{
  "AAPL": {
    "name": "苹果",
    "shares": "14594.180000",
    "model_shares": "14594.180000",
    "debt": "84344",
    "premium": ".035",
    "leases": "0",
    "lease_note": "融资租赁本金未在所取数据中单列；此处0是未作额外调整，并非确认无租赁。",
    "bear": {
      "growth_1_5": "0.02",
      "growth_6_10": "0.01",
      "economic_cash_margins": [
        "0.22",
        "0.22",
        "0.22",
        "0.22",
        "0.22"
      ],
      "terminal_growth": "0.02"
    },
    "base": {
      "growth_1_5": "0.07",
      "growth_6_10": "0.04",
      "economic_cash_margins": [
        "0.25",
        "0.25",
        "0.25",
        "0.25",
        "0.25"
      ],
      "terminal_growth": "0.025"
    },
    "bull": {
      "growth_1_5": "0.1",
      "growth_6_10": "0.05",
      "economic_cash_margins": [
        "0.27",
        "0.27",
        "0.27",
        "0.27",
        "0.27"
      ],
      "terminal_growth": "0.03"
    },
    "eps_growth": [
      ".12",
      ".07",
      ".02"
    ],
    "exit_pe": [
      "30",
      "25",
      "18"
    ],
    "cash_override": "145423",
    "investment_asset_book": "1094"
  },
  "MSFT": {
    "name": "微软",
    "shares": "7425.545491",
    "model_shares": "7425.545491",
    "debt": "40294",
    "premium": ".035",
    "leases": "3101",
    "lease_note": "FY2026融资租赁本金；前瞻租赁付款在现金率中承担，不再扣融资租赁负债。",
    "bear": {
      "growth_1_5": "0.1",
      "growth_6_10": "0.05",
      "economic_cash_margins": [
        "0.09",
        "0.1",
        "0.12",
        "0.14",
        "0.16"
      ],
      "terminal_growth": "0.02"
    },
    "base": {
      "growth_1_5": "0.16",
      "growth_6_10": "0.08",
      "economic_cash_margins": [
        "0.12",
        "0.16",
        "0.2",
        "0.24",
        "0.27"
      ],
      "terminal_growth": "0.03"
    },
    "bull": {
      "growth_1_5": "0.2",
      "growth_6_10": "0.1",
      "economic_cash_margins": [
        "0.16",
        "0.21",
        "0.26",
        "0.29",
        "0.31"
      ],
      "terminal_growth": "0.03"
    },
    "eps_growth": [
      ".20",
      ".15",
      ".08"
    ],
    "exit_pe": [
      "30",
      "25",
      "18"
    ],
    "cash_override": "73043",
    "investment_asset_book": "28848"
  },
  "GOOGL": {
    "name": "谷歌",
    "shares": "12230",
    "model_shares": "12285",
    "debt": "100164",
    "premium": ".04",
    "leases": "0",
    "lease_note": "融资租赁本金未单列，0不代表没有租赁；经营租赁已进入CFO。",
    "preferred_dividend": "1203.125",
    "bear": {
      "growth_1_5": "0.08",
      "growth_6_10": "0.03",
      "economic_cash_margins": [
        "0.0",
        "0.01",
        "0.03",
        "0.06",
        "0.09"
      ],
      "terminal_growth": "0.02"
    },
    "base": {
      "growth_1_5": "0.18",
      "growth_6_10": "0.08",
      "economic_cash_margins": [
        "0.03",
        "0.07",
        "0.12",
        "0.17",
        "0.2"
      ],
      "terminal_growth": "0.03"
    },
    "bull": {
      "growth_1_5": "0.24",
      "growth_6_10": "0.1",
      "economic_cash_margins": [
        "0.06",
        "0.12",
        "0.19",
        "0.25",
        "0.29"
      ],
      "terminal_growth": "0.03"
    },
    "eps_growth": [
      ".22",
      ".15",
      ".05"
    ],
    "exit_pe": [
      "28",
      "22",
      "16"
    ],
    "cash_override": "155411",
    "book_equity_override": "622457",
    "investment_asset_book": "232650"
  },
  "AMZN": {
    "name": "亚马逊",
    "shares": "10786.313572",
    "model_shares": "10786.313572",
    "debt": "132549",
    "premium": ".045",
    "leases": "1599",
    "other_financing": "308",
    "lease_note": "以下为百万美元：TTM融资租赁本金1599、融资义务本金308；资产处置/激励4021未冲减本表毛资本开支。",
    "bear": {
      "growth_1_5": "0.08",
      "growth_6_10": "0.04",
      "economic_cash_margins": [
        "-0.04",
        "-0.02",
        "0.0",
        "0.02",
        "0.04"
      ],
      "terminal_growth": "0.02"
    },
    "base": {
      "growth_1_5": "0.14",
      "growth_6_10": "0.08",
      "economic_cash_margins": [
        "-0.03",
        "0.0",
        "0.03",
        "0.06",
        "0.09"
      ],
      "terminal_growth": "0.03"
    },
    "bull": {
      "growth_1_5": "0.18",
      "growth_6_10": "0.1",
      "economic_cash_margins": [
        "0.0",
        "0.03",
        "0.07",
        "0.11",
        "0.14"
      ],
      "terminal_growth": "0.03"
    },
    "eps_growth": [
      ".22",
      ".16",
      ".05"
    ],
    "exit_pe": [
      "32",
      "25",
      "18"
    ],
    "cash_override": "118301",
    "investment_asset_book": "229582"
  },
  "META": {
    "name": "Meta",
    "shares": "2547.506225",
    "model_shares": "2547.506225",
    "debt": "83664",
    "premium": ".045",
    "leases": "3104",
    "lease_note": "以下为百万美元：TTM融资租赁本金=2524+1805−1225=3104。",
    "bear": {
      "growth_1_5": "0.1",
      "growth_6_10": "0.04",
      "economic_cash_margins": [
        "-0.06",
        "-0.02",
        "0.02",
        "0.06",
        "0.1"
      ],
      "terminal_growth": "0.02"
    },
    "base": {
      "growth_1_5": "0.18",
      "growth_6_10": "0.08",
      "economic_cash_margins": [
        "-0.03",
        "0.03",
        "0.1",
        "0.17",
        "0.23"
      ],
      "terminal_growth": "0.03"
    },
    "bull": {
      "growth_1_5": "0.22",
      "growth_6_10": "0.1",
      "economic_cash_margins": [
        "0.01",
        "0.08",
        "0.16",
        "0.24",
        "0.28"
      ],
      "terminal_growth": "0.03"
    },
    "eps_growth": [
      ".22",
      ".16",
      ".05"
    ],
    "exit_pe": [
      "28",
      "22",
      "16"
    ],
    "cash_override": "86717",
    "investment_asset_book": "33700"
  },
  "NVDA": {
    "name": "英伟达",
    "shares": "24147",
    "model_shares": "24147",
    "debt": "33366",
    "premium": ".05",
    "leases": "0",
    "other_financing": "120",
    "lease_note": "TTM设备和无形资产融资本金为101+92−73=120百万美元，已扣除；未来云采购及租赁支出由现金率承担，附条件担保另设压力。",
    "bear": {
      "growth_1_5": "0.1",
      "growth_6_10": "0.02",
      "economic_cash_margins": [
        "0.3",
        "0.29",
        "0.28",
        "0.28",
        "0.28"
      ],
      "terminal_growth": "0.02",
      "margin_year10": ".20"
    },
    "base": {
      "growth_1_5": "0.25",
      "growth_6_10": "0.06",
      "economic_cash_margins": [
        "0.42",
        "0.43",
        "0.44",
        "0.43",
        "0.42"
      ],
      "terminal_growth": "0.03",
      "margin_year10": ".32"
    },
    "bull": {
      "growth_1_5": "0.32",
      "growth_6_10": "0.08",
      "economic_cash_margins": [
        "0.44",
        "0.46",
        "0.48",
        "0.47",
        "0.46"
      ],
      "terminal_growth": "0.03",
      "margin_year10": ".38"
    },
    "eps_growth": [
      ".30",
      ".22",
      ".05"
    ],
    "exit_pe": [
      "28",
      "22",
      "15"
    ],
    "cash_override": "56586",
    "investment_asset_book": "98897"
  },
  "TSLA": {
    "name": "特斯拉",
    "shares": "3949.547394",
    "model_shares": "3525.847394",
    "debt": "9061",
    "premium": ".06",
    "leases": "74",
    "lease_note": "以下为百万美元：TTM融资租赁本金=104+37−67=74；市值股数使用含已发行受限股的封面总数。",
    "bear": {
      "growth_1_5": "0.05",
      "growth_6_10": "0.03",
      "economic_cash_margins": [
        "-0.05",
        "-0.03",
        "-0.01",
        "0.01",
        "0.03"
      ],
      "terminal_growth": "0.02"
    },
    "base": {
      "growth_1_5": "0.14",
      "growth_6_10": "0.1",
      "economic_cash_margins": [
        "-0.03",
        "-0.01",
        "0.02",
        "0.05",
        "0.08"
      ],
      "terminal_growth": "0.025"
    },
    "bull": {
      "growth_1_5": "0.35",
      "growth_6_10": "0.12",
      "economic_cash_margins": [
        "-0.01",
        "0.03",
        "0.08",
        "0.15",
        "0.23"
      ],
      "terminal_growth": "0.03"
    },
    "eps_growth": [
      ".60",
      ".25",
      ".00"
    ],
    "exit_pe": [
      "60",
      "30",
      "15"
    ],
    "cash_override": "43238",
    "book_equity_override": "86858",
    "investment_asset_book": "3681",
    "minority_interest": "661",
    "bull_model_shares": "3949.547394"
  }
}