diff --git a/app/services/company_report.py b/app/services/company_report.py
new file mode 100644
index 0000000..0765386
--- /dev/null
+++ b/app/services/company_report.py
@@ -0,0 +1,131 @@
+# -*- coding: utf-8 -*-
+"""个股深度评析报告的代取 (2026-09-18)。
+
+报告由数据基座每晚生成, 上游计划与逻辑状态里只带一条链接 (company_review.report_url),
+链接打开是一份 markdown 纯文本。原来页面把链接开成新标签, 浏览器按纯文本显示,
+用户看到的是一屏 markdown 源码。现在由持仓系统后端代取一次, 页面拿到正文后在自己的
+抽屉里排版, 与整页同一套样式。
+
+只做三件事:
+一, 按代码找链接。持仓票从逻辑状态映射取, 候选票从当日计划主榜与观察档取, 与
+ /api/research 的公司评析来源一致。链接只认上游给的, 不接受页面传入的任意地址。
+二, 带超时拉取正文。
+三, 按链接缓存十分钟。报告每晚生成一次, 盘中不会变; 点开抽屉不该每次都去打数据基座。
+
+取不到就把原因写进 error 返回, 不抛异常 (页面按失败态显示并给重试)。
+"""
+from __future__ import annotations
+
+import logging
+import time
+
+import requests
+
+logger = logging.getLogger(__name__)
+
+CACHE_SEC = 600 # 正文缓存秒数
+TIMEOUT_SEC = 8 # 拉取超时
+MAX_BYTES = 2_000_000 # 超过这个长度当异常处理, 不往页面塞
+SRC_HELD, SRC_CAND, SRC_NONE = "held", "candidate", "none"
+
+_cache: dict = {} # url -> {"at": 时刻, "text": 正文}
+
+
+def _url_of(cr) -> str | None:
+ if not isinstance(cr, dict):
+ return None
+ u = cr.get("report_url")
+ u = str(u).strip() if u else ""
+ return u if u.startswith(("http://", "https://")) else None
+
+
+def report_url_for(code: str, *, state_map=None, plan=None) -> tuple[str | None, str]:
+ """返回 (链接, 来源)。来源: held (持仓逻辑状态) / candidate (当日计划) / none。
+ state_map 与 plan 可注入 (单测用); 缺省时现取, 任一路取失败只记日志不抛。"""
+ if state_map is None:
+ try:
+ from app.services import logic_state_service
+ state_map = logic_state_service.state_map()
+ except Exception as e: # noqa: BLE001
+ logger.warning("[评析报告] 取持仓逻辑状态失败 %s: %s", code, e)
+ state_map = {}
+ st = (state_map or {}).get(code)
+ u = _url_of((st or {}).get("company_review")) if isinstance(st, dict) else None
+ if u:
+ return u, SRC_HELD
+ if plan is None:
+ try:
+ from app.services import plan_feed
+ plan = plan_feed.get_plan()
+ except Exception as e: # noqa: BLE001
+ logger.warning("[评析报告] 取候选计划失败 %s: %s", code, e)
+ plan = {}
+ for r in (plan or {}).get("main") or []:
+ if r.get("ts_code") == code:
+ u = _url_of(r.get("company_review"))
+ if u:
+ return u, SRC_CAND
+ for r in (plan or {}).get("observe") or []:
+ if r.get("ts_code") == code:
+ u = _url_of(r.get("company_review"))
+ if u:
+ return u, SRC_CAND
+ return None, SRC_NONE
+
+
+def _http_get_text(url: str, timeout: int) -> str:
+ r = requests.get(url, timeout=timeout)
+ r.raise_for_status()
+ if len(r.content) > MAX_BYTES:
+ raise ValueError(f"报告过大 ({len(r.content)} 字节)")
+ r.encoding = r.encoding or "utf-8"
+ return r.text
+
+
+def fetch_text(url: str, *, now=None, timeout: int = TIMEOUT_SEC, getter=None) -> tuple[str, bool]:
+ """取正文, 返回 (正文, 是否命中缓存)。失败抛异常, 由 get 兜成 error。"""
+ now = time.time() if now is None else now
+ hit = _cache.get(url)
+ if hit and now - hit["at"] < CACHE_SEC:
+ return hit["text"], True
+ text = (getter or _http_get_text)(url, timeout)
+ if not isinstance(text, str) or not text.strip():
+ raise ValueError("报告内容为空")
+ _cache[url] = {"at": now, "text": text}
+ return text, False
+
+
+def _fail_why(e: Exception, timeout: int) -> str:
+ if isinstance(e, requests.exceptions.Timeout):
+ return f"数据基座没有回应，等了 {timeout} 秒"
+ if isinstance(e, requests.exceptions.ConnectionError):
+ return "连不上数据基座"
+ if isinstance(e, requests.exceptions.HTTPError):
+ code = getattr(getattr(e, "response", None), "status_code", None)
+ return f"数据基座回了 {code}" if code else f"数据基座回了错误: {e}"
+ return f"{type(e).__name__}: {e}"
+
+
+def get(code: str, *, now=None, timeout: int = TIMEOUT_SEC, getter=None, state_map=None, plan=None) -> dict:
+ """页面用的一站式取法。返回固定键: ok / ts_code / url / source / markdown / cached / fetched_at / error。"""
+ url, src = report_url_for(code, state_map=state_map, plan=plan)
+ out = {"ok": False, "ts_code": code, "url": url, "source": src, "markdown": "", "cached": False,
+ "fetched_at": None, "error": None}
+ if not url:
+ out["error"] = ("这只票没有个股深度评析报告的链接" +
+ ("（不在持仓也不在当日选股计划里）" if src == SRC_NONE else ""))
+ return out
+ try:
+ text, cached = fetch_text(url, now=now, timeout=timeout, getter=getter)
+ except Exception as e: # noqa: BLE001
+ out["error"] = f"评析报告读取失败: {_fail_why(e, timeout)}"
+ logger.warning("[评析报告] %s %s: %s", code, url, out["error"])
+ return out
+ at = _cache.get(url, {}).get("at")
+ out.update({"ok": True, "markdown": text, "cached": cached,
+ "fetched_at": time.strftime("%Y-%m-%d %H:%M:%S", time.localtime(at)) if at else None})
+ return out
+
+
+def invalidate():
+ _cache.clear()
diff --git a/app/web/main.py b/app/web/main.py
index 29c0612..7735b08 100644
--- a/app/web/main.py
+++ b/app/web/main.py
@@ -804,6 +804,17 @@ def _research_st(code):
return None, "none"
+@app.get("/api/research/{ts_code}/report")
+def api_research_report(ts_code: str):
+ """个股深度评析全文 (2026-09-18): 上游给的 markdown 由后端代取, 页面自己排版成同款样式。
+ 点击时调, 不进轮询; 按链接缓存十分钟。链接只认上游给的, 不收页面传入的地址。"""
+ from app.services import company_report
+ try:
+ return company_report.get(cs.normalize_code(ts_code))
+ except Exception as e: # noqa: BLE001
+ return {"ok": False, "error": f"评析报告读取失败: {type(e).__name__}: {e}"}
+
+
@app.get("/api/research/{ts_code}")
def api_research(ts_code: str):
"""单票研究面 · 三源合议 (点击时调, 只读, 绝不进轮询)。六块: 公司质地 / 基本面 / 技术面 /
diff --git a/app/web/static/index.html b/app/web/static/index.html
index 0c3d7f8..2335c78 100644
--- a/app/web/static/index.html
+++ b/app/web/static/index.html
@@ -8,6 +8,7 @@
+