diff --git a/backend/app/__init__.py b/backend/app/__init__.py
index 8309b99..b2c6a87 100644
--- a/backend/app/__init__.py
+++ b/backend/app/__init__.py
@@ -2,7 +2,7 @@
 
 import sys
 
-__version__ = "0.1.44"
+__version__ = "0.1.45"
 
 # Windows 默认 stdout/stderr 编码为 GBK(cp936),TickFlow SDK 内部输出含 emoji 的
 # 指数/标的名称(如 \U0001f193)时会抛 UnicodeEncodeError,导致请求失败。
diff --git a/backend/app/api/financials.py b/backend/app/api/financials.py
index 8e6427d..b8414b3 100644
--- a/backend/app/api/financials.py
+++ b/backend/app/api/financials.py
@@ -5,8 +5,12 @@ import logging
 
 import polars as pl
 from fastapi import APIRouter, HTTPException, Request
+from fastapi.responses import StreamingResponse
+from pydantic import BaseModel
 
 from app.services.financial_sync import get_financial_df
+from app.services.financial_analyzer import analyze_financials_stream
+from app.services import ai_reports
 from app.tickflow.capabilities import Cap
 
 logger = logging.getLogger(__name__)
@@ -130,3 +134,84 @@ def sync_table(request: Request, table: str):
     result = fs.trigger(target)
 
     return {"status": "ok", "synced": result}
+
+
+class AnalyzeRequest(BaseModel):
+    """AI 财务分析请求。"""
+    symbol: str
+    focus: str = ""  # 可选:用户追加的分析关注点
+
+
+@router.post("/analyze")
+async def analyze_financials(request: Request, req: AnalyzeRequest):
+    """AI 财务分析 — SSE 流式返回。
+
+    后端读取该标的 4 张财务表 → 注入 CFA 分析师级提示词 → 流式调用 LLM →
+    逐 chunk 以 SSE 形式推给前端(JSON per line, 非 text/event-stream,
+    以便前端用 ReadableStream 逐行解析,更简单可靠)。
+    """
+    capset = request.app.state.capabilities
+    capset.require(Cap.FINANCIAL)
+
+    if not req.symbol:
+        raise HTTPException(400, "symbol 不能为空")
+
+    data_dir = request.app.state.repo.store.data_dir
+
+    async def stream_gen():
+        async for chunk in analyze_financials_stream(data_dir, req.symbol, req.focus):
+            yield chunk + "\n"
+
+    return StreamingResponse(
+        stream_gen(),
+        media_type="application/x-ndjson",
+        headers={"Cache-Control": "no-cache", "X-Accel-Buffering": "no"},
+    )
+
+
+# ================================================================
+# AI 报告 CRUD(历史报告持久化)
+# ================================================================
+
+class SaveReportRequest(BaseModel):
+    """保存一条 AI 财务分析报告。"""
+    symbol: str
+    name: str = ""
+    focus: str = ""
+    content: str
+    periods: int | None = None
+    summary: str = ""
+
+
+@router.get("/reports")
+def list_reports(request: Request):
+    """获取全部历史报告(按时间降序,后端已裁剪到上限)。无需 FINANCIAL 能力读取列表元信息。"""
+    capset = request.app.state.capabilities
+    if not capset.has(Cap.FINANCIAL):
+        return {"reports": []}
+    return {"reports": ai_reports.list_reports()}
+
+
+@router.post("/reports")
+def save_report(request: Request, req: SaveReportRequest):
+    """保存一条报告。"""
+    capset = request.app.state.capabilities
+    capset.require(Cap.FINANCIAL)
+    report = ai_reports.save_report({
+        "symbol": req.symbol,
+        "name": req.name,
+        "focus": req.focus,
+        "content": req.content,
+        "periods": req.periods,
+        "summary": req.summary,
+    })
+    return {"ok": True, "report": report}
+
+
+@router.delete("/reports/{report_id}")
+def delete_report(request: Request, report_id: str):
+    """删除一条报告。"""
+    capset = request.app.state.capabilities
+    capset.require(Cap.FINANCIAL)
+    ok = ai_reports.delete_report(report_id)
+    return {"ok": ok}
diff --git a/backend/app/services/ai_reports.py b/backend/app/services/ai_reports.py
new file mode 100644
index 0000000..caf4115
--- /dev/null
+++ b/backend/app/services/ai_reports.py
@@ -0,0 +1,101 @@
+"""AI 财务分析报告持久化存储。
+
+存储位置: data/user_data/ai_reports.json (数组,按 created_at 降序)
+保留最近 MAX_REPORTS 条;超出自动裁剪最旧的。
+
+每条报告结构:
+{
+  "id": "rpt_xxx",           # 唯一 id
+  "symbol": "600519.SH",
+  "name": "贵州茅台",
+  "focus": "",               # 用户追加的关心点(可为空)
+  "content": "# ...markdown", # 报告正文
+  "periods": 4,              # 基于几期数据生成
+  "summary": "metrics: 1期...",  # 数据摘要
+  "created_at": "2026-06-25T10:00:00"
+}
+"""
+from __future__ import annotations
+
+import json
+import logging
+import time
+from pathlib import Path
+
+logger = logging.getLogger(__name__)
+
+MAX_REPORTS = 20
+
+
+def _path() -> Path:
+    from app.config import settings
+    p = settings.data_dir / "user_data" / "ai_reports.json"
+    p.parent.mkdir(parents=True, exist_ok=True)
+    return p
+
+
+def list_reports() -> list[dict]:
+    """返回全部报告(按 created_at 降序)。"""
+    p = _path()
+    if not p.exists():
+        return []
+    try:
+        data = json.loads(p.read_text(encoding="utf-8"))
+        if isinstance(data, list):
+            return sorted(data, key=lambda r: r.get("created_at", ""), reverse=True)
+    except Exception as e:  # noqa: BLE001
+        logger.warning("ai_reports.json malformed: %s", e)
+    return []
+
+
+def _save_all(reports: list[dict]) -> None:
+    """全量写入(裁剪到 MAX_REPORTS)。"""
+    # 保持降序
+    reports.sort(key=lambda r: r.get("created_at", ""), reverse=True)
+    if len(reports) > MAX_REPORTS:
+        reports = reports[:MAX_REPORTS]
+    _path().write_text(
+        json.dumps(reports, indent=2, ensure_ascii=False), encoding="utf-8",
+    )
+
+
+def save_report(report: dict) -> dict:
+    """新增一条报告并持久化。返回保存后的报告(含 id / created_at)。
+
+    自动补全 id 与 created_at(若缺),并裁剪到上限。
+    """
+    reports = list_reports()
+    if not report.get("id"):
+        report["id"] = f"rpt_{int(time.time() * 1000)}_{report.get('symbol', 'x')}"
+    if not report.get("created_at"):
+        report["created_at"] = _now_iso()
+    reports.append(report)
+    _save_all(reports)
+    logger.info("AI report saved: %s (%s), total %d", report.get("symbol"), report.get("id"), len(reports))
+    return report
+
+
+def delete_report(report_id: str) -> bool:
+    """删除指定报告。返回是否删除成功。"""
+    reports = list_reports()
+    before = len(reports)
+    reports = [r for r in reports if r.get("id") != report_id]
+    if len(reports) < before:
+        _save_all(reports)
+        return True
+    return False
+
+
+def clear_reports() -> int:
+    """清空全部报告。返回删除数量。"""
+    reports = list_reports()
+    n = len(reports)
+    if n > 0:
+        _save_all([])
+    return n
+
+
+def _now_iso() -> str:
+    """当前本地时间 ISO 字符串(带秒精度,前端 toLocaleString 友好)。"""
+    from datetime import datetime
+    return datetime.now().isoformat(timespec="seconds")
diff --git a/backend/app/services/financial_analyzer.py b/backend/app/services/financial_analyzer.py
new file mode 100644
index 0000000..772de9b
--- /dev/null
+++ b/backend/app/services/financial_analyzer.py
@@ -0,0 +1,209 @@
+"""AI 财务分析服务 — 读取个股财务数据 → 构建专业提示词 → 流式调用 LLM。
+
+职责: 拉取单只标的的 4 张财务表 → 转成紧凑 JSON → 拼装 CFA 分析师级系统提示词
+       → 流式调用 OpenAI 兼容 API → 逐 chunk 吐给前端。
+
+不知道: HTTP、前端、配置持久化。
+"""
+from __future__ import annotations
+
+import json
+import logging
+from pathlib import Path
+from typing import AsyncIterator
+
+import polars as pl
+
+from app.services.financial_sync import get_financial_df
+
+logger = logging.getLogger(__name__)
+
+# 最多注入的报告期数(最新 N 期),避免上下文爆炸 / token 浪费
+_MAX_PERIODS = 4
+
+
+def _load_stock_financials(data_dir: Path, symbol: str) -> dict[str, list[dict]]:
+    """读取该标的的 4 张财务表,返回 {table: [records...]}(按 period_end 降序,截取最新 N 期)。
+
+    数值统一做 NaN/Inf → null 清洗,保证 JSON 序列化不报错。
+    """
+    result: dict[str, list[dict]] = {}
+    for table in ("metrics", "income", "balance_sheet", "cash_flow"):
+        df = get_financial_df(data_dir, table)
+        if df.is_empty():
+            result[table] = []
+            continue
+        df = df.filter(pl.col("symbol") == symbol)
+        if df.is_empty():
+            result[table] = []
+            continue
+        # 按 period_end 降序,截取最新 N 期
+        if "period_end" in df.columns:
+            df = df.sort("period_end", descending=True).head(_MAX_PERIODS)
+        # 清洗 NaN/Inf,转成 JSON 安全的 dict 列表
+        rows = []
+        for rec in df.to_dicts():
+            clean = {}
+            for k, v in rec.items():
+                if k == "symbol":
+                    continue  # 不需要重复回传 symbol
+                if isinstance(v, float):
+                    import math
+                    clean[k] = None if not math.isfinite(v) else v
+                else:
+                    clean[k] = v
+            rows.append(clean)
+        result[table] = rows
+    return result
+
+
+def _summarize(fins: dict[str, list[dict]]) -> str:
+    """生成一行业务摘要,便于 LLM 快速把握数据全貌(行数/期数)。"""
+    parts = []
+    for table in ("metrics", "income", "balance_sheet", "cash_flow"):
+        rows = fins.get(table, [])
+        if rows:
+            periods = [r.get("period_end") for r in rows if r.get("period_end")]
+            parts.append(f"{table}: {len(rows)}期 ({', '.join(str(p) for p in periods[:3])})")
+        else:
+            parts.append(f"{table}: 无数据")
+    return " · ".join(parts)
+
+
+# ================================================================
+# 系统提示词 —— CFA 分析师级,九维分析框架
+# ================================================================
+
+_SYSTEM_PROMPT = """你是一位拥有 15 年 A 股投研经验的资深财务分析师(CFA + CPA),服务于专业机构投资者。你的任务是:基于提供的上市公司财务数据,产出一份**严谨、专业、可直接用于投资决策**的财务分析报告。
+
+## 输出规范
+
+用 **Markdown** 格式输出,严格遵循以下结构。不要输出任何 JSON 或代码块,直接输出 Markdown 正文。
+
+### 1. 📌 核心摘要(1-2 句)
+用一句话概括该公司的财务画像:盈利质量、成长动能、财务健康度的最关键判断。结尾用【综合评级:★★★☆☆】给出 1-5 星评级。
+
+### 2. ✅ 亮点(2-3 条)
+列出最值得关注的**积极信号**,每条用加粗短语领起,配数据支撑。例如盈利高增、ROE 持续提升、现金流充沛等。
+
+### 3. ⚠️ 风险提示(2-3 条)
+客观指出**潜在风险或值得警惕的信号**,例如应收激增、存货堆积、经营现金流与净利润背离、债务攀升等。宁可保守,不要回避。
+
+### 4. 📊 分项诊断
+用**表格**呈现各维度的诊断结论,列为「维度 / 关键指标 / 判断」。维度包括:
+- **盈利能力**:ROE / ROA / 毛利率 / 净利率
+- **成长性**:营收同比 / 净利润同比
+- **偿债能力**:资产负债率 / 流动比率(用资产/负债估算)
+- **现金流**:经营现金流净额 / 与净利润的匹配度
+- **营运效率**:存货周转率等(有数据时)
+
+每个判断给「优秀 / 良好 / 一般 / 偏弱 / 警惕」之一,并一句话说明依据。
+
+### 5. 🎯 综合评估与展望
+2-3 段总结:该公司当前的财务状态(优秀/稳健/承压/恶化)、核心驱动力、未来需重点跟踪的指标。**结尾给出"投资参考"**:从纯财务质量角度,该股属于(高质量蓝筹 / 稳健成长 / 周期波动 / 财务承压 / 高风险)中的哪一类。
+
+## 分析准则(务必遵守)
+
+1. **数据说话**:每个判断必须引用具体数值(如"营收同比 +28.5%"),严禁空泛套话
+2. **纵向对比**:利用多期数据看趋势(改善/恶化),而非只看单期
+3. **交叉验证**:经营现金流 vs 净利润(是否造血)、毛利率 vs 费用率(盈利结构)、负债 vs 资产(杠杆)
+4. **行业常识**:对照 A 股常识判断水平(如 ROE>15% 优秀,资产负债率>70% 偏高,毛利率<20% 偏低)
+5. **诚实中立**:数据不支持时直言"数据不足,无法判断",绝不编造或过度演绎
+6. **简明有力**:避免冗长,用专业投资者能扫读的密度输出,总字数 800-1500 字
+
+## 重要免责
+报告末尾附一行:"> ⚠️ 本报告由 AI 基于公开财务数据生成,仅供参考,不构成任何投资建议。"
+
+现在请基于下方数据进行分析。"""
+
+
+def _build_user_prompt(fins: dict[str, list[dict]], symbol: str, focus: str) -> str:
+    """构建用户消息:标的代码 + 数据 JSON + 可选关注点。"""
+    data_json = json.dumps(fins, ensure_ascii=False, indent=2)
+    lines = [
+        f"标的标准代码: {symbol}",
+        f"数据概览: {_summarize(fins)}",
+        "",
+        "以下是该标的最新财务数据(JSON 格式,金额单位为元,比率类指标为百分点):",
+        "```json",
+        data_json,
+        "```",
+    ]
+    if focus.strip():
+        lines.extend([
+            "",
+            f"本次分析请特别关注: {focus.strip()}",
+        ])
+    return "\n".join(lines)
+
+
+async def analyze_financials_stream(
+    data_dir: Path,
+    symbol: str,
+    focus: str = "",
+) -> AsyncIterator[str]:
+    """流式分析:yield 出每个文本 chunk。
+
+    - 启动时先 yield 一条 {"type":"meta",...} 让前端显示数据摘要
+    - 之后逐 chunk yield {"type":"delta","content":"..."}
+    - 出错时 yield {"type":"error","message":"..."}
+    - 结束 yield {"type":"done"}
+    """
+    # 1. 加载数据
+    fins = _load_stock_financials(data_dir, symbol)
+    total_rows = sum(len(v) for v in fins.values())
+    if total_rows == 0:
+        yield json.dumps({"type": "error", "message": f"标的 {symbol} 暂无任何财务数据,请先同步财务表"}, ensure_ascii=False)
+        return
+
+    # 2. meta
+    yield json.dumps({
+        "type": "meta",
+        "symbol": symbol,
+        "summary": _summarize(fins),
+        "periods": total_rows,
+    }, ensure_ascii=False)
+
+    # 3. 调用 LLM 流式
+    try:
+        from openai import AsyncOpenAI
+        from app import secrets_store
+        from app.config import settings
+
+        ai_key = secrets_store.get_ai_key()
+        if not ai_key:
+            yield json.dumps({"type": "error", "message": "AI API Key 未配置,请在「设置 → AI」中配置"}, ensure_ascii=False)
+            return
+
+        user_agent = secrets_store.get_ai_config("ai_user_agent", "") or settings.ai_user_agent
+        client = AsyncOpenAI(
+            api_key=ai_key,
+            base_url=secrets_store.get_ai_config("ai_base_url", "https://api.alysc.top"),
+            timeout=180.0,
+            max_retries=2,
+            default_headers={"User-Agent": user_agent},
+        )
+
+        user_prompt = _build_user_prompt(fins, symbol, focus)
+        stream = await client.chat.completions.create(
+            model=secrets_store.get_ai_config("ai_model", "gpt-5.5"),
+            messages=[
+                {"role": "system", "content": _SYSTEM_PROMPT},
+                {"role": "user", "content": user_prompt},
+            ],
+            temperature=0.4,
+            max_tokens=4000,
+            stream=True,
+        )
+
+        async for chunk in stream:
+            delta = chunk.choices[0].delta if chunk.choices else None
+            if delta and delta.content:
+                yield json.dumps({"type": "delta", "content": delta.content}, ensure_ascii=False)
+
+    except Exception as e:  # noqa: BLE001
+        logger.exception("AI financial analysis failed for %s: %s", symbol, e)
+        yield json.dumps({"type": "error", "message": f"AI 分析失败: {e}"}, ensure_ascii=False)
+        return
+
+    yield json.dumps({"type": "done"}, ensure_ascii=False)
diff --git a/backend/app/services/financial_sync.py b/backend/app/services/financial_sync.py
index 2f9fe14..22dee64 100644
--- a/backend/app/services/financial_sync.py
+++ b/backend/app/services/financial_sync.py
@@ -8,7 +8,7 @@ from __future__ import annotations
 import asyncio
 import logging
 import threading
-from datetime import date, datetime, timezone
+from datetime import datetime, timezone
 from pathlib import Path
 from typing import Any
 
@@ -207,9 +207,43 @@ class FinancialScheduler:
         self._data_dir = data_dir
         self._capset = capset
         self._running = True
+        # 从持久化恢复上次同步时间: 重启后前端仍能显示真实最后同步时间,而非"尚未同步"
+        try:
+            from app.services import preferences
+            restored = dict(preferences.get_financial_sync_times())
+            # 老用户迁移兜底: 若某表在 preferences 无记录但 parquet 已存在(升级前同步过),
+            # 用 parquet 文件的修改时间作为同步时间并补写持久化。
+            for table in FINANCIAL_TABLES:
+                if table in restored:
+                    continue
+                parquet = data_dir / "financials" / table / "part.parquet"
+                if parquet.exists():
+                    mtime = datetime.fromtimestamp(parquet.stat().st_mtime, tz=timezone.utc).isoformat()
+                    restored[table] = mtime
+                    preferences.set_financial_sync_time(table, mtime)
+                    logger.info("FinancialScheduler backfilled last_sync for %s from parquet mtime", table)
+            self._last_sync = restored
+            if self._last_sync:
+                logger.info("FinancialScheduler restored last_sync: %s", list(self._last_sync.keys()))
+        except Exception as e:  # noqa: BLE001
+            logger.warning("restore financial_sync_times failed: %s", e)
         self._task = asyncio.create_task(self._run_loop())
         logger.info("FinancialScheduler started")
 
+    def _record_sync(self, table: str) -> None:
+        """记录一张表的同步完成时间: 更新内存 + 持久化到 preferences.json。
+
+        持久化确保即使重启,前端 /status 仍返回真实的最后同步时间,
+        不会错误地显示"尚未同步"。
+        """
+        ts = datetime.now(timezone.utc).isoformat()
+        self._last_sync[table] = ts
+        try:
+            from app.services import preferences
+            preferences.set_financial_sync_time(table, ts)
+        except Exception as e:  # noqa: BLE001
+            logger.warning("persist financial_sync_time(%s) failed: %s", table, e)
+
     def stop(self) -> None:
         self._running = False
         if self._task:
@@ -229,7 +263,7 @@ class FinancialScheduler:
                 # 每周: 只同步 metrics
                 try:
                     rows = sync_metrics(self._data_dir, self._capset)
-                    self._last_sync["metrics"] = datetime.now(timezone.utc).isoformat()
+                    self._record_sync("metrics")
                     logger.info("FinancialScheduler: metrics synced, %d rows", rows)
                 except Exception as e:
                     logger.warning("FinancialScheduler: metrics sync failed: %s", e)
@@ -259,14 +293,14 @@ class FinancialScheduler:
             if not fn:
                 return {}
             rows = fn(self._data_dir, self._capset)
-            self._last_sync[table] = datetime.now(timezone.utc).isoformat()
+            self._record_sync(table)
             return {table: rows}
         # 全部同步
         symbols = _get_symbols(self._data_dir)
         result: dict[str, int] = {}
         for t in FINANCIAL_TABLES:
             result[t] = _sync_table(t, symbols, self._data_dir, self._capset, latest_only=True)
-            self._last_sync[t] = datetime.now(timezone.utc).isoformat()
+            self._record_sync(t)
         _refresh_financials_views(self._data_dir)
         return result
 
diff --git a/backend/app/services/preferences.py b/backend/app/services/preferences.py
index a7e88d9..f462b01 100644
--- a/backend/app/services/preferences.py
+++ b/backend/app/services/preferences.py
@@ -311,3 +311,18 @@ def set_onboarding_completed(done: bool = True) -> bool:
     """标记首次使用向导完成状态。"""
     save({"onboarding_completed": bool(done)})
     return bool(done)
+
+
+# ===== 财务数据同步时间(持久化,重启不丢失) =====
+# 结构: { "metrics": "2026-06-25T10:00:00+08:00", "income": ..., ... }
+
+def get_financial_sync_times() -> dict[str, str]:
+    """返回各财务表的最后同步时间(ISO 字符串)。未同步过的表不在返回值中。"""
+    return load().get("financial_sync_times", {}) or {}
+
+
+def set_financial_sync_time(table: str, iso_ts: str) -> None:
+    """更新单张财务表的最后同步时间(合并写入,不清除其他表)。"""
+    times = get_financial_sync_times()
+    times[table] = iso_ts
+    save({"financial_sync_times": times})
diff --git a/backend/pyproject.toml b/backend/pyproject.toml
index 5059581..8aa1493 100644
--- a/backend/pyproject.toml
+++ b/backend/pyproject.toml
@@ -1,6 +1,6 @@
 [project]
 name = "tickflow-stock-panel-backend"
-version = "0.1.44"
+version = "0.1.45"
 description = "A 股选股 + 监控 + 回测面板 — TickFlow 适配"
 readme = "../README.md"
 requires-python = ">=3.11"
diff --git a/frontend/package.json b/frontend/package.json
index c8c160d..9dbef2b 100644
--- a/frontend/package.json
+++ b/frontend/package.json
@@ -1,7 +1,7 @@
 {
   "name": "tickflow-stock-panel-frontend",
   "private": true,
-  "version": "0.1.44",
+  "version": "0.1.45",
   "type": "module",
   "scripts": {
     "dev": "vite",
diff --git a/frontend/src/components/Layout.tsx b/frontend/src/components/Layout.tsx
index 0af878b..e12b714 100644
--- a/frontend/src/components/Layout.tsx
+++ b/frontend/src/components/Layout.tsx
@@ -5,6 +5,8 @@ import { motion } from 'framer-motion'
 import { useQuoteStream } from '@/lib/useQuoteStream'
 import { ToastContainer } from '@/components/Toast'
 import { AlertToastContainer } from '@/components/AlertToast'
+import { AiAnalysisHost } from '@/components/financials/AiAnalysisHost'
+import { AiReportBubble } from '@/components/financials/AiReportBubble'
 import {
   useCapabilities,
   useSettings,
@@ -65,7 +67,7 @@ const nav = [
   { to: '/concept-analysis', label: '概念分析', icon: Layers3 },
   { to: '/industry-analysis', label: '行业分析', icon: Landmark },
   { to: '/stock-analysis',    label: '个股分析', icon: TrendingUp },
-  { to: '/financials', label: '财务',   icon: FileText },
+  { to: '/financials', label: '财务分析', icon: FileText },
   { to: '/indices', label: '指数', icon: BarChart3 },
   { to: '/trading', label: '交易', icon: Cable },
   { to: '/monitor', label: '监控中心', icon: RadioTower },
@@ -529,6 +531,8 @@ export function Layout() {
       </motion.main>
       <ToastContainer />
       <AlertToastContainer />
+      <AiAnalysisHost />
+      <AiReportBubble />
     </div>
   )
 }
diff --git a/frontend/src/components/financials/AiAnalysisDialog.tsx b/frontend/src/components/financials/AiAnalysisDialog.tsx
new file mode 100644
index 0000000..4e004c2
--- /dev/null
+++ b/frontend/src/components/financials/AiAnalysisDialog.tsx
@@ -0,0 +1,266 @@
+import { useEffect, useRef, useState, useCallback } from 'react'
+import { motion, AnimatePresence } from 'framer-motion'
+import {
+  X, Sparkles, Loader2, AlertTriangle, Copy, Check, RefreshCw,
+  Database, Settings2, Send, Wand2, Minimize2, History,
+} from 'lucide-react'
+import { cn } from '@/lib/cn'
+import { MarkdownRenderer } from './MarkdownRenderer'
+import {
+  type ActiveTask, type HistoryReport,
+  minimizeDialog, closeDialog, startAnalysis,
+} from '@/lib/aiReportStore'
+
+interface Props {
+  /** 当前展示的任务;活跃任务或历史报告 */
+  task: ActiveTask | HistoryReport | null
+  mode: 'active' | 'history' | null
+  minimized: boolean
+}
+
+type Phase = 'loading' | 'streaming' | 'done' | 'error'
+
+// 统一字段读取:活跃任务有 phase/createdAt,历史报告没有(按 done 处理)
+function getPhase(task: ActiveTask | HistoryReport | null): Phase {
+  if (!task) return 'loading'
+  if ('phase' in task) return task.phase
+  return 'done'  // 历史报告视为已完成
+}
+function getContent(task: ActiveTask | HistoryReport | null): string {
+  return task?.content ?? ''
+}
+function getMeta(task: ActiveTask | HistoryReport | null) {
+  if (!task) return null
+  if ('meta' in task) return task.meta
+  // 历史报告
+  return { summary: task.summary, periods: task.periods }
+}
+
+export function AiAnalysisDialog({ task, mode, minimized }: Props) {
+  const scrollRef = useRef<HTMLDivElement>(null)
+  const focusInputRef = useRef<HTMLInputElement>(null)
+  const [focus, setFocus] = useState('')
+  const [copied, setCopied] = useState(false)
+
+  const phase = getPhase(task)
+  const content = getContent(task)
+  const meta = getMeta(task)
+  const isHistory = mode === 'history'
+  const isWorking = phase === 'loading' || phase === 'streaming'
+  const open = !!task && !minimized
+
+  // 流式时自动滚动到底部
+  useEffect(() => {
+    if (open && phase === 'streaming' && scrollRef.current) {
+      scrollRef.current.scrollTop = scrollRef.current.scrollHeight
+    }
+  }, [content, phase, open])
+
+  // 切换任务时回填 focus
+  useEffect(() => {
+    setFocus(task && 'focus' in task ? task.focus : '')
+  }, [task])
+
+  const handleStartNew = useCallback(async () => {
+    if (!task) return
+    const name = 'name' in task ? task.name : ''
+    await startAnalysis(task.symbol, name, focus.trim())
+  }, [task, focus])
+
+  const handleCopy = async () => {
+    if (!content) return
+    try {
+      await navigator.clipboard.writeText(content)
+      setCopied(true)
+      setTimeout(() => setCopied(false), 2000)
+    } catch { /* ignore */ }
+  }
+
+  if (!open) return null
+
+  const error = task && 'error' in task ? task.error : ''
+
+  return (
+    <AnimatePresence>
+      <motion.div
+        initial={{ opacity: 0 }} animate={{ opacity: 1 }} exit={{ opacity: 0 }}
+        className="fixed inset-0 z-50 flex items-center justify-center bg-black/50 backdrop-blur-sm p-4"
+        onClick={e => { if (e.target === e.currentTarget && !isWorking) closeDialog() }}
+      >
+        <motion.div
+          initial={{ opacity: 0, scale: 0.96, y: 12 }} animate={{ opacity: 1, scale: 1, y: 0 }} exit={{ opacity: 0, scale: 0.96, y: 12 }}
+          transition={{ type: 'spring', damping: 26, stiffness: 320 }}
+          className="w-full max-w-3xl max-h-[88vh] bg-surface/95 backdrop-blur-xl border border-border/50 rounded-2xl shadow-2xl flex flex-col overflow-hidden"
+        >
+          {/* ===== 头部 ===== */}
+          <div className="relative px-5 py-3.5 border-b border-border/50 bg-gradient-to-r from-purple-500/[0.06] via-fuchsia-500/[0.04] to-transparent">
+            <div className="flex items-center gap-3">
+              <div className="flex h-9 w-9 items-center justify-center rounded-xl bg-gradient-to-br from-purple-500/20 to-fuchsia-500/15 border border-purple-400/30 shrink-0">
+                {isHistory
+                  ? <History className="h-4.5 w-4.5 text-purple-300" />
+                  : <Sparkles className="h-4.5 w-4.5 text-purple-300" />}
+              </div>
+              <div className="min-w-0 flex-1">
+                <div className="flex items-center gap-2">
+                  <span className="text-sm font-semibold text-foreground truncate">
+                    {isHistory ? '历史分析报告' : 'AI 财务分析'}
+                  </span>
+                  {task && <span className="text-xs text-secondary truncate">{task.name}</span>}
+                  {task && <span className="text-[10px] font-mono text-muted shrink-0">{task.symbol}</span>}
+                </div>
+                <div className="flex items-center gap-2 mt-0.5 text-[10px] text-muted">
+                  {meta?.summary ? (
+                    <span className="flex items-center gap-1 truncate">
+                      <Database className="h-2.5 w-2.5 shrink-0" />
+                      <span className="truncate">{meta.summary}</span>
+                    </span>
+                  ) : isWorking ? <span>正在准备数据…</span> : null}
+                  {phase === 'streaming' && (
+                    <span className="flex items-center gap-1 text-purple-300 shrink-0">
+                      <span className="h-1.5 w-1.5 rounded-full bg-purple-400 animate-pulse" />生成中
+                    </span>
+                  )}
+                  {isHistory && task && 'created_at' in task && (
+                    <span className="shrink-0">{fmtRelative(task.created_at)}</span>
+                  )}
+                </div>
+              </div>
+              {/* 右侧操作按钮 */}
+              <div className="flex items-center gap-1 shrink-0">
+                {/* 复制:仅在内容就绪且非生成中显示 */}
+                {content && !isWorking && (
+                  <button onClick={handleCopy} title="复制全文"
+                    className="p-1.5 rounded-lg hover:bg-elevated text-muted hover:text-foreground transition-colors">
+                    {copied ? <Check className="h-4 w-4 text-emerald-400" /> : <Copy className="h-4 w-4" />}
+                  </button>
+                )}
+                {/* 生成中:仅最小化(后台继续生成),无关闭按钮 */}
+                {!isHistory && isWorking && (
+                  <button onClick={minimizeDialog} title="最小化为气泡,后台继续生成"
+                    className="p-1.5 rounded-lg hover:bg-elevated text-muted hover:text-foreground transition-colors">
+                    <Minimize2 className="h-4 w-4" />
+                  </button>
+                )}
+                {/* 完成态/历史报告:显示关闭按钮 */}
+                {(!isWorking || isHistory) && (
+                  <button onClick={closeDialog} title="关闭"
+                    className="p-1.5 rounded-lg hover:bg-elevated text-muted hover:text-foreground transition-colors">
+                    <X className="h-4 w-4" />
+                  </button>
+                )}
+              </div>
+            </div>
+          </div>
+
+          {/* ===== 内容区 ===== */}
+          <div ref={scrollRef} className="flex-1 overflow-y-auto px-5 py-4 min-h-[280px]">
+            {/* 加载态 */}
+            {phase === 'loading' && !content && (
+              <div className="flex flex-col items-center justify-center py-16 gap-3">
+                <div className="relative">
+                  <div className="h-10 w-10 rounded-full bg-gradient-to-br from-purple-500/20 to-fuchsia-500/15 border border-purple-400/30 flex items-center justify-center">
+                    <Sparkles className="h-4.5 w-4.5 text-purple-300 animate-pulse" />
+                  </div>
+                  <Loader2 className="absolute -inset-1 h-12 w-12 text-purple-400/40 animate-spin" style={{ animationDuration: '3s' }} />
+                </div>
+                <div className="text-xs text-secondary">AI 正在分析财务数据…</div>
+                <div className="text-[10px] text-muted">读取利润表 / 资负表 / 现金流 / 核心指标,生成专业报告</div>
+              </div>
+            )}
+
+            {/* 错误态 */}
+            {phase === 'error' && (
+              <div className="flex flex-col items-center justify-center py-14 gap-3">
+                <div className="h-11 w-11 rounded-full bg-danger/10 flex items-center justify-center">
+                  <AlertTriangle className="h-5 w-5 text-danger" />
+                </div>
+                <div className="text-sm font-medium text-foreground">分析失败</div>
+                <div className="text-xs text-secondary text-center max-w-md px-4">{error}</div>
+                {error.includes('AI') && (
+                  <button onClick={() => { window.location.href = '/settings?tab=ai' }}
+                    className="mt-1 inline-flex items-center gap-1.5 h-8 px-3 rounded-lg bg-elevated border border-border text-xs text-secondary hover:text-foreground transition-colors">
+                    <Settings2 className="h-3.5 w-3.5" /> 去配置 AI
+                  </button>
+                )}
+                <button onClick={handleStartNew}
+                  className="mt-1 inline-flex items-center gap-1.5 h-8 px-3 rounded-lg bg-purple-500/15 border border-purple-400/30 text-xs text-purple-300 hover:bg-purple-500/20 transition-colors">
+                  <RefreshCw className="h-3.5 w-3.5" /> 重试
+                </button>
+              </div>
+            )}
+
+            {/* 报告内容 */}
+            {(content || phase === 'streaming') && (
+              <div className="relative">
+                <MarkdownRenderer content={content} />
+                {phase === 'streaming' && (
+                  <span className="inline-block w-1.5 h-3.5 bg-purple-400 ml-0.5 align-middle animate-pulse rounded-sm" />
+                )}
+              </div>
+            )}
+          </div>
+
+          {/* ===== 底部:自定义关注点输入 ===== */}
+          <div className="border-t border-border/50 bg-surface/60 px-5 py-3">
+            <div className="flex items-center gap-2">
+              <div className="flex items-center gap-1.5 text-[10px] text-muted shrink-0">
+                <Wand2 className="h-3 w-3" />
+                <span className="hidden sm:inline">关注重点</span>
+              </div>
+              <input
+                ref={focusInputRef}
+                type="text"
+                value={focus}
+                onChange={e => setFocus(e.target.value)}
+                onKeyDown={e => { if (e.key === 'Enter' && (phase === 'done' || phase === 'error' || isHistory)) handleStartNew() }}
+                disabled={isWorking}
+                placeholder={isHistory ? '修改关注重点,回车重新生成' : (phase === 'done' ? '如:重点看债务风险…回车重新分析' : '可留空,留空则全面分析')}
+                className={cn(
+                  'flex-1 h-8 px-3 rounded-lg bg-base ring-1 ring-border/30 text-xs text-foreground placeholder:text-muted/40',
+                  'focus:outline-none focus:ring-2 focus:ring-purple-400/30 transition-shadow disabled:opacity-50',
+                )}
+              />
+              {isHistory ? (
+                <button
+                  onClick={handleStartNew}
+                  className="inline-flex items-center gap-1.5 h-8 px-3 rounded-lg bg-gradient-to-r from-purple-500/20 to-fuchsia-500/15 border border-purple-400/30 text-xs font-medium text-purple-300 hover:from-purple-500/30 hover:to-fuchsia-500/20 transition-all shrink-0"
+                  title="以此关注点重新生成新报告"
+                >
+                  <RefreshCw className="h-3.5 w-3.5" />重新生成
+                </button>
+              ) : (
+                <button
+                  onClick={handleStartNew}
+                  disabled={isWorking}
+                  className="inline-flex items-center gap-1.5 h-8 px-3 rounded-lg bg-gradient-to-r from-purple-500/20 to-fuchsia-500/15 border border-purple-400/30 text-xs font-medium text-purple-300 hover:from-purple-500/30 hover:to-fuchsia-500/20 disabled:opacity-40 disabled:cursor-not-allowed transition-all shrink-0"
+                  title={focus.trim() ? '按关注重点重新分析' : '重新分析'}
+                >
+                  {isWorking ? <Loader2 className="h-3.5 w-3.5 animate-spin" /> : phase === 'done' ? <RefreshCw className="h-3.5 w-3.5" /> : <Send className="h-3.5 w-3.5" />}
+                  {phase === 'done' ? '重新分析' : '分析'}
+                </button>
+              )}
+            </div>
+            <p className="mt-1.5 text-[10px] text-muted/50 leading-relaxed">
+              {isHistory
+                ? '历史报告为静态记录;修改关注重点后将作为新任务重新生成。报告仅供参考,不构成投资建议。'
+                : '报告由项目已配置的 AI 模型基于本地财务数据生成;可在输入框追加关注点后重新生成。报告仅供参考,不构成投资建议。'}
+            </p>
+          </div>
+        </motion.div>
+      </motion.div>
+    </AnimatePresence>
+  )
+}
+
+// ===== 小工具 =====
+function fmtRelative(iso: string): string {
+  try {
+    const t = new Date(iso).getTime()
+    const diff = Date.now() - t
+    if (diff < 60_000) return '刚刚'
+    if (diff < 3600_000) return `${Math.floor(diff / 60_000)} 分钟前`
+    if (diff < 86400_000) return `${Math.floor(diff / 3600_000)} 小时前`
+    if (diff < 7 * 86400_000) return `${Math.floor(diff / 86400_000)} 天前`
+    return new Date(iso).toLocaleDateString('zh-CN')
+  } catch { return '' }
+}
\ No newline at end of file
diff --git a/frontend/src/components/financials/AiAnalysisHost.tsx b/frontend/src/components/financials/AiAnalysisHost.tsx
new file mode 100644
index 0000000..a8908bd
--- /dev/null
+++ b/frontend/src/components/financials/AiAnalysisHost.tsx
@@ -0,0 +1,14 @@
+import { useDialogTask, useDialogState } from '@/lib/aiReportStore'
+import { AiAnalysisDialog } from './AiAnalysisDialog'
+
+/**
+ * AI 分析对话框宿主 —— 单点挂载在 Layout。
+ *
+ * 从 store 读取当前对话框状态(任务 + 最小化),把 AiAnalysisDialog 作为纯视图渲染。
+ * 一次挂载,全局生效:任意页面发起的分析都会显示在这个对话框里。
+ */
+export function AiAnalysisHost() {
+  const { task, mode } = useDialogTask()
+  const { minimized } = useDialogState()
+  return <AiAnalysisDialog task={task} mode={mode} minimized={minimized} />
+}
diff --git a/frontend/src/components/financials/AiReportBubble.tsx b/frontend/src/components/financials/AiReportBubble.tsx
new file mode 100644
index 0000000..759f756
--- /dev/null
+++ b/frontend/src/components/financials/AiReportBubble.tsx
@@ -0,0 +1,254 @@
+import { useState, useRef, useEffect, useCallback } from 'react'
+import { motion, AnimatePresence } from 'framer-motion'
+import { Loader2, Check, AlertCircle } from 'lucide-react'
+import { useActiveTasks, restoreDialog } from '@/lib/aiReportStore'
+import type { ActiveTask } from '@/lib/aiReportStore'
+
+/**
+ * AI 分析任务全局气泡容器 —— 玻璃拟态卡片,挂在网页右侧。
+ *
+ * 拖拽丝滑的关键(60fps):
+ *   - 位置用 transform: translate3d 存储(走 GPU 合成层,不触发 layout/paint)
+ *   - 拖动期间直接操作 DOM.style.transform,完全绕开 React setState 重渲染
+ *   - 拖动结束才同步一次 state + 持久化 localStorage
+ *   - 拖动时给容器加 .dragging 类,禁用所有 transition,消除回弹延迟
+ *
+ * 视觉:
+ *   - 玻璃拟态(frosted glass):半透明 + backdrop-blur + 细边框 + 内发光
+ *   - 固定宽度,内容居中,多任务竖向堆叠
+ *   - 生成中:柔和呼吸光环(非刺眼 ping)
+ *   - hover:展开操作区,带平滑过渡
+ */
+
+const BUBBLE_W = 148          // 卡片固定宽度(紧凑单行版)
+const EDGE_MARGIN = 12        // 距视口边缘最小间距
+
+export function AiReportBubble() {
+  const activeTasks = useActiveTasks()
+  const containerRef = useRef<HTMLDivElement>(null)
+  // pos 只在拖拽结束时更新一次(用于初始化/持久化),拖拽过程不触发它
+  const [pos, setPos] = useState<{ x: number; y: number }>(() => loadPos())
+
+  // ===== 拖拽(纯 DOM 操作,60fps) =====
+  const draggingRef = useRef(false)
+  const dragData = useRef({ mx: 0, my: 0, ox: 0, oy: 0 })  // 鼠标起点 + 元素起点
+  const movedRef = useRef(false)                             // 本次是否真的移动了(区分点击)
+  // 记录 pointerdown 时命中的卡片回调(松手时若未拖动则触发它 = 点击)
+  const clickTargetRef = useRef<(() => void) | null>(null)
+
+  const applyTransform = useCallback((x: number, y: number) => {
+    const el = containerRef.current
+    if (el) el.style.transform = `translate3d(${x}px, ${y}px, 0)`
+  }, [])
+
+  const clamp = useCallback((x: number, y: number) => {
+    const maxX = window.innerWidth - BUBBLE_W - EDGE_MARGIN
+    const maxY = window.innerHeight - 80
+    return {
+      x: Math.max(EDGE_MARGIN, Math.min(maxX, x)),
+      y: Math.max(EDGE_MARGIN, Math.min(maxY, y)),
+    }
+  }, [])
+
+  const onPointerDown = useCallback((e: React.PointerEvent) => {
+    draggingRef.current = true
+    movedRef.current = false
+    dragData.current = { mx: e.clientX, my: e.clientY, ox: pos.x, oy: pos.y }
+    const el = containerRef.current
+    if (el) el.classList.add('dragging')
+    ;(e.currentTarget as HTMLElement).setPointerCapture(e.pointerId)
+  }, [pos.x, pos.y])
+
+  const onPointerMove = useCallback((e: React.PointerEvent) => {
+    if (!draggingRef.current) return
+    const dx = e.clientX - dragData.current.mx
+    const dy = e.clientY - dragData.current.my
+    if (Math.abs(dx) > 2 || Math.abs(dy) > 2) movedRef.current = true
+    const nx = dragData.current.ox + dx
+    const ny = dragData.current.oy + dy
+    const c = clamp(nx, ny)
+    applyTransform(c.x, c.y)   // ← 直接改 DOM,不走 React,丝滑
+  }, [clamp, applyTransform])
+
+  const onPointerUp = useCallback(() => {
+    if (!draggingRef.current) return
+    draggingRef.current = false
+    const el = containerRef.current
+    if (el) el.classList.remove('dragging')
+    if (movedRef.current) {
+      // 拖动结束 → 持久化位置
+      setPos(prev => {
+        const transform = el?.style.transform ?? ''
+        const m = transform.match(/translate3d\(([-\d.]+)px,\s*([-\d.]+)px/)
+        const finalPos = m ? { x: parseFloat(m[1]), y: parseFloat(m[2]) } : prev
+        savePos(finalPos)
+        return finalPos
+      })
+    } else {
+      // 未移动 → 视为点击,触发卡片回调
+      const fn = clickTargetRef.current
+      clickTargetRef.current = null
+      fn?.()
+    }
+  }, [])
+
+  // 窗口尺寸变化时确保不越界
+  useEffect(() => {
+    const onResize = () => {
+      setPos(prev => {
+        const c = clamp(prev.x, prev.y)
+        if (c.x !== prev.x || c.y !== prev.y) {
+          applyTransform(c.x, c.y)
+          return c
+        }
+        return prev
+      })
+    }
+    window.addEventListener('resize', onResize)
+    return () => window.removeEventListener('resize', onResize)
+  }, [clamp, applyTransform])
+
+  // 初始化 transform(pos 变化时同步,如 resize / 首次挂载)
+  useEffect(() => {
+    applyTransform(pos.x, pos.y)
+  }, [pos.x, pos.y, applyTransform])
+
+  if (activeTasks.length === 0) return null
+
+  return (
+    <div
+      ref={containerRef}
+      className="ai-bubble-root fixed z-[60] select-none cursor-grab active:cursor-grabbing"
+      style={{
+        width: `${BUBBLE_W}px`,
+        transform: `translate3d(${pos.x}px, ${pos.y}px, 0)`,
+        touchAction: 'none',
+        // 拖动时禁用过渡(通过 .dragging 类控制);静止时用 transition 让 resize/吸附有动画
+        transition: 'transform 0.2s cubic-bezier(0.16, 1, 0.3, 1)',
+      }}
+      onPointerDown={onPointerDown}
+      onPointerMove={onPointerMove}
+      onPointerUp={onPointerUp}
+      onPointerCancel={onPointerUp}
+    >
+      <AnimatePresence mode="popLayout">
+        {activeTasks.map((task, i) => (
+          <BubbleItem
+            key={task.id}
+            task={task}
+            isLast={i === activeTasks.length - 1}
+            onPointerDown={() => { clickTargetRef.current = () => restoreDialog(task.id) }}
+          />
+        ))}
+      </AnimatePresence>
+
+      {/* 内联样式:拖动时禁用过渡,确保 1:1 跟手 */}
+      <style>{`
+        .ai-bubble-root.dragging { transition: none !important; }
+      `}</style>
+    </div>
+  )
+}
+
+// ===== 单个胶囊卡片(紧凑玻璃拟态) =====
+function BubbleItem({ task, isLast, onPointerDown }: {
+  task: ActiveTask
+  isLast: boolean
+  onPointerDown: () => void
+}) {
+  const isWorking = task.phase === 'loading' || task.phase === 'streaming'
+  const isError = task.phase === 'error'
+
+  // 状态配色
+  const accent = isWorking
+    ? 'from-purple-500/25 to-fuchsia-500/20 text-purple-300 border-purple-300/40 shadow-[0_6px_24px_-10px_rgba(168,85,247,0.5)]'
+    : isError
+      ? 'from-red-500/20 to-red-500/10 text-red-300 border-red-300/40 shadow-[0_6px_20px_-10px_rgba(239,68,68,0.4)]'
+      : 'from-emerald-500/20 to-emerald-500/10 text-emerald-300 border-emerald-300/40 shadow-[0_6px_20px_-10px_rgba(16,185,129,0.35)]'
+
+  return (
+    <motion.div
+      initial={{ opacity: 0, scale: 0.9, y: -8 }}
+      animate={{ opacity: 1, scale: 1, y: 0 }}
+      exit={{ opacity: 0, scale: 0.9, y: -8 }}
+      transition={{ type: 'spring', damping: 22, stiffness: 300 }}
+      className={isLast ? '' : 'mb-1.5'}
+    >
+      <div
+        onPointerDown={onPointerDown}
+        role="button"
+        tabIndex={0}
+        title={isWorking ? '生成中,点击恢复对话框' : isError ? '分析失败,点击重试' : '点击查看报告'}
+        className={`group relative flex w-full cursor-pointer items-center gap-1.5 overflow-hidden rounded-lg border bg-gradient-to-br px-2 py-1.5 backdrop-blur-xl transition-all duration-200 hover:scale-[1.02] active:scale-[0.99] ${accent}`}
+      >
+        {/* 生成中:顶部进度流光 */}
+        {isWorking && (
+          <div className="absolute inset-x-0 top-0 h-px overflow-hidden">
+            <div className="h-full w-1/2 bg-gradient-to-r from-transparent via-purple-200 to-transparent animate-bubble-progress" />
+          </div>
+        )}
+
+        {/* 状态图标 */}
+        <span className="flex h-4 w-4 items-center justify-center shrink-0">
+          {isWorking ? (
+            <Loader2 className="h-3 w-3 animate-spin" />
+          ) : isError ? (
+            <AlertCircle className="h-3 w-3" />
+          ) : (
+            <Check className="h-3 w-3" />
+          )}
+        </span>
+
+        {/* 标的名(单行) */}
+        <span className="flex-1 min-w-0 text-[11px] font-medium text-foreground leading-none truncate">
+          {task.name || task.symbol}
+        </span>
+
+        {/* 状态后缀 */}
+        <span className="shrink-0 text-[9px] leading-none">
+          {isWorking ? (
+            <span className="text-purple-300/80">分析中</span>
+          ) : isError ? (
+            <span className="text-red-300/80">失败</span>
+          ) : (
+            <span className="text-emerald-300/80">点击查看</span>
+          )}
+        </span>
+      </div>
+
+      {/* 内联关键帧:进度条流动 */}
+      <style>{`
+        @keyframes bubble-progress {
+          0% { transform: translateX(-100%); }
+          100% { transform: translateX(300%); }
+        }
+        .animate-bubble-progress { animation: bubble-progress 1.6s ease-in-out infinite; }
+      `}</style>
+    </motion.div>
+  )
+}
+
+// ===== 位置持久化 =====
+const POS_KEY = 'ai_bubble_pos'
+function loadPos(): { x: number; y: number } {
+  // 默认:右下角(距右边缘 EDGE_MARGIN,距底部留出空间避开右下角元素)
+  const defaultX = Math.max(EDGE_MARGIN, window.innerWidth - BUBBLE_W - EDGE_MARGIN)
+  const defaultY = Math.max(EDGE_MARGIN, window.innerHeight - 200)
+  try {
+    const v = localStorage.getItem(POS_KEY)
+    if (v) {
+      const p = JSON.parse(v)
+      if (typeof p.x === 'number' && typeof p.y === 'number') {
+        // 钳制到当前视口(防止保存的位置在缩小后的窗口外)
+        return {
+          x: Math.max(EDGE_MARGIN, Math.min(window.innerWidth - BUBBLE_W - EDGE_MARGIN, p.x)),
+          y: Math.max(EDGE_MARGIN, Math.min(window.innerHeight - 80, p.y)),
+        }
+      }
+    }
+  } catch { /* ignore */ }
+  return { x: defaultX, y: defaultY }
+}
+function savePos(p: { x: number; y: number }) {
+  try { localStorage.setItem(POS_KEY, JSON.stringify(p)) } catch { /* ignore */ }
+}
diff --git a/frontend/src/components/financials/MarkdownRenderer.tsx b/frontend/src/components/financials/MarkdownRenderer.tsx
new file mode 100644
index 0000000..8f85df3
--- /dev/null
+++ b/frontend/src/components/financials/MarkdownRenderer.tsx
@@ -0,0 +1,223 @@
+import { Fragment, type ReactNode } from 'react'
+
+/**
+ * 轻量 Markdown 渲染器 — 零依赖,专为 AI 财务分析报告设计。
+ *
+ * 支持的语法(AI 财务分析提示词约束的子集,足够用):
+ * - 标题 # ## ### ####
+ * - 加粗 **text**
+ * - 行内代码 `code`
+ * - 无序列表 - / *
+ * - 有序列表 1.
+ * - 表格 | a | b |
+ * - 引用 >
+ * - 分隔线 --- / ***
+ * - 段落
+ *
+ * 不追求完整 GFM,只覆盖 AI 报告会产出的结构。
+ */
+
+// ===== 行内格式:加粗 / 行内代码 / 星号评级 =====
+
+function renderInline(text: string, keyBase: string): ReactNode[] {
+  const nodes: ReactNode[] = []
+  // 正则:匹配 **加粗** 或 `代码` 或 ★ 评级
+  const re = /(\*\*([^*]+)\*\*)|(`([^`]+)`)/g
+  let last = 0
+  let m: RegExpExecArray | null
+  let i = 0
+  while ((m = re.exec(text)) !== null) {
+    if (m.index > last) nodes.push(<Fragment key={`${keyBase}-t-${i}`}>{text.slice(last, m.index)}</Fragment>)
+    if (m[1]) {
+      // 加粗
+      nodes.push(<strong key={`${keyBase}-b-${i}`} className="font-semibold text-foreground">{m[2]}</strong>)
+    } else if (m[3]) {
+      // 行内代码
+      nodes.push(
+        <code key={`${keyBase}-c-${i}`} className="px-1 py-0.5 rounded bg-elevated text-[0.85em] font-mono text-accent">
+          {m[4]}
+        </code>,
+      )
+    }
+    last = m.index + m[0].length
+    i++
+  }
+  if (last < text.length) nodes.push(<Fragment key={`${keyBase}-t-end`}>{text.slice(last)}</Fragment>)
+  return nodes
+}
+
+// ===== 表格解析 =====
+
+function parseTable(lines: string[], start: number): { rows: string[][]; consumed: number } | null {
+  // 找到连续的表格行(以 | 开头)
+  const tableLines: string[] = []
+  let idx = start
+  while (idx < lines.length && lines[idx].trim().startsWith('|')) {
+    tableLines.push(lines[idx].trim())
+    idx++
+  }
+  if (tableLines.length < 2) return null
+  // 第二行必须是分隔行 |---|---|
+  if (!/^|[\s-:|]+$/.test(tableLines[1]) && !tableLines[1].split('|').every(c => /^[\s-:]*$/.test(c))) {
+    return null
+  }
+  const parseRow = (line: string) =>
+    line.replace(/^\|/, '').replace(/\|$/, '').split('|').map(c => c.trim())
+  const header = parseRow(tableLines[0])
+  const body = tableLines.slice(2).map(parseRow)
+  return { rows: [header, ...body], consumed: tableLines.length }
+}
+
+// ===== 主渲染 =====
+
+export function MarkdownRenderer({ content }: { content: string }) {
+  const lines = content.replace(/\r\n/g, '\n').split('\n')
+  const blocks: ReactNode[] = []
+  let i = 0
+  let key = 0
+
+  while (i < lines.length) {
+    const line = lines[i]
+    const trimmed = line.trim()
+
+    // 空行
+    if (!trimmed) {
+      i++
+      continue
+    }
+
+    // 分隔线
+    if (/^(-{3,}|\*{3,}|_{3,})$/.test(trimmed)) {
+      blocks.push(<hr key={key++} className="my-3 border-border/40" />)
+      i++
+      continue
+    }
+
+    // 标题
+    const hMatch = trimmed.match(/^(#{1,4})\s+(.+)$/)
+    if (hMatch) {
+      const level = hMatch[1].length
+      const text = hMatch[2]
+      const sizeCls = level === 1 ? 'text-base' : level === 2 ? 'text-sm' : 'text-xs'
+      const mtCls = level <= 2 ? 'mt-4' : 'mt-3'
+      blocks.push(
+        <div key={key++} className={`${sizeCls} ${mtCls} mb-2 font-semibold text-foreground flex items-center gap-1.5`}>
+          {renderInline(text, `h-${key}`)}
+        </div>,
+      )
+      i++
+      continue
+    }
+
+    // 引用
+    if (trimmed.startsWith('>')) {
+      const quoteLines: string[] = []
+      while (i < lines.length && lines[i].trim().startsWith('>')) {
+        quoteLines.push(lines[i].trim().replace(/^>\s?/, ''))
+        i++
+      }
+      blocks.push(
+        <blockquote key={key++} className="my-2 pl-3 border-l-2 border-amber-400/40 bg-amber-400/[0.04] py-1.5 pr-2 rounded-r text-xs text-secondary">
+          {renderInline(quoteLines.join(' '), `q-${key}`)}
+        </blockquote>,
+      )
+      continue
+    }
+
+    // 表格
+    if (trimmed.startsWith('|')) {
+      const table = parseTable(lines, i)
+      if (table) {
+        const [header, ...body] = table.rows
+        const ncol = header.length
+        blocks.push(
+          <div key={key++} className="my-3 overflow-hidden rounded-btn border border-border/30">
+            <table className="w-full text-xs border-collapse table-fixed">
+              <colgroup>
+                {/* 首列(维度)较窄;末列(判断/说明)最宽并允许折行 */}
+                <col className="w-auto" />
+                {Array.from({ length: ncol - 1 }).map((_, ci) => (
+                  <col key={ci} className={ci === ncol - 2 ? 'w-1/2' : 'w-auto'} />
+                ))}
+              </colgroup>
+              <thead>
+                <tr className="bg-elevated/50">
+                  {header.map((cell, ci) => (
+                    <th key={ci} className="px-2.5 py-1.5 text-left font-medium text-secondary border-b border-border/40 whitespace-nowrap">
+                      {renderInline(cell, `th-${key}-${ci}`)}
+                    </th>
+                  ))}
+                </tr>
+              </thead>
+              <tbody>
+                {body.map((row, ri) => (
+                  <tr key={ri} className="border-b border-border/20 last:border-0 hover:bg-elevated/20">
+                    {row.map((cell, ci) => (
+                      <td key={ci} className="px-2.5 py-1.5 text-foreground/90 align-top break-words">
+                        {renderInline(cell, `td-${key}-${ri}-${ci}`)}
+                      </td>
+                    ))}
+                  </tr>
+                ))}
+              </tbody>
+            </table>
+          </div>,
+        )
+        i += table.consumed
+        continue
+      }
+    }
+
+    // 无序列表
+    if (/^[-*]\s+/.test(trimmed)) {
+      const items: string[] = []
+      while (i < lines.length && /^\s*[-*]\s+/.test(lines[i])) {
+        items.push(lines[i].replace(/^\s*[-*]\s+/, ''))
+        i++
+      }
+      blocks.push(
+        <ul key={key++} className="my-1.5 space-y-1">
+          {items.map((item, ii) => (
+            <li key={ii} className="flex items-start gap-2 text-xs text-foreground/90 leading-relaxed">
+              <span className="mt-1.5 h-1 w-1 rounded-full bg-accent/60 shrink-0" />
+              <span>{renderInline(item, `li-${key}-${ii}`)}</span>
+            </li>
+          ))}
+        </ul>,
+      )
+      continue
+    }
+
+    // 有序列表
+    if (/^\d+\.\s+/.test(trimmed)) {
+      const items: string[] = []
+      while (i < lines.length && /^\s*\d+\.\s+/.test(lines[i])) {
+        items.push(lines[i].replace(/^\s*\d+\.\s+/, ''))
+        i++
+      }
+      blocks.push(
+        <ol key={key++} className="my-1.5 space-y-1">
+          {items.map((item, ii) => (
+            <li key={ii} className="flex items-start gap-2 text-xs text-foreground/90 leading-relaxed">
+              <span className="mt-0.5 h-4 w-4 rounded-full bg-accent/10 text-accent text-[10px] font-mono flex items-center justify-center shrink-0">
+                {ii + 1}
+              </span>
+              <span className="flex-1">{renderInline(item, `ol-${key}-${ii}`)}</span>
+            </li>
+          ))}
+        </ol>,
+      )
+      continue
+    }
+
+    // 普通段落
+    blocks.push(
+      <p key={key++} className="my-1.5 text-xs text-foreground/90 leading-relaxed">
+        {renderInline(trimmed, `p-${key}`)}
+      </p>,
+    )
+    i++
+  }
+
+  return <div className="space-y-0">{blocks}</div>
+}
diff --git a/frontend/src/components/financials/ReportHistoryPanel.tsx b/frontend/src/components/financials/ReportHistoryPanel.tsx
new file mode 100644
index 0000000..2b78c3a
--- /dev/null
+++ b/frontend/src/components/financials/ReportHistoryPanel.tsx
@@ -0,0 +1,125 @@
+import { useEffect } from 'react'
+import { History, Trash2, FileText, Clock, Sparkles, Loader2 } from 'lucide-react'
+import { useHistoryReports, openHistoryReport, deleteReport, loadHistory } from '@/lib/aiReportStore'
+import { useActiveTasks } from '@/lib/aiReportStore'
+
+/**
+ * AI 财务分析历史报告面板 —— 显示在财务页底部。
+ *
+ * - 列出最近 20 条报告(后端裁剪)
+ * - 点击查看 → 打开到对话框(历史模式)
+ * - 显示正在生成中的对应标的(若该标的有活跃任务,标注)
+ * - 支持删除单条
+ */
+export function ReportHistoryPanel() {
+  const { reports, loaded } = useHistoryReports()
+  const activeTasks = useActiveTasks()
+
+  // 首次挂载拉取一次
+  useEffect(() => { loadHistory() }, [])
+
+  // 活跃任务的 symbol 集合(用于在历史列表里标注"生成中")
+  const activeSymbols = new Set(activeTasks.map(t => t.symbol))
+
+  if (!loaded) {
+    return (
+      <div className="rounded-card border border-border/40 bg-surface px-4 py-6 text-center">
+        <Loader2 />
+      </div>
+    )
+  }
+
+  if (reports.length === 0) {
+    return (
+      <div className="rounded-card border border-dashed border-border/50 bg-surface/50 px-6 py-8 text-center">
+        <History className="mx-auto h-6 w-6 text-muted/40" />
+        <div className="mt-2 text-xs text-muted">暂无历史分析报告</div>
+        <div className="mt-0.5 text-[10px] text-muted/60">选择个股后点击「AI 财务分析」生成,报告会自动保存在此</div>
+      </div>
+    )
+  }
+
+  return (
+    <div className="rounded-card border border-border bg-surface overflow-hidden">
+      {/* 标题栏 */}
+      <div className="flex items-center justify-between px-4 py-2.5 border-b border-border/50 bg-elevated/20">
+        <div className="flex items-center gap-2">
+          <History className="h-3.5 w-3.5 text-secondary" />
+          <span className="text-xs font-medium text-foreground">历史分析报告</span>
+          <span className="text-[10px] text-muted">{reports.length}/20</span>
+        </div>
+        <span className="text-[10px] text-muted/60">点击查看 · 报告最多保留 20 条</span>
+      </div>
+
+      {/* 列表 */}
+      <div className="divide-y divide-border/30 max-h-80 overflow-y-auto">
+        {reports.map(r => {
+          const isGenerating = activeSymbols.has(r.symbol)
+          return (
+            <div
+              key={r.id}
+              className="group flex items-center gap-3 px-4 py-2.5 hover:bg-elevated/30 transition-colors cursor-pointer"
+              onClick={() => openHistoryReport(r.id)}
+            >
+              {/* 图标 */}
+              <div className={`flex h-8 w-8 items-center justify-center rounded-lg shrink-0 ${
+                isGenerating
+                  ? 'bg-purple-400/10 text-purple-300'
+                  : 'bg-elevated text-secondary group-hover:text-accent'
+              }`}>
+                {isGenerating
+                  ? <Sparkles className="h-3.5 w-3.5 animate-pulse" />
+                  : <FileText className="h-3.5 w-3.5" />}
+              </div>
+
+              {/* 主信息 */}
+              <div className="flex-1 min-w-0">
+                <div className="flex items-center gap-2">
+                  <span className="text-xs font-medium text-foreground truncate">{r.name || r.symbol}</span>
+                  <span className="text-[10px] font-mono text-muted shrink-0">{r.symbol}</span>
+                  {r.focus && (
+                    <span className="hidden sm:inline-block px-1.5 py-px rounded bg-purple-400/10 text-purple-300 text-[9px] shrink-0">
+                      {r.focus}
+                    </span>
+                  )}
+                </div>
+                {/* 摘要 */}
+                <div className="flex items-center gap-2 mt-0.5">
+                  <span className="text-[10px] text-muted/70 flex items-center gap-1">
+                    <Clock className="h-2.5 w-2.5" />
+                    {fmtRelative(r.created_at)}
+                  </span>
+                  {r.summary && (
+                    <span className="text-[10px] text-muted/50 truncate">{r.summary}</span>
+                  )}
+                </div>
+              </div>
+
+              {/* 删除按钮 */}
+              <button
+                onClick={e => { e.stopPropagation(); deleteReport(r.id) }}
+                className="opacity-0 group-hover:opacity-100 p-1.5 rounded-lg hover:bg-danger/10 text-muted hover:text-danger transition-all shrink-0"
+                title="删除"
+              >
+                <Trash2 className="h-3.5 w-3.5" />
+              </button>
+            </div>
+          )
+        })}
+      </div>
+    </div>
+  )
+}
+
+// ===== 小工具 =====
+function fmtRelative(iso: string): string {
+  try {
+    const t = new Date(iso).getTime()
+    const diff = Date.now() - t
+    if (diff < 60_000) return '刚刚'
+    if (diff < 3600_000) return `${Math.floor(diff / 60_000)} 分钟前`
+    if (diff < 86400_000) return `${Math.floor(diff / 3600_000)} 小时前`
+    if (diff < 7 * 86400_000) return `${Math.floor(diff / 86400_000)} 天前`
+    return new Date(iso).toLocaleDateString('zh-CN', { month: '2-digit', day: '2-digit' })
+  } catch { return '' }
+}
diff --git a/frontend/src/components/financials/StockFinancialDetail.tsx b/frontend/src/components/financials/StockFinancialDetail.tsx
index 4a15b55..18e8c12 100644
--- a/frontend/src/components/financials/StockFinancialDetail.tsx
+++ b/frontend/src/components/financials/StockFinancialDetail.tsx
@@ -1,5 +1,6 @@
 import { useState } from 'react'
-import { CalendarDays, TrendingUp, FileText, Wallet, Activity, Sparkles } from 'lucide-react'
+import { motion, AnimatePresence } from 'framer-motion'
+import { CalendarDays, TrendingUp, FileText, Wallet, Activity, Sparkles, AlertTriangle, Loader2 } from 'lucide-react'
 import {
   useFinancialMetrics,
   useFinancialIncome,
@@ -8,6 +9,8 @@ import {
 } from '@/lib/useFinancials'
 import { fmtPrice, fmtBigNum, fmtDate } from '@/lib/format'
 import { Skeleton } from '@/components/data/Skeleton'
+import { startAnalysis, findLatestHistoryReport, openHistoryReport } from '@/lib/aiReportStore'
+import { toast } from '@/components/Toast'
 
 interface Props {
   symbol: string
@@ -112,11 +115,33 @@ function formatValue(v: number | null | undefined, fmt: FmtType): string {
 
 export function StockFinancialDetail({ symbol, name }: Props) {
   const [tab, setTab] = useState<TabKey>('metrics')
-  // AI 财务分析占位: 功能开发中, 点击提示
-  const [showDevToast, setShowDevToast] = useState(false)
-  const handleAiAnalysis = () => {
-    setShowDevToast(true)
-    setTimeout(() => setShowDevToast(false), 2500)
+  // AI 分析:点击时检查历史,若已有同标的报告则二次确认
+  const [checking, setChecking] = useState(false)
+  const [confirmReport, setConfirmReport] = useState<{ id: string; created_at: string; focus: string } | null>(null)
+
+  const handleAiClick = async () => {
+    if (checking) return
+    setChecking(true)
+    try {
+      const latest = await findLatestHistoryReport(symbol)
+      if (latest) {
+        // 有历史报告 → 弹二次确认
+        setConfirmReport({ id: latest.id, created_at: latest.created_at, focus: latest.focus })
+      } else {
+        // 无历史 → 直接分析
+        await doAnalysis()
+      }
+    } catch {
+      // 查询失败不阻塞,直接分析
+      await doAnalysis()
+    } finally {
+      setChecking(false)
+    }
+  }
+
+  const doAnalysis = async () => {
+    const r = await startAnalysis(symbol, name)
+    if (r.error) toast(r.error, 'error')
   }
 
   const metrics = useFinancialMetrics(symbol)
@@ -143,7 +168,7 @@ export function StockFinancialDetail({ symbol, name }: Props) {
   const latestAnnounce = rows[0]?.announce_date ?? metrics.data?.data?.[0]?.announce_date ?? null
 
   return (
-    <div className="relative rounded-card border border-border bg-surface overflow-hidden">
+    <div className="rounded-card border border-border bg-surface overflow-hidden">
       {/* 头部:标的 + 报告期 */}
       <div className="px-5 py-4 border-b border-border flex items-center gap-3 flex-wrap">
         <div className="flex items-baseline gap-2 min-w-0">
@@ -151,6 +176,15 @@ export function StockFinancialDetail({ symbol, name }: Props) {
           <span className="text-xs font-mono text-muted">{symbol}</span>
         </div>
         <div className="flex items-center gap-2 ml-auto">
+          <button
+            onClick={handleAiClick}
+            disabled={checking}
+            className="inline-flex items-center gap-1 px-2.5 py-1 rounded-btn text-[11px] font-medium border border-purple-400/30 bg-purple-400/10 text-purple-300 hover:bg-purple-400/20 hover:border-purple-400/40 transition-all shrink-0 disabled:opacity-50"
+            title="AI 财务分析"
+          >
+            {checking ? <Loader2 className="h-3 w-3 animate-spin" /> : <Sparkles className="h-3 w-3" />}
+            AI 财务分析
+          </button>
           {latestPeriod && (
             <div className="flex items-center gap-1.5 text-xs text-secondary">
               <CalendarDays className="h-3.5 w-3.5" />
@@ -160,14 +194,6 @@ export function StockFinancialDetail({ symbol, name }: Props) {
               )}
             </div>
           )}
-          <button
-            onClick={handleAiAnalysis}
-            className="inline-flex items-center gap-1 px-2.5 py-1 rounded-btn text-[11px] font-medium border border-purple-400/30 bg-purple-400/10 text-purple-300 hover:bg-purple-400/20 transition-colors shrink-0"
-            title="AI 财务分析（开发中）"
-          >
-            <Sparkles className="h-3 w-3" />
-            AI 财务分析
-          </button>
         </div>
       </div>
 
@@ -241,12 +267,78 @@ export function StockFinancialDetail({ symbol, name }: Props) {
         )}
       </div>
 
-      {/* AI 分析开发中提示 */}
-      {showDevToast && (
-        <div className="absolute top-16 right-6 z-50 rounded-btn border border-purple-400/40 bg-purple-400/15 px-3 py-2 text-xs text-purple-200 shadow-lg backdrop-blur-sm animate-pulse">
-          ✨ AI 财务分析功能开发中，敬请期待
-        </div>
-      )}
+      {/* AI 分析二次确认:已有该标的历史报告 */}
+      <AnimatePresence>
+        {confirmReport && (
+          <div className="fixed inset-0 z-[70] flex items-center justify-center">
+            <motion.div
+              initial={{ opacity: 0 }} animate={{ opacity: 1 }} exit={{ opacity: 0 }}
+              transition={{ duration: 0.15 }}
+              className="absolute inset-0 bg-black/50 backdrop-blur-sm"
+              onClick={() => setConfirmReport(null)}
+            />
+            <motion.div
+              initial={{ opacity: 0, scale: 0.95, y: 12 }}
+              animate={{ opacity: 1, scale: 1, y: 0 }}
+              exit={{ opacity: 0, scale: 0.97, y: 8 }}
+              transition={{ duration: 0.2, ease: [0.16, 1, 0.3, 1] }}
+              className="relative w-[90vw] max-w-[400px] rounded-card border border-border bg-base shadow-2xl p-6"
+            >
+              <div className="flex items-start gap-3">
+                <div className="shrink-0 h-10 w-10 rounded-full bg-purple-400/12 flex items-center justify-center">
+                  <AlertTriangle className="h-5 w-5 text-purple-300" />
+                </div>
+                <div className="min-w-0 flex-1">
+                  <h3 className="text-sm font-semibold text-foreground mb-1.5">该个股已有分析报告</h3>
+                  <p className="text-xs text-secondary leading-relaxed">
+                    <span className="font-medium text-foreground">{name}</span>
+                    <span className="font-mono text-muted"> {symbol}</span> 在
+                    <span className="text-purple-300 font-medium"> {fmtReportTime(confirmReport.created_at)} </span>
+                    已生成过 AI 财务分析报告。
+                  </p>
+                  <p className="mt-2 text-[11px] text-muted">
+                    您可以查看历史报告,或基于最新数据重新生成一份。
+                  </p>
+                </div>
+              </div>
+              <div className="flex items-center justify-end gap-2 mt-5">
+                <button
+                  onClick={() => setConfirmReport(null)}
+                  className="px-3 py-1.5 rounded-btn bg-elevated text-secondary hover:bg-elevated/80 text-xs transition-colors"
+                >
+                  取消
+                </button>
+                <button
+                  onClick={() => { if (confirmReport) openHistoryReport(confirmReport.id); setConfirmReport(null) }}
+                  className="px-3 py-1.5 rounded-btn border border-border text-secondary hover:text-foreground text-xs font-medium transition-colors"
+                >
+                  查看历史报告
+                </button>
+                <button
+                  onClick={() => { doAnalysis(); setConfirmReport(null) }}
+                  className="inline-flex items-center gap-1.5 px-3 py-1.5 rounded-btn bg-gradient-to-r from-purple-500/80 to-fuchsia-500/80 text-white text-xs font-medium hover:from-purple-500 hover:to-fuchsia-500 transition-all"
+                >
+                  <Sparkles className="h-3.5 w-3.5" />
+                  重新分析
+                </button>
+              </div>
+            </motion.div>
+          </div>
+        )}
+      </AnimatePresence>
     </div>
   )
 }
+
+// 历史报告时间友好显示
+function fmtReportTime(iso: string): string {
+  try {
+    const t = new Date(iso).getTime()
+    const diff = Date.now() - t
+    if (diff < 60_000) return '刚刚'
+    if (diff < 3600_000) return `${Math.floor(diff / 60_000)} 分钟前`
+    if (diff < 86400_000) return `${Math.floor(diff / 3600_000)} 小时前`
+    if (diff < 7 * 86400_000) return `${Math.floor(diff / 86400_000)} 天前`
+    return new Date(iso).toLocaleString('zh-CN', { month: '2-digit', day: '2-digit', hour: '2-digit', minute: '2-digit' })
+  } catch { return '' }
+}
diff --git a/frontend/src/lib/aiReportStore.ts b/frontend/src/lib/aiReportStore.ts
new file mode 100644
index 0000000..38985f5
--- /dev/null
+++ b/frontend/src/lib/aiReportStore.ts
@@ -0,0 +1,332 @@
+import { useSyncExternalStore } from 'react'
+import { api } from './api'
+
+/**
+ * AI 财务分析 —— 全局任务/报告 store(与 UI 解耦)。
+ *
+ * 设计要点:
+ * 1. 流式接收逻辑在这里,与弹窗组件解耦 → 用户关闭/最小化弹窗,后台流照常累积。
+ * 2. useSyncExternalStore 订阅 → 任意组件(弹窗、气泡、历史面板)实时同步。
+ * 3. "活跃任务"上限 MAX_ACTIVE=3:同时进行的任务最多 3 个,超出拒绝新建。
+ *    (历史报告名额 MAX_REPORTS=20 在后端裁剪,与活跃任务名额分离)
+ * 4. 同 symbol 已有活跃任务 → 直接聚焦那个,不新建第 2 个。
+ * 5. 任务完成(收到 done 或 content 非空且流结束)→ 自动存后端 + 移入历史 + 弹窗可恢复为"历史模式"。
+ */
+
+export type Phase = 'loading' | 'streaming' | 'done' | 'error'
+
+export interface ActiveTask {
+  id: string                  // 任务 id(前端生成,与最终 report id 解耦)
+  symbol: string
+  name: string
+  focus: string
+  phase: Phase
+  content: string             // 累积的 Markdown
+  error: string
+  meta: { summary?: string; periods?: number } | null
+  createdAt: number           // ms 时间戳
+  savedReportId?: string      // 完成后存到后端的报告 id
+  doneAt?: number             // 进入 done/error 态的时间戳(用于气泡过期清理)
+  dismissed?: boolean         // 用户已从气泡点击查看过 → 不再在气泡显示
+}
+
+export interface HistoryReport {
+  id: string
+  symbol: string
+  name: string
+  focus: string
+  content: string
+  periods?: number
+  summary?: string
+  created_at: string
+}
+
+const MAX_ACTIVE = 3
+
+// ===== 全局状态 =====
+let activeTasks: ActiveTask[] = []
+let history: HistoryReport[] = []
+let historyLoaded = false
+const listeners = new Set<() => void>()
+
+// 当前"前台"展示的任务:
+//   - 活跃任务 id(正在生成/刚完成,对话框打开)
+//   - 或 'history:<id>'(查看历史报告)
+//   - 或 null(对话框关闭/最小化)
+let activeDialogTaskId: string | null = null
+let dialogMinimized = false     // 对话框是否最小化为气泡
+
+function emit() { listeners.forEach(fn => fn()) }
+
+function subscribe(fn: () => void) {
+  listeners.add(fn)
+  return () => { listeners.delete(fn) }
+}
+
+// 快照必须返回稳定引用:只有内容真正变化时才返回新数组/对象。
+// useSyncExternalStore 用 Object.is 比较,getSnapshot 必须缓存。
+let _activeSnap: ActiveTask[] = []
+let _historySnap: HistoryReport[] = []
+interface DialogSnap { taskId: string | null; minimized: boolean }
+let _dialogSnap: DialogSnap = { taskId: activeDialogTaskId, minimized: dialogMinimized }
+
+function rebuildSnap() {
+  _activeSnap = activeTasks
+  _historySnap = history
+  _dialogSnap = { taskId: activeDialogTaskId, minimized: dialogMinimized }
+}
+
+function getActiveSnapshot() { return _activeSnap }
+function getHistorySnapshot() { return _historySnap }
+function getDialogSnapshot() { return _dialogSnap }
+
+function patchTask(id: string, patch: Partial<ActiveTask>) {
+  activeTasks = activeTasks.map(t => {
+    if (t.id !== id) return t
+    const next = { ...t, ...patch }
+    // 首次进入 done/error 态时记录 doneAt
+    if ((patch.phase === 'done' || patch.phase === 'error') && t.phase !== patch.phase && !next.doneAt) {
+      next.doneAt = Date.now()
+    }
+    return next
+  })
+  rebuildSnap()
+  emit()
+}
+
+// ===== 公开:查询 hooks =====
+
+export function useBubbleTasks(): ActiveTask[] {
+  const all = useSyncExternalStore(subscribe, getActiveSnapshot, () => [])
+  // 同时订阅对话框状态:最小化/打开/关闭会改变气泡可见性,需独立触发重渲染。
+  // (否则最小化时 activeTasks 引用未变,useSyncExternalStore 不会重渲染,胶囊不出现)
+  useSyncExternalStore(subscribe, getDialogSnapshot, () => ({ taskId: null, minimized: false }))
+  const ds = _dialogSnap
+  return all.filter(t => {
+    // 进行中:始终显示(dismissed 仅作用于完成态,不影响生成中的任务再次最小化)
+    if (t.phase === 'loading' || t.phase === 'streaming') {
+      // 除非对话框正打开看着它(非最小化)
+      return !(ds.taskId === t.id && !ds.minimized)
+    }
+    // 完成/失败态:常驻显示,直到用户主动点击查看(dismissed)。
+    // 不设自动过期 —— 胶囊是持续可见的状态指示器,历史报告列表是查看入口。
+    if (t.dismissed) return false                       // 用户已点击查看过 → 移除
+    if (!ds.minimized && ds.taskId === t.id) return false  // 对话框正展示 → 不重复
+    return true
+  })
+}
+
+/** 兼容旧调用名(Layout 等处可能引用) */
+export const useActiveTasks = useBubbleTasks
+
+export function useHistoryReports(): { reports: HistoryReport[]; loaded: boolean } {
+  const reports = useSyncExternalStore(subscribe, getHistorySnapshot, () => [])
+  return { reports, loaded: historyLoaded }
+}
+
+export function useDialogState() {
+  return useSyncExternalStore(subscribe, getDialogSnapshot, () => ({ taskId: null, minimized: false }))
+}
+
+/** 当前对话框要展示的任务(活跃或历史),null=未打开。 */
+export function useDialogTask(): { task: ActiveTask | HistoryReport | null; mode: 'active' | 'history' | null } {
+  const ds = useDialogState()
+  const active = useSyncExternalStore(subscribe, getActiveSnapshot, () => [])
+  const hist = useSyncExternalStore(subscribe, getHistorySnapshot, () => [])
+  if (!ds.taskId) return { task: null, mode: null }
+  if (ds.taskId.startsWith('history:')) {
+    const rid = ds.taskId.slice('history:'.length)
+    return { task: hist.find(r => r.id === rid) ?? null, mode: 'history' }
+  }
+  return { task: active.find(t => t.id === ds.taskId) ?? null, mode: 'active' }
+}
+
+// ===== 公开:动作 =====
+
+/** 拉取历史报告(惰性,首次需要时调用)。 */
+export async function loadHistory(): Promise<void> {
+  try {
+    const res = await api.financialReportsList()
+    history = res.reports ?? []
+    historyLoaded = true
+    rebuildSnap()
+    emit()
+  } catch {
+    // 静默失败,列表会显示空
+  }
+}
+
+/**
+ * 查询某只股票最近一次的历史分析报告(用于二次确认提示)。
+ * 若历史未加载,先触发拉取。
+ * @returns 最近一条报告,或 null
+ */
+export async function findLatestHistoryReport(symbol: string): Promise<HistoryReport | null> {
+  if (!historyLoaded) await loadHistory()
+  // history 已按 created_at 降序,取第一条匹配
+  return history.find(r => r.symbol === symbol) ?? null
+}
+
+/**
+ * 启动一个新的 AI 分析任务。
+ * @returns 任务 id;若超出上限或已有活跃任务,返回 { error }。
+ */
+export async function startAnalysis(symbol: string, name: string, focus = ''): Promise<{ id?: string; error?: string }> {
+  // 同 symbol 已有活跃任务 → 直接聚焦它
+  const existing = activeTasks.find(t => t.symbol === symbol && (t.phase === 'loading' || t.phase === 'streaming'))
+  if (existing) {
+    activeDialogTaskId = existing.id
+    dialogMinimized = false
+    rebuildSnap()
+    emit()
+    return { id: existing.id }
+  }
+  // 上限检查
+  const ongoing = activeTasks.filter(t => t.phase === 'loading' || t.phase === 'streaming')
+  if (ongoing.length >= MAX_ACTIVE) {
+    return { error: `同时进行的分析任务不能超过 ${MAX_ACTIVE} 个,请等待现有任务完成` }
+  }
+
+  const id = `task_${Date.now()}_${Math.random().toString(36).slice(2, 6)}`
+  const task: ActiveTask = {
+    id, symbol, name, focus,
+    phase: 'loading', content: '', error: '',
+    meta: null, createdAt: Date.now(),
+  }
+  activeTasks = [...activeTasks, task]
+  activeDialogTaskId = id
+  dialogMinimized = false
+  rebuildSnap()
+  emit()
+
+  // 启动流式接收(后台运行,不阻塞)
+  runStream(id, symbol, focus)
+  return { id }
+}
+
+async function runStream(id: string, symbol: string, focus: string) {
+  try {
+    let firstDelta = true
+    for await (const chunk of api.financialAnalyzeStream(symbol, focus)) {
+      // 任务可能已被取消(不在列表里了)→ 终止
+      const cur = activeTasks.find(t => t.id === id)
+      if (!cur) return
+      switch (chunk.type) {
+        case 'meta':
+          patchTask(id, { meta: { summary: chunk.summary, periods: chunk.periods } })
+          break
+        case 'delta':
+          if (firstDelta) { patchTask(id, { phase: 'streaming' }); firstDelta = false }
+          patchTask(id, { content: cur.content + (chunk.content ?? '') })
+          break
+        case 'error':
+          patchTask(id, { phase: 'error', error: chunk.message ?? '分析失败' })
+          return
+        case 'done':
+          // 标记完成,稍后持久化(content 可能还在最后几个 delta 里,以 done 时为准)
+          patchTask(id, { phase: 'done' })
+          break
+      }
+    }
+    // 流正常结束 → 持久化报告
+    const final = activeTasks.find(t => t.id === id)
+    if (final && final.phase !== 'error' && final.content) {
+      try {
+        const res = await api.financialReportSave({
+          symbol: final.symbol,
+          name: final.name,
+          focus: final.focus,
+          content: final.content,
+          periods: final.meta?.periods,
+          summary: final.meta?.summary ?? '',
+        })
+        if (res.report) {
+          patchTask(id, { savedReportId: res.report.id })
+          // 加到历史列表头部
+          history = [res.report, ...history.filter(r => r.id !== res.report.id)]
+          historyLoaded = true
+          rebuildSnap()
+          emit()
+          // 任务完成:不自动弹出对话框,只在胶囊显示"已完成"态,用户想看再点。
+          // (若对话框正打开看此任务,内容已实时更新;最小化/在别处则胶囊亮起完成态)
+        }
+      } catch {
+        // 持久化失败不影响前端已展示的内容
+      }
+    }
+  } catch (e: any) {
+    const msg = String(e?.message ?? '分析失败')
+    patchTask(id, {
+      phase: 'error',
+      error: msg.includes('API Key') || msg.includes('api_key')
+        ? 'AI API Key 未配置或无效,请在「设置 → AI」中配置'
+        : msg,
+    })
+  }
+}
+
+/** 打开对话框(活跃任务或历史报告)。 */
+export function openDialog(taskId: string) {
+  activeDialogTaskId = taskId
+  dialogMinimized = false
+  rebuildSnap()
+  emit()
+}
+
+/** 最小化对话框 → 变成气泡。 */
+export function minimizeDialog() {
+  dialogMinimized = true
+  rebuildSnap()
+  emit()
+}
+
+/** 关闭对话框(活跃任务继续在后台跑,仅移除对话框视图)。
+ *  对历史报告:仅关闭视图。
+ */
+export function closeDialog() {
+  activeDialogTaskId = null
+  dialogMinimized = false
+  rebuildSnap()
+  emit()
+}
+
+/** 从气泡恢复对话框。
+ *  仅对已完成/失败的任务标记 dismissed(看过结果就不必再弹);
+ *  生成中的任务不标记 —— 用户再次最小化时气泡应重新出现。
+ */
+export function restoreDialog(taskId: string) {
+  const t = activeTasks.find(x => x.id === taskId)
+  if (t && (t.phase === 'done' || t.phase === 'error')) {
+    patchTask(taskId, { dismissed: true })
+  }
+  activeDialogTaskId = taskId
+  dialogMinimized = false
+  rebuildSnap()
+  emit()
+}
+
+/** 重试一个失败/已完成的任务(以新任务方式重新分析)。 */
+export async function retryAnalysis(task: { symbol: string; name: string; focus: string }): Promise<{ error?: string }> {
+  return startAnalysis(task.symbol, task.name, task.focus)
+}
+
+/** 删除历史报告。 */
+export async function deleteReport(reportId: string): Promise<void> {
+  try {
+    await api.financialReportDelete(reportId)
+    history = history.filter(r => r.id !== reportId)
+    rebuildSnap()
+    emit()
+  } catch {
+    // 静默
+  }
+}
+
+/** 打开历史报告到对话框。 */
+export function openHistoryReport(reportId: string) {
+  activeDialogTaskId = `history:${reportId}`
+  dialogMinimized = false
+  rebuildSnap()
+  emit()
+}
+
diff --git a/frontend/src/lib/api.ts b/frontend/src/lib/api.ts
index f778756..9a5a0d0 100644
--- a/frontend/src/lib/api.ts
+++ b/frontend/src/lib/api.ts
@@ -104,6 +104,18 @@ export interface FinancialCashFlowRecord {
   [key: string]: any
 }
 
+/** AI 财务分析历史报告 */
+export interface AiFinancialReport {
+  id: string
+  symbol: string
+  name: string
+  focus: string
+  content: string
+  periods?: number
+  summary?: string
+  created_at: string
+}
+
 // ===== Kline =====
 export interface MinuteKlineRow {
   datetime: string
@@ -1172,6 +1184,80 @@ export const api = {
       `/api/financials/sync/${table}`, { method: 'POST' },
     ),
 
+  /** AI 分析报告 CRUD */
+  financialReportsList: () =>
+    request<{ reports: AiFinancialReport[] }>('/api/financials/reports'),
+
+  financialReportSave: (r: {
+    symbol: string; name?: string; focus?: string; content: string
+    periods?: number; summary?: string
+  }) =>
+    request<{ ok: boolean; report: AiFinancialReport }>('/api/financials/reports', {
+      method: 'POST', body: JSON.stringify(r),
+    }),
+
+  financialReportDelete: (reportId: string) =>
+    request<{ ok: boolean }>(`/api/financials/reports/${encodeURIComponent(reportId)}`, { method: 'DELETE' }),
+
+  /**
+   * AI 财务分析 — 流式调用。
+   *
+   * 返回一个可逐行读取的 async generator,每行是 JSON:
+   *   {type:"meta",symbol,summary,periods}
+   *   {type:"delta",content:"..."}    ← 文本片段,逐个累加
+   *   {type:"error",message:"..."}
+   *   {type:"done"}
+   *
+   * 用 ReadableStream 解析(而非 SSE EventSource),支持 POST body 且更简单。
+   */
+  async *financialAnalyzeStream(symbol: string, focus?: string): AsyncGenerator<{
+    type: 'meta' | 'delta' | 'error' | 'done'
+    symbol?: string
+    summary?: string
+    periods?: number
+    content?: string
+    message?: string
+  }> {
+    const res = await fetch('/api/financials/analyze', {
+      method: 'POST',
+      headers: { 'Content-Type': 'application/json' },
+      body: JSON.stringify({ symbol, focus: focus ?? '' }),
+    })
+    if (!res.ok) {
+      let detail = ''
+      try { const j = JSON.parse(await res.text()); detail = j.detail ?? j.message ?? '' } catch { /* ignore */ }
+      const msg = detail || `${res.status} ${res.statusText}`
+      toast(msg, 'error')
+      throw new Error(msg)
+    }
+    if (!res.body) throw new Error('响应无 body')
+
+    const reader = res.body.getReader()
+    const decoder = new TextDecoder()
+    let buf = ''
+    for (;;) {
+      const { done, value } = await reader.read()
+      if (done) break
+      buf += decoder.decode(value, { stream: true })
+      // 按行分割(保留最后不完整的行在 buf)
+      const lines = buf.split('\n')
+      buf = lines.pop() ?? ''
+      for (const line of lines) {
+        const s = line.trim()
+        if (!s) continue
+        try {
+          yield JSON.parse(s)
+        } catch {
+          // 忽略无法解析的行
+        }
+      }
+    }
+    // 处理残余
+    if (buf.trim()) {
+      try { yield JSON.parse(buf.trim()) } catch { /* ignore */ }
+    }
+  },
+
   // ===== Strategy Engine =====
   strategyList: () =>
     request<{ strategies: StrategyDetail[] }>('/api/strategies'),
diff --git a/frontend/src/pages/Branding.tsx b/frontend/src/pages/Branding.tsx
index c6ebc1e..0dc350c 100644
--- a/frontend/src/pages/Branding.tsx
+++ b/frontend/src/pages/Branding.tsx
@@ -77,7 +77,7 @@ const MOCK_NAV = [
   { icon: History, label: '回测' },
   { icon: SignalIcon, label: '信号' },
   { icon: Eye, label: '监控' },
-  { icon: FileText, label: '财务' },
+  { icon: FileText, label: '财务分析' },
 ]
 
 export function Branding() {
diff --git a/frontend/src/pages/Financials.tsx b/frontend/src/pages/Financials.tsx
index c7e1cfc..d8f6330 100644
--- a/frontend/src/pages/Financials.tsx
+++ b/frontend/src/pages/Financials.tsx
@@ -6,6 +6,7 @@ import { useCapabilities } from '@/lib/useSharedQueries'
 import { useFinancialStatus, useFinancialSync } from '@/lib/useFinancials'
 import { StockFinancialSearch } from '@/components/financials/StockFinancialSearch'
 import { StockFinancialDetail } from '@/components/financials/StockFinancialDetail'
+import { ReportHistoryPanel } from '@/components/financials/ReportHistoryPanel'
 import { fmtBigNum } from '@/lib/format'
 import { toast } from '@/components/Toast'
 
@@ -52,7 +53,7 @@ export function Financials() {
   if (!hasFinancial) {
     return (
       <>
-        <PageHeader title="财务" subtitle="利润表 / 资负表 / 现金流 / 关键指标 · Expert" />
+        <PageHeader title="财务分析" subtitle="利润表 / 资负表 / 现金流 / 关键指标 / AI分析 · Expert" />
         <div className="px-8 py-10">
           <div className="mx-auto max-w-md rounded-card border border-warning/30 bg-warning/[0.04] p-8 text-center">
             <div className="mx-auto flex h-12 w-12 items-center justify-center rounded-full bg-warning/10">
@@ -124,8 +125,8 @@ export function Financials() {
   return (
     <>
       <PageHeader
-        title="财务"
-        subtitle="利润表 / 资负表 / 现金流 / 关键指标 · Expert"
+        title="财务分析"
+        subtitle="利润表 / 资负表 / 现金流 / 关键指标 / AI分析 · Expert"
         right={
           <div className="flex items-center gap-2">
             {syncing && (
@@ -287,6 +288,9 @@ export function Financials() {
                 />
               )}
             </div>
+
+            {/* AI 历史分析报告 */}
+            {available && <ReportHistoryPanel />}
           </>
         )}
       </div>
diff --git a/frontend/src/pages/settings/MenuSettings.tsx b/frontend/src/pages/settings/MenuSettings.tsx
index 74ea6dc..505bbbc 100644
--- a/frontend/src/pages/settings/MenuSettings.tsx
+++ b/frontend/src/pages/settings/MenuSettings.tsx
@@ -39,7 +39,7 @@ const BUILTIN_PAGES: NavEntry[] = [
   { id: '/concept-analysis', label: '概念分析', type: 'builtin', visible: true },
   { id: '/industry-analysis', label: '行业分析', type: 'builtin', visible: true },
   { id: '/stock-analysis', label: '个股分析', type: 'builtin', visible: true },
-  { id: '/financials', label: '财务', type: 'builtin', visible: true },
+  { id: '/financials', label: '财务分析', type: 'builtin', visible: true },
   { id: '/indices', label: '指数', type: 'builtin', visible: true },
   { id: '/trading', label: '交易', type: 'builtin', visible: true },
   { id: '/monitor', label: '监控中心', type: 'builtin', visible: true },