094,
     "pe": 8.055618497108119
    },
    {
     "date": "2024-12-31",
     "eps": 41.266687,
     "diluted_shares": 2156578922.0,
     "price": 453.2799987792969,
     "pe": 10.98416257111449
    },
    {
     "date": "2025-12-31",
     "eps": 31.042016,
     "diluted_shares": 2157333421.0,
     "price": 502.6499938964844,
     "pe": 16.19256925505368
    }
   ],
   "note": "报表利润由约 3000 亿美元股票组合的浮动盈亏主导，据此计算的市盈率噪声很大。 在此处锚定营运利润之前，本页数据仅供参考。",
   "warnings": [
    "终值 PE 列无法采用自身历史分位数（窗口期内出现过负盈利），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。",
    "历史归因仅覆盖 2.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "0700.HK",
   "name": "Tencent",
   "currency": "HKD",
   "as_of": "2026-11-03",
   "price": 397.2,
   "market_cap": 3576630083584.0,
   "shares": 9004607601.0,
   "eps_ttm": 28.41,
   "eps_ttm_reported": 28.41,
   "pe_now": 13.980992608236535,
   "buyback_rate": 0.01574956792195925,
   "dividend_yield": 0.013500000000000002,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    17.5,
    15.4,
    14.0,
    11.9,
    9.8,
    8.4
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.2886921790072187,
     0.2565029944583905,
     0.23303322810625832,
     0.19403107374157375,
     0.14906826180647553,
     0.11459271154772514
    ],
    [
     0.20367936707340445,
     0.17363612816116464,
     0.1517310128991744,
     0.11532900215880242,
     0.07336371101937737,
     0.04118653077787708
    ],
    [
     0.1611729611064971,
     0.1322026950125516,
     0.11107990529563254,
     0.07597796636741665,
     0.03551143562582808,
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    [
     0.12929315663131663,
     0.10112762015109171,
     0.0805915745929761,
     0.0464646895238771,
     0.00712222908066611,
     -0.023043877395740386
    ],
    [
     0.10803995364786305,
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     0.06026602079120506,
     0.026789171628184217,
     -0.011803908616108427,
     -0.04139542258820246
    ],
    [
     0.08678675066440926,
     0.05969418700247868,
     0.03994046698943403,
     0.0071136537324913325,
     -0.030730046312883074,
     -0.05974696778066453
    ],
    [
     0.06553354768095547,
     0.03897747042817194,
     0.019614913187662997,
     -0.012561864163201441,
     -0.049656184009657725,
     -0.07809851297312671
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   ],
   "implied_growth_for_target": -0.004509896638199229,
   "implied_growth_if_pe_flat": 0.06938809445279137,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 21.012225321336743,
   "buy_price": 596.9573213791768,
   "discount_needed": 0.5029136993433456,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 19.341,
     "diluted_shares": 9695000000.0,
     "price": 306.0199890136719,
     "pe": 15.822345742912562
    },
    {
     "date": "2023-12-31",
     "eps": 11.887,
     "diluted_shares": 9610000000.0,
     "price": 285.2431945800781,
     "pe": 23.996230720962238
    },
    {
     "date": "2024-12-31",
     "eps": 20.486,
     "diluted_shares": 9408000000.0,
     "price": 411.37420654296875,
     "pe": 20.080748147172155
    },
    {
     "date": "2025-12-31",
     "eps": 24.153,
     "diluted_shares": 9244000000.0,
     "price": 592.1014404296875,
     "pe": 24.514612695304415
    }
   ],
   "note": null,
   "warnings": [
    "以 CNY 报告财务、以 HKD 报价；利润由 EPS × 股本反推，以保持在 HKD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "0300.HK",
   "name": "美的集团",
   "currency": "HKD",
   "as_of": "2026-11-03",
   "price": 98.3,
   "market_cap": 750059061248.0,
   "shares": 650848500.0,
   "eps_ttm": 7.11,
   "eps_ttm_reported": 7.11,
   "pe_now": 13.82559774964838,
   "buyback_rate": -0.037814247699874626,
   "dividend_yield": 0.0504,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    17.3,
    15.2,
    13.8,
    11.8,
    9.7,
    8.3
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.25970000484655964,
     0.2288022188353096,
     0.20624780146358423,
     0.1706146176040082,
     0.12755742845665052,
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    ],
    [
     0.17908000452345574,
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     0.12919128136601188,
     0.09593364309707475,
     0.055746933226207274,
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    ],
    [
     0.1387700043619038,
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    [
     0.10853750424073971,
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     -0.03601595685994785
    ],
    [
     0.08838250415996374,
     0.061861904500307485,
     0.04250269625624303,
     0.011917546776773813,
     -0.025039873908041632,
     -0.05341755768166301
    ],
    [
     0.06822750407918776,
     0.0422218675197189,
     0.023238566231849833,
     -0.006752696849959716,
     -0.0429924977156525,
     -0.07081915850337839
    ],
    [
     0.048072503998411675,
     0.022581830539130543,
     0.003974436207456855,
     -0.025422940476693023,
     -0.06094512152326337,
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    ]
   ],
   "implied_growth_for_target": 0.011752380651482097,
   "implied_growth_if_pe_flat": 0.08928983438578841,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 19.16158895873974,
   "buy_price": 136.23889749663954,
   "discount_needed": 0.38595012712756405,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 4.33,
     "diluted_shares": 6825290300.0,
     "price": null,
     "pe": null
    },
    {
     "date": "2023-12-31",
     "eps": 4.92,
     "diluted_shares": 6853645325.0,
     "price": null,
     "pe": null
    },
    {
     "date": "2024-12-31",
     "eps": 5.42,
     "diluted_shares": 7110191328.0,
     "price": 68.0849838256836,
     "pe": 12.561805133889962
    },
    {
     "date": "2025-12-31",
     "eps": 5.76,
     "diluted_shares": 7629411632.0,
     "price": 80.40800476074219,
     "pe": 13.959723048739964
    }
   ],
   "note": null,
   "warnings": [
    "以 CNY 报告财务、以 HKD 报价；利润由 EPS × 股本反推，以保持在 HKD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "CHA",
   "name": "Chagee Holdings",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 12.66,
   "market_cap": 2415063808.0,
   "shares": 125489219.0,
   "eps_ttm": 0.99,
   "eps_ttm_reported": 0.99,
   "pe_now": 12.787878787878789,
   "buyback_rate": 0.052661582429991305,
   "dividend_yield": 0.0,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    16.0,
    14.1,
    12.8,
    10.9,
    9.0,
    7.7
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.3247697130252314,
     0.29169570848320014,
     0.2669468266978099,
     0.22687888943675083,
     0.18076887333884728,
     0.14449668525360138
    ],
    [
     0.23645173215688287,
     0.2055826612509868,
     0.18248370491795596,
     0.14508696347430083,
     0.10205094844959062,
     0.06819690623669494
    ],
    [
     0.19229274172270827,
     0.1625261376348801,
     0.1402521440280291,
     0.10419100049307572,
     0.06269198600496262,
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    [
     0.15917349889707766,
     0.13023374492280015,
     0.1085784733605839,
     0.07351902825715695,
     0.0331727641714914,
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    [
     0.13709400367999036,
     0.1087054831147467,
     0.08746269291562014,
     0.053071046766544505,
     0.013493282949177177,
     -0.017640345157325377
    ],
    [
     0.11501450846290329,
     0.08717722130669348,
     0.0663469124706566,
     0.03262306527593206,
     -0.006186198273137045,
     -0.03671528991155193
    ],
    [
     0.09293501324581577,
     0.06564895949864002,
     0.04523113202569329,
     0.012175083785319396,
     -0.025865679495451044,
     -0.055790234665778704
    ]
   ],
   "implied_growth_for_target": -0.04709076052163219,
   "implied_growth_if_pe_flat": 0.04207225932700953,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 23.9144060461505,
   "buy_price": 23.675261985688994,
   "discount_needed": 0.8700838851255128,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2023-12-31",
     "eps": 3.95256,
     "diluted_shares": 183549892.0,
     "price": null,
     "pe": null
    },
    {
     "date": "2024-12-31",
     "eps": 12.989335,
     "diluted_shares": 183549892.0,
     "price": null,
     "pe": null
    },
    {
     "date": "2025-03-31",
     "eps": 8.266303,
     "diluted_shares": 183549892.0,
     "price": null,
     "pe": null
    },
    {
     "date": "2025-12-31",
     "eps": 6.18,
     "diluted_shares": 164714666.0,
     "price": 11.630000114440918,
     "pe": 1.8818770411716697
    }
   ],
   "note": "2025 年上市，尚无五年历史，因此只有前瞻矩阵、没有历史回报归因。",
   "warnings": [
    "以 CNY 报告财务、以 USD 报价；利润由 EPS × 股本反推，以保持在 USD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "9992.HK",
   "name": "Pop Mart",
   "currency": "HKD",
   "as_of": "2026-11-03",
   "price": 139.5,
   "market_cap": 184437768192.0,
   "shares": 1322134510.0,
   "eps_ttm": 11.1,
   "eps_ttm_reported": 11.1,
   "pe_now": 12.567567567567568,
   "buyback_rate": 0.008211524203736054,
   "dividend_yield": 0.02,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    15.7,
    13.8,
    12.6,
    10.7,
    8.8,
    7.5
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   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
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     0.0636282383471085,
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   ],
   "implied_growth_for_target": -0.02391630138097045,
   "implied_growth_if_pe_flat": 0.07113155385996506,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 20.841775207201657,
   "buy_price": 231.3437047999384,
   "discount_needed": 0.6583778121859383,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 0.35,
     "diluted_shares": 1366541000.0,
     "price": 19.119142532348633,
     "pe": 54.626121520996094
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    {
     "date": "2023-12-31",
     "eps": 0.81,
     "diluted_shares": 1340506000.0,
     "price": 19.64061737060547,
     "pe": 24.24767576617959
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    {
     "date": "2024-12-31",
     "eps": 2.35,
     "diluted_shares": 1332080000.0,
     "price": 88.07042694091797,
     "pe": 37.47677742166722
    },
    {
     "date": "2025-12-31",
     "eps": 9.58,
     "diluted_shares": 1333145000.0,
     "price": 186.00411987304688,
     "pe": 19.415878901153118
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   ],
   "note": null,
   "warnings": [
    "以 CNY 报告财务、以 HKD 报价；利润由 EPS × 股本反推，以保持在 HKD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "2020.HK",
   "name": "ANTA Sports",
   "currency": "HKD",
   "as_of": "2026-11-03",
   "price": 78.15,
   "market_cap": 216514543616.0,
   "shares": 2770499587.0,
   "eps_ttm": 6.32,
   "eps_ttm_reported": 6.32,
   "pe_now": 12.365506329113924,
   "buyback_rate": -0.014525956596570966,
   "dividend_yield": 0.0344,
   "growths": [
    0.2,
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    0.08,
    0.05,
    0.03,
    0.01,
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   "terminal_pes": [
    15.5,
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    12.4,
    10.5,
    8.7,
    7.4
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   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
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     0.05533005822462968,
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   "implied_growth_for_target": -0.01804009225366432,
   "implied_growth_if_pe_flat": 0.08107885934930614,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 19.900404286051995,
   "buy_price": 125.77055508784862,
   "discount_needed": 0.6093481137280692,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 2.76,
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     "pe": 33.30821161684783
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    {
     "date": "2023-12-31",
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     "diluted_shares": 2867056000.0,
     "price": 69.25996398925781,
     "pe": 19.23887888590495
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    {
     "date": "2024-12-31",
     "eps": 5.41,
     "diluted_shares": 2906049000.0,
     "price": 73.50565338134766,
     "pe": 13.58699692816038
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    {
     "date": "2025-12-31",
     "eps": 4.8,
     "diluted_shares": 2903996000.0,
     "price": 77.6025390625,
     "pe": 16.167195638020836
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   ],
   "note": null,
   "warnings": [
    "以 CNY 报告财务、以 HKD 报价；利润由 EPS × 股本反推，以保持在 HKD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "EPD",
   "name": "Enterprise Products Partners",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 37.37,
   "market_cap": 80699662336.0,
   "shares": 2159477169.0,
   "eps_ttm": 3.03,
   "eps_ttm_reported": 3.03,
   "pe_now": 12.333333333333334,
   "buyback_rate": 0.001669831983230563,
   "dividend_yield": 0.0599,
   "growths": [
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   "terminal_pes": [
    13.7,
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
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     0.2874383545555645,
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   "implied_growth_for_target": 0.07739994601785227,
   "implied_growth_if_pe_flat": 0.03836320775424196,
   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 12.482871490508598,
   "buy_price": 37.82310061624105,
   "discount_needed": 0.012124715446643064,
   "hold_pe": 10.255153826178228,
   "pe_percentiles": {
    "p10": 8.230310287475586,
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    "p50": 10.255153826178228,
    "p75": 11.28216128593607,
    "p90": 13.698744236078477,
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   "attribution": {
    "years": 3.0,
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    "pe_end": 11.353239618745961,
    "profit_start": 5497500000.0,
    "profit_end": 5820080000.0,
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    "shares_end": 2188000000.0,
    "valuation_cagr": 0.15723866747280213,
    "earnings_cagr": 0.019184216072073212,
    "buyback_cagr": 0.0016726249859280173,
    "dividend_yield": 0.0599,
    "price_cagr": 0.1814121438998193,
    "total_cagr": 0.2413121438998193,
    "mcap_cagr": 0.17943938411655824,
    "weights": {
     "valuation": 0.8759901001608443,
     "earnings": 0.11398516740236707,
     "buyback": 0.010024732436788612
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    "window": "2022-12-31 -> 2025-12-31"
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   "annual": [
    {
     "date": "2022-12-31",
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     "diluted_shares": 2199000000.0,
     "price": 18.312498092651367,
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     "diluted_shares": 2194000000.0,
     "price": 21.55487823486328,
     "pe": 8.55352310907273
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     "date": "2024-12-31",
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     "diluted_shares": 2192000000.0,
     "price": 27.59126853942871,
     "pe": 10.256977152203982
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     "date": "2025-12-31",
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     "diluted_shares": 2188000000.0,
     "price": 30.199617385864258,
     "pe": 11.353239618745961
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   ],
   "note": "这是一家有限合伙企业（MLP），持有的是「单位」而非普通股， 分配（distribution）在税务处理上不同于普通股息，本页的股息率 字段并不完全对应 MLP 的分配收益率，仅作近似参考。",
   "warnings": [
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "D05.SI",
   "name": "星展银行 DBS",
   "currency": "SGD",
   "as_of": "2026-11-03",
   "price": 70.88,
   "market_cap": 201582755840.0,
   "shares": 2844000622.0,
   "eps_ttm": 5.86,
   "eps_ttm_reported": 5.86,
   "pe_now": 12.09556313993174,
   "buyback_rate": -0.002335921048034484,
   "dividend_yield": 0.0443,
   "growths": [
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   "terminal_pes": [
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   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
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   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 11.08895448450441,
   "buy_price": 64.98127327919585,
   "discount_needed": -0.08322131378109698,
   "hold_pe": 10.012462538511016,
   "pe_percentiles": {
    "p10": 8.195306623371135,
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   "attribution": {
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    "window": "2022-12-31 -> 2025-12-31"
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   "annual": [
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     "date": "2022-12-31",
     "eps": 2.863636,
     "diluted_shares": 2830116300.0,
     "price": 24.589143753051758,
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     "date": "2023-12-31",
     "eps": 3.52,
     "diluted_shares": 2836000000.0,
     "price": 25.972423553466797,
     "pe": 7.3785294185985215
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    {
     "date": "2024-12-31",
     "eps": 3.94,
     "diluted_shares": 2846000000.0,
     "price": 39.644065856933594,
     "pe": 10.061945648967917
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    {
     "date": "2025-12-31",
     "eps": 3.82,
     "diluted_shares": 2850000000.0,
     "price": 54.21841812133789,
     "pe": 14.193303173125102
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   ],
   "note": "同为银行，适用与汇丰相同的保留：市盈率不是银行的主要估值锚， 利润对利率周期高度敏感。",
   "warnings": [
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "PGR",
   "name": "Progressive",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 233.92,
   "market_cap": 135556644864.0,
   "shares": 579500000.0,
   "eps_ttm": 19.85,
   "eps_ttm_reported": 19.85,
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   "buyback_rate": -0.0005673109275772248,
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   "terminal_pes": [
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   "terminal_pes_from_history": false,
   "annual_basis_ok": true,
   "matrix": [
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   "buy_pe": 18.336325270756657,
   "buy_price": 363.97605662451963,
   "discount_needed": 0.5559851941882681,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "p10": 10.702644621898157,
    "p25": 14.697699281904432,
    "p50": 25.006425851746535,
    "p75": 96.79296461202331,
    "p90": 108.96903215828588,
    "n_days": 962,
    "unusable": "历史 PE 区间 11x–109x，过宽，无法作为锚点"
   },
   "attribution": {
    "years": 3.0,
    "pe_start": 100.20873506190414,
    "pe_end": 11.118620953334228,
    "profit_start": 692778000.0,
    "profit_end": 11309163000.0,
    "shares_start": 587100000.0,
    "shares_end": 588100000.0,
    "valuation_cagr": -0.5193956288722961,
    "earnings_cagr": 1.5362179685663153,
    "buyback_cagr": -0.0005669892683694,
    "dividend_yield": 0.0017000000000000001,
    "price_cagr": 0.21822632871705339,
    "total_cagr": 0.2199263287170534,
    "mcap_cagr": 0.2189174418255968,
    "weights": {
     "valuation": -3.7118835464937,
     "earnings": 4.714756705767674,
     "buyback": -0.0028731592739745402
    },
    "window": "2022-12-31 -> 2025-12-31"
   },
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 1.18,
     "diluted_shares": 587100000.0,
     "price": 118.24630737304688,
     "pe": 100.20873506190414
    },
    {
     "date": "2023-12-31",
     "eps": 6.58,
     "diluted_shares": 587500000.0,
     "price": 145.629638671875,
     "pe": 22.132163931895896
    },
    {
     "date": "2024-12-31",
     "eps": 14.4,
     "diluted_shares": 587700000.0,
     "price": 220.47279357910156,
     "pe": 15.310610665215385
    },
    {
     "date": "2025-12-31",
     "eps": 19.23,
     "diluted_shares": 588100000.0,
     "price": 213.8110809326172,
     "pe": 11.118620953334228
    }
   ],
   "note": null,
   "warnings": [
    "终值 PE 列无法采用自身历史分位数（历史 PE 区间 11x–109x，过宽，无法作为锚点），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "0005.HK",
   "name": "汇丰控股",
   "currency": "HKD",
   "as_of": "2026-11-03",
   "price": 134.1,
   "market_cap": 2293020229632.0,
   "shares": 17099329154.0,
   "eps_ttm": 11.96,
   "eps_ttm_reported": 11.96,
   "pe_now": 11.212374581939798,
   "buyback_rate": 0.04244595470095569,
   "dividend_yield": 0.043899999999999995,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    16,
    14,
    12,
    10,
    8
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.3894580152384736,
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    [
     0.29975414755590907,
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    [
     0.25490221371462657,
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    [
     0.22126326333366458,
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    [
     0.19883729641302333,
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    [
     0.17641132949238209,
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    [
     0.15398536257174084,
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     0.0543908367006693,
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   ],
   "implied_growth_for_target": -0.0023651577742852536,
   "implied_growth_if_pe_flat": 0.011272827240320638,
   "hold_pe_basis": "人工设定区间的中位数 12 倍",
   "target_return": 0.1,
   "buy_pe": 16.670872640211343,
   "buy_price": 199.38363677692766,
   "discount_needed": 0.48682801474218995,
   "hold_pe": 12.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 0.74,
     "diluted_shares": 19986000000.0,
     "price": 37.42240524291992,
     "pe": 50.570817895837735
    },
    {
     "date": "2023-12-31",
     "eps": 1.14,
     "diluted_shares": 19600000000.0,
     "price": 52.05583953857422,
     "pe": 45.6630171391002
    },
    {
     "date": "2024-12-31",
     "eps": 1.24,
     "diluted_shares": 18485000000.0,
     "price": 69.13816833496094,
     "pe": 55.75658736690398
    },
    {
     "date": "2025-12-31",
     "eps": 1.2,
     "diluted_shares": 17547000000.0,
     "price": 117.72809600830078,
     "pe": 98.10674667358398
    }
   ],
   "note": "年报以美元／每股计、股价以港币计，基准不一致，历史市盈率区间因此不可用。 而通用的 20 倍正常化假设对银行并不合适——银行受资本金约束、盈利经资产负债表 放大且随信用周期摆动，长期结构性地低于市场平均倍数。这里改用 8–16 倍的 银行区间作为期末估值列，但请注意这是一个外部设定的区间，不是该公司自身的历史。",
   "warnings": [
    "以 USD 报告财务、以 HKD 报价；利润由 EPS × 股本反推，以保持在 HKD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。"
   ]
  },
  {
   "symbol": "TME",
   "name": "Tencent Music",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 8.91,
   "market_cap": 14521206784.0,
   "shares": 797290469.0,
   "eps_ttm": 0.82,
   "eps_ttm_reported": 0.82,
   "pe_now": 10.865853658536587,
   "buyback_rate": 0.013122996094981132,
   "dividend_yield": 0.0269,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    13.6,
    12.0,
    10.9,
    9.2,
    7.6,
    6.5
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.29868362296909307,
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    [
     0.21389804810448707,
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    [
     0.17150526067218394,
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     0.13971067009795654,
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    [
     0.11851427638180487,
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     -0.001418031461984194,
     -0.03133163813629384
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    [
     0.09731788266565342,
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     0.05097290060166645,
     0.0168269316822229,
     -0.020285642501557323,
     -0.04961840244432706
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    [
     0.07612148894950196,
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     0.03069422930262363,
     -0.002775581816435037,
     -0.03915325354113056,
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   ],
   "implied_growth_for_target": -0.06263227660408155,
   "implied_growth_if_pe_flat": 0.05901771289047586,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 22.061378853660244,
   "buy_price": 18.0903306600014,
   "discount_needed": 1.0303401414142983,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 2.28,
     "diluted_shares": 1617253678.0,
     "price": 7.891537189483643,
     "pe": 3.4612005217033524
    },
    {
     "date": "2023-12-31",
     "eps": 3.1,
     "diluted_shares": 1584193016.0,
     "price": 8.587288856506348,
     "pe": 2.7700931795181765
    },
    {
     "date": "2024-12-31",
     "eps": 4.24,
     "diluted_shares": 1565430860.0,
     "price": 10.91609001159668,
     "pe": 2.574549531036953
    },
    {
     "date": "2025-12-31",
     "eps": 7.12,
     "diluted_shares": 1554401864.0,
     "price": 17.07219886779785,
     "pe": 2.397780739859249
    }
   ],
   "note": null,
   "warnings": [
    "以 CNY 报告财务、以 USD 报价；利润由 EPS × 股本反推，以保持在 USD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "FUTU",
   "name": "富途控股",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 103.15,
   "market_cap": 14461062144.0,
   "shares": 95750481.0,
   "eps_ttm": 10.08,
   "eps_ttm_reported": 10.08,
   "pe_now": 10.233134920634921,
   "buyback_rate": 0.005875769061150837,
   "dividend_yield": 0.0252,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    12.8,
    11.3,
    10.2,
    8.7,
    7.2,
    6.1
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.2875530696450609,
     0.2564735077048078,
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    [
     0.20339619833539035,
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    [
     0.10871971811201064,
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    [
     0.08768050028459295,
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     -0.02780982432586776,
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    [
     0.06664128245717527,
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   ],
   "implied_growth_for_target": -0.06553280859905875,
   "implied_growth_if_pe_flat": 0.06848472341307521,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 21.10120160563198,
   "buy_price": 212.70011218477038,
   "discount_needed": 1.0620466523002459,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 20.32,
     "diluted_shares": 143877712.0,
     "price": 39.086727142333984,
     "pe": 1.9235594066109245
    },
    {
     "date": "2023-12-31",
     "eps": 30.56,
     "diluted_shares": 139956696.0,
     "price": 52.52909851074219,
     "pe": 1.7188841135714068
    },
    {
     "date": "2024-12-31",
     "eps": 38.88,
     "diluted_shares": 140059773.0,
     "price": 78.72740173339844,
     "pe": 2.0248817318260914
    },
    {
     "date": "2025-12-31",
     "eps": 80.24,
     "diluted_shares": 141355838.0,
     "price": 161.61805725097656,
     "pe": 2.014183166138791
    }
   ],
   "note": null,
   "warnings": [
    "以 HKD 报告财务、以 USD 报价；利润由 EPS × 股本反推，以保持在 USD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "NVO",
   "name": "Novo Nordisk (ADR)",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 40.45,
   "market_cap": 178412208128.0,
   "shares": 3335813124.0,
   "eps_ttm": 4.09,
   "eps_ttm_reported": 4.09,
   "pe_now": 9.88997555012225,
   "buyback_rate": 0.00715683041418691,
   "dividend_yield": 0.0444,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    12.4,
    10.9,
    9.9,
    8.4,
    6.9,
    5.9
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.30897877179314315,
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    [
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    [
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    [
     0.12983011245578102,
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    [
     0.10875379959256204,
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    [
     0.08767748672934328,
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   ],
   "implied_growth_for_target": -0.08964018611716085,
   "implied_growth_if_pe_flat": 0.04804524981478453,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 23.240667831825725,
   "buy_price": 95.05433143216722,
   "discount_needed": 1.3499216670498693,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 12.22,
     "diluted_shares": 4544600000.0,
     "price": 61.254249572753906,
     "pe": 5.012622714627979
    },
    {
     "date": "2023-12-31",
     "eps": 18.62,
     "diluted_shares": 4494800000.0,
     "price": 94.84619140625,
     "pe": 5.093780419240064
    },
    {
     "date": "2024-12-31",
     "eps": 22.63,
     "diluted_shares": 4463000000.0,
     "price": 79.73214721679688,
     "pe": 3.5232941766149746
    },
    {
     "date": "2025-12-31",
     "eps": 23.03,
     "diluted_shares": 4447700000.0,
     "price": 48.460750579833984,
     "pe": 2.104244488920277
    }
   ],
   "note": null,
   "warnings": [
    "以 DKK 报告财务、以 USD 报价；利润由 EPS × 股本反推，以保持在 USD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "6690.HK",
   "name": "海尔智家（H）",
   "currency": "HKD",
   "as_of": "2026-11-03",
   "price": 20.74,
   "market_cap": 192851689472.0,
   "shares": 2849037266.0,
   "eps_ttm": 2.13,
   "eps_ttm_reported": 2.13,
   "pe_now": 9.737089201877934,
   "buyback_rate": 0.002134074593256985,
   "dividend_yield": 0.065,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    12.2,
    10.7,
    9.7,
    8.3,
    6.8,
    5.8
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.3230421427282722,
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    [
     0.2391726665463874,
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    [
     0.1972379284554449,
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    [
     0.16578687488723826,
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    [
     0.144819505841767,
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    ],
    [
     0.12385213679629575,
     0.09643082577976708,
     0.07638777088318732,
     0.04534507119858483,
     0.007030868013267966,
     -0.02246622022303174
    ],
    [
     0.1028847677508245,
     0.07600645299204906,
     0.05636029027163908,
     0.025932297511484126,
     -0.0116232085810542,
     -0.04053619606019937
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   ],
   "implied_growth_for_target": -0.10568117364465124,
   "implied_growth_if_pe_flat": 0.03279123279597895,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 25.008408805256902,
   "buy_price": 53.2679107551972,
   "discount_needed": 1.5683659959111478,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 1.57,
     "diluted_shares": 9370735518.0,
     "price": 22.51690673828125,
     "pe": 14.341978814191878
    },
    {
     "date": "2023-12-31",
     "eps": 1.78,
     "diluted_shares": 9323941037.0,
     "price": 19.161243438720703,
     "pe": 10.764743504899272
    },
    {
     "date": "2024-12-31",
     "eps": 2.02,
     "diluted_shares": 9272795185.0,
     "price": 24.709497451782227,
     "pe": 12.23242448108031
    },
    {
     "date": "2025-12-31",
     "eps": 2.1,
     "diluted_shares": 9310856297.0,
     "price": 23.19756317138672,
     "pe": 11.046458653041293
    }
   ],
   "note": "A+H 两地上市，A 股（600690.SS）与 H 股定价存在差异，本页仅就 H 股讨论。",
   "warnings": [
    "以 CNY 报告财务、以 HKD 报价；利润由 EPS × 股本反推，以保持在 HKD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "2899.HK",
   "name": "紫金矿业（H）",
   "currency": "HKD",
   "as_of": "2026-11-03",
   "price": 27.3,
   "market_cap": 725928771584.0,
   "shares": 5989005101.0,
   "eps_ttm": 2.97,
   "eps_ttm_reported": 2.97,
   "pe_now": 9.191919191919192,
   "buyback_rate": -0.009233575999385346,
   "dividend_yield": 0.0338,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    11.5,
    10.1,
    9.2,
    7.8,
    6.4,
    5.5
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.27730599689731744,
     0.24543717775271373,
     0.2230300686366517,
     0.18440759520845001,
     0.1397724551300758,
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    [
     0.1944055971041631,
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    [
     0.15295539720758583,
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    [
     0.12186774728515298,
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    [
     0.10114264733686434,
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     -0.016906976013351616,
     -0.04524834534284189
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    [
     0.0804175473885757,
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     0.0022280593004456173,
     -0.0353398502655195,
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    [
     0.059692447440286844,
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     -0.016948733953028483,
     -0.0537727245176875,
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   ],
   "implied_growth_for_target": -0.0789024881581516,
   "implied_growth_if_pe_flat": 0.07604483873054457,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 20.370276753300494,
   "buy_price": 60.49972195730247,
   "discount_needed": 1.2161070314030207,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 0.76,
     "diluted_shares": 26371113128.0,
     "price": 9.592207908630371,
     "pe": 12.621326195566278
    },
    {
     "date": "2023-12-31",
     "eps": 0.8,
     "diluted_shares": 26399274464.0,
     "price": 11.829636573791504,
     "pe": 14.78704571723938
    },
    {
     "date": "2024-12-31",
     "eps": 1.2,
     "diluted_shares": 26708835364.0,
     "price": 13.410396575927734,
     "pe": 11.17533047993978
    },
    {
     "date": "2025-12-31",
     "eps": 1.91,
     "diluted_shares": 27108548579.0,
     "price": 34.657264709472656,
     "pe": 18.14516476935741
    }
   ],
   "note": "矿业公司的利润随金属价格周期大幅波动，「利润年增速」这一假设 对资源类公司的代表性弱于消费或软件类公司。A+H 两地上市， A 股（601899.SS）与 H 股定价存在差异，本页仅就 H 股讨论。",
   "warnings": [
    "以 CNY 报告财务、以 HKD 报价；利润由 EPS × 股本反推，以保持在 HKD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "PDD",
   "name": "PDD Holdings",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 81.68,
   "market_cap": 116263026688.0,
   "shares": 1423396462.0,
   "eps_ttm": 8.89,
   "eps_ttm_reported": 8.89,
   "pe_now": 9.18785151856018,
   "buyback_rate": -0.009641031764566987,
   "dividend_yield": 0.0,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    11.5,
    10.1,
    9.2,
    7.8,
    6.4,
    5.5
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.2431142032470135,
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   ],
   "implied_growth_for_target": -0.04940292941578295,
   "implied_growth_if_pe_flat": 0.11060513494102375,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 17.392034469474574,
   "buy_price": 154.61518643362896,
   "discount_needed": 0.8929381296967307,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 21.92,
     "diluted_shares": 1440322750.0,
     "price": 81.55000305175781,
     "pe": 3.720346854550995
    },
    {
     "date": "2023-12-31",
     "eps": 41.16,
     "diluted_shares": 1459907500.0,
     "price": 146.30999755859375,
     "pe": 3.5546646637170496
    },
    {
     "date": "2024-12-31",
     "eps": 76.0,
     "diluted_shares": 1479148000.0,
     "price": 96.98999786376953,
     "pe": 1.2761841824180202
    },
    {
     "date": "2025-12-31",
     "eps": 67.04,
     "diluted_shares": 1482394000.0,
     "price": 113.38999938964844,
     "pe": 1.6913782725186222
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   ],
   "note": null,
   "warnings": [
    "以 CNY 报告财务、以 USD 报价；利润由 EPS × 股本反推，以保持在 USD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "ACGL",
   "name": "Arch Capital",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 109.31,
   "market_cap": 35678781440.0,
   "shares": 326400000.0,
   "eps_ttm": 12.23,
   "eps_ttm_reported": 12.23,
   "pe_now": 8.937857726901063,
   "buyback_rate": 0.0015112283429055129,
   "dividend_yield": 0.0,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
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   ],
   "terminal_pes": [
    19.2,
    15.7,
    8.3,
    8.0,
    7.7
   ],
   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.40039844188951634,
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    [
     0.3070385457635487,
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     0.2603585977005647,
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    [
     0.22534863665332683,
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     0.20200866262183492,
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   "implied_growth_for_target": 0.11351917558269786,
   "implied_growth_if_pe_flat": 0.09833764882280405,
   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 7.671207200180536,
   "buy_price": 93.81886405820795,
   "discount_needed": -0.14171746356044324,
   "hold_pe": 8.344960567314297,
   "pe_percentiles": {
    "p10": 7.706702661045542,
    "p25": 8.041884284874431,
    "p50": 8.344960567314297,
    "p75": 15.74425170296117,
    "p90": 19.195387990851152,
    "n_days": 962
   },
   "attribution": {
    "years": 3.0,
    "pe_start": 15.70984388652601,
    "pe_end": 8.268965359391837,
    "profit_start": 1434917114.6,
    "profit_end": 4360440000.0,
    "shares_start": 377609767.0,
    "shares_end": 375900000.0,
    "valuation_cagr": -0.19255250163249693,
    "earnings_cagr": 0.44831978861627486,
    "buyback_cagr": 0.001513515610593652,
    "dividend_yield": 0.0,
    "price_cagr": 0.17121215916484744,
    "total_cagr": 0.17121215916484744,
    "mcap_cagr": 0.16944219015436213,
    "weights": {
     "valuation": -1.353317286384829,
     "earnings": 2.343747692510101,
     "buyback": 0.00956959387472838
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    "window": "2022-12-31 -> 2025-12-31"
   },
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 3.8,
     "diluted_shares": 377609767.0,
     "price": 59.69740676879883,
     "pe": 15.709843886526007
    },
    {
     "date": "2023-12-31",
     "eps": 11.62,
     "diluted_shares": 378800000.0,
     "price": 70.62322998046875,
     "pe": 6.077730635152216
    },
    {
     "date": "2024-12-31",
     "eps": 11.19,
     "diluted_shares": 381800000.0,
     "price": 92.3499984741211,
     "pe": 8.252904242548802
    },
    {
     "date": "2025-12-31",
     "eps": 11.6,
     "diluted_shares": 375900000.0,
     "price": 95.91999816894531,
     "pe": 8.268965359391837
    }
   ],
   "note": null,
   "warnings": [
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "LULU",
   "name": "Lululemon",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 107.83,
   "market_cap": 12489516032.0,
   "shares": 105594064.0,
   "eps_ttm": 12.15,
   "eps_ttm_reported": 12.15,
   "pe_now": 8.874897119341563,
   "buyback_rate": 0.02386130094711081,
   "dividend_yield": 0.0,
   "growths": [
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   ],
   "terminal_pes": [
    11.1,
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    8.9,
    7.5,
    6.2,
    5.3
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": true,
   "matrix": [
    [
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   "implied_growth_for_target": -0.08729404899954907,
   "implied_growth_if_pe_flat": 0.07375256895817839,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 20.588641600514947,
   "buy_price": 250.1519954462566,
   "discount_needed": 1.319873833314074,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "p10": 9.118250505956588,
    "p25": 12.75443978648368,
    "p50": 23.04303320379205,
    "p75": 46.13173707516607,
    "p90": 57.5245492900917,
    "n_days": 943,
    "unusable": "历史 PE 区间 9x–58x，过宽，无法作为锚点"
   },
   "attribution": {
    "years": 3.0,
    "pe_start": 45.940120491439,
    "pe_end": 13.159879336349924,
    "profit_start": 855153560.0,
    "profit_end": 1578841680.0,
    "shares_start": 128017000.0,
    "shares_end": 119068000.0,
    "valuation_cagr": -0.34073319689000237,
    "earnings_cagr": 0.22671754703951263,
    "buyback_cagr": 0.024444580437454677,
    "dividend_yield": 0.0,
    "price_cagr": -0.17149667732632468,
    "total_cagr": -0.17149667732632468,
    "mcap_cagr": -0.19126584444432237,
    "weights": {
     "valuation": 2.214517364994468,
     "earnings": -1.0861485556917008,
     "buyback": -0.12836880930276706
    },
    "window": "2023-01-31 -> 2026-01-31"
   },
   "annual": [
    {
     "date": "2023-01-31",
     "eps": 6.68,
     "diluted_shares": 128017000.0,
     "price": 306.8800048828125,
     "pe": 45.940120491439
    },
    {
     "date": "2024-01-31",
     "eps": 12.2,
     "diluted_shares": 127060000.0,
     "price": 453.82000732421875,
     "pe": 37.19836125608351
    },
    {
     "date": "2025-01-31",
     "eps": 14.64,
     "diluted_shares": 123935000.0,
     "price": 414.20001220703125,
     "pe": 28.292350560589565
    },
    {
     "date": "2026-01-31",
     "eps": 13.26,
     "diluted_shares": 119068000.0,
     "price": 174.5,
     "pe": 13.159879336349924
    }
   ],
   "note": null,
   "warnings": [
    "终值 PE 列无法采用自身历史分位数（历史 PE 区间 9x–58x，过宽，无法作为锚点），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "HCI",
   "name": "HCI Group",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 201.43,
   "market_cap": 2505560832.0,
   "shares": 12438867.0,
   "eps_ttm": 23.2,
   "eps_ttm_reported": 23.2,
   "pe_now": 8.682327586206897,
   "buyback_rate": -0.1427990337394056,
   "dividend_yield": 0.0079,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    10.9,
    9.6,
    8.7,
    7.4,
    6.1,
    5.2
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.10682852754262527,
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     0.05838050836942309,
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     -0.04436958876679066
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    [
     0.0335666257064504,
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     -0.01165152552187156,
     -0.042879151208007685,
     -0.07885586539124391,
     -0.1075516161823379
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    [
     -0.0030643252116372595,
     -0.027869412753572482,
     -0.046667542467519044,
     -0.07677989580772172,
     -0.11147172734155687,
     -0.13914262989011153
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    [
     -0.030537538400202808,
     -0.05465359573263996,
     -0.07292955517675472,
     -0.10220545425750717,
     -0.13593362380429133,
     -0.16283589017094183
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    [
     -0.04885301385924669,
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     -0.09043756364957846,
     -0.11915582655736424,
     -0.1522415547794477,
     -0.17863139702482858
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    [
     -0.06716848931829046,
     -0.0903658397047299,
     -0.1079455721224022,
     -0.13610619885722122,
     -0.16854948575460407,
     -0.19442690387871545
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    [
     -0.08548396477733412,
     -0.10822196169077482,
     -0.12545358059522596,
     -0.1530565711570783,
     -0.18485741672976044,
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   ],
   "implied_growth_for_target": 0.05621785799768775,
   "implied_growth_if_pe_flat": 0.24805082474680495,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 9.704818442856352,
   "buy_price": 225.15178787426737,
   "discount_needed": 0.11776690599348338,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "窗口期内出现过负盈利"
   },
   "attribution": {
    "years": 2.0,
    "pe_start": 11.087436625963747,
    "pe_end": 8.375365297559282,
    "profit_start": 79033999.92,
    "profit_end": 299004992.32,
    "shares_start": 10371916.0,
    "shares_end": 13160431.0,
    "valuation_cagr": -0.13078348656299033,
    "earnings_cagr": 0.944171670930142,
    "buyback_cagr": -0.11217002120207697,
    "dividend_yield": 0.0079,
    "price_cagr": 0.5003493158699206,
    "total_cagr": 0.5082493158699206,
    "mcap_cagr": 0.6899061213289033,
    "weights": {
     "valuation": -0.3454861664954367,
     "earnings": 1.6387462562298767,
     "buyback": -0.2932600897344402
    },
    "window": "2023-12-31 -> 2025-12-31"
   },
   "annual": [
    {
     "date": "2022-12-31",
     "eps": -6.24,
     "diluted_shares": 8817000.0,
     "price": 37.25733184814453,
     "pe": null
    },
    {
     "date": "2023-12-31",
     "eps": 7.62,
     "diluted_shares": 10371916.0,
     "price": 84.48626708984375,
     "pe": 11.087436625963747
    },
    {
     "date": "2024-12-31",
     "eps": 8.89,
     "diluted_shares": 12368166.0,
     "price": 114.44340515136719,
     "pe": 12.873273920288772
    },
    {
     "date": "2025-12-31",
     "eps": 22.72,
     "diluted_shares": 13160431.0,
     "price": 190.28829956054688,
     "pe": 8.375365297559282
    }
   ],
   "note": null,
   "warnings": [
    "终值 PE 列无法采用自身历史分位数（窗口期内出现过负盈利），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。",
    "历史归因仅覆盖 2.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "TCOM",
   "name": "Trip.com（携程 ADR）",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 40.985,
   "market_cap": 25808467968.0,
   "shares": 629705222.0,
   "eps_ttm": 4.96,
   "eps_ttm_reported": 4.96,
   "pe_now": 8.263104838709678,
   "buyback_rate": -0.02051512852965076,
   "dividend_yield": 0.0,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    10.3,
    9.1,
    8.3,
    7.0,
    5.8,
    5.0
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.22885485924760274,
     0.19878534377872503,
     0.17692493641741347,
     0.13750353297321682,
     0.09551605072046909,
     0.06347466216576714
    ],
    [
     0.14693120196442933,
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    [
     0.10596937332284262,
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     0.07524800184165259,
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    [
     0.054767087520859015,
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    [
     0.03428617320006566,
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     -0.009421511848677011,
     -0.04260119308087584,
     -0.07794065731027189,
     -0.10490882601047935
    ],
    [
     0.013805258879272087,
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     -0.0290369274556338,
     -0.06155958529709615,
     -0.09619925815561314,
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   ],
   "implied_growth_for_target": -0.05933543178207701,
   "implied_growth_if_pe_flat": 0.12256664138261608,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 16.48496809785847,
   "buy_price": 81.76544176537801,
   "discount_needed": 0.9950089487709652,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 2.14,
     "diluted_shares": 657092826.0,
     "price": 34.2336311340332,
     "pe": 15.997023894408038
    },
    {
     "date": "2023-12-31",
     "eps": 14.78,
     "diluted_shares": 671062240.0,
     "price": 35.83584213256836,
     "pe": 2.4246171943550987
    },
    {
     "date": "2024-12-31",
     "eps": 24.78,
     "diluted_shares": 688704882.0,
     "price": 68.32793426513672,
     "pe": 2.757382335154831
    },
    {
     "date": "2025-12-31",
     "eps": 47.67,
     "diluted_shares": 698378891.0,
     "price": 71.91000366210938,
     "pe": 1.5084959861990639
    }
   ],
   "note": null,
   "warnings": [
    "以 CNY 报告财务、以 USD 报价；利润由 EPS × 股本反推，以保持在 USD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "1024.HK",
   "name": "快手",
   "currency": "HKD",
   "as_of": "2026-11-03",
   "price": 27.52,
   "market_cap": 118342295552.0,
   "shares": 3640879546.0,
   "eps_ttm": 3.99,
   "eps_ttm_reported": 3.99,
   "pe_now": 6.897243107769423,
   "buyback_rate": -0.011462350149280542,
   "dividend_yield": 0.025099999999999997,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    8.6,
    7.6,
    6.9,
    5.9,
    4.8,
    4.1
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.2650269739169423,
     0.23474834655374932,
     0.21159588362970905,
     0.17501786192436686,
     0.1285296895335294,
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    ],
    [
     0.18236517565581278,
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    [
     0.14103427652524803,
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    [
     0.11003610217732428,
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    [
     0.08937065261204201,
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    [
     0.06870520304675974,
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     0.023734035388338612,
     -0.0070524662136579735,
     -0.046180011309279415,
     -0.07500193750791485
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    [
     0.04803975348147725,
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     -0.0262177639123974,
     -0.06457050613483829,
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   ],
   "implied_growth_for_target": -0.12128732261192865,
   "implied_growth_if_pe_flat": 0.0872208801754617,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 19.34460431045355,
   "buy_price": 77.18497119870966,
   "discount_needed": 1.804686453441485,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": -3.22,
     "diluted_shares": 4254000000.0,
     "price": 69.39436340332031,
     "pe": null
    },
    {
     "date": "2023-12-31",
     "eps": 1.44,
     "diluted_shares": 4441000000.0,
     "price": 51.71613311767578,
     "pe": 35.91398133171929
    },
    {
     "date": "2024-12-31",
     "eps": 3.48,
     "diluted_shares": 4406000000.0,
     "price": 40.48411560058594,
     "pe": 11.633366551892511
    },
    {
     "date": "2025-12-31",
     "eps": 4.23,
     "diluted_shares": 4402000000.0,
     "price": 62.67398452758789,
     "pe": 14.816544805576331
    }
   ],
   "note": "2021、2022 年报均为亏损，此后转为盈利，因此历史市盈率区间不可用， 期末估值改用相对倍数。矩阵的增速行仅反映转盈利后的近期表现。",
   "warnings": [
    "以 CNY 报告财务、以 HKD 报价；利润由 EPS × 股本反推，以保持在 HKD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "VIPS",
   "name": "Vipshop（唯品会 ADR）",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 13.33,
   "market_cap": 6338415104.0,
   "shares": 397698210.0,
   "eps_ttm": 3.07,
   "eps_ttm_reported": 3.07,
   "pe_now": 4.342019543973942,
   "buyback_rate": 0.07209502750740726,
   "dividend_yield": 0.04650000000000001,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    5.4,
    4.8,
    4.3,
    3.7,
    3.0,
    2.6
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.39738425908969677,
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     0.33722309305864706,
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    [
     0.3073253084837173,
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    [
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    [
     0.22852372670348478,
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    [
     0.20600898905198986,
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    [
     0.18349425140049494,
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    [
     0.16097951374900002,
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   ],
   "implied_growth_for_target": -0.2797713426239661,
   "implied_growth_if_pe_flat": -0.02245211147905335,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 32.91990423479138,
   "buy_price": 101.06410600080953,
   "discount_needed": 6.581703375904691,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 9.83,
     "diluted_shares": 640786520.0,
     "price": 12.308073997497559,
     "pe": 1.2520929804168421
    },
    {
     "date": "2023-12-31",
     "eps": 14.422,
     "diluted_shares": 562761990.0,
     "price": 16.0257625579834,
     "pe": 1.1112025071407154
    },
    {
     "date": "2024-12-31",
     "eps": 14.352,
     "diluted_shares": 539279030.0,
     "price": 12.46049690246582,
     "pe": 0.8682063059131703
    },
    {
     "date": "2025-12-31",
     "eps": 14.148,
     "diluted_shares": 511919450.0,
     "price": 16.984676361083984,
     "pe": 1.200500166884647
    }
   ],
   "note": null,
   "warnings": [
    "以 CNY 报告财务、以 USD 报价；利润由 EPS × 股本反推，以保持在 USD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  },
  {
   "symbol": "CHTR",
   "name": "Charter Communications",
   "currency": "USD",
   "as_of": "2026-11-03",
   "price": 115.54,
   "market_cap": 15015301120.0,
   "shares": 114457596.0,
   "eps_ttm": 38.41,
   "eps_ttm_reported": 38.41,
   "pe_now": 3.0080708148919557,
   "buyback_rate": 0.05731581768620564,
   "dividend_yield": 0.0,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    13.1,
    11.9,
    10.3,
    6.6,
    4.1
   ],
   "terminal_pes_from_history": true,
   "annual_basis_ok": true,
   "matrix": [
    [
     0.7084869821582502,
     0.6759721870269999,
     0.6282641457256333,
     0.4895881269103002,
     0.3542978413950537
    ],
    [
     0.5945878500143673,
     0.5642407078918668,
     0.519713202677258,
     0.39028225178294695,
     0.2640113186353834
    ],
    [
     0.5376382839424254,
     0.5083749683243,
     0.46543773115306997,
     0.34062931421927023,
     0.21886805725554836
    ],
    [
     0.49492610938846915,
     0.4664756636486249,
     0.42473112750992925,
     0.30338961104651263,
     0.18501061122067197
    ],
    [
     0.4664513263524981,
     0.43854279386484163,
     0.39759339174783537,
     0.27856314226467416,
     0.16243898053075423
    ],
    [
     0.43797654331652724,
     0.4106099240810581,
     0.3704556559857415,
     0.2537366734828359,
     0.13986734984083693
    ],
    [
     0.4095017602805566,
     0.38267705429727505,
     0.34331792022364715,
     0.22891020470099765,
     0.11729571915091919
    ]
   ],
   "implied_growth_for_target": -0.18946873279454268,
   "implied_growth_if_pe_flat": 0.03695260054517391,
   "hold_pe_basis": "自身 PE 中位数",
   "target_return": 0.1,
   "buy_pe": 12.63449735449882,
   "buy_price": 485.2910433862996,
   "discount_needed": 3.2001994407676957,
   "hold_pe": 10.309407749890532,
   "pe_percentiles": {
    "p10": 4.0807234019543115,
    "p25": 6.552816800273146,
    "p50": 10.309407749890532,
    "p75": 11.853100106446522,
    "p90": 13.11831221639821,
    "n_days": 962
   },
   "attribution": {
    "years": 3.0,
    "pe_start": 11.03122986673766,
    "pe_end": 5.764982049157691,
    "profit_start": 5054688741.04,
    "profit_end": 4987698507.96,
    "shares_start": 164433596.0,
    "shares_end": 137743676.0,
    "valuation_cagr": -0.19447423379300532,
    "earnings_cagr": -0.004436346983250683,
    "buyback_cagr": 0.06080065706154669,
    "dividend_yield": 0.0,
    "price_cagr": -0.14928860646013997,
    "total_cagr": -0.14928860646013997,
    "mcap_cagr": -0.19804782559584844,
    "weights": {
     "valuation": 1.3375615485840213,
     "earnings": 0.027499704718033802,
     "buyback": -0.36506125330205497
    },
    "window": "2022-12-31 -> 2025-12-31"
   },
   "annual": [
    {
     "date": "2022-12-31",
     "eps": 30.74,
     "diluted_shares": 164433596.0,
     "price": 339.1000061035156,
     "pe": 11.03122986673766
    },
    {
     "date": "2023-12-31",
     "eps": 29.99,
     "diluted_shares": 151966313.0,
     "price": 388.67999267578125,
     "pe": 12.960319862480203
    },
    {
     "date": "2024-12-31",
     "eps": 34.97,
     "diluted_shares": 145363771.0,
     "price": 342.7699890136719,
     "pe": 9.80182982595573
    },
    {
     "date": "2025-12-31",
     "eps": 36.21,
     "diluted_shares": 137743676.0,
     "price": 208.75,
     "pe": 5.764982049157691
    }
   ],
   "note": "当前市盈率处于个位数区间，这是真实数字，不是数据错配：Charter 长期通过 举债回购大幅削减股本（过去几年股本年均缩减约 5–6%），股价同时受有线电视 用户流失的担忧压制。低市盈率背后是「高杠杆 + 激进回购」的财务结构， 而非被低估的稳态生意，解读这页时应把杠杆风险计入。",
   "warnings": [
    "PE 分位数仅覆盖约 3.8 年数据，反映的是近期市场状态而非完整周期。",
    "历史归因仅覆盖 3.0 年而非 5 年——数据源只返回 4 期年报。"
   ]
  },
  {
   "symbol": "1969.HK",
   "name": "China Chunlai Education",
   "currency": "HKD",
   "as_of": "2026-11-03",
   "price": 0.855,
   "market_cap": 1026000000.0,
   "shares": 1200000000.0,
   "eps_ttm": 0.76,
   "eps_ttm_reported": 0.76,
   "pe_now": 1.125,
   "buyback_rate": -0.0020373365565280466,
   "dividend_yield": 0.0,
   "growths": [
    0.2,
    0.12,
    0.08,
    0.05,
    0.03,
    0.01,
    -0.01
   ],
   "terminal_pes": [
    1.4,
    1.2,
    1.1,
    1.0,
    0.8,
    0.7
   ],
   "terminal_pes_from_history": false,
   "annual_basis_ok": false,
   "matrix": [
    [
     0.25110121187207035,
     0.21311811199213593,
     0.1921897254488023,
     0.169679390052637,
     0.11862580862972494,
     0.08914686473569433
    ],
    [
     0.16769446441393265,
     0.13224357119266017,
     0.1127104104188823,
     0.09170076404912808,
     0.04405075472107689,
     0.016537073753314813
    ],
    [
     0.12599109068486336,
     0.09180630079292218,
     0.07297075290392208,
     0.0527114510473734,
     0.006763227766752644,
     -0.019767821737875058
    ],
    [
     0.09471356038806178,
     0.06147834799311891,
     0.04316600976770202,
     0.023469466296057284,
     -0.02120241744899054,
     -0.04699649335626732
    ],
    [
     0.07386187352352702,
     0.041259712793249914,
     0.023296181010221906,
     0.0039748097951801675,
     -0.03984618092615266,
     -0.06514894110186231
    ],
    [
     0.053010186658992486,
     0.02104107759338092,
     0.0034263522527417933,
     -0.015519846705697171,
     -0.058489944403314786,
     -0.08330138884745719
    ],
    [
     0.03215849979445817,
     0.0008224423935121461,
     -0.016443476504738208,
     -0.03501450320657451,
     -0.0771337078804768,
     -0.10145383659305218
    ]
   ],
   "implied_growth_for_target": -0.3801293202666334,
   "implied_growth_if_pe_flat": 0.10224107021218098,
   "hold_pe_basis": "假设回归 20 倍（无可用历史）",
   "target_return": 0.1,
   "buy_pe": 18.06199957337161,
   "buy_price": 13.727119675762424,
   "discount_needed": 15.055110731885875,
   "hold_pe": 20.0,
   "pe_percentiles": {
    "unusable": "年报 EPS 序列与股价基准不一致"
   },
   "attribution": null,
   "annual": [
    {
     "date": "2022-08-31",
     "eps": 0.45,
     "diluted_shares": 1223775337.0,
     "price": 2.5395796298980713,
     "pe": 5.64351028866238
    },
    {
     "date": "2023-08-31",
     "eps": 0.56,
     "diluted_shares": 1230474230.0,
     "price": 6.101927280426025,
     "pe": 10.896298715046473
    },
    {
     "date": "2024-08-31",
     "eps": 0.63,
     "diluted_shares": 1231884765.0,
     "price": 4.482757091522217,
     "pe": 7.115487446860661
    },
    {
     "date": "2025-08-31",
     "eps": 0.68,
     "diluted_shares": 1231272028.0,
     "price": 4.369999885559082,
     "pe": 6.426470419939826
    }
   ],
   "note": null,
   "warnings": [
    "以 CNY 报告财务、以 HKD 报价；利润由 EPS × 股本反推，以保持在 HKD 口径。",
    "由于没有可靠的历史汇率数据核实两者的可比性，年报历史序列与股价之间的历史 PE 与归因已被抑制。",
    "PE 为 1.1 倍，远超正常区间；在采信下游任何结论前，请先核实盈利数据。",
    "终值 PE 列无法采用自身历史分位数（年报 EPS 序列与股价基准不一致），已改用跨越至正常化区间的相对倍数。",
    "无可用 PE 历史，因此关键指标假设估值向 20 倍回归。"
   ]
  }
 ],
 "skipped": [
  {
   "symbol": "SPCX",
   "name": "SpaceX",
   "reason": "SpaceX 尚未上市。没有公开股本、没有披露利润、没有市值—— 模型需要的每一个输入都不存在。"
  },
  {
   "symbol": "KWEB",
   "name": "KraneShares CSI China Internet ETF",
   "reason": "这是 ETF 而非公司，没有盈利也没有回购，三分解无从定义。 应当穿透看它的成分股——其中若干只已经在本列表中。"
  },
  {
   "symbol": "MSTR",
   "name": "Strategy (MicroStrategy)",
   "reason": "在 ASU 2023-08 之后，它报表上的利润几乎全部是比特币的公允价值重估， 而非经营利润。在这个数字上算 PE 没有意义——市场给它定价的依据是 相对比特币持仓的 mNAV，以及它在净值之上增发股票的能力。需要另一套模型。"
  },
  {
   "symbol": "PONY",
   "name": "Pony AI",
   "reason": "尚未盈利。盈利为负时既没有 PE 可拆解，也没有增长率可复利。 要分析的话需要改用 EV/Sales 并附加一个终局利润率假设。"
  },
  {
   "symbol": "LYV",
   "name": "Live Nation Entertainment",
   "reason": "TTM 盈利为负。盈利为负时既没有 PE 可拆解，也没有增长率可复利。"
  },
  {
   "symbol": "TTWO",
   "name": "Take-Two Interactive",
   "reason": "TTM 盈利为负，主要受收购与递延收入确认影响。同上，PE 无从定义。"
  },
  {
   "symbol": "DK",
   "name": "Delek US Holdings",
   "reason": "TTM 盈利为负，炼油利润率处于周期低点。同上，PE 无从定义。"
  }
 ],
 "failed": [
  {
   "symbol": "3690.HK",
   "name": "Meituan",
   "error": "3690.HK: trailing EPS is -7.09 (not profitable)"
  },
  {
   "symbol": "2015.HK",
   "name": "Li Auto",
   "error": "2015.HK: trailing EPS is -2.56 (not profitable)"
  }
 ]
}