{
 "as_of": "2026-07-02",
 "mapping": {
  "新一代信息技术": [
   "电子",
   "计算机",
   "通信"
  ],
  "高端装备": [
   "机械设备",
   "国防军工"
  ],
  "新材料": [
   "有色金属",
   "基础化工"
  ],
  "生物": [
   "医药生物"
  ],
  "新能源": [
   "电力设备"
  ],
  "新能源汽车": [
   "汽车"
  ],
  "节能环保": [
   "环保"
  ],
  "数字创意/数字经济": [
   "传媒"
  ],
  "航空航天/低空经济": [
   "国防军工",
   "机械设备"
  ],
  "人工智能": [
   "计算机"
  ],
  "集成电路/量子": [
   "电子"
  ],
  "6G": [
   "通信"
  ],
  "生物制造/脑机接口": [
   "医药生物"
  ],
  "氢能/核聚变": [
   "电力设备"
  ],
  "工业母机/具身智能": [
   "机械设备"
  ]
 },
 "plan_langs": {
  "13th": [
   "新一代信息技术",
   "高端装备",
   "新材料",
   "生物",
   "新能源汽车",
   "新能源",
   "节能环保",
   "数字创意/数字经济"
  ],
  "14th": [
   "新一代信息技术",
   "高端装备",
   "新材料",
   "生物",
   "新能源汽车",
   "新能源",
   "节能环保",
   "数字创意/数字经济",
   "航空航天/低空经济"
  ],
  "15th": [
   "新能源",
   "新材料",
   "航空航天/低空经济",
   "集成电路/量子",
   "人工智能",
   "6G",
   "生物制造/脑机接口",
   "氢能/核聚变",
   "工业母机/具身智能",
   "新一代信息技术"
  ]
 },
 "csi_favored": {
  "11th": [
   "工业",
   "信息技术",
   "电信业务",
   "医药卫生"
  ],
  "12th": [
   "工业",
   "信息技术",
   "电信业务",
   "医药卫生",
   "材料"
  ]
 },
 "plans": [
  {
   "label": "13th",
   "favored": [
    "传媒",
    "医药生物",
    "国防军工",
    "基础化工",
    "有色金属",
    "机械设备",
    "汽车",
    "环保",
    "电力设备",
    "电子",
    "计算机",
    "通信"
   ],
   "years": [
    {
     "y": 1,
     "year": 2016,
     "fav": -16.2,
     "non": -9.4,
     "ex": -6.8
    },
    {
     "y": 2,
     "year": 2017,
     "fav": -3.9,
     "non": 3.3,
     "ex": -7.2
    },
    {
     "y": 3,
     "year": 2018,
     "fav": -34.9,
     "non": -27.8,
     "ex": -7.1
    },
    {
     "y": 4,
     "year": 2019,
     "fav": 28.2,
     "non": 24.9,
     "ex": 3.3
    },
    {
     "y": 5,
     "year": 2020,
     "fav": 32.9,
     "non": 17.9,
     "ex": 14.9
    }
   ],
   "cum_fav": -10.8,
   "cum_non": -0.4,
   "cum_ex": -10.3,
   "hit_rate": 45.0,
   "per_industry_full": {
    "食品饮料": 312.5,
    "家用电器": 98.1,
    "社会服务": 72.2,
    "建筑材料": 38.2,
    "电子": 35.0,
    "医药生物": 34.0,
    "美容护理": 32.0,
    "电力设备": 19.4,
    "非银金融": 15.3,
    "银行": 9.3,
    "有色金属": 6.9,
    "农林牧渔": 6.6,
    "基础化工": 2.3,
    "汽车": -1.2,
    "国防军工": -6.0,
    "煤炭": -9.8,
    "石油石化": -18.6,
    "钢铁": -20.5,
    "机械设备": -21.3,
    "计算机": -24.2,
    "交通运输": -32.3,
    "轻工制造": -34.5,
    "房地产": -35.3,
    "通信": -38.5,
    "建筑装饰": -40.5,
    "综合": -40.8,
    "公用事业": -42.9,
    "商贸零售": -45.4,
    "环保": -55.1,
    "纺织服饰": -57.0,
    "传媒": -58.9
   }
  },
  {
   "label": "14th",
   "favored": [
    "传媒",
    "医药生物",
    "国防军工",
    "基础化工",
    "有色金属",
    "机械设备",
    "汽车",
    "环保",
    "电力设备",
    "电子",
    "计算机",
    "通信"
   ],
   "years": [
    {
     "y": 1,
     "year": 2021,
     "fav": 17.0,
     "non": 5.2,
     "ex": 11.8
    },
    {
     "y": 2,
     "year": 2022,
     "fav": -23.2,
     "non": -11.3,
     "ex": -11.9
    },
    {
     "y": 3,
     "year": 2023,
     "fav": -0.4,
     "non": -11.1,
     "ex": 10.6
    },
    {
     "y": 4,
     "year": 2024,
     "fav": 5.9,
     "non": 4.8,
     "ex": 1.1
    },
    {
     "y": 5,
     "year": 2025,
     "fav": 39.7,
     "non": 10.3,
     "ex": 29.5
    }
   ],
   "cum_fav": 32.5,
   "cum_non": -4.1,
   "cum_ex": 36.6,
   "hit_rate": 55.0,
   "per_industry_full": {
    "通信": 160.3,
    "有色金属": 105.4,
    "综合": 63.6,
    "煤炭": 59.5,
    "机械设备": 40.0,
    "汽车": 39.7,
    "电子": 38.4,
    "石油石化": 28.1,
    "公用事业": 21.0,
    "基础化工": 19.8,
    "电力设备": 19.0,
    "钢铁": 18.9,
    "银行": 13.2,
    "传媒": 11.7,
    "国防军工": 11.3,
    "建筑装饰": 10.5,
    "环保": 3.0,
    "计算机": 1.6,
    "交通运输": -4.5,
    "纺织服饰": -5.1,
    "轻工制造": -6.6,
    "家用电器": -9.6,
    "非银金融": -9.6,
    "农林牧渔": -23.8,
    "商贸零售": -25.1,
    "社会服务": -28.8,
    "建筑材料": -31.4,
    "医药生物": -33.1,
    "房地产": -42.6,
    "美容护理": -42.9,
    "食品饮料": -43.6
   }
  },
  {
   "label": "15th",
   "favored": [
    "医药生物",
    "国防军工",
    "基础化工",
    "有色金属",
    "机械设备",
    "电力设备",
    "电子",
    "计算机",
    "通信"
   ],
   "years": [
    {
     "y": 1,
     "year": 2026,
     "fav": 14.4,
     "non": -8.3,
     "ex": 22.7
    }
   ],
   "cum_fav": 14.4,
   "cum_non": -8.3,
   "cum_ex": 22.7,
   "hit_rate": 89.0,
   "per_industry_full": {
    "电子": 69.5,
    "通信": 55.1,
    "建筑材料": 40.1,
    "机械设备": 18.9,
    "综合": 16.3,
    "基础化工": 10.8,
    "煤炭": 5.6,
    "电力设备": 3.1,
    "公用事业": 2.5,
    "环保": 2.1,
    "有色金属": 0.3,
    "建筑装饰": -4.1,
    "医药生物": -6.9,
    "纺织服饰": -8.0,
    "国防军工": -8.0,
    "石油石化": -8.2,
    "家用电器": -8.3,
    "银行": -10.8,
    "轻工制造": -12.6,
    "交通运输": -12.6,
    "非银金融": -13.2,
    "计算机": -13.7,
    "房地产": -15.6,
    "社会服务": -15.7,
    "汽车": -16.6,
    "传媒": -17.0,
    "钢铁": -17.3,
    "食品饮料": -18.6,
    "农林牧渔": -21.2,
    "美容护理": -22.5,
    "商贸零售": -27.6
   }
  },
  {
   "label": "11th",
   "favored": [
    "工业",
    "信息技术",
    "电信业务",
    "医药卫生"
   ],
   "years": [
    {
     "y": 1,
     "year": 2006,
     "fav": 85.6,
     "non": 129.9,
     "ex": -44.3
    },
    {
     "y": 2,
     "year": 2007,
     "fav": 159.3,
     "non": 171.2,
     "ex": -11.9
    },
    {
     "y": 3,
     "year": 2008,
     "fav": -56.4,
     "non": -63.4,
     "ex": 7.0
    },
    {
     "y": 4,
     "year": 2009,
     "fav": 103.0,
     "non": 100.0,
     "ex": 3.0
    },
    {
     "y": 5,
     "year": 2010,
     "fav": 17.8,
     "non": -7.7,
     "ex": 25.5
    }
   ],
   "cum_fav": 401.8,
   "cum_non": 320.9,
   "cum_ex": 80.9,
   "hit_rate": 45.0,
   "per_industry_full": {
    "医药卫生": 713.3,
    "主要消费": 602.1,
    "材料": 323.8,
    "信息技术": 310.9,
    "电信业务": 310.8,
    "能源": 305.9,
    "工业": 288.4,
    "金融地产": 246.9,
    "公用事业": 118.6
   }
  },
  {
   "label": "12th",
   "favored": [
    "工业",
    "信息技术",
    "电信业务",
    "医药卫生",
    "材料"
   ],
   "years": [
    {
     "y": 1,
     "year": 2011,
     "fav": -35.4,
     "non": -20.7,
     "ex": -14.8
    },
    {
     "y": 2,
     "year": 2012,
     "fav": -2.0,
     "non": 4.1,
     "ex": -6.0
    },
    {
     "y": 3,
     "year": 2013,
     "fav": 19.1,
     "non": -9.8,
     "ex": 28.9
    },
    {
     "y": 4,
     "year": 2014,
     "fav": 31.0,
     "non": 48.6,
     "ex": -17.6
    },
    {
     "y": 5,
     "year": 2015,
     "fav": 35.4,
     "non": 3.4,
     "ex": 32.0
    }
   ],
   "cum_fav": 33.8,
   "cum_non": 14.5,
   "cum_ex": 19.3,
   "hit_rate": 44.0,
   "per_industry_full": {
    "金融地产": 65.2,
    "信息技术": 65.2,
    "医药卫生": 53.2,
    "电信业务": 51.1,
    "公用事业": 45.6,
    "主要消费": 16.6,
    "工业": 16.0,
    "材料": -23.6,
    "能源": -49.9
   }
  }
 ],
 "event_avg": [
  {
   "y": 1,
   "avg_ex": -13.5,
   "n": 4,
   "detail": [
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    11.8,
    -44.3,
    -14.8
   ]
  },
  {
   "y": 2,
   "avg_ex": -9.2,
   "n": 4,
   "detail": [
    -7.2,
    -11.9,
    -11.9,
    -6.0
   ]
  },
  {
   "y": 3,
   "avg_ex": 9.8,
   "n": 4,
   "detail": [
    -7.1,
    10.6,
    7.0,
    28.9
   ]
  },
  {
   "y": 4,
   "avg_ex": -2.6,
   "n": 4,
   "detail": [
    3.3,
    1.1,
    3.0,
    -17.6
   ]
  },
  {
   "y": 5,
   "avg_ex": 25.5,
   "n": 4,
   "detail": [
    14.9,
    29.5,
    25.5,
    32.0
   ]
  }
 ],
 "runup": [
  {
   "plan": "13th",
   "window": "20151030→20160331",
   "fav": -10.4,
   "non": -7.2,
   "ex": -3.2
  },
  {
   "plan": "14th",
   "window": "20201030→20210331",
   "fav": 1.4,
   "non": 9.2,
   "ex": -7.8
  },
  {
   "plan": "15th",
   "window": "20251024→20260331",
   "fav": 5.4,
   "non": 0.0,
   "ex": 5.4
  }
 ],
 "growth_2x2": [
  {
   "plan": "13th",
   "cells": {
    "favored∩成长": {
     "n": 7,
     "ret": -5.6,
     "inds": [
      "传媒",
      "医药生物",
      "国防军工",
      "电力设备",
      "电子",
      "计算机",
      "通信"
     ]
    },
    "favored∩非成长": {
     "n": 5,
     "ret": -13.7,
     "inds": [
      "基础化工",
      "有色金属",
      "机械设备",
      "汽车",
      "环保"
     ]
    },
    "非favored∩成长": {
     "n": 0,
     "ret": null,
     "inds": []
    },
    "非favored∩非成长": {
     "n": 19,
     "ret": 10.9,
     "inds": [
      "交通运输",
      "公用事业",
      "农林牧渔",
      "商贸零售",
      "家用电器",
      "建筑材料",
      "建筑装饰",
      "房地产",
      "煤炭",
      "石油石化",
      "社会服务",
      "纺织服饰",
      "综合",
      "美容护理",
      "轻工制造",
      "钢铁",
      "银行",
      "非银金融",
      "食品饮料"
     ]
    }
   }
  },
  {
   "plan": "14th",
   "cells": {
    "favored∩成长": {
     "n": 7,
     "ret": 29.9,
     "inds": [
      "传媒",
      "医药生物",
      "国防军工",
      "电力设备",
      "电子",
      "计算机",
      "通信"
     ]
    },
    "favored∩非成长": {
     "n": 5,
     "ret": 41.6,
     "inds": [
      "基础化工",
      "有色金属",
      "机械设备",
      "汽车",
      "环保"
     ]
    },
    "非favored∩成长": {
     "n": 0,
     "ret": null,
     "inds": []
    },
    "非favored∩非成长": {
     "n": 19,
     "ret": -3.1,
     "inds": [
      "交通运输",
      "公用事业",
      "农林牧渔",
      "商贸零售",
      "家用电器",
      "建筑材料",
      "建筑装饰",
      "房地产",
      "煤炭",
      "石油石化",
      "社会服务",
      "纺织服饰",
      "综合",
      "美容护理",
      "轻工制造",
      "钢铁",
      "银行",
      "非银金融",
      "食品饮料"
     ]
    }
   }
  }
 ],
 "capex": [
  {
   "plan": "13th",
   "fav_capex_cagr": 14.5,
   "non_capex_cagr": 9.2,
   "fav_yearly_g": [
    16.4,
    21.8,
    24.5,
    7.9,
    6.3
   ],
   "non_yearly_g": [
    3.5,
    16.3,
    18.4,
    12.8,
    14.9
   ],
   "years": [
    2016,
    2017,
    2018,
    2019,
    2020
   ]
  },
  {
   "plan": "14th",
   "fav_capex_cagr": 7.5,
   "non_capex_cagr": 3.2,
   "fav_yearly_g": [
    20.5,
    17.0,
    6.2,
    -9.0,
    2.9
   ],
   "non_yearly_g": [
    7.0,
    -0.6,
    7.1,
    -3.8,
    -5.7
   ],
   "years": [
    2021,
    2022,
    2023,
    2024,
    2025
   ]
  }
 ],
 "capex_lead": {
  "spearman_capexg_t_vs_ret_t1_mean": -0.01,
  "n_years": 9,
  "yearly": [
   -0.05,
   -0.37,
   0.23,
   0.11,
   0.2,
   -0.45,
   0.22,
   0.26,
   -0.25
  ]
 }
}